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Side-by-side financial comparison of BADGER METER INC (BMI) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $234.1M, roughly 1.4× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 3.4%, a 11.0% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.6%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $11.6M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
BMI vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $335.6M |
| Net Profit | $33.6M | $11.3M |
| Gross Margin | 39.7% | 29.5% |
| Operating Margin | 18.4% | 4.4% |
| Net Margin | 14.3% | 3.4% |
| Revenue YoY | 14.1% | 1.6% |
| Net Profit YoY | 9.3% | 14.0% |
| EPS (diluted) | $1.13 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $222.2M | $336.1M | ||
| Q2 25 | $238.1M | $328.7M | ||
| Q1 25 | $222.2M | $335.8M | ||
| Q4 24 | $205.2M | $330.2M | ||
| Q3 24 | $208.4M | $322.7M | ||
| Q2 24 | $216.7M | $309.1M | ||
| Q1 24 | $196.3M | $308.1M |
| Q4 25 | $33.6M | $11.3M | ||
| Q3 25 | $35.1M | $11.8M | ||
| Q2 25 | $34.6M | $11.6M | ||
| Q1 25 | $38.4M | $13.1M | ||
| Q4 24 | $30.7M | $9.9M | ||
| Q3 24 | $32.0M | $9.0M | ||
| Q2 24 | $33.1M | $9.2M | ||
| Q1 24 | $29.1M | $8.0M |
| Q4 25 | 39.7% | 29.5% | ||
| Q3 25 | 43.1% | 29.5% | ||
| Q2 25 | 41.1% | 29.9% | ||
| Q1 25 | 42.9% | 30.3% | ||
| Q4 24 | 40.3% | 29.9% | ||
| Q3 24 | 40.2% | 29.6% | ||
| Q2 24 | 39.4% | 29.2% | ||
| Q1 24 | 39.3% | 29.3% |
| Q4 25 | 18.4% | 4.4% | ||
| Q3 25 | 20.7% | 4.6% | ||
| Q2 25 | 18.8% | 4.7% | ||
| Q1 25 | 22.2% | 5.2% | ||
| Q4 24 | 19.1% | 4.0% | ||
| Q3 24 | 19.5% | 3.7% | ||
| Q2 24 | 19.2% | 4.2% | ||
| Q1 24 | 18.6% | 3.7% |
| Q4 25 | 14.3% | 3.4% | ||
| Q3 25 | 15.8% | 3.5% | ||
| Q2 25 | 14.5% | 3.5% | ||
| Q1 25 | 17.3% | 3.9% | ||
| Q4 24 | 15.0% | 3.0% | ||
| Q3 24 | 15.4% | 2.8% | ||
| Q2 24 | 15.3% | 3.0% | ||
| Q1 24 | 14.8% | 2.6% |
| Q4 25 | $1.13 | $0.49 | ||
| Q3 25 | $1.19 | $0.51 | ||
| Q2 25 | $1.17 | $0.50 | ||
| Q1 25 | $1.30 | $0.56 | ||
| Q4 24 | $1.04 | $0.43 | ||
| Q3 24 | $1.08 | $0.38 | ||
| Q2 24 | $1.12 | $0.40 | ||
| Q1 24 | $0.99 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $220.0M |
| Total Assets | $973.6M | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | — | $6.3M | ||
| Q3 24 | — | $8.9M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $11.0M |
| Q4 25 | $713.3M | $220.0M | ||
| Q3 25 | $702.5M | $212.4M | ||
| Q2 25 | $677.6M | $202.5M | ||
| Q1 25 | $641.7M | $193.0M | ||
| Q4 24 | $606.2M | $181.9M | ||
| Q3 24 | $591.2M | $174.3M | ||
| Q2 24 | $563.1M | $167.8M | ||
| Q1 24 | $535.6M | $160.0M |
| Q4 25 | $973.6M | $668.6M | ||
| Q3 25 | $978.3M | $670.5M | ||
| Q2 25 | $936.4M | $659.0M | ||
| Q1 25 | $899.6M | $664.6M | ||
| Q4 24 | $816.4M | $648.9M | ||
| Q3 24 | $802.9M | $655.5M | ||
| Q2 24 | $781.3M | $654.4M | ||
| Q1 24 | $743.5M | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $50.8M | $11.6M |
| FCF MarginFCF / Revenue | 21.7% | 3.4% |
| Capex IntensityCapex / Revenue | 1.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $21.1M | ||
| Q3 25 | $51.3M | $15.6M | ||
| Q2 25 | $44.6M | $2.9M | ||
| Q1 25 | $33.0M | $34.1M | ||
| Q4 24 | $52.1M | $2.7M | ||
| Q3 24 | $45.1M | $24.5M | ||
| Q2 24 | $36.4M | $12.4M | ||
| Q1 24 | $21.5M | $20.2M |
| Q4 25 | $50.8M | $11.6M | ||
| Q3 25 | $48.2M | $7.5M | ||
| Q2 25 | $40.6M | $-4.2M | ||
| Q1 25 | $30.1M | $27.6M | ||
| Q4 24 | $47.4M | $-6.9M | ||
| Q3 24 | $42.0M | $18.0M | ||
| Q2 24 | $34.1M | $3.6M | ||
| Q1 24 | $18.8M | $9.8M |
| Q4 25 | 21.7% | 3.4% | ||
| Q3 25 | 21.7% | 2.2% | ||
| Q2 25 | 17.1% | -1.3% | ||
| Q1 25 | 13.5% | 8.2% | ||
| Q4 24 | 23.1% | -2.1% | ||
| Q3 24 | 20.1% | 5.6% | ||
| Q2 24 | 15.7% | 1.2% | ||
| Q1 24 | 9.6% | 3.2% |
| Q4 25 | 1.7% | 2.9% | ||
| Q3 25 | 1.4% | 2.4% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.3% | 1.9% | ||
| Q4 24 | 2.3% | 2.9% | ||
| Q3 24 | 1.5% | 2.0% | ||
| Q2 24 | 1.1% | 2.9% | ||
| Q1 24 | 1.4% | 3.4% |
| Q4 25 | 1.63× | 1.86× | ||
| Q3 25 | 1.46× | 1.32× | ||
| Q2 25 | 1.29× | 0.25× | ||
| Q1 25 | 0.86× | 2.60× | ||
| Q4 24 | 1.70× | 0.27× | ||
| Q3 24 | 1.41× | 2.72× | ||
| Q2 24 | 1.10× | 1.35× | ||
| Q1 24 | 0.74× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
