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Side-by-side financial comparison of BADGER METER INC (BMI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $192.7M, roughly 1.2× SPS COMMERCE INC). BADGER METER INC runs the higher net margin — 14.3% vs 13.4%, a 0.9% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 12.7%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
BMI vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $192.7M |
| Net Profit | $33.6M | $25.8M |
| Gross Margin | 39.7% | 70.4% |
| Operating Margin | 18.4% | 18.0% |
| Net Margin | 14.3% | 13.4% |
| Revenue YoY | 14.1% | 12.7% |
| Net Profit YoY | 9.3% | 47.2% |
| EPS (diluted) | $1.13 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $222.2M | $189.9M | ||
| Q2 25 | $238.1M | $187.4M | ||
| Q1 25 | $222.2M | $181.5M | ||
| Q4 24 | $205.2M | $170.9M | ||
| Q3 24 | $208.4M | $163.7M | ||
| Q2 24 | $216.7M | $153.6M | ||
| Q1 24 | $196.3M | $149.6M |
| Q4 25 | $33.6M | $25.8M | ||
| Q3 25 | $35.1M | $25.6M | ||
| Q2 25 | $34.6M | $19.7M | ||
| Q1 25 | $38.4M | $22.2M | ||
| Q4 24 | $30.7M | $17.6M | ||
| Q3 24 | $32.0M | $23.5M | ||
| Q2 24 | $33.1M | $18.0M | ||
| Q1 24 | $29.1M | $18.0M |
| Q4 25 | 39.7% | 70.4% | ||
| Q3 25 | 43.1% | 69.5% | ||
| Q2 25 | 41.1% | 68.1% | ||
| Q1 25 | 42.9% | 68.7% | ||
| Q4 24 | 40.3% | 67.5% | ||
| Q3 24 | 40.2% | 68.5% | ||
| Q2 24 | 39.4% | 66.1% | ||
| Q1 24 | 39.3% | 65.6% |
| Q4 25 | 18.4% | 18.0% | ||
| Q3 25 | 20.7% | 16.4% | ||
| Q2 25 | 18.8% | 14.1% | ||
| Q1 25 | 22.2% | 14.3% | ||
| Q4 24 | 19.1% | 14.5% | ||
| Q3 24 | 19.5% | 15.6% | ||
| Q2 24 | 19.2% | 15.1% | ||
| Q1 24 | 18.6% | 10.3% |
| Q4 25 | 14.3% | 13.4% | ||
| Q3 25 | 15.8% | 13.5% | ||
| Q2 25 | 14.5% | 10.5% | ||
| Q1 25 | 17.3% | 12.2% | ||
| Q4 24 | 15.0% | 10.3% | ||
| Q3 24 | 15.4% | 14.3% | ||
| Q2 24 | 15.3% | 11.7% | ||
| Q1 24 | 14.8% | 12.0% |
| Q4 25 | $1.13 | $0.69 | ||
| Q3 25 | $1.19 | $0.67 | ||
| Q2 25 | $1.17 | $0.52 | ||
| Q1 25 | $1.30 | $0.58 | ||
| Q4 24 | $1.04 | $0.46 | ||
| Q3 24 | $1.08 | $0.62 | ||
| Q2 24 | $1.12 | $0.48 | ||
| Q1 24 | $0.99 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $973.9M |
| Total Assets | $973.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $713.3M | $973.9M | ||
| Q3 25 | $702.5M | $958.9M | ||
| Q2 25 | $677.6M | $949.8M | ||
| Q1 25 | $641.7M | $920.9M | ||
| Q4 24 | $606.2M | $854.7M | ||
| Q3 24 | $591.2M | $829.4M | ||
| Q2 24 | $563.1M | $703.4M | ||
| Q1 24 | $535.6M | $683.0M |
| Q4 25 | $973.6M | $1.2B | ||
| Q3 25 | $978.3M | $1.2B | ||
| Q2 25 | $936.4M | $1.1B | ||
| Q1 25 | $899.6M | $1.1B | ||
| Q4 24 | $816.4M | $1.0B | ||
| Q3 24 | $802.9M | $1.0B | ||
| Q2 24 | $781.3M | $854.5M | ||
| Q1 24 | $743.5M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $50.8M | $38.2M |
| FCF MarginFCF / Revenue | 21.7% | 19.8% |
| Capex IntensityCapex / Revenue | 1.7% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.63× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $45.9M | ||
| Q3 25 | $51.3M | $60.6M | ||
| Q2 25 | $44.6M | $32.3M | ||
| Q1 25 | $33.0M | $40.0M | ||
| Q4 24 | $52.1M | $40.6M | ||
| Q3 24 | $45.1M | $53.3M | ||
| Q2 24 | $36.4M | $29.4M | ||
| Q1 24 | $21.5M | $34.1M |
| Q4 25 | $50.8M | $38.2M | ||
| Q3 25 | $48.2M | $54.6M | ||
| Q2 25 | $40.6M | $25.7M | ||
| Q1 25 | $30.1M | $33.8M | ||
| Q4 24 | $47.4M | $34.3M | ||
| Q3 24 | $42.0M | $48.1M | ||
| Q2 24 | $34.1M | $24.4M | ||
| Q1 24 | $18.8M | $30.5M |
| Q4 25 | 21.7% | 19.8% | ||
| Q3 25 | 21.7% | 28.7% | ||
| Q2 25 | 17.1% | 13.7% | ||
| Q1 25 | 13.5% | 18.6% | ||
| Q4 24 | 23.1% | 20.1% | ||
| Q3 24 | 20.1% | 29.4% | ||
| Q2 24 | 15.7% | 15.9% | ||
| Q1 24 | 9.6% | 20.4% |
| Q4 25 | 1.7% | 4.0% | ||
| Q3 25 | 1.4% | 3.2% | ||
| Q2 25 | 1.7% | 3.6% | ||
| Q1 25 | 1.3% | 3.4% | ||
| Q4 24 | 2.3% | 3.6% | ||
| Q3 24 | 1.5% | 3.2% | ||
| Q2 24 | 1.1% | 3.3% | ||
| Q1 24 | 1.4% | 2.4% |
| Q4 25 | 1.63× | 1.78× | ||
| Q3 25 | 1.46× | 2.37× | ||
| Q2 25 | 1.29× | 1.64× | ||
| Q1 25 | 0.86× | 1.80× | ||
| Q4 24 | 1.70× | 2.31× | ||
| Q3 24 | 1.41× | 2.27× | ||
| Q2 24 | 1.10× | 1.63× | ||
| Q1 24 | 0.74× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
