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Side-by-side financial comparison of BADGER METER INC (BMI) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $153.1M, roughly 1.5× CPI Card Group Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 4.8%, a 9.5% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $35.2M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
BMI vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $153.1M |
| Net Profit | $33.6M | $7.3M |
| Gross Margin | 39.7% | 31.5% |
| Operating Margin | 18.4% | 12.0% |
| Net Margin | 14.3% | 4.8% |
| Revenue YoY | 14.1% | 22.3% |
| Net Profit YoY | 9.3% | 8.5% |
| EPS (diluted) | $1.13 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $222.2M | $138.0M | ||
| Q2 25 | $238.1M | $129.8M | ||
| Q1 25 | $222.2M | $122.8M | ||
| Q4 24 | $205.2M | $125.1M | ||
| Q3 24 | $208.4M | $124.8M | ||
| Q2 24 | $216.7M | $118.8M | ||
| Q1 24 | $196.3M | $111.9M |
| Q4 25 | $33.6M | $7.3M | ||
| Q3 25 | $35.1M | $2.3M | ||
| Q2 25 | $34.6M | $518.0K | ||
| Q1 25 | $38.4M | $4.8M | ||
| Q4 24 | $30.7M | $6.8M | ||
| Q3 24 | $32.0M | $1.3M | ||
| Q2 24 | $33.1M | $6.0M | ||
| Q1 24 | $29.1M | $5.5M |
| Q4 25 | 39.7% | 31.5% | ||
| Q3 25 | 43.1% | 29.7% | ||
| Q2 25 | 41.1% | 30.9% | ||
| Q1 25 | 42.9% | 33.2% | ||
| Q4 24 | 40.3% | 34.1% | ||
| Q3 24 | 40.2% | 35.8% | ||
| Q2 24 | 39.4% | 35.7% | ||
| Q1 24 | 39.3% | 37.1% |
| Q4 25 | 18.4% | 12.0% | ||
| Q3 25 | 20.7% | 9.4% | ||
| Q2 25 | 18.8% | 7.3% | ||
| Q1 25 | 22.2% | 11.5% | ||
| Q4 24 | 19.1% | 12.7% | ||
| Q3 24 | 19.5% | 14.3% | ||
| Q2 24 | 19.2% | 12.5% | ||
| Q1 24 | 18.6% | 12.6% |
| Q4 25 | 14.3% | 4.8% | ||
| Q3 25 | 15.8% | 1.7% | ||
| Q2 25 | 14.5% | 0.4% | ||
| Q1 25 | 17.3% | 3.9% | ||
| Q4 24 | 15.0% | 5.4% | ||
| Q3 24 | 15.4% | 1.0% | ||
| Q2 24 | 15.3% | 5.1% | ||
| Q1 24 | 14.8% | 4.9% |
| Q4 25 | $1.13 | $0.62 | ||
| Q3 25 | $1.19 | $0.19 | ||
| Q2 25 | $1.17 | $0.04 | ||
| Q1 25 | $1.30 | $0.40 | ||
| Q4 24 | $1.04 | $0.56 | ||
| Q3 24 | $1.08 | $0.11 | ||
| Q2 24 | $1.12 | $0.51 | ||
| Q1 24 | $0.99 | $0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $713.3M | $-17.3M |
| Total Assets | $973.6M | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $21.7M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $31.5M | ||
| Q4 24 | — | $33.5M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $713.3M | $-17.3M | ||
| Q3 25 | $702.5M | $-25.7M | ||
| Q2 25 | $677.6M | $-29.0M | ||
| Q1 25 | $641.7M | $-29.7M | ||
| Q4 24 | $606.2M | $-35.6M | ||
| Q3 24 | $591.2M | $-42.8M | ||
| Q2 24 | $563.1M | $-44.6M | ||
| Q1 24 | $535.6M | $-48.5M |
| Q4 25 | $973.6M | $403.2M | ||
| Q3 25 | $978.3M | $407.1M | ||
| Q2 25 | $936.4M | $399.8M | ||
| Q1 25 | $899.6M | $351.9M | ||
| Q4 24 | $816.4M | $349.7M | ||
| Q3 24 | $802.9M | $342.3M | ||
| Q2 24 | $781.3M | $321.4M | ||
| Q1 24 | $743.5M | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $50.8M | $35.2M |
| FCF MarginFCF / Revenue | 21.7% | 23.0% |
| Capex IntensityCapex / Revenue | 1.7% | 2.9% |
| Cash ConversionOCF / Net Profit | 1.63× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $39.6M | ||
| Q3 25 | $51.3M | $10.0M | ||
| Q2 25 | $44.6M | $4.3M | ||
| Q1 25 | $33.0M | $5.6M | ||
| Q4 24 | $52.1M | $26.7M | ||
| Q3 24 | $45.1M | $12.5M | ||
| Q2 24 | $36.4M | $-4.8M | ||
| Q1 24 | $21.5M | $8.9M |
| Q4 25 | $50.8M | $35.2M | ||
| Q3 25 | $48.2M | $5.3M | ||
| Q2 25 | $40.6M | $533.0K | ||
| Q1 25 | $30.1M | $292.0K | ||
| Q4 24 | $47.4M | $21.6M | ||
| Q3 24 | $42.0M | $11.1M | ||
| Q2 24 | $34.1M | $-6.0M | ||
| Q1 24 | $18.8M | $7.4M |
| Q4 25 | 21.7% | 23.0% | ||
| Q3 25 | 21.7% | 3.8% | ||
| Q2 25 | 17.1% | 0.4% | ||
| Q1 25 | 13.5% | 0.2% | ||
| Q4 24 | 23.1% | 17.3% | ||
| Q3 24 | 20.1% | 8.9% | ||
| Q2 24 | 15.7% | -5.0% | ||
| Q1 24 | 9.6% | 6.6% |
| Q4 25 | 1.7% | 2.9% | ||
| Q3 25 | 1.4% | 3.4% | ||
| Q2 25 | 1.7% | 2.9% | ||
| Q1 25 | 1.3% | 4.3% | ||
| Q4 24 | 2.3% | 4.0% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.1% | 1.0% | ||
| Q1 24 | 1.4% | 1.3% |
| Q4 25 | 1.63× | 5.39× | ||
| Q3 25 | 1.46× | 4.32× | ||
| Q2 25 | 1.29× | 8.39× | ||
| Q1 25 | 0.86× | 1.17× | ||
| Q4 24 | 1.70× | 3.94× | ||
| Q3 24 | 1.41× | 9.70× | ||
| Q2 24 | 1.10× | -0.79× | ||
| Q1 24 | 0.74× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
