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Side-by-side financial comparison of BADGER METER INC (BMI) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $234.1M, roughly 1.7× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 13.0%, a 1.4% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $50.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 2.7%).
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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
BMI vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $387.0M |
| Net Profit | $33.6M | $50.2M |
| Gross Margin | 39.7% | 72.9% |
| Operating Margin | 18.4% | 18.2% |
| Net Margin | 14.3% | 13.0% |
| Revenue YoY | 14.1% | 11.3% |
| Net Profit YoY | 9.3% | 34.0% |
| EPS (diluted) | $1.13 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $222.2M | $378.9M | ||
| Q2 25 | $238.1M | $369.9M | ||
| Q1 25 | $222.2M | $421.1M | ||
| Q4 24 | $205.2M | $347.7M | ||
| Q3 24 | $208.4M | $333.1M | ||
| Q2 24 | $216.7M | $324.7M | ||
| Q1 24 | $196.3M | $366.8M |
| Q4 25 | $33.6M | $50.2M | ||
| Q3 25 | $35.1M | $48.0M | ||
| Q2 25 | $34.6M | $48.6M | ||
| Q1 25 | $38.4M | $91.5M | ||
| Q4 24 | $30.7M | $37.5M | ||
| Q3 24 | $32.0M | $49.6M | ||
| Q2 24 | $33.1M | $48.8M | ||
| Q1 24 | $29.1M | $85.3M |
| Q4 25 | 39.7% | 72.9% | ||
| Q3 25 | 43.1% | 73.9% | ||
| Q2 25 | 41.1% | 73.5% | ||
| Q1 25 | 42.9% | 77.1% | ||
| Q4 24 | 40.3% | 72.6% | ||
| Q3 24 | 40.2% | 74.4% | ||
| Q2 24 | 39.4% | 74.0% | ||
| Q1 24 | 39.3% | 77.8% |
| Q4 25 | 18.4% | 18.2% | ||
| Q3 25 | 20.7% | 19.6% | ||
| Q2 25 | 18.8% | 17.9% | ||
| Q1 25 | 22.2% | 30.2% | ||
| Q4 24 | 19.1% | 13.4% | ||
| Q3 24 | 19.5% | 19.3% | ||
| Q2 24 | 19.2% | 19.4% | ||
| Q1 24 | 18.6% | 29.0% |
| Q4 25 | 14.3% | 13.0% | ||
| Q3 25 | 15.8% | 12.7% | ||
| Q2 25 | 14.5% | 13.1% | ||
| Q1 25 | 17.3% | 21.7% | ||
| Q4 24 | 15.0% | 10.8% | ||
| Q3 24 | 15.4% | 14.9% | ||
| Q2 24 | 15.3% | 15.0% | ||
| Q1 24 | 14.8% | 23.3% |
| Q4 25 | $1.13 | $0.92 | ||
| Q3 25 | $1.19 | $0.86 | ||
| Q2 25 | $1.17 | $0.87 | ||
| Q1 25 | $1.30 | $1.61 | ||
| Q4 24 | $1.04 | $0.66 | ||
| Q3 24 | $1.08 | $0.88 | ||
| Q2 24 | $1.12 | $0.85 | ||
| Q1 24 | $0.99 | $1.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $162.5M |
| Total DebtLower is stronger | — | $81.3M |
| Stockholders' EquityBook value | $713.3M | $1.1B |
| Total Assets | $973.6M | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $162.5M | ||
| Q3 25 | — | $165.2M | ||
| Q2 25 | — | $398.1M | ||
| Q1 25 | — | $477.8M | ||
| Q4 24 | — | $482.4M | ||
| Q3 24 | — | $778.5M | ||
| Q2 24 | — | $401.8M | ||
| Q1 24 | — | $492.7M |
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $713.3M | $1.1B | ||
| Q3 25 | $702.5M | $1.1B | ||
| Q2 25 | $677.6M | $1.2B | ||
| Q1 25 | $641.7M | $1.2B | ||
| Q4 24 | $606.2M | $1.2B | ||
| Q3 24 | $591.2M | $1.1B | ||
| Q2 24 | $563.1M | $1.0B | ||
| Q1 24 | $535.6M | $1.1B |
| Q4 25 | $973.6M | $7.0B | ||
| Q3 25 | $978.3M | $4.2B | ||
| Q2 25 | $936.4M | $4.4B | ||
| Q1 25 | $899.6M | $5.2B | ||
| Q4 24 | $816.4M | $5.3B | ||
| Q3 24 | $802.9M | $4.0B | ||
| Q2 24 | $781.3M | $4.2B | ||
| Q1 24 | $743.5M | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
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 | $117.0M |
| Free Cash FlowOCF − Capex | $50.8M | $113.6M |
| FCF MarginFCF / Revenue | 21.7% | 29.4% |
| Capex IntensityCapex / Revenue | 1.7% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $117.0M | ||
| Q3 25 | $51.3M | $86.5M | ||
| Q2 25 | $44.6M | $86.6M | ||
| Q1 25 | $33.0M | $186.0M | ||
| Q4 24 | $52.1M | $54.2M | ||
| Q3 24 | $45.1M | $91.5M | ||
| Q2 24 | $36.4M | $79.9M | ||
| Q1 24 | $21.5M | $167.5M |
| Q4 25 | $50.8M | $113.6M | ||
| Q3 25 | $48.2M | $82.7M | ||
| Q2 25 | $40.6M | $81.1M | ||
| Q1 25 | $30.1M | $183.7M | ||
| Q4 24 | $47.4M | $51.2M | ||
| Q3 24 | $42.0M | $89.1M | ||
| Q2 24 | $34.1M | $73.6M | ||
| Q1 24 | $18.8M | $162.0M |
| Q4 25 | 21.7% | 29.4% | ||
| Q3 25 | 21.7% | 21.8% | ||
| Q2 25 | 17.1% | 21.9% | ||
| Q1 25 | 13.5% | 43.6% | ||
| Q4 24 | 23.1% | 14.7% | ||
| Q3 24 | 20.1% | 26.8% | ||
| Q2 24 | 15.7% | 22.7% | ||
| Q1 24 | 9.6% | 44.2% |
| Q4 25 | 1.7% | 0.9% | ||
| Q3 25 | 1.4% | 1.0% | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 2.3% | 0.9% | ||
| Q3 24 | 1.5% | 0.7% | ||
| Q2 24 | 1.1% | 1.9% | ||
| Q1 24 | 1.4% | 1.5% |
| Q4 25 | 1.63× | 2.33× | ||
| Q3 25 | 1.46× | 1.80× | ||
| Q2 25 | 1.29× | 1.78× | ||
| Q1 25 | 0.86× | 2.03× | ||
| Q4 24 | 1.70× | 1.45× | ||
| Q3 24 | 1.41× | 1.84× | ||
| Q2 24 | 1.10× | 1.64× | ||
| Q1 24 | 0.74× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
