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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $33.9M, roughly 2.0× Spok Holdings, Inc). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 8.7%, a 31.6% gap on every dollar of revenue. On growth, Spok Holdings, Inc posted the faster year-over-year revenue change (-0.1% vs -0.3%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M vs $6.4M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -1.5%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
ERII vs SPOK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $33.9M |
| Net Profit | $26.9M | $2.9M |
| Gross Margin | 67.2% | 76.7% |
| Operating Margin | 46.8% | 11.6% |
| Net Margin | 40.2% | 8.7% |
| Revenue YoY | -0.3% | -0.1% |
| Net Profit YoY | 14.7% | -19.6% |
| EPS (diluted) | $0.49 | $0.13 |
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 | $33.9M | ||
| Q3 25 | $32.0M | $33.9M | ||
| Q2 25 | $28.1M | $35.7M | ||
| Q1 25 | — | $36.3M | ||
| Q4 24 | $67.1M | $33.9M | ||
| Q3 24 | $38.6M | $34.9M | ||
| Q2 24 | $27.2M | $34.0M | ||
| Q1 24 | $12.1M | $34.9M |
| Q4 25 | $26.9M | $2.9M | ||
| Q3 25 | $3.9M | $3.2M | ||
| Q2 25 | $2.1M | $4.6M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $23.5M | $3.6M | ||
| Q3 24 | $8.5M | $3.7M | ||
| Q2 24 | $-642.0K | $3.4M | ||
| Q1 24 | $-8.3M | $4.2M |
| Q4 25 | 67.2% | 76.7% | ||
| Q3 25 | 64.2% | 78.3% | ||
| Q2 25 | 64.0% | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | 70.2% | 78.5% | ||
| Q3 24 | 65.1% | 79.5% | ||
| Q2 24 | 64.6% | 78.9% | ||
| Q1 24 | 59.0% | 79.5% |
| Q4 25 | 46.8% | 11.6% | ||
| Q3 25 | 11.4% | 12.9% | ||
| Q2 25 | 5.3% | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | 38.2% | 13.7% | ||
| Q3 24 | 18.3% | 14.2% | ||
| Q2 24 | -7.4% | 13.2% | ||
| Q1 24 | -90.4% | 14.0% |
| Q4 25 | 40.2% | 8.7% | ||
| Q3 25 | 12.1% | 9.5% | ||
| Q2 25 | 7.3% | 12.8% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | 35.0% | 10.8% | ||
| Q3 24 | 22.0% | 10.5% | ||
| Q2 24 | -2.4% | 10.1% | ||
| Q1 24 | -68.3% | 12.1% |
| Q4 25 | $0.49 | $0.13 | ||
| Q3 25 | $0.07 | $0.15 | ||
| Q2 25 | $0.04 | $0.22 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | $0.40 | $0.17 | ||
| Q3 24 | $0.15 | $0.18 | ||
| Q2 24 | $-0.01 | $0.17 | ||
| Q1 24 | $-0.14 | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $146.4M |
| Total Assets | $231.5M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $25.3M | ||
| Q3 25 | $70.4M | $21.4M | ||
| Q2 25 | $79.5M | $20.2M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | $78.0M | $29.1M | ||
| Q3 24 | $118.6M | $27.8M | ||
| Q2 24 | $101.0M | $23.9M | ||
| Q1 24 | $117.4M | $23.3M |
| Q4 25 | $206.2M | $146.4M | ||
| Q3 25 | $180.8M | $148.7M | ||
| Q2 25 | $185.2M | $150.9M | ||
| Q1 25 | — | $151.7M | ||
| Q4 24 | $210.0M | $154.7M | ||
| Q3 24 | $233.9M | $156.3M | ||
| Q2 24 | $218.5M | $158.2M | ||
| Q1 24 | $216.0M | $160.2M |
| Q4 25 | $231.5M | $206.1M | ||
| Q3 25 | $209.6M | $209.7M | ||
| Q2 25 | $212.3M | $208.7M | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $242.8M | $217.1M | ||
| Q3 24 | $262.7M | $216.8M | ||
| Q2 24 | $249.0M | $216.4M | ||
| Q1 24 | $244.3M | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | $6.4M | $10.1M |
| FCF MarginFCF / Revenue | 9.6% | 29.9% |
| Capex IntensityCapex / Revenue | 1.0% | 4.1% |
| Cash ConversionOCF / Net Profit | 0.26× | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $11.5M | ||
| Q3 25 | $-3.1M | $8.1M | ||
| Q2 25 | $4.1M | $7.0M | ||
| Q1 25 | — | $2.3M | ||
| Q4 24 | $9.0M | $8.4M | ||
| Q3 24 | $-3.0M | $11.1M | ||
| Q2 24 | $8.1M | $7.4M | ||
| Q1 24 | $6.5M | $2.0M |
| Q4 25 | $6.4M | $10.1M | ||
| Q3 25 | $-3.5M | $7.6M | ||
| Q2 25 | $4.0M | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | $8.9M | $7.5M | ||
| Q3 24 | $-3.2M | $10.3M | ||
| Q2 24 | $7.9M | $6.8M | ||
| Q1 24 | $5.7M | $1.1M |
| Q4 25 | 9.6% | 29.9% | ||
| Q3 25 | -10.9% | 22.4% | ||
| Q2 25 | 14.3% | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | 13.2% | 22.3% | ||
| Q3 24 | -8.2% | 29.4% | ||
| Q2 24 | 28.9% | 20.0% | ||
| Q1 24 | 46.9% | 3.2% |
| Q4 25 | 1.0% | 4.1% | ||
| Q3 25 | 1.1% | 1.6% | ||
| Q2 25 | 0.5% | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 0.2% | 2.5% | ||
| Q3 24 | 0.4% | 2.4% | ||
| Q2 24 | 0.7% | 1.9% | ||
| Q1 24 | 6.8% | 2.5% |
| Q4 25 | 0.26× | 3.93× | ||
| Q3 25 | -0.81× | 2.54× | ||
| Q2 25 | 2.02× | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | 0.38× | 2.31× | ||
| Q3 24 | -0.35× | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
