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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and MESA LABORATORIES INC (MLAB). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $65.1M, roughly 1.0× MESA LABORATORIES INC). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 5.6%, a 34.7% gap on every dollar of revenue. On growth, MESA LABORATORIES INC posted the faster year-over-year revenue change (3.6% vs -0.3%). MESA LABORATORIES INC produced more free cash flow last quarter ($18.0M vs $6.4M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 5.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Mesa Laboratories Inc. develops, manufactures and sells professional quality control, calibration and monitoring instruments as well as related supporting services. Its core offerings cater to healthcare, pharmaceutical, food and beverage, industrial hygiene and environmental testing markets, helping global clients meet regulatory compliance and operational safety requirements.
ERII vs MLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $65.1M |
| Net Profit | $26.9M | $3.6M |
| Gross Margin | 67.2% | 64.2% |
| Operating Margin | 46.8% | 12.2% |
| Net Margin | 40.2% | 5.6% |
| Revenue YoY | -0.3% | 3.6% |
| Net Profit YoY | 14.7% | 316.6% |
| EPS (diluted) | $0.49 | $0.65 |
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 | $65.1M | ||
| Q3 25 | $32.0M | $60.7M | ||
| Q2 25 | $28.1M | $59.5M | ||
| Q1 25 | — | $62.1M | ||
| Q4 24 | $67.1M | $62.8M | ||
| Q3 24 | $38.6M | $57.8M | ||
| Q2 24 | $27.2M | $58.2M | ||
| Q1 24 | $12.1M | $58.9M |
| Q4 25 | $26.9M | $3.6M | ||
| Q3 25 | $3.9M | $2.5M | ||
| Q2 25 | $2.1M | $4.7M | ||
| Q1 25 | — | $-7.1M | ||
| Q4 24 | $23.5M | $-1.7M | ||
| Q3 24 | $8.5M | $3.4M | ||
| Q2 24 | $-642.0K | $3.4M | ||
| Q1 24 | $-8.3M | $-254.6M |
| Q4 25 | 67.2% | 64.2% | ||
| Q3 25 | 64.2% | 61.5% | ||
| Q2 25 | 64.0% | 62.0% | ||
| Q1 25 | — | 61.8% | ||
| Q4 24 | 70.2% | 63.3% | ||
| Q3 24 | 65.1% | 61.3% | ||
| Q2 24 | 64.6% | 64.0% | ||
| Q1 24 | 59.0% | 62.1% |
| Q4 25 | 46.8% | 12.2% | ||
| Q3 25 | 11.4% | 7.8% | ||
| Q2 25 | 5.3% | 5.1% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | 38.2% | 9.2% | ||
| Q3 24 | 18.3% | 6.1% | ||
| Q2 24 | -7.4% | 9.6% | ||
| Q1 24 | -90.4% | -460.6% |
| Q4 25 | 40.2% | 5.6% | ||
| Q3 25 | 12.1% | 4.1% | ||
| Q2 25 | 7.3% | 8.0% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | 35.0% | -2.7% | ||
| Q3 24 | 22.0% | 5.9% | ||
| Q2 24 | -2.4% | 5.8% | ||
| Q1 24 | -68.3% | -432.2% |
| Q4 25 | $0.49 | $0.65 | ||
| Q3 25 | $0.07 | $0.45 | ||
| Q2 25 | $0.04 | $0.85 | ||
| Q1 25 | — | $-1.30 | ||
| Q4 24 | $0.40 | $-0.31 | ||
| Q3 24 | $0.15 | $0.63 | ||
| Q2 24 | $-0.01 | $0.62 | ||
| Q1 24 | $-0.14 | $-47.26 |
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 | $29.0M |
| Total DebtLower is stronger | — | $68.4M |
| Stockholders' EquityBook value | $206.2M | $186.7M |
| Total Assets | $231.5M | $434.8M |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $29.0M | ||
| Q3 25 | $70.4M | $20.4M | ||
| Q2 25 | $79.5M | $21.3M | ||
| Q1 25 | — | $27.3M | ||
| Q4 24 | $78.0M | $27.3M | ||
| Q3 24 | $118.6M | $24.3M | ||
| Q2 24 | $101.0M | $28.5M | ||
| Q1 24 | $117.4M | $28.2M |
| Q4 25 | — | $68.4M | ||
| Q3 25 | — | $69.4M | ||
| Q2 25 | — | $70.3M | ||
| Q1 25 | — | $71.3M | ||
| Q4 24 | — | $72.2M | ||
| Q3 24 | — | $73.1M | ||
| Q2 24 | — | $74.1M | ||
| Q1 24 | — | — |
| Q4 25 | $206.2M | $186.7M | ||
| Q3 25 | $180.8M | $178.5M | ||
| Q2 25 | $185.2M | $172.5M | ||
| Q1 25 | — | $159.8M | ||
| Q4 24 | $210.0M | $155.2M | ||
| Q3 24 | $233.9M | $161.5M | ||
| Q2 24 | $218.5M | $150.7M | ||
| Q1 24 | $216.0M | $145.4M |
| Q4 25 | $231.5M | $434.8M | ||
| Q3 25 | $209.6M | $430.4M | ||
| Q2 25 | $212.3M | $435.7M | ||
| Q1 25 | — | $433.3M | ||
| Q4 24 | $242.8M | $433.3M | ||
| Q3 24 | $262.7M | $454.1M | ||
| Q2 24 | $249.0M | $440.4M | ||
| Q1 24 | $244.3M | $446.8M |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.49× | ||
| 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 | $18.8M |
| Free Cash FlowOCF − Capex | $6.4M | $18.0M |
| FCF MarginFCF / Revenue | 9.6% | 27.7% |
| Capex IntensityCapex / Revenue | 1.0% | 1.1% |
| Cash ConversionOCF / Net Profit | 0.26× | 5.17× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $37.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $18.8M | ||
| Q3 25 | $-3.1M | $8.2M | ||
| Q2 25 | $4.1M | $1.9M | ||
| Q1 25 | — | $12.7M | ||
| Q4 24 | $9.0M | $18.1M | ||
| Q3 24 | $-3.0M | $5.3M | ||
| Q2 24 | $8.1M | $10.7M | ||
| Q1 24 | $6.5M | $12.9M |
| Q4 25 | $6.4M | $18.0M | ||
| Q3 25 | $-3.5M | $7.1M | ||
| Q2 25 | $4.0M | $884.0K | ||
| Q1 25 | — | $11.9M | ||
| Q4 24 | $8.9M | $17.3M | ||
| Q3 24 | $-3.2M | $3.5M | ||
| Q2 24 | $7.9M | $9.9M | ||
| Q1 24 | $5.7M | $12.3M |
| Q4 25 | 9.6% | 27.7% | ||
| Q3 25 | -10.9% | 11.7% | ||
| Q2 25 | 14.3% | 1.5% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | 13.2% | 27.6% | ||
| Q3 24 | -8.2% | 6.0% | ||
| Q2 24 | 28.9% | 16.9% | ||
| Q1 24 | 46.9% | 21.0% |
| Q4 25 | 1.0% | 1.1% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 0.5% | 1.7% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 0.2% | 1.3% | ||
| Q3 24 | 0.4% | 3.1% | ||
| Q2 24 | 0.7% | 1.5% | ||
| Q1 24 | 6.8% | 0.9% |
| Q4 25 | 0.26× | 5.17× | ||
| Q3 25 | -0.81× | 3.32× | ||
| Q2 25 | 2.02× | 0.40× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | 1.54× | ||
| Q2 24 | — | 3.17× | ||
| 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% |
MLAB
| Sterilization And Disinfection Control | $24.9M | 38% |
| Biopharmaceutical Development | $14.4M | 22% |
| Other | $14.1M | 22% |
| Clinical Genomics | $11.8M | 18% |
