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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $55.0M, roughly 1.2× FUELCELL ENERGY INC). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -54.3%, a 94.5% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
ERII vs FCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $55.0M |
| Net Profit | $26.9M | $-29.9M |
| Gross Margin | 67.2% | -12.1% |
| Operating Margin | 46.8% | -51.5% |
| Net Margin | 40.2% | -54.3% |
| Revenue YoY | -0.3% | 11.5% |
| Net Profit YoY | 14.7% | 27.9% |
| EPS (diluted) | $0.49 | $-0.43 |
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 | $66.9M | $55.0M | ||
| Q3 25 | $32.0M | $46.7M | ||
| Q2 25 | $28.1M | $37.4M | ||
| Q1 25 | — | $19.0M | ||
| Q4 24 | $67.1M | $49.3M | ||
| Q3 24 | $38.6M | $23.7M | ||
| Q2 24 | $27.2M | $22.4M | ||
| Q1 24 | $12.1M | $16.7M |
| Q4 25 | $26.9M | $-29.9M | ||
| Q3 25 | $3.9M | $-91.7M | ||
| Q2 25 | $2.1M | $-38.0M | ||
| Q1 25 | — | $-28.3M | ||
| Q4 24 | $23.5M | $-41.4M | ||
| Q3 24 | $8.5M | $-32.7M | ||
| Q2 24 | $-642.0K | $-32.1M | ||
| Q1 24 | $-8.3M | $-19.8M |
| Q4 25 | 67.2% | -12.1% | ||
| Q3 25 | 64.2% | -11.0% | ||
| Q2 25 | 64.0% | -25.2% | ||
| Q1 25 | — | -27.4% | ||
| Q4 24 | 70.2% | -22.1% | ||
| Q3 24 | 65.1% | -26.2% | ||
| Q2 24 | 64.6% | -31.6% | ||
| Q1 24 | 59.0% | -70.2% |
| Q4 25 | 46.8% | -51.5% | ||
| Q3 25 | 11.4% | -204.0% | ||
| Q2 25 | 5.3% | -95.7% | ||
| Q1 25 | — | -172.9% | ||
| Q4 24 | 38.2% | -83.2% | ||
| Q3 24 | 18.3% | -141.9% | ||
| Q2 24 | -7.4% | -184.5% | ||
| Q1 24 | -90.4% | -254.5% |
| Q4 25 | 40.2% | -54.3% | ||
| Q3 25 | 12.1% | -196.1% | ||
| Q2 25 | 7.3% | -101.7% | ||
| Q1 25 | — | -149.1% | ||
| Q4 24 | 35.0% | -84.0% | ||
| Q3 24 | 22.0% | -137.8% | ||
| Q2 24 | -2.4% | -143.4% | ||
| Q1 24 | -68.3% | -118.6% |
| Q4 25 | $0.49 | $-0.43 | ||
| Q3 25 | $0.07 | $-3.78 | ||
| Q2 25 | $0.04 | $-1.79 | ||
| Q1 25 | — | $-1.42 | ||
| Q4 24 | $0.40 | $-2.29 | ||
| Q3 24 | $0.15 | $-1.99 | ||
| Q2 24 | $-0.01 | $-2.18 | ||
| Q1 24 | $-0.14 | $-1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.2M | $278.1M |
| Total DebtLower is stronger | — | $103.8M |
| Stockholders' EquityBook value | $206.2M | $662.2M |
| Total Assets | $231.5M | $932.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $278.1M | ||
| Q3 25 | $70.4M | $174.7M | ||
| Q2 25 | $79.5M | $177.0M | ||
| Q1 25 | — | $208.4M | ||
| Q4 24 | $78.0M | $257.3M | ||
| Q3 24 | $118.6M | $267.2M | ||
| Q2 24 | $101.0M | $260.1M | ||
| Q1 24 | $117.4M | $297.5M |
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $106.4M | ||
| Q2 25 | — | $109.4M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | — | $115.7M | ||
| Q3 24 | — | $112.7M | ||
| Q2 24 | — | $116.2M | ||
| Q1 24 | — | $107.2M |
| Q4 25 | $206.2M | $662.2M | ||
| Q3 25 | $180.8M | $556.2M | ||
| Q2 25 | $185.2M | $609.2M | ||
| Q1 25 | — | $635.2M | ||
| Q4 24 | $210.0M | $656.9M | ||
| Q3 24 | $233.9M | $675.8M | ||
| Q2 24 | $218.5M | $639.8M | ||
| Q1 24 | $216.0M | $663.9M |
| Q4 25 | $231.5M | $932.1M | ||
| Q3 25 | $209.6M | $830.5M | ||
| Q2 25 | $212.3M | $883.8M | ||
| Q1 25 | — | $907.5M | ||
| Q4 24 | $242.8M | $944.1M | ||
| Q3 24 | $262.7M | $948.9M | ||
| Q2 24 | $249.0M | $916.8M | ||
| Q1 24 | $244.3M | $923.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.18× | ||
| Q1 24 | — | 0.16× |
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 | $-22.9M |
| Free Cash FlowOCF − Capex | $6.4M | $-23.9M |
| FCF MarginFCF / Revenue | 9.6% | -43.4% |
| Capex IntensityCapex / Revenue | 1.0% | 1.8% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-22.9M | ||
| Q3 25 | $-3.1M | $-26.8M | ||
| Q2 25 | $4.1M | $-29.9M | ||
| Q1 25 | — | $-45.7M | ||
| Q4 24 | $9.0M | $5.8M | ||
| Q3 24 | $-3.0M | $-63.4M | ||
| Q2 24 | $8.1M | $-37.1M | ||
| Q1 24 | $6.5M | $-58.3M |
| Q4 25 | $6.4M | $-23.9M | ||
| Q3 25 | $-3.5M | $-32.1M | ||
| Q2 25 | $4.0M | $-35.2M | ||
| Q1 25 | — | $-52.8M | ||
| Q4 24 | $8.9M | $-4.7M | ||
| Q3 24 | $-3.2M | $-76.8M | ||
| Q2 24 | $7.9M | $-50.3M | ||
| Q1 24 | $5.7M | $-68.8M |
| Q4 25 | 9.6% | -43.4% | ||
| Q3 25 | -10.9% | -68.6% | ||
| Q2 25 | 14.3% | -94.0% | ||
| Q1 25 | — | -277.8% | ||
| Q4 24 | 13.2% | -9.5% | ||
| Q3 24 | -8.2% | -324.0% | ||
| Q2 24 | 28.9% | -224.5% | ||
| Q1 24 | 46.9% | -412.4% |
| Q4 25 | 1.0% | 1.8% | ||
| Q3 25 | 1.1% | 11.2% | ||
| Q2 25 | 0.5% | 14.1% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | 0.2% | 21.4% | ||
| Q3 24 | 0.4% | 56.6% | ||
| Q2 24 | 0.7% | 58.9% | ||
| Q1 24 | 6.8% | 63.3% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
