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ERII · NASDAQ · Industrial - Pollution & Treatment Controls

Energy Recovery

Designs pressure exchangers, pumps, and turbochargers for desalination and wastewater systems.

$7.77

After-hours close−0.01 (−0.06%)

At close$7.78(−1.58%)

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Profile

Energy Recovery, Inc.ERIIIndustrials

Sells PX pressure exchangers and complementary pumps, turbochargers, and services for reverse-osmosis desalination and wastewater treatment. Revenue is centered on Water, with international megaproject, OEM, and aftermarket channels shaping demand.

Builds around PX pressure exchangers, engineered ceramic devices that transfer pressure energy inside reverse-osmosis systems. The Water segment also sells Ultra High-Pressure PX and Low-Pressure PX variants, hydraulic turbochargers, high-pressure and circulation booster pumps, spare parts, repairs, field services, and commissioning support.

Demand is tied to desalination and wastewater projects, with megaproject customers, OEMs, and aftermarket plant operators all in the channel mix. International water infrastructure work, including activity in the Middle East, Africa, and Asia, is an important backdrop.

Execution depends on pressure-exchanger efficiency, durable ceramics, and project timing. Emerging Technologies is being narrowed after the CO2 retail-grocery refrigeration business was placed into wind-down.

Company facts

CEOAlex Buehler

ListedJul 2, 2008

ExchangeNASDAQ

HeadquartersSan Leandro, CA

CountryUnited States

Employees230

CIK0001421517

ISINUS29270J1007

Key statistics

Market cap$400.5M

EPS (ttm)$0.2825

P/E (ttm)27.50

ROE8.2%

P/B2.32

P/S3.33

Dividend yield—

Beta1.57vs XLI 0.56

Year to date −43.3% · Average volume (30d) 896.2K

Analysts

Price target, next 12 months$12.00+54.4%Median of 16 analysts · vs the Aug 28 close

ConsensusBuy11 of 16 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $7.77

High$13.00+67.3%

Median$12.00+54.4%

Low$8.00+3.0%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 6, 2026	B.Riley Financial	Target				$8
May 13, 2026	Seaport Global	Target			$22	$12
May 11, 2026	Freedom Broker	Downgrade	Buy	Hold
Mar 2, 2026	Loop Capital Markets	Target			$18.20	$13
Nov 10, 2025	Loop Capital Markets	Target				$18.20

Earnings

EPS

Estimate$0.01

ReportedDue Nov 4, 2026

Revenue

Estimate$16.1M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	−$0.02	−$0.03	−66.7%	$18.4M	$12.0M	−34.7%	−1.47%
May 6, 2026Q1 FY26	−$0.10	−$0.23	−130.0%	$8.4M	$9.7M	+15.9%	−18.78%
Feb 25, 2026Q4 FY25	$0.67	$0.53	−20.9%	$82.6M	$66.9M	−19.0%	−35.30%
Nov 5, 2025Q3 FY25	$0.09	$0.12	+33.3%	$82.6M	$32.0M	−61.3%	−16.05%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$8.1M	$28.1M	$32.0M	$66.6M	$9.7M	$12.0M
Gross profit	$4.5M	$18.0M	$20.6M	$44.8M	$4.3M	$9.0M
Operating income	−$12.6M	$1.5M	$3.7M	$32.0M	−$10.0M	−$5.9M
Net income	−$9.9M	$2.1M	$3.9M	$26.9M	−$12.3M	−$3.2M
Diluted EPS	−$0.18	$0.04	$0.07	$0.50	−$0.23	−$0.06
Gross margin	55.3%	64.0%	64.2%	67.3%	44.7%	74.7%
Operating margin	-155.8%	5.3%	11.4%	48.0%	-103.3%	-49.0%

Fiscal years (4-quarter sums)FY21 $103.9M · FY22 $125.6M · FY23 $128.3M · FY24 $144.9M · FY25 $134.7M

Revenue by product · Q1 FY26

Emerging Technologies Segment$198.0K · 100%

Revenue by geography · Q2 FY26

Middle East$6.1M · 51%

Other$5.4M · 45%

Africa$475.0K · 4%

Balance sheet, Jun 30, 2026Cash & short-term investments $93.1M · Total debt $8.2M · Total assets $197.7M · Shareholders' equity $172.5M

Dividends

No dividends on record.

Ownership

Institutions 86.96%44.83M sharesInsiders 2.67%1.38M sharesOther 10.37%5.34M shares

Shares outstanding 51.55M · Float 49.52M · 96.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	6.34M	12.31%	13F	Aug 7, 2026
Amundi	4.00M	7.77%	13F	Aug 11, 2026
Inc.	3.98M	6.89%	13G	Nov 14, 2024
Brown Capital Management, LLC	2.92M	5.04%	13G	May 15, 2025
Vanguard Capital Management LLC	2.18M	4.24%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jul 28, 2026	William Yeung	officer: Chief Legal Officer	−2,048	$8.56
Jul 28, 2026	Rodney Clemente	officer: SVP, Water	−5,387	$8.56
Jun 15, 2026	Alexander J. Buehler	director, officer: Interim President and CEO	−14,900	$8.71
Jun 15, 2026	Colin R. Sabol	director	+11,180	$8.88
May 13, 2026	Pamela L. Tondreau	director	+20,000	$8.34