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Side-by-side financial comparison of BADGER METER INC (BMI) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $234.1M, roughly 1.8× BADGER METER INC). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 14.3%, a 7.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 9.2%).
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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
BMI vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $424.8M |
| Net Profit | $33.6M | $92.7M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 38.6% |
| Net Margin | 14.3% | 21.8% |
| Revenue YoY | 14.1% | 12.5% |
| Net Profit YoY | 9.3% | 22.2% |
| EPS (diluted) | $1.13 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $222.2M | $154.1M | ||
| Q2 25 | $238.1M | $145.1M | ||
| Q1 25 | $222.2M | $206.0M | ||
| Q4 24 | $205.2M | $377.6M | ||
| Q3 24 | $208.4M | $134.1M | ||
| Q2 24 | $216.7M | $177.6M | ||
| Q1 24 | $196.3M | $191.6M |
| Q4 25 | $33.6M | $92.7M | ||
| Q3 25 | $35.1M | $-21.7M | ||
| Q2 25 | $34.6M | $-27.2M | ||
| Q1 25 | $38.4M | $8.0M | ||
| Q4 24 | $30.7M | $75.9M | ||
| Q3 24 | $32.0M | $-19.3M | ||
| Q2 24 | $33.1M | $66.9M | ||
| Q1 24 | $29.1M | $2.8M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.1% | — | ||
| Q2 25 | 41.1% | — | ||
| Q1 25 | 42.9% | — | ||
| Q4 24 | 40.3% | — | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 39.4% | — | ||
| Q1 24 | 39.3% | — |
| Q4 25 | 18.4% | 38.6% | ||
| Q3 25 | 20.7% | -19.3% | ||
| Q2 25 | 18.8% | -17.7% | ||
| Q1 25 | 22.2% | 13.3% | ||
| Q4 24 | 19.1% | 36.8% | ||
| Q3 24 | 19.5% | -13.8% | ||
| Q2 24 | 19.2% | -5.0% | ||
| Q1 24 | 18.6% | 8.8% |
| Q4 25 | 14.3% | 21.8% | ||
| Q3 25 | 15.8% | -14.0% | ||
| Q2 25 | 14.5% | -18.7% | ||
| Q1 25 | 17.3% | 3.9% | ||
| Q4 24 | 15.0% | 20.1% | ||
| Q3 24 | 15.4% | -14.4% | ||
| Q2 24 | 15.3% | 37.7% | ||
| Q1 24 | 14.8% | 1.5% |
| Q4 25 | $1.13 | $1.94 | ||
| Q3 25 | $1.19 | $-0.46 | ||
| Q2 25 | $1.17 | $-0.56 | ||
| Q1 25 | $1.30 | $0.17 | ||
| Q4 24 | $1.04 | $1.56 | ||
| Q3 24 | $1.08 | $-0.40 | ||
| Q2 24 | $1.12 | $1.32 | ||
| Q1 24 | $0.99 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $713.3M | $36.0M |
| Total Assets | $973.6M | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $157.1M | ||
| Q3 25 | — | $29.9M | ||
| Q2 25 | — | $43.0M | ||
| Q1 25 | — | $89.0M | ||
| Q4 24 | — | $54.9M | ||
| Q3 24 | — | $37.3M | ||
| Q2 24 | — | $33.3M | ||
| Q1 24 | — | $28.0M |
| Q4 25 | — | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $713.3M | $36.0M | ||
| Q3 25 | $702.5M | $-65.8M | ||
| Q2 25 | $677.6M | $-13.3M | ||
| Q1 25 | $641.7M | $9.5M | ||
| Q4 24 | $606.2M | $10.3M | ||
| Q3 24 | $591.2M | $-48.7M | ||
| Q2 24 | $563.1M | $-23.2M | ||
| Q1 24 | $535.6M | $-94.6M |
| Q4 25 | $973.6M | $1.8B | ||
| Q3 25 | $978.3M | $1.7B | ||
| Q2 25 | $936.4M | $1.7B | ||
| Q1 25 | $899.6M | $1.7B | ||
| Q4 24 | $816.4M | $1.6B | ||
| Q3 24 | $802.9M | $1.6B | ||
| Q2 24 | $781.3M | $1.6B | ||
| Q1 24 | $743.5M | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| 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 | $164.4M |
| Free Cash FlowOCF − Capex | $50.8M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $164.4M | ||
| Q3 25 | $51.3M | $19.8M | ||
| Q2 25 | $44.6M | $-27.0M | ||
| Q1 25 | $33.0M | $56.8M | ||
| Q4 24 | $52.1M | $112.9M | ||
| Q3 24 | $45.1M | $-27.4M | ||
| Q2 24 | $36.4M | $212.0K | ||
| Q1 24 | $21.5M | $5.8M |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $40.6M | — | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $42.0M | — | ||
| Q2 24 | $34.1M | — | ||
| Q1 24 | $18.8M | — |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 15.7% | — | ||
| Q1 24 | 9.6% | — |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | 1.63× | 1.77× | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | 7.07× | ||
| Q4 24 | 1.70× | 1.49× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 0.00× | ||
| Q1 24 | 0.74× | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
