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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $58.0M, roughly 1.2× indie Semiconductor, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -53.8%, a 94.1% gap on every dollar of revenue. On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (-0.0% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-16.1M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 5.3%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
ERII vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $58.0M |
| Net Profit | $26.9M | $-31.2M |
| Gross Margin | 67.2% | 37.3% |
| Operating Margin | 46.8% | -58.5% |
| Net Margin | 40.2% | -53.8% |
| Revenue YoY | -0.3% | -0.0% |
| Net Profit YoY | 14.7% | 9.1% |
| EPS (diluted) | $0.49 | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $32.0M | $53.7M | ||
| Q2 25 | $28.1M | $51.6M | ||
| Q1 25 | — | $54.1M | ||
| Q4 24 | $67.1M | $58.0M | ||
| Q3 24 | $38.6M | $54.0M | ||
| Q2 24 | $27.2M | $52.4M | ||
| Q1 24 | $12.1M | $52.4M |
| Q4 25 | $26.9M | $-31.2M | ||
| Q3 25 | $3.9M | $-38.3M | ||
| Q2 25 | $2.1M | $-39.0M | ||
| Q1 25 | — | $-34.5M | ||
| Q4 24 | $23.5M | $-34.4M | ||
| Q3 24 | $8.5M | $-49.7M | ||
| Q2 24 | $-642.0K | $-19.2M | ||
| Q1 24 | $-8.3M | $-31.2M |
| Q4 25 | 67.2% | 37.3% | ||
| Q3 25 | 64.2% | 40.1% | ||
| Q2 25 | 64.0% | 40.6% | ||
| Q1 25 | — | 41.7% | ||
| Q4 24 | 70.2% | 42.6% | ||
| Q3 24 | 65.1% | 39.3% | ||
| Q2 24 | 64.6% | 42.2% | ||
| Q1 24 | 59.0% | 42.5% |
| Q4 25 | 46.8% | -58.5% | ||
| Q3 25 | 11.4% | -71.4% | ||
| Q2 25 | 5.3% | -83.3% | ||
| Q1 25 | — | -72.0% | ||
| Q4 24 | 38.2% | -58.4% | ||
| Q3 24 | 18.3% | -92.5% | ||
| Q2 24 | -7.4% | -70.0% | ||
| Q1 24 | -90.4% | -94.8% |
| Q4 25 | 40.2% | -53.8% | ||
| Q3 25 | 12.1% | -71.3% | ||
| Q2 25 | 7.3% | -75.6% | ||
| Q1 25 | — | -63.9% | ||
| Q4 24 | 35.0% | -59.2% | ||
| Q3 24 | 22.0% | -92.1% | ||
| Q2 24 | -2.4% | -36.6% | ||
| Q1 24 | -68.3% | -59.6% |
| Q4 25 | $0.49 | $-0.16 | ||
| Q3 25 | $0.07 | $-0.19 | ||
| Q2 25 | $0.04 | $-0.20 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | $0.40 | $-0.18 | ||
| Q3 24 | $0.15 | $-0.28 | ||
| Q2 24 | $-0.01 | $-0.11 | ||
| Q1 24 | $-0.14 | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $206.2M | $358.0M |
| Total Assets | $231.5M | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $145.5M | ||
| Q3 25 | $70.4M | $160.9M | ||
| Q2 25 | $79.5M | $192.6M | ||
| Q1 25 | — | $236.6M | ||
| Q4 24 | $78.0M | $274.2M | ||
| Q3 24 | $118.6M | $96.9M | ||
| Q2 24 | $101.0M | $112.3M | ||
| Q1 24 | $117.4M | $138.2M |
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $206.2M | $358.0M | ||
| Q3 25 | $180.8M | $369.2M | ||
| Q2 25 | $185.2M | $390.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | $210.0M | $417.9M | ||
| Q3 24 | $233.9M | $458.6M | ||
| Q2 24 | $218.5M | $470.7M | ||
| Q1 24 | $216.0M | $432.9M |
| Q4 25 | $231.5M | $840.8M | ||
| Q3 25 | $209.6M | $855.1M | ||
| Q2 25 | $212.3M | $867.6M | ||
| Q1 25 | — | $909.0M | ||
| Q4 24 | $242.8M | $941.4M | ||
| Q3 24 | $262.7M | $797.5M | ||
| Q2 24 | $249.0M | $797.3M | ||
| Q1 24 | $244.3M | $803.6M |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| 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 | $-14.4M |
| Free Cash FlowOCF − Capex | $6.4M | $-16.1M |
| FCF MarginFCF / Revenue | 9.6% | -27.8% |
| Capex IntensityCapex / Revenue | 1.0% | 3.0% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-14.4M | ||
| Q3 25 | $-3.1M | $-6.2M | ||
| Q2 25 | $4.1M | $-7.6M | ||
| Q1 25 | — | $-29.0M | ||
| Q4 24 | $9.0M | $-6.7M | ||
| Q3 24 | $-3.0M | $-22.8M | ||
| Q2 24 | $8.1M | $-19.7M | ||
| Q1 24 | $6.5M | $-9.3M |
| Q4 25 | $6.4M | $-16.1M | ||
| Q3 25 | $-3.5M | $-10.3M | ||
| Q2 25 | $4.0M | $-13.6M | ||
| Q1 25 | — | $-31.4M | ||
| Q4 24 | $8.9M | $-8.6M | ||
| Q3 24 | $-3.2M | $-29.3M | ||
| Q2 24 | $7.9M | $-23.4M | ||
| Q1 24 | $5.7M | $-11.7M |
| Q4 25 | 9.6% | -27.8% | ||
| Q3 25 | -10.9% | -19.2% | ||
| Q2 25 | 14.3% | -26.4% | ||
| Q1 25 | — | -58.0% | ||
| Q4 24 | 13.2% | -14.8% | ||
| Q3 24 | -8.2% | -54.3% | ||
| Q2 24 | 28.9% | -44.7% | ||
| Q1 24 | 46.9% | -22.3% |
| Q4 25 | 1.0% | 3.0% | ||
| Q3 25 | 1.1% | 7.8% | ||
| Q2 25 | 0.5% | 11.6% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | 0.2% | 3.2% | ||
| Q3 24 | 0.4% | 12.1% | ||
| Q2 24 | 0.7% | 7.0% | ||
| Q1 24 | 6.8% | 4.4% |
| Q4 25 | 0.26× | — | ||
| 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% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
