Energy Recovery, Inc. ERII
Energy Recovery, Inc. (the "Company", "Energy Recovery", "we", "our" and "us") designs and manufactures world-class energy-saving
technology for critical infrastructure that communities rely on every day, driving a more resilient and sustainable future. Grounded in more
than 30 years of leadership in the desalination industry, today we use our proprietary pressure exchanger technology to help customers in
multiple industries improve their operations and lower their emissions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.0M | $144.9M | $128.3M | $125.6M | $103.9M | $119.0M | $86.9M | $74.5M | $69.1M | $57.8M |
| Cost of revenue | $47.1M | $48.0M | $41.3M | $38.2M | $32.7M | — | — | — | $19.1M | $17.8M |
| Gross profit | $87.9M | $96.9M | $87.1M | $87.4M | $71.2M | — | — | — | $39.1M | $31.9M |
| R&D | $13.0M | $16.2M | $17.0M | $17.9M | $20.1M | $23.4M | $23.4M | $17.0M | $13.4M | $10.1M |
| SG&A | $29.8M | $33.1M | $28.9M | $28.3M | $25.2M | $25.5M | $22.8M | $21.5M | $17.4M | $16.6M |
| Total operating expenses | $64.0M | $77.2M | $68.0M | $62.5M | $57.4M | $59.4M | $56.2M | $46.7M | $40.8M | $36.5M |
| Operating income | $23.9M | $19.7M | $19.1M | $24.8M | $13.8M | $31.3M | $10.4M | $10.0M | $9.2M | $3.4M |
| Interest expense | — | — | — | — | — | $0 | $0 | $1.0K | $2.0K | $3.0K |
| Pre-tax income | $27.6M | $25.7M | $22.7M | $26.1M | $14.0M | $32.1M | $12.3M | $11.4M | $9.9M | $3.7M |
| Income tax | $4.6M | $2.7M | $1.2M | $2.0M | $265.0K | $5.7M | $1.3M | $10.7M | $8.4M | $6.0K |
| Net income | $23.0M | $23.1M | $21.5M | $24.0M | $14.3M | $26.4M | $10.9M | $22.1M | $18.4M | $3.7M |
| EPS, basic | 0.43 | 0.40 | 0.38 | 0.43 | 0.25 | 0.47 | 0.20 | 0.41 | 0.34 | 0.07 |
| EPS, diluted | 0.42 | 0.40 | 0.37 | 0.42 | 0.24 | 0.47 | 0.19 | 0.40 | 0.33 | 0.07 |
| Shares, diluted (wtd. avg.) | 54.2M | 57.8M | 57.7M | 57.6M | 58.7M | 56.6M | 56.1M | 55.3M | 55.6M | 55.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.1M | $29.6M | $68.1M | $56.5M | $74.5M | $94.4M | $26.5M | $22.1M | $30.6M | $65.7M |
| Short-term investments | $27.2M | $48.4M | $40.4M | $33.5M | $31.3M | $20.4M | $58.7M | $73.3M | $70.0M | $39.1M |
| Receivables | $76.6M | $64.1M | $46.9M | $34.1M | $20.6M | $11.8M | $13.0M | $10.2M | $12.5M | $11.8M |
| Inventory | $24.3M | $24.9M | $26.1M | $28.4M | $20.4M | $11.7M | $10.3M | $7.1M | $5.5M | $4.5M |
| Total current assets | $181.2M | $173.7M | $185.5M | $157.9M | $151.8M | $143.2M | $113.0M | $119.6M | $126.1M | $122.4M |
| Property, plant and equipment | $12.9M | $15.4M | $18.7M | $19.6M | $20.4M | $20.2M | $18.8M | $14.6M | $13.4M | $8.6M |
| Goodwill | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M |
| Other intangibles | — | — | — | $0 | $37.0K | $49.0K | $65.0K | $640.0K | $1.3M | $1.9M |
| Total assets | $231.5M | $242.8M | $253.0M | $217.0M | $213.7M | $204.3M | $188.8M | $179.8M | $164.5M | $149.1M |
| Accounts payable | $2.1M | $3.1M | $3.0M | $814.0K | $909.0K | $1.1M | $1.2M | $1.4M | $4.1M | $1.5M |
| Short-term debt | — | — | — | — | — | — | — | $0 | $11.0K | $11.0K |
| Total current liabilities | $17.4M | $23.4M | $21.5M | $18.3M | $19.8M | $15.7M | $27.8M | $27.1M | $30.4M | $17.2M |
| Long-term debt | — | — | — | — | — | — | — | $0 | $16.0K | $27.0K |
| Total liabilities | $25.3M | $32.8M | $33.2M | $31.7M | $34.9M | $32.7M | $52.8M | $66.5M | $72.6M | $83.9M |
| Retained earnings | $128.7M | $105.7M | $82.7M | $61.2M | $37.1M | $22.8M | -$3.6M | -$14.5M | -$36.6M | -$58.3M |
| Total equity | $206.2M | $210.0M | $219.8M | $185.3M | $178.8M | $171.6M | $136.0M | $113.4M | $91.9M | $68.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.8M | $20.5M | $26.1M | $12.6M | $13.5M | $16.9M | $5.3M | $7.6M | $2.9M | $5.0M |
| Depreciation and amortisation | $3.8M | $4.0M | $4.1M | $4.8M | $4.5M | $3.9M | $4.4M | $3.9M | $3.7M | $3.7M |
| Stock-based compensation | $7.7M | $10.3M | $8.0M | $6.5M | $6.1M | $4.8M | $5.7M | $5.2M | $4.1M | $3.3M |
| Capital expenditure | $1.3M | $1.3M | $2.6M | $4.2M | $6.7M | $6.8M | $7.4M | $5.2M | $7.4M | $1.1M |
| Investing cash flow | $34.0M | -$15.7M | -$19.1M | -$6.9M | -$20.6M | $46.6M | -$6.9M | -$10.2M | -$38.9M | -$40.1M |
| Financing cash flow | -$34.5M | -$43.3M | $4.8M | -$23.7M | -$12.8M | $4.4M | $6.0M | -$5.9M | $951.0K | -$2.8M |
| Buybacks | $35.6M | $50.4M | $0 | $26.7M | $23.3M | $0 | $0 | $10.0M | $4.3M | $9.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001421517-26-000033.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.8M | $69.1M | $74.5M | $86.9M | $119.0M | $103.9M | $125.6M | $128.3M | $144.9M | $135.0M |
| Gross profit | $31.9M | $39.1M | — | — | — | $71.2M | $87.4M | $87.1M | $96.9M | $87.9M |
| Net income | $3.7M | $18.4M | $22.1M | $10.9M | $26.4M | $14.3M | $24.0M | $21.5M | $23.1M | $23.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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