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

$6.85 -0.01 (-0.15%)

Closing price 10/13/2026 04:00 PM Eastern

Extended Trading

$6.91 +0.06 (+0.85%)

As of 08:08 AM 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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12	-3.20
Consolidated Net Income / (Loss)	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12	-3.20
Net Income / (Loss) Continuing Operations	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12	-3.20
Total Pre-Tax Income	22	-9.55	-0.40	8.83	27	-11	2.39	4.55	32	-14	-5.08
Total Operating Income	21	-11	-2.01	7.06	26	-13	1.47	3.66	31	-15	-5.88
Total Gross Profit	39	7.14	18	25	47	4.46	18	21	45	2.70	8.96
Total Revenue	57	12	27	39	67	8.07	28	32	67	9.71	12
Operating Revenue	57	12	27	39	67	8.07	28	32	67	9.71	12
Total Cost of Revenue	18	4.96	9.63	13	20	3.61	10	11	22	7.00	3.04
Operating Cost of Revenue	18	4.96	9.63	13	20	3.61	10	11	22	7.00	3.04
Total Operating Expenses	19	18	20	18	22	17	16	17	14	18	15
Selling, General & Admin Expense	7.16	7.57	9.53	7.67	8.30	8.57	7.67	7.51	6.01	6.46	6.80
Marketing Expense	6.77	6.15	6.10	6.41	6.75	4.91	5.36	5.71	4.95	5.12	4.34
Research & Development Expense	4.96	4.35	3.94	3.97	3.97	3.00	3.45	3.67	2.91	2.79	2.85
Impairment Charge	-	-	-	-	-	0.00	0.00	-	-	1.66	0.00
Restructuring Charge	-	0.00	0.00	0.00	-	0.54	0.00	0.00	-0.23	1.54	0.86
Total Other Income / (Expense), net	1.30	1.39	1.61	1.77	1.24	1.08	0.91	0.89	0.82	0.83	0.80
Interest & Investment Income	1.27	1.44	1.66	1.71	1.40	1.07	0.94	0.85	0.75	0.73	0.68
Other Income / (Expense), net	0.03	-0.05	-0.05	0.06	-0.16	0.01	-0.03	0.05	0.07	0.11	0.12
Income Tax Expense	2.11	-1.29	0.24	0.34	3.38	-1.60	0.33	0.68	5.22	-1.78	-1.88
Basic Earnings per Share	$0.35	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.50	($0.23)	($0.06)
Weighted Average Basic Shares Outstanding	56.44M	57.10M	57.37M	57.76M	57.21M	54.90M	54.26M	53.16M	53.80M	52.66M	51.46M
Diluted Earnings per Share	$0.34	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.49	($0.23)	($0.06)
Weighted Average Diluted Shares Outstanding	57.74M	57.10M	57.37M	58.29M	57.82M	54.90M	54.49M	53.47M	54.16M	52.66M	51.46M
Weighted Average Basic & Diluted Shares Outstanding	57.08M	57.33M	57.72M	57.89M	54.96M	54.50M	53.20M	52.97M	52.83M	51.55M	51.04M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	17	2.68	-30	23	-34	20	7.91	-10	0.97	2.04	11
Net Cash From Operating Activities	14	6.50	8.07	-3.00	8.96	11	4.15	-3.13	7.08	21	16
Net Cash From Continuing Operating Activities	14	6.50	8.07	-3.00	8.96	11	4.15	-3.13	7.08	21	16
Net Income / (Loss) Continuing Operations	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12	-3.20
Consolidated Net Income / (Loss)	20	-8.26	-0.64	8.48	23	-9.88	2.05	3.87	27	-12	-3.20
Depreciation Expense	1.03	1.03	1.01	1.01	1.00	0.96	0.94	0.91	0.94	0.98	1.00
Amortization Expense	0.17	0.20	0.07	-0.01	0.18	-0.23	0.35	0.54	-1.45	-0.08	-0.13
Non-Cash Adjustments To Reconcile Net Income	2.05	3.40	2.79	1.27	-2.14	3.55	1.92	2.82	0.62	5.21	3.44
Changes in Operating Assets and Liabilities, net	-9.28	10	4.84	-14	-14	16	-1.12	-11	-20	27	15
Net Cash From Investing Activities	-0.74	-4.99	-39	22	6.52	13	21	3.45	-3.03	-7.61	4.63
Net Cash From Continuing Investing Activities	-0.74	-4.99	-39	22	6.52	13	21	3.45	-3.03	-7.61	4.63
Purchase of Property, Plant & Equipment	-1.39	-0.82	-0.20	-0.17	-0.10	-0.19	-0.14	-0.34	-0.66	-0.81	-0.88
Purchase of Investments	-5.61	-21	-52	-7.21	-11	-14	-2.87	-5.24	-8.89	-18	-5.40
Sale and/or Maturity of Investments	6.25	17	14	29	17	27	24	9.03	6.53	11	11
Net Cash From Financing Activities	3.61	1.19	0.31	4.29	-49	-3.87	-17	-10	-3.12	-11	-9.61
Net Cash From Continuing Financing Activities	3.61	1.19	0.31	4.29	-49	-3.87	-17	-10	-3.12	-11	-9.61
Repurchase of Common Equity	-	0.00	-	-	-	-4.49	-18	-11	-3.55	-11	-9.74
Issuance of Common Equity	3.61	1.19	0.31	4.29	1.31	1.09	0.37	0.38	0.43	0.00	0.13
Effect of Exchange Rate Changes	0.01	-0.02	-0.01	0.00	-0.03	0.03	0.03	-0.00	0.04	-0.02	-0.01

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	208	210	223	244	249	263	225	212	210	209	198
Total Current Assets	148	150	146	178	159	190	155	152	156	161	149
Cash & Equivalents	66	44	51	71	40	63	49	57	47	50	61
Short-Term Investments	32	51	33	47	61	55	34	22	23	36	32
Accounts Receivable	12	15	23	25	21	32	32	33	44	39	14
Inventories, net	33	36	34	32	34	33	32	33	34	31	38
Prepaid Expenses	4.57	3.54	4.51	4.29	3.69	5.98	6.25	7.38	7.66	5.08	3.89
Plant, Property, & Equipment, net	20	19	19	18	17	16	15	14	13	13	13
Total Noncurrent Assets	40	40	58	48	73	56	56	46	41	35	36
Long-Term Investments	3.02	2.47	21	12	37	21	23	14	9.56	5.99	5.02
Goodwill	13	13	13	13	13	13	13	13	13	11	11
Noncurrent Deferred & Refundable Income Taxes	11	12	11	12	11	11	11	10	9.71	10	12
Other Noncurrent Operating Assets	13	13	12	11	12	11	9.60	9.23	8.63	7.93	7.48
Total Liabilities & Shareholders' Equity	208	210	223	244	249	263	225	212	210	209	198
Total Liabilities	26	28	29	28	31	29	27	27	29	25	25
Total Current Liabilities	13	15	16	17	20	19	18	19	21	17	19
Accounts Payable	1.96	1.74	1.81	3.49	4.75	3.41	3.40	3.44	4.74	2.79	5.00
Accrued Expenses	8.19	10	11	8.34	10	11	11	11	12	11	9.79
Current Deferred Revenue	1.45	1.27	1.47	3.45	3.21	2.97	1.40	1.73	1.93	1.08	1.11
Other Current Liabilities	1.65	1.69	1.74	1.85	1.91	1.96	2.36	2.41	2.47	2.59	2.65
Total Noncurrent Liabilities	13	13	12	11	11	9.96	8.85	8.23	7.60	7.35	6.70
Other Noncurrent Operating Liabilities	13	13	12	11	11	9.96	8.85	8.23	7.60	7.35	6.70
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	182	182	194	216	219	234	198	185	181	184	172
Total Preferred & Common Equity	182	182	194	216	219	234	198	185	181	184	172
Total Common Equity	182	182	194	216	219	234	198	185	181	184	172
Common Stock	207	209	212	222	225	232	238	240	242	246	247
Retained Earnings	55	53	63	74	74	82	96	98	102	116	113
Treasury Stock	-80	-80	-80	-80	-80	-80	-135	-153	-163	-178	-188
Accumulated Other Comprehensive Income / (Loss)	-0.27	-0.13	-0.18	-0.06	-0.06	0.15	0.08	0.04	0.03	-0.29	-0.44

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	54,955,305.00	54,499,225.00	53,198,386.00	52,972,096.00	52,828,666.00	51,545,259.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	54,955,305.00	54,499,225.00	53,198,386.00	52,972,096.00	52,828,666.00	51,545,259.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.18	0.04	0.07	0.51	-0.23	-0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.23%	-9.78%	31.25%	4.18%	17.29%	-33.29%	3.13%	-17.06%	-0.30%	20.35%	-57.24%
EBITDA Growth	33.70%	-43.92%	37.53%	-21.47%	21.89%	-21.18%	380.96%	-36.43%	24.23%	-17.17%	-314.96%
EBIT Growth	38.09%	-36.05%	23.93%	-21.78%	23.31%	-14.28%	170.19%	-47.89%	23.29%	-17.48%	-497.93%
NOPAT Growth	42.86%	-34.80%	22.12%	-21.76%	20.16%	-14.89%	189.93%	-54.07%	17.15%	-18.29%	-424.87%
Net Income Growth	44.30%	-31.19%	61.44%	-12.21%	18.51%	-19.61%	419.94%	-54.32%	14.67%	-24.00%	-255.70%
EPS Growth	41.67%	-27.27%	66.67%	-11.76%	17.65%	-28.57%	500.00%	-53.33%	22.50%	-27.78%	-250.00%
Operating Cash Flow Growth	116.60%	-24.95%	295.28%	-138.75%	-35.02%	64.35%	-48.64%	-4.26%	-20.97%	97.01%	293.29%
Free Cash Flow Firm Growth	258.41%	-1,229.56%	121.91%	-72.23%	-29.20%	5.20%	-518.19%	-515.02%	39.49%	18.14%	232.96%
Invested Capital Growth	5.39%	8.43%	-4.46%	6.65%	13.06%	5.59%	13.76%	7.38%	11.57%	0.83%	-18.73%
Revenue Q/Q Growth	54.41%	-78.86%	124.97%	41.86%	73.84%	-87.98%	247.81%	14.08%	108.97%	-85.49%	23.59%
EBITDA Q/Q Growth	111.33%	-144.67%	89.99%	930.81%	228.00%	-147.59%	124.16%	87.98%	498.28%	-144.88%	64.73%
EBIT Q/Q Growth	126.96%	-153.23%	81.22%	444.84%	257.79%	-149.33%	111.53%	156.01%	746.56%	-147.00%	60.94%
NOPAT Q/Q Growth	114.94%	-141.08%	81.58%	581.06%	230.10%	-139.28%	114.42%	145.71%	741.89%	-139.66%	60.40%
Net Income Q/Q Growth	105.02%	-141.71%	92.23%	1,421.03%	176.75%	-142.09%	120.79%	88.61%	594.73%	-145.52%	73.90%
EPS Q/Q Growth	100.00%	-141.18%	92.86%	1,600.00%	166.67%	-145.00%	122.22%	75.00%	600.00%	-146.94%	73.91%
Operating Cash Flow Q/Q Growth	77.86%	-52.86%	24.26%	-137.20%	398.20%	19.24%	-61.17%	-175.52%	326.03%	197.26%	-22.49%
Free Cash Flow Firm Q/Q Growth	311.86%	-205.39%	116.30%	-60.76%	950.23%	-241.12%	28.10%	61.06%	452.99%	-182.82%	216.78%
Invested Capital Q/Q Growth	10.59%	-11.18%	-7.00%	16.74%	17.24%	-17.04%	0.19%	10.20%	21.82%	-25.03%	-19.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.07%	59.02%	64.58%	65.08%	70.25%	55.28%	64.00%	64.24%	67.24%	27.84%	74.67%
EBITDA Margin	38.19%	-80.71%	-3.59%	21.04%	39.69%	-146.62%	9.79%	16.13%	46.17%	-142.75%	-40.73%
Operating Margin	36.05%	-90.44%	-7.40%	18.29%	38.19%	-155.76%	5.25%	11.44%	46.83%	-153.09%	-49.05%
EBIT Margin	36.09%	-90.88%	-7.58%	18.44%	37.95%	-155.69%	5.16%	11.58%	46.93%	-151.98%	-48.03%
Profit (Net Income) Margin	34.63%	-68.32%	-2.36%	21.98%	34.99%	-122.50%	7.32%	12.11%	40.25%	-126.22%	-26.66%
Tax Burden Percent	90.38%	86.54%	160.50%	96.10%	87.40%	86.04%	86.01%	85.07%	83.75%	87.34%	62.93%
Interest Burden Percent	106.15%	86.88%	19.39%	124.05%	105.51%	91.45%	164.92%	122.85%	102.40%	95.09%	88.20%
Effective Tax Rate	9.62%	0.00%	0.00%	3.90%	12.60%	0.00%	13.99%	14.93%	16.25%	0.00%	0.00%
Return on Invested Capital (ROIC)	44.04%	-96.69%	-8.40%	26.08%	46.61%	-172.71%	7.45%	13.51%	45.43%	-159.56%	-49.89%
ROIC Less NNEP Spread (ROIC-NNEP)	42.95%	-96.16%	-9.05%	24.70%	45.63%	-171.79%	6.77%	12.82%	44.68%	-157.70%	-50.85%
Return on Net Nonoperating Assets (RNNOA)	-22.82%	55.92%	5.33%	-14.19%	-23.59%	97.99%	-3.89%	-6.80%	-19.66%	82.01%	27.26%
Return on Equity (ROE)	21.22%	-40.77%	-3.07%	11.89%	23.02%	-74.73%	3.56%	6.71%	25.77%	-77.55%	-22.63%
Cash Return on Invested Capital (CROIC)	13.75%	10.40%	23.50%	8.64%	4.76%	12.88%	9.90%	9.21%	6.12%	18.51%	35.64%
Operating Return on Assets (OROA)	19.71%	-51.06%	-4.42%	10.26%	22.19%	-93.43%	3.17%	6.63%	26.71%	-95.60%	-28.25%
Return on Assets (ROA)	18.91%	-38.38%	-1.37%	12.23%	20.46%	-73.52%	4.50%	6.93%	22.91%	-79.40%	-15.68%
Return on Common Equity (ROCE)	21.22%	-40.77%	-3.07%	11.89%	23.02%	-74.73%	3.56%	6.71%	25.77%	-77.55%	-22.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.04%	9.41%	8.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	19	-7.65	-1.41	6.78	22	-8.79	1.27	3.12	26	-10	-4.12
NOPAT Margin	32.58%	-63.31%	-5.18%	17.58%	33.38%	-109.03%	4.52%	9.74%	39.22%	-107.16%	-34.33%
Net Nonoperating Expense Percent (NNEP)	1.09%	-0.52%	0.65%	1.38%	0.98%	-0.92%	0.68%	0.69%	0.75%	-1.86%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	8.48%	-	-	-	10.66%	-4.44%	0.68%	1.72%	12.72%	-5.64%	-2.39%
Cost of Revenue to Revenue	30.93%	40.98%	35.42%	34.92%	29.75%	44.72%	36.00%	35.76%	32.76%	72.16%	25.33%
SG&A Expenses to Revenue	12.52%	62.58%	35.05%	19.89%	12.38%	106.31%	27.34%	23.48%	8.99%	66.51%	56.69%
R&D to Revenue	8.67%	35.99%	14.50%	10.29%	5.92%	37.21%	12.30%	11.46%	4.36%	28.73%	23.75%
Operating Expenses to Revenue	33.02%	149.45%	71.99%	46.79%	32.06%	211.04%	58.75%	52.80%	20.41%	180.93%	123.72%
Earnings before Interest and Taxes (EBIT)	21	-11	-2.06	7.11	25	-13	1.45	3.71	31	-15	-5.76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	-9.76	-0.98	8.12	27	-12	2.75	5.16	31	-14	-4.89
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.84	4.13	3.49	4.29	4.05	4.41	3.76	4.54	3.47	2.89	2.70
Price to Tangible Book Value (P/TBV)	5.14	4.39	3.70	4.54	4.32	4.71	4.04	4.88	3.69	3.07	2.88
Price to Revenue (P/Rev)	8.30	7.02	5.71	7.43	5.87	6.20	4.91	6.07	5.29	3.89	3.86
Price to Earnings (P/E)	49.52	45.67	37.05	51.79	36.92	40.75	28.87	42.03	31.12	25.84	30.31
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	2.02%	2.19%	2.70%	1.93%	2.71%	2.45%	3.46%	2.38%	3.21%	3.87%	3.30%
Enterprise Value to Invested Capital (EV/IC)	9.67	8.82	7.75	9.19	6.82	8.39	6.58	7.34	5.14	4.77	4.93
Enterprise Value to Revenue (EV/Rev)	7.34	6.01	4.67	6.40	5.18	5.44	4.25	5.48	4.68	3.22	3.04
Enterprise Value to EBITDA (EV/EBITDA)	39.54	36.58	29.09	44.94	31.29	38.01	23.08	31.96	23.03	17.33	20.13
Enterprise Value to EBIT (EV/EBIT)	49.73	47.57	37.39	58.75	38.49	42.71	28.09	41.01	26.33	20.19	25.17
Enterprise Value to NOPAT (EV/NOPAT)	52.23	49.60	40.00	62.94	42.52	47.04	30.78	46.53	31.76	24.78	29.54
Enterprise Value to Operating Cash Flow (EV/OCF)	36.17	31.93	17.28	34.08	36.60	31.03	29.02	35.86	33.63	15.10	8.89
Enterprise Value to Free Cash Flow (EV/FCFF)	72.18	88.17	32.24	109.86	152.06	66.91	70.79	82.47	88.57	25.89	12.41
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	-0.58	-0.59	-0.57	-0.52	-0.57	-0.57	-0.53	-0.44	-0.52	-0.54
Leverage Ratio	1.16	1.14	1.15	1.13	1.15	1.13	1.14	1.14	1.14	1.14	1.15
Compound Leverage Factor	1.23	0.99	0.22	1.41	1.22	1.04	1.88	1.40	1.17	1.08	1.01
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	21.28	20.56	16.57	22.71	17.87	20.97	17.53	19.23	19.59	14.95	13.15
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	8.64	10.41	7.94	10.06	7.41	8.39	8.08	7.33	10.44	9.28	8.05
Quick Ratio	7.24	8.31	6.08	7.97	6.06	6.29	5.95	5.39	8.75	7.21	5.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	-14	2.34	0.92	9.66	-14	-9.80	-3.82	13	-11	13
Operating Cash Flow to CapEx	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%	1,863.54%
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	0.55	0.56	0.58	0.56	0.58	0.60	0.61	0.57	0.57	0.63	0.59
Accounts Receivable Turnover	3.17	6.93	7.41	4.90	2.61	4.91	5.32	3.56	1.92	3.83	5.15
Inventory Turnover	1.51	1.27	1.24	1.36	1.88	1.46	1.42	1.35	1.91	1.59	1.22
Fixed Asset Turnover	6.71	6.76	7.29	7.70	8.50	8.68	9.18	9.11	9.52	9.99	9.19
Accounts Payable Turnover	21.64	15.04	13.38	17.52	15.72	13.53	11.50	11.06	18.02	16.29	10.28
Days Sales Outstanding (DSO)	115.17	52.63	49.25	74.56	139.76	74.39	68.56	102.41	190.23	95.28	70.87
Days Inventory Outstanding (DIO)	241.07	288.54	294.03	268.67	194.05	250.60	256.80	271.24	190.68	228.96	298.18
Days Payable Outstanding (DPO)	16.87	24.28	27.29	20.83	23.22	26.97	31.74	33.01	20.26	22.41	35.52
Cash Conversion Cycle (CCC)	339.38	316.90	315.99	322.40	310.60	298.02	293.61	340.63	360.66	301.83	333.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	97	87	80	94	110	91	92	101	123	92	74
Invested Capital Turnover	1.35	1.53	1.62	1.48	1.40	1.58	1.65	1.39	1.16	1.49	1.45
Increase / (Decrease) in Invested Capital	4.99	6.73	-3.75	5.86	13	4.84	11	6.93	13	0.76	-17
Enterprise Value (EV)	942	763	624	864	751	767	603	740	631	440	367
Market Capitalization	1,065	892	762	1,004	851	873	697	820	715	532	465
Book Value per Share	$3.89	$3.78	$3.81	$4.05	$3.63	$3.61	$3.40	$3.40	$3.89	$3.49	$3.35
Tangible Book Value per Share	$3.66	$3.56	$3.59	$3.83	$3.41	$3.37	$3.16	$3.16	$3.65	$3.28	$3.13
Total Capital	220	216	219	234	210	198	185	181	206	184	172
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	-122	-129	-138	-140	-100	-107	-94	-80	-83	-92	-98
Capital Expenditures (CapEx)	1.38	0.74	0.20	0.17	0.06	0.18	0.14	0.34	0.66	0.80	0.88
Debt-free, Cash-free Net Working Capital (DFCFNWC)	55	44	38	52	72	53	54	64	89	58	38
Debt-free Net Working Capital (DFNWC)	164	161	139	171	150	136	133	134	164	144	131
Net Working Capital (NWC)	164	161	139	171	150	136	133	134	164	144	131
Net Nonoperating Expense (NNE)	-1.17	0.61	-0.77	-1.70	-1.08	1.09	-0.79	-0.76	-0.69	1.85	-0.92
Net Nonoperating Obligations (NNO)	-122	-129	-138	-140	-100	-107	-94	-80	-83	-92	-98
Total Depreciation and Amortization (D&A)	1.20	1.23	1.09	1.00	1.17	0.73	1.30	1.45	-0.51	0.90	0.88
Debt-free, Cash-free Net Working Capital to Revenue	43.21%	34.54%	28.45%	38.81%	49.82%	37.33%	37.94%	47.36%	65.64%	42.13%	31.36%
Debt-free Net Working Capital to Revenue	127.78%	126.92%	104.11%	126.64%	103.64%	96.62%	94.03%	99.42%	121.39%	105.18%	108.54%
Net Working Capital to Revenue	127.78%	126.92%	104.11%	126.64%	103.64%	96.62%	94.03%	99.42%	121.39%	105.18%	108.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.35	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.50	($0.23)	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	56.44M	57.10M	57.37M	57.76M	57.21M	54.90M	54.26M	53.16M	53.80M	52.66M	51.46M
Adjusted Diluted Earnings per Share	$0.34	($0.14)	($0.01)	$0.15	$0.40	($0.18)	$0.04	$0.07	$0.49	($0.23)	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	57.74M	57.10M	57.37M	58.29M	57.82M	54.90M	54.49M	53.47M	54.16M	52.66M	51.46M
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	57.08M	57.33M	57.72M	57.89M	54.96M	54.50M	53.20M	52.97M	52.83M	51.55M	51.04M
Normalized Net Operating Profit after Tax (NOPAT)	19	-7.65	-1.41	6.78	22	-8.42	1.27	3.12	26	-8.16	-3.52
Normalized NOPAT Margin	32.58%	-63.31%	-5.18%	17.58%	33.38%	-104.35%	4.52%	9.74%	38.94%	-84.10%	-29.35%
Pre Tax Income Margin	38.32%	-78.95%	-1.47%	22.87%	40.04%	-142.38%	8.51%	14.23%	48.06%	-144.51%	-42.36%
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%	218.59%	256.06%	300.06%	426.07%	158.22%	206.57%	226.57%

Financials Breakdown Chart

Key Financial Trends

Energy Recovery’s financial results remain mixed. The company has maintained a strong liquidity position and generated substantial operating cash flow in the first half of 2026, but revenue has been highly volatile and profitability has weakened sharply compared with late 2025 and 2024.

Strong liquidity and minimal balance-sheet risk: As of June 30, 2026, Energy Recovery held $61.4 million in cash and $31.6 million in short-term investments, or approximately $93.0 million in near-term liquidity. Total liabilities were only $25.3 million, and no debt balance was reported.
Healthy current ratio: Current assets of $149.4 million compared with current liabilities of $18.6 million, providing substantial coverage for short-term obligations and financial flexibility.
Operating cash flow improved: Cash from operating activities rose to $16.3 million in Q2 2026 from $4.1 million in Q2 2025 and $7.1 million in Q4 2025. First-half 2026 operating cash flow totaled $37.3 million.
Gross margins strengthened: Q2 2026 gross profit was $9.0 million on $12.0 million of revenue, representing an approximately 74.7% gross margin. That compares with a 64.0% gross margin in Q2 2025, suggesting favorable product mix or cost performance despite lower sales.
Share repurchases continued: Energy Recovery repurchased $20.4 million of common stock during the first half of 2026, following $35.8 million of repurchases in 2025. Continued buybacks can support per-share value if operating performance recovers.
Operating cash flow was heavily influenced by working capital: Q2 operating cash flow included a $15.2 million benefit from changes in operating assets and liabilities, while Q1 included a $27.2 million benefit. This suggests that recent cash generation may not be fully representative of recurring earnings power.
Investment balances fluctuate materially: The company actively purchases and sells investments. Short-term investments declined from $60.7 million in Q2 2024 to $31.6 million in Q2 2026, while cash increased over the same period. This appears to reflect portfolio management rather than a change in overall liquidity.
Revenue has fallen sharply from recent highs: Q2 2026 revenue was $12.0 million, down 57% from $28.1 million in Q2 2025 and far below the $66.9 million recorded in Q4 2025. The company’s quarterly revenue has ranged from approximately $9.7 million to $66.9 million across the reported periods, indicating significant volatility.
Profitability remains weak: Energy Recovery posted a $3.2 million net loss in Q2 2026, or $0.06 per diluted share, following a $12.3 million loss in Q1. The company was profitable in Q3 and Q4 2025, but the return to losses in 2026 indicates that higher gross margins have not offset the impact of lower revenue and operating expenses.
Shareholder equity has declined: Total equity fell to $172.5 million in Q2 2026 from $184.3 million in Q1 and $233.9 million in Q3 2024. The decline reflects recent losses and sizable stock repurchases, which have increased treasury stock to a negative $187.7 million.

Overall, Energy Recovery’s balance sheet provides a meaningful cushion, and the company’s high gross-margin profile could offer significant upside if revenue normalizes. However, investors should focus on whether sales recover and whether operating cash flow can remain positive without relying heavily on working-capital releases. Until profitability returns consistently, ERII’s financial outlook remains dependent on a rebound in demand and improved operating leverage.

10/14/26 07:26 AM 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, compared with -$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%.

In the past 13 quarters, Energy Recovery's cash and equivalents has ranged from $40.31 million in Q2 2024 to $70.78 million in Q1 2024, and is currently $61.44 million as of their latest financial filing in Q2 2026.

Energy Recovery had total debt of $0.00 at the end of 2025, compared with none in 2024, and a 100.0% decrease since 2015.

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 8/5/2026 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

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