vs
Side-by-side financial comparison of BADGER METER INC (BMI) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $187.0M, roughly 1.3× National Storage Affiliates Trust). BADGER METER INC runs the higher net margin — 14.3% vs 12.2%, a 2.1% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $50.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
BMI vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $187.0M |
| Net Profit | $33.6M | $22.9M |
| Gross Margin | 39.7% | 72.5% |
| Operating Margin | 18.4% | 20.2% |
| Net Margin | 14.3% | 12.2% |
| Revenue YoY | 14.1% | -1.6% |
| Net Profit YoY | 9.3% | 36.8% |
| EPS (diluted) | $1.13 | $0.23 |
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 | $187.0M | ||
| Q3 25 | $222.2M | $188.7M | ||
| Q2 25 | $238.1M | $188.8M | ||
| Q1 25 | $222.2M | $188.4M | ||
| Q4 24 | $205.2M | $190.1M | ||
| Q3 24 | $208.4M | $193.6M | ||
| Q2 24 | $216.7M | $190.4M | ||
| Q1 24 | $196.3M | $196.1M |
| Q4 25 | $33.6M | $22.9M | ||
| Q3 25 | $35.1M | $18.4M | ||
| Q2 25 | $34.6M | $19.5M | ||
| Q1 25 | $38.4M | $13.0M | ||
| Q4 24 | $30.7M | $16.7M | ||
| Q3 24 | $32.0M | $18.7M | ||
| Q2 24 | $33.1M | $17.1M | ||
| Q1 24 | $29.1M | $59.0M |
| Q4 25 | 39.7% | 72.5% | ||
| Q3 25 | 43.1% | 70.7% | ||
| Q2 25 | 41.1% | 70.5% | ||
| Q1 25 | 42.9% | 70.7% | ||
| Q4 24 | 40.3% | 72.5% | ||
| Q3 24 | 40.2% | 72.8% | ||
| Q2 24 | 39.4% | 72.6% | ||
| Q1 24 | 39.3% | 72.1% |
| Q4 25 | 18.4% | 20.2% | ||
| Q3 25 | 20.7% | 15.8% | ||
| Q2 25 | 18.8% | 16.5% | ||
| Q1 25 | 22.2% | 11.0% | ||
| Q4 24 | 19.1% | 14.5% | ||
| Q3 24 | 19.5% | 15.8% | ||
| Q2 24 | 19.2% | 17.2% | ||
| Q1 24 | 18.6% | 48.9% |
| Q4 25 | 14.3% | 12.2% | ||
| Q3 25 | 15.8% | 9.8% | ||
| Q2 25 | 14.5% | 10.3% | ||
| Q1 25 | 17.3% | 6.9% | ||
| Q4 24 | 15.0% | 8.8% | ||
| Q3 24 | 15.4% | 9.7% | ||
| Q2 24 | 15.3% | 9.0% | ||
| Q1 24 | 14.8% | 30.1% |
| Q4 25 | $1.13 | $0.23 | ||
| Q3 25 | $1.19 | $0.17 | ||
| Q2 25 | $1.17 | $0.19 | ||
| Q1 25 | $1.30 | $0.10 | ||
| Q4 24 | $1.04 | $0.19 | ||
| Q3 24 | $1.08 | $0.18 | ||
| Q2 24 | $1.12 | $0.16 | ||
| Q1 24 | $0.99 | $0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $946.0M |
| Total Assets | $973.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | — | $26.3M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $69.9M | ||
| Q2 24 | — | $59.0M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | $713.3M | $946.0M | ||
| Q3 25 | $702.5M | $973.1M | ||
| Q2 25 | $677.6M | $1.0B | ||
| Q1 25 | $641.7M | $1.0B | ||
| Q4 24 | $606.2M | $1.1B | ||
| Q3 24 | $591.2M | $986.9M | ||
| Q2 24 | $563.1M | $1.2B | ||
| Q1 24 | $535.6M | $1.3B |
| Q4 25 | $973.6M | $5.1B | ||
| Q3 25 | $978.3M | $5.1B | ||
| Q2 25 | $936.4M | $5.2B | ||
| Q1 25 | $899.6M | $5.3B | ||
| Q4 24 | $816.4M | $5.4B | ||
| Q3 24 | $802.9M | $5.4B | ||
| Q2 24 | $781.3M | $5.3B | ||
| Q1 24 | $743.5M | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $50.8M | $299.8M |
| FCF MarginFCF / Revenue | 21.7% | 160.3% |
| Capex IntensityCapex / Revenue | 1.7% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.63× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $338.5M | ||
| Q3 25 | $51.3M | $100.2M | ||
| Q2 25 | $44.6M | $79.9M | ||
| Q1 25 | $33.0M | $85.6M | ||
| Q4 24 | $52.1M | $363.1M | ||
| Q3 24 | $45.1M | $105.7M | ||
| Q2 24 | $36.4M | $83.2M | ||
| Q1 24 | $21.5M | $94.0M |
| Q4 25 | $50.8M | $299.8M | ||
| Q3 25 | $48.2M | $88.0M | ||
| Q2 25 | $40.6M | $73.8M | ||
| Q1 25 | $30.1M | $79.9M | ||
| Q4 24 | $47.4M | $344.4M | ||
| Q3 24 | $42.0M | $101.8M | ||
| Q2 24 | $34.1M | $79.5M | ||
| Q1 24 | $18.8M | $88.6M |
| Q4 25 | 21.7% | 160.3% | ||
| Q3 25 | 21.7% | 46.6% | ||
| Q2 25 | 17.1% | 39.1% | ||
| Q1 25 | 13.5% | 42.4% | ||
| Q4 24 | 23.1% | 181.2% | ||
| Q3 24 | 20.1% | 52.6% | ||
| Q2 24 | 15.7% | 41.7% | ||
| Q1 24 | 9.6% | 45.2% |
| Q4 25 | 1.7% | 20.7% | ||
| Q3 25 | 1.4% | 6.5% | ||
| Q2 25 | 1.7% | 3.2% | ||
| Q1 25 | 1.3% | 3.0% | ||
| Q4 24 | 2.3% | 9.8% | ||
| Q3 24 | 1.5% | 2.0% | ||
| Q2 24 | 1.1% | 1.9% | ||
| Q1 24 | 1.4% | 2.7% |
| Q4 25 | 1.63× | 14.79× | ||
| Q3 25 | 1.46× | 5.44× | ||
| Q2 25 | 1.29× | 4.10× | ||
| Q1 25 | 0.86× | 6.59× | ||
| Q4 24 | 1.70× | 21.70× | ||
| Q3 24 | 1.41× | 5.65× | ||
| Q2 24 | 1.10× | 4.88× | ||
| Q1 24 | 0.74× | 1.59× |
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% |
NSA
Segment breakdown not available.
