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Side-by-side financial comparison of BADGER METER INC (BMI) and Bio-Techne (TECH). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($295.9M vs $234.1M, roughly 1.3× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 12.8%, a 1.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -6.4%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs 4.2%).
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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
BMI vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $295.9M |
| Net Profit | $33.6M | $38.0M |
| Gross Margin | 39.7% | 64.6% |
| Operating Margin | 18.4% | 18.4% |
| Net Margin | 14.3% | 12.8% |
| Revenue YoY | 14.1% | -6.4% |
| Net Profit YoY | 9.3% | 68.3% |
| EPS (diluted) | $1.13 | $0.24 |
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 | $295.9M | ||
| Q3 25 | $222.2M | — | ||
| Q2 25 | $238.1M | $317.0M | ||
| Q1 25 | $222.2M | $316.2M | ||
| Q4 24 | $205.2M | $297.0M | ||
| Q3 24 | $208.4M | $289.5M | ||
| Q2 24 | $216.7M | $306.1M | ||
| Q1 24 | $196.3M | $303.4M |
| Q4 25 | $33.6M | $38.0M | ||
| Q3 25 | $35.1M | — | ||
| Q2 25 | $34.6M | $-17.7M | ||
| Q1 25 | $38.4M | $22.6M | ||
| Q4 24 | $30.7M | $34.9M | ||
| Q3 24 | $32.0M | $33.6M | ||
| Q2 24 | $33.1M | $40.6M | ||
| Q1 24 | $29.1M | $49.1M |
| Q4 25 | 39.7% | 64.6% | ||
| Q3 25 | 43.1% | — | ||
| Q2 25 | 41.1% | 62.7% | ||
| Q1 25 | 42.9% | 67.9% | ||
| Q4 24 | 40.3% | 65.3% | ||
| Q3 24 | 40.2% | 63.2% | ||
| Q2 24 | 39.4% | 66.4% | ||
| Q1 24 | 39.3% | 67.4% |
| Q4 25 | 18.4% | 18.4% | ||
| Q3 25 | 20.7% | — | ||
| Q2 25 | 18.8% | -7.5% | ||
| Q1 25 | 22.2% | 12.2% | ||
| Q4 24 | 19.1% | 16.0% | ||
| Q3 24 | 19.5% | 13.8% | ||
| Q2 24 | 19.2% | 15.0% | ||
| Q1 24 | 18.6% | 22.1% |
| Q4 25 | 14.3% | 12.8% | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 14.5% | -5.6% | ||
| Q1 25 | 17.3% | 7.1% | ||
| Q4 24 | 15.0% | 11.7% | ||
| Q3 24 | 15.4% | 11.6% | ||
| Q2 24 | 15.3% | 13.3% | ||
| Q1 24 | 14.8% | 16.2% |
| Q4 25 | $1.13 | $0.24 | ||
| Q3 25 | $1.19 | — | ||
| Q2 25 | $1.17 | $-0.11 | ||
| Q1 25 | $1.30 | $0.14 | ||
| Q4 24 | $1.04 | $0.22 | ||
| Q3 24 | $1.08 | $0.21 | ||
| Q2 24 | $1.12 | $0.26 | ||
| Q1 24 | $0.99 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $172.9M |
| Total DebtLower is stronger | — | $260.0M |
| Stockholders' EquityBook value | $713.3M | $2.0B |
| Total Assets | $973.6M | $2.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $172.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $162.2M | ||
| Q1 25 | — | $140.7M | ||
| Q4 24 | — | $177.5M | ||
| Q3 24 | — | $187.5M | ||
| Q2 24 | — | $152.9M | ||
| Q1 24 | — | $145.3M |
| Q4 25 | — | $260.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $346.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $300.0M | ||
| Q3 24 | — | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $713.3M | $2.0B | ||
| Q3 25 | $702.5M | — | ||
| Q2 25 | $677.6M | $1.9B | ||
| Q1 25 | $641.7M | $2.0B | ||
| Q4 24 | $606.2M | $2.1B | ||
| Q3 24 | $591.2M | $2.1B | ||
| Q2 24 | $563.1M | $2.1B | ||
| Q1 24 | $535.6M | $2.0B |
| Q4 25 | $973.6M | $2.5B | ||
| Q3 25 | $978.3M | — | ||
| Q2 25 | $936.4M | $2.6B | ||
| Q1 25 | $899.6M | $2.6B | ||
| Q4 24 | $816.4M | $2.7B | ||
| Q3 24 | $802.9M | $2.7B | ||
| Q2 24 | $781.3M | $2.7B | ||
| Q1 24 | $743.5M | $2.7B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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.
| Q4 25 | $54.8M | — | ||
| Q3 25 | $51.3M | — | ||
| Q2 25 | $44.6M | $98.2M | ||
| Q1 25 | $33.0M | $41.1M | ||
| Q4 24 | $52.1M | $84.3M | ||
| Q3 24 | $45.1M | $63.9M | ||
| Q2 24 | $36.4M | $75.5M | ||
| Q1 24 | $21.5M | $81.0M |
| Q4 25 | $50.8M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $40.6M | $93.3M | ||
| Q1 25 | $30.1M | $31.0M | ||
| Q4 24 | $47.4M | $77.5M | ||
| Q3 24 | $42.0M | $54.7M | ||
| Q2 24 | $34.1M | $57.5M | ||
| Q1 24 | $18.8M | $64.5M |
| Q4 25 | 21.7% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | 29.4% | ||
| Q1 25 | 13.5% | 9.8% | ||
| Q4 24 | 23.1% | 26.1% | ||
| Q3 24 | 20.1% | 18.9% | ||
| Q2 24 | 15.7% | 18.8% | ||
| Q1 24 | 9.6% | 21.3% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 1.3% | 3.2% | ||
| Q4 24 | 2.3% | 2.3% | ||
| Q3 24 | 1.5% | 3.2% | ||
| Q2 24 | 1.1% | 5.9% | ||
| Q1 24 | 1.4% | 5.4% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | 1.82× | ||
| Q4 24 | 1.70× | 2.42× | ||
| Q3 24 | 1.41× | 1.90× | ||
| Q2 24 | 1.10× | 1.86× | ||
| Q1 24 | 0.74× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
