vs
Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $49.9M, roughly 1.3× MARAVAI LIFESCIENCES HOLDINGS, INC.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -71.6%, a 111.8% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -11.8%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-24.9M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -11.9%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
ERII vs MRVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $49.9M |
| Net Profit | $26.9M | $-35.7M |
| Gross Margin | 67.2% | 25.8% |
| Operating Margin | 46.8% | -117.9% |
| Net Margin | 40.2% | -71.6% |
| Revenue YoY | -0.3% | -11.8% |
| Net Profit YoY | 14.7% | -37.7% |
| EPS (diluted) | $0.49 | $-0.24 |
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 | $49.9M | ||
| Q3 25 | $32.0M | $41.6M | ||
| Q2 25 | $28.1M | $47.4M | ||
| Q1 25 | — | $46.9M | ||
| Q4 24 | $67.1M | $56.6M | ||
| Q3 24 | $38.6M | $69.0M | ||
| Q2 24 | $27.2M | $69.4M | ||
| Q1 24 | $12.1M | $64.2M |
| Q4 25 | $26.9M | $-35.7M | ||
| Q3 25 | $3.9M | $-25.6M | ||
| Q2 25 | $2.1M | $-39.6M | ||
| Q1 25 | — | $-29.9M | ||
| Q4 24 | $23.5M | $-25.9M | ||
| Q3 24 | $8.5M | $-97.1M | ||
| Q2 24 | $-642.0K | $-9.8M | ||
| Q1 24 | $-8.3M | $-12.1M |
| Q4 25 | 67.2% | 25.8% | ||
| Q3 25 | 64.2% | 13.6% | ||
| Q2 25 | 64.0% | 16.4% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | 70.2% | 34.3% | ||
| Q3 24 | 65.1% | 46.7% | ||
| Q2 24 | 64.6% | 44.4% | ||
| Q1 24 | 59.0% | 40.3% |
| Q4 25 | 46.8% | -117.9% | ||
| Q3 25 | 11.4% | -98.6% | ||
| Q2 25 | 5.3% | -139.8% | ||
| Q1 25 | — | -104.9% | ||
| Q4 24 | 38.2% | -66.7% | ||
| Q3 24 | 18.3% | -239.9% | ||
| Q2 24 | -7.4% | -19.4% | ||
| Q1 24 | -90.4% | -29.4% |
| Q4 25 | 40.2% | -71.6% | ||
| Q3 25 | 12.1% | -61.4% | ||
| Q2 25 | 7.3% | -83.5% | ||
| Q1 25 | — | -63.9% | ||
| Q4 24 | 35.0% | -45.8% | ||
| Q3 24 | 22.0% | -140.6% | ||
| Q2 24 | -2.4% | -14.1% | ||
| Q1 24 | -68.3% | -18.8% |
| Q4 25 | $0.49 | $-0.24 | ||
| Q3 25 | $0.07 | $-0.18 | ||
| Q2 25 | $0.04 | $-0.27 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | $0.40 | $-0.21 | ||
| Q3 24 | $0.15 | $-0.68 | ||
| Q2 24 | $-0.01 | $-0.07 | ||
| Q1 24 | $-0.14 | $-0.09 |
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 | $216.9M |
| Total DebtLower is stronger | — | $291.8M |
| Stockholders' EquityBook value | $206.2M | $212.4M |
| Total Assets | $231.5M | $770.6M |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $216.9M | ||
| Q3 25 | $70.4M | $243.6M | ||
| Q2 25 | $79.5M | $269.9M | ||
| Q1 25 | — | $285.1M | ||
| Q4 24 | $78.0M | $322.4M | ||
| Q3 24 | $118.6M | $578.2M | ||
| Q2 24 | $101.0M | $573.2M | ||
| Q1 24 | $117.4M | $561.7M |
| Q4 25 | — | $291.8M | ||
| Q3 25 | — | $292.8M | ||
| Q2 25 | — | $293.9M | ||
| Q1 25 | — | $294.9M | ||
| Q4 24 | — | $295.9M | ||
| Q3 24 | — | $521.7M | ||
| Q2 24 | — | $522.5M | ||
| Q1 24 | — | $523.3M |
| Q4 25 | $206.2M | $212.4M | ||
| Q3 25 | $180.8M | $245.4M | ||
| Q2 25 | $185.2M | $265.9M | ||
| Q1 25 | — | $300.6M | ||
| Q4 24 | $210.0M | $325.3M | ||
| Q3 24 | $233.9M | $344.9M | ||
| Q2 24 | $218.5M | $434.7M | ||
| Q1 24 | $216.0M | $410.7M |
| Q4 25 | $231.5M | $770.6M | ||
| Q3 25 | $209.6M | $849.2M | ||
| Q2 25 | $212.3M | $897.0M | ||
| Q1 25 | — | $959.8M | ||
| Q4 24 | $242.8M | $1.0B | ||
| Q3 24 | $262.7M | $1.3B | ||
| Q2 24 | $249.0M | $1.4B | ||
| Q1 24 | $244.3M | $1.4B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.27× |
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 | $-22.8M |
| Free Cash FlowOCF − Capex | $6.4M | $-24.9M |
| FCF MarginFCF / Revenue | 9.6% | -49.9% |
| Capex IntensityCapex / Revenue | 1.0% | 4.2% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-70.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-22.8M | ||
| Q3 25 | $-3.1M | $-15.2M | ||
| Q2 25 | $4.1M | $-10.3M | ||
| Q1 25 | — | $-9.4M | ||
| Q4 24 | $9.0M | $-14.6M | ||
| Q3 24 | $-3.0M | $13.1M | ||
| Q2 24 | $8.1M | $17.4M | ||
| Q1 24 | $6.5M | $-8.5M |
| Q4 25 | $6.4M | $-24.9M | ||
| Q3 25 | $-3.5M | $-18.1M | ||
| Q2 25 | $4.0M | $-13.1M | ||
| Q1 25 | — | $-14.6M | ||
| Q4 24 | $8.9M | $-20.5M | ||
| Q3 24 | $-3.2M | $4.5M | ||
| Q2 24 | $7.9M | $7.9M | ||
| Q1 24 | $5.7M | $-14.1M |
| Q4 25 | 9.6% | -49.9% | ||
| Q3 25 | -10.9% | -43.4% | ||
| Q2 25 | 14.3% | -27.7% | ||
| Q1 25 | — | -31.2% | ||
| Q4 24 | 13.2% | -36.2% | ||
| Q3 24 | -8.2% | 6.6% | ||
| Q2 24 | 28.9% | 11.4% | ||
| Q1 24 | 46.9% | -22.0% |
| Q4 25 | 1.0% | 4.2% | ||
| Q3 25 | 1.1% | 7.0% | ||
| Q2 25 | 0.5% | 6.1% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | 0.2% | 10.3% | ||
| Q3 24 | 0.4% | 12.4% | ||
| Q2 24 | 0.7% | 13.8% | ||
| Q1 24 | 6.8% | 8.8% |
| 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% |
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
