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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $51.6M, roughly 1.3× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 40.2%, a 27.1% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -0.3%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $6.4M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
ERII vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $51.6M |
| Net Profit | $26.9M | $34.8M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 97.0% |
| Net Margin | 40.2% | 67.3% |
| Revenue YoY | -0.3% | 32.8% |
| Net Profit YoY | 14.7% | 67.0% |
| EPS (diluted) | $0.49 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $32.0M | $49.1M | ||
| Q2 25 | $28.1M | $47.6M | ||
| Q1 25 | — | $37.5M | ||
| Q4 24 | $67.1M | $38.9M | ||
| Q3 24 | $38.6M | $35.1M | ||
| Q2 24 | $27.2M | $32.4M | ||
| Q1 24 | $12.1M | $29.5M |
| Q4 25 | $26.9M | $34.8M | ||
| Q3 25 | $3.9M | $25.4M | ||
| Q2 25 | $2.1M | $26.0M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | $23.5M | $20.8M | ||
| Q3 24 | $8.5M | $15.8M | ||
| Q2 24 | $-642.0K | $14.8M | ||
| Q1 24 | $-8.3M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | 11.4% | 72.1% | ||
| Q2 25 | 5.3% | 71.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | 38.2% | 82.5% | ||
| Q3 24 | 18.3% | 60.6% | ||
| Q2 24 | -7.4% | 61.3% | ||
| Q1 24 | -90.4% | 78.8% |
| Q4 25 | 40.2% | 67.3% | ||
| Q3 25 | 12.1% | 51.7% | ||
| Q2 25 | 7.3% | 54.6% | ||
| Q1 25 | — | 50.4% | ||
| Q4 24 | 35.0% | 53.5% | ||
| Q3 24 | 22.0% | 45.1% | ||
| Q2 24 | -2.4% | 45.6% | ||
| Q1 24 | -68.3% | 58.5% |
| Q4 25 | $0.49 | $0.90 | ||
| Q3 25 | $0.07 | $0.65 | ||
| Q2 25 | $0.04 | $0.69 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | $0.40 | $0.56 | ||
| Q3 24 | $0.15 | $0.44 | ||
| Q2 24 | $-0.01 | $0.42 | ||
| Q1 24 | $-0.14 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $672.5M |
| Total Assets | $231.5M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $92.1M | ||
| Q3 25 | $70.4M | $99.0M | ||
| Q2 25 | $79.5M | $79.6M | ||
| Q1 25 | — | $51.7M | ||
| Q4 24 | $78.0M | $49.9M | ||
| Q3 24 | $118.6M | $44.1M | ||
| Q2 24 | $101.0M | $47.4M | ||
| Q1 24 | $117.4M | $34.8M |
| Q4 25 | $206.2M | $672.5M | ||
| Q3 25 | $180.8M | $634.3M | ||
| Q2 25 | $185.2M | $597.9M | ||
| Q1 25 | — | $563.2M | ||
| Q4 24 | $210.0M | $516.9M | ||
| Q3 24 | $233.9M | $484.6M | ||
| Q2 24 | $218.5M | $471.3M | ||
| Q1 24 | $216.0M | $452.9M |
| Q4 25 | $231.5M | $7.4B | ||
| Q3 25 | $209.6M | $7.0B | ||
| Q2 25 | $212.3M | $6.5B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | $242.8M | $5.5B | ||
| Q3 24 | $262.7M | $5.2B | ||
| Q2 24 | $249.0M | $4.9B | ||
| Q1 24 | $244.3M | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | $6.4M | $17.9M |
| FCF MarginFCF / Revenue | 9.6% | 34.6% |
| Capex IntensityCapex / Revenue | 1.0% | 0.5% |
| Cash ConversionOCF / Net Profit | 0.26× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $18.2M | ||
| Q3 25 | $-3.1M | $11.5M | ||
| Q2 25 | $4.1M | $7.7M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $9.0M | $37.8M | ||
| Q3 24 | $-3.0M | $-17.6M | ||
| Q2 24 | $8.1M | $11.5M | ||
| Q1 24 | $6.5M | $10.6M |
| Q4 25 | $6.4M | $17.9M | ||
| Q3 25 | $-3.5M | $11.4M | ||
| Q2 25 | $4.0M | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $8.9M | $37.5M | ||
| Q3 24 | $-3.2M | $-17.6M | ||
| Q2 24 | $7.9M | $11.4M | ||
| Q1 24 | $5.7M | $10.5M |
| Q4 25 | 9.6% | 34.6% | ||
| Q3 25 | -10.9% | 23.2% | ||
| Q2 25 | 14.3% | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | 13.2% | 96.4% | ||
| Q3 24 | -8.2% | -50.3% | ||
| Q2 24 | 28.9% | 35.1% | ||
| Q1 24 | 46.9% | 35.8% |
| Q4 25 | 1.0% | 0.5% | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 0.2% | 0.7% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 6.8% | 0.1% |
| Q4 25 | 0.26× | 0.52× | ||
| Q3 25 | -0.81× | 0.45× | ||
| Q2 25 | 2.02× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 0.38× | 1.81× | ||
| Q3 24 | -0.35× | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
