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Stocks · Industrials · Special Industry Machinery, NEC

Energy Recovery, Inc.

ERII Clue Score75
United States Fiscal year ends December CIK 0001421517
$6.84 +0.00% Close, 9 Oct 2026
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Price $6.84 −63.81% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue57.8Operating income3.4Net income3.7EPS, diluted0.07Fiscal year 2017Revenue69.1 +19.6%Operating income9.2Net income18.4 +393.5%EPS, diluted0.33 +371.4%Fiscal year 2018Revenue74.5 +7.8%Operating income10.0Net income22.1 +20.4%EPS, diluted0.40 +21.2%Fiscal year 2019Revenue86.9 +16.7%Operating income10.4Net income10.9 −50.6%EPS, diluted0.19 −52.5%Fiscal year 2020Revenue119.0 +36.9%Operating income31.3Net income26.4 +141.8%EPS, diluted0.47 +147.4%Fiscal year 2021Revenue103.9 −12.7%Operating income13.8Net income14.3 −45.9%EPS, diluted0.24 −48.9%Fiscal year 2022Revenue125.6 +20.9%Operating income24.8Net income24.0 +68.5%EPS, diluted0.42 +75.0%Fiscal year 2023Revenue128.3 +2.2%Operating income19.1Net income21.5 −10.6%EPS, diluted0.37 −11.9%Fiscal year 2024Revenue144.9 +12.9%Operating income19.7Net income23.1 +7.2%EPS, diluted0.40 +8.1%Fiscal year 2025Revenue135.0 −6.9%Operating income23.9Net income23.0 −0.4%EPS, diluted0.42 +5.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 57.8 69.1 74.5 86.9 119.0 103.9 125.6 128.3 144.9 135.0
Growth +19.6% +7.8% +16.7% +36.9% −12.7% +20.9% +2.2% +12.9% −6.9%
Operating income 3.4 9.2 10.0 10.4 31.3 13.8 24.8 19.1 19.7 23.9
Net income 3.7 18.4 22.1 10.9 26.4 14.3 24.0 21.5 23.1 23.0
Growth +393.5% +20.4% −50.6% +141.8% −45.9% +68.5% −10.6% +7.2% −0.4%
EPS, diluted 0.07 0.33 0.40 0.19 0.47 0.24 0.42 0.37 0.40 0.42
Growth +371.4% +21.2% −52.5% +147.4% −48.9% +75.0% −11.9% +8.1% +5.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin55.1%Operating margin5.9%Net margin6.4%Free cash flow margin6.7%Fiscal year 2017Gross margin56.6%Operating margin13.4%Net margin26.6%Free cash flow margin−6.5%Fiscal year 2018Operating margin13.4%Net margin29.6%Free cash flow margin3.1%Fiscal year 2019Operating margin11.9%Net margin12.6%Free cash flow margin−2.4%Fiscal year 2020Operating margin26.3%Net margin22.2%Free cash flow margin8.5%Fiscal year 2021Gross margin68.6%Operating margin13.3%Net margin13.7%Free cash flow margin6.6%Fiscal year 2022Gross margin69.6%Operating margin19.8%Net margin19.1%Free cash flow margin6.7%Fiscal year 2023Gross margin67.8%Operating margin14.8%Net margin16.8%Free cash flow margin18.3%Fiscal year 2024Gross margin66.9%Operating margin13.6%Net margin15.9%Free cash flow margin13.3%Fiscal year 2025Gross margin65.1%Operating margin17.7%Net margin17.0%Free cash flow margin12.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 55.1% 56.6% n/a n/a n/a 68.6% 69.6% 67.8% 66.9% 65.1%
Operating margin 5.9% 13.4% 13.4% 11.9% 26.3% 13.3% 19.8% 14.8% 13.6% 17.7%
Net margin 6.4% 26.6% 29.6% 12.6% 22.2% 13.7% 19.1% 16.8% 15.9% 17.0%
Free cash flow margin 6.7% −6.5% 3.1% −2.4% 8.5% 6.6% 6.7% 18.3% 13.3% 12.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.0Capital expenditure−1.1Free cash flow3.9Buybacks−9.4Fiscal year 2017Operating cash flow2.9Capital expenditure−7.4Free cash flow−4.5 −216.3%Buybacks−4.3Fiscal year 2018Operating cash flow7.6Capital expenditure−5.2Free cash flow2.3Buybacks−10.0Fiscal year 2019Operating cash flow5.3Capital expenditure−7.4Free cash flow−2.1 −190.7%Buybacks0.0Fiscal year 2020Operating cash flow16.9Capital expenditure−6.8Free cash flow10.1Buybacks0.0Fiscal year 2021Operating cash flow13.5Capital expenditure−6.7Free cash flow6.8 −32.2%Buybacks−23.3Fiscal year 2022Operating cash flow12.6Capital expenditure−4.2Free cash flow8.4 +22.8%Buybacks−26.7Fiscal year 2023Operating cash flow26.1Capital expenditure−2.6Free cash flow23.5 +179.6%Buybacks0.0Fiscal year 2024Operating cash flow20.5Capital expenditure−1.3Free cash flow19.2 −18.2%Buybacks−50.4Fiscal year 2025Operating cash flow18.8Capital expenditure−1.3Free cash flow17.4 −9.3%Buybacks−35.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.0 2.9 7.6 5.3 16.9 13.5 12.6 26.1 20.5 18.8
Capital expenditure −1.1 −7.4 −5.2 −7.4 −6.8 −6.7 −4.2 −2.6 −1.3 −1.3
Free cash flow 3.9 −4.5 2.3 −2.1 10.1 6.8 8.4 23.5 19.2 17.4
Growth −216.3% −190.7% −32.2% +22.8% +179.6% −18.2% −9.3%
Buybacks −9.4 −4.3 −10.0 0.0 0.0 −23.3 −26.7 0.0 −50.4 −35.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash61.4Total debt0.0Net cash (debt)61.3Shareholders’ equity68.5Debt to equity0.00Fiscal year 2017Cash27.8Total debt0.0Net cash (debt)27.8Shareholders’ equity91.9Debt to equity0.00Fiscal year 2018Cash22.0Total debt0.0Net cash (debt)22.0Shareholders’ equity113.4Debt to equity0.00Fiscal year 2019Cash26.4Shareholders’ equity136.0Fiscal year 2020Cash94.3Shareholders’ equity171.6Fiscal year 2021Cash74.4Shareholders’ equity178.8Fiscal year 2022Cash56.4Shareholders’ equity185.3Fiscal year 2023Cash68.1Shareholders’ equity219.8Fiscal year 2024Cash29.6Shareholders’ equity210.0Fiscal year 2025Cash48.1Shareholders’ equity206.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 61.4 27.8 22.0 26.4 94.3 74.4 56.4 68.1 29.6 48.1
Total debt 0.0 0.0 0.0 n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) 61.3 27.8 22.0 n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 68.5 91.9 113.4 136.0 171.6 178.8 185.3 219.8 210.0 206.2
Debt to equity 0.00 0.00 0.00 n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
55.1% 56.6% n/a n/a n/a 68.6% 69.6% 67.8% 66.9% 65.1%
5.9% 13.4% 13.4% 11.9% 26.3% 13.3% 19.8% 14.8% 13.6% 17.7%
6.4% 14.4% 15.4% 14.1% 27.0% 13.5% 20.8% 17.7% 17.8% 20.4%
6.4% 26.6% 29.6% 12.6% 22.2% 13.7% 19.1% 16.8% 15.9% 17.0%
6.7% −6.5% 3.1% −2.4% 8.5% 6.6% 6.7% 18.3% 13.3% 12.9%
Spending
17.5% 19.4% 22.8% 26.9% 19.7% 19.3% 14.3% 13.2% 11.2% 9.7%
28.8% 25.1% 28.8% 26.3% 21.5% 24.2% 22.6% 22.5% 22.8% 22.1%
1.9% 10.7% 7.0% 8.5% 5.7% 6.4% 3.4% 2.0% 0.9% 1.0%
−0.2% −84.9% −93.1% 11.0% 17.9% −1.9% 7.8% 5.3% 10.4% 16.8%
Returns
5.4% 20.0% 19.5% 8.0% 15.4% 8.0% 13.0% 9.8% 11.0% 11.1%
2.5% 11.2% 12.3% 5.8% 12.9% 6.7% 11.1% 8.5% 9.5% 9.9%
Balance and payout
0.00 0.00 0.00 n/a n/a n/a n/a n/a n/a n/a
56.3% 44.1% 37.0% 27.9% 16.0% 16.3% 14.6% 13.1% 13.5% 10.9%
243.3% n/a 429.2% n/a 0.0% 341.2% 317.3% 0.0% 262.1% 204.3%