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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $66.9M, roughly 1.3× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 22.8%, a 17.5% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -0.3%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $6.4M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
ERII vs FDMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $85.1M |
| Net Profit | $26.9M | $19.4M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 17.3% |
| Net Margin | 40.2% | 22.8% |
| Revenue YoY | -0.3% | 8508900.0% |
| Net Profit YoY | 14.7% | 139.1% |
| 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 | $85.1M | ||
| Q3 25 | $32.0M | $90.0K | ||
| Q2 25 | $28.1M | $15.0K | ||
| Q1 25 | — | $14.0K | ||
| Q4 24 | $67.1M | $1.0K | ||
| Q3 24 | $38.6M | $3.0K | ||
| Q2 24 | $27.2M | $5.0K | ||
| Q1 24 | $12.1M | $28.0K |
| Q4 25 | $26.9M | $19.4M | ||
| Q3 25 | $3.9M | $-56.9M | ||
| Q2 25 | $2.1M | $-54.7M | ||
| Q1 25 | — | $-48.0M | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | $-43.8M | ||
| Q2 24 | $-642.0K | $-35.0M | ||
| Q1 24 | $-8.3M | $-32.4M |
| Q4 25 | 67.2% | — | ||
| Q3 25 | 64.2% | — | ||
| Q2 25 | 64.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 70.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 64.6% | — | ||
| Q1 24 | 59.0% | — |
| Q4 25 | 46.8% | 17.3% | ||
| Q3 25 | 11.4% | -67983.3% | ||
| Q2 25 | 5.3% | -396373.3% | ||
| Q1 25 | — | -383007.1% | ||
| Q4 24 | 38.2% | — | ||
| Q3 24 | 18.3% | -1704400.0% | ||
| Q2 24 | -7.4% | -849120.0% | ||
| Q1 24 | -90.4% | -136200.0% |
| Q4 25 | 40.2% | 22.8% | ||
| Q3 25 | 12.1% | -63195.6% | ||
| Q2 25 | 7.3% | -364386.7% | ||
| Q1 25 | — | -342657.1% | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | -1461433.3% | ||
| Q2 24 | -2.4% | -699060.0% | ||
| Q1 24 | -68.3% | -115717.9% |
| Q4 25 | $0.49 | $0.43 | ||
| Q3 25 | $0.07 | $-1.01 | ||
| Q2 25 | $0.04 | $-0.98 | ||
| Q1 25 | — | $-0.86 | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $0.15 | $-0.79 | ||
| Q2 24 | $-0.01 | $-0.63 | ||
| Q1 24 | $-0.14 | $-0.66 |
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 | $402.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $505.7M |
| Total Assets | $231.5M | $566.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $402.7M | ||
| Q3 25 | $70.4M | $305.1M | ||
| Q2 25 | $79.5M | $293.2M | ||
| Q1 25 | — | $321.4M | ||
| Q4 24 | $78.0M | $424.9M | ||
| Q3 24 | $118.6M | $501.9M | ||
| Q2 24 | $101.0M | $541.9M | ||
| Q1 24 | $117.4M | $525.9M |
| Q4 25 | $206.2M | $505.7M | ||
| Q3 25 | $180.8M | $369.0M | ||
| Q2 25 | $185.2M | $420.9M | ||
| Q1 25 | — | $469.7M | ||
| Q4 24 | $210.0M | $510.6M | ||
| Q3 24 | $233.9M | $552.9M | ||
| Q2 24 | $218.5M | $588.3M | ||
| Q1 24 | $216.0M | $600.6M |
| Q4 25 | $231.5M | $566.7M | ||
| Q3 25 | $209.6M | $424.0M | ||
| Q2 25 | $212.3M | $473.6M | ||
| Q1 25 | — | $515.7M | ||
| Q4 24 | $242.8M | $560.4M | ||
| Q3 24 | $262.7M | $604.0M | ||
| Q2 24 | $249.0M | $620.1M | ||
| Q1 24 | $244.3M | $629.9M |
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 | $28.6M |
| Free Cash FlowOCF − Capex | $6.4M | $28.5M |
| FCF MarginFCF / Revenue | 9.6% | 33.5% |
| Capex IntensityCapex / Revenue | 1.0% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.26× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $28.6M | ||
| Q3 25 | $-3.1M | $-46.5M | ||
| Q2 25 | $4.1M | $-43.4M | ||
| Q1 25 | — | $-47.8M | ||
| Q4 24 | $9.0M | $-134.6M | ||
| Q3 24 | $-3.0M | $-29.4M | ||
| Q2 24 | $8.1M | $-30.2M | ||
| Q1 24 | $6.5M | $-29.1M |
| Q4 25 | $6.4M | $28.5M | ||
| Q3 25 | $-3.5M | $-46.6M | ||
| Q2 25 | $4.0M | $-43.4M | ||
| Q1 25 | — | $-48.4M | ||
| Q4 24 | $8.9M | $-138.4M | ||
| Q3 24 | $-3.2M | $-31.2M | ||
| Q2 24 | $7.9M | $-30.6M | ||
| Q1 24 | $5.7M | $-29.8M |
| Q4 25 | 9.6% | 33.5% | ||
| Q3 25 | -10.9% | -51765.6% | ||
| Q2 25 | 14.3% | -289620.0% | ||
| Q1 25 | — | -345635.7% | ||
| Q4 24 | 13.2% | -13837100.0% | ||
| Q3 24 | -8.2% | -1038966.7% | ||
| Q2 24 | 28.9% | -611840.0% | ||
| Q1 24 | 46.9% | -106421.4% |
| Q4 25 | 1.0% | 0.1% | ||
| Q3 25 | 1.1% | 101.1% | ||
| Q2 25 | 0.5% | 440.0% | ||
| Q1 25 | — | 4507.1% | ||
| Q4 24 | 0.2% | 378600.0% | ||
| Q3 24 | 0.4% | 59266.7% | ||
| Q2 24 | 0.7% | 6980.0% | ||
| Q1 24 | 6.8% | 2535.7% |
| Q4 25 | 0.26× | 1.47× | ||
| 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% |
FDMT
Segment breakdown not available.
