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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $58.9M, roughly 1.1× INDEPENDENT BANK CORP). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 28.6%, a 11.6% gap on every dollar of revenue. Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 2.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
ERII vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $58.9M |
| Net Profit | $26.9M | $16.9M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | — |
| Net Margin | 40.2% | 28.6% |
| Revenue YoY | -0.3% | — |
| Net Profit YoY | 14.7% | 8.2% |
| EPS (diluted) | $0.49 | $0.81 |
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.
| Q1 26 | — | $58.9M | ||
| Q4 25 | $66.9M | $58.3M | ||
| Q3 25 | $32.0M | $57.3M | ||
| Q2 25 | $28.1M | $55.9M | ||
| Q1 25 | — | $54.1M | ||
| Q4 24 | $67.1M | $62.0M | ||
| Q3 24 | $38.6M | $51.4M | ||
| Q2 24 | $27.2M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $26.9M | $18.6M | ||
| Q3 25 | $3.9M | $17.5M | ||
| Q2 25 | $2.1M | $16.9M | ||
| Q1 25 | — | $15.6M | ||
| Q4 24 | $23.5M | $18.5M | ||
| Q3 24 | $8.5M | $13.8M | ||
| Q2 24 | $-642.0K | $18.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 46.8% | 34.8% | ||
| Q3 25 | 11.4% | 37.0% | ||
| Q2 25 | 5.3% | 37.0% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | 38.2% | 36.7% | ||
| Q3 24 | 18.3% | 33.7% | ||
| Q2 24 | -7.4% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | 40.2% | 31.8% | ||
| Q3 25 | 12.1% | 30.5% | ||
| Q2 25 | 7.3% | 30.2% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | 35.0% | 29.8% | ||
| Q3 24 | 22.0% | 26.9% | ||
| Q2 24 | -2.4% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $0.49 | $0.88 | ||
| Q3 25 | $0.07 | $0.84 | ||
| Q2 25 | $0.04 | $0.81 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | $0.40 | $0.87 | ||
| Q3 24 | $0.15 | $0.65 | ||
| Q2 24 | $-0.01 | $0.88 |
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 | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $510.6M |
| Total Assets | $231.5M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $75.2M | $138.4M | ||
| Q3 25 | $70.4M | $208.7M | ||
| Q2 25 | $79.5M | $146.2M | ||
| Q1 25 | — | $128.1M | ||
| Q4 24 | $78.0M | $119.9M | ||
| Q3 24 | $118.6M | $121.6M | ||
| Q2 24 | $101.0M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $206.2M | $503.0M | ||
| Q3 25 | $180.8M | $490.7M | ||
| Q2 25 | $185.2M | $469.3M | ||
| Q1 25 | — | $467.3M | ||
| Q4 24 | $210.0M | $454.7M | ||
| Q3 24 | $233.9M | $452.4M | ||
| Q2 24 | $218.5M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $231.5M | $5.5B | ||
| Q3 25 | $209.6M | $5.5B | ||
| Q2 25 | $212.3M | $5.4B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | $242.8M | $5.3B | ||
| Q3 24 | $262.7M | $5.3B | ||
| Q2 24 | $249.0M | $5.3B |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $7.1M | $76.7M | ||
| Q3 25 | $-3.1M | $18.2M | ||
| Q2 25 | $4.1M | $19.0M | ||
| Q1 25 | — | $31.7M | ||
| Q4 24 | $9.0M | $63.2M | ||
| Q3 24 | $-3.0M | $17.2M | ||
| Q2 24 | $8.1M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $6.4M | $70.2M | ||
| Q3 25 | $-3.5M | $16.5M | ||
| Q2 25 | $4.0M | $16.7M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | $8.9M | $55.2M | ||
| Q3 24 | $-3.2M | $15.7M | ||
| Q2 24 | $7.9M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.6% | 120.3% | ||
| Q3 25 | -10.9% | 28.9% | ||
| Q2 25 | 14.3% | 29.8% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | 13.2% | 89.1% | ||
| Q3 24 | -8.2% | 30.6% | ||
| Q2 24 | 28.9% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 11.1% | ||
| Q3 25 | 1.1% | 2.9% | ||
| Q2 25 | 0.5% | 4.1% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 0.2% | 12.8% | ||
| Q3 24 | 0.4% | 2.9% | ||
| Q2 24 | 0.7% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.26× | 4.13× | ||
| Q3 25 | -0.81× | 1.04× | ||
| Q2 25 | 2.02× | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | 0.38× | 3.42× | ||
| Q3 24 | -0.35× | 1.25× | ||
| Q2 24 | — | 0.47× |
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% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
