vs
Side-by-side financial comparison of BADGER METER INC (BMI) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 5.5%, a 8.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
BMI vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $148.3M |
| Net Profit | $33.6M | $8.1M |
| Gross Margin | 39.7% | 31.6% |
| Operating Margin | 18.4% | 11.7% |
| Net Margin | 14.3% | 5.5% |
| Revenue YoY | 14.1% | 38.6% |
| Net Profit YoY | 9.3% | 3.9% |
| EPS (diluted) | $1.13 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $222.2M | $135.8M | ||
| Q2 25 | $238.1M | $110.8M | ||
| Q1 25 | $222.2M | $80.4M | ||
| Q4 24 | $205.2M | $107.0M | ||
| Q3 24 | $208.4M | $102.2M | ||
| Q2 24 | $216.7M | $99.2M | ||
| Q1 24 | $196.3M | $90.8M |
| Q4 25 | $33.6M | $8.1M | ||
| Q3 25 | $35.1M | $11.9M | ||
| Q2 25 | $34.6M | $13.9M | ||
| Q1 25 | $38.4M | $-282.0K | ||
| Q4 24 | $30.7M | $7.8M | ||
| Q3 24 | $32.0M | $-267.0K | ||
| Q2 24 | $33.1M | $11.8M | ||
| Q1 24 | $29.1M | $4.8M |
| Q4 25 | 39.7% | 31.6% | ||
| Q3 25 | 43.1% | 37.0% | ||
| Q2 25 | 41.1% | 37.2% | ||
| Q1 25 | 42.9% | 35.0% | ||
| Q4 24 | 40.3% | 37.6% | ||
| Q3 24 | 40.2% | 24.8% | ||
| Q2 24 | 39.4% | 40.3% | ||
| Q1 24 | 39.3% | 40.2% |
| Q4 25 | 18.4% | 11.7% | ||
| Q3 25 | 20.7% | 13.7% | ||
| Q2 25 | 18.8% | 14.4% | ||
| Q1 25 | 22.2% | 5.4% | ||
| Q4 24 | 19.1% | 15.4% | ||
| Q3 24 | 19.5% | 4.4% | ||
| Q2 24 | 19.2% | 18.7% | ||
| Q1 24 | 18.6% | 12.8% |
| Q4 25 | 14.3% | 5.5% | ||
| Q3 25 | 15.8% | 8.7% | ||
| Q2 25 | 14.5% | 12.5% | ||
| Q1 25 | 17.3% | -0.4% | ||
| Q4 24 | 15.0% | 7.3% | ||
| Q3 24 | 15.4% | -0.3% | ||
| Q2 24 | 15.3% | 11.9% | ||
| Q1 24 | 14.8% | 5.3% |
| Q4 25 | $1.13 | $0.05 | ||
| Q3 25 | $1.19 | $0.07 | ||
| Q2 25 | $1.17 | $0.08 | ||
| Q1 25 | $1.30 | $0.00 | ||
| Q4 24 | $1.04 | $0.04 | ||
| Q3 24 | $1.08 | $0.00 | ||
| Q2 24 | $1.12 | $0.07 | ||
| Q1 24 | $0.99 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $600.0M |
| Total Assets | $973.6M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $713.3M | $600.0M | ||
| Q3 25 | $702.5M | $589.6M | ||
| Q2 25 | $677.6M | $575.4M | ||
| Q1 25 | $641.7M | $558.9M | ||
| Q4 24 | $606.2M | $556.8M | ||
| Q3 24 | $591.2M | $545.2M | ||
| Q2 24 | $563.1M | $544.6M | ||
| Q1 24 | $535.6M | $554.0M |
| Q4 25 | $973.6M | $904.1M | ||
| Q3 25 | $978.3M | $851.8M | ||
| Q2 25 | $936.4M | $795.0M | ||
| Q1 25 | $899.6M | $788.4M | ||
| Q4 24 | $816.4M | $793.1M | ||
| Q3 24 | $802.9M | $801.3M | ||
| Q2 24 | $781.3M | $788.4M | ||
| Q1 24 | $743.5M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $50.8M | $-11.3M |
| FCF MarginFCF / Revenue | 21.7% | -7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.63× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-4.1M | ||
| Q3 25 | $51.3M | $19.4M | ||
| Q2 25 | $44.6M | $-13.8M | ||
| Q1 25 | $33.0M | $15.6M | ||
| Q4 24 | $52.1M | $14.0M | ||
| Q3 24 | $45.1M | $15.7M | ||
| Q2 24 | $36.4M | $37.8M | ||
| Q1 24 | $21.5M | $12.9M |
| Q4 25 | $50.8M | $-11.3M | ||
| Q3 25 | $48.2M | $9.0M | ||
| Q2 25 | $40.6M | $-26.0M | ||
| Q1 25 | $30.1M | $12.3M | ||
| Q4 24 | $47.4M | $12.5M | ||
| Q3 24 | $42.0M | $13.3M | ||
| Q2 24 | $34.1M | $35.8M | ||
| Q1 24 | $18.8M | $10.4M |
| Q4 25 | 21.7% | -7.6% | ||
| Q3 25 | 21.7% | 6.6% | ||
| Q2 25 | 17.1% | -23.5% | ||
| Q1 25 | 13.5% | 15.4% | ||
| Q4 24 | 23.1% | 11.6% | ||
| Q3 24 | 20.1% | 13.0% | ||
| Q2 24 | 15.7% | 36.1% | ||
| Q1 24 | 9.6% | 11.4% |
| Q4 25 | 1.7% | 4.8% | ||
| Q3 25 | 1.4% | 7.7% | ||
| Q2 25 | 1.7% | 11.0% | ||
| Q1 25 | 1.3% | 4.0% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 1.5% | 2.3% | ||
| Q2 24 | 1.1% | 2.0% | ||
| Q1 24 | 1.4% | 2.7% |
| Q4 25 | 1.63× | -0.50× | ||
| Q3 25 | 1.46× | 1.63× | ||
| Q2 25 | 1.29× | -1.00× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | 1.79× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | 3.21× | ||
| Q1 24 | 0.74× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
