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Side-by-side financial comparison of BADGER METER INC (BMI) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $234.1M, roughly 1.8× BADGER METER INC). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 14.3%, a 21.4% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BMI vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $425.9M |
| Net Profit | $33.6M | $152.0M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 81.5% |
| Net Margin | 14.3% | 35.7% |
| Revenue YoY | 14.1% | 1.7% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $234.1M | $637.9M | ||
| Q3 25 | $222.2M | $443.1M | ||
| Q2 25 | $238.1M | $527.4M | ||
| Q1 25 | $222.2M | $734.8M | ||
| Q4 24 | $205.2M | $513.8M | ||
| Q3 24 | $208.4M | $310.0M | ||
| Q2 24 | $216.7M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $33.6M | $181.6M | ||
| Q3 25 | $35.1M | $107.3M | ||
| Q2 25 | $34.6M | $149.8M | ||
| Q1 25 | $38.4M | $216.4M | ||
| Q4 24 | $30.7M | $45.0M | ||
| Q3 24 | $32.0M | $-167.6M | ||
| Q2 24 | $33.1M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 39.7% | 86.6% | ||
| Q3 25 | 43.1% | — | ||
| Q2 25 | 41.1% | 94.7% | ||
| Q1 25 | 42.9% | 81.6% | ||
| Q4 24 | 40.3% | 87.3% | ||
| Q3 24 | 40.2% | — | ||
| Q2 24 | 39.4% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 18.4% | 43.3% | ||
| Q3 25 | 20.7% | 40.6% | ||
| Q2 25 | 18.8% | 43.7% | ||
| Q1 25 | 22.2% | 43.2% | ||
| Q4 24 | 19.1% | 16.8% | ||
| Q3 24 | 19.5% | -63.4% | ||
| Q2 24 | 19.2% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 14.3% | 28.5% | ||
| Q3 25 | 15.8% | 24.2% | ||
| Q2 25 | 14.5% | 28.4% | ||
| Q1 25 | 17.3% | 29.4% | ||
| Q4 24 | 15.0% | 8.8% | ||
| Q3 24 | 15.4% | -54.1% | ||
| Q2 24 | 15.3% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $1.13 | $1.98 | ||
| Q3 25 | $1.19 | $1.18 | ||
| Q2 25 | $1.17 | $1.64 | ||
| Q1 25 | $1.30 | $2.37 | ||
| Q4 24 | $1.04 | $0.49 | ||
| Q3 24 | $1.08 | $-1.81 | ||
| Q2 24 | $1.12 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $713.3M | — |
| Total Assets | $973.6M | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $271.4M | ||
| Q3 25 | — | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $713.3M | $3.6B | ||
| Q3 25 | $702.5M | $3.1B | ||
| Q2 25 | $677.6M | $3.0B | ||
| Q1 25 | $641.7M | $2.8B | ||
| Q4 24 | $606.2M | $-76.2M | ||
| Q3 24 | $591.2M | $-15.5M | ||
| Q2 24 | $563.1M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $973.6M | $9.2B | ||
| Q3 25 | $978.3M | $8.7B | ||
| Q2 25 | $936.4M | $8.4B | ||
| Q1 25 | $899.6M | $8.5B | ||
| Q4 24 | $816.4M | $8.3B | ||
| Q3 24 | $802.9M | $8.3B | ||
| Q2 24 | $781.3M | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $50.8M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.63× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $54.8M | $274.9M | ||
| Q3 25 | $51.3M | $237.8M | ||
| Q2 25 | $44.6M | $388.4M | ||
| Q1 25 | $33.0M | $253.8M | ||
| Q4 24 | $52.1M | $220.1M | ||
| Q3 24 | $45.1M | $197.9M | ||
| Q2 24 | $36.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $-2.7M | ||
| Q3 25 | $48.2M | $-47.8M | ||
| Q2 25 | $40.6M | $195.3M | ||
| Q1 25 | $30.1M | $59.9M | ||
| Q4 24 | $47.4M | $-20.3M | ||
| Q3 24 | $42.0M | $-49.1M | ||
| Q2 24 | $34.1M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | -0.4% | ||
| Q3 25 | 21.7% | -10.8% | ||
| Q2 25 | 17.1% | 37.0% | ||
| Q1 25 | 13.5% | 8.2% | ||
| Q4 24 | 23.1% | -4.0% | ||
| Q3 24 | 20.1% | -15.8% | ||
| Q2 24 | 15.7% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.7% | 43.5% | ||
| Q3 25 | 1.4% | 64.4% | ||
| Q2 25 | 1.7% | 36.6% | ||
| Q1 25 | 1.3% | 26.4% | ||
| Q4 24 | 2.3% | 46.8% | ||
| Q3 24 | 1.5% | 79.7% | ||
| Q2 24 | 1.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.63× | 1.51× | ||
| Q3 25 | 1.46× | 2.21× | ||
| Q2 25 | 1.29× | 2.59× | ||
| Q1 25 | 0.86× | 1.17× | ||
| Q4 24 | 1.70× | 4.89× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
