vs
Side-by-side financial comparison of BADGER METER INC (BMI) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $121.0M, roughly 1.9× Ramaco Resources, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs -11.0%, a 25.3% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -27.7%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-17.5M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -22.7%).
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
BMI vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $121.0M |
| Net Profit | $33.6M | $-13.3M |
| Gross Margin | 39.7% | 15.8% |
| Operating Margin | 18.4% | -12.0% |
| Net Margin | 14.3% | -11.0% |
| Revenue YoY | 14.1% | -27.7% |
| Net Profit YoY | 9.3% | -5468.2% |
| EPS (diluted) | $1.13 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $234.1M | — | ||
| Q3 25 | $222.2M | $121.0M | ||
| Q2 25 | $238.1M | $153.0M | ||
| Q1 25 | $222.2M | $134.7M | ||
| Q4 24 | $205.2M | $170.9M | ||
| Q3 24 | $208.4M | $167.4M | ||
| Q2 24 | $216.7M | $155.3M | ||
| Q1 24 | $196.3M | $172.7M |
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $-13.3M | ||
| Q2 25 | $34.6M | $-14.0M | ||
| Q1 25 | $38.4M | $-9.5M | ||
| Q4 24 | $30.7M | $3.9M | ||
| Q3 24 | $32.0M | $-239.0K | ||
| Q2 24 | $33.1M | $5.5M | ||
| Q1 24 | $29.1M | $2.0M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.1% | 15.8% | ||
| Q2 25 | 41.1% | 12.3% | ||
| Q1 25 | 42.9% | 15.2% | ||
| Q4 24 | 40.3% | 20.4% | ||
| Q3 24 | 40.2% | 19.5% | ||
| Q2 24 | 39.4% | 21.0% | ||
| Q1 24 | 39.3% | 19.1% |
| Q4 25 | 18.4% | — | ||
| Q3 25 | 20.7% | -12.0% | ||
| Q2 25 | 18.8% | -9.1% | ||
| Q1 25 | 22.2% | -8.9% | ||
| Q4 24 | 19.1% | 3.7% | ||
| Q3 24 | 19.5% | 1.0% | ||
| Q2 24 | 19.2% | 3.5% | ||
| Q1 24 | 18.6% | 1.9% |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | -11.0% | ||
| Q2 25 | 14.5% | -9.1% | ||
| Q1 25 | 17.3% | -7.0% | ||
| Q4 24 | 15.0% | 2.3% | ||
| Q3 24 | 15.4% | -0.1% | ||
| Q2 24 | 15.3% | 3.6% | ||
| Q1 24 | 14.8% | 1.2% |
| Q4 25 | $1.13 | — | ||
| Q3 25 | $1.19 | — | ||
| Q2 25 | $1.17 | — | ||
| Q1 25 | $1.30 | — | ||
| Q4 24 | $1.04 | $0.06 | ||
| Q3 24 | $1.08 | $-0.03 | ||
| Q2 24 | $1.12 | $0.08 | ||
| Q1 24 | $0.99 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $713.3M | $526.9M |
| Total Assets | $973.6M | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $193.8M | ||
| Q2 25 | — | $28.1M | ||
| Q1 25 | — | $43.5M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $22.9M | ||
| Q2 24 | — | $27.6M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $713.3M | — | ||
| Q3 25 | $702.5M | $526.9M | ||
| Q2 25 | $677.6M | $347.4M | ||
| Q1 25 | $641.7M | $355.2M | ||
| Q4 24 | $606.2M | $362.8M | ||
| Q3 24 | $591.2M | $361.8M | ||
| Q2 24 | $563.1M | $366.1M | ||
| Q1 24 | $535.6M | $372.3M |
| Q4 25 | $973.6M | — | ||
| Q3 25 | $978.3M | $849.7M | ||
| Q2 25 | $936.4M | $674.6M | ||
| Q1 25 | $899.6M | $685.7M | ||
| Q4 24 | $816.4M | $674.7M | ||
| Q3 24 | $802.9M | $645.4M | ||
| Q2 24 | $781.3M | $659.2M | ||
| Q1 24 | $743.5M | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $54.8M | $-1.4M |
| Free Cash FlowOCF − Capex | $50.8M | $-17.5M |
| FCF MarginFCF / Revenue | 21.7% | -14.5% |
| Capex IntensityCapex / Revenue | 1.7% | 13.3% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | — | ||
| Q3 25 | $51.3M | $-1.4M | ||
| Q2 25 | $44.6M | $-4.3M | ||
| Q1 25 | $33.0M | $26.0M | ||
| Q4 24 | $52.1M | $15.7M | ||
| Q3 24 | $45.1M | $37.4M | ||
| Q2 24 | $36.4M | $34.4M | ||
| Q1 24 | $21.5M | $25.2M |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | $-17.5M | ||
| Q2 25 | $40.6M | $-19.8M | ||
| Q1 25 | $30.1M | $7.6M | ||
| Q4 24 | $47.4M | $5.1M | ||
| Q3 24 | $42.0M | $25.6M | ||
| Q2 24 | $34.1M | $20.3M | ||
| Q1 24 | $18.8M | $6.5M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | -14.5% | ||
| Q2 25 | 17.1% | -13.0% | ||
| Q1 25 | 13.5% | 5.6% | ||
| Q4 24 | 23.1% | 3.0% | ||
| Q3 24 | 20.1% | 15.3% | ||
| Q2 24 | 15.7% | 13.1% | ||
| Q1 24 | 9.6% | 3.7% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 13.3% | ||
| Q2 25 | 1.7% | 10.2% | ||
| Q1 25 | 1.3% | 13.7% | ||
| Q4 24 | 2.3% | 6.2% | ||
| Q3 24 | 1.5% | 7.0% | ||
| Q2 24 | 1.1% | 9.1% | ||
| Q1 24 | 1.4% | 10.8% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | 4.06× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 6.21× | ||
| Q1 24 | 0.74× | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
