Energy Recovery, Inc. (ERII) Key Metrics
ERII valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $339.4M
- Enterprise value
- $262.3M
- P/E (TTM)
- 25.6 10-yr median 44.3
- Forward P/E
- 21.2
- PEG ratio
- 3.33
- Price / sales
- 2.8 10-yr median 8.0
- Price / book
- 2.0 10-yr median 4.7
- EV / EBITDA
- 12.0 10-yr median 31.2
- Dividend yield
- —
- Beta
- 0.91
ERII key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsERII valuation Price multiples at each fiscal year-end price.
ERII returns How much profit the business earns on the capital it uses.
ERII per-share figures Results divided by the shares outstanding at year-end.
ERII financial health Debt, liquidity and how easily interest is covered.
ERII efficiency & capital use Working capital cycle and where the cash goes.
ERII valuation history
ERII returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ERII debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ERII cash returned to shareholders
ERII price vs earnings per share
ERII key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $730.6M | $850.0M | $1.09B | $1.18B | $1.26B | $772.5M | $548.9M | $372.4M | $486.6M | $573.9M |
| Enterprise value | $664.8M | $783.3M | $992.6M | $1.11B | $1.17B | $675.5M | $476.3M | $290.6M | $388.8M | $473.5M |
| P/E ratio | 31.8 | 36.9 | 50.6 | 49.1 | 88.4 | 29.3 | 50.3 | 16.9 | 39.4 | 555.0 |
| Price / sales | 5.4 | 5.9 | 8.5 | 9.4 | 12.1 | 8.4 | 7.5 | 5.0 | 7.7 | 10.5 |
| Price / book | 3.5 | 4.0 | 4.9 | 6.4 | 7.1 | 4.5 | 4.0 | 3.3 | 5.9 | 8.8 |
| Price / free cash flow | 41.9 | 44.2 | 46.3 | 124.3 | 184.3 | 76.6 | — | 159.8 | — | 149.0 |
| Price / operating cash flow | 38.9 | 41.4 | 41.8 | 93.5 | 93.3 | 45.8 | 104.2 | 49.2 | 168.1 | 115.6 |
| EV / sales | 4.9 | 5.4 | 7.7 | 8.8 | 11.3 | 7.3 | 6.5 | 3.9 | 6.2 | 8.7 |
| EV / EBITDA | 21.2 | 28.0 | 34.9 | 34.2 | 58.8 | 17.4 | 32.3 | 19.0 | 30.1 | 66.6 |
| EV / free cash flow | 38.1 | 40.7 | 42.3 | 116.4 | 171.3 | 67.0 | — | 124.7 | — | 122.9 |
| Earnings yield | 3.1% | 2.7% | 2.0% | 2.0% | 1.1% | 3.4% | 2.0% | 5.9% | 2.5% | 0.2% |
| Free cash flow yield | 2.4% | 2.3% | 2.2% | 0.8% | 0.5% | 1.3% | −0.4% | 0.6% | −0.9% | 0.7% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 4.9% | 5.9% | 0.0% | 2.3% | 1.8% | 0.0% | 0.0% | 2.7% | 0.9% | 1.6% |
| Share price at fiscal year-end | $13.49 | $14.70 | $18.84 | $20.49 | $21.49 | $13.64 | $9.79 | $6.73 | $8.75 | $10.35 |
| Per share | ||||||||||
| Revenue per share | $2.49 | $2.51 | $2.22 | $2.18 | $1.77 | $1.63 | $1.30 | $1.35 | $1.14 | $0.99 |
| Earnings per share | $0.42 | $0.40 | $0.37 | $0.42 | $0.24 | $0.47 | $0.19 | $0.40 | $0.22 | $0.02 |
| Operating cash flow per share | $0.35 | $0.35 | $0.45 | $0.22 | $0.23 | $0.30 | $0.09 | $0.14 | $0.05 | $0.09 |
| Free cash flow per share | $0.32 | $0.33 | $0.41 | $0.16 | $0.12 | $0.18 | −$0.04 | $0.04 | −$0.08 | $0.07 |
| Cash per share | $1.39 | $1.35 | $1.88 | $1.56 | $1.80 | $2.03 | $1.52 | $1.72 | $1.76 | $1.81 |
| Book value per share | $3.81 | $3.63 | $3.81 | $3.22 | $3.04 | $3.03 | $2.43 | $2.05 | $1.48 | $1.17 |
| Tangible book value per share | $3.57 | $3.41 | $3.59 | $2.77 | $2.83 | $2.80 | $2.20 | $1.81 | $1.23 | $0.91 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.02 | $0.02 | $0.04 | $0.05 | $0.11 | $0.12 | $0.13 | $0.09 | $0.13 | $0.02 |
| Debt per share | $0.17 | $0.20 | $0.23 | $0.26 | $0.28 | $0.31 | $0.22 | $0.24 | $0.00 | $0.00 |
| Shares outstanding | 54.2M | 57.8M | 57.7M | 57.6M | 58.7M | 56.6M | 56.1M | 55.3M | 55.6M | 55.5M |
| Change in shares outstanding | −6.3% | +0.1% | +0.2% | −1.8% | +3.7% | +1.0% | +1.3% | −0.5% | +0.3% | +6.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.0% | 10.7% | 10.6% | 13.2% | 8.1% | 17.2% | 8.8% | 22.6% | 16.7% | 1.6% |
| Return on invested capital (ROIC) | 14.4% | 13.2% | 15.4% | 22.9% | 16.9% | 37.2% | 19.4% | 122.2% | — | — |
| Return on assets (ROA) | 9.7% | 9.3% | 9.2% | 11.2% | 6.8% | 13.4% | 5.9% | 12.9% | 7.9% | 0.7% |
| Return on tangible assets | 10.5% | 10.0% | 9.0% | 12.6% | 7.1% | 13.8% | 6.2% | 13.3% | 8.4% | 0.8% |
| Free cash flow margin | 12.9% | 13.3% | 18.3% | 7.6% | 6.6% | 11.0% | −2.9% | 3.1% | −7.1% | 7.0% |
| Income quality (OCF / net income) | 0.82 | 0.89 | 1.21 | 0.53 | 0.95 | 0.64 | 0.48 | 0.34 | 0.23 | 4.80 |
| Financial health | ||||||||||
| Total debt | $9.4M | $11.3M | $13.3M | $14.9M | $16.4M | $17.7M | $12.6M | $13.5M | $27,000 | $38,000 |
| Cash & short-term investments | $75.2M | $78.0M | $108.5M | $89.8M | $105.7M | $114.7M | $85.1M | $95.3M | $97.8M | $100.4M |
| Net debt | −$65.8M | −$66.7M | −$95.3M | −$75.0M | −$89.2M | −$97.0M | −$72.6M | −$81.8M | −$97.8M | −$100.4M |
| Debt / equity | 0.05 | 0.05 | 0.06 | 0.08 | 0.09 | 0.10 | 0.09 | 0.12 | 0.00 | 0.00 |
| Debt / assets | 0.04 | 0.05 | 0.05 | 0.07 | 0.08 | 0.09 | 0.07 | 0.07 | 0.00 | 0.00 |
| Net debt / EBITDA | −2.10 | −2.38 | −3.35 | −2.32 | −4.48 | −2.49 | −4.92 | −5.34 | −7.57 | −14.13 |
| Current ratio | 10.44 | 7.41 | 8.64 | 8.63 | 7.67 | 9.10 | 4.06 | 4.41 | 6.36 | 7.13 |
| Quick ratio | 9.04 | 6.35 | 7.42 | 7.08 | 6.64 | 8.36 | 3.69 | 4.15 | 6.08 | 6.87 |
| Interest coverage | — | — | — | 27.3 | 79.9 | 8.2 | 5.2 | — | — | 119.0 |
| Working capital | $163.9M | $150.2M | $164.0M | $139.6M | $132.0M | $127.5M | $85.1M | $92.5M | $106.4M | $105.2M |
| Invested capital | $140.4M | $143.3M | $124.5M | $110.4M | $89.5M | $74.6M | $63.4M | $31.6M | −$15.2M | −$35.3M |
| Tangible asset value | $193.4M | $197.2M | $207.0M | $159.8M | $166.0M | $158.8M | $123.2M | $99.9M | $68.5M | $50.4M |
| Net current asset value | $155.9M | $140.9M | $152.3M | $126.2M | $116.9M | $110.5M | $60.2M | $53.2M | $47.0M | $38.4M |
| Graham number | $6.03 | $5.71 | $5.65 | $5.49 | $4.08 | $5.64 | $3.26 | $4.29 | $2.72 | $0.70 |
| Graham net-net per share | $2.21 | $1.87 | $2.16 | $1.72 | $1.65 | $1.73 | $0.85 | $0.78 | $0.64 | $0.53 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $10,000 |
| Share buybacks (net) | $35.6M | $50.4M | $0 | $26.7M | $23.3M | $23,000 | $110,000 | $10.0M | $4.3M | $9.4M |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 1.0% |
| Dividends + buybacks / free cash flow | 204.3% | 262.1% | 0.0% | 280.5% | 341.0% | 0.2% | — | 429.2% | — | 243.6% |
| Capex / revenue | 1.0% | 0.9% | 2.0% | 2.5% | 6.4% | 7.4% | 10.1% | 7.0% | 11.7% | 2.0% |
| Capex / operating cash flow | 7.1% | 6.3% | 9.9% | 24.8% | 49.4% | 40.2% | 140.1% | 69.2% | 254.8% | 22.4% |
| Capex / depreciation | 0.35 | 0.22 | 0.45 | 0.50 | 1.12 | 1.28 | 1.68 | 1.35 | 2.01 | 0.30 |
| Stock-based compensation / revenue | 5.7% | 7.1% | 6.3% | 5.2% | 5.8% | 5.2% | 7.8% | 7.0% | 6.5% | 6.0% |
| R&D / revenue | 4.7% | 11.2% | 13.2% | 14.3% | 19.3% | 25.5% | 32.1% | 22.8% | 21.3% | 18.5% |
| SG&A / revenue | 14.4% | 40.4% | 39.8% | 35.5% | 35.9% | 27.7% | 31.3% | 38.9% | 42.3% | 47.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 195.3 | 145.5 | 119.7 | 83.1 | 60.1 | 52.7 | 69.6 | 82.0 | 96.0 | 91.8 |
| Days of inventory on hand | 191.2 | 194.1 | 241.1 | 232.7 | 179.5 | 142.5 | 156.7 | 129.2 | 96.4 | 113.0 |
| Days payables outstanding | 20.3 | 23.2 | 16.9 | 8.2 | 11.3 | 14.9 | 23.6 | 56.5 | 53.6 | 34.5 |
| Cash conversion cycle (days) | 366.2 | 316.4 | 343.9 | 307.6 | 228.3 | 180.3 | 202.6 | 154.7 | 138.8 | 170.3 |
| Receivables turnover | 1.87 | 2.51 | 3.05 | 4.39 | 6.07 | 6.93 | 5.24 | 4.45 | 3.80 | 3.98 |
| Payables turnover | 17.97 | 15.72 | 21.64 | 44.38 | 32.23 | 24.46 | 15.46 | 6.46 | 6.81 | 10.59 |
| Inventory turnover | 1.91 | 1.88 | 1.51 | 1.57 | 2.03 | 2.56 | 2.33 | 2.83 | 3.79 | 3.23 |
| Asset turnover | 0.57 | 0.58 | 0.55 | 0.58 | 0.50 | 0.47 | 0.40 | 0.44 | 0.41 | 0.36 |
| Average receivables | $72.1M | $57.8M | $42.1M | $28.6M | $17.1M | $13.3M | $13.9M | $16.7M | $16.6M | $13.8M |
| Average payables | $2.6M | $3.1M | $1.9M | $861,500 | $1.0M | $1.2M | $1.3M | $2.8M | $2.8M | $1.7M |
| Average inventory | $24.6M | $25.5M | $27.3M | $24.4M | $16.1M | $11.0M | $8.7M | $6.3M | $5.0M | $5.5M |
| Intangibles / total assets | 5.5% | 5.3% | 5.1% | 11.8% | 6.0% | 6.3% | 6.8% | 7.5% | 8.7% | 9.9% |
Computed from ERII's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ERII valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Energy Recovery traded at 31.8 times earnings, against a 10-year median of 44.3. Based on the latest twelve months, the trailing P/E is 25.6 and the forward P/E is 21.2. Energy Recovery earned a return on equity of 11.0% and a return on invested capital of 14.4% in fiscal 2025. It ended the year with $9.4 million of debt and $75.2 million in cash and short-term investments, a net cash position of $65.8 million. It returned $35.6 million to shareholders: $0 in dividends and $35.6 million in share buybacks, 204% of free cash flow.
See the ERII income statement, the ERII chart for price history, or the ERII stock overview for the latest quote and news.
ERII key metrics FAQ
What is Energy Recovery's P/E ratio?
Energy Recovery's trailing P/E ratio is 25.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.2. At the end of fiscal 2025 it was 31.8, compared with a 10-year median of 44.3.
What is Energy Recovery's EV/EBITDA?
Energy Recovery's enterprise value was 21.2 times EBITDA at the end of fiscal 2025 (enterprise value $664.8 million, EBITDA $31.4 million); the current EV/EBITDA is 12.0.
What is Energy Recovery's return on equity?
Energy Recovery's return on equity (ROE) was 11.0% in fiscal 2025: net income of $23.0 million on average shareholders' equity of $208.1 million.
What is Energy Recovery's ROIC?
Energy Recovery's return on invested capital was 14.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Energy Recovery have?
Energy Recovery had total debt of $9.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
Does Energy Recovery buy back its shares?
Yes. Energy Recovery spent $35.6 million on net share repurchases in fiscal 2025 Shares outstanding changed −6.3% over the year, to 54.2M..
What is Energy Recovery's free cash flow yield?
Energy Recovery generated $17.4 million of free cash flow in fiscal 2025, a free cash flow yield of 2.4% on its market value at year-end ($730.6 million).
What is Energy Recovery's current ratio?
Energy Recovery's current ratio was 10.44 at the end of fiscal 2025: current assets were 10.44 times current liabilities.