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Side-by-side financial comparison of BADGER METER INC (BMI) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $234.1M, roughly 1.3× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs 6.3%, a 8.0% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 14.1%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $50.8M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
BMI vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $296.1M |
| Net Profit | $33.6M | $18.6M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 6.4% |
| Net Margin | 14.3% | 6.3% |
| Revenue YoY | 14.1% | 35.2% |
| Net Profit YoY | 9.3% | 776.4% |
| EPS (diluted) | $1.13 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $222.2M | $277.1M | ||
| Q2 25 | $238.1M | $257.3M | ||
| Q1 25 | $222.2M | $213.4M | ||
| Q4 24 | $205.2M | $219.0M | ||
| Q3 24 | $208.4M | $162.1M | ||
| Q2 24 | $216.7M | $127.6M | ||
| Q1 24 | $196.3M | $127.8M |
| Q4 25 | $33.6M | $18.6M | ||
| Q3 25 | $35.1M | $31.8M | ||
| Q2 25 | $34.6M | $5.6M | ||
| Q1 25 | $38.4M | $-2.4M | ||
| Q4 24 | $30.7M | $-2.8M | ||
| Q3 24 | $32.0M | $-6.8M | ||
| Q2 24 | $33.1M | $-54.5M | ||
| Q1 24 | $29.1M | $-64.6M |
| 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 24 | 39.3% | — |
| Q4 25 | 18.4% | 6.4% | ||
| Q3 25 | 20.7% | 8.5% | ||
| Q2 25 | 18.8% | 1.8% | ||
| Q1 25 | 22.2% | -2.1% | ||
| Q4 24 | 19.1% | -2.2% | ||
| Q3 24 | 19.5% | -27.8% | ||
| Q2 24 | 19.2% | -43.5% | ||
| Q1 24 | 18.6% | -52.8% |
| Q4 25 | 14.3% | 6.3% | ||
| Q3 25 | 15.8% | 11.5% | ||
| Q2 25 | 14.5% | 2.2% | ||
| Q1 25 | 17.3% | -1.1% | ||
| Q4 24 | 15.0% | -1.3% | ||
| Q3 24 | 15.4% | -4.2% | ||
| Q2 24 | 15.3% | -42.7% | ||
| Q1 24 | 14.8% | -50.5% |
| Q4 25 | $1.13 | $0.20 | ||
| Q3 25 | $1.19 | $0.23 | ||
| Q2 25 | $1.17 | $0.05 | ||
| Q1 25 | $1.30 | $-0.03 | ||
| Q4 24 | $1.04 | $-0.01 | ||
| Q3 24 | $1.08 | $-0.07 | ||
| Q2 24 | $1.12 | $-0.62 | ||
| Q1 24 | $0.99 | $-0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $798.8M |
| Total Assets | $973.6M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | — | $489.8M | ||
| Q2 25 | — | $395.9M | ||
| Q1 25 | — | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $713.3M | $798.8M | ||
| Q3 25 | $702.5M | $743.7M | ||
| Q2 25 | $677.6M | $722.0M | ||
| Q1 25 | $641.7M | $676.6M | ||
| Q4 24 | $606.2M | $633.2M | ||
| Q3 24 | $591.2M | $595.5M | ||
| Q2 24 | $563.1M | $594.7M | ||
| Q1 24 | $535.6M | $612.8M |
| Q4 25 | $973.6M | $3.0B | ||
| Q3 25 | $978.3M | $2.9B | ||
| Q2 25 | $936.4M | $2.5B | ||
| Q1 25 | $899.6M | $2.3B | ||
| Q4 24 | $816.4M | $2.4B | ||
| Q3 24 | $802.9M | $1.8B | ||
| Q2 24 | $781.3M | $1.8B | ||
| Q1 24 | $743.5M | $1.9B |
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 | $108.6M |
| Free Cash FlowOCF − Capex | $50.8M | $108.4M |
| FCF MarginFCF / Revenue | 21.7% | 36.6% |
| Capex IntensityCapex / Revenue | 1.7% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.63× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $108.6M | ||
| Q3 25 | $51.3M | $-122.6M | ||
| Q2 25 | $44.6M | $-120.2M | ||
| Q1 25 | $33.0M | $-13.5M | ||
| Q4 24 | $52.1M | $-110.9M | ||
| Q3 24 | $45.1M | $179.3M | ||
| Q2 24 | $36.4M | $65.3M | ||
| Q1 24 | $21.5M | $52.6M |
| Q4 25 | $50.8M | $108.4M | ||
| Q3 25 | $48.2M | $-122.7M | ||
| Q2 25 | $40.6M | $-120.3M | ||
| Q1 25 | $30.1M | — | ||
| Q4 24 | $47.4M | — | ||
| Q3 24 | $42.0M | $179.2M | ||
| Q2 24 | $34.1M | $65.3M | ||
| Q1 24 | $18.8M | $51.9M |
| Q4 25 | 21.7% | 36.6% | ||
| Q3 25 | 21.7% | -44.3% | ||
| Q2 25 | 17.1% | -46.7% | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 23.1% | — | ||
| Q3 24 | 20.1% | 110.5% | ||
| Q2 24 | 15.7% | 51.1% | ||
| Q1 24 | 9.6% | 40.6% |
| Q4 25 | 1.7% | 0.1% | ||
| Q3 25 | 1.4% | 0.0% | ||
| Q2 25 | 1.7% | 0.0% | ||
| Q1 25 | 1.3% | 0.0% | ||
| Q4 24 | 2.3% | 0.0% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 1.1% | 0.0% | ||
| Q1 24 | 1.4% | 0.5% |
| Q4 25 | 1.63× | 5.82× | ||
| Q3 25 | 1.46× | -3.86× | ||
| Q2 25 | 1.29× | -21.43× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — | ||
| Q1 24 | 0.74× | — |
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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
