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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $66.9M, roughly 1.2× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 11.7%, a 28.6% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $6.4M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
ERII vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $81.0M |
| Net Profit | $26.9M | $9.5M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 31.9% |
| Net Margin | 40.2% | 11.7% |
| Revenue YoY | -0.3% | -4.7% |
| Net Profit YoY | 14.7% | 79.0% |
| 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 | $81.0M | ||
| Q3 25 | $32.0M | $75.9M | ||
| Q2 25 | $28.1M | $72.7M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | $67.1M | $85.0M | ||
| Q3 24 | $38.6M | $74.2M | ||
| Q2 24 | $27.2M | $71.1M | ||
| Q1 24 | $12.1M | $66.1M |
| Q4 25 | $26.9M | $9.5M | ||
| Q3 25 | $3.9M | $2.1M | ||
| Q2 25 | $2.1M | $3.4M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $23.5M | $5.3M | ||
| Q3 24 | $8.5M | $1.4M | ||
| Q2 24 | $-642.0K | $7.0M | ||
| Q1 24 | $-8.3M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | 11.4% | 14.1% | ||
| Q2 25 | 5.3% | 24.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | 38.2% | 26.9% | ||
| Q3 24 | 18.3% | 11.9% | ||
| Q2 24 | -7.4% | 23.7% | ||
| Q1 24 | -90.4% | 18.3% |
| Q4 25 | 40.2% | 11.7% | ||
| Q3 25 | 12.1% | 2.8% | ||
| Q2 25 | 7.3% | 4.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 35.0% | 6.2% | ||
| Q3 24 | 22.0% | 1.9% | ||
| Q2 24 | -2.4% | 9.8% | ||
| Q1 24 | -68.3% | 7.6% |
| Q4 25 | $0.49 | $0.08 | ||
| Q3 25 | $0.07 | $0.02 | ||
| Q2 25 | $0.04 | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | $0.40 | $0.05 | ||
| Q3 24 | $0.15 | $0.01 | ||
| Q2 24 | $-0.01 | $0.06 | ||
| Q1 24 | $-0.14 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $206.2M | $403.5M |
| Total Assets | $231.5M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $28.2M | ||
| Q3 25 | $70.4M | $40.0M | ||
| Q2 25 | $79.5M | $33.4M | ||
| Q1 25 | — | $74.4M | ||
| Q4 24 | $78.0M | $67.5M | ||
| Q3 24 | $118.6M | $61.5M | ||
| Q2 24 | $101.0M | $31.2M | ||
| Q1 24 | $117.4M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $206.2M | $403.5M | ||
| Q3 25 | $180.8M | $396.8M | ||
| Q2 25 | $185.2M | $388.9M | ||
| Q1 25 | — | $374.3M | ||
| Q4 24 | $210.0M | $386.9M | ||
| Q3 24 | $233.9M | $394.1M | ||
| Q2 24 | $218.5M | $396.9M | ||
| Q1 24 | $216.0M | $400.1M |
| Q4 25 | $231.5M | $928.3M | ||
| Q3 25 | $209.6M | $936.0M | ||
| Q2 25 | $212.3M | $932.2M | ||
| Q1 25 | — | $877.4M | ||
| Q4 24 | $242.8M | $869.3M | ||
| Q3 24 | $262.7M | $857.0M | ||
| Q2 24 | $249.0M | $823.2M | ||
| Q1 24 | $244.3M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $6.4M | $18.1M |
| FCF MarginFCF / Revenue | 9.6% | 22.3% |
| Capex IntensityCapex / Revenue | 1.0% | 6.0% |
| Cash ConversionOCF / Net Profit | 0.26× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $23.0M | ||
| Q3 25 | $-3.1M | $-8.6M | ||
| Q2 25 | $4.1M | $13.4M | ||
| Q1 25 | — | $-4.7M | ||
| Q4 24 | $9.0M | $101.0M | ||
| Q3 24 | $-3.0M | $27.5M | ||
| Q2 24 | $8.1M | $34.8M | ||
| Q1 24 | $6.5M | $11.0M |
| Q4 25 | $6.4M | $18.1M | ||
| Q3 25 | $-3.5M | $-9.5M | ||
| Q2 25 | $4.0M | $11.6M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $8.9M | $96.6M | ||
| Q3 24 | $-3.2M | $25.2M | ||
| Q2 24 | $7.9M | $33.9M | ||
| Q1 24 | $5.7M | $10.7M |
| Q4 25 | 9.6% | 22.3% | ||
| Q3 25 | -10.9% | -12.6% | ||
| Q2 25 | 14.3% | 15.9% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | 13.2% | 113.6% | ||
| Q3 24 | -8.2% | 34.0% | ||
| Q2 24 | 28.9% | 47.7% | ||
| Q1 24 | 46.9% | 16.2% |
| Q4 25 | 1.0% | 6.0% | ||
| Q3 25 | 1.1% | 1.2% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 0.2% | 5.2% | ||
| Q3 24 | 0.4% | 3.0% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 6.8% | 0.4% |
| Q4 25 | 0.26× | 2.43× | ||
| Q3 25 | -0.81× | -4.01× | ||
| Q2 25 | 2.02× | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | 0.38× | 19.12× | ||
| Q3 24 | -0.35× | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
