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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 125.59 | 128.35 | 144.95 | 134.99 |
| Cost Of Revenue | 38.23 | 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 |
| Operating Income | 24.83 | 19.05 | 22.20 | 24.20 |
| EBITDA | 31.13 | 23.15 | 26.25 | 27.96 |
| EBIT | 24.83 | 19.05 | 22.20 | 24.20 |
| Pretax Income | 26.07 | 22.70 | 25.73 | 27.59 |
| Tax Provision | 2.02 | 1.20 | 2.69 | 4.63 |
| Net Income | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income Common Stockholders | 24.05 | 21.50 | 23.05 | 22.96 |
| Total Expenses | 100.76 | 109.30 | 122.75 | 110.78 |
| Interest Income | 0.91 | 3.76 | 6.22 | 3.61 |
| Research And Development | 17.91 | 17 | 16.24 | 13.03 |
| Selling General And Administration | 44.62 | 51.03 | 58.50 | 50.70 |
| Normalized EBITDA | 31.13 | 23.15 | 28.72 | 28.27 |
| Normalized Income | 24.05 | 21.50 | 25.27 | 23.22 |
| Basic EPS | 0.43 | 0.38 | 0.40 | 0.43 |
| Diluted EPS | 0.42 | 0.37 | 0.40 | 0.42 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.26 | -0.05 |
| Tax Rate For Calcs | 0.08 | 0.05 | 0.10 | 0.17 |
| Total Unusual Items | 0 | 0 | -2.48 | -0.31 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -2.48 | -0.31 |
| Net Income From Continuing Operation Net Minority Interest | 24.05 | 21.50 | 23.05 | 22.96 |
| Reconciled Depreciation | 6.30 | 4.10 | 4.05 | 3.76 |
| Reconciled Cost Of Revenue | 38.23 | 41.27 | 48.02 | 47.06 |
| Net Interest Income | 0.91 | 3.76 | 6.22 | 3.61 |
| Net Income From Continuing And Discontinued Operation | 24.05 | 21.50 | 23.05 | 22.96 |
| Total Operating Income As Reported | 24.83 | 19.05 | 19.72 | 23.89 |
| Diluted Average Shares | 57.64 | 57.74 | 57.82 | 54.16 |
| Basic Average Shares | 56.22 | 56.44 | 57.21 | 53.80 |
| Diluted NI Availto Com Stockholders | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income Including Noncontrolling Interests | 24.05 | 21.50 | 23.05 | 22.96 |
| Net Income Continuous Operations | 24.05 | 21.50 | 23.05 | 22.96 |
| Other Income Expense | 0.33 | -0.10 | -2.68 | -0.22 |
| Other Non Operating Income Expenses | 0.33 | -0.10 | -0.21 | 0.09 |
| Special Income Charges | 0 | 0 | -2.48 | -0.31 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 2.48 | 0.31 |
| Net Non Operating Interest Income Expense | 0.91 | 3.76 | 6.22 | 3.61 |
| Interest Income Non Operating | 0.91 | 3.76 | 6.22 | 3.61 |
| Depreciation Amortization Depletion Income Statement | 0 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 0 | 0 | 0 | 0 |
| Amortization | 0 | 0 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 0 | 0 | 0 | 0 |
| Selling And Marketing Expense | 16.28 | 22.16 | 25.42 | 20.93 |
| General And Administrative Expense | 28.34 | 28.86 | 33.07 | 29.77 |
| Other Gand A | 28.34 | 28.86 | 33.07 | 29.77 |
| Operating Revenue | 125.59 | 128.35 | 144.95 | 134.99 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Energy Recovery, Inc.this co. | ERII | $565M | 25.48β premium | 2.74 | 11.1% | 17.64 |
| Spire Global, Inc. | SPIR | $609M | 10.61 | 4.64 | 45.4% | -6.38 |
| Cass Information Systems, Inc. | CASS | $598M | 19.90 | 2.47 | 14.5% | 8.02 |
| Mistras Group, Inc. | MG | $588M | 34.89 | 2.48 | 7.1% | 9.91 |
| Tejon Ranch Co. | TRC | $531M |
| - |
| 1.11 |
| 0.0% |
| -291.89 |
| Richtech Robotics Inc. | RR | $530M | - | 1.49 | -5.8% | -8.52 |
| Bowman Consulting Group Ltd. | BWMN | $522M | 41.78 | 2.01 | 4.9% | 16.21 |
| Ennis, Inc. | EBF | $521M | 12.41 | 1.69 | 13.3% | 7.03 |
| Titan International, Inc. | TWI | $512M | - | 0.99 | -12.2% | 11.47 |
| Peer Median | - | 19.90 | 1.85 | 6.0% | 7.52 | |