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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Twist Bioscience Corp (TWST). Click either name above to swap in a different company.
Twist Bioscience Corp is the larger business by last-quarter revenue ($103.7M vs $66.9M, roughly 1.6× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -29.4%, a 69.7% gap on every dollar of revenue. On growth, Twist Bioscience Corp posted the faster year-over-year revenue change (16.9% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-34.8M).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Twist Bioscience is a public biotechnology company based in South San Francisco that manufactures synthetic DNA and DNA products for customers in a wide range of industries. Twist was founded in 2013 by Emily Leproust, Bill Banyai, and Bill Peck.
ERII vs TWST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $103.7M |
| Net Profit | $26.9M | $-30.5M |
| Gross Margin | 67.2% | 52.0% |
| Operating Margin | 46.8% | -31.7% |
| Net Margin | 40.2% | -29.4% |
| Revenue YoY | -0.3% | 16.9% |
| Net Profit YoY | 14.7% | 3.4% |
| EPS (diluted) | $0.49 | $-0.50 |
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 | $103.7M | ||
| Q3 25 | $32.0M | — | ||
| Q2 25 | $28.1M | — | ||
| Q4 24 | $67.1M | — | ||
| Q3 24 | $38.6M | — | ||
| Q2 24 | $27.2M | — | ||
| Q1 24 | $12.1M | — | ||
| Q4 23 | $57.2M | — |
| Q4 25 | $26.9M | $-30.5M | ||
| Q3 25 | $3.9M | — | ||
| Q2 25 | $2.1M | — | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | — | ||
| Q2 24 | $-642.0K | — | ||
| Q1 24 | $-8.3M | — | ||
| Q4 23 | $19.8M | — |
| Q4 25 | 67.2% | 52.0% | ||
| Q3 25 | 64.2% | — | ||
| Q2 25 | 64.0% | — | ||
| Q4 24 | 70.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 64.6% | — | ||
| Q1 24 | 59.0% | — | ||
| Q4 23 | 69.1% | — |
| Q4 25 | 46.8% | -31.7% | ||
| Q3 25 | 11.4% | — | ||
| Q2 25 | 5.3% | — | ||
| Q4 24 | 38.2% | — | ||
| Q3 24 | 18.3% | — | ||
| Q2 24 | -7.4% | — | ||
| Q1 24 | -90.4% | — | ||
| Q4 23 | 36.0% | — |
| Q4 25 | 40.2% | -29.4% | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 7.3% | — | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | -2.4% | — | ||
| Q1 24 | -68.3% | — | ||
| Q4 23 | 34.6% | — |
| Q4 25 | $0.49 | $-0.50 | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.04 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $0.15 | — | ||
| Q2 24 | $-0.01 | — | ||
| Q1 24 | $-0.14 | — | ||
| Q4 23 | $0.34 | — |
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 | $197.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $456.1M |
| Total Assets | $231.5M | $638.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $197.9M | ||
| Q3 25 | $70.4M | — | ||
| Q2 25 | $79.5M | — | ||
| Q4 24 | $78.0M | — | ||
| Q3 24 | $118.6M | — | ||
| Q2 24 | $101.0M | — | ||
| Q1 24 | $117.4M | — | ||
| Q4 23 | $108.5M | — |
| Q4 25 | $206.2M | $456.1M | ||
| Q3 25 | $180.8M | — | ||
| Q2 25 | $185.2M | — | ||
| Q4 24 | $210.0M | — | ||
| Q3 24 | $233.9M | — | ||
| Q2 24 | $218.5M | — | ||
| Q1 24 | $216.0M | — | ||
| Q4 23 | $219.8M | — |
| Q4 25 | $231.5M | $638.1M | ||
| Q3 25 | $209.6M | — | ||
| Q2 25 | $212.3M | — | ||
| Q4 24 | $242.8M | — | ||
| Q3 24 | $262.7M | — | ||
| Q2 24 | $249.0M | — | ||
| Q1 24 | $244.3M | — | ||
| Q4 23 | $253.0M | — |
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 | $-24.8M |
| Free Cash FlowOCF − Capex | $6.4M | $-34.8M |
| FCF MarginFCF / Revenue | 9.6% | -33.5% |
| Capex IntensityCapex / Revenue | 1.0% | 9.6% |
| 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 | $-24.8M | ||
| Q3 25 | $-3.1M | — | ||
| Q2 25 | $4.1M | — | ||
| Q4 24 | $9.0M | — | ||
| Q3 24 | $-3.0M | — | ||
| Q2 24 | $8.1M | — | ||
| Q1 24 | $6.5M | — | ||
| Q4 23 | $13.8M | — |
| Q4 25 | $6.4M | $-34.8M | ||
| Q3 25 | $-3.5M | — | ||
| Q2 25 | $4.0M | — | ||
| Q4 24 | $8.9M | — | ||
| Q3 24 | $-3.2M | — | ||
| Q2 24 | $7.9M | — | ||
| Q1 24 | $5.7M | — | ||
| Q4 23 | $12.4M | — |
| Q4 25 | 9.6% | -33.5% | ||
| Q3 25 | -10.9% | — | ||
| Q2 25 | 14.3% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | -8.2% | — | ||
| Q2 24 | 28.9% | — | ||
| Q1 24 | 46.9% | — | ||
| Q4 23 | 21.7% | — |
| Q4 25 | 1.0% | 9.6% | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.5% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 6.8% | — | ||
| Q4 23 | 2.4% | — |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 0.70× | — |
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% |
TWST
| Industrial Chemicals | $37.2M | 36% |
| Diagnostics | $35.3M | 34% |
| Food Or Agriculture | $12.8M | 12% |
| Academic Research | $12.2M | 12% |
| Health Care | $6.1M | 6% |
