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Side-by-side financial comparison of BADGER METER INC (BMI) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $234.1M, roughly 1.8× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 7.6%, a 6.7% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $50.8M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% 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.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
BMI vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $430.0M |
| Net Profit | $33.6M | $32.8M |
| Gross Margin | 39.7% | 75.2% |
| Operating Margin | 18.4% | 8.6% |
| Net Margin | 14.3% | 7.6% |
| Revenue YoY | 14.1% | -9.6% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $0.18 |
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.
| Q1 26 | — | $430.0M | ||
| Q4 25 | $234.1M | $504.3M | ||
| Q3 25 | $222.2M | $381.4M | ||
| Q2 25 | $238.1M | $384.5M | ||
| Q1 25 | $222.2M | $475.6M | ||
| Q4 24 | $205.2M | $490.8M | ||
| Q3 24 | $208.4M | $325.1M | ||
| Q2 24 | $216.7M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $33.6M | $234.6M | ||
| Q3 25 | $35.1M | $43.4M | ||
| Q2 25 | $34.6M | $30.1M | ||
| Q1 25 | $38.4M | $85.4M | ||
| Q4 24 | $30.7M | $119.1M | ||
| Q3 24 | $32.0M | $-14.4M | ||
| Q2 24 | $33.1M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | 39.7% | 79.5% | ||
| Q3 25 | 43.1% | 72.2% | ||
| Q2 25 | 41.1% | 71.5% | ||
| Q1 25 | 42.9% | 78.5% | ||
| Q4 24 | 40.3% | 79.1% | ||
| Q3 24 | 40.2% | 70.2% | ||
| Q2 24 | 39.4% | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 18.4% | 20.7% | ||
| Q3 25 | 20.7% | 3.8% | ||
| Q2 25 | 18.8% | 4.5% | ||
| Q1 25 | 22.2% | 26.7% | ||
| Q4 24 | 19.1% | 29.1% | ||
| Q3 24 | 19.5% | -3.6% | ||
| Q2 24 | 19.2% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 14.3% | 46.5% | ||
| Q3 25 | 15.8% | 11.4% | ||
| Q2 25 | 14.5% | 7.8% | ||
| Q1 25 | 17.3% | 18.0% | ||
| Q4 24 | 15.0% | 24.3% | ||
| Q3 24 | 15.4% | -4.4% | ||
| Q2 24 | 15.3% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $1.13 | $0.81 | ||
| Q3 25 | $1.19 | $0.24 | ||
| Q2 25 | $1.17 | $0.17 | ||
| Q1 25 | $1.30 | $0.91 | ||
| Q4 24 | $1.04 | $1.35 | ||
| Q3 24 | $1.08 | $-0.17 | ||
| Q2 24 | $1.12 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $705.9M |
| Total Assets | $973.6M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | — | $425.8M | ||
| Q3 25 | — | $351.4M | ||
| Q2 25 | — | $411.6M | ||
| Q1 25 | — | $371.7M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | — | $703.0M | ||
| Q2 24 | — | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $713.3M | $787.4M | ||
| Q3 25 | $702.5M | $596.8M | ||
| Q2 25 | $677.6M | $624.5M | ||
| Q1 25 | $641.7M | $611.3M | ||
| Q4 24 | $606.2M | $585.5M | ||
| Q3 24 | $591.2M | $473.0M | ||
| Q2 24 | $563.1M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $973.6M | $1.6B | ||
| Q3 25 | $978.3M | $1.3B | ||
| Q2 25 | $936.4M | $1.3B | ||
| Q1 25 | $899.6M | $1.3B | ||
| Q4 24 | $816.4M | $1.8B | ||
| Q3 24 | $802.9M | $1.6B | ||
| Q2 24 | $781.3M | $1.5B |
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 | — |
| Free Cash FlowOCF − Capex | $50.8M | $206.5M |
| FCF MarginFCF / Revenue | 21.7% | 48.0% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $54.8M | $158.4M | ||
| Q3 25 | $51.3M | $56.3M | ||
| Q2 25 | $44.6M | $86.3M | ||
| Q1 25 | $33.0M | $204.2M | ||
| Q4 24 | $52.1M | $95.2M | ||
| Q3 24 | $45.1M | $30.5M | ||
| Q2 24 | $36.4M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $50.8M | $152.4M | ||
| Q3 25 | $48.2M | $51.8M | ||
| Q2 25 | $40.6M | $84.1M | ||
| Q1 25 | $30.1M | $202.3M | ||
| Q4 24 | $47.4M | $92.4M | ||
| Q3 24 | $42.0M | $27.4M | ||
| Q2 24 | $34.1M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 21.7% | 30.2% | ||
| Q3 25 | 21.7% | 13.6% | ||
| Q2 25 | 17.1% | 21.9% | ||
| Q1 25 | 13.5% | 42.5% | ||
| Q4 24 | 23.1% | 18.8% | ||
| Q3 24 | 20.1% | 8.4% | ||
| Q2 24 | 15.7% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 1.2% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.7% | 0.6% | ||
| Q1 25 | 1.3% | 0.4% | ||
| Q4 24 | 2.3% | 0.6% | ||
| Q3 24 | 1.5% | 0.9% | ||
| Q2 24 | 1.1% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 0.68× | ||
| Q3 25 | 1.46× | 1.30× | ||
| Q2 25 | 1.29× | 2.87× | ||
| Q1 25 | 0.86× | 2.39× | ||
| Q4 24 | 1.70× | 0.80× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
