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Side-by-side financial comparison of BADGER METER INC (BMI) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $124.5M, roughly 1.9× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 14.3%, a 115.4% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 4.7%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $24.1M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 5.9%).
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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
BMI vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $124.5M |
| Net Profit | $33.6M | $161.6M |
| Gross Margin | 39.7% | 85.3% |
| Operating Margin | 18.4% | 6.5% |
| Net Margin | 14.3% | 129.7% |
| Revenue YoY | 14.1% | 4.7% |
| Net Profit YoY | 9.3% | 2827.7% |
| EPS (diluted) | $1.13 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $222.2M | $123.4M | ||
| Q2 25 | $238.1M | $119.8M | ||
| Q1 25 | $222.2M | $121.4M | ||
| Q4 24 | $205.2M | $118.9M | ||
| Q3 24 | $208.4M | $115.9M | ||
| Q2 24 | $216.7M | $111.2M | ||
| Q1 24 | $196.3M | $111.1M |
| Q4 25 | $33.6M | $161.6M | ||
| Q3 25 | $35.1M | $9.6M | ||
| Q2 25 | $34.6M | $-7.2M | ||
| Q1 25 | $38.4M | $-8.8M | ||
| Q4 24 | $30.7M | $-5.9M | ||
| Q3 24 | $32.0M | $-10.9M | ||
| Q2 24 | $33.1M | $-17.1M | ||
| Q1 24 | $29.1M | $-28.2M |
| Q4 25 | 39.7% | 85.3% | ||
| Q3 25 | 43.1% | 84.6% | ||
| Q2 25 | 41.1% | 84.0% | ||
| Q1 25 | 42.9% | 83.6% | ||
| Q4 24 | 40.3% | 83.0% | ||
| Q3 24 | 40.2% | 82.7% | ||
| Q2 24 | 39.4% | 82.6% | ||
| Q1 24 | 39.3% | 81.7% |
| Q4 25 | 18.4% | 6.5% | ||
| Q3 25 | 20.7% | 2.9% | ||
| Q2 25 | 18.8% | -8.6% | ||
| Q1 25 | 22.2% | -9.6% | ||
| Q4 24 | 19.1% | -8.7% | ||
| Q3 24 | 19.5% | -13.8% | ||
| Q2 24 | 19.2% | -19.5% | ||
| Q1 24 | 18.6% | -30.1% |
| Q4 25 | 14.3% | 129.7% | ||
| Q3 25 | 15.8% | 7.8% | ||
| Q2 25 | 14.5% | -6.0% | ||
| Q1 25 | 17.3% | -7.2% | ||
| Q4 24 | 15.0% | -5.0% | ||
| Q3 24 | 15.4% | -9.4% | ||
| Q2 24 | 15.3% | -15.4% | ||
| Q1 24 | 14.8% | -25.3% |
| Q4 25 | $1.13 | $1.69 | ||
| Q3 25 | $1.19 | $0.10 | ||
| Q2 25 | $1.17 | $-0.07 | ||
| Q1 25 | $1.30 | $-0.12 | ||
| Q4 24 | $1.04 | $-0.07 | ||
| Q3 24 | $1.08 | $-0.14 | ||
| Q2 24 | $1.12 | $-0.26 | ||
| Q1 24 | $0.99 | $-0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $320.5M |
| Total Assets | $973.6M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $547.8M | ||
| Q3 25 | — | $567.9M | ||
| Q2 25 | — | $597.1M | ||
| Q1 25 | — | $570.8M | ||
| Q4 24 | — | $542.2M | ||
| Q3 24 | — | $599.3M | ||
| Q2 24 | — | $592.8M | ||
| Q1 24 | — | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $713.3M | $320.5M | ||
| Q3 25 | $702.5M | $180.7M | ||
| Q2 25 | $677.6M | $145.7M | ||
| Q1 25 | $641.7M | $129.8M | ||
| Q4 24 | $606.2M | $111.6M | ||
| Q3 24 | $591.2M | $164.7M | ||
| Q2 24 | $563.1M | $174.0M | ||
| Q1 24 | $535.6M | $171.6M |
| Q4 25 | $973.6M | $1.0B | ||
| Q3 25 | $978.3M | $891.5M | ||
| Q2 25 | $936.4M | $926.8M | ||
| Q1 25 | $899.6M | $927.3M | ||
| Q4 24 | $816.4M | $866.8M | ||
| Q3 24 | $802.9M | $916.0M | ||
| Q2 24 | $781.3M | $924.0M | ||
| Q1 24 | $743.5M | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $50.8M | $24.1M |
| FCF MarginFCF / Revenue | 21.7% | 19.3% |
| Capex IntensityCapex / Revenue | 1.7% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.63× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $24.8M | ||
| Q3 25 | $51.3M | $34.0M | ||
| Q2 25 | $44.6M | $30.7M | ||
| Q1 25 | $33.0M | $31.4M | ||
| Q4 24 | $52.1M | $22.1M | ||
| Q3 24 | $45.1M | $35.8M | ||
| Q2 24 | $36.4M | $28.6M | ||
| Q1 24 | $21.5M | $22.2M |
| Q4 25 | $50.8M | $24.1M | ||
| Q3 25 | $48.2M | $33.1M | ||
| Q2 25 | $40.6M | $30.2M | ||
| Q1 25 | $30.1M | $30.3M | ||
| Q4 24 | $47.4M | $21.5M | ||
| Q3 24 | $42.0M | $35.1M | ||
| Q2 24 | $34.1M | $28.2M | ||
| Q1 24 | $18.8M | $21.2M |
| Q4 25 | 21.7% | 19.3% | ||
| Q3 25 | 21.7% | 26.8% | ||
| Q2 25 | 17.1% | 25.2% | ||
| Q1 25 | 13.5% | 24.9% | ||
| Q4 24 | 23.1% | 18.1% | ||
| Q3 24 | 20.1% | 30.3% | ||
| Q2 24 | 15.7% | 25.4% | ||
| Q1 24 | 9.6% | 19.1% |
| Q4 25 | 1.7% | 0.6% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.7% | 0.4% | ||
| Q1 25 | 1.3% | 0.9% | ||
| Q4 24 | 2.3% | 0.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 1.1% | 0.4% | ||
| Q1 24 | 1.4% | 0.9% |
| Q4 25 | 1.63× | 0.15× | ||
| Q3 25 | 1.46× | 3.55× | ||
| 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% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
