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Side-by-side financial comparison of BADGER METER INC (BMI) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $210.4M, roughly 1.1× PHOTRONICS INC). BADGER METER INC runs the higher net margin — 14.3% vs 10.9%, a 3.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -5.5%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $25.2M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -3.8%).
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.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
BMI vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $210.4M |
| Net Profit | $33.6M | $22.9M |
| Gross Margin | 39.7% | 33.7% |
| Operating Margin | 18.4% | 22.9% |
| Net Margin | 14.3% | 10.9% |
| Revenue YoY | 14.1% | -5.5% |
| Net Profit YoY | 9.3% | -32.4% |
| EPS (diluted) | $1.13 | $0.39 |
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 | — | ||
| Q3 25 | $222.2M | $210.4M | ||
| Q2 25 | $238.1M | $211.0M | ||
| Q1 25 | $222.2M | $212.1M | ||
| Q4 24 | $205.2M | $222.6M | ||
| Q3 24 | $208.4M | $211.0M | ||
| Q2 24 | $216.7M | $217.0M | ||
| Q1 24 | $196.3M | $216.3M |
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $22.9M | ||
| Q2 25 | $34.6M | $8.9M | ||
| Q1 25 | $38.4M | $42.9M | ||
| Q4 24 | $30.7M | $33.9M | ||
| Q3 24 | $32.0M | $34.4M | ||
| Q2 24 | $33.1M | $36.3M | ||
| Q1 24 | $29.1M | $26.2M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.1% | 33.7% | ||
| Q2 25 | 41.1% | 36.9% | ||
| Q1 25 | 42.9% | 35.6% | ||
| Q4 24 | 40.3% | 37.0% | ||
| Q3 24 | 40.2% | 35.6% | ||
| Q2 24 | 39.4% | 36.5% | ||
| Q1 24 | 39.3% | 36.6% |
| Q4 25 | 18.4% | — | ||
| Q3 25 | 20.7% | 22.9% | ||
| Q2 25 | 18.8% | 26.4% | ||
| Q1 25 | 22.2% | 24.6% | ||
| Q4 24 | 19.1% | 25.1% | ||
| Q3 24 | 19.5% | 24.7% | ||
| Q2 24 | 19.2% | 25.8% | ||
| Q1 24 | 18.6% | 26.6% |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | 10.9% | ||
| Q2 25 | 14.5% | 4.2% | ||
| Q1 25 | 17.3% | 20.2% | ||
| Q4 24 | 15.0% | 15.2% | ||
| Q3 24 | 15.4% | 16.3% | ||
| Q2 24 | 15.3% | 16.7% | ||
| Q1 24 | 14.8% | 12.1% |
| Q4 25 | $1.13 | — | ||
| Q3 25 | $1.19 | $0.39 | ||
| Q2 25 | $1.17 | $0.15 | ||
| Q1 25 | $1.30 | $0.68 | ||
| Q4 24 | $1.04 | $0.54 | ||
| Q3 24 | $1.08 | $0.55 | ||
| Q2 24 | $1.12 | $0.58 | ||
| Q1 24 | $0.99 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $575.8M |
| Total DebtLower is stronger | — | $16.0K |
| Stockholders' EquityBook value | $713.3M | $1.1B |
| Total Assets | $973.6M | $1.8B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $575.8M | ||
| Q2 25 | — | $558.4M | ||
| Q1 25 | — | $642.2M | ||
| Q4 24 | — | $640.7M | ||
| Q3 24 | — | $606.4M | ||
| Q2 24 | — | $559.9M | ||
| Q1 24 | — | $521.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | — | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $713.3M | — | ||
| Q3 25 | $702.5M | $1.1B | ||
| Q2 25 | $677.6M | $1.1B | ||
| Q1 25 | $641.7M | $1.1B | ||
| Q4 24 | $606.2M | $1.1B | ||
| Q3 24 | $591.2M | $1.1B | ||
| Q2 24 | $563.1M | $1.0B | ||
| Q1 24 | $535.6M | $1.0B |
| Q4 25 | $973.6M | — | ||
| Q3 25 | $978.3M | $1.8B | ||
| Q2 25 | $936.4M | $1.7B | ||
| Q1 25 | $899.6M | $1.7B | ||
| Q4 24 | $816.4M | $1.7B | ||
| Q3 24 | $802.9M | $1.6B | ||
| Q2 24 | $781.3M | $1.6B | ||
| Q1 24 | $743.5M | $1.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| Free Cash FlowOCF − Capex | $50.8M | $25.2M |
| FCF MarginFCF / Revenue | 21.7% | 12.0% |
| Capex IntensityCapex / Revenue | 1.7% | 11.8% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | — | ||
| Q3 25 | $51.3M | $50.1M | ||
| Q2 25 | $44.6M | $31.5M | ||
| Q1 25 | $33.0M | $78.5M | ||
| Q4 24 | $52.1M | $68.4M | ||
| Q3 24 | $45.1M | $75.1M | ||
| Q2 24 | $36.4M | $76.5M | ||
| Q1 24 | $21.5M | $41.5M |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | $25.2M | ||
| Q2 25 | $40.6M | $-29.1M | ||
| Q1 25 | $30.1M | $43.3M | ||
| Q4 24 | $47.4M | $25.2M | ||
| Q3 24 | $42.0M | $50.7M | ||
| Q2 24 | $34.1M | $56.5M | ||
| Q1 24 | $18.8M | $-1.8M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | 12.0% | ||
| Q2 25 | 17.1% | -13.8% | ||
| Q1 25 | 13.5% | 20.4% | ||
| Q4 24 | 23.1% | 11.3% | ||
| Q3 24 | 20.1% | 24.0% | ||
| Q2 24 | 15.7% | 26.0% | ||
| Q1 24 | 9.6% | -0.8% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 11.8% | ||
| Q2 25 | 1.7% | 28.7% | ||
| Q1 25 | 1.3% | 16.6% | ||
| Q4 24 | 2.3% | 19.4% | ||
| Q3 24 | 1.5% | 11.6% | ||
| Q2 24 | 1.1% | 9.2% | ||
| Q1 24 | 1.4% | 20.0% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 2.19× | ||
| Q2 25 | 1.29× | 3.55× | ||
| Q1 25 | 0.86× | 1.83× | ||
| Q4 24 | 1.70× | 2.02× | ||
| Q3 24 | 1.41× | 2.18× | ||
| Q2 24 | 1.10× | 2.11× | ||
| Q1 24 | 0.74× | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
