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Side-by-side financial comparison of BADGER METER INC (BMI) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $234.1M, roughly 1.0× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 5.0%, a 9.4% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 11.5%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $14.9M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 7.1%).
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.
BMI vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $242.1M |
| Net Profit | $33.6M | $12.1M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 6.8% |
| Net Margin | 14.3% | 5.0% |
| Revenue YoY | 14.1% | 11.5% |
| Net Profit YoY | 9.3% | -16.2% |
| EPS (diluted) | $1.13 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $222.2M | $258.5M | ||
| Q2 25 | $238.1M | $240.7M | ||
| Q1 25 | $222.2M | $219.6M | ||
| Q4 24 | $205.2M | $217.2M | ||
| Q3 24 | $208.4M | $241.7M | ||
| Q2 24 | $216.7M | $224.9M | ||
| Q1 24 | $196.3M | $211.2M |
| Q4 25 | $33.6M | $12.1M | ||
| Q3 25 | $35.1M | $24.3M | ||
| Q2 25 | $34.6M | $19.9M | ||
| Q1 25 | $38.4M | $15.3M | ||
| Q4 24 | $30.7M | $14.4M | ||
| Q3 24 | $32.0M | $21.6M | ||
| Q2 24 | $33.1M | $15.8M | ||
| Q1 24 | $29.1M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | 20.7% | 10.2% | ||
| Q2 25 | 18.8% | 9.2% | ||
| Q1 25 | 22.2% | 7.7% | ||
| Q4 24 | 19.1% | 7.9% | ||
| Q3 24 | 19.5% | 10.3% | ||
| Q2 24 | 19.2% | 8.4% | ||
| Q1 24 | 18.6% | 8.0% |
| Q4 25 | 14.3% | 5.0% | ||
| Q3 25 | 15.8% | 9.4% | ||
| Q2 25 | 14.5% | 8.3% | ||
| Q1 25 | 17.3% | 7.0% | ||
| Q4 24 | 15.0% | 6.6% | ||
| Q3 24 | 15.4% | 8.9% | ||
| Q2 24 | 15.3% | 7.0% | ||
| Q1 24 | 14.8% | 10.0% |
| Q4 25 | $1.13 | $0.12 | ||
| Q3 25 | $1.19 | $0.23 | ||
| Q2 25 | $1.17 | $0.19 | ||
| Q1 25 | $1.30 | $0.15 | ||
| Q4 24 | $1.04 | $0.13 | ||
| Q3 24 | $1.08 | $0.20 | ||
| Q2 24 | $1.12 | $0.15 | ||
| Q1 24 | $0.99 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $713.3M | $542.6M |
| Total Assets | $973.6M | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $16.3M | ||
| Q3 25 | — | $29.6M | ||
| Q2 25 | — | $35.0M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | — | $57.4M | ||
| Q3 24 | — | $48.8M | ||
| Q2 24 | — | $62.5M | ||
| Q1 24 | — | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $713.3M | $542.6M | ||
| Q3 25 | $702.5M | $552.8M | ||
| Q2 25 | $677.6M | $548.3M | ||
| Q1 25 | $641.7M | $530.6M | ||
| Q4 24 | $606.2M | $554.5M | ||
| Q3 24 | $591.2M | $540.1M | ||
| Q2 24 | $563.1M | $532.7M | ||
| Q1 24 | $535.6M | $515.5M |
| Q4 25 | $973.6M | $707.1M | ||
| Q3 25 | $978.3M | $732.6M | ||
| Q2 25 | $936.4M | $731.8M | ||
| Q1 25 | $899.6M | $708.7M | ||
| Q4 24 | $816.4M | $746.4M | ||
| Q3 24 | $802.9M | $734.0M | ||
| Q2 24 | $781.3M | $756.8M | ||
| Q1 24 | $743.5M | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $50.8M | $14.9M |
| FCF MarginFCF / Revenue | 21.7% | 6.2% |
| Capex IntensityCapex / Revenue | 1.7% | 2.1% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $20.0M | ||
| Q3 25 | $51.3M | $33.2M | ||
| Q2 25 | $44.6M | $20.3M | ||
| Q1 25 | $33.0M | $10.1M | ||
| Q4 24 | $52.1M | $16.6M | ||
| Q3 24 | $45.1M | $28.6M | ||
| Q2 24 | $36.4M | $18.7M | ||
| Q1 24 | $21.5M | $15.0M |
| Q4 25 | $50.8M | $14.9M | ||
| Q3 25 | $48.2M | $27.6M | ||
| Q2 25 | $40.6M | $17.6M | ||
| Q1 25 | $30.1M | $8.4M | ||
| Q4 24 | $47.4M | $13.2M | ||
| Q3 24 | $42.0M | $27.5M | ||
| Q2 24 | $34.1M | $17.6M | ||
| Q1 24 | $18.8M | $13.7M |
| Q4 25 | 21.7% | 6.2% | ||
| Q3 25 | 21.7% | 10.7% | ||
| Q2 25 | 17.1% | 7.3% | ||
| Q1 25 | 13.5% | 3.8% | ||
| Q4 24 | 23.1% | 6.1% | ||
| Q3 24 | 20.1% | 11.4% | ||
| Q2 24 | 15.7% | 7.8% | ||
| Q1 24 | 9.6% | 6.5% |
| Q4 25 | 1.7% | 2.1% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 1.3% | 0.8% | ||
| Q4 24 | 2.3% | 1.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 1.1% | 0.5% | ||
| Q1 24 | 1.4% | 0.6% |
| Q4 25 | 1.63× | 1.65× | ||
| Q3 25 | 1.46× | 1.36× | ||
| Q2 25 | 1.29× | 1.02× | ||
| Q1 25 | 0.86× | 0.66× | ||
| Q4 24 | 1.70× | 1.15× | ||
| Q3 24 | 1.41× | 1.33× | ||
| Q2 24 | 1.10× | 1.19× | ||
| Q1 24 | 0.74× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
