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Side-by-side financial comparison of BADGER METER INC (BMI) and PROVIDENT FINANCIAL SERVICES INC (PFS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $225.2M, roughly 1.0× PROVIDENT FINANCIAL SERVICES INC). PROVIDENT FINANCIAL SERVICES INC runs the higher net margin — 35.3% vs 14.3%, a 20.9% gap on every dollar of revenue. Over the past eight quarters, PROVIDENT FINANCIAL SERVICES INC's revenue compounded faster (17.3% 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.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is one of the largest banks in the US by assets and by number of branches, deposits, and ATMs.
BMI vs PFS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $225.2M |
| Net Profit | $33.6M | $79.4M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 35.3% |
| Revenue YoY | 14.1% | — |
| Net Profit YoY | 9.3% | 24.0% |
| EPS (diluted) | $1.13 | $0.61 |
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 | — | $225.2M | ||
| Q4 25 | $234.1M | $225.7M | ||
| Q3 25 | $222.2M | $221.8M | ||
| Q2 25 | $238.1M | $214.2M | ||
| Q1 25 | $222.2M | $208.8M | ||
| Q4 24 | $205.2M | $205.9M | ||
| Q3 24 | $208.4M | $210.6M | ||
| Q2 24 | $216.7M | $163.8M |
| Q1 26 | — | $79.4M | ||
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $71.7M | ||
| Q2 25 | $34.6M | $72.0M | ||
| Q1 25 | $38.4M | $64.0M | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $32.0M | $46.4M | ||
| Q2 24 | $33.1M | $-11.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 18.4% | 49.7% | ||
| Q3 25 | 20.7% | 45.8% | ||
| Q2 25 | 18.8% | 47.8% | ||
| Q1 25 | 22.2% | 44.0% | ||
| Q4 24 | 19.1% | 30.5% | ||
| Q3 24 | 19.5% | 31.0% | ||
| Q2 24 | 19.2% | -13.0% |
| Q1 26 | — | 35.3% | ||
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | 32.3% | ||
| Q2 25 | 14.5% | 33.6% | ||
| Q1 25 | 17.3% | 30.7% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 15.4% | 22.0% | ||
| Q2 24 | 15.3% | -7.0% |
| Q1 26 | — | $0.61 | ||
| Q4 25 | $1.13 | $0.64 | ||
| Q3 25 | $1.19 | $0.55 | ||
| Q2 25 | $1.17 | $0.55 | ||
| Q1 25 | $1.30 | $0.49 | ||
| Q4 24 | $1.04 | $0.37 | ||
| Q3 24 | $1.08 | $0.36 | ||
| Q2 24 | $1.12 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $222.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $2.9B |
| Total Assets | $973.6M | $25.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $222.1M | ||
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $299.2M | ||
| Q2 25 | — | $258.0M | ||
| Q1 25 | — | $234.1M | ||
| Q4 24 | — | $205.9M | ||
| Q3 24 | — | $244.0M | ||
| Q2 24 | — | $290.5M |
| Q1 26 | — | $2.9B | ||
| Q4 25 | $713.3M | $2.8B | ||
| Q3 25 | $702.5M | $2.8B | ||
| Q2 25 | $677.6M | $2.7B | ||
| Q1 25 | $641.7M | $2.7B | ||
| Q4 24 | $606.2M | $2.6B | ||
| Q3 24 | $591.2M | $2.6B | ||
| Q2 24 | $563.1M | $2.6B |
| Q1 26 | — | $25.2B | ||
| Q4 25 | $973.6M | $25.0B | ||
| Q3 25 | $978.3M | $24.8B | ||
| Q2 25 | $936.4M | $24.5B | ||
| Q1 25 | $899.6M | $24.2B | ||
| Q4 24 | $816.4M | $24.1B | ||
| Q3 24 | $802.9M | $24.0B | ||
| Q2 24 | $781.3M | $24.1B |
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 | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $54.8M | $442.3M | ||
| Q3 25 | $51.3M | $98.0M | ||
| Q2 25 | $44.6M | $186.8M | ||
| Q1 25 | $33.0M | $88.5M | ||
| Q4 24 | $52.1M | $426.4M | ||
| Q3 24 | $45.1M | $69.2M | ||
| Q2 24 | $36.4M | $76.5M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $430.7M | ||
| Q3 25 | $48.2M | $96.7M | ||
| Q2 25 | $40.6M | $182.6M | ||
| Q1 25 | $30.1M | $87.4M | ||
| Q4 24 | $47.4M | $425.1M | ||
| Q3 24 | $42.0M | $67.9M | ||
| Q2 24 | $34.1M | $75.5M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 190.8% | ||
| Q3 25 | 21.7% | 43.6% | ||
| Q2 25 | 17.1% | 85.2% | ||
| Q1 25 | 13.5% | 41.9% | ||
| Q4 24 | 23.1% | 206.4% | ||
| Q3 24 | 20.1% | 32.2% | ||
| Q2 24 | 15.7% | 46.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 5.1% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 1.7% | 2.0% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 2.3% | 0.6% | ||
| Q3 24 | 1.5% | 0.6% | ||
| Q2 24 | 1.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 1.37× | ||
| Q2 25 | 1.29× | 2.59× | ||
| Q1 25 | 0.86× | 1.38× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 1.49× | ||
| Q2 24 | 1.10× | — |
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% |
PFS
| Net Interest Income | $193.7M | 86% |
| Noninterest Income | $31.5M | 14% |
