ERII · Energy Recovery, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.71M | - | $32.00M | $28.05M | $8.06M | - | $38.58M | $27.20M | $12.09M | - |
| Cost of Revenue | - | - | $11.44M | $10.10M | $3.61M | - | $13.47M | $9.63M | $4.96M | - |
| Gross Profit | $2.70M | - | $20.56M | $17.95M | $4.46M | - | $25.11M | $17.57M | $7.13M | - |
| R&D | $2.79M | - | $3.67M | $3.45M | $3.00M | - | $3.97M | $3.94M | $4.35M | - |
| SG&A | $6.46M | - | $7.51M | $7.67M | $8.57M | - | $7.67M | $9.53M | $7.57M | - |
| Total Operating Expenses | $17.56M | - | $16.90M | $16.48M | $17.02M | - | $18.05M | $19.58M | $18.07M | - |
| D&A | $978.0K | - | - | - | $962.0K | - | - | - | $1.03M | - |
| Operating Income | ($14.86M) | - | $3.66M | $1.47M | ($12.56M) | - | $7.06M | ($2.01M) | ($10.93M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($1.77M) | - | $680.0K | $334.0K | ($1.60M) | - | $344.0K | $242.0K | ($1.28M) | - |
| Net Income | ($12.25M) | - | $3.87M | $2.05M | ($9.88M) | - | $8.48M | ($642.0K) | ($8.26M) | - |
| EPS - Basic | ($0.23) | - | $0.07 | $0.04 | ($0.18) | - | $0.15 | ($0.01) | ($0.14) | - |
| EPS - Diluted | ($0.23) | - | $0.07 | $0.04 | ($0.18) | - | $0.15 | ($0.01) | ($0.14) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.12M | $48.08M | $47.10M | $57.05M | $49.14M | $29.63M | $63.26M | $40.31M | $70.78M | $68.10M |
| Accounts Receivable | $38.94M | $76.64M | $44.02M | $32.59M | $32.39M | $64.07M | $31.84M | $20.67M | $25.05M | $46.94M |
| Inventory | $30.89M | $24.26M | $33.57M | $32.66M | $32.41M | $24.91M | $33.46M | $33.66M | $31.67M | $26.15M |
| Accounts Payable | $2.79M | $2.11M | $4.74M | $3.44M | $3.40M | $3.11M | $3.41M | $4.75M | $3.49M | $3.00M |
| Current Assets | $161.06M | $181.21M | $155.62M | $152.15M | $154.59M | $173.66M | $189.91M | $159.03M | $178.37M | $185.47M |
| Total Assets | $208.99M | $231.51M | $209.65M | $212.28M | $225.39M | $242.79M | $262.70M | $249.04M | $244.26M | $252.97M |
| Current Liabilities | $17.35M | $17.35M | $21.22M | $18.84M | $18.43M | $23.43M | $18.87M | $20.03M | $17.14M | $21.47M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $24.70M | $25.32M | $28.81M | $27.07M | $27.28M | $32.78M | $28.83M | $30.53M | $28.23M | $33.17M |
| Stockholders' Equity | $184.28M | $206.19M | $180.83M | $185.21M | $198.11M | $210.01M | $233.87M | $218.51M | $216.04M | $219.81M |
| Retained Earnings | $116.42M | $128.67M | $101.75M | $97.88M | $95.83M | $105.71M | $82.23M | $73.75M | $74.40M | $82.66M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $21.04M | - | - | - | $10.68M | - | - | - | $6.50M | - |
| Investing Cash Flow | ($7.61M) | - | - | - | $12.67M | - | - | - | ($4.99M) | - |
| Financing Cash Flow | ($11.38M) | - | - | - | ($3.87M) | - | - | - | $1.19M | - |
| CapEx | $814.0K | - | - | - | $191.0K | - | - | - | $824.0K | - |
| Free Cash Flow | $20.22M | - | - | - | $10.49M | - | - | - | $5.67M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 27.8% | - | 64.2% | 64.0% | 55.3% | - | 65.1% | 64.6% | 59.0% | - |
| Operating margin | -153.1% | - | 11.4% | 5.3% | -155.8% | - | 18.3% | -7.4% | -90.4% | - |
| EBITDA margin | -143.0% | - | - | - | -143.8% | - | - | - | -81.9% | - |
| Net margin | -126.2% | - | 12.1% | 7.3% | -122.5% | - | 22.0% | -2.4% | -68.3% | - |
| Free cash flow margin | 208.4% | - | - | - | 130.0% | - | - | - | 46.9% | - |
| FCF / Net income | -1.65 | - | - | - | -1.06 | - | - | - | -0.69 | - |
| R&D / Revenue | 28.7% | - | 11.5% | 12.3% | 37.2% | - | 10.3% | 14.5% | 36.0% | - |
| SG&A / Revenue | 66.5% | - | 23.5% | 27.3% | 106.3% | - | 19.9% | 35.0% | 62.6% | - |
| Effective tax rate | - | - | 14.9% | 14.0% | - | - | 3.9% | - | - | - |
| Return on assets | -5.9% | - | 1.8% | 1.0% | -4.4% | - | 3.2% | -0.3% | -3.4% | - |
| Return on equity | -6.6% | - | 2.1% | 1.1% | -5.0% | - | 3.6% | -0.3% | -3.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 9.28 | 10.44 | 7.33 | 8.08 | 8.39 | 7.41 | 10.06 | 7.94 | 10.41 | 8.64 |
| Quick ratio | 7.50 | 9.04 | 5.75 | 6.34 | 6.63 | 6.35 | 8.29 | 6.26 | 8.56 | 7.42 |
| Cash ratio | 2.89 | 2.77 | 2.22 | 3.03 | 2.67 | 1.26 | 3.35 | 2.01 | 4.13 | 3.17 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.13 | 1.12 | 1.16 | 1.15 | 1.14 | 1.16 | 1.12 | 1.14 | 1.13 | 1.15 |
| Liabilities / Assets | 0.12 | 0.11 | 0.14 | 0.13 | 0.12 | 0.14 | 0.11 | 0.12 | 0.12 | 0.13 |
| Efficiency | ||||||||||
| Asset turnover | 0.05 | - | 0.15 | 0.13 | 0.04 | - | 0.15 | 0.11 | 0.05 | - |
| Inventory turnover | - | - | 0.34 | 0.31 | 0.11 | - | 0.40 | 0.29 | 0.16 | - |
| Days sales outstanding | 1464d | - | 502d | 424d | 1466d | - | 301d | 277d | 756d | - |
| Days inventory outstanding | - | - | 1071d | 1181d | 3280d | - | 907d | 1275d | 2333d | - |
| Days payable outstanding | - | - | 151d | 124d | 344d | - | 92d | 180d | 257d | - |
| Cash conversion cycle | - | - | 1421d | 1480d | 4401d | - | 1115d | 1373d | 2832d | - |
| Valuation | ||||||||||
| P / E | - | - | 220.3x | 319.5x | - | - | 115.9x | - | - | - |
| P / B | 2.9x | - | 4.6x | 3.8x | 4.4x | - | 4.3x | 3.5x | 4.2x | - |
| P / S | 54.6x | - | 25.8x | 24.8x | 108.2x | - | 26.3x | 28.0x | 74.6x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 20.3% | - | -17.1% | 3.1% | -33.3% | - | 4.2% | 31.3% | -9.8% | - |
| Revenue CAGR (3y) | -10.2% | - | 1.7% | 11.4% | -37.2% | - | 22.9% | 9.7% | -25.2% | - |
| Revenue CAGR (5y) | -19.6% | - | 3.1% | -8.4% | -17.8% | - | 9.2% | 3.6% | -9.4% | - |
| Gross profit growth (YoY) | -39.4% | - | -18.1% | 2.2% | -37.5% | - | -3.0% | 29.7% | -12.5% | - |
| Operating income growth (YoY) | -18.3% | - | -48.1% | - | -14.9% | - | -22.7% | 22.1% | -34.8% | - |
| Net income growth (YoY) | -24.0% | - | -54.3% | - | -19.6% | - | -12.2% | 61.4% | -31.2% | - |
| EPS growth (YoY) | -27.8% | - | -53.3% | - | -28.6% | - | -11.8% | 66.7% | -27.3% | - |
| EPS CAGR (3y) | - | - | -4.4% | - | - | - | 95.7% | - | - | - |
| EPS CAGR (5y) | - | - | -6.9% | -33.2% | - | - | 10.8% | - | - | - |
| FCF growth (YoY) | 92.8% | - | - | - | 84.9% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -7.0% | -1.8% | -22.7% | -15.2% | -8.3% | -4.5% | 20.5% | 20.2% | 19.0% | 18.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$134.99M totalWater Segment$134.70M · 99.8%
Emerging Technologies Segment$285.0K · 0.2%
Geographic
$134.70M totalMiddle East And Africa$68.08M · 50.5%
Other$51.61M · 38.3%
Africa$15.01M · 11.1%
Peer comparison
Same SIC group: Special Industry Machinery, NEC
Comparing Energy Recovery against the 5 most active filers in the same SIC group.