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.
Last close
7.63
2026-09-04
Market cap
$389.5M
2026-06-30 share count
52-week range
7.51 - 18.32
Valuation FY2025 figures against the last close
P/S2.9x
P/E18.2x
P/FCF22.3x
EV/EBITDA14.1x
Dividend yield—
Diluted EPS0.42
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.
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