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Side-by-side financial comparison of BADGER METER INC (BMI) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $122.1M, roughly 1.9× NOODLES & Co). BADGER METER INC runs the higher net margin — 14.3% vs -7.5%, a 21.8% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -4.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-2.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -1.2%).
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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
BMI vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $122.1M |
| Net Profit | $33.6M | $-9.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | -5.2% |
| Net Margin | 14.3% | -7.5% |
| Revenue YoY | 14.1% | -4.1% |
| Net Profit YoY | 9.3% | 32.8% |
| EPS (diluted) | $1.13 | $-0.20 |
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 | $122.1M | ||
| Q2 25 | $238.1M | $123.8M | ||
| Q1 25 | $222.2M | — | ||
| Q4 24 | $205.2M | $122.8M | ||
| Q3 24 | $208.4M | $127.4M | ||
| Q2 24 | $216.7M | $121.4M | ||
| Q1 24 | $196.3M | $124.3M |
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $-9.2M | ||
| Q2 25 | $34.6M | $-9.1M | ||
| Q1 25 | $38.4M | — | ||
| Q4 24 | $30.7M | $-6.8M | ||
| Q3 24 | $32.0M | $-13.6M | ||
| Q2 24 | $33.1M | $-6.1M | ||
| Q1 24 | $29.1M | $-6.1M |
| 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% | — | ||
| Q3 25 | 20.7% | -5.2% | ||
| Q2 25 | 18.8% | -5.2% | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | 19.1% | -3.9% | ||
| Q3 24 | 19.5% | -9.0% | ||
| Q2 24 | 19.2% | -3.4% | ||
| Q1 24 | 18.6% | -3.7% |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | -7.5% | ||
| Q2 25 | 14.5% | -7.3% | ||
| Q1 25 | 17.3% | — | ||
| Q4 24 | 15.0% | -5.5% | ||
| Q3 24 | 15.4% | -10.7% | ||
| Q2 24 | 15.3% | -5.1% | ||
| Q1 24 | 14.8% | -4.9% |
| Q4 25 | $1.13 | — | ||
| Q3 25 | $1.19 | $-0.20 | ||
| Q2 25 | $1.17 | $-0.20 | ||
| Q1 25 | $1.30 | — | ||
| Q4 24 | $1.04 | $-0.15 | ||
| Q3 24 | $1.08 | $-0.30 | ||
| Q2 24 | $1.12 | $-0.14 | ||
| Q1 24 | $0.99 | $-1.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $-38.9M |
| Total Assets | $973.6M | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $713.3M | — | ||
| Q3 25 | $702.5M | $-38.9M | ||
| Q2 25 | $677.6M | $-13.9M | ||
| Q1 25 | $641.7M | — | ||
| Q4 24 | $606.2M | $3.7M | ||
| Q3 24 | $591.2M | $9.6M | ||
| Q2 24 | $563.1M | $21.9M | ||
| Q1 24 | $535.6M | $27.2M |
| Q4 25 | $973.6M | — | ||
| Q3 25 | $978.3M | $280.6M | ||
| Q2 25 | $936.4M | $319.4M | ||
| Q1 25 | $899.6M | — | ||
| Q4 24 | $816.4M | $340.5M | ||
| Q3 24 | $802.9M | $346.3M | ||
| Q2 24 | $781.3M | $360.4M | ||
| Q1 24 | $743.5M | $368.1M |
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 | $4.3M |
| Free Cash FlowOCF − Capex | $50.8M | $-2.8M |
| FCF MarginFCF / Revenue | 21.7% | -2.3% |
| Capex IntensityCapex / Revenue | 1.7% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | — | ||
| Q3 25 | $51.3M | $4.3M | ||
| Q2 25 | $44.6M | $4.0M | ||
| Q1 25 | $33.0M | — | ||
| Q4 24 | $52.1M | $5.8M | ||
| Q3 24 | $45.1M | $4.7M | ||
| Q2 24 | $36.4M | $7.0M | ||
| Q1 24 | $21.5M | $164.0K |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | $-2.8M | ||
| Q2 25 | $40.6M | $1.1M | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | $-1.3M | ||
| Q3 24 | $42.0M | $-4.5M | ||
| Q2 24 | $34.1M | $-1.6M | ||
| Q1 24 | $18.8M | $-15.2M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | -2.3% | ||
| Q2 25 | 17.1% | 0.9% | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | -1.1% | ||
| Q3 24 | 20.1% | -3.5% | ||
| Q2 24 | 15.7% | -1.4% | ||
| Q1 24 | 9.6% | -12.2% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 5.8% | ||
| Q2 25 | 1.7% | 2.4% | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.3% | 5.8% | ||
| Q3 24 | 1.5% | 7.2% | ||
| Q2 24 | 1.1% | 7.1% | ||
| Q1 24 | 1.4% | 12.3% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — | ||
| Q1 24 | 0.74× | — |
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% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
