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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $55.4M, roughly 1.2× Lifeway Foods, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 4.6%, a 35.7% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
ERII vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $55.4M |
| Net Profit | $26.9M | $2.5M |
| Gross Margin | 67.2% | 27.8% |
| Operating Margin | 46.8% | 6.8% |
| Net Margin | 40.2% | 4.6% |
| Revenue YoY | -0.3% | 18.0% |
| Net Profit YoY | 14.7% | 1688.1% |
| EPS (diluted) | $0.49 | $0.15 |
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 | $55.4M | ||
| Q3 25 | $32.0M | $57.1M | ||
| Q2 25 | $28.1M | $53.9M | ||
| Q1 25 | — | $46.1M | ||
| Q4 24 | $67.1M | $46.9M | ||
| Q3 24 | $38.6M | $46.1M | ||
| Q2 24 | $27.2M | $49.2M | ||
| Q1 24 | $12.1M | $44.6M |
| Q4 25 | $26.9M | $2.5M | ||
| Q3 25 | $3.9M | $3.5M | ||
| Q2 25 | $2.1M | $4.2M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $23.5M | $-160.0K | ||
| Q3 24 | $8.5M | $3.0M | ||
| Q2 24 | $-642.0K | $3.8M | ||
| Q1 24 | $-8.3M | $2.4M |
| Q4 25 | 67.2% | 27.8% | ||
| Q3 25 | 64.2% | 28.7% | ||
| Q2 25 | 64.0% | 28.6% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | 70.2% | 25.3% | ||
| Q3 24 | 65.1% | 25.7% | ||
| Q2 24 | 64.6% | 27.0% | ||
| Q1 24 | 59.0% | 25.8% |
| Q4 25 | 46.8% | 6.8% | ||
| Q3 25 | 11.4% | 8.8% | ||
| Q2 25 | 5.3% | 10.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 38.2% | 1.5% | ||
| Q3 24 | 18.3% | 9.1% | ||
| Q2 24 | -7.4% | 11.0% | ||
| Q1 24 | -90.4% | 8.0% |
| Q4 25 | 40.2% | 4.6% | ||
| Q3 25 | 12.1% | 6.2% | ||
| Q2 25 | 7.3% | 7.9% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | 35.0% | -0.3% | ||
| Q3 24 | 22.0% | 6.5% | ||
| Q2 24 | -2.4% | 7.7% | ||
| Q1 24 | -68.3% | 5.4% |
| Q4 25 | $0.49 | $0.15 | ||
| Q3 25 | $0.07 | $0.23 | ||
| Q2 25 | $0.04 | $0.28 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | $0.40 | $0.00 | ||
| Q3 24 | $0.15 | $0.19 | ||
| Q2 24 | $-0.01 | $0.25 | ||
| Q1 24 | $-0.14 | $0.16 |
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 | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $85.8M |
| Total Assets | $231.5M | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $5.6M | ||
| Q3 25 | $70.4M | $23.0M | ||
| Q2 25 | $79.5M | $21.2M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | $78.0M | $16.7M | ||
| Q3 24 | $118.6M | $20.6M | ||
| Q2 24 | $101.0M | $14.6M | ||
| Q1 24 | $117.4M | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $206.2M | $85.8M | ||
| Q3 25 | $180.8M | $82.8M | ||
| Q2 25 | $185.2M | $78.7M | ||
| Q1 25 | — | $74.2M | ||
| Q4 24 | $210.0M | $71.9M | ||
| Q3 24 | $233.9M | $71.5M | ||
| Q2 24 | $218.5M | $68.0M | ||
| Q1 24 | $216.0M | $63.5M |
| Q4 25 | $231.5M | $105.6M | ||
| Q3 25 | $209.6M | $109.5M | ||
| Q2 25 | $212.3M | $98.3M | ||
| Q1 25 | — | $93.7M | ||
| Q4 24 | $242.8M | $90.5M | ||
| Q3 24 | $262.7M | $91.3M | ||
| Q2 24 | $249.0M | $84.9M | ||
| Q1 24 | $244.3M | $82.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.04× |
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 | $267.0K |
| Free Cash FlowOCF − Capex | $6.4M | $-17.4M |
| FCF MarginFCF / Revenue | 9.6% | -31.5% |
| Capex IntensityCapex / Revenue | 1.0% | 31.9% |
| Cash ConversionOCF / Net Profit | 0.26× | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $267.0K | ||
| Q3 25 | $-3.1M | $6.9M | ||
| Q2 25 | $4.1M | $3.9M | ||
| Q1 25 | — | $-150.0K | ||
| Q4 24 | $9.0M | $-2.6M | ||
| Q3 24 | $-3.0M | $7.5M | ||
| Q2 24 | $8.1M | $6.5M | ||
| Q1 24 | $6.5M | $1.5M |
| Q4 25 | $6.4M | $-17.4M | ||
| Q3 25 | $-3.5M | $1.8M | ||
| Q2 25 | $4.0M | $1.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | $8.9M | $-3.8M | ||
| Q3 24 | $-3.2M | $5.9M | ||
| Q2 24 | $7.9M | $5.1M | ||
| Q1 24 | $5.7M | $-923.0K |
| Q4 25 | 9.6% | -31.5% | ||
| Q3 25 | -10.9% | 3.1% | ||
| Q2 25 | 14.3% | 3.0% | ||
| Q1 25 | — | -5.1% | ||
| Q4 24 | 13.2% | -8.2% | ||
| Q3 24 | -8.2% | 12.8% | ||
| Q2 24 | 28.9% | 10.4% | ||
| Q1 24 | 46.9% | -2.1% |
| Q4 25 | 1.0% | 31.9% | ||
| Q3 25 | 1.1% | 9.0% | ||
| Q2 25 | 0.5% | 4.3% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.4% | 3.3% | ||
| Q2 24 | 0.7% | 2.9% | ||
| Q1 24 | 6.8% | 5.5% |
| Q4 25 | 0.26× | 0.11× | ||
| Q3 25 | -0.81× | 1.96× | ||
| Q2 25 | 2.02× | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
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% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
