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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and STEM, INC. (STEM). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $47.1M, roughly 1.4× STEM, INC.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -33.9%, a 74.1% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
ERII vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $47.1M |
| Net Profit | $26.9M | $-16.0M |
| Gross Margin | 67.2% | 48.9% |
| Operating Margin | 46.8% | -17.7% |
| Net Margin | 40.2% | -33.9% |
| Revenue YoY | -0.3% | -15.6% |
| Net Profit YoY | 14.7% | 68.8% |
| EPS (diluted) | $0.49 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $32.0M | $38.2M | ||
| Q2 25 | $28.1M | $38.4M | ||
| Q1 25 | — | $32.5M | ||
| Q4 24 | $67.1M | $55.8M | ||
| Q3 24 | $38.6M | $29.3M | ||
| Q2 24 | $27.2M | $34.0M | ||
| Q1 24 | $12.1M | $25.5M |
| Q4 25 | $26.9M | $-16.0M | ||
| Q3 25 | $3.9M | $-23.8M | ||
| Q2 25 | $2.1M | $202.5M | ||
| Q1 25 | — | $-25.0M | ||
| Q4 24 | $23.5M | $-51.1M | ||
| Q3 24 | $8.5M | $-148.3M | ||
| Q2 24 | $-642.0K | $-582.3M | ||
| Q1 24 | $-8.3M | $-72.3M |
| Q4 25 | 67.2% | 48.9% | ||
| Q3 25 | 64.2% | 35.5% | ||
| Q2 25 | 64.0% | 33.4% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | 70.2% | -4.4% | ||
| Q3 24 | 65.1% | 21.2% | ||
| Q2 24 | 64.6% | 27.6% | ||
| Q1 24 | 59.0% | -95.0% |
| Q4 25 | 46.8% | -17.7% | ||
| Q3 25 | 11.4% | -33.6% | ||
| Q2 25 | 5.3% | -34.8% | ||
| Q1 25 | — | -65.0% | ||
| Q4 24 | 38.2% | -84.4% | ||
| Q3 24 | 18.3% | -493.2% | ||
| Q2 24 | -7.4% | -1705.5% | ||
| Q1 24 | -90.4% | -267.0% |
| Q4 25 | 40.2% | -33.9% | ||
| Q3 25 | 12.1% | -62.2% | ||
| Q2 25 | 7.3% | 527.8% | ||
| Q1 25 | — | -76.9% | ||
| Q4 24 | 35.0% | -91.6% | ||
| Q3 24 | 22.0% | -506.3% | ||
| Q2 24 | -2.4% | -1712.6% | ||
| Q1 24 | -68.3% | -283.9% |
| Q4 25 | $0.49 | $-4.40 | ||
| Q3 25 | $0.07 | $-2.84 | ||
| Q2 25 | $0.04 | $-1.79 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | $0.40 | $-15.29 | ||
| Q3 24 | $0.15 | $-18.24 | ||
| Q2 24 | $-0.01 | $-71.81 | ||
| Q1 24 | $-0.14 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $-249.4M |
| Total Assets | $231.5M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $48.9M | ||
| Q3 25 | $70.4M | $43.1M | ||
| Q2 25 | $79.5M | $40.8M | ||
| Q1 25 | — | $58.6M | ||
| Q4 24 | $78.0M | $56.3M | ||
| Q3 24 | $118.6M | $75.4M | ||
| Q2 24 | $101.0M | $89.6M | ||
| Q1 24 | $117.4M | $112.8M |
| Q4 25 | $206.2M | $-249.4M | ||
| Q3 25 | $180.8M | $-235.7M | ||
| Q2 25 | $185.2M | $-214.1M | ||
| Q1 25 | — | $-417.5M | ||
| Q4 24 | $210.0M | $-398.4M | ||
| Q3 24 | $233.9M | $-344.1M | ||
| Q2 24 | $218.5M | $-203.2M | ||
| Q1 24 | $216.0M | $371.6M |
| Q4 25 | $231.5M | $308.9M | ||
| Q3 25 | $209.6M | $362.6M | ||
| Q2 25 | $212.3M | $379.2M | ||
| Q1 25 | — | $405.1M | ||
| Q4 24 | $242.8M | $437.4M | ||
| Q3 24 | $262.7M | $537.8M | ||
| Q2 24 | $249.0M | $691.5M | ||
| Q1 24 | $244.3M | $1.3B |
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 | $8.2M |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 9.6% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $8.2M | ||
| Q3 25 | $-3.1M | $11.4M | ||
| Q2 25 | $4.1M | $-21.3M | ||
| Q1 25 | — | $8.5M | ||
| Q4 24 | $9.0M | $-14.7M | ||
| Q3 24 | $-3.0M | $-9.4M | ||
| Q2 24 | $8.1M | $-11.9M | ||
| Q1 24 | $6.5M | $-621.0K |
| Q4 25 | $6.4M | — | ||
| Q3 25 | $-3.5M | — | ||
| Q2 25 | $4.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9M | — | ||
| Q3 24 | $-3.2M | — | ||
| Q2 24 | $7.9M | — | ||
| Q1 24 | $5.7M | — |
| Q4 25 | 9.6% | — | ||
| Q3 25 | -10.9% | — | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | -8.2% | — | ||
| Q2 24 | 28.9% | — | ||
| Q1 24 | 46.9% | — |
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 6.8% | — |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | -0.11× | ||
| 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% |
STEM
Segment breakdown not available.
