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Side-by-side financial comparison of BADGER METER INC (BMI) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $219.2M, roughly 1.1× Perella Weinberg Partners). BADGER METER INC runs the higher net margin — 14.3% vs 6.3%, a 8.0% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -2.9%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $30.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
BMI vs PWP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $219.2M |
| Net Profit | $33.6M | $13.8M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 8.5% |
| Net Margin | 14.3% | 6.3% |
| Revenue YoY | 14.1% | -2.9% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $222.2M | $164.6M | ||
| Q2 25 | $238.1M | $155.3M | ||
| Q1 25 | $222.2M | $211.8M | ||
| Q4 24 | $205.2M | $225.7M | ||
| Q3 24 | $208.4M | $278.2M | ||
| Q2 24 | $216.7M | $272.0M | ||
| Q1 24 | $196.3M | $102.1M |
| Q4 25 | $33.6M | $13.8M | ||
| Q3 25 | $35.1M | $6.0M | ||
| Q2 25 | $34.6M | $2.7M | ||
| Q1 25 | $38.4M | $17.3M | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $32.0M | $16.4M | ||
| Q2 24 | $33.1M | $-66.0M | ||
| Q1 24 | $29.1M | $-35.8M |
| 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% | 8.5% | ||
| Q3 25 | 20.7% | 5.4% | ||
| Q2 25 | 18.8% | 5.8% | ||
| Q1 25 | 22.2% | 5.5% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 19.5% | 12.9% | ||
| Q2 24 | 19.2% | -30.2% | ||
| Q1 24 | 18.6% | -52.4% |
| Q4 25 | 14.3% | 6.3% | ||
| Q3 25 | 15.8% | 3.6% | ||
| Q2 25 | 14.5% | 1.8% | ||
| Q1 25 | 17.3% | 8.2% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 15.4% | 5.9% | ||
| Q2 24 | 15.3% | -24.3% | ||
| Q1 24 | 14.8% | -35.1% |
| Q4 25 | $1.13 | $0.11 | ||
| Q3 25 | $1.19 | $0.08 | ||
| Q2 25 | $1.17 | $0.04 | ||
| Q1 25 | $1.30 | $0.24 | ||
| Q4 24 | $1.04 | — | ||
| Q3 24 | $1.08 | $0.24 | ||
| Q2 24 | $1.12 | $-1.21 | ||
| Q1 24 | $0.99 | $-0.91 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $-127.4M |
| Total Assets | $973.6M | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $255.9M | ||
| Q3 25 | — | $185.5M | ||
| Q2 25 | — | $145.0M | ||
| Q1 25 | — | $111.2M | ||
| Q4 24 | — | $407.4M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | — | $185.3M | ||
| Q1 24 | — | $156.7M |
| Q4 25 | $713.3M | $-127.4M | ||
| Q3 25 | $702.5M | $-302.4M | ||
| Q2 25 | $677.6M | $-318.4M | ||
| Q1 25 | $641.7M | $-323.1M | ||
| Q4 24 | $606.2M | $-421.4M | ||
| Q3 24 | $591.2M | $-360.8M | ||
| Q2 24 | $563.1M | $-283.0M | ||
| Q1 24 | $535.6M | $161.9M |
| Q4 25 | $973.6M | $797.6M | ||
| Q3 25 | $978.3M | $650.2M | ||
| Q2 25 | $936.4M | $606.7M | ||
| Q1 25 | $899.6M | $570.5M | ||
| Q4 24 | $816.4M | $876.8M | ||
| Q3 24 | $802.9M | $810.9M | ||
| Q2 24 | $781.3M | $645.5M | ||
| Q1 24 | $743.5M | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $50.8M | $30.5M |
| FCF MarginFCF / Revenue | 21.7% | 13.9% |
| Capex IntensityCapex / Revenue | 1.7% | 2.0% |
| Cash ConversionOCF / Net Profit | 1.63× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $34.8M | ||
| Q3 25 | $51.3M | $59.2M | ||
| Q2 25 | $44.6M | $56.1M | ||
| Q1 25 | $33.0M | $-176.5M | ||
| Q4 24 | $52.1M | $223.4M | ||
| Q3 24 | $45.1M | $200.3M | ||
| Q2 24 | $36.4M | $90.0M | ||
| Q1 24 | $21.5M | $-206.3M |
| Q4 25 | $50.8M | $30.5M | ||
| Q3 25 | $48.2M | $57.6M | ||
| Q2 25 | $40.6M | $55.3M | ||
| Q1 25 | $30.1M | $-177.6M | ||
| Q4 24 | $47.4M | $207.0M | ||
| Q3 24 | $42.0M | $199.3M | ||
| Q2 24 | $34.1M | $83.7M | ||
| Q1 24 | $18.8M | $-214.8M |
| Q4 25 | 21.7% | 13.9% | ||
| Q3 25 | 21.7% | 35.0% | ||
| Q2 25 | 17.1% | 35.6% | ||
| Q1 25 | 13.5% | -83.8% | ||
| Q4 24 | 23.1% | 91.7% | ||
| Q3 24 | 20.1% | 71.6% | ||
| Q2 24 | 15.7% | 30.8% | ||
| Q1 24 | 9.6% | -210.3% |
| Q4 25 | 1.7% | 2.0% | ||
| Q3 25 | 1.4% | 0.9% | ||
| Q2 25 | 1.7% | 0.5% | ||
| Q1 25 | 1.3% | 0.5% | ||
| Q4 24 | 2.3% | 7.3% | ||
| Q3 24 | 1.5% | 0.4% | ||
| Q2 24 | 1.1% | 2.3% | ||
| Q1 24 | 1.4% | 8.3% |
| Q4 25 | 1.63× | 2.52× | ||
| Q3 25 | 1.46× | 9.85× | ||
| Q2 25 | 1.29× | 20.50× | ||
| Q1 25 | 0.86× | -10.18× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 12.23× | ||
| Q2 24 | 1.10× | — | ||
| 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% |
PWP
Segment breakdown not available.
