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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $66.9M, roughly 3.0× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 8.1%, a 32.1% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -0.3%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
ERII vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $199.4M |
| Net Profit | $26.9M | $16.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 16.6% |
| Net Margin | 40.2% | 8.1% |
| Revenue YoY | -0.3% | 1.5% |
| Net Profit YoY | 14.7% | -29.2% |
| EPS (diluted) | $0.49 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $32.0M | $243.5M | ||
| Q2 25 | $28.1M | $197.8M | ||
| Q1 25 | — | $164.9M | ||
| Q4 24 | $67.1M | $196.5M | ||
| Q3 24 | $38.6M | $216.7M | ||
| Q2 24 | $27.2M | $173.1M | ||
| Q1 24 | $12.1M | $150.0M |
| Q4 25 | $26.9M | $16.2M | ||
| Q3 25 | $3.9M | $45.1M | ||
| Q2 25 | $2.1M | $24.7M | ||
| Q1 25 | — | $16.6M | ||
| Q4 24 | $23.5M | $22.9M | ||
| Q3 24 | $8.5M | $38.7M | ||
| Q2 24 | $-642.0K | $20.7M | ||
| Q1 24 | $-8.3M | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 11.4% | 26.5% | ||
| Q2 25 | 5.3% | 22.2% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | 38.2% | 22.2% | ||
| Q3 24 | 18.3% | 26.9% | ||
| Q2 24 | -7.4% | 23.4% | ||
| Q1 24 | -90.4% | 18.6% |
| Q4 25 | 40.2% | 8.1% | ||
| Q3 25 | 12.1% | 18.5% | ||
| Q2 25 | 7.3% | 12.5% | ||
| Q1 25 | — | 10.0% | ||
| Q4 24 | 35.0% | 11.7% | ||
| Q3 24 | 22.0% | 17.8% | ||
| Q2 24 | -2.4% | 12.0% | ||
| Q1 24 | -68.3% | 7.8% |
| Q4 25 | $0.49 | $0.45 | ||
| Q3 25 | $0.07 | $1.27 | ||
| Q2 25 | $0.04 | $0.71 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $0.40 | $0.70 | ||
| Q3 24 | $0.15 | $1.17 | ||
| Q2 24 | $-0.01 | $0.64 | ||
| Q1 24 | $-0.14 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $206.2M | $1.5B |
| Total Assets | $231.5M | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $20.7M | ||
| Q3 25 | $70.4M | $11.3M | ||
| Q2 25 | $79.5M | $19.8M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | $78.0M | $11.1M | ||
| Q3 24 | $118.6M | $4.0M | ||
| Q2 24 | $101.0M | $22.8M | ||
| Q1 24 | $117.4M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $206.2M | $1.5B | ||
| Q3 25 | $180.8M | $1.5B | ||
| Q2 25 | $185.2M | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $210.0M | $1.4B | ||
| Q3 24 | $233.9M | $1.3B | ||
| Q2 24 | $218.5M | $1.3B | ||
| Q1 24 | $216.0M | $1.2B |
| Q4 25 | $231.5M | $5.1B | ||
| Q3 25 | $209.6M | $5.0B | ||
| Q2 25 | $212.3M | $4.8B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $242.8M | $4.7B | ||
| Q3 24 | $262.7M | $4.6B | ||
| Q2 24 | $249.0M | $4.4B | ||
| Q1 24 | $244.3M | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $63.5M |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 9.6% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 0.26× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $63.5M | ||
| Q3 25 | $-3.1M | $77.3M | ||
| Q2 25 | $4.1M | $60.8M | ||
| Q1 25 | — | $43.2M | ||
| Q4 24 | $9.0M | $41.5M | ||
| Q3 24 | $-3.0M | $53.5M | ||
| Q2 24 | $8.1M | $49.3M | ||
| Q1 24 | $6.5M | $51.2M |
| 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× | 3.92× | ||
| Q3 25 | -0.81× | 1.71× | ||
| Q2 25 | 2.02× | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | 0.38× | 1.81× | ||
| Q3 24 | -0.35× | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
