Sound shipEnergy Recovery $ERII
Saw revenue fall 6.9% in FY2025 to $135 million, operating margin 17.7% against a 14.2% median for special industry machinery, equity 89.1% of assets.
Last filing10-Q, 5 Aug 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up Energy Recovery, Inc. ($ERII). Last filing: 10-Q, 2026-08-05. 7 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $135.0M (FY2025). Experience: revenue down 6.9% on the year, up 6.8% a year over 4 years; operating margin 17.7%, up from 13.6%. Soundness: equity 89.1% of assets, return on equity 11.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $108.4M and $154.6M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $99.1M to $169.8M. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, its industry group): operating margin 17.7% against a 14.2% median; growth -6.9% against 2.3%.
Read from its own SEC filings · nothing written, nothing inferred
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $19M · $34M · −$35M · $17M |
| Investment book (cash · short · long) | $48M · $27M · $8M · current ratio 10.44 |
| Revenue swing · equity of assets | 11.4% · 89.1% |
Energy Recovery is growing slower than its size class, with steadier revenue. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $135M |
| Revenue, on the year | −6.9% |
| Revenue, a year over the record | 6.8% |
| Operating margin | 17.7% |
| Operating margin, prior year | 13.6% |
| Net margin | 17.0% |
| Research and development | $13M · 9.7% of revenue |
| Total debt | — |
| Equity of assets | 89.1% |
| Return on equity | 11.1% |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | $0.43 |
| Book value per share | $3.81 |
| Revenue per share | $2.49 |
| Shares outstanding | 54,158,000 |
| Audited years read | 5 |
Peers: the median of 11 filers with $50M+ revenue in special industry machinery, nec.
Classic signals · fiscal 2025Altman Z″ 15.7 safe zone 1968Piotroski F 6 of 9 solid 2000Beneish M -2.21 below the −1.78 line 1999Sloan accruals 1.8% earnings backed by cash 1996DuPont ROE 11% = margin 17% × turns 0.57 × leverage 1.14
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborEnergy Recovery sails as: Sound ship
Health watch · 12 monthsRestructuring or exit costsMaterial impairmentDirector or officer change ×3
Sailing speed follows growth: 2.4% a year crosses the harbor in 73 seconds.
🌊 Visit the Bay →- filed restructuring or exit costs, material impairment in the last 12 months
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 565
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from Energy Recovery's own SEC filings and test each one against the public companies in its field, here special industry machinery. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 565, Energy Recovery's odds of thriving come to 47%, against about 37% for the typical filer. It meets 6 of 8 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 44 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: Medium
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 22 of every 100 companies in the Medium band did. That is the group's history, not a forecast for this company.
| Money | It keeps about 13 cents of free cash from each sales dollar after paying for its plants and equipment. | low |
| Swings | In its worst fifth of years, sales fell about 14% a year. | -13.6% a year |
| Filed events | In the last two years it told the SEC about 8 filings on leadership or auditor changes. | 8 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew faster than most of its field. | 63 of 100 | Met |
| Steadiness | Growth swung a lot for what it delivered. | 44 of 100 | Not yet |
| Price premium | It keeps more of each sales dollar than most of its field. | 100 of 100 | Met |
| Margin stays above the field | Its margin has held above the field year after year. | 93 of 100 | Met |
| Moat half-life | Its margin edge is fading slowly, if at all. | 87 of 100 | Met |
| Brand spend yield | Brand spending returns more gross profit than for most of its field. | 69 of 100 | Met |
| Learning curve | Costs have not fallen much as a share of sales as it grew. | 7 of 100 | Not yet |
| Climb in the field | It has been moving up the size ranks in its field. | 69 of 100 | Met |
Price premium $33M is the extra gross profit over a field-median margin. Momentum $1M is gross profit times growth above the field's pace.
The actuarial view
| Credibility | With 8 years of filings, the record earns 70% of the weight. The rest stays at the middle of the field. | 0.70 |
| Severe decline, class A | About 22 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 21.8% |
| Actual vs expected | Sales are 5% higher than if it had simply kept pace with its field. | 1.05 |
Top of its field: #1 ACM Research · #2 Lam Research · #3 Energy Recovery · #4 Kornit Digital · #5 Azenta
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 10-Q · 2026-08-05
- 8-K · 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-13 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits
- 8-K · 2026-06-08 · 5.07 Submission of Matters to a Vote of Security Holders
- 8-K · 2026-05-28 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-05-06
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company