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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $66.9M, roughly 1.3× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 18.3%, a 21.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
ERII vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $88.4M |
| Net Profit | $26.9M | $16.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 7.5% |
| Net Margin | 40.2% | 18.3% |
| Revenue YoY | -0.3% | 18.7% |
| Net Profit YoY | 14.7% | 401.5% |
| EPS (diluted) | $0.49 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $32.0M | $77.9M | ||
| Q2 25 | $28.1M | $77.4M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | $67.1M | $74.5M | ||
| Q3 24 | $38.6M | $82.6M | ||
| Q2 24 | $27.2M | $69.8M | ||
| Q1 24 | $12.1M | $64.0M |
| Q4 25 | $26.9M | $16.2M | ||
| Q3 25 | $3.9M | $11.4M | ||
| Q2 25 | $2.1M | $7.6M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $23.5M | $-5.4M | ||
| Q3 24 | $8.5M | $17.1M | ||
| Q2 24 | $-642.0K | $1.9M | ||
| Q1 24 | $-8.3M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | 11.4% | 4.6% | ||
| Q2 25 | 5.3% | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | 38.2% | -0.5% | ||
| Q3 24 | 18.3% | 14.9% | ||
| Q2 24 | -7.4% | 8.1% | ||
| Q1 24 | -90.4% | 5.6% |
| Q4 25 | 40.2% | 18.3% | ||
| Q3 25 | 12.1% | 14.6% | ||
| Q2 25 | 7.3% | 9.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | 35.0% | -7.2% | ||
| Q3 24 | 22.0% | 20.7% | ||
| Q2 24 | -2.4% | 2.7% | ||
| Q1 24 | -68.3% | 1.1% |
| Q4 25 | $0.49 | $0.08 | ||
| Q3 25 | $0.07 | $0.05 | ||
| Q2 25 | $0.04 | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | $0.40 | $-0.05 | ||
| Q3 24 | $0.15 | $0.09 | ||
| Q2 24 | $-0.01 | $-0.01 | ||
| Q1 24 | $-0.14 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $206.2M | $-12.9M |
| Total Assets | $231.5M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $24.4M | ||
| Q3 25 | $70.4M | $29.9M | ||
| Q2 25 | $79.5M | $29.3M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $78.0M | $24.3M | ||
| Q3 24 | $118.6M | $31.0M | ||
| Q2 24 | $101.0M | $27.6M | ||
| Q1 24 | $117.4M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $206.2M | $-12.9M | ||
| Q3 25 | $180.8M | $7.5M | ||
| Q2 25 | $185.2M | $-25.0M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | $210.0M | $-148.4M | ||
| Q3 24 | $233.9M | $-180.1M | ||
| Q2 24 | $218.5M | $-273.0M | ||
| Q1 24 | $216.0M | $-382.4M |
| Q4 25 | $231.5M | $959.5M | ||
| Q3 25 | $209.6M | $916.7M | ||
| Q2 25 | $212.3M | $905.5M | ||
| Q1 25 | — | $884.9M | ||
| Q4 24 | $242.8M | $881.1M | ||
| Q3 24 | $262.7M | $831.1M | ||
| Q2 24 | $249.0M | $782.3M | ||
| Q1 24 | $244.3M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $6.4M | $-13.4M |
| FCF MarginFCF / Revenue | 9.6% | -15.1% |
| Capex IntensityCapex / Revenue | 1.0% | 11.1% |
| Cash ConversionOCF / Net Profit | 0.26× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-3.5M | ||
| Q3 25 | $-3.1M | $18.2M | ||
| Q2 25 | $4.1M | $-7.9M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $9.0M | $-532.0K | ||
| Q3 24 | $-3.0M | $17.7M | ||
| Q2 24 | $8.1M | $533.0K | ||
| Q1 24 | $6.5M | $13.7M |
| Q4 25 | $6.4M | $-13.4M | ||
| Q3 25 | $-3.5M | $-9.3M | ||
| Q2 25 | $4.0M | $-29.7M | ||
| Q1 25 | — | $18.1M | ||
| Q4 24 | $8.9M | $-55.0M | ||
| Q3 24 | $-3.2M | $-5.4M | ||
| Q2 24 | $7.9M | $-22.5M | ||
| Q1 24 | $5.7M | $-13.0M |
| Q4 25 | 9.6% | -15.1% | ||
| Q3 25 | -10.9% | -11.9% | ||
| Q2 25 | 14.3% | -38.4% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | 13.2% | -73.8% | ||
| Q3 24 | -8.2% | -6.5% | ||
| Q2 24 | 28.9% | -32.2% | ||
| Q1 24 | 46.9% | -20.4% |
| Q4 25 | 1.0% | 11.1% | ||
| Q3 25 | 1.1% | 35.3% | ||
| Q2 25 | 0.5% | 28.2% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | 0.2% | 73.1% | ||
| Q3 24 | 0.4% | 27.9% | ||
| Q2 24 | 0.7% | 32.9% | ||
| Q1 24 | 6.8% | 41.8% |
| Q4 25 | 0.26× | -0.22× | ||
| Q3 25 | -0.81× | 1.60× | ||
| Q2 25 | 2.02× | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
