Energy Recovery, Inc. ERII

Industrials SIC 3559 - Special Industry Machinery, NEC NAICS Manufacturing › Machinery Manufacturing › Industrial Machinery Manufacturing › Semiconductor Machinery Manufacturing derived Nasdaq

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 6.68 2026-10-23
Market cap $341.0M 2026-06-30 share count
52-week range 6.55 - 18.32

Valuation FY2025 figures against the last close

P/S2.5x
P/E15.9x
P/FCF19.6x
EV/EBITDA12.3x
Dividend yield—
Diluted EPS0.42

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.430.400.380.430.250.470.200.410.340.07
EPS, diluted 0.420.400.370.420.240.470.190.400.330.07
Shares, diluted (wtd. avg.) 54.2M57.8M57.7M57.6M58.7M56.6M56.1M55.3M55.6M55.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 50M 100M 150M Revenue, FY2016: 57.8M Gross profit, FY2016: 31.9M Net income, FY2016: 3.7M Revenue, FY2017: 69.1M Gross profit, FY2017: 39.1M Net income, FY2017: 18.4M Revenue, FY2018: 74.5M Net income, FY2018: 22.1M Revenue, FY2019: 86.9M Net income, FY2019: 10.9M Revenue, FY2020: 119M Net income, FY2020: 26.4M Revenue, FY2021: 103.9M Gross profit, FY2021: 71.2M Net income, FY2021: 14.3M Revenue, FY2022: 125.6M Gross profit, FY2022: 87.4M Net income, FY2022: 24M Revenue, FY2023: 128.3M Gross profit, FY2023: 87.1M Net income, FY2023: 21.5M Revenue, FY2024: 144.9M Gross profit, FY2024: 96.9M Net income, FY2024: 23.1M Revenue, FY2025: 135M Gross profit, FY2025: 87.9M Net income, FY2025: 23M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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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