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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $66.9M, roughly 1.1× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 3.1%, a 37.1% gap on every dollar of revenue. On growth, Armada Hoffler Properties, Inc. posted the faster year-over-year revenue change (0.8% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
AHH vs ERII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $66.9M |
| Net Profit | $2.4M | $26.9M |
| Gross Margin | — | 67.2% |
| Operating Margin | 31.0% | 46.8% |
| Net Margin | 3.1% | 40.2% |
| Revenue YoY | 0.8% | -0.3% |
| Net Profit YoY | -89.8% | 14.7% |
| EPS (diluted) | $0.00 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $66.9M | ||
| Q3 25 | $72.7M | $32.0M | ||
| Q2 25 | $69.1M | $28.1M | ||
| Q1 25 | $67.8M | — | ||
| Q4 24 | $75.0M | $67.1M | ||
| Q3 24 | $114.4M | $38.6M | ||
| Q2 24 | $116.8M | $27.2M | ||
| Q1 24 | $127.0M | $12.1M |
| Q4 25 | $2.4M | $26.9M | ||
| Q3 25 | $80.0K | $3.9M | ||
| Q2 25 | $5.9M | $2.1M | ||
| Q1 25 | $-2.8M | — | ||
| Q4 24 | $23.4M | $23.5M | ||
| Q3 24 | $-5.0M | $8.5M | ||
| Q2 24 | $3.2M | $-642.0K | ||
| Q1 24 | $14.1M | $-8.3M |
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 64.2% | ||
| Q2 25 | — | 64.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 70.2% | ||
| Q3 24 | 45.0% | 65.1% | ||
| Q2 24 | 41.8% | 64.6% | ||
| Q1 24 | 37.9% | 59.0% |
| Q4 25 | 31.0% | 46.8% | ||
| Q3 25 | 29.2% | 11.4% | ||
| Q2 25 | 29.6% | 5.3% | ||
| Q1 25 | 23.2% | — | ||
| Q4 24 | 50.1% | 38.2% | ||
| Q3 24 | 19.0% | 18.3% | ||
| Q2 24 | 11.9% | -7.4% | ||
| Q1 24 | 15.1% | -90.4% |
| Q4 25 | 3.1% | 40.2% | ||
| Q3 25 | 0.1% | 12.1% | ||
| Q2 25 | 8.6% | 7.3% | ||
| Q1 25 | -4.1% | — | ||
| Q4 24 | 31.2% | 35.0% | ||
| Q3 24 | -4.4% | 22.0% | ||
| Q2 24 | 2.7% | -2.4% | ||
| Q1 24 | 11.1% | -68.3% |
| Q4 25 | $0.00 | $0.49 | ||
| Q3 25 | $-0.04 | $0.07 | ||
| Q2 25 | $0.04 | $0.04 | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $0.28 | $0.40 | ||
| Q3 24 | $-0.11 | $0.15 | ||
| Q2 24 | $0.00 | $-0.01 | ||
| Q1 24 | $0.17 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $75.2M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $206.2M |
| Total Assets | $2.6B | $231.5M |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $75.2M | ||
| Q3 25 | $46.5M | $70.4M | ||
| Q2 25 | $52.1M | $79.5M | ||
| Q1 25 | $45.7M | — | ||
| Q4 24 | $31.9M | $78.0M | ||
| Q3 24 | $43.9M | $118.6M | ||
| Q2 24 | $20.3M | $101.0M | ||
| Q1 24 | $41.9M | $117.4M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $206.2M | ||
| Q3 25 | $638.8M | $180.8M | ||
| Q2 25 | $652.0M | $185.2M | ||
| Q1 25 | $657.4M | — | ||
| Q4 24 | $670.6M | $210.0M | ||
| Q3 24 | $663.9M | $233.9M | ||
| Q2 24 | $562.7M | $218.5M | ||
| Q1 24 | $571.4M | $216.0M |
| Q4 25 | $2.6B | $231.5M | ||
| Q3 25 | $2.6B | $209.6M | ||
| Q2 25 | $2.6B | $212.3M | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.5B | $242.8M | ||
| Q3 24 | $2.6B | $262.7M | ||
| Q2 24 | $2.6B | $249.0M | ||
| Q1 24 | $2.6B | $244.3M |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $7.1M |
| Free Cash FlowOCF − Capex | — | $6.4M |
| FCF MarginFCF / Revenue | — | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 26.99× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $7.1M | ||
| Q3 25 | $26.3M | $-3.1M | ||
| Q2 25 | $11.1M | $4.1M | ||
| Q1 25 | $107.0K | — | ||
| Q4 24 | $112.0M | $9.0M | ||
| Q3 24 | $27.3M | $-3.0M | ||
| Q2 24 | $17.4M | $8.1M | ||
| Q1 24 | $46.5M | $6.5M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $-3.5M | ||
| Q2 25 | — | $4.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | — | $7.9M | ||
| Q1 24 | — | $5.7M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | -10.9% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 28.9% | ||
| Q1 24 | — | 46.9% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 6.8% |
| Q4 25 | 26.99× | 0.26× | ||
| Q3 25 | 328.63× | -0.81× | ||
| Q2 25 | 1.87× | 2.02× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
