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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and Waterstone Financial, Inc. (WSBF). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $37.2M, roughly 1.8× Waterstone Financial, Inc.). On growth, Waterstone Financial, Inc. posted the faster year-over-year revenue change (16.7% vs -0.3%). Waterstone Financial, Inc. produced more free cash flow last quarter ($23.0M vs $6.4M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 7.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Waterstone Financial, Inc. is a U.S. bank holding company headquartered in Wisconsin. It offers retail and commercial banking services, residential mortgages, and wealth management solutions, primarily serving consumers and small to medium-sized businesses across the U.S. Midwest region.
ERII vs WSBF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $37.2M |
| Net Profit | $26.9M | — |
| Gross Margin | 67.2% | — |
| Operating Margin | 46.8% | 27.0% |
| Net Margin | 40.2% | — |
| Revenue YoY | -0.3% | 16.7% |
| Net Profit YoY | 14.7% | — |
| EPS (diluted) | $0.49 | $0.43 |
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 | $37.2M | ||
| Q3 25 | $32.0M | $37.0M | ||
| Q2 25 | $28.1M | $38.0M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $67.1M | $31.8M | ||
| Q3 24 | $38.6M | $34.1M | ||
| Q2 24 | $27.2M | $37.2M | ||
| Q1 24 | $12.1M | $32.4M |
| Q4 25 | $26.9M | — | ||
| Q3 25 | $3.9M | $7.9M | ||
| Q2 25 | $2.1M | $7.7M | ||
| Q1 25 | — | $3.0M | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | $4.7M | ||
| Q2 24 | $-642.0K | $5.7M | ||
| Q1 24 | $-8.3M | $3.0M |
| 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% | 27.0% | ||
| Q3 25 | 11.4% | 26.6% | ||
| Q2 25 | 5.3% | 25.4% | ||
| Q1 25 | — | 13.1% | ||
| Q4 24 | 38.2% | 19.5% | ||
| Q3 24 | 18.3% | 17.3% | ||
| Q2 24 | -7.4% | 19.2% | ||
| Q1 24 | -90.4% | 14.7% |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 12.1% | 21.4% | ||
| Q2 25 | 7.3% | 20.3% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | 13.9% | ||
| Q2 24 | -2.4% | 15.4% | ||
| Q1 24 | -68.3% | 9.4% |
| Q4 25 | $0.49 | $0.43 | ||
| Q3 25 | $0.07 | $0.45 | ||
| Q2 25 | $0.04 | $0.43 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | $0.40 | $0.28 | ||
| Q3 24 | $0.15 | $0.26 | ||
| Q2 24 | $-0.01 | $0.31 | ||
| Q1 24 | $-0.14 | $0.16 |
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 | — |
| Total DebtLower is stronger | — | $412.3M |
| Stockholders' EquityBook value | $206.2M | $349.4M |
| Total Assets | $231.5M | $2.3B |
| Debt / EquityLower = less leverage | — | 1.18× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | — | ||
| Q3 25 | $70.4M | — | ||
| Q2 25 | $79.5M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $78.0M | — | ||
| Q3 24 | $118.6M | — | ||
| Q2 24 | $101.0M | — | ||
| Q1 24 | $117.4M | — |
| Q4 25 | — | $412.3M | ||
| Q3 25 | — | $469.1M | ||
| Q2 25 | — | $465.7M | ||
| Q1 25 | — | $395.9M | ||
| Q4 24 | — | $446.5M | ||
| Q3 24 | — | $560.1M | ||
| Q2 24 | — | $660.8M | ||
| Q1 24 | — | $634.2M |
| Q4 25 | $206.2M | $349.4M | ||
| Q3 25 | $180.8M | $345.5M | ||
| Q2 25 | $185.2M | $341.5M | ||
| Q1 25 | — | $341.4M | ||
| Q4 24 | $210.0M | $339.1M | ||
| Q3 24 | $233.9M | $342.0M | ||
| Q2 24 | $218.5M | $334.9M | ||
| Q1 24 | $216.0M | $338.0M |
| Q4 25 | $231.5M | $2.3B | ||
| Q3 25 | $209.6M | $2.3B | ||
| Q2 25 | $212.3M | $2.3B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $242.8M | $2.2B | ||
| Q3 24 | $262.7M | $2.2B | ||
| Q2 24 | $249.0M | $2.3B | ||
| Q1 24 | $244.3M | $2.2B |
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.36× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | 1.88× |
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 | $24.2M |
| Free Cash FlowOCF − Capex | $6.4M | $23.0M |
| FCF MarginFCF / Revenue | 9.6% | 61.9% |
| Capex IntensityCapex / Revenue | 1.0% | 3.1% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $43.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $24.2M | ||
| Q3 25 | $-3.1M | $32.7M | ||
| Q2 25 | $4.1M | $-38.4M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | $9.0M | $48.1M | ||
| Q3 24 | $-3.0M | $74.1M | ||
| Q2 24 | $8.1M | $-39.5M | ||
| Q1 24 | $6.5M | $-9.9M |
| Q4 25 | $6.4M | $23.0M | ||
| Q3 25 | $-3.5M | $32.4M | ||
| Q2 25 | $4.0M | $-38.5M | ||
| Q1 25 | — | $26.5M | ||
| Q4 24 | $8.9M | $47.0M | ||
| Q3 24 | $-3.2M | $73.9M | ||
| Q2 24 | $7.9M | $-39.7M | ||
| Q1 24 | $5.7M | $-10.3M |
| Q4 25 | 9.6% | 61.9% | ||
| Q3 25 | -10.9% | 87.5% | ||
| Q2 25 | 14.3% | -101.2% | ||
| Q1 25 | — | 89.2% | ||
| Q4 24 | 13.2% | 147.5% | ||
| Q3 24 | -8.2% | 216.9% | ||
| Q2 24 | 28.9% | -106.7% | ||
| Q1 24 | 46.9% | -31.9% |
| Q4 25 | 1.0% | 3.1% | ||
| Q3 25 | 1.1% | 0.8% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 0.2% | 3.5% | ||
| Q3 24 | 0.4% | 0.6% | ||
| Q2 24 | 0.7% | 0.4% | ||
| Q1 24 | 6.8% | 1.2% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | 4.13× | ||
| Q2 25 | 2.02× | -4.98× | ||
| Q1 25 | — | 8.81× | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | 15.67× | ||
| Q2 24 | — | -6.92× | ||
| Q1 24 | — | -3.27× |
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% |
WSBF
Segment breakdown not available.
