What is Energy Recovery's operating income?

Energy Recovery's total operating income in 2025 was $23.89 million, based on the following breakdown: Total Gross Profit: $87.93 million Total Operating Expenses: $64.04 million

Energy Recovery (ERII) Financials

$8.84 0.00 (0.00%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$8.89 +0.05 (+0.58%)

As of 07/2/2026 07:55 PM Eastern

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Annual Income Statements for Energy Recovery

This table shows Energy Recovery's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-12	3.72	18	22	11	26	14	24	22	23	23
Consolidated Net Income / (Loss)	-12	3.72	18	22	11	26	14	24	22	23	23
Net Income / (Loss) Continuing Operations	-12	3.72	18	22	11	26	14	24	22	23	23
Total Pre-Tax Income	-12	3.71	9.93	11	12	32	14	26	23	26	28
Total Operating Income	-12	3.43	9.25	9.98	10	31	14	25	19	20	24
Total Gross Profit	44	32	50	57	52	91	71	87	87	97	88
Total Revenue	44	50	69	75	87	119	104	126	128	145	135
Operating Revenue	44	50	69	75	87	119	104	126	128	145	135
Total Cost of Revenue	0.00	18	19	18	20	28	33	38	41	48	47
Operating Cost of Revenue	-	18	19	18	20	28	33	38	41	48	47
Total Operating Expenses	55	28	41	47	56	59	57	63	68	77	64
Selling, General & Admin Expense	20	17	17	21	23	26	25	28	29	33	30
Marketing Expense	9.33	9.12	9.39	7.55	9.43	8.13	12	16	22	25	21
Research & Development Expense	7.66	10	13	17	23	23	20	18	17	16	13
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	2.48	0.31
Total Other Income / (Expense), net	-0.18	0.29	0.68	1.46	1.89	0.84	0.17	1.24	3.66	6.01	3.71
Interest & Investment Income	0.05	0.31	-	1.54	2.01	0.91	0.20	0.91	3.76	6.22	3.61
Other Income / (Expense), net	-0.19	-0.02	0.68	-0.08	-0.12	-0.07	-0.03	0.33	-0.10	-0.21	0.09
Income Tax Expense	-0.33	-0.01	-8.43	-11	1.34	5.75	-0.27	2.02	1.20	2.69	4.63
Basic Earnings per Share	($0.22)	$0.07	$0.34	$0.41	$0.20	$0.47	$0.25	$0.43	$0.38	$0.40	$0.43
Weighted Average Basic Shares Outstanding	52.15M	52.34M	53.70M	53.76M	54.74M	55.71M	56.99M	56.22M	56.44M	57.21M	53.80M
Diluted Earnings per Share	($0.22)	$0.07	$0.33	$0.40	$0.19	$0.47	$0.24	$0.42	$0.37	$0.40	$0.42
Weighted Average Diluted Shares Outstanding	52.15M	55.45M	55.61M	55.34M	56.07M	56.64M	58.72M	57.64M	57.74M	57.82M	54.16M
Weighted Average Basic & Diluted Shares Outstanding	52.90M	51.70M	53.99M	53.90M	55.49M	57.10M	56.81M	56.28M	57.08M	54.96M	52.83M

This table shows Energy Recovery's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.66	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12
Consolidated Net Income / (Loss)	9.66	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12
Net Income / (Loss) Continuing Operations	9.66	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12
Total Pre-Tax Income	10	22	-9.55	-0.40	8.83	27	-11	2.39	4.55	32	-14
Total Operating Income	9.13	21	-11	-2.01	7.06	26	-13	1.47	3.66	31	-15
Total Gross Profit	26	39	7.14	18	25	47	4.46	18	21	45	2.70
Total Revenue	37	57	12	27	39	67	8.07	28	32	67	9.71
Operating Revenue	37	57	12	27	39	67	8.07	28	32	67	9.71
Total Cost of Revenue	11	18	4.96	9.63	13	20	3.61	10	11	22	7.00
Operating Cost of Revenue	11	18	4.96	9.63	13	20	3.61	10	11	22	7.00
Total Operating Expenses	17	19	18	20	18	22	17	16	17	14	18
Selling, General & Admin Expense	7.37	7.16	7.57	9.53	7.67	8.30	8.57	7.67	7.51	6.01	6.46
Marketing Expense	5.41	6.77	6.15	6.10	6.41	6.75	4.91	5.36	5.71	4.95	5.12
Research & Development Expense	3.97	4.96	4.35	3.94	3.97	3.97	3.00	3.45	3.67	2.91	2.79
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	1.66
Restructuring Charge	-	-	0.00	0.00	0.00	-	0.54	0.00	0.00	-0.23	1.54
Total Other Income / (Expense), net	1.05	1.30	1.39	1.61	1.77	1.24	1.08	0.91	0.89	0.82	0.83
Interest & Investment Income	1.08	1.27	1.44	1.66	1.71	1.40	1.07	0.94	0.85	0.75	0.73
Other Income / (Expense), net	-0.04	0.03	-0.05	-0.05	0.06	-0.16	0.01	-0.03	0.05	0.07	0.11
Income Tax Expense	0.52	2.11	-1.29	0.24	0.34	3.38	-1.60	0.33	0.68	5.22	-1.78
Basic Earnings per Share	$0.17	$0.35	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.50	($0.23)
Weighted Average Basic Shares Outstanding	56.44M	56.44M	57.10M	57.37M	57.76M	57.21M	54.90M	54.26M	53.16M	53.80M	52.66M
Diluted Earnings per Share	$0.17	$0.34	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.49	($0.23)
Weighted Average Diluted Shares Outstanding	57.97M	57.74M	57.10M	57.37M	58.29M	57.82M	54.90M	54.49M	53.47M	54.16M	52.66M
Weighted Average Basic & Diluted Shares Outstanding	56.52M	57.08M	57.33M	57.72M	57.89M	54.96M	54.50M	53.20M	52.97M	52.83M	51.55M

This table details how cash moves in and out of Energy Recovery's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	84	-38	-35	-8.48	4.35	68	-20	-18	12	-38	18
Net Cash From Operating Activities	69	4.97	2.90	7.57	5.27	17	14	13	26	21	19
Net Cash From Continuing Operating Activities	69	4.97	2.90	7.57	5.27	17	14	13	26	21	19
Net Income / (Loss) Continuing Operations	-12	3.72	18	22	11	26	14	24	22	23	23
Consolidated Net Income / (Loss)	-12	3.72	18	22	11	26	14	24	22	23	23
Depreciation Expense	3.84	3.68	3.67	3.87	4.40	5.30	4.50	4.76	4.10	4.05	3.76
Amortization Expense	0.16	0.17	0.46	0.36	0.07	0.39	2.01	2.22	-0.86	-1.33	-0.33
Non-Cash Adjustments To Reconcile Net Income	3.69	2.83	-12	-5.10	-4.38	6.31	8.41	2.99	10	7.61	8.90
Changes in Operating Assets and Liabilities, net	73	-5.44	-7.80	-14	-5.72	-22	-16	-21	-8.75	-13	-17
Net Cash From Investing Activities	14	-40	-39	-10	-6.88	47	-21	-6.95	-19	-16	34
Net Cash From Continuing Investing Activities	14	-40	-39	-10	-6.88	47	-21	-6.95	-19	-16	34
Purchase of Property, Plant & Equipment	-0.57	-1.11	-7.38	-5.24	-7.38	-6.79	-6.68	-4.23	-2.57	-1.30	-1.33
Purchase of Investments	0.00	-47	-81	-86	-85	-13	-49	-44	-85	-91	-31
Sale of Property, Plant & Equipment	-	-	-	-	-	0.00	0.01	1.10	0.09	0.13	0.01
Sale and/or Maturity of Investments	13	7.54	49	81	86	66	35	40	68	77	67
Net Cash From Financing Activities	1.37	-2.79	0.95	-5.89	5.96	4.37	-13	-24	4.79	-43	-35
Net Cash From Continuing Financing Activities	1.37	-2.79	0.95	-5.89	5.96	4.37	-13	-24	4.79	-43	-35
Repurchase of Common Equity	0.00	-9.38	-4.28	-10	0.00	0.00	-23	-27	0.00	-50	-36
Issuance of Common Equity	1.33	6.60	5.51	4.29	6.07	4.40	11	2.99	4.79	7.10	1.80
Effect of Exchange Rate Changes	-0.02	-0.04	-	-	0.00	0.03	-0.07	-0.02	0.03	-0.05	0.10
Cash Income Taxes Paid	0.02	0.05	0.06	0.61	0.05	0.05	0.08	0.55	0.51	1.55	1.40

This table details how cash moves in and out of Energy Recovery's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	7.20	17	2.68	-30	23	-34	20	7.91	-10	0.97	2.04
Net Cash From Operating Activities	7.75	14	6.50	8.07	-3.00	8.96	11	4.15	-3.13	7.08	21
Net Cash From Continuing Operating Activities	7.75	14	6.50	8.07	-3.00	8.96	11	4.15	-3.13	7.08	21
Net Income / (Loss) Continuing Operations	9.66	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12
Consolidated Net Income / (Loss)	9.66	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12
Depreciation Expense	1.06	1.03	1.03	1.01	1.01	1.00	0.96	0.94	0.91	0.94	0.98
Amortization Expense	0.19	0.17	0.20	0.07	-0.01	0.18	-0.23	0.35	0.54	-1.45	-0.08
Non-Cash Adjustments To Reconcile Net Income	2.49	2.05	3.40	2.79	1.27	-2.14	3.55	1.92	2.82	0.62	5.21
Changes in Operating Assets and Liabilities, net	-5.64	-9.28	10	4.84	-14	-14	16	-1.12	-11	-20	27
Net Cash From Investing Activities	-1.34	-0.74	-4.99	-39	22	6.52	13	21	3.45	-3.03	-7.61
Net Cash From Continuing Investing Activities	-1.34	-0.74	-4.99	-39	22	6.52	13	21	3.45	-3.03	-7.61
Purchase of Property, Plant & Equipment	-0.33	-1.39	-0.82	-0.20	-0.17	-0.10	-0.19	-0.14	-0.34	-0.66	-0.81
Purchase of Investments	-30	-5.61	-21	-52	-7.21	-11	-14	-2.87	-5.24	-8.89	-18
Sale of Property, Plant & Equipment	-	0.01	0.09	0.00	-	0.04	0.01	-	-	-	0.01
Sale and/or Maturity of Investments	29	6.25	17	14	29	17	27	24	9.03	6.53	11
Net Cash From Financing Activities	0.81	3.61	1.19	0.31	4.29	-49	-3.87	-17	-10	-3.12	-11
Net Cash From Continuing Financing Activities	0.81	3.61	1.19	0.31	4.29	-49	-3.87	-17	-10	-3.12	-11
Repurchase of Common Equity	-	-	0.00	-	-	-	-4.49	-18	-11	-3.55	-11
Issuance of Common Equity	0.81	3.61	1.19	0.31	4.29	1.31	1.09	0.37	0.38	0.43	0.00
Other Financing Activities, net	-	-	-	-	-	-	-0.48	-	-	-	-0.68
Effect of Exchange Rate Changes	-0.01	0.01	-0.02	-0.01	0.00	-0.03	0.03	0.03	-0.00	0.04	-0.02

This table presents Energy Recovery's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	152	149	164	180	189	204	214	217	253	243	232
Total Current Assets	124	122	126	120	113	143	152	158	185	174	181
Cash & Equivalents	100	61	-	-	26	94	74	56	68	30	48
Short-Term Investments	0.26	39	-	73	59	20	31	33	40	48	27
Accounts Receivable	13	14	-	10	13	12	21	34	47	64	77
Inventories, net	6.50	4.55	-	7.14	10	12	20	28	26	25	24
Prepaid Expenses	0.94	1.31	-	2.83	4.55	4.95	5.08	5.61	3.84	6.67	5.06
Plant, Property, & Equipment, net	11	8.64	0.00	15	19	20	20	20	19	15	13
Total Noncurrent Assets	18	18	11	46	57	41	42	40	49	54	37
Long-Term Investments	-	-	-	1.27	15	0.00	2.30	3.06	14	22	8.03
Goodwill	13	13	-	13	13	13	13	13	13	13	13
Noncurrent Deferred & Refundable Income Taxes	0.00	1.27	7.93	18	17	11	11	10	10	9.00	8.27
Other Noncurrent Operating Assets	0.00	0.00	2.84	13	12	17	15	13	12	10	8.28
Total Liabilities & Shareholders' Equity	152	149	164	180	189	204	214	217	253	243	232
Total Liabilities	88	84	73	66	53	33	35	32	33	33	25
Total Current Liabilities	16	17	30	27	28	16	20	18	21	23	17
Accounts Payable	1.87	1.51	-	1.44	1.19	1.12	0.91	0.81	3.00	3.11	2.11
Accrued Expenses	8.27	9.43	7.95	8.50	9.87	12	14	15	16	18	12
Current Deferred Revenue	5.88	6.20	16	-	-	1.55	3.32	1.20	1.10	0.57	1.04
Other Current Liabilities	-	-	1.60	17	17	1.24	1.56	1.60	1.79	2.02	2.53
Total Noncurrent Liabilities	72	67	42	39	25	17	15	13	12	9.35	7.97
Other Noncurrent Operating Liabilities	0.72	0.55	1.70	13	25	17	15	13	12	9.35	7.97
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	64	65	-37	113	136	172	179	185	220	210	206
Total Preferred & Common Equity	64	65	92	113	136	172	179	185	220	210	206
Total Common Equity	64	65	-37	113	136	172	179	185	220	210	206
Common Stock	130	140	-	158	170	179	196	205	218	235	244
Retained Earnings	-59	-58	-37	-14	-3.55	23	37	61	83	106	129
Treasury Stock	-6.84	-16	-	-30	-30	-30	-54	-80	-80	-131	-167
Accumulated Other Comprehensive Income / (Loss)	-0.06	-0.12	-	-0.13	-0.04	0.05	-0.15	-0.35	-0.04	0.10	-0.09

This table presents Energy Recovery's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	200	208	210	223	244	249	263	225	212	210	209
Total Current Assets	139	148	150	146	178	159	190	155	152	156	161
Cash & Equivalents	52	66	44	51	71	40	63	49	57	47	50
Short-Term Investments	30	32	51	33	47	61	55	34	22	23	36
Accounts Receivable	18	12	15	23	25	21	32	32	33	44	39
Inventories, net	32	33	36	34	32	34	33	32	33	34	31
Prepaid Expenses	6.38	4.57	3.54	4.51	4.29	3.69	5.98	6.25	7.38	7.66	5.08
Plant, Property, & Equipment, net	19	20	19	19	18	17	16	15	14	13	13
Total Noncurrent Assets	42	40	40	58	48	73	56	56	46	41	35
Long-Term Investments	4.27	3.02	2.47	21	12	37	21	23	14	9.56	5.99
Goodwill	13	13	13	13	13	13	13	13	13	13	11
Noncurrent Deferred & Refundable Income Taxes	11	11	12	11	12	11	11	11	10	9.71	10
Other Noncurrent Operating Assets	14	13	13	12	11	12	11	9.60	9.23	8.63	7.93
Total Liabilities & Shareholders' Equity	200	208	210	223	244	249	263	225	212	210	209
Total Liabilities	31	26	28	29	28	31	29	27	27	29	25
Total Current Liabilities	17	13	15	16	17	20	19	18	19	21	17
Accounts Payable	1.93	1.96	1.74	1.81	3.49	4.75	3.41	3.40	3.44	4.74	2.79
Accrued Expenses	11	8.19	10	11	8.34	10	11	11	11	12	11
Current Deferred Revenue	2.16	1.45	1.27	1.47	3.45	3.21	2.97	1.40	1.73	1.93	1.08
Other Current Liabilities	1.55	1.65	1.69	1.74	1.85	1.91	1.96	2.36	2.41	2.47	2.59
Total Noncurrent Liabilities	14	13	13	12	11	11	9.96	8.85	8.23	7.60	7.35
Other Noncurrent Operating Liabilities	14	13	13	12	11	11	9.96	8.85	8.23	7.60	7.35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	169	182	182	194	216	219	234	198	185	181	184
Total Preferred & Common Equity	169	182	182	194	216	219	234	198	185	181	184
Total Common Equity	169	182	182	194	216	219	234	198	185	181	184
Common Stock	203	207	209	212	222	225	232	238	240	242	246
Retained Earnings	47	55	53	63	74	74	82	96	98	102	116
Treasury Stock	-80	-80	-80	-80	-80	-80	-80	-135	-153	-163	-178
Accumulated Other Comprehensive Income / (Loss)	-0.51	-0.27	-0.13	-0.18	-0.06	-0.06	0.15	0.08	0.04	0.03	-0.29

This table displays calculated financial ratios and metrics derived from Energy Recovery's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,972,096.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,972,096.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.53%	13.84%	39.05%	7.79%	16.68%	36.86%	-12.68%	20.87%	2.20%	12.93%	-6.87%
EBITDA Growth	42.70%	190.96%	93.60%	0.51%	4.08%	150.98%	-44.98%	58.28%	-25.85%	0.72%	23.31%
EBIT Growth	34.92%	128.43%	191.49%	-0.33%	3.52%	204.70%	-55.80%	82.34%	-24.70%	3.00%	22.87%
NOPAT Growth	36.21%	141.58%	398.23%	12.71%	-52.11%	178.47%	-45.16%	62.52%	-21.22%	-2.09%	12.52%
Net Income Growth	37.78%	131.96%	393.52%	20.37%	-50.60%	141.79%	-45.92%	68.54%	-10.58%	7.19%	-0.38%
EPS Growth	38.89%	131.82%	371.43%	21.21%	-52.50%	147.37%	-48.94%	75.00%	-11.90%	8.11%	5.00%
Operating Cash Flow Growth	1,958.82%	-92.81%	-41.69%	161.31%	-30.36%	220.24%	-19.82%	-6.62%	106.27%	-21.23%	-8.54%
Free Cash Flow Firm Growth	1,662.79%	-95.87%	904.75%	-271.30%	80.21%	144.63%	-94.71%	455.04%	946.75%	-62.16%	44.29%
Invested Capital Growth	-213.15%	1.58%	-27.67%	133.05%	112.03%	60.48%	24.36%	30.59%	5.39%	13.06%	11.57%
Revenue Q/Q Growth	1.00%	3.02%	28.89%	-0.86%	14.16%	-11.77%	7.39%	7.46%	13.13%	7.32%	-0.15%
EBITDA Q/Q Growth	35.48%	428.07%	-2.54%	-21.44%	-13.29%	16.06%	15.85%	35.07%	30.04%	24.87%	18.33%
EBIT Q/Q Growth	27.51%	239.69%	-4.07%	-27.57%	-18.70%	17.94%	18.61%	55.54%	42.96%	32.71%	32.84%
NOPAT Q/Q Growth	27.85%	295.00%	70.06%	-35.90%	-25.49%	20.17%	15.51%	51.40%	44.98%	28.71%	24.94%
Net Income Q/Q Growth	30.95%	309.29%	72.65%	-33.47%	-21.71%	18.19%	14.53%	54.29%	39.42%	18.91%	17.64%
EPS Q/Q Growth	31.25%	333.33%	65.00%	-32.20%	-26.92%	20.51%	9.09%	61.54%	37.04%	17.65%	27.27%
Operating Cash Flow Q/Q Growth	703.31%	-93.72%	521.24%	-48.94%	413.38%	11.61%	-2.08%	1.05%	39.81%	-19.04%	-9.10%
Free Cash Flow Firm Q/Q Growth	727.56%	-96.28%	686.42%	-1,088.84%	45.26%	349.82%	-88.28%	75.31%	84.16%	-37.18%	-20.60%
Invested Capital Q/Q Growth	-212.82%	3.55%	-92.71%	113.43%	-5.67%	-1.93%	3.60%	11.73%	10.59%	17.24%	21.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	64.10%	72.43%	76.01%	60.38%	76.26%	68.56%	69.56%	67.85%	66.87%	65.14%
EBITDA Margin	-18.28%	14.61%	20.33%	18.96%	16.91%	31.02%	19.55%	25.60%	18.57%	16.56%	20.31%
Operating Margin	-27.00%	6.89%	13.38%	13.39%	11.92%	26.30%	13.31%	19.77%	14.84%	13.61%	17.70%
EBIT Margin	-27.44%	6.85%	14.37%	13.28%	11.78%	26.24%	13.28%	20.04%	14.76%	13.46%	17.77%
Profit (Net Income) Margin	-26.65%	7.48%	26.55%	29.65%	12.55%	22.18%	13.73%	19.15%	16.75%	15.90%	17.01%
Tax Burden Percent	97.21%	100.16%	184.85%	193.12%	89.04%	82.12%	101.89%	92.24%	94.71%	89.57%	83.21%
Interest Burden Percent	99.91%	108.98%	99.98%	115.58%	119.62%	102.92%	101.48%	103.61%	119.82%	131.86%	115.07%
Effective Tax Rate	0.00%	-0.16%	-84.85%	-93.12%	10.96%	17.88%	-1.89%	7.76%	5.29%	10.43%	16.79%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	35.36%	55.63%	22.07%	28.06%	19.00%	17.02%	17.06%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	33.65%	54.99%	21.91%	26.92%	15.79%	12.17%	13.69%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-26.61%	-38.47%	-13.92%	-14.85%	-8.39%	-6.29%	-6.02%
Return on Equity (ROE)	-17.43%	5.78%	128.47%	57.52%	8.75%	17.15%	8.14%	13.21%	10.62%	10.73%	11.03%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-287.41%	-36.45%	9.19%	0.35%	1.53%	13.75%	4.76%	6.12%
Operating Return on Assets (OROA)	-10.08%	2.26%	6.33%	5.75%	5.56%	15.88%	6.60%	11.68%	8.06%	7.87%	10.11%
Return on Assets (ROA)	-9.79%	2.47%	11.71%	12.83%	5.92%	13.43%	6.83%	11.17%	9.15%	9.30%	9.68%
Return on Common Equity (ROCE)	-17.43%	5.78%	128.47%	57.52%	8.75%	17.15%	8.14%	13.21%	10.62%	10.73%	11.03%
Return on Equity Simple (ROE_SIMPLE)	-18.28%	5.71%	19.97%	19.49%	8.02%	15.37%	7.98%	12.98%	9.78%	10.98%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.25	3.43	17	19	9.23	26	14	23	18	18	20
NOPAT Margin	-18.90%	6.90%	24.73%	25.86%	10.61%	21.60%	13.56%	18.24%	14.06%	12.19%	14.73%
Net Nonoperating Expense Percent (NNEP)	-4.90%	0.28%	2.12%	5.10%	1.71%	0.64%	0.16%	1.14%	3.22%	4.85%	3.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.36%	8.21%	8.41%	9.64%
Cost of Revenue to Revenue	0.00%	35.90%	27.57%	23.99%	23.39%	23.74%	31.44%	30.44%	32.15%	33.13%	34.86%
SG&A Expenses to Revenue	45.28%	33.44%	25.10%	28.82%	26.26%	21.46%	24.23%	22.57%	22.49%	22.82%	22.05%
R&D to Revenue	17.54%	20.39%	19.45%	22.83%	26.92%	19.71%	19.31%	14.26%	13.25%	11.20%	9.66%
Operating Expenses to Revenue	127.00%	57.21%	59.05%	62.62%	64.69%	49.96%	55.25%	49.79%	53.00%	53.27%	47.44%
Earnings before Interest and Taxes (EBIT)	-12	3.41	9.93	9.90	10	31	14	25	19	20	24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.98	7.26	14	14	15	37	20	32	24	24	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	8.32	0.00	3.20	3.97	4.46	6.82	6.19	4.84	4.05	3.47
Price to Tangible Book Value (P/TBV)	0.00	10.74	0.00	3.63	4.38	4.82	7.34	6.65	5.14	4.32	3.69
Price to Revenue (P/Rev)	0.00	10.90	6.78	4.86	6.21	6.43	11.73	9.14	8.30	5.87	5.29
Price to Earnings (P/E)	0.00	145.70	25.55	16.41	49.44	29.00	85.42	47.71	49.52	36.92	31.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.69%	3.91%	6.09%	2.02%	3.45%	1.17%	2.10%	2.02%	2.71%	3.21%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	15.89	12.38	11.43	15.69	11.41	9.67	6.82	5.14
Enterprise Value to Revenue (EV/Rev)	0.00	8.83	6.78	3.57	5.05	5.47	10.69	8.40	7.34	5.18	4.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	60.48	33.36	18.81	29.85	17.62	54.70	32.80	39.54	31.29	23.03
Enterprise Value to EBIT (EV/EBIT)	0.00	128.90	47.22	26.86	42.85	20.84	80.50	41.91	49.73	38.49	26.33
Enterprise Value to NOPAT (EV/NOPAT)	0.00	127.97	27.43	13.80	47.58	25.31	78.83	46.04	52.23	42.52	31.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	88.45	161.99	35.14	83.34	38.56	82.13	83.48	36.17	36.60	33.63
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	157.20	16.71	0.00	0.00	153.20	4,943.33	845.38	72.18	152.06	88.57
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.04	-1.62	-4.16	-1.44	-0.79	-0.70	-0.64	-0.55	-0.53	-0.52	-0.44
Leverage Ratio	1.78	2.34	10.97	4.48	1.48	1.28	1.19	1.18	1.16	1.15	1.14
Compound Leverage Factor	1.78	2.55	10.97	5.18	1.77	1.32	1.21	1.23	1.39	1.52	1.31
Debt to Total Capital	0.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.06%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.92%	99.94%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	12.73	-14.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	12.31	-29.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	4.58	4.88	4.37	7.29	16.04	22.63	23.84	21.25	17.79	19.48
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.71	7.13	4.15	4.41	4.06	9.10	7.67	8.63	8.64	7.41	10.44
Quick Ratio	7.09	6.66	0.00	3.08	3.53	8.04	6.38	6.77	7.24	6.06	8.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	68	2.79	28	-48	-9.51	4.25	0.22	1.25	13	4.94	7.13
Operating Cash Flow to CapEx	12,072.55%	446.49%	39.25%	144.51%	71.36%	248.64%	202.52%	403.55%	1,050.56%	1,761.55%	1,421.97%
Free Cash Flow to Firm to Interest Expense	1,610.46	931.18	14,034.00	-48,080.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1,644.17	1,655.00	1,447.50	7,565.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1,630.55	1,284.33	-2,240.50	2,330.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.33	0.44	0.43	0.47	0.61	0.50	0.58	0.55	0.58	0.57
Accounts Receivable Turnover	3.39	3.65	0.00	0.00	7.50	9.61	6.41	4.59	3.17	2.61	1.92
Inventory Turnover	0.00	3.23	0.00	0.00	2.33	2.56	2.03	1.57	1.51	1.88	1.91
Fixed Asset Turnover	3.66	5.16	0.00	0.00	5.20	6.10	5.13	6.29	6.71	8.50	9.52
Accounts Payable Turnover	0.00	10.59	0.00	0.00	15.46	24.46	32.23	44.38	21.64	15.72	18.02
Days Sales Outstanding (DSO)	107.62	100.01	0.00	0.00	48.68	37.99	56.92	79.45	115.17	139.76	190.23
Days Inventory Outstanding (DIO)	0.00	113.01	0.00	0.00	156.65	142.55	179.49	232.68	241.07	194.05	190.68
Days Payable Outstanding (DPO)	0.00	34.46	0.00	0.00	23.61	14.92	11.32	8.22	16.87	23.22	20.26
Cash Conversion Cycle (CCC)	107.62	178.56	0.00	0.00	181.72	165.62	225.09	303.91	339.38	310.60	360.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-40	-40	-51	17	35	57	71	92	97	110	123
Invested Capital Turnover	-18.65	-1.24	-1.53	-4.40	3.33	2.58	1.63	1.54	1.35	1.40	1.16
Increase / (Decrease) in Invested Capital	-76	0.64	-11	67	19	21	14	22	4.99	13	13
Enterprise Value (EV)	0.00	439	469	266	439	651	1,111	1,054	942	751	631
Market Capitalization	0.00	542	469	362	540	765	1,219	1,147	1,065	851	715
Book Value per Share	$1.22	$1.24	($0.68)	$2.11	$2.47	$3.06	$3.15	$3.31	$3.89	$3.63	$3.89
Tangible Book Value per Share	$0.93	$0.96	($0.68)	$1.86	$2.23	$2.83	$2.93	$3.08	$3.66	$3.41	$3.65
Total Capital	64	65	-37	113	136	172	179	185	220	210	206
Total Debt	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.04	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-102	-103	0.00	-97	-101	-115	-108	-93	-122	-100	-83
Capital Expenditures (CapEx)	0.57	1.11	7.38	5.24	7.38	6.79	6.68	3.13	2.48	1.17	1.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.84	2.49	96	-2.87	0.01	13	26	50	55	72	89
Debt-free Net Working Capital (DFNWC)	108	105	96	93	85	127	132	140	164	150	164
Net Working Capital (NWC)	108	105	96	93	85	127	132	140	164	150	164
Net Nonoperating Expense (NNE)	3.38	-0.29	-1.26	-2.82	-1.68	-0.69	-0.18	-1.15	-3.46	-5.38	-3.08
Net Nonoperating Obligations (NNO)	-104	-105	-14	-97	-101	-115	-108	-93	-122	-100	-83
Total Depreciation and Amortization (D&A)	4.00	3.85	4.13	4.23	4.46	5.69	6.51	6.98	4.89	4.49	3.43
Debt-free, Cash-free Net Working Capital to Revenue	13.37%	5.00%	138.44%	-3.86%	0.02%	10.72%	25.30%	39.60%	43.21%	49.82%	65.64%
Debt-free Net Working Capital to Revenue	246.20%	211.65%	138.44%	124.16%	97.92%	107.12%	127.02%	111.13%	127.78%	103.64%	121.39%
Net Working Capital to Revenue	246.17%	211.63%	138.44%	124.16%	97.92%	107.12%	127.02%	111.13%	127.78%	103.64%	121.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	$0.02	$0.23	$0.41	$0.20	$0.47	$0.25	$0.43	$0.38	$0.40	$0.43
Adjusted Weighted Average Basic Shares Outstanding	51.95M	52.34M	53.70M	53.76M	54.74M	55.71M	56.99M	56.22M	56.44M	57.21M	53.80M
Adjusted Diluted Earnings per Share	($0.22)	$0.02	$0.22	$0.40	$0.19	$0.47	$0.24	$0.42	$0.37	$0.40	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	51.95M	55.45M	55.61M	55.34M	56.07M	56.64M	58.72M	57.64M	57.74M	57.82M	54.16M
Adjusted Basic & Diluted Earnings per Share	($0.22)	$0.00	$0.00	$0.00	$0.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.15M	53.88M	53.99M	59.56M	55.49M	57.10M	56.81M	56.28M	57.08M	54.96M	52.83M
Normalized Net Operating Profit after Tax (NOPAT)	-8.25	2.40	6.47	6.98	9.23	28	9.68	23	18	20	20
Normalized NOPAT Margin	-18.90%	4.82%	9.37%	9.37%	10.61%	23.21%	9.32%	18.24%	14.06%	13.72%	14.92%
Pre Tax Income Margin	-27.41%	7.47%	14.36%	15.35%	14.10%	27.01%	13.48%	20.76%	17.69%	17.75%	20.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-285.31	1,135.67	4,965.50	9,898.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-196.52	1,143.85	8,548.50	19,269.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-298.93	765.00	1,277.50	4,663.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-210.14	773.18	4,860.50	14,034.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	252.08%	23.30%	45.26%	0.00%	0.00%	163.61%	110.83%	0.00%	218.59%	158.22%

This table displays calculated financial ratios and metrics derived from Energy Recovery's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	54,955,305.00	54,499,225.00	53,198,386.00	52,972,096.00	52,828,666.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	54,955,305.00	54,499,225.00	53,198,386.00	52,972,096.00	52,828,666.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.18	0.04	0.07	0.51	-0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.58%	35.23%	-9.78%	31.25%	4.18%	17.29%	-33.29%	3.13%	-17.06%	-0.30%	20.35%
EBITDA Growth	63.08%	33.70%	-43.92%	37.53%	-21.47%	21.89%	-21.18%	380.96%	-36.43%	24.23%	-17.17%
EBIT Growth	85.57%	38.09%	-36.05%	23.93%	-21.78%	23.31%	-14.28%	170.19%	-47.89%	23.29%	-17.48%
NOPAT Growth	90.37%	42.86%	-34.80%	22.12%	-21.76%	20.16%	-14.89%	189.93%	-54.07%	17.15%	-18.29%
Net Income Growth	101.71%	44.30%	-31.19%	61.44%	-12.21%	18.51%	-19.61%	419.94%	-54.32%	14.67%	-24.00%
EPS Growth	112.50%	41.67%	-27.27%	66.67%	-11.76%	17.65%	-28.57%	500.00%	-53.33%	22.50%	-27.78%
Operating Cash Flow Growth	739.88%	116.60%	-24.95%	295.28%	-138.75%	-35.02%	64.35%	-48.64%	-4.26%	-20.97%	97.01%
Free Cash Flow Firm Growth	133.59%	258.41%	-1,229.56%	121.91%	-72.23%	-29.20%	5.20%	-518.19%	-515.02%	39.49%	18.14%
Invested Capital Growth	6.47%	5.39%	8.43%	-4.46%	6.65%	13.06%	5.59%	13.76%	7.38%	11.57%	0.83%
Revenue Q/Q Growth	78.72%	54.41%	-78.86%	124.97%	41.86%	73.84%	-87.98%	247.81%	14.08%	108.97%	-85.49%
EBITDA Q/Q Growth	760.87%	111.33%	-144.67%	89.99%	930.81%	228.00%	-147.59%	124.16%	87.98%	498.28%	-144.88%
EBIT Q/Q Growth	435.36%	126.96%	-153.23%	81.22%	444.84%	257.79%	-149.33%	111.53%	156.01%	746.56%	-147.00%
NOPAT Q/Q Growth	578.85%	114.94%	-141.08%	81.58%	581.06%	230.10%	-139.28%	114.42%	145.71%	741.89%	-139.66%
Net Income Q/Q Growth	680.18%	105.02%	-141.71%	92.23%	1,421.03%	176.75%	-142.09%	120.79%	88.61%	594.73%	-145.52%
EPS Q/Q Growth	666.67%	100.00%	-141.18%	92.86%	1,600.00%	166.67%	-145.00%	122.22%	75.00%	600.00%	-146.94%
Operating Cash Flow Q/Q Growth	287.45%	77.86%	-52.86%	24.26%	-137.20%	398.20%	19.24%	-61.17%	-175.52%	326.03%	197.26%
Free Cash Flow Firm Q/Q Growth	130.96%	311.86%	-205.39%	116.30%	-60.76%	950.23%	-241.12%	28.10%	61.06%	452.99%	-182.82%
Invested Capital Q/Q Growth	4.58%	10.59%	-11.18%	-7.00%	16.74%	17.24%	-17.04%	0.19%	10.20%	21.82%	-25.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.88%	69.07%	59.02%	64.58%	65.08%	70.25%	55.28%	64.00%	64.24%	67.24%	27.84%
EBITDA Margin	27.91%	38.19%	-80.71%	-3.59%	21.04%	39.69%	-146.62%	9.79%	16.13%	46.17%	-142.75%
Operating Margin	24.66%	36.05%	-90.44%	-7.40%	18.29%	38.19%	-155.76%	5.25%	11.44%	46.83%	-153.09%
EBIT Margin	24.56%	36.09%	-90.88%	-7.58%	18.44%	37.95%	-155.69%	5.16%	11.58%	46.93%	-151.98%
Profit (Net Income) Margin	26.08%	34.63%	-68.32%	-2.36%	21.98%	34.99%	-122.50%	7.32%	12.11%	40.25%	-126.22%
Tax Burden Percent	94.91%	90.38%	86.54%	160.50%	96.10%	87.40%	86.04%	86.01%	85.07%	83.75%	87.34%
Interest Burden Percent	111.91%	106.15%	86.88%	19.39%	124.05%	105.51%	91.45%	164.92%	122.85%	102.40%	95.09%
Effective Tax Rate	5.09%	9.62%	0.00%	0.00%	3.90%	12.60%	0.00%	13.99%	14.93%	16.25%	0.00%
Return on Invested Capital (ROIC)	31.08%	44.04%	-96.69%	-8.40%	26.08%	46.61%	-172.71%	7.45%	13.51%	45.43%	-159.56%
ROIC Less NNEP Spread (ROIC-NNEP)	30.05%	42.95%	-96.16%	-9.05%	24.70%	45.63%	-171.79%	6.77%	12.82%	44.68%	-157.70%
Return on Net Nonoperating Assets (RNNOA)	-15.92%	-22.82%	55.92%	5.33%	-14.19%	-23.59%	97.99%	-3.89%	-6.80%	-19.66%	82.01%
Return on Equity (ROE)	15.16%	21.22%	-40.77%	-3.07%	11.89%	23.02%	-74.73%	3.56%	6.71%	25.77%	-77.55%
Cash Return on Invested Capital (CROIC)	8.30%	13.75%	10.40%	23.50%	8.64%	4.76%	12.88%	9.90%	9.21%	6.12%	18.51%
Operating Return on Assets (OROA)	13.18%	19.71%	-51.06%	-4.42%	10.26%	22.19%	-93.43%	3.17%	6.63%	26.71%	-95.60%
Return on Assets (ROA)	14.00%	18.91%	-38.38%	-1.37%	12.23%	20.46%	-73.52%	4.50%	6.93%	22.91%	-79.40%
Return on Common Equity (ROCE)	15.16%	21.22%	-40.77%	-3.07%	11.89%	23.02%	-74.73%	3.56%	6.71%	25.77%	-77.55%
Return on Equity Simple (ROE_SIMPLE)	7.95%	0.00%	9.04%	9.41%	8.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	8.67	19	-7.65	-1.41	6.78	22	-8.79	1.27	3.12	26	-10
NOPAT Margin	23.40%	32.58%	-63.31%	-5.18%	17.58%	33.38%	-109.03%	4.52%	9.74%	39.22%	-107.16%
Net Nonoperating Expense Percent (NNEP)	1.03%	1.09%	-0.52%	0.65%	1.38%	0.98%	-0.92%	0.68%	0.69%	0.75%	-1.86%
Return On Investment Capital (ROIC_SIMPLE)	-	8.48%	-	-	-	10.66%	-4.44%	0.68%	1.72%	12.72%	-5.64%
Cost of Revenue to Revenue	30.12%	30.93%	40.98%	35.42%	34.92%	29.75%	44.72%	36.00%	35.76%	32.76%	72.16%
SG&A Expenses to Revenue	19.90%	12.52%	62.58%	35.05%	19.89%	12.38%	106.31%	27.34%	23.48%	8.99%	66.51%
R&D to Revenue	10.72%	8.67%	35.99%	14.50%	10.29%	5.92%	37.21%	12.30%	11.46%	4.36%	28.73%
Operating Expenses to Revenue	45.22%	33.02%	149.45%	71.99%	46.79%	32.06%	211.04%	58.75%	52.80%	20.41%	180.93%
Earnings before Interest and Taxes (EBIT)	9.10	21	-11	-2.06	7.11	25	-13	1.45	3.71	31	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10	22	-9.76	-0.98	8.12	27	-12	2.75	5.16	31	-14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.17	4.84	4.13	3.49	4.29	4.05	4.41	3.76	4.54	3.47	2.89
Price to Tangible Book Value (P/TBV)	6.60	5.14	4.39	3.70	4.54	4.32	4.71	4.04	4.88	3.69	3.07
Price to Revenue (P/Rev)	10.55	8.30	7.02	5.71	7.43	5.87	6.20	4.91	6.07	5.29	3.89
Price to Earnings (P/E)	77.57	49.52	45.67	37.05	51.79	36.92	40.75	28.87	42.03	31.12	25.84
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.29%	2.02%	2.19%	2.70%	1.93%	2.71%	2.45%	3.46%	2.38%	3.21%	3.87%
Enterprise Value to Invested Capital (EV/IC)	12.38	9.67	8.82	7.75	9.19	6.82	8.39	6.58	7.34	5.14	4.77
Enterprise Value to Revenue (EV/Rev)	9.61	7.34	6.01	4.67	6.40	5.18	5.44	4.25	5.48	4.68	3.22
Enterprise Value to EBITDA (EV/EBITDA)	59.49	39.54	36.58	29.09	44.94	31.29	38.01	23.08	31.96	23.03	17.33
Enterprise Value to EBIT (EV/EBIT)	82.27	49.73	47.57	37.39	58.75	38.49	42.71	28.09	41.01	26.33	20.19
Enterprise Value to NOPAT (EV/NOPAT)	87.62	52.23	49.60	40.00	62.94	42.52	47.04	30.78	46.53	31.76	24.78
Enterprise Value to Operating Cash Flow (EV/OCF)	58.52	36.17	31.93	17.28	34.08	36.60	31.03	29.02	35.86	33.63	15.10
Enterprise Value to Free Cash Flow (EV/FCFF)	153.81	72.18	88.17	32.24	109.86	152.06	66.91	70.79	82.47	88.57	25.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.53	-0.53	-0.58	-0.59	-0.57	-0.52	-0.57	-0.57	-0.53	-0.44	-0.52
Leverage Ratio	1.16	1.16	1.14	1.15	1.13	1.15	1.13	1.14	1.14	1.14	1.14
Compound Leverage Factor	1.30	1.23	0.99	0.22	1.41	1.22	1.04	1.88	1.40	1.17	1.08
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	26.81	21.28	20.56	16.57	22.71	17.87	20.97	17.53	19.23	19.59	14.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.91	8.64	10.41	7.94	10.06	7.41	8.39	8.08	7.33	10.44	9.28
Quick Ratio	6.57	7.24	8.31	6.08	7.97	6.06	6.29	5.95	5.39	8.75	7.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.31	14	-14	2.34	0.92	9.66	-14	-9.80	-3.82	13	-11
Operating Cash Flow to CapEx	2,348.18%	996.53%	881.55%	4,077.27%	-1,776.92%	14,680.33%	5,899.45%	3,071.11%	-915.50%	1,069.03%	2,626.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.55	0.56	0.58	0.56	0.58	0.60	0.61	0.57	0.57	0.63
Accounts Receivable Turnover	5.43	3.17	6.93	7.41	4.90	2.61	4.91	5.32	3.56	1.92	3.83
Inventory Turnover	1.38	1.51	1.27	1.24	1.36	1.88	1.46	1.42	1.35	1.91	1.59
Fixed Asset Turnover	6.06	6.71	6.76	7.29	7.70	8.50	8.68	9.18	9.11	9.52	9.99
Accounts Payable Turnover	24.32	21.64	15.04	13.38	17.52	15.72	13.53	11.50	11.06	18.02	16.29
Days Sales Outstanding (DSO)	67.17	115.17	52.63	49.25	74.56	139.76	74.39	68.56	102.41	190.23	95.28
Days Inventory Outstanding (DIO)	264.93	241.07	288.54	294.03	268.67	194.05	250.60	256.80	271.24	190.68	228.96
Days Payable Outstanding (DPO)	15.01	16.87	24.28	27.29	20.83	23.22	26.97	31.74	33.01	20.26	22.41
Cash Conversion Cycle (CCC)	317.10	339.38	316.90	315.99	322.40	310.60	298.02	293.61	340.63	360.66	301.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	88	97	87	80	94	110	91	92	101	123	92
Invested Capital Turnover	1.33	1.35	1.53	1.62	1.48	1.40	1.58	1.65	1.39	1.16	1.49
Increase / (Decrease) in Invested Capital	5.36	4.99	6.73	-3.75	5.86	13	4.84	11	6.93	13	0.76
Enterprise Value (EV)	1,090	942	763	624	864	751	767	603	740	631	440
Market Capitalization	1,196	1,065	892	762	1,004	851	873	697	820	715	532
Book Value per Share	$3.44	$3.89	$3.78	$3.81	$4.05	$3.63	$3.61	$3.40	$3.40	$3.89	$3.49
Tangible Book Value per Share	$3.21	$3.66	$3.56	$3.59	$3.83	$3.41	$3.37	$3.16	$3.16	$3.65	$3.28
Total Capital	194	220	216	219	234	210	198	185	181	206	184
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-106	-122	-129	-138	-140	-100	-107	-94	-80	-83	-92
Capital Expenditures (CapEx)	0.33	1.38	0.74	0.20	0.17	0.06	0.18	0.14	0.34	0.66	0.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	45	55	44	38	52	72	53	54	64	89	58
Debt-free Net Working Capital (DFNWC)	130	164	161	139	171	150	136	133	134	164	144
Net Working Capital (NWC)	130	164	161	139	171	150	136	133	134	164	144
Net Nonoperating Expense (NNE)	-0.99	-1.17	0.61	-0.77	-1.70	-1.08	1.09	-0.79	-0.76	-0.69	1.85
Net Nonoperating Obligations (NNO)	-106	-122	-129	-138	-140	-100	-107	-94	-80	-83	-92
Total Depreciation and Amortization (D&A)	1.24	1.20	1.23	1.09	1.00	1.17	0.73	1.30	1.45	-0.51	0.90
Debt-free, Cash-free Net Working Capital to Revenue	39.94%	43.21%	34.54%	28.45%	38.81%	49.82%	37.33%	37.94%	47.36%	65.64%	42.13%
Debt-free Net Working Capital to Revenue	114.45%	127.78%	126.92%	104.11%	126.64%	103.64%	96.62%	94.03%	99.42%	121.39%	105.18%
Net Working Capital to Revenue	114.45%	127.78%	126.92%	104.11%	126.64%	103.64%	96.62%	94.03%	99.42%	121.39%	105.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.17	$0.35	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.50	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	56.44M	56.44M	57.10M	57.37M	57.76M	57.21M	54.90M	54.26M	53.16M	53.80M	52.66M
Adjusted Diluted Earnings per Share	$0.17	$0.34	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.49	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	57.97M	57.74M	57.10M	57.37M	58.29M	57.82M	54.90M	54.49M	53.47M	54.16M	52.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.52M	57.08M	57.33M	57.72M	57.89M	54.96M	54.50M	53.20M	52.97M	52.83M	51.55M
Normalized Net Operating Profit after Tax (NOPAT)	8.67	19	-7.65	-1.41	6.78	22	-8.42	1.27	3.12	26	-8.16
Normalized NOPAT Margin	23.40%	32.58%	-63.31%	-5.18%	17.58%	33.38%	-104.35%	4.52%	9.74%	38.94%	-84.10%
Pre Tax Income Margin	27.48%	38.32%	-78.95%	-1.47%	22.87%	40.04%	-142.38%	8.51%	14.23%	48.06%	-144.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	218.59%	256.06%	300.06%	426.07%	158.22%	206.57%

Financials Breakdown Chart

Key Financial Trends

Energy Recovery (NASDAQ: ERII) showed a sharp rebound in profitability and cash generation in Q1 2026 compared with the weaker first quarter of 2025, but the longer trend still looks choppy and heavily dependent on investment income, working-capital swings, and quarterly volatility.

Q1 2026 revenue rose to $9.7 million, up from $8.1 million in Q1 2025, showing a modest year-over-year improvement in top-line performance.
Gross margin held up well: Q1 2026 gross profit was $2.7 million on $9.7 million of revenue, or about 27.8%, which is better than many of the company’s prior quarters.
Operating cash flow turned strongly positive in Q1 2026 at $21.0 million, versus $10.7 million in Q1 2025 and a much weaker Q3 2025.
Cash and investments remain substantial, with $50.1 million in cash, $36.0 million in short-term investments, and $6.0 million in long-term investments at the end of Q1 2026.
Current assets far exceed current liabilities: $161.1 million versus $17.4 million, suggesting a very solid short-term liquidity position.
The balance sheet remains debt-light, with total liabilities of just $24.7 million against $184.3 million of equity.
Net income was still negative in Q1 2026 at a loss of $12.3 million, though this was a marked improvement from the operating loss profile seen in some earlier quarters.
Operating expenses remained high at $17.6 million in Q1 2026, including $6.5 million of SG&A, $5.1 million of marketing, and $2.8 million of R&D.
Share repurchases continue to reduce cash; ERII spent $10.7 million buying back stock in Q1 2026 and has consistently used cash for repurchases in recent periods.
Quarterly performance remains volatile, with revenue swinging from $67.9 million in Q4 2025 to $9.7 million in Q1 2026, highlighting uneven demand or timing effects.
Profitability has been inconsistent over the last year: Q1 2025 showed a loss, Q2 2025 was nearly breakeven, Q3 2025 was profitable, Q4 2025 surged, and Q1 2026 slipped back to a loss.
Investing activity has been lumpy, driven largely by purchases and sales of investments rather than steady capital deployment into the core business.

Bottom line: Energy Recovery has a strong cash position and a clean balance sheet, which gives it flexibility. The bigger issue for investors is consistency: revenue, operating income, and net income have been highly volatile over the last four years, so the market will likely want to see a more stable trend in core operating performance before assigning a higher multiple.

07/05/26 02:28 PM ETAI Generated. May Contain Errors.

Energy Recovery Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Energy Recovery's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Energy Recovery's net income appears to be on an upward trend, with a most recent value of $22.96 million in 2025, falling from -$11.64 million in 2015. The previous period was $23.05 million in 2024. See where experts think Energy Recovery is headed by visiting Energy Recovery's forecast page.

Energy Recovery's total operating income in 2025 was $23.89 million, based on the following breakdown:

Total Gross Profit: $87.93 million
Total Operating Expenses: $64.04 million

Over the last 10 years, Energy Recovery's total revenue changed from $43.67 million in 2015 to $134.99 million in 2025, a change of 209.1%.

Energy Recovery's total liabilities were at $25.32 million at the end of 2025, a 22.8% decrease from 2024, and a 71.3% decrease since 2015.

In the past 10 years, Energy Recovery's cash and equivalents has ranged from $0.00 in 2017 to $99.93 million in 2015, and is currently $48.08 million as of their latest financial filing in 2025.

Over the last 10 years, Energy Recovery's book value per share changed from 1.22 in 2015 to 3.89 in 2025, a change of 218.9%.

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Financial statements for NASDAQ:ERII last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Energy Recovery (ERII) Financials

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Energy Recovery (ERII) Financials

Annual Income Statements for Energy Recovery

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When does Energy Recovery's financial year end?

How has Energy Recovery's net income changed over the last 10 years?

What is Energy Recovery's operating income?

How has Energy Recovery's revenue changed over the last 10 years?

How much debt does Energy Recovery have?

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How has Energy Recovery's book value per share changed over the last 10 years?

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