ERII
Energy Recovery, Inc.
NasdaqGSUSDEQUITY
Industrials
DELAYED
Last price
7.89
▲ 0.14 (1.81%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
8.09
Prev close
7.75
Day high
7.94
Day low
7.76
Volume
493.39K
Market cap
$403.25M
P/E (TTM)
30.38
52W range
7.51 – 18.32
Insider net activity
Net shares
-45.65K
Net selling
Buy transactions
10
240.23K shares
Sell transactions
9
285.89K shares
Net transactions
+19
Buys less sells
Sell : buy shares
1.2 : 1
Mixed
Insider-held shares
1.02M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 28, 26 | CLEMENTE RODNEY Officer |
SELL | 5.39K | $46.11K | Direct |
| Jul 28, 26 | YEUNG WILLIAM Officer |
SELL | 2.05K | $17.53K | Direct |
| Jul 9, 26 | MITCHELL JOHN JOSEPH Director |
STOCK | 16.80K | $0 | Direct |
| Jun 15, 26 | SABOL COLIN R Director |
BUY | 11.18K | $99.27K | Direct |
| Jun 15, 26 | BUEHLER ALEXANDER J Chief Executive Officer |
CONVERSION | 15.33K | $131.81K | Direct |
| Jun 15, 26 | BUEHLER ALEXANDER J Chief Executive Officer |
SELL | 14.90K | $129.78K | Direct |
| Jun 4, 26 | CHOW JOAN KAI Director |
STOCK | 18.09K | $150.00K | Direct |
| Jun 4, 26 | HANSTVEIT ARVE Director |
STOCK | 18.09K | $150.00K | Direct |
| Jun 4, 26 | SABOL COLIN R Director |
STOCK | 18.09K | $150.00K | Direct |
| Jun 4, 26 | TONDREAU PAMELA LISE Director |
STOCK | 22.32K | $185.00K | Direct |
| May 13, 26 | TONDREAU PAMELA LISE Director |
BUY | 20.00K | $166.84K | Indirect |
| May 6, 26 | RYAN AIDAN Chief Financial Officer |
STOCK | 18.52K | $214.99K | Direct |
| Apr 6, 26 | HANSTVEIT ARVE Director |
SELL | 2.42K | $24.89K | Direct |
| Apr 2, 26 | HANSTVEIT ARVE Director |
SELL | 165.29K | $1.68M | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BUEHLER ALEXANDER J |
Chief Executive Officer | 66.75K | Sale |
CHOW JOAN KAI |
Director | 53.62K | Stock Award(Grant) |
CLEMENTE RODNEY |
Officer | 108.30K | Sale |
GHASRIPOOR FARSHAD |
Chief Technology Officer | 126.96K | Sale |
HANSTVEIT ARVE |
Director | 520.60K | Stock Award(Grant) |
MANCINI MICHAEL S |
Chief Financial Officer | 75.05K | Stock Award(Grant) |
MOON DAVID W |
Chief Executive Officer | 270.02K | Stock Award(Grant) |
SABOL COLIN R |
Director | 58.67K | Purchase |
TONDREAU PAMELA LISE |
Director | 98.21K | Stock Award(Grant) |
YEUNG WILLIAM |
Officer | 104.86K | Sale |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
0.50
Call-heavy session
Put / call open interest
0.01
Positioning, not flow
Max pain
2.50
-68.4% from spot
ATM implied vol
55.7%
Nearest strike to spot
Skew (10% OTM)
+12.3%
Puts bid over calls
Call volume
6
Contracts, this expiry
Put volume
3
Contracts, this expiry
Heaviest call OI
7.50
63 contracts
Heaviest put OI
2.50
1 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
-5.39%
-4.0%
1M
-6.06%
-9.8%
3M
-8.35%
-11.4%
6M
-51.35%
-62.4%
YTD
-41.44%
-53.7%
1Y
-44.91%
-64.9%
3Y
-70.60%
-144.8%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$403.25M
Enterprise value$318.43M
Revenue (TTM)$120.57M
Gross profit$78.81M
EBITDA$23.53M
Net income$15.34M
EPS (TTM)$0.26
Free cash flow$36.36M
Total cash$93.06M
Total debt$8.23M
Book value / share$3.37
Shares outstanding51.04M
Float49.14M
Short % of float6.16%
Dividend yield—
Beta (5Y)0.92
Short interest
Shares short
2.77M
Prior 2.56M
Change vs prior
+8.2%
Shorts adding
% of float
6.16%
Normal
% of shares out
5.43%
Against total outstanding
Days to cover
3.7
Liquid
Float
49.14M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E30.38
Forward P/E16.29
PEG ratio3.33
Price / sales—
Price / book2.34
EV / revenue2.64
EV / EBITDA13.54
Gross margin65.36%
Operating margin-41.92%
Profit margin12.72%
Return on equity8.58%
Return on assets6.00%
Debt / equity4.77
Current ratio8.05
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $134.99M | $144.95M | $128.35M | $125.59M | -6.9% |
| Operating revenue | $134.99M | $144.95M | $128.35M | $125.59M | -6.9% |
| Cost of revenue | $47.06M | $48.02M | $41.27M | $38.23M | -2.0% |
| Gross profit | $87.93M | $96.93M | $87.08M | $87.36M | -9.3% |
| Research & development | $13.03M | $16.24M | $17.00M | $17.91M | -19.7% |
| Selling, general & admin | $50.70M | $58.50M | $51.03M | $44.62M | -13.3% |
| Total operating expense | $63.73M | $74.73M | $68.03M | $62.53M | -14.7% |
| Operating income | $24.20M | $22.20M | $19.05M | $24.83M | +9.0% |
| Net interest income | $3.61M | $6.22M | $3.76M | $908.00K | -41.9% |
| Pre-tax income | $27.59M | $25.73M | $22.70M | $26.07M | +7.2% |
| Tax provision | $4.63M | $2.69M | $1.20M | $2.02M | +72.6% |
| Net income | $22.96M | $23.05M | $21.50M | $24.05M | -0.4% |
| Net income to common | $22.96M | $23.05M | $21.50M | $24.05M | -0.4% |
| Basic EPS | 0.43 | 0.40 | 0.38 | 0.43 | +7.5% |
| Diluted EPS | 0.42 | 0.40 | 0.37 | 0.42 | +5.0% |
| EBIT | $24.20M | $22.20M | $19.05M | $24.83M | +9.0% |
| EBITDA | $27.96M | $26.25M | $23.15M | $31.13M | +6.5% |
| Basic shares | 53.80M | 57.21M | 56.44M | 56.22M | -6.0% |
| Diluted shares | 54.16M | 57.82M | 57.74M | 57.64M | -6.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $48.08M | $29.63M | $68.10M | $56.35M | +62.3% |
| Cash & short-term investments | $75.25M | $78.02M | $108.54M | $89.83M | -3.6% |
| Accounts receivable | $76.64M | $64.07M | $46.94M | $34.06M | +19.6% |
| Inventory | $24.26M | $24.91M | $26.15M | $28.37M | -2.6% |
| Total current assets | $181.21M | $173.66M | $185.47M | $157.87M | +4.4% |
| Property, plant & equipment | $20.64M | $25.12M | $30.17M | $32.70M | -17.9% |
| Goodwill & intangibles | $12.79M | $12.79M | $12.79M | $12.79M | 0.0% |
| Total assets | $231.51M | $242.79M | $252.97M | $217.04M | -4.6% |
| Total current liabilities | $17.35M | $23.43M | $21.47M | $18.30M | -25.9% |
| Total debt | $9.43M | $11.32M | $13.28M | $14.88M | -16.7% |
| Total liabilities | $25.32M | $32.78M | $33.17M | $31.70M | -22.8% |
| Retained earnings | $128.67M | $105.71M | $82.66M | $61.15M | +21.7% |
| Shareholder equity | $206.19M | $210.01M | $219.81M | $185.34M | -1.8% |
| Working capital | $163.86M | $150.23M | $164.00M | $139.56M | +9.1% |
| Net tangible assets | $193.40M | $197.22M | $207.02M | $172.55M | -1.9% |
| Shares issued | 66.77M | 66.18M | 65.03M | 64.23M | +0.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $22.96M | $23.05M | $21.50M | $24.05M | -0.4% |
| Depreciation & amortisation | $3.76M | $4.05M | $4.10M | $6.30M | -7.1% |
| Stock-based compensation | $7.72M | $10.32M | $8.04M | $6.51M | -25.2% |
| Change in working capital | -$16.14M | -$16.97M | -$7.69M | -$25.86M | +4.9% |
| Operating cash flow | $18.77M | $20.52M | $26.05M | $12.63M | -8.5% |
| Capital expenditure | -$1.33M | -$1.30M | -$2.57M | -$4.23M | -2.5% |
| Investing cash flow | $33.98M | -$15.65M | -$19.11M | -$6.95M | +317.1% |
| Share buybacks | -$35.62M | -$50.38M | $0 | -$26.65M | +29.3% |
| Financing cash flow | -$34.53M | -$43.28M | $4.79M | -$23.67M | +20.2% |
| Free cash flow | $17.44M | $19.22M | $23.49M | $8.40M | -9.3% |
| End cash position | $48.08M | $29.76M | $68.22M | $56.46M | +61.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $12.00M | $9.71M | $66.87M | $32.00M | $28.05M | +23.6% |
| Operating revenue | $12.00M | $9.71M | $66.87M | $32.00M | $28.05M | +23.6% |
| Cost of revenue | $3.04M | $7.00M | $21.91M | $11.44M | $10.10M | -56.6% |
| Gross profit | $8.96M | $2.70M | $44.96M | $20.56M | $17.95M | +231.5% |
| Research & development | $2.85M | $2.79M | $2.91M | $3.67M | $3.45M | +2.2% |
| Selling, general & admin | $11.14M | $11.57M | $10.96M | $13.23M | $13.03M | -3.8% |
| Total operating expense | $13.99M | $14.36M | $13.87M | $16.90M | $16.48M | -2.6% |
| Operating income | -$5.03M | -$11.66M | $31.09M | $3.66M | $1.47M | +56.9% |
| Net interest income | $680.00K | $725.00K | $754.00K | $847.00K | $940.00K | -6.2% |
| Pre-tax income | -$5.08M | -$14.03M | $32.14M | $4.55M | $2.39M | +63.8% |
| Tax provision | -$1.88M | -$1.77M | $5.22M | $680.00K | $334.00K | -6.1% |
| Net income | -$3.20M | -$12.25M | $26.91M | $3.87M | $2.05M | +73.9% |
| Net income to common | -$3.20M | -$12.25M | $26.91M | $3.87M | $2.05M | +73.9% |
| Basic EPS | -0.06 | -0.23 | 0.51 | 0.07 | 0.04 | +73.9% |
| Diluted EPS | -0.06 | -0.23 | 0.50 | 0.07 | 0.04 | +73.9% |
| EBIT | -$5.03M | -$11.66M | $31.09M | $3.66M | $1.47M | +56.9% |
| EBITDA | -$4.03M | -$10.68M | $31.09M | $6.01M | $2.42M | +62.3% |
| Basic shares | 51.46M | 52.66M | 52.91M | 53.16M | 54.26M | -2.3% |
| Diluted shares | 51.46M | 52.66M | 53.36M | 53.47M | 54.49M | -2.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $61.44M | $50.12M | $48.08M | $47.10M | $57.05M | +22.6% |
| Cash & short-term investments | $93.06M | $86.15M | $75.25M | $70.38M | $79.52M | +8.0% |
| Accounts receivable | $14.24M | $38.94M | $76.64M | $44.02M | $32.59M | -63.4% |
| Inventory | $38.24M | $30.89M | $24.26M | $33.57M | $32.66M | +23.8% |
| Total current assets | $149.42M | $161.06M | $181.21M | $155.62M | $152.15M | -7.2% |
| Property, plant & equipment | $19.30M | $19.95M | $20.64M | $21.54M | $22.32M | -3.3% |
| Goodwill & intangibles | $11.13M | $11.13M | $12.79M | $12.79M | $12.79M | 0.0% |
| Total assets | $197.74M | $208.99M | $231.51M | $209.65M | $212.28M | -5.4% |
| Total current liabilities | $18.56M | $17.35M | $17.35M | $21.22M | $18.84M | +7.0% |
| Total debt | $8.23M | $8.85M | $9.43M | $10.00M | $10.56M | -6.9% |
| Total liabilities | $25.26M | $24.70M | $25.32M | $28.81M | $27.07M | +2.2% |
| Retained earnings | $113.22M | $116.42M | $128.67M | $101.75M | $97.88M | -2.7% |
| Shareholder equity | $172.48M | $184.28M | $206.19M | $180.83M | $185.21M | -6.4% |
| Working capital | $130.87M | $143.71M | $163.86M | $134.40M | $133.31M | -8.9% |
| Net tangible assets | $161.35M | $173.16M | $193.40M | $168.04M | $172.42M | -6.8% |
| Shares issued | 51.17M | 67.01M | 66.77M | 66.71M | 66.64M | -23.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$3.20M | -$12.25M | $26.91M | $3.87M | $2.05M | +73.9% |
| Depreciation & amortisation | $1.00M | $978.00K | -$493.00K | $2.35M | $944.00K | +2.4% |
| Stock-based compensation | $1.39M | $1.96M | $1.61M | $2.21M | $1.94M | -29.4% |
| Change in working capital | $18.79M | $29.02M | -$21.60M | -$12.48M | -$1.19M | -35.2% |
| Operating cash flow | $16.31M | $21.04M | $7.08M | -$3.13M | $4.15M | -22.5% |
| Capital expenditure | -$875.00K | -$814.00K | -$662.00K | -$342.00K | -$135.00K | -7.5% |
| Investing cash flow | $4.63M | -$7.61M | -$3.03M | $3.45M | $20.89M | +160.8% |
| Share buybacks | -$10.02M | -$10.66M | -$3.44M | -$10.60M | -$17.09M | +6.0% |
| Financing cash flow | -$9.61M | -$11.38M | -$3.12M | -$10.39M | -$17.15M | +15.6% |
| Free cash flow | $15.43M | $20.22M | $6.42M | -$3.47M | $4.01M | -23.7% |
| End cash position | $61.44M | $50.12M | $48.08M | $47.10M | $57.18M | +22.6% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.04 | -0.03 | +14.3% |
| Mar 2026 | -0.07 | -0.11 | -50.0% |
| Dec 2025 | 0.67 | 0.53 | -20.9% |
| Sep 2025 | 0.10 | 0.12 | +24.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.01 | 2 | $16.11M | -49.7% |
| Next quarter | 0.20 | 2 | $35.76M | -46.5% |
| Current year | 0.04 | 1 | $73.57M | -45.5% |
| Next year | 0.49 | 2 | $110.90M | +50.7% |
Analyst targets & ownership
Mean target$9.33
High target$12.00
Low target$8.00
Implied upside18.29%
Analyst count3
ConsensusNONE
Strong buy / Buy0 / 1
Hold3
Sell / Strong sell0 / 0
Held by insiders2.00%
Held by institutions98.36%
Institutions holding289
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 6, 26 | B. Riley Securities | MAINTAINED | Neutral | Neutral |
| May 11, 26 | Freedom Broker | DOWNGRADE | Buy | Hold |
| Nov 10, 25 | Freedom Broker | MAINTAINED | Buy | Buy |
| Sep 16, 25 | CJS Securities | INITIATED | — | Market Outperform |
| Aug 7, 25 | B. Riley Securities | MAINTAINED | Neutral | Neutral |
| May 8, 25 | B. Riley Securities | DOWNGRADE | Buy | Neutral |
| Dec 5, 24 | Scotiabank | INITIATED | — | Buy |
| Dec 5, 24 | Seaport Global | INITIATED | — | Buy |
| Nov 19, 24 | B. Riley Securities | MAINTAINED | Buy | Buy |
| Nov 19, 24 | Evercore ISI Group | MAINTAINED | Outperform | Outperform |
| Jul 9, 24 | Raymond James | UPGRADE | Outperform | Strong Buy |
| Feb 28, 24 | Evercore ISI Group | MAINTAINED | Outperform | Outperform |
Moving averages & technicals
SMA 10
7.92
-0.43% from price
SMA 20
8.28
-4.64% from price
SMA 50
8.55
-7.60% from price
SMA 100
9.12
-13.53% from price
SMA 200
11.37
-30.53% from price
EMA 12
8.06
-2.14% from price
EMA 26
8.27
-4.61% from price
EMA 50
8.55
-7.68% from price
RSI (14)
42.4
Neutral
MACD (12,26,9)
-0.21
Hist -0.04
ATR (14)
0.40
5.01% of price
Realised vol 30D
42.4%
Annualised
Bollinger upper
9.14
20, 2σ
Bollinger lower
7.43
20, 2σ
50 / 200 cross
Death
8.55 vs 11.37
Trend bias
Below 200
-30.53%
Risk profile
Beta vs SPY
1.56
More volatile than market
Correlation to SPY
0.35
Loosely linked
Realised vol 30D
42.4%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-57.4%
Peak to trough
Max drawdown 5Y
-74.8%
Peak to trough
ATR 14
0.40
5.01% of price
Beta (reported)
0.92
5Y monthly, from filing
SEC filings
Offering Registrations
S-8 · 2026-08-17
Corporate Changes & Voting Matters
8-K · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-07-13
Corporate Changes & Voting Matters
8-K/A · 2026-06-11
Corporate Changes & Voting Matters
8-K · 2026-06-08
Corporate Changes & Voting Matters
8-K · 2026-05-28
Specialized Disclosure Report filed pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals (Rule 13p-1)
SD · 2026-05-26
Corporate Changes & Voting Matters
8-K · 2026-05-06
Headlines
3 Stocks Under $10 with Warning Signs
StockStory · 1d ago
1 Cash-Heavy Stock Worth Investigating and 2 We Turn Down
StockStory · 7d ago
5 Revealing Analyst Questions From Energy Recovery’s Q2 Earnings Call
StockStory · 9d ago
Energy Recovery (ERII) Q2 2026 Earnings Call Transcript
Motley Fool · 9d ago
ERII Q2 Deep Dive: Order Delays and Geopolitical Pressures Weigh on Revenue
StockStory · 13d ago
Geopolitical Risk and Guidance Withdrawal Dim Energy Recovery’s (ERII) Near-Term Visibility
Insider Monkey · 15d ago
B. Riley Adjusts Price Target on Energy Recovery to $8 From $10, Maintains Neutral Rating
MT Newswires · 16d ago
Energy Recovery Inc (ERII) (Q2 2026) Earnings Call Highlights: Navigating Geopolitical ...
GuruFocus.com · 17d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.