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Side-by-side financial comparison of BADGER METER INC (BMI) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $234.1M, roughly 1.5× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs -12.9%, a 27.2% gap on every dollar of revenue. On growth, BADGER METER INC posted the faster year-over-year revenue change (14.1% vs -0.4%). BADGER METER INC produced more free cash flow last quarter ($50.8M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
BMI vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $234.1M | $340.0M |
| Net Profit | $33.6M | $-13.9M |
| Gross Margin | 39.7% | — |
| Operating Margin | 18.4% | -17.2% |
| Net Margin | 14.3% | -12.9% |
| Revenue YoY | 14.1% | -0.4% |
| Net Profit YoY | 9.3% | -131.0% |
| EPS (diluted) | $1.13 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $222.2M | $337.7M | ||
| Q2 25 | $238.1M | $319.2M | ||
| Q1 25 | $222.2M | $237.4M | ||
| Q4 24 | $205.2M | $341.5M | ||
| Q3 24 | $208.4M | $292.3M | ||
| Q2 24 | $216.7M | $270.7M | ||
| Q1 24 | $196.3M | $228.1M |
| Q4 25 | $33.6M | $-13.9M | ||
| Q3 25 | $35.1M | $33.5M | ||
| Q2 25 | $34.6M | $34.0M | ||
| Q1 25 | $38.4M | $2.8M | ||
| Q4 24 | $30.7M | $44.8M | ||
| Q3 24 | $32.0M | $28.8M | ||
| Q2 24 | $33.1M | $22.7M | ||
| Q1 24 | $29.1M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 20.7% | 13.6% | ||
| Q2 25 | 18.8% | 14.5% | ||
| Q1 25 | 22.2% | 2.2% | ||
| Q4 24 | 19.1% | 15.3% | ||
| Q3 24 | 19.5% | 12.8% | ||
| Q2 24 | 19.2% | 10.4% | ||
| Q1 24 | 18.6% | 6.0% |
| Q4 25 | 14.3% | -12.9% | ||
| Q3 25 | 15.8% | 9.9% | ||
| Q2 25 | 14.5% | 10.6% | ||
| Q1 25 | 17.3% | 1.2% | ||
| Q4 24 | 15.0% | 13.1% | ||
| Q3 24 | 15.4% | 9.9% | ||
| Q2 24 | 15.3% | 8.4% | ||
| Q1 24 | 14.8% | 5.2% |
| Q4 25 | $1.13 | $-0.41 | ||
| Q3 25 | $1.19 | $0.98 | ||
| Q2 25 | $1.17 | $0.99 | ||
| Q1 25 | $1.30 | $0.08 | ||
| Q4 24 | $1.04 | $1.32 | ||
| Q3 24 | $1.08 | $0.85 | ||
| Q2 24 | $1.12 | $0.67 | ||
| Q1 24 | $0.99 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $713.3M | $1.7B |
| Total Assets | $973.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $299.3M | ||
| Q3 25 | — | $274.8M | ||
| Q2 25 | — | $233.7M | ||
| Q1 25 | — | $181.0M | ||
| Q4 24 | — | $279.3M | ||
| Q3 24 | — | $179.8M | ||
| Q2 24 | — | $208.1M | ||
| Q1 24 | — | $216.5M |
| Q4 25 | $713.3M | $1.7B | ||
| Q3 25 | $702.5M | $1.8B | ||
| Q2 25 | $677.6M | $1.8B | ||
| Q1 25 | $641.7M | $1.7B | ||
| Q4 24 | $606.2M | $1.7B | ||
| Q3 24 | $591.2M | $1.7B | ||
| Q2 24 | $563.1M | $1.7B | ||
| Q1 24 | $535.6M | $1.7B |
| Q4 25 | $973.6M | $5.1B | ||
| Q3 25 | $978.3M | $5.8B | ||
| Q2 25 | $936.4M | $4.7B | ||
| Q1 25 | $899.6M | $4.5B | ||
| Q4 24 | $816.4M | $4.4B | ||
| Q3 24 | $802.9M | $4.6B | ||
| Q2 24 | $781.3M | $4.2B | ||
| Q1 24 | $743.5M | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $50.8M | $-680.1M |
| FCF MarginFCF / Revenue | 21.7% | -200.0% |
| Capex IntensityCapex / Revenue | 1.7% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $169.7M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.8M | $-664.3M | ||
| Q3 25 | $51.3M | $-948.1M | ||
| Q2 25 | $44.6M | $-238.5M | ||
| Q1 25 | $33.0M | $-281.1M | ||
| Q4 24 | $52.1M | $129.4M | ||
| Q3 24 | $45.1M | $-202.0M | ||
| Q2 24 | $36.4M | $-237.8M | ||
| Q1 24 | $21.5M | $38.4M |
| Q4 25 | $50.8M | $-680.1M | ||
| Q3 25 | $48.2M | $-950.4M | ||
| Q2 25 | $40.6M | $-241.0M | ||
| Q1 25 | $30.1M | $-284.7M | ||
| Q4 24 | $47.4M | $116.4M | ||
| Q3 24 | $42.0M | $-204.0M | ||
| Q2 24 | $34.1M | $-241.7M | ||
| Q1 24 | $18.8M | $35.2M |
| Q4 25 | 21.7% | -200.0% | ||
| Q3 25 | 21.7% | -281.5% | ||
| Q2 25 | 17.1% | -75.5% | ||
| Q1 25 | 13.5% | -120.0% | ||
| Q4 24 | 23.1% | 34.1% | ||
| Q3 24 | 20.1% | -69.8% | ||
| Q2 24 | 15.7% | -89.3% | ||
| Q1 24 | 9.6% | 15.4% |
| Q4 25 | 1.7% | 4.6% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 2.3% | 3.8% | ||
| Q3 24 | 1.5% | 0.7% | ||
| Q2 24 | 1.1% | 1.4% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | -28.34× | ||
| Q2 25 | 1.29× | -7.02× | ||
| Q1 25 | 0.86× | -102.07× | ||
| Q4 24 | 1.70× | 2.89× | ||
| Q3 24 | 1.41× | -7.01× | ||
| Q2 24 | 1.10× | -10.49× | ||
| Q1 24 | 0.74× | 3.24× |
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% |
WD
Segment breakdown not available.
