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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $66.9M, roughly 1.7× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -46.8%, a 87.1% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 4.2%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
ERII vs HASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $114.8M |
| Net Profit | $26.9M | $-53.8M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | -57.4% |
| Net Margin | 40.2% | -46.8% |
| Revenue YoY | -0.3% | 13.3% |
| Net Profit YoY | 14.7% | -176.7% |
| EPS (diluted) | $0.49 | $-0.38 |
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 | $114.8M | ||
| Q3 25 | $32.0M | $103.1M | ||
| Q2 25 | $28.1M | $85.7M | ||
| Q1 25 | — | $96.9M | ||
| Q4 24 | $67.1M | $101.3M | ||
| Q3 24 | $38.6M | $82.0M | ||
| Q2 24 | $27.2M | $94.5M | ||
| Q1 24 | $12.1M | $105.8M |
| Q4 25 | $26.9M | $-53.8M | ||
| Q3 25 | $3.9M | $83.3M | ||
| Q2 25 | $2.1M | $98.4M | ||
| Q1 25 | — | $56.6M | ||
| Q4 24 | $23.5M | $70.1M | ||
| Q3 24 | $8.5M | $-19.6M | ||
| Q2 24 | $-642.0K | $26.5M | ||
| Q1 24 | $-8.3M | $123.0M |
| 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% | -57.4% | ||
| Q3 25 | 11.4% | — | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | — | 84.7% | ||
| Q4 24 | 38.2% | 90.9% | ||
| Q3 24 | 18.3% | -32.1% | ||
| Q2 24 | -7.4% | 39.5% | ||
| Q1 24 | -90.4% | — |
| Q4 25 | 40.2% | -46.8% | ||
| Q3 25 | 12.1% | 80.8% | ||
| Q2 25 | 7.3% | 114.9% | ||
| Q1 25 | — | 58.4% | ||
| Q4 24 | 35.0% | 69.2% | ||
| Q3 24 | 22.0% | -23.9% | ||
| Q2 24 | -2.4% | 28.1% | ||
| Q1 24 | -68.3% | 116.3% |
| Q4 25 | $0.49 | $-0.38 | ||
| Q3 25 | $0.07 | $0.61 | ||
| Q2 25 | $0.04 | $0.74 | ||
| Q1 25 | — | $0.44 | ||
| Q4 24 | $0.40 | $0.58 | ||
| Q3 24 | $0.15 | $-0.17 | ||
| Q2 24 | $-0.01 | $0.23 | ||
| Q1 24 | $-0.14 | $0.98 |
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 | $110.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $2.7B |
| Total Assets | $231.5M | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $110.2M | ||
| Q3 25 | $70.4M | $301.8M | ||
| Q2 25 | $79.5M | $86.5M | ||
| Q1 25 | — | $67.4M | ||
| Q4 24 | $78.0M | $129.8M | ||
| Q3 24 | $118.6M | $44.1M | ||
| Q2 24 | $101.0M | $145.7M | ||
| Q1 24 | $117.4M | $61.4M |
| Q4 25 | $206.2M | $2.7B | ||
| Q3 25 | $180.8M | $2.7B | ||
| Q2 25 | $185.2M | $2.6B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $210.0M | $2.4B | ||
| Q3 24 | $233.9M | $2.3B | ||
| Q2 24 | $218.5M | $2.3B | ||
| Q1 24 | $216.0M | $2.3B |
| Q4 25 | $231.5M | $8.2B | ||
| Q3 25 | $209.6M | $8.2B | ||
| Q2 25 | $212.3M | $7.6B | ||
| Q1 25 | — | $7.5B | ||
| Q4 24 | $242.8M | $7.1B | ||
| Q3 24 | $262.7M | $6.7B | ||
| Q2 24 | $249.0M | $6.7B | ||
| Q1 24 | $244.3M | $6.7B |
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 | $167.3M |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 9.6% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $167.3M | ||
| Q3 25 | $-3.1M | $-121.8M | ||
| Q2 25 | $4.1M | $79.6M | ||
| Q1 25 | — | $-37.1M | ||
| Q4 24 | $9.0M | $5.9M | ||
| Q3 24 | $-3.0M | $21.9M | ||
| Q2 24 | $8.1M | $-24.8M | ||
| Q1 24 | $6.5M | $20.9M |
| 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 | 0.26× | — | ||
| Q3 25 | -0.81× | -1.46× | ||
| Q2 25 | 2.02× | 0.81× | ||
| Q1 25 | — | -0.66× | ||
| Q4 24 | 0.38× | 0.08× | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | -0.94× | ||
| Q1 24 | — | 0.17× |
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% |
HASI
Segment breakdown not available.
