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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $66.9M, roughly 1.1× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -20.3%, a 60.6% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 0.7%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
ERII vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $73.5M |
| Net Profit | $26.9M | $-14.9M |
| Gross Margin | 67.2% | 9.6% |
| Operating Margin | 46.8% | -22.9% |
| Net Margin | 40.2% | -20.3% |
| Revenue YoY | -0.3% | 22.0% |
| Net Profit YoY | 14.7% | -219.1% |
| EPS (diluted) | $0.49 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $32.0M | $91.6M | ||
| Q2 25 | $28.1M | $54.9M | ||
| Q1 25 | — | $54.9M | ||
| Q4 24 | $67.1M | $60.2M | ||
| Q3 24 | $38.6M | $65.8M | ||
| Q2 24 | $27.2M | $67.5M | ||
| Q1 24 | $12.1M | $72.4M |
| Q4 25 | $26.9M | $-14.9M | ||
| Q3 25 | $3.9M | $-795.0K | ||
| Q2 25 | $2.1M | $-14.9M | ||
| Q1 25 | — | $-6.5M | ||
| Q4 24 | $23.5M | $12.5M | ||
| Q3 24 | $8.5M | $20.0M | ||
| Q2 24 | $-642.0K | $18.4M | ||
| Q1 24 | $-8.3M | $20.4M |
| Q4 25 | 67.2% | 9.6% | ||
| Q3 25 | 64.2% | 19.6% | ||
| Q2 25 | 64.0% | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | 70.2% | 61.5% | ||
| Q3 24 | 65.1% | 68.7% | ||
| Q2 24 | 64.6% | 69.4% | ||
| Q1 24 | 59.0% | 67.8% |
| Q4 25 | 46.8% | -22.9% | ||
| Q3 25 | 11.4% | 0.1% | ||
| Q2 25 | 5.3% | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | 38.2% | 34.5% | ||
| Q3 24 | 18.3% | 42.5% | ||
| Q2 24 | -7.4% | 43.8% | ||
| Q1 24 | -90.4% | 42.0% |
| Q4 25 | 40.2% | -20.3% | ||
| Q3 25 | 12.1% | -0.9% | ||
| Q2 25 | 7.3% | -27.2% | ||
| Q1 25 | — | -11.8% | ||
| Q4 24 | 35.0% | 20.8% | ||
| Q3 24 | 22.0% | 30.4% | ||
| Q2 24 | -2.4% | 27.2% | ||
| Q1 24 | -68.3% | 28.2% |
| Q4 25 | $0.49 | $-0.14 | ||
| Q3 25 | $0.07 | $-0.01 | ||
| Q2 25 | $0.04 | $-0.15 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | $0.40 | $0.12 | ||
| Q3 24 | $0.15 | $0.20 | ||
| Q2 24 | $-0.01 | $0.18 | ||
| Q1 24 | $-0.14 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $206.2M | $389.3M |
| Total Assets | $231.5M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $8.3M | ||
| Q3 25 | $70.4M | $30.4M | ||
| Q2 25 | $79.5M | $19.2M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | $78.0M | $190.7M | ||
| Q3 24 | $118.6M | $177.7M | ||
| Q2 24 | $101.0M | $154.3M | ||
| Q1 24 | $117.4M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $206.2M | $389.3M | ||
| Q3 25 | $180.8M | $402.4M | ||
| Q2 25 | $185.2M | $401.3M | ||
| Q1 25 | — | $415.3M | ||
| Q4 24 | $210.0M | $421.1M | ||
| Q3 24 | $233.9M | $417.6M | ||
| Q2 24 | $218.5M | $397.2M | ||
| Q1 24 | $216.0M | $375.5M |
| Q4 25 | $231.5M | $530.2M | ||
| Q3 25 | $209.6M | $541.2M | ||
| Q2 25 | $212.3M | $533.7M | ||
| Q1 25 | — | $562.5M | ||
| Q4 24 | $242.8M | $725.8M | ||
| Q3 24 | $262.7M | $709.8M | ||
| Q2 24 | $249.0M | $697.0M | ||
| Q1 24 | $244.3M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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 | $5.7M | ||
| Q3 25 | $-3.1M | $53.4M | ||
| Q2 25 | $4.1M | $11.1M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | $9.0M | $30.6M | ||
| Q3 24 | $-3.0M | $31.4M | ||
| Q2 24 | $8.1M | $39.1M | ||
| Q1 24 | $6.5M | $50.6M |
| Q4 25 | $6.4M | — | ||
| Q3 25 | $-3.5M | — | ||
| Q2 25 | $4.0M | — | ||
| Q1 25 | — | $-11.6M | ||
| 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 | — | -21.1% | ||
| 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 | — | 28.2% | ||
| 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× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | 2.44× | ||
| Q3 24 | -0.35× | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
