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Side-by-side financial comparison of BADGER METER INC (BMI) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $117.3M, roughly 2.0× Latham Group, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs -7.3%, a 21.6% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 5.3%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -14.4%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
BMI vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $117.3M |
| Net Profit | $33.6M | $-8.5M |
| Gross Margin | 39.7% | 31.7% |
| Operating Margin | 18.4% | — |
| Net Margin | 14.3% | -7.3% |
| Revenue YoY | 14.1% | 5.3% |
| Net Profit YoY | 9.3% | -43.1% |
| EPS (diluted) | $1.13 | $-0.07 |
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 | — | $117.3M | ||
| Q4 25 | $234.1M | $100.0M | ||
| Q3 25 | $222.2M | $161.9M | ||
| Q2 25 | $238.1M | $172.6M | ||
| Q1 25 | $222.2M | $111.4M | ||
| Q4 24 | $205.2M | $87.3M | ||
| Q3 24 | $208.4M | $150.5M | ||
| Q2 24 | $216.7M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $33.6M | $-7.0M | ||
| Q3 25 | $35.1M | $8.1M | ||
| Q2 25 | $34.6M | $16.0M | ||
| Q1 25 | $38.4M | $-6.0M | ||
| Q4 24 | $30.7M | $-29.2M | ||
| Q3 24 | $32.0M | $5.9M | ||
| Q2 24 | $33.1M | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | 39.7% | 28.0% | ||
| Q3 25 | 43.1% | 35.4% | ||
| Q2 25 | 41.1% | 37.1% | ||
| Q1 25 | 42.9% | 29.5% | ||
| Q4 24 | 40.3% | 24.6% | ||
| Q3 24 | 40.2% | 32.4% | ||
| Q2 24 | 39.4% | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 18.4% | -10.7% | ||
| Q3 25 | 20.7% | 13.3% | ||
| Q2 25 | 18.8% | 14.3% | ||
| Q1 25 | 22.2% | -4.4% | ||
| Q4 24 | 19.1% | -14.9% | ||
| Q3 24 | 19.5% | 8.9% | ||
| Q2 24 | 19.2% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | 14.3% | -7.0% | ||
| Q3 25 | 15.8% | 5.0% | ||
| Q2 25 | 14.5% | 9.3% | ||
| Q1 25 | 17.3% | -5.4% | ||
| Q4 24 | 15.0% | -33.4% | ||
| Q3 24 | 15.4% | 3.9% | ||
| Q2 24 | 15.3% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $1.13 | $-0.06 | ||
| Q3 25 | $1.19 | $0.07 | ||
| Q2 25 | $1.17 | $0.13 | ||
| Q1 25 | $1.30 | $-0.05 | ||
| Q4 24 | $1.04 | $-0.24 | ||
| Q3 24 | $1.08 | $0.05 | ||
| Q2 24 | $1.12 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $3.3M |
| Stockholders' EquityBook value | $713.3M | $396.7M |
| Total Assets | $973.6M | $856.4M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3M | ||
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $713.3M | $405.9M | ||
| Q3 25 | $702.5M | $408.4M | ||
| Q2 25 | $677.6M | $398.4M | ||
| Q1 25 | $641.7M | $381.1M | ||
| Q4 24 | $606.2M | $387.2M | ||
| Q3 24 | $591.2M | $416.6M | ||
| Q2 24 | $563.1M | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $973.6M | $823.2M | ||
| Q3 25 | $978.3M | $844.4M | ||
| Q2 25 | $936.4M | $822.1M | ||
| Q1 25 | $899.6M | $824.6M | ||
| Q4 24 | $816.4M | $794.2M | ||
| Q3 24 | $802.9M | $853.4M | ||
| Q2 24 | $781.3M | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | $-47.7M |
| 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 | — | $-47.7M | ||
| Q4 25 | $54.8M | $23.3M | ||
| Q3 25 | $51.3M | $51.0M | ||
| Q2 25 | $44.6M | $36.0M | ||
| Q1 25 | $33.0M | $-46.9M | ||
| Q4 24 | $52.1M | $6.2M | ||
| Q3 24 | $45.1M | $37.2M | ||
| Q2 24 | $36.4M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $14.1M | ||
| Q3 25 | $48.2M | $45.2M | ||
| Q2 25 | $40.6M | $29.1M | ||
| Q1 25 | $30.1M | $-50.3M | ||
| Q4 24 | $47.4M | $-98.0K | ||
| Q3 24 | $42.0M | $33.2M | ||
| Q2 24 | $34.1M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 14.1% | ||
| Q3 25 | 21.7% | 27.9% | ||
| Q2 25 | 17.1% | 16.8% | ||
| Q1 25 | 13.5% | -45.2% | ||
| Q4 24 | 23.1% | -0.1% | ||
| Q3 24 | 20.1% | 22.1% | ||
| Q2 24 | 15.7% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 9.2% | ||
| Q3 25 | 1.4% | 3.6% | ||
| Q2 25 | 1.7% | 4.0% | ||
| Q1 25 | 1.3% | 3.1% | ||
| Q4 24 | 2.3% | 7.2% | ||
| Q3 24 | 1.5% | 2.7% | ||
| Q2 24 | 1.1% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 6.29× | ||
| Q2 25 | 1.29× | 2.25× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 6.32× | ||
| Q2 24 | 1.10× | 3.95× |
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% |
SWIM
Segment breakdown not available.
