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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and NELNET INC (NNI). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $33.5M, roughly 2.0× NELNET INC). NELNET INC runs the higher net margin — 172.3% vs 40.2%, a 132.0% gap on every dollar of revenue. On growth, NELNET INC posted the faster year-over-year revenue change (79.6% vs -0.3%). NELNET INC produced more free cash flow last quarter ($396.7M vs $6.4M). Over the past eight quarters, NELNET INC's revenue compounded faster (62.0% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Nelnet, Inc. is a United States–based conglomerate that primarily focuses on financial services including student and consumer loan origination and servicing. Additionally, the company operates an investing arm, an internet bank and has a 26% stake in Allo Fiber, a cable and internet provider. The company is headquartered in Lincoln, Nebraska.
ERII vs NNI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $33.5M |
| Net Profit | $26.9M | $57.8M |
| Gross Margin | 67.2% | 50.5% |
| Operating Margin | 46.8% | — |
| Net Margin | 40.2% | 172.3% |
| Revenue YoY | -0.3% | 79.6% |
| Net Profit YoY | 14.7% | -8.5% |
| EPS (diluted) | $0.49 | $1.62 |
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 | $33.5M | ||
| Q3 25 | $32.0M | $23.2M | ||
| Q2 25 | $28.1M | $26.1M | ||
| Q1 25 | — | $24.7M | ||
| Q4 24 | $67.1M | $18.7M | ||
| Q3 24 | $38.6M | $16.6M | ||
| Q2 24 | $27.2M | $14.9M | ||
| Q1 24 | $12.1M | $12.8M |
| Q4 25 | $26.9M | $57.8M | ||
| Q3 25 | $3.9M | $106.7M | ||
| Q2 25 | $2.1M | $181.5M | ||
| Q1 25 | — | $82.6M | ||
| Q4 24 | $23.5M | $63.2M | ||
| Q3 24 | $8.5M | $2.4M | ||
| Q2 24 | $-642.0K | $45.1M | ||
| Q1 24 | $-8.3M | $73.4M |
| Q4 25 | 67.2% | 50.5% | ||
| Q3 25 | 64.2% | 29.6% | ||
| Q2 25 | 64.0% | 29.8% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | 70.2% | 13.7% | ||
| Q3 24 | 65.1% | 0.1% | ||
| Q2 24 | 64.6% | 27.3% | ||
| Q1 24 | 59.0% | 15.3% |
| Q4 25 | 46.8% | — | ||
| Q3 25 | 11.4% | — | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.2% | 97.7% | ||
| Q3 24 | 18.3% | -13.4% | ||
| Q2 24 | -7.4% | 88.0% | ||
| Q1 24 | -90.4% | — |
| Q4 25 | 40.2% | 172.3% | ||
| Q3 25 | 12.1% | 460.5% | ||
| Q2 25 | 7.3% | 694.9% | ||
| Q1 25 | — | 334.4% | ||
| Q4 24 | 35.0% | 338.2% | ||
| Q3 24 | 22.0% | 14.4% | ||
| Q2 24 | -2.4% | 303.6% | ||
| Q1 24 | -68.3% | 574.4% |
| Q4 25 | $0.49 | $1.62 | ||
| Q3 25 | $0.07 | $2.94 | ||
| Q2 25 | $0.04 | $4.97 | ||
| Q1 25 | — | $2.26 | ||
| Q4 24 | $0.40 | $1.74 | ||
| Q3 24 | $0.15 | $0.07 | ||
| Q2 24 | $-0.01 | $1.23 | ||
| Q1 24 | $-0.14 | $1.98 |
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 | $296.0M |
| Total DebtLower is stronger | — | $7.8B |
| Stockholders' EquityBook value | $206.2M | $3.7B |
| Total Assets | $231.5M | $14.1B |
| Debt / EquityLower = less leverage | — | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $296.0M | ||
| Q3 25 | $70.4M | $216.4M | ||
| Q2 25 | $79.5M | $225.8M | ||
| Q1 25 | — | $220.5M | ||
| Q4 24 | $78.0M | $194.5M | ||
| Q3 24 | $118.6M | $219.7M | ||
| Q2 24 | $101.0M | $145.5M | ||
| Q1 24 | $117.4M | $179.7M |
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $8.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $10.6B |
| Q4 25 | $206.2M | $3.7B | ||
| Q3 25 | $180.8M | $3.7B | ||
| Q2 25 | $185.2M | $3.6B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $210.0M | $3.3B | ||
| Q3 24 | $233.9M | $3.3B | ||
| Q2 24 | $218.5M | $3.3B | ||
| Q1 24 | $216.0M | $3.3B |
| Q4 25 | $231.5M | $14.1B | ||
| Q3 25 | $209.6M | $13.9B | ||
| Q2 25 | $212.3M | $13.7B | ||
| Q1 25 | — | $14.2B | ||
| Q4 24 | $242.8M | $13.8B | ||
| Q3 24 | $262.7M | $14.1B | ||
| Q2 24 | $249.0M | $14.5B | ||
| Q1 24 | $244.3M | $15.4B |
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | 2.14× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 2.53× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 3.20× |
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 | $423.0M |
| Free Cash FlowOCF − Capex | $6.4M | $396.7M |
| FCF MarginFCF / Revenue | 9.6% | 1183.0% |
| Capex IntensityCapex / Revenue | 1.0% | 78.2% |
| Cash ConversionOCF / Net Profit | 0.26× | 7.32× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $663.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $423.0M | ||
| Q3 25 | $-3.1M | $112.4M | ||
| Q2 25 | $4.1M | $81.8M | ||
| Q1 25 | — | $91.2M | ||
| Q4 24 | $9.0M | $662.9M | ||
| Q3 24 | $-3.0M | $137.0M | ||
| Q2 24 | $8.1M | $133.8M | ||
| Q1 24 | $6.5M | $211.6M |
| Q4 25 | $6.4M | $396.7M | ||
| Q3 25 | $-3.5M | $100.8M | ||
| Q2 25 | $4.0M | $78.1M | ||
| Q1 25 | — | $87.8M | ||
| Q4 24 | $8.9M | $642.0M | ||
| Q3 24 | $-3.2M | $132.6M | ||
| Q2 24 | $7.9M | $123.1M | ||
| Q1 24 | $5.7M | $188.3M |
| Q4 25 | 9.6% | 1183.0% | ||
| Q3 25 | -10.9% | 435.0% | ||
| Q2 25 | 14.3% | 299.0% | ||
| Q1 25 | — | 355.6% | ||
| Q4 24 | 13.2% | 3438.0% | ||
| Q3 24 | -8.2% | 797.9% | ||
| Q2 24 | 28.9% | 829.2% | ||
| Q1 24 | 46.9% | 1473.7% |
| Q4 25 | 1.0% | 78.2% | ||
| Q3 25 | 1.1% | 50.4% | ||
| Q2 25 | 0.5% | 14.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 0.2% | 111.9% | ||
| Q3 24 | 0.4% | 26.7% | ||
| Q2 24 | 0.7% | 71.5% | ||
| Q1 24 | 6.8% | 181.7% |
| Q4 25 | 0.26× | 7.32× | ||
| Q3 25 | -0.81× | 1.05× | ||
| Q2 25 | 2.02× | 0.45× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 0.38× | 10.50× | ||
| Q3 24 | -0.35× | 57.39× | ||
| Q2 24 | — | 2.97× | ||
| Q1 24 | — | 2.88× |
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% |
NNI
Segment breakdown not available.
