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Side-by-side financial comparison of BADGER METER INC (BMI) and ROGERS CORP (ROG). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $200.5M, roughly 1.2× ROGERS CORP). BADGER METER INC runs the higher net margin — 14.3% vs 2.2%, a 12.1% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 5.2%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $1.1M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -3.3%).
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.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
BMI vs ROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $200.5M |
| Net Profit | $33.6M | $4.5M |
| Gross Margin | 39.7% | 32.2% |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | 2.2% |
| Revenue YoY | 14.1% | 5.2% |
| Net Profit YoY | 9.3% | 421.4% |
| EPS (diluted) | $1.13 | $0.25 |
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.
| Q1 26 | — | $200.5M | ||
| Q4 25 | $234.1M | $201.5M | ||
| Q3 25 | $222.2M | $216.0M | ||
| Q2 25 | $238.1M | $202.8M | ||
| Q1 25 | $222.2M | $190.5M | ||
| Q4 24 | $205.2M | $192.2M | ||
| Q3 24 | $208.4M | $210.3M | ||
| Q2 24 | $216.7M | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $33.6M | $4.6M | ||
| Q3 25 | $35.1M | $8.6M | ||
| Q2 25 | $34.6M | $-73.6M | ||
| Q1 25 | $38.4M | $-1.4M | ||
| Q4 24 | $30.7M | $-500.0K | ||
| Q3 24 | $32.0M | $10.7M | ||
| Q2 24 | $33.1M | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | 39.7% | 31.5% | ||
| Q3 25 | 43.1% | 33.5% | ||
| Q2 25 | 41.1% | 31.6% | ||
| Q1 25 | 42.9% | 29.9% | ||
| Q4 24 | 40.3% | 32.1% | ||
| Q3 24 | 40.2% | 35.2% | ||
| Q2 24 | 39.4% | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | 18.4% | 3.5% | ||
| Q3 25 | 20.7% | 7.3% | ||
| Q2 25 | 18.8% | -33.3% | ||
| Q1 25 | 22.2% | -0.2% | ||
| Q4 24 | 19.1% | -6.6% | ||
| Q3 24 | 19.5% | 6.9% | ||
| Q2 24 | 19.2% | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 14.3% | 2.3% | ||
| Q3 25 | 15.8% | 4.0% | ||
| Q2 25 | 14.5% | -36.3% | ||
| Q1 25 | 17.3% | -0.7% | ||
| Q4 24 | 15.0% | -0.3% | ||
| Q3 24 | 15.4% | 5.1% | ||
| Q2 24 | 15.3% | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $1.13 | $0.20 | ||
| Q3 25 | $1.19 | $0.48 | ||
| Q2 25 | $1.17 | $-4.00 | ||
| Q1 25 | $1.30 | $-0.08 | ||
| Q4 24 | $1.04 | $-0.04 | ||
| Q3 24 | $1.08 | $0.58 | ||
| Q2 24 | $1.12 | $0.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $195.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.2B |
| Total Assets | $973.6M | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | — | $197.0M | ||
| Q3 25 | — | $167.8M | ||
| Q2 25 | — | $157.2M | ||
| Q1 25 | — | $175.6M | ||
| Q4 24 | — | $159.8M | ||
| Q3 24 | — | $146.4M | ||
| Q2 24 | — | $119.9M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $713.3M | $1.2B | ||
| Q3 25 | $702.5M | $1.2B | ||
| Q2 25 | $677.6M | $1.2B | ||
| Q1 25 | $641.7M | $1.3B | ||
| Q4 24 | $606.2M | $1.3B | ||
| Q3 24 | $591.2M | $1.3B | ||
| Q2 24 | $563.1M | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $973.6M | $1.4B | ||
| Q3 25 | $978.3M | $1.4B | ||
| Q2 25 | $936.4M | $1.5B | ||
| Q1 25 | $899.6M | $1.5B | ||
| Q4 24 | $816.4M | $1.5B | ||
| Q3 24 | $802.9M | $1.5B | ||
| Q2 24 | $781.3M | $1.5B |
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 | $1.1M |
| FCF MarginFCF / Revenue | 21.7% | 0.5% |
| Capex IntensityCapex / Revenue | 1.7% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $54.8M | $46.9M | ||
| Q3 25 | $51.3M | $28.9M | ||
| Q2 25 | $44.6M | $13.7M | ||
| Q1 25 | $33.0M | $11.7M | ||
| Q4 24 | $52.1M | $33.7M | ||
| Q3 24 | $45.1M | $42.4M | ||
| Q2 24 | $36.4M | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $50.8M | $42.2M | ||
| Q3 25 | $48.2M | $21.2M | ||
| Q2 25 | $40.6M | $5.6M | ||
| Q1 25 | $30.1M | $2.1M | ||
| Q4 24 | $47.4M | $18.3M | ||
| Q3 24 | $42.0M | $25.2M | ||
| Q2 24 | $34.1M | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | 21.7% | 20.9% | ||
| Q3 25 | 21.7% | 9.8% | ||
| Q2 25 | 17.1% | 2.8% | ||
| Q1 25 | 13.5% | 1.1% | ||
| Q4 24 | 23.1% | 9.5% | ||
| Q3 24 | 20.1% | 12.0% | ||
| Q2 24 | 15.7% | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 1.7% | 2.3% | ||
| Q3 25 | 1.4% | 3.6% | ||
| Q2 25 | 1.7% | 4.0% | ||
| Q1 25 | 1.3% | 5.0% | ||
| Q4 24 | 2.3% | 8.0% | ||
| Q3 24 | 1.5% | 8.2% | ||
| Q2 24 | 1.1% | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | 1.63× | 10.20× | ||
| Q3 25 | 1.46× | 3.36× | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 3.96× | ||
| Q2 24 | 1.10× | 2.83× |
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% |
ROG
Segment breakdown not available.
