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Side-by-side financial comparison of BADGER METER INC (BMI) and Strategic Education, Inc. (STRA). Click either name above to swap in a different company.
Strategic Education, Inc. is the larger business by last-quarter revenue ($305.9M vs $234.1M, roughly 1.3× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 10.7%, a 3.6% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 0.8%). Strategic Education, Inc. produced more free cash flow last quarter ($77.3M vs $50.8M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -1.0%).
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.
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
BMI vs STRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $305.9M |
| Net Profit | $33.6M | $32.8M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 13.4% |
| Net Margin | 14.3% | 10.7% |
| Revenue YoY | 14.1% | 0.8% |
| Net Profit YoY | 9.3% | 10.3% |
| EPS (diluted) | $1.13 | $1.48 |
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 | — | $305.9M | ||
| Q4 25 | $234.1M | $323.2M | ||
| Q3 25 | $222.2M | $319.9M | ||
| Q2 25 | $238.1M | $321.5M | ||
| Q1 25 | $222.2M | $303.6M | ||
| Q4 24 | $205.2M | $311.5M | ||
| Q3 24 | $208.4M | $306.0M | ||
| Q2 24 | $216.7M | $312.3M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $33.6M | $37.9M | ||
| Q3 25 | $35.1M | $26.6M | ||
| Q2 25 | $34.6M | $32.3M | ||
| Q1 25 | $38.4M | $29.7M | ||
| Q4 24 | $30.7M | $25.3M | ||
| Q3 24 | $32.0M | $27.7M | ||
| Q2 24 | $33.1M | $29.9M |
| 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 | — | 13.4% | ||
| Q4 25 | 18.4% | 16.0% | ||
| Q3 25 | 20.7% | 11.6% | ||
| Q2 25 | 18.8% | 14.2% | ||
| Q1 25 | 22.2% | 13.1% | ||
| Q4 24 | 19.1% | 11.6% | ||
| Q3 24 | 19.5% | 11.9% | ||
| Q2 24 | 19.2% | 13.4% |
| Q1 26 | — | 10.7% | ||
| Q4 25 | 14.3% | 11.7% | ||
| Q3 25 | 15.8% | 8.3% | ||
| Q2 25 | 14.5% | 10.1% | ||
| Q1 25 | 17.3% | 9.8% | ||
| Q4 24 | 15.0% | 8.1% | ||
| Q3 24 | 15.4% | 9.1% | ||
| Q2 24 | 15.3% | 9.6% |
| Q1 26 | — | $1.48 | ||
| Q4 25 | $1.13 | $1.65 | ||
| Q3 25 | $1.19 | $1.15 | ||
| Q2 25 | $1.17 | $1.37 | ||
| Q1 25 | $1.30 | $1.24 | ||
| Q4 24 | $1.04 | $1.05 | ||
| Q3 24 | $1.08 | $1.15 | ||
| Q2 24 | $1.12 | $1.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $150.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.6B |
| Total Assets | $973.6M | $2.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $150.3M | ||
| Q4 25 | — | $148.1M | ||
| Q3 25 | — | $172.6M | ||
| Q2 25 | — | $164.9M | ||
| Q1 25 | — | $182.6M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | — | $222.1M | ||
| Q2 24 | — | $256.2M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $713.3M | $1.6B | ||
| Q3 25 | $702.5M | $1.7B | ||
| Q2 25 | $677.6M | $1.7B | ||
| Q1 25 | $641.7M | $1.6B | ||
| Q4 24 | $606.2M | $1.7B | ||
| Q3 24 | $591.2M | $1.7B | ||
| Q2 24 | $563.1M | $1.7B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $973.6M | $2.0B | ||
| Q3 25 | $978.3M | $2.1B | ||
| Q2 25 | $936.4M | $2.1B | ||
| Q1 25 | $899.6M | $2.1B | ||
| Q4 24 | $816.4M | $2.0B | ||
| Q3 24 | $802.9M | $2.2B | ||
| Q2 24 | $781.3M | $2.2B |
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 | $87.4M |
| Free Cash FlowOCF − Capex | $50.8M | $77.3M |
| FCF MarginFCF / Revenue | 21.7% | 25.3% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | 2.66× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $173.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $87.4M | ||
| Q4 25 | $54.8M | $39.2M | ||
| Q3 25 | $51.3M | $60.1M | ||
| Q2 25 | $44.6M | $31.2M | ||
| Q1 25 | $33.0M | $67.7M | ||
| Q4 24 | $52.1M | $15.9M | ||
| Q3 24 | $45.1M | $51.5M | ||
| Q2 24 | $36.4M | $24.3M |
| Q1 26 | — | $77.3M | ||
| Q4 25 | $50.8M | $27.0M | ||
| Q3 25 | $48.2M | $49.3M | ||
| Q2 25 | $40.6M | $20.4M | ||
| Q1 25 | $30.1M | $57.3M | ||
| Q4 24 | $47.4M | $4.7M | ||
| Q3 24 | $42.0M | $42.1M | ||
| Q2 24 | $34.1M | $13.6M |
| Q1 26 | — | 25.3% | ||
| Q4 25 | 21.7% | 8.3% | ||
| Q3 25 | 21.7% | 15.4% | ||
| Q2 25 | 17.1% | 6.3% | ||
| Q1 25 | 13.5% | 18.9% | ||
| Q4 24 | 23.1% | 1.5% | ||
| Q3 24 | 20.1% | 13.8% | ||
| Q2 24 | 15.7% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 3.8% | ||
| Q3 25 | 1.4% | 3.4% | ||
| Q2 25 | 1.7% | 3.4% | ||
| Q1 25 | 1.3% | 3.4% | ||
| Q4 24 | 2.3% | 3.6% | ||
| Q3 24 | 1.5% | 3.1% | ||
| Q2 24 | 1.1% | 3.4% |
| Q1 26 | — | 2.66× | ||
| Q4 25 | 1.63× | 1.03× | ||
| Q3 25 | 1.46× | 2.26× | ||
| Q2 25 | 1.29× | 0.97× | ||
| Q1 25 | 0.86× | 2.27× | ||
| Q4 24 | 1.70× | 0.63× | ||
| Q3 24 | 1.41× | 1.86× | ||
| Q2 24 | 1.10× | 0.81× |
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% |
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
