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Side-by-side financial comparison of BADGER METER INC (BMI) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
PROCORE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($349.1M vs $234.1M, roughly 1.5× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs -10.8%, a 25.1% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 14.1%). PROCORE TECHNOLOGIES, INC. produced more free cash flow last quarter ($109.2M vs $50.8M). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% 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.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
BMI vs PCOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $349.1M |
| Net Profit | $33.6M | $-37.6M |
| Gross Margin | 39.7% | 80.1% |
| Operating Margin | 18.4% | -12.3% |
| Net Margin | 14.3% | -10.8% |
| Revenue YoY | 14.1% | 15.6% |
| Net Profit YoY | 9.3% | 39.6% |
| EPS (diluted) | $1.13 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $222.2M | $338.9M | ||
| Q2 25 | $238.1M | $323.9M | ||
| Q1 25 | $222.2M | $310.6M | ||
| Q4 24 | $205.2M | $302.0M | ||
| Q3 24 | $208.4M | $295.9M | ||
| Q2 24 | $216.7M | $284.3M | ||
| Q1 24 | $196.3M | $269.4M |
| Q4 25 | $33.6M | $-37.6M | ||
| Q3 25 | $35.1M | $-9.1M | ||
| Q2 25 | $34.6M | $-21.1M | ||
| Q1 25 | $38.4M | $-33.0M | ||
| Q4 24 | $30.7M | $-62.3M | ||
| Q3 24 | $32.0M | $-26.4M | ||
| Q2 24 | $33.1M | $-6.3M | ||
| Q1 24 | $29.1M | $-11.0M |
| Q4 25 | 39.7% | 80.1% | ||
| Q3 25 | 43.1% | 79.7% | ||
| Q2 25 | 41.1% | 79.1% | ||
| Q1 25 | 42.9% | 79.1% | ||
| Q4 24 | 40.3% | 81.2% | ||
| Q3 24 | 40.2% | 81.4% | ||
| Q2 24 | 39.4% | 83.1% | ||
| Q1 24 | 39.3% | 83.0% |
| Q4 25 | 18.4% | -12.3% | ||
| Q3 25 | 20.7% | -4.4% | ||
| Q2 25 | 18.8% | -9.3% | ||
| Q1 25 | 22.2% | -11.7% | ||
| Q4 24 | 19.1% | -21.9% | ||
| Q3 24 | 19.5% | -12.3% | ||
| Q2 24 | 19.2% | -5.2% | ||
| Q1 24 | 18.6% | -7.0% |
| Q4 25 | 14.3% | -10.8% | ||
| Q3 25 | 15.8% | -2.7% | ||
| Q2 25 | 14.5% | -6.5% | ||
| Q1 25 | 17.3% | -10.6% | ||
| Q4 24 | 15.0% | -20.6% | ||
| Q3 24 | 15.4% | -8.9% | ||
| Q2 24 | 15.3% | -2.2% | ||
| Q1 24 | 14.8% | -4.1% |
| Q4 25 | $1.13 | $-0.25 | ||
| Q3 25 | $1.19 | $-0.06 | ||
| Q2 25 | $1.17 | $-0.14 | ||
| Q1 25 | $1.30 | $-0.22 | ||
| Q4 24 | $1.04 | $-0.42 | ||
| Q3 24 | $1.08 | $-0.18 | ||
| Q2 24 | $1.12 | $-0.04 | ||
| Q1 24 | $0.99 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.3B |
| Total Assets | $973.6M | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $768.5M | ||
| Q3 25 | — | $684.0M | ||
| Q2 25 | — | $620.9M | ||
| Q1 25 | — | $566.7M | ||
| Q4 24 | — | $775.4M | ||
| Q3 24 | — | $756.9M | ||
| Q2 24 | — | $735.4M | ||
| Q1 24 | — | $744.6M |
| Q4 25 | $713.3M | $1.3B | ||
| Q3 25 | $702.5M | $1.2B | ||
| Q2 25 | $677.6M | $1.2B | ||
| Q1 25 | $641.7M | $1.2B | ||
| Q4 24 | $606.2M | $1.3B | ||
| Q3 24 | $591.2M | $1.3B | ||
| Q2 24 | $563.1M | $1.3B | ||
| Q1 24 | $535.6M | $1.2B |
| Q4 25 | $973.6M | $2.2B | ||
| Q3 25 | $978.3M | $2.1B | ||
| Q2 25 | $936.4M | $2.0B | ||
| Q1 25 | $899.6M | $1.9B | ||
| Q4 24 | $816.4M | $2.1B | ||
| Q3 24 | $802.9M | $2.0B | ||
| Q2 24 | $781.3M | $2.0B | ||
| Q1 24 | $743.5M | $1.9B |
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 | $114.9M |
| Free Cash FlowOCF − Capex | $50.8M | $109.2M |
| FCF MarginFCF / Revenue | 21.7% | 31.3% |
| Capex IntensityCapex / Revenue | 1.7% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $114.9M | ||
| Q3 25 | $51.3M | $88.5M | ||
| Q2 25 | $44.6M | $30.8M | ||
| Q1 25 | $33.0M | $66.0M | ||
| Q4 24 | $52.1M | $29.1M | ||
| Q3 24 | $45.1M | $39.3M | ||
| Q2 24 | $36.4M | $58.7M | ||
| Q1 24 | $21.5M | $69.1M |
| Q4 25 | $50.8M | $109.2M | ||
| Q3 25 | $48.2M | $83.1M | ||
| Q2 25 | $40.6M | $27.9M | ||
| Q1 25 | $30.1M | $62.0M | ||
| Q4 24 | $47.4M | $17.4M | ||
| Q3 24 | $42.0M | $35.7M | ||
| Q2 24 | $34.1M | $56.8M | ||
| Q1 24 | $18.8M | $67.1M |
| Q4 25 | 21.7% | 31.3% | ||
| Q3 25 | 21.7% | 24.5% | ||
| Q2 25 | 17.1% | 8.6% | ||
| Q1 25 | 13.5% | 20.0% | ||
| Q4 24 | 23.1% | 5.8% | ||
| Q3 24 | 20.1% | 12.1% | ||
| Q2 24 | 15.7% | 20.0% | ||
| Q1 24 | 9.6% | 24.9% |
| Q4 25 | 1.7% | 1.6% | ||
| Q3 25 | 1.4% | 1.6% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 1.3% | 1.3% | ||
| Q4 24 | 2.3% | 3.9% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.4% | 0.8% |
| 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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
