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Side-by-side financial comparison of BADGER METER INC (BMI) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $173.1M, roughly 1.4× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 14.1%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
BMI vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $173.1M |
| Net Profit | $33.6M | — |
| Gross Margin | 39.7% | 76.0% |
| Operating Margin | 18.4% | -1.7% |
| Net Margin | 14.3% | — |
| Revenue YoY | 14.1% | 26.9% |
| Net Profit YoY | 9.3% | — |
| EPS (diluted) | $1.13 | — |
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 | — | $173.1M | ||
| Q4 25 | $234.1M | $173.4M | ||
| Q3 25 | $222.2M | $161.6M | ||
| Q2 25 | $238.1M | $152.2M | ||
| Q1 25 | $222.2M | $136.4M | ||
| Q4 24 | $205.2M | $158.5M | ||
| Q3 24 | $208.4M | $148.1M | ||
| Q2 24 | $216.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $33.6M | $-27.8M | ||
| Q3 25 | $35.1M | $-29.9M | ||
| Q2 25 | $34.6M | $-35.8M | ||
| Q1 25 | $38.4M | $-35.8M | ||
| Q4 24 | $30.7M | $-13.0M | ||
| Q3 24 | $32.0M | $-18.3M | ||
| Q2 24 | $33.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 39.7% | 78.9% | ||
| Q3 25 | 43.1% | 78.2% | ||
| Q2 25 | 41.1% | 79.5% | ||
| Q1 25 | 42.9% | 78.7% | ||
| Q4 24 | 40.3% | 83.6% | ||
| Q3 24 | 40.2% | 83.8% | ||
| Q2 24 | 39.4% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 18.4% | -17.5% | ||
| Q3 25 | 20.7% | -22.2% | ||
| Q2 25 | 18.8% | -24.0% | ||
| Q1 25 | 22.2% | -32.1% | ||
| Q4 24 | 19.1% | -11.1% | ||
| Q3 24 | 19.5% | -16.0% | ||
| Q2 24 | 19.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 14.3% | -16.0% | ||
| Q3 25 | 15.8% | -18.5% | ||
| Q2 25 | 14.5% | -23.5% | ||
| Q1 25 | 17.3% | -26.2% | ||
| Q4 24 | 15.0% | -8.2% | ||
| Q3 24 | 15.4% | -12.4% | ||
| Q2 24 | 15.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.13 | $-0.23 | ||
| Q3 25 | $1.19 | $-0.26 | ||
| Q2 25 | $1.17 | $-0.32 | ||
| Q1 25 | $1.30 | $-0.32 | ||
| Q4 24 | $1.04 | $-0.12 | ||
| Q3 24 | $1.08 | $-0.16 | ||
| Q2 24 | $1.12 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $453.5M |
| Total Assets | $973.6M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $713.3M | $598.7M | ||
| Q3 25 | $702.5M | $604.8M | ||
| Q2 25 | $677.6M | $341.5M | ||
| Q1 25 | $641.7M | $367.7M | ||
| Q4 24 | $606.2M | $455.7M | ||
| Q3 24 | $591.2M | $428.6M | ||
| Q2 24 | $563.1M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $973.6M | $1.8B | ||
| Q3 25 | $978.3M | $1.7B | ||
| Q2 25 | $936.4M | $1.6B | ||
| Q1 25 | $899.6M | $1.6B | ||
| Q4 24 | $816.4M | $1.7B | ||
| Q3 24 | $802.9M | $1.5B | ||
| Q2 24 | $781.3M | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $50.8M | $49.0M |
| FCF MarginFCF / Revenue | 21.7% | 28.3% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $54.8M | $24.7M | ||
| Q3 25 | $51.3M | $33.4M | ||
| Q2 25 | $44.6M | $21.3M | ||
| Q1 25 | $33.0M | $68.0M | ||
| Q4 24 | $52.1M | $24.3M | ||
| Q3 24 | $45.1M | $22.5M | ||
| Q2 24 | $36.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $50.8M | $20.7M | ||
| Q3 25 | $48.2M | $30.4M | ||
| Q2 25 | $40.6M | $18.0M | ||
| Q1 25 | $30.1M | $65.7M | ||
| Q4 24 | $47.4M | $19.9M | ||
| Q3 24 | $42.0M | $21.3M | ||
| Q2 24 | $34.1M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 21.7% | 12.0% | ||
| Q3 25 | 21.7% | 18.8% | ||
| Q2 25 | 17.1% | 11.8% | ||
| Q1 25 | 13.5% | 48.1% | ||
| Q4 24 | 23.1% | 12.6% | ||
| Q3 24 | 20.1% | 14.4% | ||
| Q2 24 | 15.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 2.3% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 2.3% | 2.7% | ||
| Q3 24 | 1.5% | 0.8% | ||
| Q2 24 | 1.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.29× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.10× | — |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
