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Side-by-side financial comparison of BADGER METER INC (BMI) and QUALYS, INC. (QLYS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $175.3M, roughly 1.3× QUALYS, INC.). QUALYS, INC. runs the higher net margin — 30.3% vs 14.3%, a 16.0% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 10.1%). QUALYS, INC. produced more free cash flow last quarter ($74.9M vs $50.8M). Over the past eight quarters, QUALYS, INC.'s revenue compounded faster (9.6% 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.
Qualys, Inc. is an American technology firm based in Foster City, California, specializing in cloud security, compliance and related services.
BMI vs QLYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $175.3M |
| Net Profit | $33.6M | $53.1M |
| Gross Margin | 39.7% | 83.4% |
| Operating Margin | 18.4% | 33.6% |
| Net Margin | 14.3% | 30.3% |
| Revenue YoY | 14.1% | 10.1% |
| Net Profit YoY | 9.3% | 20.9% |
| EPS (diluted) | $1.13 | $1.47 |
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 | $175.3M | ||
| Q3 25 | $222.2M | $169.9M | ||
| Q2 25 | $238.1M | $164.1M | ||
| Q1 25 | $222.2M | $159.9M | ||
| Q4 24 | $205.2M | $159.2M | ||
| Q3 24 | $208.4M | $153.9M | ||
| Q2 24 | $216.7M | $148.7M | ||
| Q1 24 | $196.3M | $145.8M |
| Q4 25 | $33.6M | $53.1M | ||
| Q3 25 | $35.1M | $50.3M | ||
| Q2 25 | $34.6M | $47.3M | ||
| Q1 25 | $38.4M | $47.5M | ||
| Q4 24 | $30.7M | $44.0M | ||
| Q3 24 | $32.0M | $46.2M | ||
| Q2 24 | $33.1M | $43.8M | ||
| Q1 24 | $29.1M | $39.7M |
| Q4 25 | 39.7% | 83.4% | ||
| Q3 25 | 43.1% | 83.6% | ||
| Q2 25 | 41.1% | 82.4% | ||
| Q1 25 | 42.9% | 81.9% | ||
| Q4 24 | 40.3% | 81.8% | ||
| Q3 24 | 40.2% | 81.3% | ||
| Q2 24 | 39.4% | 82.2% | ||
| Q1 24 | 39.3% | 81.3% |
| Q4 25 | 18.4% | 33.6% | ||
| Q3 25 | 20.7% | 35.3% | ||
| Q2 25 | 18.8% | 31.3% | ||
| Q1 25 | 22.2% | 32.4% | ||
| Q4 24 | 19.1% | 31.0% | ||
| Q3 24 | 19.5% | 29.2% | ||
| Q2 24 | 19.2% | 32.3% | ||
| Q1 24 | 18.6% | 30.7% |
| Q4 25 | 14.3% | 30.3% | ||
| Q3 25 | 15.8% | 29.6% | ||
| Q2 25 | 14.5% | 28.8% | ||
| Q1 25 | 17.3% | 29.7% | ||
| Q4 24 | 15.0% | 27.6% | ||
| Q3 24 | 15.4% | 30.0% | ||
| Q2 24 | 15.3% | 29.4% | ||
| Q1 24 | 14.8% | 27.2% |
| Q4 25 | $1.13 | $1.47 | ||
| Q3 25 | $1.19 | $1.39 | ||
| Q2 25 | $1.17 | $1.29 | ||
| Q1 25 | $1.30 | $1.29 | ||
| Q4 24 | $1.04 | $1.19 | ||
| Q3 24 | $1.08 | $1.24 | ||
| Q2 24 | $1.12 | $1.17 | ||
| Q1 24 | $0.99 | $1.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $250.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $561.2M |
| Total Assets | $973.6M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $250.3M | ||
| Q3 25 | — | $225.3M | ||
| Q2 25 | — | $194.0M | ||
| Q1 25 | — | $290.7M | ||
| Q4 24 | — | $232.2M | ||
| Q3 24 | — | $235.4M | ||
| Q2 24 | — | $281.2M | ||
| Q1 24 | — | $273.8M |
| Q4 25 | $713.3M | $561.2M | ||
| Q3 25 | $702.5M | $529.4M | ||
| Q2 25 | $677.6M | $508.2M | ||
| Q1 25 | $641.7M | $498.0M | ||
| Q4 24 | $606.2M | $477.1M | ||
| Q3 24 | $591.2M | $449.6M | ||
| Q2 24 | $563.1M | $427.8M | ||
| Q1 24 | $535.6M | $404.2M |
| Q4 25 | $973.6M | $1.1B | ||
| Q3 25 | $978.3M | $1.0B | ||
| Q2 25 | $936.4M | $999.5M | ||
| Q1 25 | $899.6M | $996.5M | ||
| Q4 24 | $816.4M | $973.5M | ||
| Q3 24 | $802.9M | $908.3M | ||
| Q2 24 | $781.3M | $876.6M | ||
| Q1 24 | $743.5M | $861.8M |
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 | $75.7M |
| Free Cash FlowOCF − Capex | $50.8M | $74.9M |
| FCF MarginFCF / Revenue | 21.7% | 42.8% |
| Capex IntensityCapex / Revenue | 1.7% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $304.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $75.7M | ||
| Q3 25 | $51.3M | $90.4M | ||
| Q2 25 | $44.6M | $33.8M | ||
| Q1 25 | $33.0M | $109.6M | ||
| Q4 24 | $52.1M | $47.7M | ||
| Q3 24 | $45.1M | $61.0M | ||
| Q2 24 | $36.4M | $49.8M | ||
| Q1 24 | $21.5M | $85.5M |
| Q4 25 | $50.8M | $74.9M | ||
| Q3 25 | $48.2M | $89.5M | ||
| Q2 25 | $40.6M | $32.4M | ||
| Q1 25 | $30.1M | $107.5M | ||
| Q4 24 | $47.4M | $41.9M | ||
| Q3 24 | $42.0M | $57.6M | ||
| Q2 24 | $34.1M | $48.8M | ||
| Q1 24 | $18.8M | $83.5M |
| Q4 25 | 21.7% | 42.8% | ||
| Q3 25 | 21.7% | 52.7% | ||
| Q2 25 | 17.1% | 19.8% | ||
| Q1 25 | 13.5% | 67.3% | ||
| Q4 24 | 23.1% | 26.3% | ||
| Q3 24 | 20.1% | 37.4% | ||
| Q2 24 | 15.7% | 32.8% | ||
| Q1 24 | 9.6% | 57.2% |
| Q4 25 | 1.7% | 0.4% | ||
| Q3 25 | 1.4% | 0.5% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 1.3% | 1.3% | ||
| Q4 24 | 2.3% | 3.7% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | 1.63× | 1.42× | ||
| Q3 25 | 1.46× | 1.80× | ||
| Q2 25 | 1.29× | 0.71× | ||
| Q1 25 | 0.86× | 2.31× | ||
| Q4 24 | 1.70× | 1.09× | ||
| Q3 24 | 1.41× | 1.32× | ||
| Q2 24 | 1.10× | 1.14× | ||
| Q1 24 | 0.74× | 2.15× |
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% |
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
