vs
Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $57.2M, roughly 1.2× Vanda Pharmaceuticals Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -246.8%, a 287.0% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-29.5M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
ERII vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $57.2M |
| Net Profit | $26.9M | $-141.2M |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | -70.5% |
| Net Margin | 40.2% | -246.8% |
| Revenue YoY | -0.3% | 7.6% |
| Net Profit YoY | 14.7% | -2774.3% |
| EPS (diluted) | $0.49 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $32.0M | $56.3M | ||
| Q2 25 | $28.1M | $52.6M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | $67.1M | $53.2M | ||
| Q3 24 | $38.6M | $47.7M | ||
| Q2 24 | $27.2M | $50.5M | ||
| Q1 24 | $12.1M | $47.5M |
| Q4 25 | $26.9M | $-141.2M | ||
| Q3 25 | $3.9M | $-22.6M | ||
| Q2 25 | $2.1M | $-27.2M | ||
| Q1 25 | — | $-29.5M | ||
| Q4 24 | $23.5M | $-4.9M | ||
| Q3 24 | $8.5M | $-5.3M | ||
| Q2 24 | $-642.0K | $-4.5M | ||
| Q1 24 | $-8.3M | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | 11.4% | -55.6% | ||
| Q2 25 | 5.3% | -73.2% | ||
| Q1 25 | — | -82.0% | ||
| Q4 24 | 38.2% | -19.3% | ||
| Q3 24 | 18.3% | -23.1% | ||
| Q2 24 | -7.4% | -20.1% | ||
| Q1 24 | -90.4% | -19.5% |
| Q4 25 | 40.2% | -246.8% | ||
| Q3 25 | 12.1% | -40.1% | ||
| Q2 25 | 7.3% | -51.7% | ||
| Q1 25 | — | -58.9% | ||
| Q4 24 | 35.0% | -9.2% | ||
| Q3 24 | 22.0% | -11.2% | ||
| Q2 24 | -2.4% | -9.0% | ||
| Q1 24 | -68.3% | -8.7% |
| Q4 25 | $0.49 | $-2.40 | ||
| Q3 25 | $0.07 | $-0.38 | ||
| Q2 25 | $0.04 | $-0.46 | ||
| Q1 25 | — | $-0.50 | ||
| Q4 24 | $0.40 | $-0.09 | ||
| Q3 24 | $0.15 | $-0.09 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $-0.14 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $327.2M |
| Total Assets | $231.5M | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $84.9M | ||
| Q3 25 | $70.4M | $70.0M | ||
| Q2 25 | $79.5M | $81.0M | ||
| Q1 25 | — | $111.8M | ||
| Q4 24 | $78.0M | $102.3M | ||
| Q3 24 | $118.6M | $100.5M | ||
| Q2 24 | $101.0M | $103.0M | ||
| Q1 24 | $117.4M | $125.2M |
| Q4 25 | $206.2M | $327.2M | ||
| Q3 25 | $180.8M | $466.0M | ||
| Q2 25 | $185.2M | $486.3M | ||
| Q1 25 | — | $511.4M | ||
| Q4 24 | $210.0M | $538.5M | ||
| Q3 24 | $233.9M | $541.2M | ||
| Q2 24 | $218.5M | $542.5M | ||
| Q1 24 | $216.0M | $544.0M |
| Q4 25 | $231.5M | $488.9M | ||
| Q3 25 | $209.6M | $601.1M | ||
| Q2 25 | $212.3M | $624.7M | ||
| Q1 25 | — | $631.9M | ||
| Q4 24 | $242.8M | $656.2M | ||
| Q3 24 | $262.7M | $645.1M | ||
| Q2 24 | $249.0M | $651.4M | ||
| Q1 24 | $244.3M | $652.7M |
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 | $-29.4M |
| Free Cash FlowOCF − Capex | $6.4M | $-29.5M |
| FCF MarginFCF / Revenue | 9.6% | -51.6% |
| Capex IntensityCapex / Revenue | 1.0% | 0.2% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-29.4M | ||
| Q3 25 | $-3.1M | $-31.6M | ||
| Q2 25 | $4.1M | $-15.3M | ||
| Q1 25 | — | $-33.1M | ||
| Q4 24 | $9.0M | $-1.8M | ||
| Q3 24 | $-3.0M | $-14.6M | ||
| Q2 24 | $8.1M | $-6.9M | ||
| Q1 24 | $6.5M | $7.6M |
| Q4 25 | $6.4M | $-29.5M | ||
| Q3 25 | $-3.5M | $-31.8M | ||
| Q2 25 | $4.0M | $-15.6M | ||
| Q1 25 | — | $-33.6M | ||
| Q4 24 | $8.9M | $-2.0M | ||
| Q3 24 | $-3.2M | $-14.7M | ||
| Q2 24 | $7.9M | $-7.0M | ||
| Q1 24 | $5.7M | $7.6M |
| Q4 25 | 9.6% | -51.6% | ||
| Q3 25 | -10.9% | -56.5% | ||
| Q2 25 | 14.3% | -29.6% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | 13.2% | -3.8% | ||
| Q3 24 | -8.2% | -30.9% | ||
| Q2 24 | 28.9% | -13.9% | ||
| Q1 24 | 46.9% | 15.9% |
| Q4 25 | 1.0% | 0.2% | ||
| Q3 25 | 1.1% | 0.3% | ||
| Q2 25 | 0.5% | 0.6% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 0.2% | 0.4% | ||
| Q3 24 | 0.4% | 0.3% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 6.8% | 0.0% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | — | ||
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
