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Energy Recovery, Inc. (ERII) stock

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NASDAQ: ERII Nasdaq Industrial Machinery & Supplies & Components Next results ~November 4, 2026

C+ Fundamentals grade

Energy Recovery, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Price vs value

Under review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger). We'll show the comparison once resolved.

Energy Recovery, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 5 selling2 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds119 adding, 82 cuttingOf 37 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Energy Recovery files

Where Energy Recovery stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $121m, down 15.0% on a year earlier, a steeper fall than the 3.0% decline a quarter earlier. That puts it 56 of 56 for growth among the industrial machinery & supplies & components companies we cover. Free-cash-flow margin rose to 32.0% from 14.2% a year earlier. Operating margin narrowed to 11.8% from 15.2%. The diluted share count is down 6.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks.

Our model value for Energy Recovery is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Energy Recovery, Inc.'s trailing-twelve-month revenue fell 15.0% year on year, with a free-cash-flow margin of 32.0%. Where it stands out: gross margin of 64.0% ranks 1 of 70 industrial machinery & supplies & components companies we cover. Where it lags: revenue growth of -15.0% ranks 74 of 75 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$9.2 per share in the base case (~$7.4–$12 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 91.3% while net income fell 36.4%: a 128pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 32.0% of revenue turned into free cash flow, against a median of 9.1% for industrial machinery & supplies & components companies we cover.
  • Shrinking share count. Diluted shares fell 6.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 15.0% over the last 12 months.
  • Growth slowing. The growth rate is 11.9 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 3.4 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 1.6 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.7 points on a year ago.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.03 against an average estimate of -$0.04: beat by 14.3%
Revenue
$12m, down 57.2% on a year earlier
Share reaction
-4.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.00

Energy Recovery's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+5.7%
  • 1 month+6.1%
  • This year-46.8%
  • 1 year-58.0%
  • 5 years-66.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$121M
Operating margin
11.8%
Net margin
12.7%
EPS (TTM, diluted)
$0.29

Growth

Revenue growth
−15.0%
Change in growth rate
−11.9 pts
Share count change
−6.6%

Cash

Free cash flow (TTM)
$38.6M
FCF margin
32.0%
Stock pay % of revenue
5.9%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Energy Recovery, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: analysts' forecasts describe a different business from the one in the latest filings (spin-off, disposal or merger).

Our value per share comes from a discounted-cash-flow model of Energy Recovery, Inc.'s free cash flow after stock-based pay ( $20.3M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.07$10.35$8.75$6.73$9.79$13.64$21.49$20.49$18.84$14.70$13.49$7.18
Market value$369m$574m$487m$372m$549m$773m$1.3bn$1.2bn$1.1bn$850m$731m$379m
+ Net debt (− = net cash)−$100m−$61m−$28m−$22m−$26m−$94m−$74m−$56m−$68m−$30m−$48m−$61m
Enterprise value$269m$513m$459m$350m$523m$678m$1.2bn$1.1bn$1.0bn$820m$683m$318m
Multiples
Price / sales 8.4x9.9x7.0x5.0x6.3x6.5x12.1x9.4x8.5x5.9x5.4x3.1x
Price / earnings —154.3x26.5x16.9x50.3x29.3x88.4x49.1x50.6x36.9x31.8x24.7x
Price / free cash flow 5.4x149.0x—159.8x—76.6x184.4x140.6x46.3x44.2x41.9x9.8x
EV / EBITDA —72.1x35.5x25.3x35.4x19.3x64.8x38.0x44.0x34.5x24.7x17.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Energy Recovery's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Cash operating profit has been a median 7.5% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 65.1%, moving by 4.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 13.7%; its worst year was 6.0%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 4.7% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 8.6% over five years; stock-based pay has been a median 6.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $16m and EPS of $0.00 (range −$0.01 to $0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.02 −104% $73m −46%
Next $0.34 +1775% $105m +44%

Next year's EPS estimate has moved −37.4% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −133.3% on 90 days ago. In the last 30 days, 0 analysts raised Energy Recovery, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Energy Recovery, Inc., last 90 days
−$0.20 $0.00 $0.20 $0.40 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.06 Current fiscal year, 60 days ago: $0.06 Current fiscal year, 30 days ago: $0.04 Current fiscal year, 7 days ago: $0.04 Current fiscal year, Now: −$0.02 −$0.02 Next fiscal year, 90 days ago: $0.54 Next fiscal year, 60 days ago: $0.54 Next fiscal year, 30 days ago: $0.48 Next fiscal year, 7 days ago: $0.48 Next fiscal year, Now: $0.34 $0.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.06$0.54
60 days ago $0.06$0.54
30 days ago $0.04$0.48
7 days ago $0.04$0.48
Now −$0.02$0.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.04 −$0.03 +14.3%
Mar 2026 −$0.07 −$0.11 −50.0%
Dec 2025 $0.67 $0.53 −20.9%
Sept 2025 $0.10 $0.12 +24.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Energy Recovery, Inc.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Our model doesn't use the consensus here: consensus revenue is 1.85x the latest quarter's run rate while reported revenue fell 57% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

4 analysts, Oct 2026
Buy00%
Hold4100%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 2026134

Counts of recommendations published by analysts covering Energy Recovery, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.1%
of tradable shares
Days to cover
3.76
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
2.1%
of shares
Employees
230
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −58.0%

$17.11 on October 31, 2025 to $7.18

ThenNowEffect
Revenue (last 12 months) $142m $121m −15.0%
Net margin 17.0% 12.7% −25.2%
P/E multiple 40.1x 24.7x −38.3%
Share count 57m 53m +7.0%

Biggest factor: p/e multiple.

Last 3 years −60.3%

$18.08 on November 3, 2023 to $7.18

ThenNowEffect
Revenue (last 12 months) $107m $121m +12.8%
Net margin 9.9% 12.7% +28.8%
P/E multiple 98.0x 24.7x −74.8%
Share count 57m 53m +8.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ERII+58%−5%−8%−22%−8%−47%
Industry peers (median)+19%−15%+21%+2%+13%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ERII67%42%50%50%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ERII−23%−30%−54%−35%−32%−59%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 78% from July 18, 2023 to October 15, 2026. Getting back needed a 361% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.64 – $17.26
From 52-week high
−58.4%
vs 50-day average
+1.4%
vs 200-day average
−24.9%
Volatility (1 year)
57%
Beta vs S&P 500
1.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±12.6%
After a week
5 up, 7 down
typical move ±14.2%
After a month
4 up, 8 down
typical move ±15.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −4.3% −0.4% −14.7% −16.1%
May 6, 2026 −16.6% +1.1% −26.5% −29.2%
February 25, 2026 −35.1% +0.3% −33.3% −38.1%
November 5, 2025 −11.7% −0.7% −13.1% −10.3%
August 6, 2025 +7.5% +0.7% +7.3% +5.8%
May 7, 2025 −17.7% +1.1% −17.3% −15.1%
February 26, 2025 +2.5% −1.5% +6.3% +10.2%
October 30, 2024 +1.6% −2.3% +11.5% −11.5%
July 31, 2024 +21.6% +0.2% +10.2% +13.6%
May 1, 2024 −12.5% +0.6% −9.5% −9.4%
February 21, 2024 −3.6% +2.2% −2.6% −0.4%
November 1, 2023 +16.5% +3.0% +18.2% +24.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Energy Recovery, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Energy Recovery, Inc.
$110M $120M $130M $140M $150M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $113.5M Revenue (TTM), FY23 Q4: $128.3M Revenue (TTM), FY24 Q1: $127M Revenue (TTM), FY24 Q2: $133.5M Revenue (TTM), FY24 Q3: $135.1M Revenue (TTM), FY24 Q4: $144.9M Revenue (TTM), FY25 Q1: $140.9M Revenue (TTM), FY25 Q2: $141.8M Revenue (TTM), FY25 Q3: $135.2M Revenue (TTM), FY25 Q4: $135M Revenue (TTM), FY26 Q1: $136.6M Revenue (TTM), FY26 Q2: $120.6M $120.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $113.5M
FY23 Q4 $128.3M
FY24 Q1 $127M
FY24 Q2 $133.5M
FY24 Q3 $135.1M
FY24 Q4 $144.9M
FY25 Q1 $140.9M
FY25 Q2 $141.8M
FY25 Q3 $135.2M
FY25 Q4 $135M
FY26 Q1 $136.6M
FY26 Q2 $120.6M
Revenue growth, TTM YoY Energy Recovery, Inc.
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.9% Revenue growth, TTM YoY, FY23 Q4: 2.2% Revenue growth, TTM YoY, FY24 Q1: 19.3% Revenue growth, TTM YoY, FY24 Q2: 24.9% Revenue growth, TTM YoY, FY24 Q3: 19.0% Revenue growth, TTM YoY, FY24 Q4: 12.9% Revenue growth, TTM YoY, FY25 Q1: 10.9% Revenue growth, TTM YoY, FY25 Q2: 6.2% Revenue growth, TTM YoY, FY25 Q3: 0.1% Revenue growth, TTM YoY, FY25 Q4: -6.9% Revenue growth, TTM YoY, FY26 Q1: -3.0% Revenue growth, TTM YoY, FY26 Q2: -15.0% -15.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.9%
FY23 Q4 2.2%
FY24 Q1 19.3%
FY24 Q2 24.9%
FY24 Q3 19.0%
FY24 Q4 12.9%
FY25 Q1 10.9%
FY25 Q2 6.2%
FY25 Q3 0.1%
FY25 Q4 -6.9%
FY26 Q1 -3.0%
FY26 Q2 -15.0%
Operating margin (TTM) Energy Recovery, Inc.
10% 12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.5% Operating margin (TTM), FY23 Q4: 14.8% Operating margin (TTM), FY24 Q1: 12.8% Operating margin (TTM), FY24 Q2: 12.6% Operating margin (TTM), FY24 Q3: 10.9% Operating margin (TTM), FY24 Q4: 13.6% Operating margin (TTM), FY25 Q1: 12.8% Operating margin (TTM), FY25 Q2: 15.2% Operating margin (TTM), FY25 Q3: 13.5% Operating margin (TTM), FY25 Q4: 17.7% Operating margin (TTM), FY26 Q1: 15.8% Operating margin (TTM), FY26 Q2: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.5%
FY23 Q4 14.8%
FY24 Q1 12.8%
FY24 Q2 12.6%
FY24 Q3 10.9%
FY24 Q4 13.6%
FY25 Q1 12.8%
FY25 Q2 15.2%
FY25 Q3 13.5%
FY25 Q4 17.7%
FY26 Q1 15.8%
FY26 Q2 11.8%
FCF margin (TTM) Energy Recovery, Inc.
10% 15% 20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 14.3% FCF margin (TTM), FY23 Q4: 18.3% FCF margin (TTM), FY24 Q1: 16.4% FCF margin (TTM), FY24 Q2: 25.0% FCF margin (TTM), FY24 Q3: 16.9% FCF margin (TTM), FY24 Q4: 13.3% FCF margin (TTM), FY25 Q1: 17.1% FCF margin (TTM), FY25 Q2: 14.2% FCF margin (TTM), FY25 Q3: 14.7% FCF margin (TTM), FY25 Q4: 12.9% FCF margin (TTM), FY26 Q1: 19.9% FCF margin (TTM), FY26 Q2: 32.0% 32.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 14.3%
FY23 Q4 18.3%
FY24 Q1 16.4%
FY24 Q2 25.0%
FY24 Q3 16.9%
FY24 Q4 13.3%
FY25 Q1 17.1%
FY25 Q2 14.2%
FY25 Q3 14.7%
FY25 Q4 12.9%
FY26 Q1 19.9%
FY26 Q2 32.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Energy Recovery took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $135M
  2. Other income $3.7M · 2.7%
  3. Cost of revenue $47.1M · 34.9%
  4. Gross profit $87.9M · 65.1%
  5. Research and development $13M · 9.7%
  6. Selling, general and admin $50.7M · 37.6%
  7. Operating income $23.9M · 17.7%
  8. Income tax $4.6M · 3.4%
  9. Net income $23M · 17.0%

Shares of revenue. Source: Energy Recovery's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 47 46 28 43 43 30 44 58 69 75 87 119 104 126 128 145 135 121
Gross profit 29 22 8 20 26 17 25 32 39 — — — 71 87 87 97 88 77
EBITDA 7 −2 −22 −6 1 −14 −8 7 13 14 15 35 18 30 23 24 28 18
Operating income 6 −5 −25 −9 −3 −18 −12 3 9 10 10 31 14 25 19 20 24 14
Net income 4 −4 −26 −8 −3 −19 −12 4 18 22 11 26 14 24 22 23 23 15
Diluted EPS $0.07 −$0.07 −$0.50 −$0.16 −$0.06 −$0.36 −$0.22 $0.07 $0.33 $0.40 $0.19 $0.47 $0.24 $0.42 $0.37 $0.40 $0.42 $0.29
Growth (year on year)
Revenue — −2.5% −38.8% +52.0% +1.0% −29.3% +43.5% +32.3% +19.6% +7.8% +16.7% +36.9% −12.7% +20.9% +2.2% +12.9% −6.9% −15.0%
EBITDA — −133.1% — — — <−999% — — +81.7% +7.2% +6.6% +138.4% −47.9% +61.4% −21.8% +2.7% +16.3% −29.1%
Operating income — −181.7% — — — — — — +170.0% +7.9% +3.9% +201.9% −55.8% +79.5% −23.3% +3.5% +21.1% −34.1%
Net income — −197.9% — — — — — — +393.5% +20.4% −50.6% +141.8% −45.9% +68.5% −10.6% +7.2% −0.4% −36.4%
Diluted EPS — −200.0% — — — — — — +371.4% +21.2% −52.5% +147.4% −48.9% +75.0% −11.9% +8.1% +5.0% −32.0%
Margins
Gross margin 62.6% 48.1% 27.8% 47.4% 59.8% 54.9% 56.2% 55.1% 56.6% — — — 68.6% 69.6% 67.8% 66.9% 65.1% 64.0%
EBITDA margin 15.6% −5.3% −78.1% −13.7% 2.1% −47.5% −18.2% 12.3% 18.7% 18.6% 17.0% 29.6% 17.6% 23.6% 18.0% 16.4% 20.5% 15.0%
Operating margin 13.1% −11.0% −90.2% −20.3% −6.7% −60.7% −27.0% 5.9% 13.4% 13.4% 11.9% 26.3% 13.3% 19.8% 14.8% 13.6% 17.7% 11.8%
Net margin 7.8% −7.9% −94.3% −19.4% −7.2% −61.5% −26.6% 6.4% 26.6% 29.6% 12.6% 22.2% 13.7% 19.1% 16.8% 15.9% 17.0% 12.7%
Free-cash-flow margin 10.9% −17.1% −36.4% −17.0% 2.2% −20.6% 156.8% 6.7% −6.5% 3.1% −2.4% 8.5% 6.6% 6.7% 18.3% 13.3% 12.9% 32.0%
Cash flow
Cash from operations 13 2 −8 −4 2 −4 69 5 3 8 5 17 14 13 26 21 19 41
Capital spending 8 10 2 3 1 3 1 1 7 5 7 7 7 4 3 1 1 3
Free cash flow 5 −8 −10 −7 1 −6 68 4 −4 2 −2 10 7 8 23 19 17 39
Stock-based pay 2 3 3 3 2 2 4 3 4 5 6 5 6 7 8 10 8 7
Free cash flow after stock pay 3 −11 −13 −10 −1 −8 64 1 −9 −3 −8 5 1 2 15 9 10 31
Balance sheet
Cash 59 55 19 17 14 16 100 61 28 22 26 94 74 56 68 30 48 61
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −59 −55 −18 −17 −14 −16 −100 −61 −28 −22 −26 −94 −74 −56 −68 −30 −48 −61
Diluted shares 53m 52m 53m 51m 51m 52m 52m 55m 56m 55m 56m 57m 59m 58m 58m 58m 54m 53m
Returned to shareholders
Buybacks — — — 4 — 3 0 9 4 10 0 0 23 27 0 50 36 35
Total returned — — — 4 — 3 0 9 4 10 0 0 23 27 0 50 36 35

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $198m
Short-term assets $149mLonger-term assets $48m
What it owes, and who funded it · $198m
Short-term liabilities $19mLonger-term liabilities $7mShareholders' equity $172m
  • Short-term assets cover short-term liabilities $149m of assets due within a year against $19m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $149m short-term assets against $7m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Energy Recovery, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$34.7M
Returned to shareholders
90%
of free cash flow
Buybacks, last 3 fiscal years
$86M
Diluted share count
−6.6%
year over year
Total shareholder yield
9.4%
dividends 0.0% + buybacks 9.4% of market value
R&D spending
10.1%
of revenue
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated ERII SYPR GTEC HURC SHMD PPIH Median
Revenue, last 12 months $121m $115m $103m $183m $76m $226m $1.4bn
Revenue growth, last 12 months −15.0% −11.5% 25.9% −1.9% 15.0% 24.8% 8.3%
Revenue growth, 3-year average 4.1% −2.1% 5.8% −6.6% — 17.6% 4.0%
Revenue growth, latest quarter −57.2% −3.5% 37.6% 3.2% — 24.4% 9.1%
Gross margin 64.0% 5.4% 33.4% 21.4% 23.9% 31.1% 35.2%
Operating margin 11.8% −9.6% 16.3% −2.8% 2.2% 12.1% 13.1%
Operating margin, 3-year average 13.2% −3.0% 13.2% −3.0% — 12.3% 13.7%
Net margin 12.7% −9.2% 12.3% −3.6% −106.1% 6.9% 8.9%
Cash from operations / revenue 34.2% −1.5% 15.7% 4.9% 1.9% 10.5% 11.9%
Free-cash-flow margin 32.0% −2.6% 14.1% 4.6% −5.3% 6.0% 8.8%
Free-cash-flow margin, 3-year average 23.7% −5.5% — 3.7% — 4.7% 9.8%
Stock pay / revenue 5.9% 1.1% — 0.9% 117.7% 0.6% 0.8%
Change in share count −6.6% 1.2% 46.2% −0.3% 9.0% 2.5% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth -15.0% 8.3% 74 of 75
Change in growth rate Growth -11.9pp +1.2pp 68 of 75
Gross margin Profitability 64.0% 35.4% 1 of 70
Operating margin Profitability 11.8% 13.0% 42 of 75
Net margin Profitability 12.7% 8.9% 21 of 76
Free-cash-flow margin Cash generation 32.0% 9.1% 2 of 76
Stock pay as % of revenue Cash generation 5.9% 0.8% 64 of 70
Change in share count Balance sheet -6.6% -0.0% 3 of 73
Days sales outstanding Balance sheet 43 days 63 days 8 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Water $135M 99.8% ▼ 6.7%
Emerging Technologies $285,000 0.2% ▼ 55.3%
Geography
Region Revenue Share YoY
Middle East and Africa $68.2M 50.5% ▲ 13.7%
Other $51.8M 38.4% ▼ 4.6%
Africa $15M 11.1% ▼ 51.2%

From Energy Recovery, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$395M
Institutions reporting
198
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
40 / 37

Top buyers and sellers, Q2 2026: 119 institutions bought and 82 sold ; the biggest buyer was Mackenzie Financial Corp (+1.2M shares) and the biggest seller Ameriprise Financial Inc (−4.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $57.2M 6.3M 14.5% ▲ 4.2%
Amundi $36.1M 4.0M 9.1% ▲ 7.0%
Vanguard Capital Management LLC $19.7M 2.2M 5.0% ▼ 2.1%
Legal & General Group PLC $18.6M 2.1M 4.7% ▲ 8.3%
Fil Ltd $15.5M 1.7M 3.9% ▼ 13.7%
Geode Capital Management, LLC $15.3M 1.7M 3.9% ▲ 31.1%
State Street Corp $14.7M 1.6M 3.7% ▼ 8.3%
Vanguard Portfolio Management LLC $11.4M 1.3M 2.9% ▲ 0.2%
Morgan Stanley $11.2M 1.2M 2.8% ▲ 56.1%
Mackenzie Financial Corp $10.7M 1.2M 2.7% New
Invesco Ltd. $8.3M 926K 2.1% ▲ 12.0%
Dimensional Fund Advisors LP $7.9M 879K 2.0% ▲ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Energy Recovery, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $266,078 2 trades by 2 insiders, last 12 months Insider sales History → $3.5M 17 trades by 5 insiders · 12% under pre-set plans
Net ▼ $3.3M net selling
Insider Date Trade Shares Price Value
Yeung William Chief Legal Officer July 28, 2026 Sell pre-set plan 2,048 $8.56 $17,531
Clemente Rodney SVP, Water July 28, 2026 Sell pre-set plan 5,387 $8.56 $46,113
Buehler Alexander J Interim President and CEO June 15, 2026 Sell 14,900 $8.71 $129,779
Sabol Colin R Director June 15, 2026 Buy 11,180 $8.88 $99,278
Tondreau Pamela L. Director May 13, 2026 Buy 20,000 $8.34 $166,800
Hanstveit Arve Director April 6, 2026 Sell 2,419 $10.29 $24,892
Hanstveit Arve Director April 2, 2026 Sell 165,292 $10.14 $1.7M
Hanstveit Arve Director March 10, 2026 Sell 25,000 $10.96 $274,000
Hanstveit Arve Director March 6, 2026 Sell 11,582 $10.62 $123,001
Ramanan Natarajan Chief Technology Officer March 5, 2026 Sell 272 $10.57 $2,875
Hanstveit Arve Director March 5, 2026 Sell 38,418 $10.71 $411,457
Clemente Rodney SVP, Water March 4, 2026 Sell pre-set plan 20,568 $10.61 $218,226

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Energy Recovery, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Suzan K. DelBene(D-WA 1):Sale (full), $1,001 - $15,000, traded March 9, 2015, filed April 16, 2015
  • Suzan K. DelBene(D-WA 1):Sale (full), $1,001 - $15,000, traded March 6, 2015, filed April 16, 2015
  • Suzan K. DelBene(D-WA 1):Purchase, $1,001 - $15,000, traded December 5, 2014, filed January 19, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Energy Recovery, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Energy Recovery, Inc. in brief

What does Energy Recovery, Inc. do?
Energy Recovery, Inc. is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Energy Recovery, Inc.'s stock ticker?
Energy Recovery, Inc. trades under the ticker ERII on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Energy Recovery, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Energy Recovery, Inc. reported revenue of $121M, 15.0% lower than a year earlier, according to its SEC filings.
What is Energy Recovery, Inc.'s free cash flow?
Energy Recovery, Inc.'s free-cash-flow margin is 32.0% of revenue over the trailing twelve months, ranking 2 of the 76 industrial machinery & supplies & components companies we cover.
Who are Energy Recovery, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Amundi and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Energy Recovery, Inc. buying back stock, and does it pay a dividend?
Energy Recovery, Inc. spent $34.7M on share repurchases over the trailing twelve months, and its diluted share count fell 6.6% over the year.
What is Energy Recovery, Inc.'s market cap?
On November 2, 2026, Energy Recovery, Inc.'s market capitalisation was about $379M, with a price-to-earnings ratio of 24.7 and net debt of -$61.4M. Market figures come from third-party market data and may be delayed.
Who are Energy Recovery, Inc.'s competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Energy Recovery, Inc. are Sypris Solutions Inc, Greenland Technologies Holding Corp., Hurco Companies Inc, Schmid Group N.V. and Perma-pipe International Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Energy Recovery, Inc.'s.
Are insiders buying or selling Energy Recovery, Inc. stock?
Over the last 12 months, Energy Recovery, Inc.'s directors and officers reported 2 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Energy Recovery, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Energy Recovery, Inc. announces its own schedule.