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Monday 2 November 2026
Export ERII’s income statement to Excel — free account
Energy Recovery, Inc.
ERII Industrials Pollution & Treatment Controls
Energy Recovery, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $135.0 million, down 6.87% from fiscal 2024.
- Revenue
- −57.2%
- EPS
- −250.0%
- Free cash flow
- +284.7%
Quarter to June 2026, against a year earlier
7.18
0.22
+3.16%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 5 | 5 | 8 | 3 | 6 | 5 | 6 | 6 | 7 |
P/E ratio |
30.66 | 35.85 | 49.68 | 46.86 | 85.96 | 29.02 | 48.95 | 16.55 | 29.78 | 151.48 |
Altman Z-Score |
19.75 | 17.61 | 21.23 | 23.93 | 22.73 | 15.94 | 7.25 | 4.37 | 4.88 | 4.64 |
P/S ratio |
5.38 | 5.80 | 8.30 | 9.23 | 11.79 | 6.39 | 6.16 | 4.86 | 6.94 | 9.76 |
P/FCF ratio |
41.59 | 43.45 | 45.21 | 122.02 | 178.88 | 75.35 | 0.00 | 155.29 | 0.00 | 146.30 |
Altman Z″-Score (non-manufacturers) |
15.70 | 12.75 | 12.78 | 12.04 | 10.43 | 11.00 | 5.97 | 5.28 | 4.80 | 4.33 |
P/Operating CF |
102.56 | 93.92 | 77.32 | 182.19 | 196.53 | 116.54 | 112.47 | (165.67) | 94.64 | 213.69 |
Beneish M-Score |
(2.24) | (2.11) | (2.12) | (1.72) | (1.73) | (2.19) | (2.00) | (1.94) | (2.04) | (2.61) |
P/B ratio |
3.52 | 4.00 | 4.85 | 6.25 | 6.85 | 4.43 | 3.94 | 3.19 | 5.22 | 8.65 |
Price to Tangible BV |
3.75 | 4.26 | 5.15 | 6.72 | 7.38 | 4.79 | 4.35 | 3.62 | 6.16 | 11.18 |
EV/Sales |
4.91 | 5.35 | 7.56 | 8.62 | 10.89 | 5.53 | 5.33 | 3.75 | 5.48 | 7.98 |
EV/EBITDA |
24.28 | 34.58 | 43.51 | 34.02 | 55.65 | 17.79 | 31.27 | 19.65 | 28.34 | 63.33 |
EV/Operating CF |
35.34 | 37.80 | 37.23 | 85.68 | 83.68 | 39.00 | 88.00 | 36.91 | 130.95 | 92.85 |
EV/FCF |
38.01 | 40.08 | 41.14 | 113.91 | 165.31 | 65.24 | (219.30) | 119.85 | (84.60) | 119.65 |
Quick Ratio |
8.75 | 6.06 | 7.24 | 6.77 | 6.38 | 8.04 | 3.53 | 3.89 | 3.72 | 6.68 |
Current Ratio |
10.44 | 7.41 | 8.64 | 8.63 | 7.67 | 9.10 | 4.06 | 4.41 | 4.15 | 7.13 |
Net Debt/EBITDA |
(2.75) | (3.48) | (4.87) | (2.82) | (5.20) | (3.10) | (5.74) | (6.71) | (7.51) | (14.11) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.03% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.57 | 0.58 | 0.55 | 0.58 | 0.50 | 0.61 | 0.47 | 0.43 | 0.44 | 0.38 |
Operating CF/Net income |
0.82 | 0.89 | 1.21 | 0.53 | 0.95 | 0.64 | 0.48 | 0.34 | 0.16 | 1.34 |
Capex/Depreciation |
(0.38) | (0.43) | (0.77) | (0.45) | (1.03) | (1.19) | (1.66) | (1.24) | (1.79) | (0.29) |
Interest Coverage |
— | — | — | 27.34 | 67.80 | 34.28 | 5.16 | 9,978.00 | 4,624.50 | 1,142.00 |
| 11.03% | 10.73% | 10.62% | 13.21% | 8.14% | 17.15% | 8.75% | 21.53% | 23.38% | 5.78% | |
| 9.68% | 9.30% | 9.15% | 11.17% | 6.83% | 13.43% | 5.92% | 12.83% | 11.71% | 2.47% | |
ROIC |
11.40% | 9.34% | 10.70% | 16.25% | 11.83% | 34.36% | 12.73% | 34.67% | 0.00% | 0.00% |
Return on Tangible Assets |
12.99% | 13.91% | 11.77% | 15.11% | 9.37% | 17.87% | 10.50% | 20.62% | 16.82% | 3.27% |
Average Days of Receivables |
207.23 | 161.33 | 133.48 | 98.99 | 72.42 | 36.17 | 54.49 | 50.02 | 65.82 | 75.48 |
Research and Development Expense of Revenue |
9.66% | 11.20% | 13.25% | 14.26% | 19.31% | 19.71% | 26.92% | 22.83% | 19.45% | 17.54% |
Selling, General and Administrative Expense of Revenue |
37.56% | 40.36% | 39.76% | 35.53% | 35.93% | 28.29% | 37.11% | 38.95% | 38.69% | 44.55% |
Intangible Assets out of Total Assets |
0.06 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.09 | 0.10 |
Share Based Compensation of Revenue |
5.72% | 7.12% | 6.26% | 5.18% | 5.83% | 4.02% | 6.53% | 7.03% | 5.91% | 5.65% |
Graham Net Nets |
0.21 | 0.17 | 0.14 | 0.11 | 0.10 | 0.15 | 0.11 | 0.15 | 0.11 | 0.07 |
Graham Number |
6.16 | 5.82 | 5.77 | 5.71 | 4.20 | 5.71 | 3.34 | 4.39 | 3.40 | 1.41 |
Earnings Yield |
3.26% | 2.79% | 2.01% | 2.13% | 1.16% | 3.45% | 2.04% | 6.04% | 3.36% | 0.66% |
Free Cash Flow Yield |
2.40% | 2.30% | 2.21% | 0.82% | 0.56% | 1.33% | (0.39%) | 0.64% | (0.93%) | 0.68% |
Revenue per Share |
2.51 | 2.53 | 2.27 | 2.23 | 1.82 | 2.14 | 1.59 | 1.39 | 1.29 | 1.10 |
Operating CF per Share |
0.35 | 0.36 | 0.46 | 0.22 | 0.24 | 0.30 | 0.10 | 0.14 | 0.05 | 0.09 |
Capex per Share |
(0.02) | (0.02) | (0.04) | (0.06) | (0.12) | (0.12) | (0.13) | (0.10) | (0.14) | (0.02) |
Free Cash Flow per Share |
0.32 | 0.34 | 0.42 | 0.17 | 0.12 | 0.18 | (0.04) | 0.04 | (0.08) | 0.07 |
Cash per Share |
1.40 | 1.36 | 1.92 | 1.60 | 1.85 | 2.06 | 1.56 | 1.77 | 1.87 | 1.96 |
Shareholders Equity per Share |
3.83 | 3.67 | 3.89 | 3.30 | 3.14 | 3.08 | 2.48 | 2.11 | 1.71 | 1.24 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
3.83 | 3.67 | 3.89 | 3.30 | 3.14 | 3.08 | 2.48 | 2.11 | 1.71 | 1.24 |
Free Cash Flow |
17.45 | 19.36 | 23.57 | 9.50 | 6.85 | 10.09 | (2.11) | 2.33 | (4.48) | 3.85 |
Working Capital |
163.86 | 150.23 | 164.00 | 139.57 | 131.98 | 127.46 | 85.14 | 92.52 | 95.70 | 105.21 |
Capital Expenditures |
(1.32) | (1.16) | (2.48) | (3.13) | (6.68) | (6.78) | (7.38) | (5.23) | (7.38) | (1.11) |
Net Current Asset Value |
155.89 | 140.87 | 152.31 | 126.17 | 116.85 | 110.50 | 60.21 | 53.19 | 53.47 | 38.44 |
EV/EBIT |
27.77 | 39.33 | 50.92 | 43.59 | 81.84 | 21.03 | 44.73 | 27.99 | 40.99 | 134.56 |
Capex to Sales |
0.01 | 0.01 | 0.02 | 0.02 | 0.06 | 0.06 | 0.08 | 0.07 | 0.11 | 0.02 |
Price to Operating Income |
30.38 | 42.64 | 55.94 | 46.69 | 88.55 | 24.28 | 51.71 | 36.26 | 51.85 | 164.54 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.27 | 0.18 | 0.17 | 0.36 | 0.32 | 0.28 | 0.24 | 0.29 | 0.31 | 0.45 |
Cash ROIC |
6.20% | 6.72% | 7.18% | 3.45% | 2.41% | 3.52% | (0.96%) | 1.12% | (2.33%) | 2.29% |
Accounts Receivable Turnover |
1.92 | 2.61 | 3.17 | 4.59 | 6.41 | 9.61 | 7.50 | 6.57 | 5.66 | 4.55 |
Accounts Payable Turnover |
18.02 | 15.72 | 21.64 | 44.38 | 32.23 | 24.46 | 15.46 | 6.46 | 6.81 | 10.59 |
Inventory Turnover |
1.91 | 1.88 | 1.51 | 1.57 | 2.03 | 2.56 | 2.33 | 2.83 | 3.79 | 3.23 |
Average Days of Payables |
16.40 | 23.63 | 26.53 | 7.77 | 10.16 | 14.45 | 21.40 | 29.39 | 78.34 | 30.78 |
Days of Inventory on Hand |
188.18 | 189.33 | 231.27 | 270.79 | 227.73 | 151.79 | 185.18 | 145.77 | 105.59 | 93.04 |
Average Receivables |
70.35 | 55.50 | 40.50 | 27.34 | 16.20 | 12.39 | 11.60 | 11.34 | 12.21 | 12.71 |
Average Payables |
2.61 | 3.05 | 1.91 | 0.86 | 1.01 | 1.16 | 1.32 | 2.77 | 2.80 | 1.69 |
Average Inventory |
24.58 | 25.53 | 27.26 | 24.37 | 16.07 | 11.03 | 8.73 | 6.33 | 5.03 | 5.53 |
Average Assets |
237.15 | 247.88 | 235.01 | 215.36 | 209.00 | 196.54 | 184.31 | 172.16 | 156.77 | 150.43 |
Average Common Equity |
208.10 | 214.91 | 202.57 | 182.06 | 175.20 | 153.82 | 124.70 | 102.64 | 78.51 | 64.40 |
Columns are period end dates