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Side-by-side financial comparison of BADGER METER INC (BMI) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $213.6M, roughly 1.1× Vital Farms, Inc.). BADGER METER INC runs the higher net margin — 14.3% vs 7.6%, a 6.7% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% 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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
BMI vs VITL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $213.6M |
| Net Profit | $33.6M | $16.3M |
| Gross Margin | 39.7% | 35.8% |
| Operating Margin | 18.4% | 10.0% |
| Net Margin | 14.3% | 7.6% |
| Revenue YoY | 14.1% | 28.7% |
| Net Profit YoY | 9.3% | 54.3% |
| EPS (diluted) | $1.13 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $222.2M | $198.9M | ||
| Q2 25 | $238.1M | $184.8M | ||
| Q1 25 | $222.2M | $162.2M | ||
| Q4 24 | $205.2M | $166.0M | ||
| Q3 24 | $208.4M | $145.0M | ||
| Q2 24 | $216.7M | $147.4M | ||
| Q1 24 | $196.3M | $147.9M |
| Q4 25 | $33.6M | $16.3M | ||
| Q3 25 | $35.1M | $16.4M | ||
| Q2 25 | $34.6M | $16.6M | ||
| Q1 25 | $38.4M | $16.9M | ||
| Q4 24 | $30.7M | $10.6M | ||
| Q3 24 | $32.0M | $7.4M | ||
| Q2 24 | $33.1M | $16.3M | ||
| Q1 24 | $29.1M | $19.0M |
| Q4 25 | 39.7% | 35.8% | ||
| Q3 25 | 43.1% | 37.7% | ||
| Q2 25 | 41.1% | 38.9% | ||
| Q1 25 | 42.9% | 38.5% | ||
| Q4 24 | 40.3% | 36.1% | ||
| Q3 24 | 40.2% | 36.9% | ||
| Q2 24 | 39.4% | 39.1% | ||
| Q1 24 | 39.3% | 39.8% |
| Q4 25 | 18.4% | 10.0% | ||
| Q3 25 | 20.7% | 10.8% | ||
| Q2 25 | 18.8% | 12.9% | ||
| Q1 25 | 22.2% | 13.4% | ||
| Q4 24 | 19.1% | 7.8% | ||
| Q3 24 | 19.5% | 6.4% | ||
| Q2 24 | 19.2% | 11.6% | ||
| Q1 24 | 18.6% | 16.3% |
| Q4 25 | 14.3% | 7.6% | ||
| Q3 25 | 15.8% | 8.3% | ||
| Q2 25 | 14.5% | 9.0% | ||
| Q1 25 | 17.3% | 10.4% | ||
| Q4 24 | 15.0% | 6.4% | ||
| Q3 24 | 15.4% | 5.1% | ||
| Q2 24 | 15.3% | 11.1% | ||
| Q1 24 | 14.8% | 12.9% |
| Q4 25 | $1.13 | $0.35 | ||
| Q3 25 | $1.19 | $0.36 | ||
| Q2 25 | $1.17 | $0.36 | ||
| Q1 25 | $1.30 | $0.37 | ||
| Q4 24 | $1.04 | $0.23 | ||
| Q3 24 | $1.08 | $0.16 | ||
| Q2 24 | $1.12 | $0.36 | ||
| Q1 24 | $0.99 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $351.3M |
| Total Assets | $973.6M | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $48.8M | ||
| Q3 25 | — | $93.8M | ||
| Q2 25 | — | $108.2M | ||
| Q1 25 | — | $156.3M | ||
| Q4 24 | — | $150.6M | ||
| Q3 24 | — | $149.5M | ||
| Q2 24 | — | $133.2M | ||
| Q1 24 | — | $113.8M |
| Q4 25 | $713.3M | $351.3M | ||
| Q3 25 | $702.5M | $331.2M | ||
| Q2 25 | $677.6M | $309.8M | ||
| Q1 25 | $641.7M | $288.9M | ||
| Q4 24 | $606.2M | $269.3M | ||
| Q3 24 | $591.2M | $253.4M | ||
| Q2 24 | $563.1M | $238.4M | ||
| Q1 24 | $535.6M | $213.3M |
| Q4 25 | $973.6M | $518.7M | ||
| Q3 25 | $978.3M | $481.5M | ||
| Q2 25 | $936.4M | $430.8M | ||
| Q1 25 | $899.6M | $376.9M | ||
| Q4 24 | $816.4M | $359.3M | ||
| Q3 24 | $802.9M | $344.7M | ||
| Q2 24 | $781.3M | $320.5M | ||
| Q1 24 | $743.5M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $50.8M | $-32.1M |
| FCF MarginFCF / Revenue | 21.7% | -15.1% |
| Capex IntensityCapex / Revenue | 1.7% | 17.8% |
| Cash ConversionOCF / Net Profit | 1.63× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $5.8M | ||
| Q3 25 | $51.3M | $23.4M | ||
| Q2 25 | $44.6M | $-761.0K | ||
| Q1 25 | $33.0M | $5.3M | ||
| Q4 24 | $52.1M | $14.8M | ||
| Q3 24 | $45.1M | $10.0M | ||
| Q2 24 | $36.4M | $16.1M | ||
| Q1 24 | $21.5M | $23.9M |
| Q4 25 | $50.8M | $-32.1M | ||
| Q3 25 | $48.2M | $-10.6M | ||
| Q2 25 | $40.6M | $-7.6M | ||
| Q1 25 | $30.1M | $2.1M | ||
| Q4 24 | $47.4M | $-3.4M | ||
| Q3 24 | $42.0M | $6.4M | ||
| Q2 24 | $34.1M | $10.5M | ||
| Q1 24 | $18.8M | $22.6M |
| Q4 25 | 21.7% | -15.1% | ||
| Q3 25 | 21.7% | -5.3% | ||
| Q2 25 | 17.1% | -4.1% | ||
| Q1 25 | 13.5% | 1.3% | ||
| Q4 24 | 23.1% | -2.0% | ||
| Q3 24 | 20.1% | 4.4% | ||
| Q2 24 | 15.7% | 7.2% | ||
| Q1 24 | 9.6% | 15.3% |
| Q4 25 | 1.7% | 17.8% | ||
| Q3 25 | 1.4% | 17.1% | ||
| Q2 25 | 1.7% | 3.7% | ||
| Q1 25 | 1.3% | 1.9% | ||
| Q4 24 | 2.3% | 10.9% | ||
| Q3 24 | 1.5% | 2.5% | ||
| Q2 24 | 1.1% | 3.8% | ||
| Q1 24 | 1.4% | 0.9% |
| Q4 25 | 1.63× | 0.35× | ||
| Q3 25 | 1.46× | 1.43× | ||
| Q2 25 | 1.29× | -0.05× | ||
| Q1 25 | 0.86× | 0.31× | ||
| Q4 24 | 1.70× | 1.40× | ||
| Q3 24 | 1.41× | 1.34× | ||
| Q2 24 | 1.10× | 0.99× | ||
| Q1 24 | 0.74× | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
