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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $66.9M, roughly 1.6× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 38.8%, a 1.5% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -0.3%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $6.4M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
ERII vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $104.0M |
| Net Profit | $26.9M | $40.3M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 48.3% |
| Net Margin | 40.2% | 38.8% |
| Revenue YoY | -0.3% | 12.5% |
| Net Profit YoY | 14.7% | 16.9% |
| EPS (diluted) | $0.49 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $32.0M | $102.9M | ||
| Q2 25 | $28.1M | $95.7M | ||
| Q1 25 | — | $89.4M | ||
| Q4 24 | $67.1M | $92.4M | ||
| Q3 24 | $38.6M | $90.7M | ||
| Q2 24 | $27.2M | $85.0M | ||
| Q1 24 | $12.1M | $82.2M |
| Q4 25 | $26.9M | $40.3M | ||
| Q3 25 | $3.9M | $41.7M | ||
| Q2 25 | $2.1M | $36.0M | ||
| Q1 25 | — | $32.6M | ||
| Q4 24 | $23.5M | $34.5M | ||
| Q3 24 | $8.5M | $32.5M | ||
| Q2 24 | $-642.0K | $29.3M | ||
| Q1 24 | $-8.3M | $27.8M |
| 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 24 | 59.0% | — |
| Q4 25 | 46.8% | 48.3% | ||
| Q3 25 | 11.4% | 50.4% | ||
| Q2 25 | 5.3% | 46.8% | ||
| Q1 25 | — | 44.9% | ||
| Q4 24 | 38.2% | 46.8% | ||
| Q3 24 | 18.3% | 45.0% | ||
| Q2 24 | -7.4% | 43.3% | ||
| Q1 24 | -90.4% | 41.8% |
| Q4 25 | 40.2% | 38.8% | ||
| Q3 25 | 12.1% | 40.6% | ||
| Q2 25 | 7.3% | 37.6% | ||
| Q1 25 | — | 36.4% | ||
| Q4 24 | 35.0% | 37.3% | ||
| Q3 24 | 22.0% | 35.8% | ||
| Q2 24 | -2.4% | 34.5% | ||
| Q1 24 | -68.3% | 33.8% |
| Q4 25 | $0.49 | $2.63 | ||
| Q3 25 | $0.07 | $2.73 | ||
| Q2 25 | $0.04 | $2.34 | ||
| Q1 25 | — | $2.08 | ||
| Q4 24 | $0.40 | $2.21 | ||
| Q3 24 | $0.15 | $2.10 | ||
| Q2 24 | $-0.01 | $1.92 | ||
| Q1 24 | $-0.14 | $1.82 |
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 | — |
| Total DebtLower is stronger | — | $134.9M |
| Stockholders' EquityBook value | $206.2M | $1.3B |
| Total Assets | $231.5M | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | — | ||
| Q3 25 | $70.4M | — | ||
| Q2 25 | $79.5M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $78.0M | — | ||
| Q3 24 | $118.6M | — | ||
| Q2 24 | $101.0M | — | ||
| Q1 24 | $117.4M | — |
| Q4 25 | — | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | — | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $206.2M | $1.3B | ||
| Q3 25 | $180.8M | $1.2B | ||
| Q2 25 | $185.2M | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $210.0M | $1.2B | ||
| Q3 24 | $233.9M | $1.1B | ||
| Q2 24 | $218.5M | $1.1B | ||
| Q1 24 | $216.0M | $1.1B |
| Q4 25 | $231.5M | $9.2B | ||
| Q3 25 | $209.6M | $9.0B | ||
| Q2 25 | $212.3M | $8.9B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | $242.8M | $8.8B | ||
| Q3 24 | $262.7M | $8.6B | ||
| Q2 24 | $249.0M | $8.6B | ||
| Q1 24 | $244.3M | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $6.4M | $149.4M |
| FCF MarginFCF / Revenue | 9.6% | 143.7% |
| Capex IntensityCapex / Revenue | 1.0% | 3.9% |
| Cash ConversionOCF / Net Profit | 0.26× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $153.5M | ||
| Q3 25 | $-3.1M | $45.9M | ||
| Q2 25 | $4.1M | $38.9M | ||
| Q1 25 | — | $41.8M | ||
| Q4 24 | $9.0M | $133.7M | ||
| Q3 24 | $-3.0M | $39.6M | ||
| Q2 24 | $8.1M | $37.3M | ||
| Q1 24 | $6.5M | $23.4M |
| Q4 25 | $6.4M | $149.4M | ||
| Q3 25 | $-3.5M | $45.9M | ||
| Q2 25 | $4.0M | $38.4M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | $8.9M | $116.8M | ||
| Q3 24 | $-3.2M | $34.7M | ||
| Q2 24 | $7.9M | $34.4M | ||
| Q1 24 | $5.7M | $20.1M |
| Q4 25 | 9.6% | 143.7% | ||
| Q3 25 | -10.9% | 44.6% | ||
| Q2 25 | 14.3% | 40.1% | ||
| Q1 25 | — | 46.2% | ||
| Q4 24 | 13.2% | 126.4% | ||
| Q3 24 | -8.2% | 38.3% | ||
| Q2 24 | 28.9% | 40.5% | ||
| Q1 24 | 46.9% | 24.4% |
| Q4 25 | 1.0% | 3.9% | ||
| Q3 25 | 1.1% | 0.0% | ||
| Q2 25 | 0.5% | 0.6% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 0.2% | 18.3% | ||
| Q3 24 | 0.4% | 5.4% | ||
| Q2 24 | 0.7% | 3.5% | ||
| Q1 24 | 6.8% | 4.0% |
| Q4 25 | 0.26× | 3.81× | ||
| Q3 25 | -0.81× | 1.10× | ||
| Q2 25 | 2.02× | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 0.38× | 3.88× | ||
| Q3 24 | -0.35× | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
