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Side-by-side financial comparison of BADGER METER INC (BMI) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $234.1M, roughly 1.7× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 2.0%, a 12.3% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 12.8%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $31.6M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $403.4M |
| Net Profit | $33.6M | $8.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 5.5% |
| Net Margin | 14.3% | 2.0% |
| Revenue YoY | 14.1% | 12.8% |
| Net Profit YoY | 9.3% | 641.9% |
| EPS (diluted) | $1.13 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $222.2M | $39.5M | ||
| Q2 25 | $238.1M | $204.0M | ||
| Q1 25 | $222.2M | $424.2M | ||
| Q4 24 | $205.2M | $357.8M | ||
| Q3 24 | $208.4M | $53.3M | ||
| Q2 24 | $216.7M | $227.3M | ||
| Q1 24 | $196.3M | $430.0M |
| Q4 25 | $33.6M | $8.2M | ||
| Q3 25 | $35.1M | $-8.8M | ||
| Q2 25 | $34.6M | $-1.8M | ||
| Q1 25 | $38.4M | $-14.2M | ||
| Q4 24 | $30.7M | $1.1M | ||
| Q3 24 | $32.0M | $-7.5M | ||
| Q2 24 | $33.1M | $25.5M | ||
| Q1 24 | $29.1M | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | 20.7% | -69.5% | ||
| Q2 25 | 18.8% | -11.1% | ||
| Q1 25 | 22.2% | 7.6% | ||
| Q4 24 | 19.1% | 3.7% | ||
| Q3 24 | 19.5% | -15.5% | ||
| Q2 24 | 19.2% | 23.0% | ||
| Q1 24 | 18.6% | 18.5% |
| Q4 25 | 14.3% | 2.0% | ||
| Q3 25 | 15.8% | -22.3% | ||
| Q2 25 | 14.5% | -0.9% | ||
| Q1 25 | 17.3% | -3.4% | ||
| Q4 24 | 15.0% | 0.3% | ||
| Q3 24 | 15.4% | -14.1% | ||
| Q2 24 | 15.3% | 11.2% | ||
| Q1 24 | 14.8% | 8.8% |
| Q4 25 | $1.13 | $0.34 | ||
| Q3 25 | $1.19 | $-0.37 | ||
| Q2 25 | $1.17 | $-0.08 | ||
| Q1 25 | $1.30 | $-0.59 | ||
| Q4 24 | $1.04 | $0.05 | ||
| Q3 24 | $1.08 | $-0.31 | ||
| Q2 24 | $1.12 | $1.07 | ||
| Q1 24 | $0.99 | $1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $-282.1M |
| Total Assets | $973.6M | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | $144.6M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | — | $107.8M | ||
| Q3 24 | — | $52.3M | ||
| Q2 24 | — | $89.1M | ||
| Q1 24 | — | $40.0M |
| Q4 25 | $713.3M | $-282.1M | ||
| Q3 25 | $702.5M | $-294.2M | ||
| Q2 25 | $677.6M | $-281.4M | ||
| Q1 25 | $641.7M | $-283.4M | ||
| Q4 24 | $606.2M | $-273.1M | ||
| Q3 24 | $591.2M | $-277.5M | ||
| Q2 24 | $563.1M | $-266.3M | ||
| Q1 24 | $535.6M | $-294.0M |
| Q4 25 | $973.6M | $1.5B | ||
| Q3 25 | $978.3M | $1.5B | ||
| Q2 25 | $936.4M | $1.5B | ||
| Q1 25 | $899.6M | $1.5B | ||
| Q4 24 | $816.4M | $1.4B | ||
| Q3 24 | $802.9M | $1.4B | ||
| Q2 24 | $781.3M | $1.3B | ||
| Q1 24 | $743.5M | $1.4B |
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 | $32.4M |
| Free Cash FlowOCF − Capex | $50.8M | $31.6M |
| FCF MarginFCF / Revenue | 21.7% | 7.8% |
| Capex IntensityCapex / Revenue | 1.7% | 0.2% |
| Cash ConversionOCF / Net Profit | 1.63× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $32.4M | ||
| Q3 25 | $51.3M | $-85.0M | ||
| Q2 25 | $44.6M | $49.7M | ||
| Q1 25 | $33.0M | $6.3M | ||
| Q4 24 | $52.1M | $61.8M | ||
| Q3 24 | $45.1M | $-26.2M | ||
| Q2 24 | $36.4M | $108.4M | ||
| Q1 24 | $21.5M | $4.0M |
| Q4 25 | $50.8M | $31.6M | ||
| Q3 25 | $48.2M | $-85.3M | ||
| Q2 25 | $40.6M | $49.4M | ||
| Q1 25 | $30.1M | $3.9M | ||
| Q4 24 | $47.4M | $61.2M | ||
| Q3 24 | $42.0M | $-26.5M | ||
| Q2 24 | $34.1M | $108.0M | ||
| Q1 24 | $18.8M | $3.9M |
| Q4 25 | 21.7% | 7.8% | ||
| Q3 25 | 21.7% | -216.3% | ||
| Q2 25 | 17.1% | 24.2% | ||
| Q1 25 | 13.5% | 0.9% | ||
| Q4 24 | 23.1% | 17.1% | ||
| Q3 24 | 20.1% | -49.7% | ||
| Q2 24 | 15.7% | 47.5% | ||
| Q1 24 | 9.6% | 0.9% |
| Q4 25 | 1.7% | 0.2% | ||
| Q3 25 | 1.4% | 0.9% | ||
| Q2 25 | 1.7% | 0.2% | ||
| Q1 25 | 1.3% | 0.6% | ||
| Q4 24 | 2.3% | 0.1% | ||
| Q3 24 | 1.5% | 0.7% | ||
| Q2 24 | 1.1% | 0.2% | ||
| Q1 24 | 1.4% | 0.0% |
| Q4 25 | 1.63× | 3.94× | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | 55.61× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 4.25× | ||
| Q1 24 | 0.74× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
