Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57.8M | $69.1M | $74.5M | $86.9M | $119M | $104M | $126M | $128M | $145M | $135M |
| Revenue growth | — | 19.6% | 7.8% | 16.7% | 36.9% | -12.7% | 20.9% | 2.2% | 12.9% | -6.9% |
| Gross profit | $31.9M | $39.1M | — | — | — | $71.2M | $87.4M | $87.1M | $96.9M | $87.9M |
| Gross margin | 55.1% | 56.6% | — | — | — | 68.6% | 69.6% | 67.8% | 66.9% | 65.1% |
| Operating income | $3.43M | $9.25M | $9.98M | $10.4M | $31.3M | $13.8M | $24.8M | $19.1M | $19.7M | $23.9M |
| Operating margin | 5.9% | 13.4% | 13.4% | 11.9% | 26.3% | 13.3% | 19.8% | 14.8% | 13.6% | 17.7% |
| Net income | $3.72M | $18.4M | $22.1M | $10.9M | $26.4M | $14.3M | $24.0M | $21.5M | $23.1M | $23.0M |
| Net margin | 6.4% | 26.6% | 29.6% | 12.6% | 22.2% | 13.7% | 19.1% | 16.8% | 15.9% | 17.0% |
| EPS (diluted) | $0.07 | $0.33 | $0.40 | $0.19 | $0.47 | $0.24 | $0.42 | $0.37 | $0.40 | $0.42 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.96M | $2.90M | $7.57M | $5.27M | $16.9M | $13.5M | $12.6M | $26.1M | $20.5M | $18.8M |
| Capital expenditures | $1.11M | $7.38M | $5.24M | $7.38M | $6.79M | $6.68M | $4.23M | $2.57M | $1.30M | $1.33M |
| Free cash flow | $3.85M | -$4.48M | $2.33M | -$2.11M | $10.1M | $6.84M | $8.40M | $23.5M | $19.2M | $17.4M |
| Share buybacks | $9.38M | $4.28M | $10.0M | $0.00 | $0.00 | $23.3M | $26.7M | $0.00 | $50.4M | $35.6M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $61.4M | $27.8M | $22.0M | $26.4M | $94.3M | $74.4M | $56.4M | $68.1M | $29.6M | $48.1M |
| Total assets | $149M | $164M | $180M | $189M | $204M | $214M | $217M | $253M | $243M | $232M |
| Total liabilities | $83.9M | $72.6M | $66.5M | $52.8M | $32.7M | $34.9M | $31.7M | $33.2M | $32.8M | $25.3M |
| Long-term debt | $27.0K | $16.0K | $0.00 | — | — | — | — | — | — | — |
| Shareholders' equity | $68.5M | $91.9M | $113M | $136M | $172M | $179M | $185M | $220M | $210M | $206M |
| Retained earnings | -$58.3M | -$36.6M | -$14.5M | -$3.55M | $22.8M | $37.1M | $61.2M | $82.7M | $106M | $129M |
| Shares (wtd avg diluted) | 55.5M | 55.6M | 55.3M | 56.1M | 56.6M | 58.7M | 57.6M | 57.7M | 57.8M | 54.2M |
Every figure is extracted from Energy Recovery, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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