NASDAQ : ERII
Energy Recovery, Inc. — Financial statements
Industrials · Pollution & Treatment Controls · United States
Last price 6.96 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 355.27M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Energy Recovery, Inc. (ERII) reported revenue of 120.57M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 120.57M | 134.99M | 144.95M | 128.35M | 125.59M | 103.90M |
| Cost of Revenue | 41.76M | 47.06M | 48.02M | 41.27M | 38.23M | 32.67M |
| Gross Profit | 78.81M | 87.93M | 96.93M | 87.08M | 87.36M | 71.23M |
| Selling, General & Admin | 46.90M | 50.34M | 58.50M | 51.03M | 44.62M | 37.33M |
| Research & Development | 12.22M | 13.03M | 16.24M | 17.00M | 17.91M | 20.07M |
| Operating Expenses | 59.12M | 63.38M | 74.73M | 68.03M | 62.53M | 57.40M |
| Operating Income | 19.69M | 24.55M | 22.20M | 19.05M | 24.83M | 13.83M |
| Interest & Investment Income | 3.01M | 3.61M | 6.22M | 3.76M | 908.00K | 204.00K |
| Other Non Operating Income (Expenses) | 342.00K | 92.00K | -207.00K | -101.00K | 334.00K | -31.00K |
| EBT Excluding Unusual Items | 23.04M | 28.26M | 28.21M | 22.70M | 26.07M | 14.00M |
| Merger & Restructuring Charges | -3.80M | -313.00K | -2.48M | |||
| Asset Writedown | -353.00K | |||||
| Pretax Income | 17.58M | 27.59M | 25.73M | 22.70M | 26.07M | 14.00M |
| Income Tax Expense | 2.24M | 4.63M | 2.69M | 1.20M | 2.02M | -265.00K |
| Net Income | 15.34M | 22.96M | 23.05M | 21.50M | 24.05M | 14.27M |
| Net Income to Common | 15.34M | 22.96M | 23.05M | 21.50M | 24.05M | 14.27M |
| Shares Outstanding (Basic) | 52.54M | 53.80M | 57.21M | 56.44M | 56.22M | 56.99M |
| Shares Outstanding (Diluted) | 52.90M | 54.16M | 57.82M | 57.74M | 57.64M | 58.72M |
| EPS (Basic) | 0.29 | 0.43 | 0.40 | 0.38 | 0.43 | 0.25 |
| EPS (Diluted) | 0.28 | 0.42 | 0.40 | 0.37 | 0.42 | 0.24 |
| Free Cash Flow | 38.60M | 17.44M | 19.22M | 23.49M | 8.40M | 6.84M |
| Free Cash Flow Per Share | 0.73 | 0.32 | 0.33 | 0.41 | 0.15 | 0.12 |
| Gross Margin | 65.36% | 65.14% | 66.87% | 67.84% | 69.56% | 68.56% |
| Operating Margin | 16.33% | 18.19% | 15.32% | 14.84% | 19.77% | 13.31% |
| Profit Margin | 12.72% | 17.01% | 15.90% | 16.75% | 19.15% | 13.73% |
| Free Cash Flow Margin | 32.01% | 12.92% | 13.26% | 18.30% | 6.69% | 6.59% |
| EBITDA | 23.53M | 28.32M | 26.25M | 23.15M | 29.59M | 18.33M |
| EBITDA Margin | 19.51% | 20.98% | 18.11% | 18.04% | 23.56% | 17.64% |
| D&A For EBITDA | 3.83M | 3.76M | 4.05M | 4.10M | 4.76M | 4.50M |
| EBIT | 19.69M | 24.55M | 22.20M | 19.05M | 24.83M | 13.83M |
| EBIT Margin | 16.33% | 18.19% | 15.32% | 14.84% | 19.77% | 13.31% |
| Effective Tax Rate | 12.76% | 16.79% | 10.43% | 5.29% | 7.76% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 61.44M | 48.08M | 29.63M | 68.10M | 56.35M | 74.36M |
| Short-Term Investments | 31.62M | 27.17M | 48.39M | 40.45M | 33.48M | 31.33M |
| Cash & Short-Term Investments | 93.06M | 75.25M | 78.02M | 108.54M | 89.83M | 105.69M |
| Accounts Receivable | 14.24M | 76.64M | 64.07M | 47.53M | 35.78M | 21.11M |
| Other Receivables | 581.00K | 319.00K | ||||
| Receivables | 14.24M | 76.64M | 64.07M | 48.11M | 36.10M | 21.11M |
| Inventory | 38.24M | 24.26M | 24.91M | 26.15M | 28.37M | 20.38M |
| Prepaid Expenses | 3.89M | 5.06M | 6.67M | 1.71M | 1.48M | 1.82M |
| Other Current Assets | 961.00K | 2.09M | 2.76M | |||
| Total Current Assets | 149.42M | 181.21M | 173.66M | 185.47M | 157.87M | 151.76M |
| Property, Plant & Equipment | 19.30M | 20.64M | 25.12M | 30.17M | 32.70M | 35.01M |
| Long-Term Investments | 5.02M | 8.03M | 21.83M | 13.83M | 3.06M | 2.30M |
| Goodwill | 11.13M | 12.79M | 12.79M | 12.79M | 12.79M | 12.79M |
| Other Intangible Assets | 37.00K | |||||
| Long-Term Deferred Tax Assets | 12.06M | 8.27M | 9.00M | 10.32M | 10.26M | 11.42M |
| Other Long-Term Assets | 804.00K | 577.00K | 391.00K | 388.00K | 366.00K | 367.00K |
| Total Assets | 197.74M | 231.51M | 242.79M | 252.97M | 217.04M | 213.69M |
| Accounts Payable | 5.00M | 2.11M | 3.11M | 3.00M | 814.00K | 909.00K |
| Accrued Expenses | 8.51M | 9.06M | 13.21M | 13.45M | 13.46M | 13.12M |
| Current Portion of Leases | 2.65M | 2.53M | 2.02M | 1.79M | 1.60M | 1.56M |
| Current Income Taxes Payable | 10.00K | 2.40M | 947.00K | 1.08M | 268.00K | |
| Current Unearned Revenue | 1.11M | 1.04M | 571.00K | 1.10M | 1.20M | 3.32M |
| Other Current Liabilities | 1.27M | 205.00K | 3.57M | 1.06M | 968.00K | 879.00K |
| Total Current Liabilities | 18.56M | 17.35M | 23.43M | 21.47M | 18.30M | 19.79M |
| Long-Term Leases | 5.58M | 6.90M | 9.30M | 11.49M | 13.28M | 14.88M |
| Long-Term Unearned Revenue | 90.00K | 121.00K | 88.00K | |||
| Other Long-Term Liabilities | 1.12M | 1.07M | 57.00K | 117.00K | 159.00K | |
| Total Liabilities | 25.26M | 25.32M | 32.78M | 33.17M | 31.70M | 34.91M |
| Common Stock | 67.00K | 67.00K | 66.00K | 65.00K | 64.00K | 64.00K |
| Additional Paid-In Capital | 247.32M | 244.40M | 235.01M | 217.62M | 204.96M | 195.59M |
| Retained Earnings | 113.22M | 128.67M | 105.71M | 82.66M | 61.15M | 37.10M |
| Treasury Stock | -187.69M | -166.85M | -130.87M | -80.49M | -80.49M | -53.83M |
| Comprehensive Income & Other | -435.00K | -94.00K | 98.00K | -44.00K | -349.00K | -149.00K |
| Shareholders' Equity | 172.48M | 206.19M | 210.01M | 219.81M | 185.34M | 178.78M |
| Total Liabilities & Equity | 197.74M | 231.51M | 242.79M | 252.97M | 217.04M | 213.69M |
| Total Debt | 8.23M | 9.43M | 11.32M | 13.28M | 14.88M | 16.44M |
| Net Cash (Debt) | 84.82M | 65.82M | 66.70M | 95.26M | 74.95M | 89.25M |
| Net Cash Per Share | 1.60 | 1.22 | 1.15 | 1.65 | 1.30 | 1.52 |
| Filing Date Shares Outstanding | 51.04M | 52.83M | 54.96M | 57.08M | 56.28M | 56.81M |
| Total Common Shares Outstanding | 51.17M | 52.81M | 54.79M | 56.88M | 56.08M | 56.82M |
| Working Capital | 130.87M | 163.86M | 150.23M | 164.00M | 139.56M | 131.98M |
| Book Value Per Share | 3.37 | 3.90 | 3.83 | 3.86 | 3.31 | 3.15 |
| Tangible Book Value | 161.35M | 193.40M | 197.22M | 207.02M | 172.55M | 165.95M |
| Tangible Book Value Per Share | 3.15 | 3.66 | 3.60 | 3.64 | 3.08 | 2.92 |
| Machinery | 33.11M | 33.06M | 34.28M | 31.74M | 32.91M | |
| Construction In Progress | 215.00K | 139.00K | 1.21M | 2.41M | 3.30M | |
| Leasehold Improvements | 19.80M | 19.42M | 18.89M | 17.58M | 15.22M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 15.34M | 22.96M | 23.05M | 21.50M | 24.05M | 14.27M |
| Depreciation & Amortization | 3.83M | 3.76M | 4.05M | 4.10M | 6.30M | 5.94M |
| Asset Writedown & Restructuring Costs | 1.66M | 353.00K | ||||
| Loss (Gain) From Sale of Investments | -183.00K | -326.00K | -1.33M | -862.00K | 680.00K | 570.00K |
| Stock-Based Compensation | 7.17M | 7.72M | 10.32M | 8.04M | 6.51M | 6.05M |
| Other Operating Activities | -263.00K | 439.00K | 1.40M | 965.00K | 957.00K | 564.00K |
| Change in Accounts Receivable | 21.20M | -11.56M | -19.40M | -11.74M | -14.71M | -7.42M |
| Change in Inventory | -8.10M | 7.00K | 1.20M | 1.35M | -8.28M | -8.77M |
| Change in Accounts Payable | 897.00K | -1.46M | 787.00K | 2.63M | 138.00K | -155.00K |
| Change in Unearned Revenue | -619.00K | 468.00K | -616.00K | -129.00K | -2.09M | 1.77M |
| Change in Income Taxes | -1.49M | |||||
| Change in Other Net Operating Assets | 1.85M | -3.59M | 1.05M | 198.00K | -924.00K | 710.00K |
| Operating Cash Flow | 41.29M | 18.77M | 20.52M | 26.05M | 12.63M | 13.53M |
| Capital Expenditures | -2.69M | -1.33M | -1.30M | -2.57M | -4.23M | -6.68M |
| Sale of Property, Plant & Equipment | 13.00K | 10.00K | 133.00K | 87.00K | 1.10M | 5.00K |
| Investment in Securities | 120.00K | 35.30M | -14.49M | -16.63M | -3.82M | -13.88M |
| Investing Cash Flow | -2.56M | 33.98M | -15.65M | -19.11M | -6.95M | -20.56M |
| Issuance of Common Stock | 469.00K | 1.80M | 7.10M | 4.79M | 2.99M | 10.55M |
| Repurchase of Common Stock | -35.21M | -36.33M | -50.38M | -26.65M | -23.35M | |
| Financing Cash Flow | -34.49M | -34.53M | -43.28M | 4.79M | -23.67M | -12.79M |
| Foreign Exchange Rate Adjustments | 18.00K | 98.00K | -52.00K | 33.00K | -20.00K | -68.00K |
| Net Cash Flow | 4.26M | 18.32M | -38.47M | 11.77M | -18.00M | -19.90M |
| Free Cash Flow | 38.60M | 17.44M | 19.22M | 23.49M | 8.40M | 6.84M |
| Free Cash Flow Margin | 32.01% | 12.92% | 13.26% | 18.30% | 6.69% | 6.59% |
| Free Cash Flow Per Share | 0.73 | 0.32 | 0.33 | 0.41 | 0.15 | 0.12 |
| Levered Free Cash Flow | 36.36M | 8.59M | 9.96M | 15.56M | 619.12K | 107.38K |
| Unlevered Free Cash Flow | 36.36M | 8.59M | 9.96M | 15.56M | 619.12K | 107.38K |
| Cash Income Tax Paid | 1.40M | 1.40M | 1.55M | 505.00K | 547.00K | -194.00K |
| Change in Working Capital | 13.73M | -16.14M | -16.97M | -7.69M | -25.86M | -13.87M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 371.10M | 714.59M | 851.04M | 1.06B | 1.15B | 1.22B |
| Enterprise Value | 286.27M | 654.21M | 744.24M | 972.60M | 1.08B | 1.13B |
| Last Close Price | 6.96 | 13.49 | 14.70 | 18.84 | 20.49 | 21.49 |
| PE Ratio | 26.04 | 31.12 | 36.92 | 49.52 | 47.71 | 85.42 |
| Forward PE | 1,453.00 | 15.87 | 19.41 | 53.83 | 89.09 | 50.36 |
| PS Ratio | 2.95 | 5.29 | 5.87 | 8.30 | 9.14 | 11.73 |
| PB Ratio | 2.07 | 3.47 | 4.05 | 4.84 | 6.19 | 6.82 |
| P/TBV Ratio | 2.20 | 3.69 | 4.32 | 5.14 | 6.65 | 7.34 |
| P/FCF Ratio | 9.20 | 40.97 | 44.27 | 45.34 | 136.61 | 178.15 |
| P/OCF Ratio | 8.60 | 38.07 | 41.47 | 40.87 | 90.84 | 90.11 |
| PEG Ratio | 0.97 | 1.21 | 1.21 | 1.21 | 1.21 | |
| EV/Sales Ratio | 2.24 | 4.85 | 5.13 | 7.58 | 8.57 | 10.86 |
| EV/EBITDA Ratio | 11.50 | 23.11 | 28.36 | 42.01 | 36.36 | 61.53 |
| EV/EBIT Ratio | 13.73 | 26.64 | 33.52 | 51.05 | 43.34 | 81.56 |
| EV/FCF Ratio | 7.01 | 37.51 | 38.71 | 41.41 | 128.12 | 164.87 |
| Debt / Equity Ratio | 0.05 | 0.05 | 0.05 | 0.06 | 0.08 | 0.09 |
| Debt / EBITDA Ratio | 0.31 | 0.30 | 0.39 | 0.52 | 0.46 | 0.79 |
| Debt / FCF Ratio | 0.21 | 0.54 | 0.59 | 0.56 | 1.77 | 2.40 |
| Net Debt / Equity Ratio | -0.49 | -0.32 | -0.32 | -0.43 | -0.40 | -0.50 |
| Net Debt / EBITDA Ratio | -3.61 | -2.33 | -2.54 | -4.12 | -2.53 | -4.87 |
| Net Debt / FCF Ratio | -2.20 | -3.77 | -3.47 | -4.06 | -8.92 | -13.04 |
| Asset Turnover | 0.59 | 0.57 | 0.58 | 0.55 | 0.58 | 0.50 |
| Inventory Turnover | 1.18 | 1.91 | 1.88 | 1.51 | 1.57 | 2.03 |
| Quick Ratio | 5.78 | 8.75 | 6.07 | 7.30 | 6.88 | 6.41 |
| Current Ratio | 8.05 | 10.44 | 7.41 | 8.64 | 8.63 | 7.67 |
| Return on Equity (ROE) | 8.58% | 11.03% | 10.72% | 10.62% | 13.21% | 8.14% |
| Return on Assets (ROA) | 6.00% | 6.47% | 5.60% | 5.07% | 7.21% | 4.14% |
| Return on Invested Capital (ROIC) | 17.65% | 14.41% | 14.85% | 15.36% | 22.91% | 16.85% |
| Return on Capital Employed (ROCE) | 11.00% | 11.50% | 10.10% | 8.20% | 12.50% | 7.10% |
| Earnings Yield | 3.84% | 3.21% | 2.71% | 2.02% | 2.10% | 1.17% |
| FCF Yield | 10.86% | 2.44% | 2.26% | 2.21% | 0.73% | 0.56% |
| Buyback Yield / Dilution | 6.37% | 6.34% | -0.14% | -0.17% | 1.84% | -3.68% |