Demand and volumemixed · 4 filings
“Operating cash flow can fluctuate significantly from reporting period to reporting period, due to the timing of receipts of large project orders.”10-Q · May 6, 2026 ↗
Energy Recovery, Inc.
ERII
Market read
Energy Recovery, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Company+3.7% todayVolume comparison unavailable
Market group0 of 5 activeDiversified Financials & Services · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- ERII's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if ERII's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- ERII's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations320
Usable filing statements54
Verified relationships4
Evidence supporting the case
- Operating margin changed +4.1 percentage points in the latest annual period.
- Net margin changed +1.1 percentage points in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -6.9% year over year.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
7.556m-26.4%12m-47.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$103.9M-12.7%$0.24+3.7%
2022-12-31$125.6M+20.9%$0.42-1.8%
2023-12-31$128.3M+2.2%$0.37+0.2%
2024-12-31$144.9M+12.9%$0.40+0.1%
2025-12-31$135.0M-6.9%$0.42-6.3%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionsnegative · 4 filings
“The higher net cash provided by operating assets and liabilities for the three months ended March 31, 2026 , as compared to the prior year, was due primarily to the following factors: • Accounts receivable: an increase in cash provided due to an increase in c…”10-Q · May 6, 2026 ↗
Capital investment and capacitynegative · 2 filings
“The increase in net cash provided by investing activities of $77.4 million in the six months ended June 30, 2025 , as compared to the prior year, was primarily driven by less cash used for purchases of marketable debt instruments, net of cash proceeds from ma…”10-Q · Aug 6, 2025 ↗
Tariffs and trade policynegative · 2 filings
“Years Ended December 31, 2025 2024 Change (In thousands, except percentage and basis point) Gross profit $ 87,931 $ 96,933 $ (9,002) Gross margin 65.1 % 66.9 % (180) bps The decrease in gross profit and gross margin for the year ended December 31, 2025 , as c…”10-K · Feb 25, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
7.55+3.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ERII. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for ERII. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind ERII
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderFeb 25, 2026 ▾
“8-K 001-34112 10.1 1/6/2022 10.1 6 First Amendment to the Credit Agreement by and between Energy Recovery, Inc.”
MSFTMicrosoft CorporationpartnerFeb 25, 2026 ▾
“We also rely upon certain third-party system providers, including cloud and non-cloud programs provided by software developers such as Microsoft Corporation, Workiva, Inc., and others, to review and notify their customers of any data breach.”
Depended on by
FCELFuelCell Energy, Inc.competitorDec 18, 2025 ▾
“Our 2025 Peer Group is comprised of the following 17 companies: American Superconductor Corporation, Aspen Aerogels, Inc., Ballard Power Systems Inc., Blink Charging Co., Broadwind, Inc., ChargePoint Holdings, Inc., Clean Energy Fuels Corp., Energy Recovery,…”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 1 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ERII is currently a Follower in the organic co-movement group Diversified Financials & Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.