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Side-by-side financial comparison of BADGER METER INC (BMI) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
BADGER METER INC is the larger business by last-quarter revenue ($234.1M vs $199.5M, roughly 1.2× VIRTUS INVESTMENT PARTNERS, INC.). BADGER METER INC runs the higher net margin — 14.3% vs 3.6%, a 10.8% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -4.1%). Over the past eight quarters, BADGER METER INC's revenue compounded faster (9.2% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
BMI vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $199.5M |
| Net Profit | $33.6M | $7.1M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | 7.7% |
| Net Margin | 14.3% | 3.6% |
| Revenue YoY | 14.1% | -4.1% |
| Net Profit YoY | 9.3% | -78.1% |
| EPS (diluted) | $1.13 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $234.1M | $208.0M | ||
| Q3 25 | $222.2M | $216.4M | ||
| Q2 25 | $238.1M | $210.5M | ||
| Q1 25 | $222.2M | $217.9M | ||
| Q4 24 | $205.2M | $233.5M | ||
| Q3 24 | $208.4M | $227.0M | ||
| Q2 24 | $216.7M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $33.6M | $33.9M | ||
| Q3 25 | $35.1M | $31.3M | ||
| Q2 25 | $34.6M | $42.7M | ||
| Q1 25 | $38.4M | $28.1M | ||
| Q4 24 | $30.7M | $39.5M | ||
| Q3 24 | $32.0M | $49.1M | ||
| Q2 24 | $33.1M | $26.0M |
| Q1 26 | — | — | ||
| 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 26 | — | 7.7% | ||
| Q4 25 | 18.4% | 19.1% | ||
| Q3 25 | 20.7% | 21.7% | ||
| Q2 25 | 18.8% | 21.5% | ||
| Q1 25 | 22.2% | 16.8% | ||
| Q4 24 | 19.1% | 21.7% | ||
| Q3 24 | 19.5% | 24.3% | ||
| Q2 24 | 19.2% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 14.3% | 16.3% | ||
| Q3 25 | 15.8% | 14.5% | ||
| Q2 25 | 14.5% | 20.3% | ||
| Q1 25 | 17.3% | 12.9% | ||
| Q4 24 | 15.0% | 16.9% | ||
| Q3 24 | 15.4% | 21.6% | ||
| Q2 24 | 15.3% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $1.13 | $5.15 | ||
| Q3 25 | $1.19 | $4.65 | ||
| Q2 25 | $1.17 | $6.12 | ||
| Q1 25 | $1.30 | $4.05 | ||
| Q4 24 | $1.04 | $4.65 | ||
| Q3 24 | $1.08 | $5.71 | ||
| Q2 24 | $1.12 | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $93.6B |
| Total Assets | $973.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $713.3M | $934.0M | ||
| Q3 25 | $702.5M | $918.7M | ||
| Q2 25 | $677.6M | $896.4M | ||
| Q1 25 | $641.7M | $893.7M | ||
| Q4 24 | $606.2M | $897.5M | ||
| Q3 24 | $591.2M | $889.0M | ||
| Q2 24 | $563.1M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $973.6M | $4.3B | ||
| Q3 25 | $978.3M | $3.9B | ||
| Q2 25 | $936.4M | $3.7B | ||
| Q1 25 | $899.6M | $3.7B | ||
| Q4 24 | $816.4M | $4.0B | ||
| Q3 24 | $802.9M | $3.6B | ||
| Q2 24 | $781.3M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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.
| Q1 26 | — | — | ||
| Q4 25 | $54.8M | $-67.2M | ||
| Q3 25 | $51.3M | $108.3M | ||
| Q2 25 | $44.6M | $75.8M | ||
| Q1 25 | $33.0M | $-3.8M | ||
| Q4 24 | $52.1M | $1.8M | ||
| Q3 24 | $45.1M | $69.1M | ||
| Q2 24 | $36.4M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $50.8M | $-74.1M | ||
| Q3 25 | $48.2M | $106.9M | ||
| Q2 25 | $40.6M | $74.2M | ||
| Q1 25 | $30.1M | $-6.8M | ||
| Q4 24 | $47.4M | $-3.8M | ||
| Q3 24 | $42.0M | $68.7M | ||
| Q2 24 | $34.1M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | -35.6% | ||
| Q3 25 | 21.7% | 49.4% | ||
| Q2 25 | 17.1% | 35.2% | ||
| Q1 25 | 13.5% | -3.1% | ||
| Q4 24 | 23.1% | -1.6% | ||
| Q3 24 | 20.1% | 30.3% | ||
| Q2 24 | 15.7% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 3.3% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.7% | 0.7% | ||
| Q1 25 | 1.3% | 1.4% | ||
| Q4 24 | 2.3% | 2.4% | ||
| Q3 24 | 1.5% | 0.2% | ||
| Q2 24 | 1.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | -1.99× | ||
| Q3 25 | 1.46× | 3.45× | ||
| Q2 25 | 1.29× | 1.77× | ||
| Q1 25 | 0.86× | -0.13× | ||
| Q4 24 | 1.70× | 0.04× | ||
| Q3 24 | 1.41× | 1.41× | ||
| Q2 24 | 1.10× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
