Energy Recovery, Inc. (ERII) Balance Sheet
ERII balance sheet, 2025
December 31, 2025 · U.S. dollars$231.5M assets = $25.3M liabilities + $206.2M equity
Both columns are drawn to the same scale: what ERII owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ERII financial health
Descriptive bands, not a rating. Fiscal 2025.
ERII balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $149.1M2016 | $231.5M2025 | +5.0%/yr | |
| Total liabilities | $83.9M2016 | $25.3M2025 | −12.5%/yr | |
| Shareholders’ equity | $65.1M2016 | $206.2M2025 | +13.7%/yr | |
| Cash & short-term investments | $100.4M2016 | $75.2M2025 | −3.2%/yr | |
| Total debt | $38,0002016 | $9.4M2025 | +84.5%/yr | |
| Net cash (debt) | $100.4M2016 | $65.8M2025 | −$34.6M | |
| Working capital | $105.2M2016 | $163.9M2025 | +$58.6M | |
| Book value per share | $1.172016 | $3.812025 | +14.0%/yr | |
| Debt / equity | 0.002016 | 0.052025 | +0.05 | |
| Shares outstanding | 55.5M2016 | 54.2M2025 | −0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ERII assets
ERII liabilities and equity
ERII debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ERII balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $75.2M | $78.0M | $108.5M | $89.8M | $105.7M | $114.7M | $85.1M | $95.3M | $97.8M | $100.4M |
| Cash & equivalents | $48.1M | $29.6M | $68.1M | $56.4M | $74.4M | $94.3M | $26.4M | $22.0M | $27.8M | $61.4M |
| Short-term investments | $27.2M | $48.4M | $40.4M | $33.5M | $31.3M | $20.4M | $58.7M | $73.3M | $70.0M | $39.1M |
| Receivables | $76.6M | $67.5M | $48.1M | $36.1M | $21.1M | $13.1M | $13.5M | $14.3M | $19.2M | $14.0M |
| Inventory | $24.3M | $24.9M | $26.1M | $28.4M | $20.4M | $11.7M | $10.3M | $7.1M | $5.5M | $4.5M |
| Other current assets | $5.1M | $3.3M | $2.7M | $3.6M | $4.6M | $3.6M | $4.0M | $2.9M | $3.7M | $3.3M |
| Total current assets | $181.2M | $173.7M | $185.5M | $157.9M | $151.8M | $143.2M | $113.0M | $119.6M | $126.2M | $122.4M |
| Property, plant & equipment (net) | $20.6M | $25.1M | $30.2M | $32.7M | $35.0M | $36.3M | $30.0M | $26.8M | $13.4M | $8.6M |
| Goodwill & intangible assets | $12.8M | $12.8M | $12.8M | $25.6M | $12.8M | $12.8M | $12.9M | $13.4M | $14.1M | $14.7M |
| Long-term investments | $8.0M | $21.8M | $13.8M | $3.1M | $2.3M | $0 | $15.4M | $1.3M | $0 | $0 |
| Other non-current assets | $8.8M | $9.4M | $10.7M | $0 | $11.8M | $12.0M | $17.5M | $18.7M | $8.1M | $3.4M |
| Total assets | $231.5M | $242.8M | $253.0M | $217.0M | $213.7M | $204.3M | $188.8M | $179.8M | $161.7M | $149.1M |
| Liabilities | ||||||||||
| Accounts payable | $2.1M | $3.1M | $3.0M | $814,000 | $909,000 | $1.1M | $1.2M | $1.4M | $4.1M | $1.5M |
| Short-term debt | $2.5M | $2.0M | $1.8M | $1.6M | $1.6M | $1.2M | $1.0M | $926,000 | $1.6M | $11,000 |
| Deferred revenue | $1.0M | $571,000 | $1.1M | $1.2M | $3.3M | $1.6M | $15.7M | $16.3M | $6.4M | $7.3M |
| Total current liabilities | $17.4M | $23.4M | $21.5M | $18.3M | $19.8M | $15.7M | $27.8M | $27.1M | $19.8M | $17.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.6M | $16,000 | $27,000 |
| Lease obligations | $9.4M | $11.3M | $13.3M | $14.9M | $16.4M | $17.7M | $12.6M | $13.5M | — | — |
| Other long-term liabilities | $8.0M | $9.4M | $11.7M | $13.4M | $15.1M | $17.0M | $24.9M | $26.8M | $59.4M | $66.7M |
| Total liabilities | $25.3M | $32.8M | $33.2M | $31.7M | $34.9M | $32.7M | $52.8M | $66.5M | $79.2M | $83.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $67,000 | $66,000 | $65,000 | $64,000 | $64,000 | $62,000 | $61,000 | $59,000 | $58,000 | $57,000 |
| Retained earnings (deficit) | $128.7M | $105.7M | $82.7M | $61.2M | $37.1M | $22.8M | −$3.6M | −$14.5M | −$45.9M | −$58.3M |
| Treasury stock | — | — | — | — | −$53.8M | −$30.5M | −$30.5M | −$30.5M | −$20.5M | −$16.2M |
| Accumulated other comprehensive income | −$94,000 | $98,000 | −$44,000 | −$349,000 | −$149,000 | $53,000 | −$37,000 | −$133,000 | −$125,000 | −$118,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $206.2M | $210.0M | $219.8M | $185.3M | $178.8M | $171.6M | $136.0M | $113.4M | $82.5M | $65.1M |
| Key figures | ||||||||||
| Total debt | $9.4M | $11.3M | $13.3M | $14.9M | $16.4M | $17.7M | $12.6M | $13.5M | $27,000 | $38,000 |
| Net cash (debt) | $65.8M | $66.7M | $95.3M | $75.0M | $89.2M | $97.0M | $72.6M | $81.8M | $97.8M | $100.4M |
| Working capital | $163.9M | $150.2M | $164.0M | $139.6M | $132.0M | $127.5M | $85.1M | $92.5M | $106.4M | $105.2M |
| Tangible book value | $193.4M | $197.2M | $207.0M | $159.8M | $166.0M | $158.8M | $123.2M | $99.9M | $68.5M | $50.4M |
| Book value per share | $3.81 | $3.63 | $3.81 | $3.22 | $3.04 | $3.03 | $2.43 | $2.05 | $1.48 | $1.17 |
| Shares outstanding | 54.2M | 57.8M | 57.7M | 57.6M | 58.7M | 56.6M | 56.1M | 55.3M | 55.6M | 55.5M |
| Current ratio | 10.44 | 7.41 | 8.64 | 8.63 | 7.67 | 9.10 | 4.06 | 4.41 | 6.36 | 7.13 |
| Quick ratio | 8.75 | 6.21 | 7.30 | 6.88 | 6.41 | 8.13 | 3.54 | 4.04 | 5.90 | 6.67 |
| Debt / equity | 0.05 | 0.05 | 0.06 | 0.08 | 0.09 | 0.10 | 0.09 | 0.12 | 0.00 | 0.00 |
| Equity / assets | 89.1% | 86.5% | 86.9% | 85.4% | 83.7% | 84.0% | 72.1% | 63.0% | 51.0% | 43.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $93.1M | $86.2M | $75.2M | $70.4M | $79.5M | $83.5M | $78.0M | $118.6M | $101.0M | $117.4M | $108.5M | $84.5M |
| Cash & equivalents | $61.4M | $50.1M | $48.1M | $47.1M | $57.0M | $49.1M | $29.6M | $63.3M | $40.3M | $70.8M | $68.1M | $51.4M |
| Short-term investments | $31.6M | $36.0M | $27.2M | $23.3M | $22.5M | $34.4M | $48.4M | $55.4M | $60.7M | $46.6M | $40.4M | $33.1M |
| Receivables | $14.2M | $40.6M | $78.3M | $46.8M | $32.6M | $32.4M | $67.5M | $31.8M | $20.7M | $25.6M | $48.1M | $23.3M |
| Inventory | $38.2M | $30.9M | $24.3M | $33.6M | $32.7M | $32.4M | $24.9M | $33.5M | $33.7M | $31.7M | $26.1M | $33.9M |
| Other current assets | $3.9M | $3.4M | $8.0M | $4.9M | $7.4M | $6.2M | $3.3M | $6.0M | $3.7M | $3.7M | $2.7M | $4.5M |
| Total current assets | $149.4M | $161.1M | $185.8M | $155.6M | $152.1M | $154.6M | $173.7M | $189.9M | $159.0M | $178.4M | $185.5M | $146.3M |
| Property, plant & equipment (net) | $19.3M | $20.0M | $20.6M | $21.5M | $22.3M | $23.8M | $25.1M | $26.5M | $27.8M | $28.9M | $30.2M | $30.6M |
| Goodwill & intangible assets | $11.1M | $11.1M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M | $12.8M |
| Long-term investments | $5.0M | $6.0M | $8.0M | $9.6M | $14.1M | $23.2M | $21.8M | $21.3M | $37.0M | $12.1M | $13.8M | $21.4M |
| Other non-current assets | $12.9M | $10.9M | $4.2M | $10.1M | $10.9M | $11.1M | $9.4M | $12.2M | $12.4M | $12.0M | $10.7M | $11.6M |
| Total assets | $197.7M | $209.0M | $231.5M | $209.6M | $212.3M | $225.4M | $242.8M | $262.7M | $249.0M | $244.3M | $253.0M | $222.7M |
| Liabilities | ||||||||||||
| Accounts payable | $5.0M | $2.8M | $2.1M | $4.7M | $3.4M | $3.4M | $3.1M | $3.4M | $4.8M | $3.5M | $3.0M | $1.8M |
| Short-term debt | $2.7M | $2.6M | $2.5M | $2.5M | $2.4M | $2.4M | $2.0M | $2.0M | $1.9M | $1.9M | $1.8M | $1.7M |
| Deferred revenue | $1.1M | $1.1M | $1.0M | $1.9M | $1.7M | $1.4M | $571,000 | $3.0M | $3.2M | $3.4M | $1.1M | $1.5M |
| Total current liabilities | $18.6M | $17.4M | $17.4M | $21.2M | $18.8M | $18.4M | $23.4M | $18.9M | $20.0M | $17.1M | $21.5M | $16.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $8.2M | $8.8M | $9.4M | $10.0M | $10.6M | $11.1M | $11.3M | $11.8M | $12.3M | $12.8M | $13.3M | $13.7M |
| Other long-term liabilities | $6.7M | $7.4M | $8.0M | $7.6M | $8.2M | $8.8M | $9.4M | $10.0M | $10.5M | $11.1M | $11.7M | $12.2M |
| Total liabilities | $25.3M | $24.7M | $25.3M | $28.8M | $27.1M | $27.3M | $32.8M | $28.8M | $30.5M | $28.2M | $33.2M | $28.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $67,000 | $67,000 | $67,000 | $67,000 | $67,000 | $67,000 | $66,000 | $66,000 | $66,000 | $65,000 | $65,000 | $65,000 |
| Retained earnings (deficit) | $113.2M | $116.4M | $128.7M | $101.8M | $97.9M | $95.8M | $105.7M | $82.2M | $73.8M | $74.4M | $82.7M | $62.9M |
| Accumulated other comprehensive income | −$435,000 | −$285,000 | −$94,000 | $34,000 | $37,000 | $75,000 | $98,000 | $149,000 | −$61,000 | −$60,000 | −$44,000 | −$183,000 |
| Total shareholders' equity | $172.5M | $184.3M | $206.2M | $180.8M | $185.2M | $198.1M | $210.0M | $233.9M | $218.5M | $216.0M | $219.8M | $194.0M |
| Key figures | ||||||||||||
| Total debt | $8.2M | $8.8M | $9.4M | $10.0M | $10.6M | $11.1M | $11.3M | $11.8M | $12.3M | $12.8M | $13.3M | $13.7M |
| Net cash (debt) | $84.8M | $77.3M | $65.8M | $60.4M | $69.0M | $72.4M | $66.7M | $106.8M | $88.7M | $104.5M | $95.3M | $70.8M |
| Working capital | $130.9M | $143.7M | $168.5M | $134.4M | $133.3M | $136.2M | $150.2M | $171.0M | $139.0M | $161.2M | $164.0M | $129.8M |
| Tangible book value | $161.3M | $173.2M | $193.4M | $168.0M | $172.4M | $185.3M | $197.2M | $221.1M | $205.7M | $203.2M | $207.0M | $181.2M |
| Book value per share | $3.35 | $3.50 | $3.86 | $3.38 | $3.40 | $3.61 | $3.67 | $4.01 | $3.81 | $3.78 | $3.81 | $3.35 |
| Shares outstanding | 51.5M | 52.7M | 53.4M | 53.5M | 54.5M | 54.9M | 57.2M | 58.3M | 57.4M | 57.1M | 57.7M | 58.0M |
| Current ratio | 8.05 | 9.28 | 10.71 | 7.33 | 8.08 | 8.39 | 7.41 | 10.06 | 7.94 | 10.41 | 8.64 | 8.91 |
| Quick ratio | 5.78 | 7.31 | 8.85 | 5.52 | 5.95 | 6.29 | 6.21 | 7.97 | 6.08 | 8.34 | 7.30 | 6.57 |
| Debt / equity | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 |
| Equity / assets | 87.2% | 88.2% | 89.1% | 86.3% | 87.2% | 87.9% | 86.5% | 89.0% | 87.7% | 88.4% | 86.9% | 87.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
ERII financial position
At the end of fiscal 2025 (December 31, 2025), Energy Recovery had total assets of $231.5 million (down 4.6% from a year earlier), total liabilities of $25.3 million and shareholders' equity of $206.2 million. It held $75.2 million in cash and short-term investments against $9.4 million of debt, a net cash position of $65.8 million. Its current ratio was 10.44. In the latest quarter (ended June 30, 2026) total assets were $197.7 million and equity $172.5 million.
Related: ERII income statement, ERII cash flow statement, ERII key metrics. See the ERII stock overview for the latest quote and news.
ERII balance sheet FAQ
What are Energy Recovery's total assets?
Energy Recovery reported total assets of $231.5 million at the end of fiscal 2025 (December 31, 2025), compared with $242.8 million a year earlier.
How much debt does Energy Recovery have?
Energy Recovery had $9.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.
How much cash does Energy Recovery have?
Energy Recovery held $75.2 million in cash and short-term investments at the end of fiscal 2025; with $9.4 million of debt that is net cash of $65.8 million.
What is Energy Recovery's book value?
Energy Recovery's shareholders' equity (book value) was $206.2 million at the end of fiscal 2025, or $3.81 per share.
What is Energy Recovery's current ratio?
Energy Recovery had current assets of $181.2 million and current liabilities of $17.4 million, a current ratio of 10.44 (it can cover its short-term obligations).
How much goodwill does Energy Recovery have?
Energy Recovery carried $12.8 million of goodwill and intangible assets, 5.5% of total assets, at the end of fiscal 2025.