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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and FS Bancorp, Inc. (FSBW). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $40.0M, roughly 1.7× FS Bancorp, Inc.). On growth, FS Bancorp, Inc. posted the faster year-over-year revenue change (12.0% vs -0.3%). FS Bancorp, Inc. produced more free cash flow last quarter ($51.9M vs $6.4M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 6.2%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
FS Bancorp, Inc. is a U.S.-headquartered bank holding company that serves as the parent of 1st Security Bank of Washington. It offers a full range of personal and commercial banking solutions including deposit products, mortgage loans, small business financing and construction loans, primarily catering to customers in the Pacific Northwest, with core segments covering retail banking, commercial banking and residential lending.
ERII vs FSBW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $40.0M |
| Net Profit | $26.9M | — |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 25.8% |
| Net Margin | 40.2% | — |
| Revenue YoY | -0.3% | 12.0% |
| Net Profit YoY | 14.7% | — |
| EPS (diluted) | $0.49 | $1.11 |
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 | $40.0M | ||
| Q3 25 | $32.0M | $39.3M | ||
| Q2 25 | $28.1M | $37.3M | ||
| Q1 25 | — | $36.1M | ||
| Q4 24 | $67.1M | $35.7M | ||
| Q3 24 | $38.6M | $37.2M | ||
| Q2 24 | $27.2M | $36.3M | ||
| Q1 24 | $12.1M | $35.5M |
| Q4 25 | $26.9M | — | ||
| Q3 25 | $3.9M | $9.2M | ||
| Q2 25 | $2.1M | $7.7M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | $10.3M | ||
| Q2 24 | $-642.0K | $9.0M | ||
| Q1 24 | $-8.3M | $8.4M |
| 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% | 25.8% | ||
| Q3 25 | 11.4% | 29.5% | ||
| Q2 25 | 5.3% | 26.2% | ||
| Q1 25 | — | 26.2% | ||
| Q4 24 | 38.2% | 27.6% | ||
| Q3 24 | 18.3% | 26.5% | ||
| Q2 24 | -7.4% | 31.3% | ||
| Q1 24 | -90.4% | 29.7% |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 12.1% | 23.4% | ||
| Q2 25 | 7.3% | 20.7% | ||
| Q1 25 | — | 22.2% | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | 27.6% | ||
| Q2 24 | -2.4% | 24.7% | ||
| Q1 24 | -68.3% | 23.7% |
| Q4 25 | $0.49 | $1.11 | ||
| Q3 25 | $0.07 | $1.18 | ||
| Q2 25 | $0.04 | $0.99 | ||
| Q1 25 | — | $1.01 | ||
| Q4 24 | $0.40 | $0.88 | ||
| Q3 24 | $0.15 | $1.29 | ||
| Q2 24 | $-0.01 | $1.13 | ||
| Q1 24 | $-0.14 | $1.06 |
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 | $28.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $307.7M |
| Total Assets | $231.5M | $3.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $28.2M | ||
| Q3 25 | $70.4M | $61.3M | ||
| Q2 25 | $79.5M | $33.2M | ||
| Q1 25 | — | $62.7M | ||
| Q4 24 | $78.0M | $31.6M | ||
| Q3 24 | $118.6M | $40.3M | ||
| Q2 24 | $101.0M | $33.0M | ||
| Q1 24 | $117.4M | $45.4M |
| Q4 25 | $206.2M | $307.7M | ||
| Q3 25 | $180.8M | $300.5M | ||
| Q2 25 | $185.2M | $297.2M | ||
| Q1 25 | — | $298.8M | ||
| Q4 24 | $210.0M | $295.8M | ||
| Q3 24 | $233.9M | $288.9M | ||
| Q2 24 | $218.5M | $284.0M | ||
| Q1 24 | $216.0M | $277.9M |
| Q4 25 | $231.5M | $3.2B | ||
| Q3 25 | $209.6M | $3.2B | ||
| Q2 25 | $212.3M | $3.2B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $242.8M | $3.0B | ||
| Q3 24 | $262.7M | $3.0B | ||
| Q2 24 | $249.0M | $2.9B | ||
| Q1 24 | $244.3M | $3.0B |
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 | $72.3M |
| Free Cash FlowOCF − Capex | $6.4M | $51.9M |
| FCF MarginFCF / Revenue | 9.6% | 129.8% |
| Capex IntensityCapex / Revenue | 1.0% | 50.9% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $107.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $72.3M | ||
| Q3 25 | $-3.1M | $44.6M | ||
| Q2 25 | $4.1M | $7.1M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | $9.0M | $50.8M | ||
| Q3 24 | $-3.0M | $-891.0K | ||
| Q2 24 | $8.1M | $9.9M | ||
| Q1 24 | $6.5M | $275.0K |
| Q4 25 | $6.4M | $51.9M | ||
| Q3 25 | $-3.5M | $41.6M | ||
| Q2 25 | $4.0M | $5.9M | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | $8.9M | $49.2M | ||
| Q3 24 | $-3.2M | $-1.5M | ||
| Q2 24 | $7.9M | $9.6M | ||
| Q1 24 | $5.7M | $-82.0K |
| Q4 25 | 9.6% | 129.8% | ||
| Q3 25 | -10.9% | 105.9% | ||
| Q2 25 | 14.3% | 15.7% | ||
| Q1 25 | — | 21.7% | ||
| Q4 24 | 13.2% | 137.7% | ||
| Q3 24 | -8.2% | -4.1% | ||
| Q2 24 | 28.9% | 26.6% | ||
| Q1 24 | 46.9% | -0.2% |
| Q4 25 | 1.0% | 50.9% | ||
| Q3 25 | 1.1% | 7.7% | ||
| Q2 25 | 0.5% | 3.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 0.2% | 4.6% | ||
| Q3 24 | 0.4% | 1.7% | ||
| Q2 24 | 0.7% | 0.8% | ||
| Q1 24 | 6.8% | 1.0% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | 4.86× | ||
| Q2 25 | 2.02× | 0.92× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | -0.09× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | — | 0.03× |
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% |
FSBW
Segment breakdown not available.
