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Side-by-side financial comparison of BADGER METER INC (BMI) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $140.7M, roughly 1.7× Purple Innovation, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs -2.3%, a 16.6% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 9.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-7.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
BMI vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $140.7M |
| Net Profit | $33.6M | $-3.2M |
| Gross Margin | 39.7% | 41.9% |
| Operating Margin | 18.4% | -1.6% |
| Net Margin | 14.3% | -2.3% |
| Revenue YoY | 14.1% | 9.1% |
| Net Profit YoY | 9.3% | 62.1% |
| EPS (diluted) | $1.13 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $222.2M | $118.8M | ||
| Q2 25 | $238.1M | $105.1M | ||
| Q1 25 | $222.2M | $104.2M | ||
| Q4 24 | $205.2M | $129.0M | ||
| Q3 24 | $208.4M | $118.6M | ||
| Q2 24 | $216.7M | $120.3M | ||
| Q1 24 | $196.3M | $120.0M |
| Q4 25 | $33.6M | $-3.2M | ||
| Q3 25 | $35.1M | $-11.7M | ||
| Q2 25 | $34.6M | $-17.3M | ||
| Q1 25 | $38.4M | $-19.1M | ||
| Q4 24 | $30.7M | $-8.5M | ||
| Q3 24 | $32.0M | $-39.2M | ||
| Q2 24 | $33.1M | $27.0K | ||
| Q1 24 | $29.1M | $-50.2M |
| Q4 25 | 39.7% | 41.9% | ||
| Q3 25 | 43.1% | 42.8% | ||
| Q2 25 | 41.1% | 35.9% | ||
| Q1 25 | 42.9% | 39.4% | ||
| Q4 24 | 40.3% | 42.9% | ||
| Q3 24 | 40.2% | 29.7% | ||
| Q2 24 | 39.4% | 40.7% | ||
| Q1 24 | 39.3% | 34.8% |
| Q4 25 | 18.4% | -1.6% | ||
| Q3 25 | 20.7% | -10.2% | ||
| Q2 25 | 18.8% | -13.5% | ||
| Q1 25 | 22.2% | -13.9% | ||
| Q4 24 | 19.1% | -6.0% | ||
| Q3 24 | 19.5% | -39.5% | ||
| Q2 24 | 19.2% | -12.1% | ||
| Q1 24 | 18.6% | -19.3% |
| Q4 25 | 14.3% | -2.3% | ||
| Q3 25 | 15.8% | -9.9% | ||
| Q2 25 | 14.5% | -16.5% | ||
| Q1 25 | 17.3% | -18.4% | ||
| Q4 24 | 15.0% | -6.6% | ||
| Q3 24 | 15.4% | -33.1% | ||
| Q2 24 | 15.3% | 0.0% | ||
| Q1 24 | 14.8% | -41.8% |
| Q4 25 | $1.13 | $0.03 | ||
| Q3 25 | $1.19 | $0.11 | ||
| Q2 25 | $1.17 | $0.16 | ||
| Q1 25 | $1.30 | $0.18 | ||
| Q4 24 | $1.04 | $0.08 | ||
| Q3 24 | $1.08 | $0.36 | ||
| Q2 24 | $1.12 | $0.00 | ||
| Q1 24 | $0.99 | $0.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $713.3M | $-29.7M |
| Total Assets | $973.6M | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.3M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $21.6M | ||
| Q4 24 | — | $29.0M | ||
| Q3 24 | — | $23.4M | ||
| Q2 24 | — | $23.4M | ||
| Q1 24 | — | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $713.3M | $-29.7M | ||
| Q3 25 | $702.5M | $-26.9M | ||
| Q2 25 | $677.6M | $-15.6M | ||
| Q1 25 | $641.7M | $1.3M | ||
| Q4 24 | $606.2M | $20.2M | ||
| Q3 24 | $591.2M | $28.0M | ||
| Q2 24 | $563.1M | $66.4M | ||
| Q1 24 | $535.6M | $65.5M |
| Q4 25 | $973.6M | $296.3M | ||
| Q3 25 | $978.3M | $302.1M | ||
| Q2 25 | $936.4M | $303.8M | ||
| Q1 25 | $899.6M | $293.8M | ||
| Q4 24 | $816.4M | $307.8M | ||
| Q3 24 | $802.9M | $309.3M | ||
| Q2 24 | $781.3M | $362.1M | ||
| Q1 24 | $743.5M | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | $50.8M | $-7.8M |
| FCF MarginFCF / Revenue | 21.7% | -5.5% |
| Capex IntensityCapex / Revenue | 1.7% | 1.4% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-5.8M | ||
| Q3 25 | $51.3M | $-968.0K | ||
| Q2 25 | $44.6M | $-4.0M | ||
| Q1 25 | $33.0M | $-23.1M | ||
| Q4 24 | $52.1M | $6.8M | ||
| Q3 24 | $45.1M | $1.1M | ||
| Q2 24 | $36.4M | $-8.9M | ||
| Q1 24 | $21.5M | $-16.8M |
| Q4 25 | $50.8M | $-7.8M | ||
| Q3 25 | $48.2M | $-1.8M | ||
| Q2 25 | $40.6M | $-7.0M | ||
| Q1 25 | $30.1M | $-25.3M | ||
| Q4 24 | $47.4M | $5.7M | ||
| Q3 24 | $42.0M | $101.0K | ||
| Q2 24 | $34.1M | $-11.0M | ||
| Q1 24 | $18.8M | $-19.9M |
| Q4 25 | 21.7% | -5.5% | ||
| Q3 25 | 21.7% | -1.5% | ||
| Q2 25 | 17.1% | -6.6% | ||
| Q1 25 | 13.5% | -24.3% | ||
| Q4 24 | 23.1% | 4.4% | ||
| Q3 24 | 20.1% | 0.1% | ||
| Q2 24 | 15.7% | -9.2% | ||
| Q1 24 | 9.6% | -16.5% |
| Q4 25 | 1.7% | 1.4% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.7% | 2.8% | ||
| Q1 25 | 1.3% | 2.2% | ||
| Q4 24 | 2.3% | 0.8% | ||
| Q3 24 | 1.5% | 0.9% | ||
| Q2 24 | 1.1% | 1.7% | ||
| Q1 24 | 1.4% | 2.5% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | -330.22× | ||
| Q1 24 | 0.74× | — |
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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
