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Side-by-side financial comparison of BADGER METER INC (BMI) and TREX CO INC (TREX). Click either name above to swap in a different company.
TREX CO INC is the larger business by last-quarter revenue ($343.4M vs $234.1M, roughly 1.5× BADGER METER INC). TREX CO INC runs the higher net margin — 17.9% vs 14.3%, a 3.5% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs 1.0%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-143.4M). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -4.5%).
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.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
BMI vs TREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $343.4M |
| Net Profit | $33.6M | $61.4M |
| Gross Margin | 39.7% | 40.5% |
| Operating Margin | 18.4% | 24.3% |
| Net Margin | 14.3% | 17.9% |
| Revenue YoY | 14.1% | 1.0% |
| Net Profit YoY | 9.3% | 1.6% |
| EPS (diluted) | $1.13 | $0.58 |
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 | — | $343.4M | ||
| Q4 25 | $234.1M | $161.1M | ||
| Q3 25 | $222.2M | $285.3M | ||
| Q2 25 | $238.1M | $387.8M | ||
| Q1 25 | $222.2M | $340.0M | ||
| Q4 24 | $205.2M | $167.6M | ||
| Q3 24 | $208.4M | $233.7M | ||
| Q2 24 | $216.7M | $376.5M |
| Q1 26 | — | $61.4M | ||
| Q4 25 | $33.6M | $2.3M | ||
| Q3 25 | $35.1M | $51.8M | ||
| Q2 25 | $34.6M | $75.9M | ||
| Q1 25 | $38.4M | $60.4M | ||
| Q4 24 | $30.7M | $9.8M | ||
| Q3 24 | $32.0M | $40.6M | ||
| Q2 24 | $33.1M | $87.0M |
| Q1 26 | — | 40.5% | ||
| Q4 25 | 39.7% | 30.2% | ||
| Q3 25 | 43.1% | 40.5% | ||
| Q2 25 | 41.1% | 40.8% | ||
| Q1 25 | 42.9% | 40.5% | ||
| Q4 24 | 40.3% | 32.7% | ||
| Q3 24 | 40.2% | 39.9% | ||
| Q2 24 | 39.4% | 44.7% |
| Q1 26 | — | 24.3% | ||
| Q4 25 | 18.4% | 2.2% | ||
| Q3 25 | 20.7% | 24.7% | ||
| Q2 25 | 18.8% | 26.4% | ||
| Q1 25 | 22.2% | 24.0% | ||
| Q4 24 | 19.1% | 9.2% | ||
| Q3 24 | 19.5% | 23.2% | ||
| Q2 24 | 19.2% | 31.1% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 14.3% | 1.4% | ||
| Q3 25 | 15.8% | 18.1% | ||
| Q2 25 | 14.5% | 19.6% | ||
| Q1 25 | 17.3% | 17.8% | ||
| Q4 24 | 15.0% | 5.8% | ||
| Q3 24 | 15.4% | 17.4% | ||
| Q2 24 | 15.3% | 23.1% |
| Q1 26 | — | $0.58 | ||
| Q4 25 | $1.13 | $0.03 | ||
| Q3 25 | $1.19 | $0.48 | ||
| Q2 25 | $1.17 | $0.71 | ||
| Q1 25 | $1.30 | $0.56 | ||
| Q4 24 | $1.04 | $0.10 | ||
| Q3 24 | $1.08 | $0.37 | ||
| Q2 24 | $1.12 | $0.80 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $995.8M |
| Total Assets | $973.6M | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.5M | ||
| Q4 25 | — | $3.8M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $5.5M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $1.3M | ||
| Q3 24 | — | $12.8M | ||
| Q2 24 | — | $1.2M |
| Q1 26 | — | $995.8M | ||
| Q4 25 | $713.3M | $1.0B | ||
| Q3 25 | $702.5M | $1.0B | ||
| Q2 25 | $677.6M | $989.3M | ||
| Q1 25 | $641.7M | $910.1M | ||
| Q4 24 | $606.2M | $850.1M | ||
| Q3 24 | $591.2M | $887.9M | ||
| Q2 24 | $563.1M | $894.9M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $973.6M | $1.5B | ||
| Q3 25 | $978.3M | $1.5B | ||
| Q2 25 | $936.4M | $1.5B | ||
| Q1 25 | $899.6M | $1.6B | ||
| Q4 24 | $816.4M | $1.3B | ||
| Q3 24 | $802.9M | $1.3B | ||
| Q2 24 | $781.3M | $1.3B |
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 | $-118.4M |
| Free Cash FlowOCF − Capex | $50.8M | $-143.4M |
| FCF MarginFCF / Revenue | 21.7% | -41.8% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | -1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $224.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-118.4M | ||
| Q4 25 | $54.8M | $65.5M | ||
| Q3 25 | $51.3M | $196.9M | ||
| Q2 25 | $44.6M | $249.8M | ||
| Q1 25 | $33.0M | $-154.0M | ||
| Q4 24 | $52.1M | $-8.5M | ||
| Q3 24 | $45.1M | $132.8M | ||
| Q2 24 | $36.4M | $193.7M |
| Q1 26 | — | $-143.4M | ||
| Q4 25 | $50.8M | $22.1M | ||
| Q3 25 | $48.2M | $142.9M | ||
| Q2 25 | $40.6M | $203.0M | ||
| Q1 25 | $30.1M | $-233.5M | ||
| Q4 24 | $47.4M | $-89.3M | ||
| Q3 24 | $42.0M | $54.5M | ||
| Q2 24 | $34.1M | $158.2M |
| Q1 26 | — | -41.8% | ||
| Q4 25 | 21.7% | 13.7% | ||
| Q3 25 | 21.7% | 50.1% | ||
| Q2 25 | 17.1% | 52.3% | ||
| Q1 25 | 13.5% | -68.7% | ||
| Q4 24 | 23.1% | -53.3% | ||
| Q3 24 | 20.1% | 23.3% | ||
| Q2 24 | 15.7% | 42.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 26.9% | ||
| Q3 25 | 1.4% | 18.9% | ||
| Q2 25 | 1.7% | 12.1% | ||
| Q1 25 | 1.3% | 23.4% | ||
| Q4 24 | 2.3% | 48.2% | ||
| Q3 24 | 1.5% | 33.5% | ||
| Q2 24 | 1.1% | 9.4% |
| Q1 26 | — | -1.93× | ||
| Q4 25 | 1.63× | 28.45× | ||
| Q3 25 | 1.46× | 3.80× | ||
| Q2 25 | 1.29× | 3.29× | ||
| Q1 25 | 0.86× | -2.55× | ||
| Q4 24 | 1.70× | -0.87× | ||
| Q3 24 | 1.41× | 3.27× | ||
| Q2 24 | 1.10× | 2.23× |
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% |
TREX
Segment breakdown not available.
