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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $57.6M, roughly 1.2× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-167.0M).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
ERII vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $57.6M |
| Net Profit | $26.9M | — |
| Gross Margin | 67.2% | 86.7% |
| Operating Margin | 46.8% | — |
| Net Margin | 40.2% | — |
| Revenue YoY | -0.3% | 94.1% |
| Net Profit YoY | 14.7% | 71.6% |
| EPS (diluted) | $0.49 | — |
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 | $57.6M | ||
| Q3 25 | $32.0M | $49.5M | ||
| Q2 25 | $28.1M | $39.5M | ||
| Q1 25 | — | $28.5M | ||
| Q4 24 | $67.1M | $29.7M | ||
| Q3 24 | $38.6M | $16.4M | ||
| Q2 24 | $27.2M | $7.3M | ||
| Q1 24 | $12.1M | — |
| Q4 25 | $26.9M | — | ||
| Q3 25 | $3.9M | $-30.0M | ||
| Q2 25 | $2.1M | $-75.8M | ||
| Q1 25 | — | $-94.3M | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | $-85.6M | ||
| Q2 24 | $-642.0K | $-91.4M | ||
| Q1 24 | $-8.3M | — |
| Q4 25 | 67.2% | 86.7% | ||
| Q3 25 | 64.2% | 87.5% | ||
| Q2 25 | 64.0% | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | 70.2% | 87.1% | ||
| Q3 24 | 65.1% | 85.6% | ||
| Q2 24 | 64.6% | 81.2% | ||
| Q1 24 | 59.0% | — |
| Q4 25 | 46.8% | — | ||
| Q3 25 | 11.4% | -30.8% | ||
| Q2 25 | 5.3% | -151.7% | ||
| Q1 25 | — | -276.5% | ||
| Q4 24 | 38.2% | — | ||
| Q3 24 | 18.3% | -433.0% | ||
| Q2 24 | -7.4% | -1055.4% | ||
| Q1 24 | -90.4% | — |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 12.1% | -60.5% | ||
| Q2 25 | 7.3% | -191.9% | ||
| Q1 25 | — | -330.7% | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | -523.3% | ||
| Q2 24 | -2.4% | -1248.6% | ||
| Q1 24 | -68.3% | — |
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.07 | $-0.41 | ||
| Q2 25 | $0.04 | $-1.05 | ||
| Q1 25 | — | $-1.31 | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $0.15 | $-1.32 | ||
| Q2 24 | $-0.01 | $-1.56 | ||
| Q1 24 | $-0.14 | — |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $206.2M | $-438.2M |
| Total Assets | $231.5M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $130.0M | ||
| Q3 25 | $70.4M | $135.2M | ||
| Q2 25 | $79.5M | $149.6M | ||
| Q1 25 | — | $212.3M | ||
| Q4 24 | $78.0M | $297.3M | ||
| Q3 24 | $118.6M | $334.7M | ||
| Q2 24 | $101.0M | $276.2M | ||
| Q1 24 | $117.4M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $206.2M | $-438.2M | ||
| Q3 25 | $180.8M | $-422.5M | ||
| Q2 25 | $185.2M | $-405.8M | ||
| Q1 25 | — | $-338.4M | ||
| Q4 24 | $210.0M | $-253.6M | ||
| Q3 24 | $233.9M | $-187.1M | ||
| Q2 24 | $218.5M | $-233.8M | ||
| Q1 24 | $216.0M | — |
| Q4 25 | $231.5M | $259.1M | ||
| Q3 25 | $209.6M | $240.3M | ||
| Q2 25 | $212.3M | $250.2M | ||
| Q1 25 | — | $294.2M | ||
| Q4 24 | $242.8M | $378.3M | ||
| Q3 24 | $262.7M | $387.0M | ||
| Q2 24 | $249.0M | $319.4M | ||
| Q1 24 | $244.3M | — |
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 | $-166.8M |
| Free Cash FlowOCF − Capex | $6.4M | $-167.0M |
| FCF MarginFCF / Revenue | 9.6% | -290.0% |
| Capex IntensityCapex / Revenue | 1.0% | 0.4% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-166.8M | ||
| Q3 25 | $-3.1M | $-14.1M | ||
| Q2 25 | $4.1M | $-62.7M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | $9.0M | $-266.8M | ||
| Q3 24 | $-3.0M | $-63.6M | ||
| Q2 24 | $8.1M | $-70.7M | ||
| Q1 24 | $6.5M | — |
| Q4 25 | $6.4M | $-167.0M | ||
| Q3 25 | $-3.5M | $-14.1M | ||
| Q2 25 | $4.0M | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | $8.9M | $-266.9M | ||
| Q3 24 | $-3.2M | $-63.6M | ||
| Q2 24 | $7.9M | $-70.8M | ||
| Q1 24 | $5.7M | — |
| Q4 25 | 9.6% | -290.0% | ||
| Q3 25 | -10.9% | -28.6% | ||
| Q2 25 | 14.3% | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | 13.2% | -899.8% | ||
| Q3 24 | -8.2% | -389.0% | ||
| Q2 24 | 28.9% | -966.2% | ||
| Q1 24 | 46.9% | — |
| Q4 25 | 1.0% | 0.4% | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.4% | 0.3% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 6.8% | — |
| 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% |
PHAT
Segment breakdown not available.
