Energy Recovery IncEnergy Recovery Inc
Energy Recovery Inc

Energy Recovery Inc

ERII
Industrials·Machinery

Energy Recovery, Inc. engages in the design and manufacture of industrial fluid flow solutions. It operates through the following segments: Water, Emerging Technologies, and Corporate. The Water segment deals with the development, sales, and support of the PX, Turbochargers and pumps used in seawater desalination and industrial wastewater activities. The Emerging Technologies segment is composed of the development of the PX G1300 used in industrial and commercial refrigeration applications. The company was founded in April 1992 and is headquartered in San Leandro, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$135M−6.9% YoY
Net income
$23M−0.4% YoY
Free cash flow
$17.4M−9.3% YoY

Market

Listed stock
ERIIPriceNasdaq
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Financial performance

Revenue
$135M−6.9% YoY
Operating income
$23.9M+21.1% YoY
Net income
$23M−0.4% YoY
Free cash flow
$17.4M−9.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $103.9M, 2022 $125.6M, 2023 $128.3M, 2024 $144.9M, 2025 $135M. Operating income: 2021 $13.8M, 2022 $24.8M, 2023 $19.1M, 2024 $19.7M, 2025 $23.9M. Net income: 2021 $14.3M, 2022 $24M, 2023 $21.5M, 2024 $23.1M, 2025 $23M. Free cash flow: 2021 $6.8M, 2022 $8.4M, 2023 $23.5M, 2024 $19.2M, 2025 $17.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-6.9%−1980 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $13.8M, 2022-12-31 $24.8M, 2023-12-31 $19.1M, 2024-12-31 $19.7M, 2025-12-31 $23.9M. Net income: 2021-12-31 $14.3M, 2022-12-31 $24M, 2023-12-31 $21.5M, 2024-12-31 $23.1M, 2025-12-31 $23M. Free cash flow: 2021-12-31 $6.8M, 2022-12-31 $8.4M, 2023-12-31 $23.5M, 2024-12-31 $19.2M, 2025-12-31 $17.4M

Growth heatmap

2022202320242025CAGR
Revenue
+20.9%
+2.2%
+12.9%
-6.9%
+6.8%
Gross profit
+345.1%
+9490.2%
+11.3%
-9.3%
+355.6%
Operating income
+79.5%
-23.3%
+3.5%
+21.1%
+14.6%
Free cash flow
+22.7%
+179.6%
-18.2%
-9.3%
+26.3%

Earnings quality

Operating cash flow
$18.8M−8.5% YoY
Net income
$23M−0.4% YoY
Free cash flow
$17.4M−9.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 82%, 2024-12-31 89%, 2023-12-31 121%, 2022-12-31 53%, 2021-12-31 95%. Free cash flow: 2025-12-31 76%, 2024-12-31 83%, 2023-12-31 109%, 2022-12-31 35%, 2021-12-31 48%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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