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Side-by-side financial comparison of BADGER METER INC (BMI) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($475.9M vs $234.1M, roughly 2.0× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 10.5%, a 3.9% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (44.8% vs 14.1%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (30.4% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
BMI vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $475.9M |
| Net Profit | $33.6M | $49.7M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 14.9% |
| Net Margin | 14.3% | 10.5% |
| Revenue YoY | 14.1% | 44.8% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | $1.09 |
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 | — | $475.9M | ||
| Q4 25 | $234.1M | $385.6M | ||
| Q3 25 | $222.2M | $382.5M | ||
| Q2 25 | $238.1M | $319.9M | ||
| Q1 25 | $222.2M | $328.5M | ||
| Q4 24 | $205.2M | $304.4M | ||
| Q3 24 | $208.4M | $300.9M | ||
| Q2 24 | $216.7M | $279.9M |
| Q1 26 | — | $49.7M | ||
| Q4 25 | $33.6M | $43.2M | ||
| Q3 25 | $35.1M | $45.9M | ||
| Q2 25 | $34.6M | $38.8M | ||
| Q1 25 | $38.4M | $42.1M | ||
| Q4 24 | $30.7M | $14.4M | ||
| Q3 24 | $32.0M | $36.7M | ||
| Q2 24 | $33.1M | $31.0M |
| Q1 26 | — | — | ||
| 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 26 | — | 14.9% | ||
| Q4 25 | 18.4% | 14.2% | ||
| Q3 25 | 20.7% | 15.8% | ||
| Q2 25 | 18.8% | 15.6% | ||
| Q1 25 | 22.2% | 15.7% | ||
| Q4 24 | 19.1% | 6.1% | ||
| Q3 24 | 19.5% | 15.6% | ||
| Q2 24 | 19.2% | 14.4% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | 14.3% | 11.2% | ||
| Q3 25 | 15.8% | 12.0% | ||
| Q2 25 | 14.5% | 12.1% | ||
| Q1 25 | 17.3% | 12.8% | ||
| Q4 24 | 15.0% | 4.7% | ||
| Q3 24 | 15.4% | 12.2% | ||
| Q2 24 | 15.3% | 11.1% |
| Q1 26 | — | $1.09 | ||
| Q4 25 | $1.13 | $1.03 | ||
| Q3 25 | $1.19 | $1.10 | ||
| Q2 25 | $1.17 | $0.93 | ||
| Q1 25 | $1.30 | $1.01 | ||
| Q4 24 | $1.04 | $0.33 | ||
| Q3 24 | $1.08 | $0.89 | ||
| Q2 24 | $1.12 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.2B |
| Total Assets | $973.6M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.1M | ||
| Q4 25 | — | $168.5M | ||
| Q3 25 | — | $160.1M | ||
| Q2 25 | — | $136.6M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $121.6M | ||
| Q3 24 | — | $105.6M | ||
| Q2 24 | — | $73.0M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $713.3M | $1.0B | ||
| Q3 25 | $702.5M | $961.4M | ||
| Q2 25 | $677.6M | $899.9M | ||
| Q1 25 | $641.7M | $850.7M | ||
| Q4 24 | $606.2M | $794.0M | ||
| Q3 24 | $591.2M | $797.5M | ||
| Q2 24 | $563.1M | $723.6M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $973.6M | $4.8B | ||
| Q3 25 | $978.3M | $4.6B | ||
| Q2 25 | $936.4M | $4.3B | ||
| Q1 25 | $899.6M | $4.0B | ||
| Q4 24 | $816.4M | $3.7B | ||
| Q3 24 | $802.9M | $3.6B | ||
| Q2 24 | $781.3M | $3.4B |
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 | — |
| Free Cash FlowOCF − Capex | $50.8M | — |
| FCF MarginFCF / Revenue | 21.7% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $54.8M | $408.1M | ||
| Q3 25 | $51.3M | $171.4M | ||
| Q2 25 | $44.6M | $88.2M | ||
| Q1 25 | $33.0M | $96.8M | ||
| Q4 24 | $52.1M | $305.1M | ||
| Q3 24 | $45.1M | $168.0M | ||
| Q2 24 | $36.4M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $402.6M | ||
| Q3 25 | $48.2M | $168.9M | ||
| Q2 25 | $40.6M | $87.1M | ||
| Q1 25 | $30.1M | $96.6M | ||
| Q4 24 | $47.4M | $300.9M | ||
| Q3 24 | $42.0M | $167.6M | ||
| Q2 24 | $34.1M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 104.4% | ||
| Q3 25 | 21.7% | 44.2% | ||
| Q2 25 | 17.1% | 27.2% | ||
| Q1 25 | 13.5% | 29.4% | ||
| Q4 24 | 23.1% | 98.8% | ||
| Q3 24 | 20.1% | 55.7% | ||
| Q2 24 | 15.7% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 1.4% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 1.3% | 0.1% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.1% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 9.44× | ||
| Q3 25 | 1.46× | 3.73× | ||
| Q2 25 | 1.29× | 2.27× | ||
| Q1 25 | 0.86× | 2.30× | ||
| Q4 24 | 1.70× | 21.18× | ||
| Q3 24 | 1.41× | 4.58× | ||
| Q2 24 | 1.10× | 0.68× |
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% |
SKWD
Segment breakdown not available.
