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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and TPG RE Finance Trust, Inc. (TRTX). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $35.0M, roughly 1.9× TPG RE Finance Trust, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 15.6%, a 24.6% gap on every dollar of revenue. On growth, TPG RE Finance Trust, Inc. posted the faster year-over-year revenue change (0.9% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -5.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
ERII vs TRTX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $35.0M |
| Net Profit | $26.9M | $4.0M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 11.6% |
| Net Margin | 40.2% | 15.6% |
| Revenue YoY | -0.3% | 0.9% |
| Net Profit YoY | 14.7% | -62.8% |
| EPS (diluted) | $0.49 | $0.01 |
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 | $35.0M | ||
| Q3 25 | $32.0M | $37.8M | ||
| Q2 25 | $28.1M | $36.2M | ||
| Q1 25 | — | $37.0M | ||
| Q4 24 | $67.1M | $34.7M | ||
| Q3 24 | $38.6M | $40.1M | ||
| Q2 24 | $27.2M | $39.3M | ||
| Q1 24 | $12.1M | $38.9M |
| Q4 25 | $26.9M | $4.0M | ||
| Q3 25 | $3.9M | $22.0M | ||
| Q2 25 | $2.1M | $20.6M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | $23.5M | $10.7M | ||
| Q3 24 | $8.5M | $22.2M | ||
| Q2 24 | $-642.0K | $24.7M | ||
| Q1 24 | $-8.3M | $16.7M |
| 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% | 11.6% | ||
| Q3 25 | 11.4% | 58.4% | ||
| Q2 25 | 5.3% | 57.3% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | 38.2% | 30.3% | ||
| Q3 24 | 18.3% | 55.4% | ||
| Q2 24 | -7.4% | 63.1% | ||
| Q1 24 | -90.4% | 44.0% |
| Q4 25 | 40.2% | 15.6% | ||
| Q3 25 | 12.1% | 58.1% | ||
| Q2 25 | 7.3% | 57.0% | ||
| Q1 25 | — | 37.0% | ||
| Q4 24 | 35.0% | 43.3% | ||
| Q3 24 | 22.0% | 55.3% | ||
| Q2 24 | -2.4% | 62.9% | ||
| Q1 24 | -68.3% | 43.0% |
| Q4 25 | $0.49 | $0.01 | ||
| Q3 25 | $0.07 | $0.23 | ||
| Q2 25 | $0.04 | $0.21 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | $0.40 | $0.09 | ||
| Q3 24 | $0.15 | $0.23 | ||
| Q2 24 | $-0.01 | $0.26 | ||
| Q1 24 | $-0.14 | $0.17 |
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 | $87.6M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $206.2M | $1.1B |
| Total Assets | $231.5M | $4.4B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $87.6M | ||
| Q3 25 | $70.4M | $93.6M | ||
| Q2 25 | $79.5M | $165.8M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | $78.0M | $190.2M | ||
| Q3 24 | $118.6M | $226.3M | ||
| Q2 24 | $101.0M | $259.2M | ||
| Q1 24 | $117.4M | $203.1M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $206.2M | $1.1B | ||
| Q3 25 | $180.8M | $1.1B | ||
| Q2 25 | $185.2M | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $210.0M | $1.1B | ||
| Q3 24 | $233.9M | $1.1B | ||
| Q2 24 | $218.5M | $1.1B | ||
| Q1 24 | $216.0M | $1.1B |
| Q4 25 | $231.5M | $4.4B | ||
| Q3 25 | $209.6M | $4.1B | ||
| Q2 25 | $212.3M | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $242.8M | $3.7B | ||
| Q3 24 | $262.7M | $3.7B | ||
| Q2 24 | $249.0M | $3.7B | ||
| Q1 24 | $244.3M | $3.8B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 2.78× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | — | 2.38× |
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 | $90.4M |
| Free Cash FlowOCF − Capex | $6.4M | — |
| FCF MarginFCF / Revenue | 9.6% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 0.26× | 22.73× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $90.4M | ||
| Q3 25 | $-3.1M | $21.8M | ||
| Q2 25 | $4.1M | $24.7M | ||
| Q1 25 | — | $19.1M | ||
| Q4 24 | $9.0M | $112.1M | ||
| Q3 24 | $-3.0M | $23.7M | ||
| Q2 24 | $8.1M | $25.6M | ||
| Q1 24 | $6.5M | $37.4M |
| 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× | 22.73× | ||
| Q3 25 | -0.81× | 0.99× | ||
| Q2 25 | 2.02× | 1.20× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | 0.38× | 10.50× | ||
| Q3 24 | -0.35× | 1.07× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 2.23× |
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% |
TRTX
Segment breakdown not available.
