Energy Recovery, Inc.
ERII · Special Industry Machinery, NEC · 51.5M shares · +1%/yr ↑ shares · EDGAR filings ↗
Reference price $8.88 · est. market cap ~$458M — last insider purchase, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Energy-recovery (desalination/industrial) maker with elite margins and a debt-free, cash-rich balance sheet, but a soft revenue year.
Strengths
- Elite margins, debt-free — gross margin 65.1% (100th), operating margin 17.7% (88th), current ratio 10.44 (100th)
- Strong returns and FCF — ROA 9.9% (90th), FCF margin 12.9% (87th)
Risks
- Revenue decline — -6.9% (7th)
- Project/order lumpiness (desalination) — per 10-K
- New-market (CO2 refrigeration) execution — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- ImpairmentRecent 8-K item 2.06 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$266,107, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Revenue declineRevenue -85.5% YoY
- Insider sellingInsider selling — 13 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
65.1%
Operating margin
17.7%
Net margin
17.0%
Return on equity
11.1%
Return on assets
9.9%
Revenue growth (QoQ)
-85.5%
Net-income growth
-0.4%
Current ratio
10.4×
Free cash flow
$17M
EBITDA
$28M
Tangible book value
$193M
Cash & investments
$83M
Stock comp / revenue
5.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | BUEHLER ALEXANDER J | Sell | 15K | $8.71 |
| 2026-06-15 | Sabol Colin R | Buy | 11K | $8.88 |
| 2026-06-15 | BUEHLER ALEXANDER J | Option exercise | 15K | $8.60 |
| 2026-06-04 | Chow Joan Kai | Grant | 18K | $8.29 |
| 2026-06-04 | TONDREAU PAMELA L. | Grant | 22K | $8.29 |
| 2026-06-04 | Hanstveit Arve | Grant | 18K | $8.29 |
| 2026-06-04 | Sabol Colin R | Grant | 18K | $8.29 |
| 2026-05-13 | TONDREAU PAMELA L. | Buy | 20K | $8.34 |
| 2026-05-06 | Ryan Aidan | Grant | 19K | $11.61 |
| 2026-04-06 | Hanstveit Arve | Sell | 2.4K | $10.29 |
| 2026-04-02 | Hanstveit Arve | Sell | 165K | $10.14 |
| 2026-03-10 | Hanstveit Arve | Sell | 25K | $10.96 |
| 2026-03-06 | Hanstveit Arve | Sell | 12K | $10.62 |
| 2026-03-05 | Hanstveit Arve | Sell | 38K | $10.71 |
| 2026-03-05 | Ramanan Natarajan | Sell | 272 | $10.57 |
| 2026-03-04 | Clemente Rodney | Sell | 21K | $10.61 |
| 2026-03-03 | Ramanan Natarajan | Tax withheld | 2.7K | $10.22 |
| 2026-02-17 | Hostetler Matthew | Grant | 26K | — |
| 2026-02-17 | Mancini Michael S. | Grant | 46K | — |
| 2026-02-17 | Yeung William | Grant | 26K | — |
| 2026-02-17 | Clemente Rodney | Grant | 46K | — |
| 2026-02-17 | Ramanan Natarajan | Grant | 29K | — |
| 2026-02-17 | Moon David W | Grant | 82K | — |
| 2026-02-06 | Yeung William | Sell | 646 | $15.14 |
| 2026-02-05 | Yeung William | Sell | 890 | $14.59 |
| 2026-02-05 | Clemente Rodney | Sell | 724 | $14.59 |
| 2026-02-02 | Yeung William | Sell | 729 | $14.46 |
| 2026-01-30 | Clemente Rodney | Tax withheld | 8.4K | $14.30 |
| 2026-01-30 | Hostetler Matthew | Tax withheld | 3.4K | $14.30 |
| 2026-01-30 | Mancini Michael S. | Tax withheld | 4.8K | $14.30 |
| 2026-01-30 | Moon David W | Tax withheld | 17K | $14.30 |
| 2026-01-30 | Yeung William | Tax withheld | 1.0K | $14.65 |
| 2026-01-30 | Yeung William | Tax withheld | 8.6K | $14.30 |
| 2026-01-30 | Clemente Rodney | Tax withheld | 694 | $14.65 |
| 2026-01-28 | Yeung William | Sell | 7.3K | $14.55 |
| 2025-12-05 | Hanstveit Arve | Sell | 15K | $14.71 |
| 2025-12-04 | Hanstveit Arve | Sell | 15K | $14.97 |
| 2025-10-24 | Yeung William | Option exercise | 5.6K | $10.19 |
| 2025-10-24 | Yeung William | Sell | 5.6K | $18.00 |
| 2025-10-24 | Yeung William | Option exercise | 3.5K | $7.50 |
| 2025-10-24 | Yeung William | Sell | 3.5K | $18.00 |
| 2025-10-23 | Yeung William | Sell | 3.5K | $17.50 |
| 2025-10-23 | Yeung William | Option exercise | 3.5K | $7.50 |
| 2025-10-20 | Yeung William | Option exercise | 3.5K | $7.50 |
| 2025-10-20 | Yeung William | Sell | 3.5K | $17.00 |
| 2025-10-16 | Yeung William | Sell | 3.5K | $16.50 |
| 2025-10-16 | Yeung William | Option exercise | 3.5K | $7.50 |
| 2025-10-03 | Yeung William | Option exercise | 1.0K | $7.50 |
| 2025-10-03 | Yeung William | Sell | 1.0K | $16.00 |
| 2025-10-03 | Yeung William | Option exercise | 2.5K | $7.50 |
| 2025-10-03 | Yeung William | Sell | 2.5K | $16.00 |
| 2025-09-18 | Yeung William | Option exercise | 15K | $8.95 |
| 2025-09-18 | Yeung William | Sell | 15K | $15.09 |
| 2025-09-11 | Yeung William | Option exercise | 31K | $8.95 |
| 2025-09-11 | Yeung William | Sell | 34K | $14.51 |
| 2025-07-28 | Clemente Rodney | Sell | 5.4K | $13.97 |
| 2025-07-25 | Yeung William | Tax withheld | 2.0K | $13.88 |
| 2025-07-25 | Clemente Rodney | Tax withheld | 2.3K | $13.88 |
| 2025-06-12 | Hanstveit Arve | Sell | 30K | $12.68 |
| 2025-06-11 | Hanstveit Arve | Sell | 20K | $12.75 |
| 2025-06-05 | TONDREAU PAMELA L. | Grant | 15K | — |
| 2025-06-05 | BUEHLER ALEXANDER J | Grant | 12K | — |
| 2025-06-05 | Chow Joan Kai | Grant | 12K | — |
| 2025-06-05 | Hanstveit Arve | Grant | 12K | — |
| 2025-06-05 | Sabol Colin R | Grant | 12K | — |
| 2025-05-14 | TONDREAU PAMELA L. | Buy | 4.2K | $12.28 |
| 2025-05-13 | Moon David W | Buy | 4.2K | $12.20 |
| 2025-03-11 | Hanstveit Arve | Sell | 50K | $16.34 |
| 2025-03-11 | Clemente Rodney | Sell | 1.8K | $16.23 |
| 2025-03-10 | Yeung William | Tax withheld | 944 | $16.37 |
| 2025-03-10 | Clemente Rodney | Tax withheld | 794 | $16.37 |
| 2025-03-03 | Ramanan Natarajan | Grant | 26K | — |
| 2025-02-20 | Clemente Rodney | Sell | 21K | $15.42 |
| 2025-02-04 | Ghasripoor Farshad | Other | 65K | — |
| 2025-02-04 | Ghasripoor Farshad | Other | 65K | — |
| 2025-02-03 | Yeung William | Tax withheld | 882 | $14.34 |
| 2025-02-03 | Clemente Rodney | Tax withheld | 944 | $14.34 |
| 2025-02-03 | Ghasripoor Farshad | Tax withheld | 1.4K | $14.34 |
| 2025-01-31 | Ghasripoor Farshad | Tax withheld | 926 | $14.56 |
| 2025-01-31 | Yeung William | Tax withheld | 627 | $14.56 |
| 2025-01-31 | Clemente Rodney | Tax withheld | 615 | $14.56 |
| 2025-01-30 | Yeung William | Tax withheld | 698 | $14.33 |
| 2025-01-30 | Clemente Rodney | Tax withheld | 694 | $14.33 |
| 2025-01-30 | Ghasripoor Farshad | Tax withheld | 1.0K | $14.33 |
| 2025-01-27 | Moon David W | Tax withheld | 7.7K | $14.40 |
| 2025-01-27 | Yeung William | Tax withheld | 4.1K | $14.40 |
| 2025-01-27 | Ghasripoor Farshad | Tax withheld | 5.7K | $14.40 |
| 2025-01-27 | Clemente Rodney | Tax withheld | 5.8K | $14.40 |
| 2025-01-23 | Yeung William | Grant | 24K | — |
| 2025-01-23 | Moon David W | Grant | 89K | — |
| 2025-01-23 | Clemente Rodney | Grant | 34K | — |
| 2025-01-23 | Mancini Michael S. | Grant | 34K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Exec/director change | filing ↗ |
| 2026-06-08 | Shareholder vote | filing ↗ |
| 2026-05-28 | Exec/director changeExhibits | filing ↗ |
| 2026-05-06 | ResultsExec/director changeOtherExhibits | filing ↗ |
| 2026-02-25 | Results2.05ImpairmentExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-06 | ResultsExhibits | filing ↗ |
| 2025-08-06 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-11 | 2026-06-05 | 0001421517-26-000061 ↗ |
| 8-K | 2026-06-08 | 2026-06-04 | 0001421517-26-000058 ↗ |
| 8-K | 2026-05-28 | 2026-05-28 | 0001421517-26-000050 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001421517-26-000041 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001421517-26-000040 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001421517-26-000021 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001421517-26-000022 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001421517-25-000134 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001421517-25-000133 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001421517-25-000118 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001421517-25-000116 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001421517-25-000117 ↗ |