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BADGER METER INC（BMI）与Select Water Solutions, Inc.（WTTR）财务数据对比。点击上方公司名可切换其他公司
Select Water Solutions, Inc.的季度营收约是BADGER METER INC的1.5倍（$346.5M vs $234.1M），BADGER METER INC净利率更高（14.3% vs -0.1%，领先14.4%），BADGER METER INC同比增速更快（14.1% vs -0.7%），BADGER METER INC自由现金流更多（$50.8M vs $-6.0M），过去两年BADGER METER INC的营收复合增速更高（9.2% vs -2.8%）
Badger Meter Inc是全球领先的流量测量与控制解决方案供应商，主要服务水务企业、工业、商业及住宅客户群体，核心产品包括智能水表、物联网使用监测系统及配套软件，可帮助客户追踪资源消耗、减少浪费、提升运营效率，核心市场覆盖北美、欧洲及亚太地区。
Select Water Solutions是一家专注于油气领域的水务及环保解决方案供应商，主要服务北美陆上油气开采市场，核心业务涵盖水资源获取、处理、回收、处置及化学品解决方案，可帮助客户降低运营成本、减少环境影响。
BMI vs WTTR — 直观对比
营收规模更大
WTTR
是对方的1.5倍
$234.1M
营收增速更快
BMI
高出14.8%
-0.7%
净利率更高
BMI
高出14.4%
-0.1%
自由现金流更多
BMI
多$56.8M
$-6.0M
两年增速更快
BMI
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $234.1M | $346.5M |
| 净利润 | $33.6M | $-346.0K |
| 毛利率 | 39.7% | 13.1% |
| 营业利润率 | 18.4% | -0.1% |
| 净利率 | 14.3% | -0.1% |
| 营收同比 | 14.1% | -0.7% |
| 净利润同比 | 9.3% | 78.9% |
| 每股收益（稀释后） | $1.13 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BMIWTTR
| Q4 25 | $234.1M | $346.5M | ||
| Q3 25 | $222.2M | $322.2M | ||
| Q2 25 | $238.1M | $364.2M | ||
| Q1 25 | $222.2M | $374.4M | ||
| Q4 24 | $205.2M | $349.0M | ||
| Q3 24 | $208.4M | $371.3M | ||
| Q2 24 | $216.7M | $365.1M | ||
| Q1 24 | $196.3M | $366.5M |
净利润BMIWTTR
| Q4 25 | $33.6M | $-346.0K | ||
| Q3 25 | $35.1M | $2.7M | ||
| Q2 25 | $34.6M | $10.6M | ||
| Q1 25 | $38.4M | $8.2M | ||
| Q4 24 | $30.7M | $-1.6M | ||
| Q3 24 | $32.0M | $15.8M | ||
| Q2 24 | $33.1M | $12.9M | ||
| Q1 24 | $29.1M | $3.6M |
毛利率BMIWTTR
| Q4 25 | 39.7% | 13.1% | ||
| Q3 25 | 43.1% | 13.5% | ||
| Q2 25 | 41.1% | 15.9% | ||
| Q1 25 | 42.9% | 14.9% | ||
| Q4 24 | 40.3% | 12.7% | ||
| Q3 24 | 40.2% | 16.8% | ||
| Q2 24 | 39.4% | 16.5% | ||
| Q1 24 | 39.3% | 14.4% |
营业利润率BMIWTTR
| Q4 25 | 18.4% | -0.1% | ||
| Q3 25 | 20.7% | -0.5% | ||
| Q2 25 | 18.8% | 4.2% | ||
| Q1 25 | 22.2% | 4.2% | ||
| Q4 24 | 19.1% | 0.7% | ||
| Q3 24 | 19.5% | 6.6% | ||
| Q2 24 | 19.2% | 5.6% | ||
| Q1 24 | 18.6% | 1.9% |
净利率BMIWTTR
| Q4 25 | 14.3% | -0.1% | ||
| Q3 25 | 15.8% | 0.8% | ||
| Q2 25 | 14.5% | 2.9% | ||
| Q1 25 | 17.3% | 2.2% | ||
| Q4 24 | 15.0% | -0.5% | ||
| Q3 24 | 15.4% | 4.3% | ||
| Q2 24 | 15.3% | 3.5% | ||
| Q1 24 | 14.8% | 1.0% |
每股收益（稀释后）BMIWTTR
| Q4 25 | $1.13 | — | ||
| Q3 25 | $1.19 | — | ||
| Q2 25 | $1.17 | — | ||
| Q1 25 | $1.30 | — | ||
| Q4 24 | $1.04 | — | ||
| Q3 24 | $1.08 | — | ||
| Q2 24 | $1.12 | — | ||
| Q1 24 | $0.99 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $18.1M |
| 总债务越低越好 | — | $320.0M |
| 股东权益账面价值 | $713.3M | $805.6M |
| 总资产 | $973.6M | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资BMIWTTR
| Q4 25 | — | $18.1M | ||
| Q3 25 | — | $17.8M | ||
| Q2 25 | — | $51.2M | ||
| Q1 25 | — | $27.9M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | — | $10.9M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $12.8M |
总债务BMIWTTR
| Q4 25 | — | $320.0M | ||
| Q3 25 | — | $305.0M | ||
| Q2 25 | — | $275.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | — | $80.0M | ||
| Q2 24 | — | $90.0M | ||
| Q1 24 | — | $75.0M |
股东权益BMIWTTR
| Q4 25 | $713.3M | $805.6M | ||
| Q3 25 | $702.5M | $808.1M | ||
| Q2 25 | $677.6M | $799.3M | ||
| Q1 25 | $641.7M | $793.1M | ||
| Q4 24 | $606.2M | $793.5M | ||
| Q3 24 | $591.2M | $796.5M | ||
| Q2 24 | $563.1M | $782.0M | ||
| Q1 24 | $535.6M | $770.0M |
总资产BMIWTTR
| Q4 25 | $973.6M | $1.6B | ||
| Q3 25 | $978.3M | $1.6B | ||
| Q2 25 | $936.4M | $1.5B | ||
| Q1 25 | $899.6M | $1.5B | ||
| Q4 24 | $816.4M | $1.4B | ||
| Q3 24 | $802.9M | $1.3B | ||
| Q2 24 | $781.3M | $1.3B | ||
| Q1 24 | $743.5M | $1.3B |
负债/权益比BMIWTTR
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.38× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.10× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $54.8M | $65.5M |
| 自由现金流经营现金流 - 资本支出 | $50.8M | $-6.0M |
| 自由现金流率自由现金流/营收 | 21.7% | -1.7% |
| 资本支出强度资本支出/营收 | 1.7% | 20.6% |
| 现金转化率经营现金流/净利润 | 1.63× | — |
| 过去12个月自由现金流最近4个季度 | $169.7M | $-79.9M |
8季度趋势，按日历期对齐
经营现金流BMIWTTR
| Q4 25 | $54.8M | $65.5M | ||
| Q3 25 | $51.3M | $71.7M | ||
| Q2 25 | $44.6M | $82.6M | ||
| Q1 25 | $33.0M | $-5.1M | ||
| Q4 24 | $52.1M | $67.8M | ||
| Q3 24 | $45.1M | $51.9M | ||
| Q2 24 | $36.4M | $83.1M | ||
| Q1 24 | $21.5M | $32.1M |
自由现金流BMIWTTR
| Q4 25 | $50.8M | $-6.0M | ||
| Q3 25 | $48.2M | $-23.5M | ||
| Q2 25 | $40.6M | $3.2M | ||
| Q1 25 | $30.1M | $-53.5M | ||
| Q4 24 | $47.4M | $12.7M | ||
| Q3 24 | $42.0M | $16.7M | ||
| Q2 24 | $34.1M | $34.0M | ||
| Q1 24 | $18.8M | $-1.6M |
自由现金流率BMIWTTR
| Q4 25 | 21.7% | -1.7% | ||
| Q3 25 | 21.7% | -7.3% | ||
| Q2 25 | 17.1% | 0.9% | ||
| Q1 25 | 13.5% | -14.3% | ||
| Q4 24 | 23.1% | 3.6% | ||
| Q3 24 | 20.1% | 4.5% | ||
| Q2 24 | 15.7% | 9.3% | ||
| Q1 24 | 9.6% | -0.4% |
资本支出强度BMIWTTR
| Q4 25 | 1.7% | 20.6% | ||
| Q3 25 | 1.4% | 29.6% | ||
| Q2 25 | 1.7% | 21.8% | ||
| Q1 25 | 1.3% | 12.9% | ||
| Q4 24 | 2.3% | 15.8% | ||
| Q3 24 | 1.5% | 9.5% | ||
| Q2 24 | 1.1% | 13.5% | ||
| Q1 24 | 1.4% | 9.2% |
现金转化率BMIWTTR
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | 26.72× | ||
| Q2 25 | 1.29× | 7.76× | ||
| Q1 25 | 0.86× | -0.61× | ||
| Q4 24 | 1.70× | — | ||
| Q3 24 | 1.41× | 3.29× | ||
| Q2 24 | 1.10× | 6.46× | ||
| Q1 24 | 0.74× | 8.86× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
WTTR
| Water Services | $178.3M | 51% |
| Marcellus Utica | $38.6M | 11% |
| Rockies | $38.3M | 11% |
| Eagle Ford | $28.2M | 8% |
| Midcon | $23.0M | 7% |
| Haynesville E.Texas | $19.1M | 6% |
| Bakken | $17.3M | 5% |
| Eliminations And Other Geographical Regions | $3.6M | 1% |
