Energy Recovery, Inc., together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the United States, North, South and Latin America, the Middle East, Northern Africa, Asia, and Europe. It operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra high-pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation pumps for use in water treatment industries, including seawater and brackish desalination, and wastewater treatment. It also provides PX G1300, which reduces energy consumption and operating costs of carbon dioxide-based refrigeration systems; and spare parts, as well as repair, field, and commissioning services. The company sells its products under the ERI, PX, PX Pressure Exchanger, Pressure Exchanger, Ultra High-Pressure PX, PX G1300, PX PowerTrain, PX G, AT, and Aquabold brands to supermarket chains, cold storage facilities, refrigeration system installers or OEMs, and other industrial users; and aftermarket customers consisting of desalination plant owners and operators. Energy Recovery, Inc. was incorporated in 1992 and is headquartered in San Leandro, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $135M | $28M | $23M | $17M | 11.1% | -6.9% | -0.4% |
| 2024 | $145M | $26M | $23M | $19M | 11.0% | 12.9% | 7.2% |
| 2023 | $128M | $23M | $22M | $23M | 9.8% | 2.2% | -10.6% |
| 2022 | $126M | $31M | $24M | $8M | 13.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 125.59 | 128.35 | 144.95 | 134.99 |
| Operating Revenue | - | 125.59 | 128.35 | 144.95 | 134.99 |
| Cost Of Revenue | - | 38.24 | 41.27 | 48.02 | 47.06 |
| Gross Profit | - | 87.36 | 87.08 | 96.93 | 87.93 |
| Operating Expense | - | 62.53 | 68.03 | 74.73 | 63.73 |
| Research And Development | - | 17.91 | 17 | 16.24 | 13.03 |
| Selling General And Administration | - | 44.62 | 51.03 | 58.50 | 50.70 |
| Total Expenses | - | 100.76 | 109.30 | 122.75 | 110.78 |
| Operating Income | - | 24.83 | 19.05 | 22.20 | 24.20 |
| Total Operating Income As Reported | - | 24.83 | 19.05 | 19.72 | 23.89 |
| EBITDA | - | 31.13 | 23.15 | 26.25 | 27.96 |
| Normalized EBITDA | - | 31.13 | 23.15 | 28.72 | 28.28 |
| EBIT | - | 24.83 | 19.05 | 22.20 | 24.20 |
| Interest Income | - | 0.91 | 3.76 | 6.22 | 3.61 |
| Net Interest Income | - | 0.91 | 3.76 | 6.22 | 3.61 |
| Other Non Operating Income Expenses | - | 0.33 | -0.10 | -0.21 | 0.09 |
| Other Income Expense | - | 0.33 | -0.10 | -2.68 | -0.22 |
| Interest Income Non Operating | - | 0.91 | 3.76 | 6.22 | 3.61 |
| Net Non Operating Interest Income Expense | - | 0.91 | 3.76 | 6.22 | 3.61 |
| Pretax Income | - | 26.07 | 22.70 | 25.74 | 27.60 |
| Tax Provision | - | 2.02 | 1.20 | 2.68 | 4.63 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.26 | -0.05 |
| Net Income Continuous Operations | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income From Continuing And Discontinued Operation | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income From Continuing Operation Net Minority Interest | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income Common Stockholders | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income Including Noncontrolling Interests | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Normalized Income | - | 24.05 | 21.50 | 25.27 | 23.22 |
| Diluted NI Availto Com Stockholders | - | 24.05 | 21.50 | 23.05 | 22.96 |
| Basic Average Shares | - | 56.22 | 56.44 | 57.21 | 53.80 |
| Diluted Average Shares | - | 57.64 | 57.74 | 57.82 | 54.16 |
| Reconciled Depreciation | - | 6.30 | 4.10 | 4.05 | 3.76 |
| Reconciled Cost Of Revenue | - | 38.24 | 41.27 | 48.02 | 47.06 |
| Total Unusual Items | - | 0 | 0 | -2.48 | -0.31 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -2.48 | -0.31 |
| Special Income Charges | - | 0 | 0 | -2.48 | -0.31 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 2.48 | 0.31 |
| Depreciation Amortization Depletion Income Statement | 0.01 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 0.01 | - | - | - | - |
| General And Administrative Expense | - | 28.34 | 28.86 | 33.07 | 29.77 |
| Other Gand A | - | 28.34 | 28.86 | 33.07 | 29.77 |
| Selling And Marketing Expense | - | 16.28 | 22.16 | 25.42 | 20.93 |
| Amortization | 0.01 | - | - | - | - |
| Amortization Of Intangibles Income Statement | 0.01 | - | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Energy Recovery, Inc.this co. | ERII | $427M | 18.61 | 2.07 | 11.1% | 13.90 |
| The Manitowoc Company, Inc. | MTW | $447M | 62.09 | 0.64 | 1.0% | 7.82 |
| L.B. Foster Company | FSTR | $439M | 58.23 | 2.51 | 4.3% | 14.44 |
| AirJoule Technologies Corporation | AIRJ | $418M | -46.20 | 1.56 | -3.4% | -29.23 |
| Boston Omaha Corporation | BOC | $415M |
| - |
| - |
| - |
| - |
| - |
| -33.40 |
| 0.80 |
| -2.4% |
| 33.88 |
| Kelly Services, Inc. | KELYA | $411M | -1.62 | 0.42 | -26.0% | -41.01 |
| Costamare Bulkers Holdings Limited | CMDB | $407M | -10.90 | 0.61 | -5.6% | 4697.71 |
| Columbus McKinnon Corporation | CMCO | $405M | -78.76 | 0.46 | -0.6% | 11.87 |
| Concrete Pumping Holdings, Inc. | BBCP | $403M | 63.25 | 1.52 | 2.4% | 8.41 |
| Peer Median | - | -6.26 | 0.72 | -1.5% | 10.14 | |