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ERII · Energy Recovery, Inc.

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.

Cap structure and valuation

Cap structure
SP$9.09
SO51.5M
Options1.4M
Warrants0.0M
FD SO52.9M
MC$481.2M
Cash$50.1M
Total debt$0.0M
EV$431.2M
TTM Multiples
EV / Revenue3.2x
EV / EBITDA17.0x
MC / Net Income23.4x
EV / FCF15.9x
MC / FCF17.7x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 136.63134.99144.95128.35125.59
Revenue YoY % 1.2%(6.9%)12.9%2.2%
Cost of Revenue 47.0648.0241.2738.23
Gross Profit 86.1787.9396.9387.0887.36
Gross Profit YoY % (2.0%)(9.3%)11.3%(0.3%)
Gross Margin % 63.1%65.1%66.9%67.8%69.6%
SG&A 48.7950.7058.5051.0344.62
R&D 12.8213.0316.2417.0017.91
Operating Expense 64.5864.0477.2168.0362.53
Operating Income 21.5923.8919.7219.0524.83
Operating Income YoY % (9.6%)21.1%3.5%(23.3%)
Operating Margin % 15.8%17.7%13.6%14.8%19.8%
EBITDA 25.3727.6523.7723.1529.59
EBITDA Margin % 18.6%20.5%16.4%18.0%23.6%
Pretax Income 25.0527.5925.7322.7026.07
Tax Provision 4.464.632.691.202.02
Net Income 20.5922.9623.0521.5024.05
Net Margin % 15.1%17.0%15.9%16.8%19.1%
Diluted EPS $0.37$0.42$0.40$0.37$0.42
Basic EPS $0.38$0.43$0.40$0.38$0.43
Diluted Avg Shares 52.754.257.857.757.6
Basic Avg Shares 52.753.857.256.456.2

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-05-15 TONDREAU PAMELA L. Director 2026-05-13 P 20,000 $8.34 $166,840
2026-04-08 Hanstveit Arve Director 2026-04-06 S (2,419) $10.29 -$24,892
2026-04-06 Hanstveit Arve Director 2026-04-02 S (165,292) $10.14 -$1,676,061
2026-03-11 Hanstveit Arve Director 2026-03-10 S (25,000) $10.96 -$273,975
2026-03-09 Hanstveit Arve Director 2026-03-06 S (11,582) $10.62 -$122,943
2026-03-09 Hanstveit Arve Director 2026-03-05 S (38,418) $10.71 -$411,457
2026-03-06 Ramanan Natarajan Officer (Chief Technology Officer) 2026-03-05 S (272) $10.57 -$2,875
2026-03-06 Clemente Rodney Officer (SVP, Water) 2026-03-04 S (20,568) $10.61 -$218,309
2026-03-04 Ramanan Natarajan Officer (Chief Technology Officer) 2026-03-03 F (2,724) $10.22 -$27,839
2026-02-19 Mancini Michael S. Officer (Chief Financial Officer) 2026-02-17 A 45,626 $0
2026-02-19 Moon David W Director, Officer (President and CEO) 2026-02-17 A 81,812 $0
2026-02-19 Yeung William Officer (Chief Legal Officer) 2026-02-17 A 25,959 $0
2026-02-19 Ramanan Natarajan Officer (Chief Technology Officer) 2026-02-17 A 29,106 $0
2026-02-19 Clemente Rodney Officer (SVP, Water) 2026-02-17 A 45,626 $0
2026-02-19 Hostetler Matthew Officer (Chief Human Resources Officer) 2026-02-17 A 25,959 $0
2026-02-09 Yeung William Officer (Chief Legal Officer) 2026-02-06 S (646) $15.14 -$9,780
2026-02-09 Yeung William Officer (Chief Legal Officer) 2026-02-05 S (890) $14.59 -$12,985
2026-02-09 Clemente Rodney Officer (SVP, Water) 2026-02-05 S (724) $14.59 -$10,563
2026-02-03 Yeung William Officer (Chief Legal Officer) 2026-02-02 S (729) $14.46 -$10,541
2026-02-03 Clemente Rodney Officer (SVP, Water) 2026-01-30 F (694) $14.65 -$10,167
2026-02-03 Clemente Rodney Officer (SVP, Water) 2026-01-30 F (8,397) $14.30 -$120,077
2026-02-03 Hostetler Matthew Officer (Chief Human Resources Officer) 2026-01-30 F (3,359) $14.30 -$48,034
2026-02-03 Mancini Michael S. Officer (Chief Financial Officer) 2026-01-30 F (4,798) $14.30 -$68,611
2026-02-03 Moon David W Director, Officer (President and CEO) 2026-01-30 F (17,160) $14.30 -$245,388
2026-02-03 Yeung William Officer (Chief Legal Officer) 2026-01-30 F (1,003) $14.65 -$14,694
2026-02-03 Yeung William Officer (Chief Legal Officer) 2026-01-30 F (8,622) $14.30 -$123,295
2026-02-03 Yeung William Officer (Chief Legal Officer) 2026-01-28 S (7,271) $14.55 -$105,793
2025-12-08 Hanstveit Arve Director 2025-12-05 S (15,000) $14.71 -$220,605
2025-12-08 Hanstveit Arve Director 2025-12-04 S (15,000) $14.97 -$224,505
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 M 5,638 $10.19 $57,451
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 S (5,638) $18.00 -$101,484
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 M 3,530 $7.50 $26,475
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 S (3,530) $18.00 -$63,540
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 M (5,638) $10.19 -$57,451
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-24 M (3,530) $7.50 -$26,475
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-23 M 3,530 $7.50 $26,475
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-23 S (3,530) $17.50 -$61,775
2025-10-27 Yeung William Officer (Chief Legal Officer) 2025-10-23 M (3,530) $7.50 -$26,475
2025-10-22 Yeung William Officer (Chief Legal Officer) 2025-10-20 M 3,530 $7.50 $26,475
2025-10-22 Yeung William Officer (Chief Legal Officer) 2025-10-20 S (3,530) $17.00 -$60,010
2025-10-22 Yeung William Officer (Chief Legal Officer) 2025-10-20 M (3,530) $7.50 -$26,475
2025-10-17 Yeung William Officer (Chief Legal Officer) 2025-10-16 M 3,530 $7.50 $26,475
2025-10-17 Yeung William Officer (Chief Legal Officer) 2025-10-16 S (3,530) $16.50 -$58,245
2025-10-17 Yeung William Officer (Chief Legal Officer) 2025-10-16 M (3,530) $7.50 -$26,475
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 M 1,038 $7.50 $7,785
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 S (1,038) $16.00 -$16,608
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 M 2,529 $7.50 $18,968
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 S (2,529) $16.00 -$40,464
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 M (1,038) $7.50 -$7,785
2025-10-07 Yeung William Officer (Chief Legal Officer) 2025-10-03 M (2,529) $7.50 -$18,968
2025-09-22 Yeung William Officer (Chief Legal Officer) 2025-09-18 M 15,454 $8.95 $138,313
2025-09-22 Yeung William Officer (Chief Legal Officer) 2025-09-18 S (15,454) $15.09 -$233,139
2025-09-22 Yeung William Officer (Chief Legal Officer) 2025-09-18 M (15,454) $8.95 -$138,313
2025-09-15 Yeung William Officer (Chief Legal Officer) 2025-09-11 M 30,877 $8.95 $276,349
2025-09-15 Yeung William Officer (Chief Legal Officer) 2025-09-11 S (33,554) $14.51 -$486,869
2025-09-15 Yeung William Officer (Chief Legal Officer) 2025-09-11 M (30,877) $8.95 -$276,349
2025-07-29 Clemente Rodney Officer (SVP, Water) 2025-07-28 S (5,387) $13.97 -$75,256
2025-07-29 Yeung William Officer (Chief Legal Officer) 2025-07-25 F (1,989) $13.88 -$27,607
2025-07-29 Clemente Rodney Officer (SVP, Water) 2025-07-25 F (2,320) $13.88 -$32,202
2025-06-13 Hanstveit Arve Director 2025-06-12 S (30,000) $12.68 -$380,400
2025-06-13 Hanstveit Arve Director 2025-06-11 S (20,000) $12.75 -$255,000
2025-06-06 TONDREAU PAMELA L. Director 2025-06-05 A 14,847 $0
2025-06-06 BUEHLER ALEXANDER J Director 2025-06-05 A 12,038 $0
2025-06-06 Chow Joan Kai Director 2025-06-05 A 12,038 $0
2025-06-06 Hanstveit Arve Director 2025-06-05 A 12,038 $0
2025-06-06 Sabol Colin R Director 2025-06-05 A 12,038 $0
2025-05-15 TONDREAU PAMELA L. Director 2025-05-14 P 4,200 $12.28 $51,570
2025-05-15 Moon David W Director, Officer (President and CEO) 2025-05-13 P 4,200 $12.20 $51,240
2025-03-13 Hanstveit Arve Director 2025-03-11 S (50,000) $16.34 -$816,950
2025-03-12 Clemente Rodney Officer (SVP, Water) 2025-03-11 S (1,843) $16.23 -$29,912
2025-03-12 Yeung William Officer (Chief Legal Officer) 2025-03-10 F (944) $16.37 -$15,453
2025-03-12 Clemente Rodney Officer (SVP, Water) 2025-03-10 F (794) $16.37 -$12,998
2025-03-12 Ramanan Natarajan Officer (Chief Technology Officer) 2025-03-03 A 26,455 $0
2025-03-12 Ramanan Natarajan Officer (Chief Technology Officer) 2025-03-03 A 65,030 $15.12 $983,254
2025-02-24 Clemente Rodney Officer (SVP, Water) 2025-02-20 S (21,444) $15.42 -$330,709
2025-02-05 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-02-04 J (65,000) $-0
2025-02-05 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-02-04 J 65,000 $0
2025-02-05 Clemente Rodney Officer (SVP, Water) 2025-02-03 F (944) $14.34 -$13,537
2025-02-05 Yeung William Officer (Chief Legal Officer) 2025-02-03 F (882) $14.34 -$12,648
2025-02-05 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-02-03 F (1,420) $14.34 -$20,363
2025-02-03 Yeung William Officer (Chief Legal Officer) 2025-01-31 F (627) $14.56 -$9,129
2025-02-03 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-01-31 F (926) $14.56 -$13,483
2025-02-03 Clemente Rodney Officer (SVP, Water) 2025-01-31 F (615) $14.56 -$8,954
2025-02-03 Yeung William Officer (Chief Legal Officer) 2025-01-30 F (698) $14.33 -$10,002
2025-02-03 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-01-30 F (1,034) $14.33 -$14,817
2025-02-03 Clemente Rodney Officer (SVP, Water) 2025-01-30 F (694) $14.33 -$9,945
2025-01-29 Moon David W Director, Officer (President and CEO) 2025-01-27 F (7,664) $14.40 -$110,362
2025-01-29 Yeung William Officer (Chief Legal Officer) 2025-01-27 F (4,061) $14.40 -$58,478
2025-01-29 Ghasripoor Farshad Officer (Chief Technology Officer) 2025-01-27 F (5,721) $14.40 -$82,382
2025-01-29 Clemente Rodney Officer (SVP, Water) 2025-01-27 F (5,784) $14.40 -$83,290
2025-01-27 Yeung William Officer (Chief Legal Officer) 2025-01-23 A 23,956 $0
2025-01-27 Moon David W Director, Officer (President and CEO) 2025-01-23 A 88,980 $0
2025-01-27 Clemente Rodney Officer (SVP, Water) 2025-01-23 A 34,223 $0
2025-01-27 Mancini Michael S. Officer (Chief Financial Officer) 2025-01-23 A 34,223 $0
2024-12-17 Hanstveit Arve Director 2024-12-11 S (20,000) $16.87 -$337,400
2024-11-12 Clemente Rodney Officer (SVP, Water) 2024-11-11 S (4,207) $20.06 -$84,392
2024-11-12 Clemente Rodney Officer (SVP, Water) 2024-11-08 S (3,631) $20.15 -$73,176
2024-11-12 Clemente Rodney Officer (SVP, Water) 2024-11-07 S (19,618) $20.00 -$392,360
2024-10-30 Ghasripoor Farshad Officer (Chief Technology Officer) 2024-10-28 S (10,526) $17.97 -$189,121
2024-10-30 Clemente Rodney Officer (SVP, Water) 2024-10-28 S (6,505) $17.98 -$116,947
2024-10-30 Moon David W Director, Officer (President and CEO) 2024-10-28 S (2,550) $17.97 -$45,834
2024-08-21 BUEHLER ALEXANDER J Director 2024-08-19 M 19,841 $2.92 $57,936
2024-08-21 BUEHLER ALEXANDER J Director 2024-08-19 M (19,841) $2.92 -$57,936
2024-08-07 Mancini Michael S. Officer (Chief Financial Officer) 2024-08-05 A 229,322 $16.03 $3,676,032
2024-08-07 Moon David W Director, Officer (President and CEO) 2024-08-05 P 3,000 $16.00 $48,009
2024-07-30 Ghasripoor Farshad Officer (Chief Technology Officer) 2024-07-29 S (4,079) $14.63 -$59,672
2024-07-30 Clemente Rodney Officer (SVP, Water) 2024-07-29 S (2,353) $14.63 -$34,422
2024-07-30 Yeung William Officer (Chief Legal Officer) 2024-07-29 S (2,012) $14.63 -$29,434
2024-06-20 Moon David W Director, Officer (President and CEO) 2024-06-18 S (1,219) $12.77 -$15,565
2024-06-10 Hanstveit Arve Director 2024-06-07 S (20,000) $13.20 -$263,950
2024-06-10 Chow Joan Kai Director 2024-06-06 A 11,127 $0
2024-06-10 Hanstveit Arve Director 2024-06-06 A 11,127 $0
2024-06-10 BUEHLER ALEXANDER J Director 2024-06-06 A 11,127 $0
2024-06-10 TONDREAU PAMELA L. Director 2024-06-06 A 13,724 $0
2024-06-10 Sabol Colin R Director 2024-06-06 A 11,127 $0
2024-05-30 Ballard Joshua Officer (Chief Financial Officer) 2024-05-28 S (4,051) $13.54 -$54,867
2024-05-24 Mao Robert Yu Lang Director 2024-05-23 M 10,752 $7.79 $83,758
2024-05-24 Mao Robert Yu Lang Director 2024-05-23 M 2,084 $7.79 $16,234
2024-05-24 Mao Robert Yu Lang Director 2024-05-23 M (10,752) $7.79 -$83,758
2024-05-24 Mao Robert Yu Lang Director 2024-05-23 M (2,084) $7.79 -$16,234
2024-05-24 Mao Robert Yu Lang Director 2024-05-22 M 21,859 $7.79 $170,282
2024-05-24 Mao Robert Yu Lang Director 2024-05-22 M 5,208 $7.79 $40,570
2024-05-24 Mao Robert Yu Lang Director 2024-05-22 S (21,045) $13.86 -$291,656
2024-05-24 Mao Robert Yu Lang Director 2024-05-22 M (21,859) $7.79 -$170,282
2024-05-24 Mao Robert Yu Lang Director 2024-05-22 M (5,208) $7.79 -$40,570