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Side-by-side financial comparison of BADGER METER INC (BMI) and Palomar Holdings, Inc. (PLMR). Click either name above to swap in a different company.
Palomar Holdings, Inc. is the larger business by last-quarter revenue ($253.4M vs $234.1M, roughly 1.1× BADGER METER INC). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 14.1%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $50.8M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% 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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
BMI vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $253.4M |
| Net Profit | $33.6M | — |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 28.7% |
| Net Margin | 14.3% | — |
| Revenue YoY | 14.1% | 62.7% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $222.2M | $244.7M | ||
| Q2 25 | $238.1M | $203.3M | ||
| Q1 25 | $222.2M | $174.6M | ||
| Q4 24 | $205.2M | $155.8M | ||
| Q3 24 | $208.4M | $148.5M | ||
| Q2 24 | $216.7M | $131.1M | ||
| Q1 24 | $196.3M | $118.5M |
| Q4 25 | $33.6M | — | ||
| Q3 25 | $35.1M | $51.5M | ||
| Q2 25 | $34.6M | $46.5M | ||
| Q1 25 | $38.4M | $42.9M | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $32.0M | $30.5M | ||
| Q2 24 | $33.1M | $25.7M | ||
| Q1 24 | $29.1M | $26.4M |
| 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 24 | 39.3% | — |
| Q4 25 | 18.4% | 28.7% | ||
| Q3 25 | 20.7% | 27.4% | ||
| Q2 25 | 18.8% | 29.5% | ||
| Q1 25 | 22.2% | 30.8% | ||
| Q4 24 | 19.1% | 28.9% | ||
| Q3 24 | 19.5% | 25.9% | ||
| Q2 24 | 19.2% | 25.5% | ||
| Q1 24 | 18.6% | 29.0% |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 15.8% | 21.0% | ||
| Q2 25 | 14.5% | 22.9% | ||
| Q1 25 | 17.3% | 24.6% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 15.4% | 20.5% | ||
| Q2 24 | 15.3% | 19.6% | ||
| Q1 24 | 14.8% | 22.3% |
| Q4 25 | $1.13 | $2.05 | ||
| Q3 25 | $1.19 | $1.87 | ||
| Q2 25 | $1.17 | $1.68 | ||
| Q1 25 | $1.30 | $1.57 | ||
| Q4 24 | $1.04 | $1.29 | ||
| Q3 24 | $1.08 | $1.15 | ||
| Q2 24 | $1.12 | $1.00 | ||
| Q1 24 | $0.99 | $1.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $106.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $942.7M |
| Total Assets | $973.6M | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.9M | ||
| Q3 25 | — | $111.7M | ||
| Q2 25 | — | $81.3M | ||
| Q1 25 | — | $119.3M | ||
| Q4 24 | — | $80.4M | ||
| Q3 24 | — | $86.5M | ||
| Q2 24 | — | $47.8M | ||
| Q1 24 | — | $61.4M |
| Q4 25 | $713.3M | $942.7M | ||
| Q3 25 | $702.5M | $878.1M | ||
| Q2 25 | $677.6M | $847.2M | ||
| Q1 25 | $641.7M | $790.4M | ||
| Q4 24 | $606.2M | $729.0M | ||
| Q3 24 | $591.2M | $703.3M | ||
| Q2 24 | $563.1M | $532.6M | ||
| Q1 24 | $535.6M | $501.7M |
| Q4 25 | $973.6M | $3.1B | ||
| Q3 25 | $978.3M | $2.9B | ||
| Q2 25 | $936.4M | $2.8B | ||
| Q1 25 | $899.6M | $2.4B | ||
| Q4 24 | $816.4M | $2.3B | ||
| Q3 24 | $802.9M | $2.3B | ||
| Q2 24 | $781.3M | $2.0B | ||
| Q1 24 | $743.5M | $1.9B |
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 | $409.1M |
| Free Cash FlowOCF − Capex | $50.8M | $409.0M |
| FCF MarginFCF / Revenue | 21.7% | 161.4% |
| Capex IntensityCapex / Revenue | 1.7% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $409.1M | ||
| Q3 25 | $51.3M | $83.6M | ||
| Q2 25 | $44.6M | $120.9M | ||
| Q1 25 | $33.0M | $87.2M | ||
| Q4 24 | $52.1M | $261.2M | ||
| Q3 24 | $45.1M | $100.3M | ||
| Q2 24 | $36.4M | $55.1M | ||
| Q1 24 | $21.5M | $33.1M |
| Q4 25 | $50.8M | $409.0M | ||
| Q3 25 | $48.2M | $83.6M | ||
| Q2 25 | $40.6M | $120.8M | ||
| Q1 25 | $30.1M | $87.1M | ||
| Q4 24 | $47.4M | $260.9M | ||
| Q3 24 | $42.0M | $100.1M | ||
| Q2 24 | $34.1M | — | ||
| Q1 24 | $18.8M | — |
| Q4 25 | 21.7% | 161.4% | ||
| Q3 25 | 21.7% | 34.2% | ||
| Q2 25 | 17.1% | 59.4% | ||
| Q1 25 | 13.5% | 49.9% | ||
| Q4 24 | 23.1% | 167.5% | ||
| Q3 24 | 20.1% | 67.4% | ||
| Q2 24 | 15.7% | — | ||
| Q1 24 | 9.6% | — |
| Q4 25 | 1.7% | 0.1% | ||
| Q3 25 | 1.4% | 0.0% | ||
| Q2 25 | 1.7% | 0.0% | ||
| Q1 25 | 1.3% | 0.0% | ||
| Q4 24 | 2.3% | 0.2% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.1% | 0.0% | ||
| Q1 24 | 1.4% | 0.0% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 1.63× | ||
| Q2 25 | 1.29× | 2.60× | ||
| Q1 25 | 0.86× | 2.03× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 3.29× | ||
| Q2 24 | 1.10× | 2.14× | ||
| Q1 24 | 0.74× | 1.26× |
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% |
PLMR
Segment breakdown not available.
