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Side-by-side financial comparison of Axogen, Inc. (AXGN) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $61.5M, roughly 1.1× Axogen, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -31.9%, a 72.1% gap on every dollar of revenue. On growth, Axogen, Inc. posted the faster year-over-year revenue change (26.6% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-1.4M). Over the past eight quarters, Axogen, Inc.'s revenue compounded faster (13.3% CAGR vs 8.1%).
Axogen is a developer of surgical solutions, including human tissue grafts, based in Alachua, Florida. Axogen products are designed to remedy peripheral nerve damage. In 2013 the company raised $18 million in its initial public offering (IPO). Axogen uses a cell graft technology AVANCE to mimic a human nerve. The company also creates nerve connectors and soft tissue membranes. The company reports sensory and movement recovery in 87 percent of patients with peripheral nerve injuries. Axogen is...
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
AXGN vs ERII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.5M | $66.9M |
| Net Profit | $-19.6M | $26.9M |
| Gross Margin | 75.2% | 67.2% |
| Operating Margin | 20.2% | 46.8% |
| Net Margin | -31.9% | 40.2% |
| Revenue YoY | 26.6% | -0.3% |
| Net Profit YoY | -410.8% | 14.7% |
| EPS (diluted) | $-0.38 | $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.
| Q1 26 | $61.5M | — | ||
| Q4 25 | $59.9M | $66.9M | ||
| Q3 25 | $60.1M | $32.0M | ||
| Q2 25 | $56.7M | $28.1M | ||
| Q1 25 | $48.6M | — | ||
| Q4 24 | $49.4M | $67.1M | ||
| Q3 24 | $48.6M | $38.6M | ||
| Q2 24 | $47.9M | $27.2M |
| Q1 26 | $-19.6M | — | ||
| Q4 25 | $-13.2M | $26.9M | ||
| Q3 25 | $708.0K | $3.9M | ||
| Q2 25 | $579.0K | $2.1M | ||
| Q1 25 | $-3.8M | — | ||
| Q4 24 | $450.0K | $23.5M | ||
| Q3 24 | $-1.9M | $8.5M | ||
| Q2 24 | $-1.9M | $-642.0K |
| Q1 26 | 75.2% | — | ||
| Q4 25 | 74.1% | 67.2% | ||
| Q3 25 | 76.6% | 64.2% | ||
| Q2 25 | 74.2% | 64.0% | ||
| Q1 25 | 71.9% | — | ||
| Q4 24 | 76.1% | 70.2% | ||
| Q3 24 | 74.9% | 65.1% | ||
| Q2 24 | 73.8% | 64.6% |
| Q1 26 | 20.2% | — | ||
| Q4 25 | -16.3% | 46.8% | ||
| Q3 25 | 3.2% | 11.4% | ||
| Q2 25 | 3.0% | 5.3% | ||
| Q1 25 | -3.4% | — | ||
| Q4 24 | 4.1% | 38.2% | ||
| Q3 24 | -0.6% | 18.3% | ||
| Q2 24 | -0.9% | -7.4% |
| Q1 26 | -31.9% | — | ||
| Q4 25 | -22.0% | 40.2% | ||
| Q3 25 | 1.2% | 12.1% | ||
| Q2 25 | 1.0% | 7.3% | ||
| Q1 25 | -7.9% | — | ||
| Q4 24 | 0.9% | 35.0% | ||
| Q3 24 | -3.8% | 22.0% | ||
| Q2 24 | -4.0% | -2.4% |
| Q1 26 | $-0.38 | — | ||
| Q4 25 | $-0.28 | $0.49 | ||
| Q3 25 | $0.01 | $0.07 | ||
| Q2 25 | $0.01 | $0.04 | ||
| Q1 25 | $-0.08 | — | ||
| Q4 24 | $-0.00 | $0.40 | ||
| Q3 24 | $-0.04 | $0.15 | ||
| Q2 24 | $-0.04 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $82.7M | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $244.8M | $206.2M |
| Total Assets | $289.5M | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $82.7M | — | ||
| Q4 25 | $41.5M | $75.2M | ||
| Q3 25 | $35.8M | $70.4M | ||
| Q2 25 | $29.9M | $79.5M | ||
| Q1 25 | $22.1M | — | ||
| Q4 24 | $33.5M | $78.0M | ||
| Q3 24 | $24.5M | $118.6M | ||
| Q2 24 | $21.1M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | $48.4M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $47.9M | — | ||
| Q1 25 | $47.7M | — | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $47.3M | — | ||
| Q2 24 | $47.0M | — |
| Q1 26 | $244.8M | — | ||
| Q4 25 | $128.8M | $206.2M | ||
| Q3 25 | $120.8M | $180.8M | ||
| Q2 25 | $112.3M | $185.2M | ||
| Q1 25 | $105.4M | — | ||
| Q4 24 | $103.9M | $210.0M | ||
| Q3 24 | $99.4M | $233.9M | ||
| Q2 24 | $95.7M | $218.5M |
| Q1 26 | $289.5M | — | ||
| Q4 25 | $221.7M | $231.5M | ||
| Q3 25 | $216.4M | $209.6M | ||
| Q2 25 | $205.5M | $212.3M | ||
| Q1 25 | $196.2M | — | ||
| Q4 24 | $203.7M | $242.8M | ||
| Q3 24 | $192.0M | $262.7M | ||
| Q2 24 | $188.9M | $249.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.49× | — |
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 | — | $7.1M |
| Free Cash FlowOCF − Capex | $-1.4M | $6.4M |
| FCF MarginFCF / Revenue | -2.3% | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $9.1M | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.0M | $7.1M | ||
| Q3 25 | $3.2M | $-3.1M | ||
| Q2 25 | $7.7M | $4.1M | ||
| Q1 25 | $-13.2M | — | ||
| Q4 24 | $8.7M | $9.0M | ||
| Q3 24 | $3.9M | $-3.0M | ||
| Q2 24 | $4.2M | $8.1M |
| Q1 26 | $-1.4M | — | ||
| Q4 25 | $1.8M | $6.4M | ||
| Q3 25 | $1.7M | $-3.5M | ||
| Q2 25 | $7.0M | $4.0M | ||
| Q1 25 | $-13.4M | — | ||
| Q4 24 | $8.1M | $8.9M | ||
| Q3 24 | $3.3M | $-3.2M | ||
| Q2 24 | $3.3M | $7.9M |
| Q1 26 | -2.3% | — | ||
| Q4 25 | 3.0% | 9.6% | ||
| Q3 25 | 2.8% | -10.9% | ||
| Q2 25 | 12.4% | 14.3% | ||
| Q1 25 | -27.7% | — | ||
| Q4 24 | 16.3% | 13.2% | ||
| Q3 24 | 6.8% | -8.2% | ||
| Q2 24 | 6.8% | 28.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 1.0% | ||
| Q3 25 | 2.5% | 1.1% | ||
| Q2 25 | 1.3% | 0.5% | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.2% | 0.4% | ||
| Q2 24 | 1.9% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.26× | ||
| Q3 25 | 4.55× | -0.81× | ||
| Q2 25 | 13.35× | 2.02× | ||
| Q1 25 | — | — | ||
| Q4 24 | 19.41× | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXGN
Segment breakdown not available.
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
