Energy Recovery, Inc.
ERIIActiveCIK 1421517 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ERII filings, SEC EDGAR
$471
Market cap ($MM)
$429
Enterprise value ($MM)
$136
Revenue · LTM ($MM)
$41
EBITDA · LTM ($MM)
30%
EBITDA margin
3.1x
EV / revenue
10.2x
EV / EBITDA
-1.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ERII is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.
Balance sheet & capacity
Indicative capacity read: -1.2x net debt / EBITDA with EBITDA of $41.3MM.
$50
Cash & equiv. ($MM)
$0
Total debt ($MM)
($50)
Net debt ($MM)
-1.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ERII versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
ERII versus available Water Infrastructure & Treatment Equipment peers and SPY.
-54%
ERII
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Energy Recovery, Inc. | ERII | $136 | $41 | 30% | $471 | $429 | 3.1x | 10.2x | -1.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ERII's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
2
Active years
1
Named deals
N/A
Avg / active year
2.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01ERII reads as a programmatic acquirer: 2 disclosed acquisitions across 1 active years, or 2.0 per active year. The chart shows activity in 1 of the last 1 visible years.
- 02In the last three years, the file shows 1 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
- 03Spend changes the read: $13.6MM of disclosed spend is concentrated in lumpy years, with FY09 the largest year at $13.6MM. Recent spend is the visible baseline.
Annual acquisitions + disclosed spend
ERII count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
1 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY09
1 disclosed acquisitions in the peak visible year.
Recent spend
$13.6MM
sets the visible baseline vs prior three; peak FY09 at $13.6MM.
Named evidence
0 rows
0.0% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| No named transactions clear the quality bar in this snapshot. | |||||
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 1 SEC-backed facts across 0 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
18
Named deal filings
0
Recent SEC filings
0
Evidence clips
0
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.18 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 25, 2026 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2024 | Feb 26, 2025 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2023 | Feb 21, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Feb 22, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 24, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Mar 12, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Mar 6, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Mar 7, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2017 | Mar 8, 2018 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2016 | Mar 10, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Mar 4, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Mar 6, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Mar 11, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Mar 12, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Mar 14, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Mar 15, 2011 | Annual M&A 10-K | accepted | 1 | N/A | $27.1MM | SEC filing |
| FY2009 | Mar 15, 2010 | Annual M&A 10-K | accepted | 1 | $13.6MM | $27.1MM | SEC filing |
| FY2008 | Mar 27, 2009 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.0 rows+-
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
Evidence clipsShort excerpts used on the page; expand only when you want the language.0 rows+-
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.