Pricing Log in Create free account
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%
Market cap
$355.3M
P/E
24.8×
Fwd P/E
−33.1×
Dividend yield
—
F-score
6/9
Altman Z
19.75
Beneish M
−2.24
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.27
Sold, $m 3.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 1 — — — — —
Sell 1 1 2 4 2 — 1 2 — — — —
Insider Ownership 3.60%

Capital & Financial Ratios $m

Size
Market Cap 355.27
Revenue ttm 120.57
Net income ttm 15.34
Free cash flow ttm 38.61
Net debt Q (93.06)
Valuation
P/E 24.76
Forward P/E (33.10) (negative: loss-making)
Price / sales 3.06
Forward P/S Powerpack
Price / FCF 9.57
Price / book 2.14
Financial health
Current ratio Q 8.05 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 8.43
Growth
Revenue growth Q −57.24% (below 0%: shrinking)
Operating income growth Q −499.19% (below 0%: shrinking)
EPS, this year −144.76% (below 0%: weak)
EPS, next year A +186.17% (at or above 15%: strong)
Revenue, next year A −46.08% (below 0%: weak)
EPS, past 5 yrs −2.22% (below 0%: weak)
EPS, next 5 yrs A +0.79%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 5.6×; over the ten years it ranged from 2.2× in 2026 to 15.3× in 2023.
P/E against its own 10 years 18.00%
10-year low 10-year high
P/S against its own 10 years 1.36%
10-year low 10-year high
P/B against its own 10 years 1.32%
10-year low 10-year high
EV/Sales against its own 10 years 1.32%
10-year low 10-year high
EV/FCF against its own 10 years 11.13%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 109 78 75 93
Receivables 47 64 77 14
Inventory 26 25 24 38
Other — — — —
185 174 181 149
2023 2024 2025 Q'26
Payables 3 3 2 5
ST’ Debt — — — —
Other 1 1 1 1
21 23 17 19

Compound Annual Growth %

10y 5y 3y
Sales 11.68% 2.56% 2.43%
Cash Flow (12.21%) 2.16% 14.11%
Earnings 0.00% (2.74%) (1.53%)
Book Value 12.47% 3.74% 3.62%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.04 Actual −0.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.09 0.12 Beat by 0.03
Q4 FY25 0.67 0.53 Miss by 0.14
Q1 FY26 −0.10 −0.11 Miss by 0.01
Q2 FY26 −0.04 −0.03 Beat by 0.01
Q3 FY26 0.00 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.23) (0.06) — — —
’25 (0.18) 0.04 0.07 0.50 0.42
’24 (0.14) (0.01) 0.15 0.41 0.40
’23 (0.11) (0.03) 0.17 0.34 0.37
’22 0.14 (0.04) 0.08 0.24 0.42
’21 0.12 0.02 0.02 0.09 0.24
’20 0.01 0.30 0.10 0.06 0.47
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10 12 — — —
’25 8 28 32 67 135
’24 12 27 39 67 145
’23 13 21 37 57 128
’22 33 20 30 42 126
’21 29 21 21 34 104
’20 22 44 27 26 119
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 21 16 — — —
’25 11 4 (3) 7 19
’24 6 8 (3) 9 21
’23 9 (4) 8 14 26
’22 (2) 9 (1) 6 13
’21 0 11 (4) 6 14
’20 (6) 6 11 7 17
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 20 15 — — —
’25 10 4 (3) 6 17
’24 6 8 (3) 9 19
’23 8 (5) 7 12 24
’22 (4) 9 (1) 5 10
’21 (1) 10 (7) 4 7
’20 (7) 3 9 6 10
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 58 69 75 87 119 104 126 128 145 135 121 +9.9% 73 105 137 +0.5%
Gross margin, % 69.11 72.43 76.01 76.61 76.26 68.56 69.56 67.85 66.87 65.14 64.01 (4.0) pt
EBT 4 10 11 12 32 14 26 23 26 28 18 +25.0%
EBT margin, % 6.43 14.36 15.35 14.10 27.01 13.48 20.76 17.69 17.75 20.44 14.58 +14.0 pt
Net income 4 18 22 11 26 14 24 22 23 23 15 +22.4%
Per share, $
Per share, $ Revenue 1.10 1.29 1.39 1.59 2.14 1.82 2.23 2.27 2.53 2.51 2.34 +9.6%
Earnings 0.07 0.34 0.40 0.20 0.47 0.25 0.43 0.38 0.40 0.43 0.29 +22.1%
Cash flow 0.09 0.05 0.14 0.10 0.30 0.24 0.22 0.46 0.36 0.35 0.80 +15.6%
Capex (0.02) (0.14) (0.10) (0.13) (0.12) (0.12) (0.06) (0.04) (0.02) (0.02) (0.05) +1.6%
Free cash flow 0.07 (0.08) 0.04 (0.04) 0.18 0.12 0.17 0.42 0.34 0.32 0.75 +17.9%
Book value 1.24 1.71 2.11 2.48 3.08 3.14 3.30 3.89 3.67 3.83 3.35 +13.3%
Shares, m 52 54 54 55 56 57 56 56 57 54 53 +0.3%
Valuation, ×
Valuation, × P/E 151.48 29.78 16.55 48.95 29.02 85.96 46.86 49.68 35.85 30.66 24.76 52.5
P/S 9.76 6.94 4.86 6.16 6.39 11.79 9.23 8.30 5.80 5.38 3.06 7.5
P/B 8.65 5.22 3.19 3.94 4.43 6.85 6.25 4.85 4.00 3.52 2.14 5.1
EV/Sales 7.98 5.48 3.75 5.33 5.53 10.89 8.62 7.56 5.35 4.91 2.40 6.5
EV/FCF 119.65 (84.60) 119.85 (219.30) 65.24 165.31 113.91 41.14 40.08 38.01 7.49 39.9
Cash, $m
Cash, $m Operating cash flow 5 3 8 5 17 14 13 26 21 19 41 +15.9%
Capex (1) (7) (5) (7) (7) (7) (3) (2) (1) (1) (3) +1.9%
Free cash flow 4 (4) 2 (2) 10 7 10 24 19 17 39 +18.3%
Balance, $m
Balance, $m Working capital 105 96 93 85 127 132 140 164 150 164 131 +5.0%
Net debt (103) (100) (95) (85) (115) (106) (90) (109) (78) (75) (93) (3.4%)
Shareholders’ equity 65 92 113 136 172 179 185 220 210 206 172 +13.7%
Returns, %
Returns, % ROA 2.47 11.71 12.83 5.92 13.43 6.83 11.17 9.15 9.30 9.68 7.48 +7.2 pt
ROIC 0.00 0.00 34.67 12.73 34.36 11.83 16.25 10.70 9.34 11.40 11.20 +11.4 pt
ROE 5.78 23.38 21.53 8.75 17.15 8.14 13.21 10.62 10.73 11.03 8.58 +5.3 pt
People
People Employees 120 133 143 188 216 222 246 269 254 230 — +7.5%
Revenue/emp, $m 0.48 0.52 0.52 0.46 0.55 0.47 0.51 0.48 0.57 0.59 — +2.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Energy Recovery, Inc. vs peers in Pollution & Treatment Controls (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CECO CECO Environmental Corp. $3.0B — (loss-making) 151× +53.71% (above 0%: growing) n/m −177.98% (below 0%: shrinking) 30.34% (11.64%) Compare
PCT PureCycle Technologies, Inc. $675.0M — (loss-making) — (loss-making) +173.45% (above 0%: growing) n/m −80.41% (below 0%: shrinking) (671.72%) (916.09%) Compare
CDZI Cadiz, Inc. $385.3M — (loss-making) — (loss-making) −76.27% (below 0%: shrinking) n/m −66.49% (below 0%: shrinking) (2.45%) (902.45%) Compare
ADUR Aduro Clean Technologies Inc. $363.5M — (loss-making) — −97.97% (below 0%: shrinking) n/m +31.19% (above 0%: growing) 100.00% (309,633.33%) Compare
ERII Energy Recovery, Inc. $355.3M 24.0× — (loss-making) −57.24% (below 0%: shrinking) n/m +284.72% (above 0%: growing) 74.67% (49.05%)
ARQ Arq, Inc. $77.3M — (loss-making) — (loss-making) +4.54% (above 0%: growing) n/m +46.21% (above 0%: growing) 38.52% (0.23%) Compare
FTEK Fuel Tech, Inc. $45.3M — (loss-making) — (loss-making) +16.68% (above 0%: growing) n/m −1,603.51% (below 0%: shrinking) 41.25% (24.13%) Compare
SCWO 374Water Inc. $43.4M — (loss-making) — +280.17% (above 0%: growing) n/m +85.28% (above 0%: growing) 87.67% (71.70%) Compare
BCHT Birchtech Corp. $29.7M — (loss-making) — (loss-making) +16.50% (above 0%: growing) n/m −68.00% (below 0%: shrinking) 27.24% (42.81%) Compare
Median of peers $220.4M — — +16.59% — −67.24% 34.43% (57.25%)

All 16 Pollution & Treatment Controls stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.22m 2.83m 98.90
2024 3.75m 3.15m 150.15
2023 2.16m 1.89m 192.44
2022 2.03m 2.12m 209.30
2021 2.01m 4.67m 219.51

Ownership

Directors and executive officers, together 2.50%
Ameriprise Financial, Inc. 10.10%
BlackRock, Inc. 9.40%
Amundi 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Energy Recovery, Inc. (ERII) Latest News

No news at this impact. Lower the threshold for more.
stockrow.com/ERII · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com