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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $66.9M, roughly 1.3× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 1.4%, a 38.9% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $6.4M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 1.8%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
ERII vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $86.0M |
| Net Profit | $26.9M | $1.2M |
| Gross Margin | 67.2% | 13.0% |
| Operating Margin | 46.8% | -3.1% |
| Net Margin | 40.2% | 1.4% |
| Revenue YoY | -0.3% | -5.8% |
| Net Profit YoY | 14.7% | -68.5% |
| EPS (diluted) | $0.49 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $32.0M | $92.8M | ||
| Q2 25 | $28.1M | $85.8M | ||
| Q1 25 | — | $65.6M | ||
| Q4 24 | $67.1M | $91.4M | ||
| Q3 24 | $38.6M | $63.2M | ||
| Q2 24 | $27.2M | $73.8M | ||
| Q1 24 | $12.1M | $83.1M |
| Q4 25 | $26.9M | $1.2M | ||
| Q3 25 | $3.9M | $3.0M | ||
| Q2 25 | $2.1M | $21.4M | ||
| Q1 25 | — | $-24.2M | ||
| Q4 24 | $23.5M | $3.7M | ||
| Q3 24 | $8.5M | $-98.0K | ||
| Q2 24 | $-642.0K | $-430.0K | ||
| Q1 24 | $-8.3M | $-216.0K |
| Q4 25 | 67.2% | 13.0% | ||
| Q3 25 | 64.2% | 16.1% | ||
| Q2 25 | 64.0% | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | 70.2% | 14.7% | ||
| Q3 24 | 65.1% | 10.3% | ||
| Q2 24 | 64.6% | 17.7% | ||
| Q1 24 | 59.0% | 14.2% |
| Q4 25 | 46.8% | -3.1% | ||
| Q3 25 | 11.4% | 5.8% | ||
| Q2 25 | 5.3% | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | 38.2% | 3.9% | ||
| Q3 24 | 18.3% | -7.8% | ||
| Q2 24 | -7.4% | 4.8% | ||
| Q1 24 | -90.4% | 0.9% |
| Q4 25 | 40.2% | 1.4% | ||
| Q3 25 | 12.1% | 3.2% | ||
| Q2 25 | 7.3% | 24.9% | ||
| Q1 25 | — | -37.0% | ||
| Q4 24 | 35.0% | 4.1% | ||
| Q3 24 | 22.0% | -0.2% | ||
| Q2 24 | -2.4% | -0.6% | ||
| Q1 24 | -68.3% | -0.3% |
| Q4 25 | $0.49 | $0.03 | ||
| Q3 25 | $0.07 | $0.08 | ||
| Q2 25 | $0.04 | $0.54 | ||
| Q1 25 | — | $-0.62 | ||
| Q4 24 | $0.40 | $0.10 | ||
| Q3 24 | $0.15 | $0.00 | ||
| 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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $206.2M | $239.7M |
| Total Assets | $231.5M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $22.6M | ||
| Q3 25 | $70.4M | $5.1M | ||
| Q2 25 | $79.5M | $4.3M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | $78.0M | $1.6M | ||
| Q3 24 | $118.6M | $7.2M | ||
| Q2 24 | $101.0M | $6.3M | ||
| Q1 24 | $117.4M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $206.2M | $239.7M | ||
| Q3 25 | $180.8M | $239.9M | ||
| Q2 25 | $185.2M | $240.5M | ||
| Q1 25 | — | $219.9M | ||
| Q4 24 | $210.0M | $243.8M | ||
| Q3 24 | $233.9M | $243.6M | ||
| Q2 24 | $218.5M | $242.9M | ||
| Q1 24 | $216.0M | $242.5M |
| Q4 25 | $231.5M | $340.0M | ||
| Q3 25 | $209.6M | $343.1M | ||
| Q2 25 | $212.3M | $345.8M | ||
| Q1 25 | — | $326.9M | ||
| Q4 24 | $242.8M | $341.5M | ||
| Q3 24 | $262.7M | $335.8M | ||
| Q2 24 | $249.0M | $341.8M | ||
| Q1 24 | $244.3M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $6.4M | $20.4M |
| FCF MarginFCF / Revenue | 9.6% | 23.7% |
| Capex IntensityCapex / Revenue | 1.0% | 2.3% |
| Cash ConversionOCF / Net Profit | 0.26× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $22.4M | ||
| Q3 25 | $-3.1M | $18.2M | ||
| Q2 25 | $4.1M | $-5.1M | ||
| Q1 25 | — | $8.7M | ||
| Q4 24 | $9.0M | $1.0M | ||
| Q3 24 | $-3.0M | $5.8M | ||
| Q2 24 | $8.1M | $14.9M | ||
| Q1 24 | $6.5M | $-3.9M |
| Q4 25 | $6.4M | $20.4M | ||
| Q3 25 | $-3.5M | $14.8M | ||
| Q2 25 | $4.0M | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $8.9M | $-840.0K | ||
| Q3 24 | $-3.2M | $3.7M | ||
| Q2 24 | $7.9M | $13.5M | ||
| Q1 24 | $5.7M | $-5.5M |
| Q4 25 | 9.6% | 23.7% | ||
| Q3 25 | -10.9% | 15.9% | ||
| Q2 25 | 14.3% | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | 13.2% | -0.9% | ||
| Q3 24 | -8.2% | 5.8% | ||
| Q2 24 | 28.9% | 18.3% | ||
| Q1 24 | 46.9% | -6.6% |
| Q4 25 | 1.0% | 2.3% | ||
| Q3 25 | 1.1% | 3.6% | ||
| Q2 25 | 0.5% | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 0.2% | 2.1% | ||
| Q3 24 | 0.4% | 3.4% | ||
| Q2 24 | 0.7% | 1.8% | ||
| Q1 24 | 6.8% | 2.0% |
| Q4 25 | 0.26× | 18.99× | ||
| Q3 25 | -0.81× | 6.05× | ||
| Q2 25 | 2.02× | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
