Energy Recovery - Public Comps and Valuation Multiples

Energy Recovery Overview

About Energy Recovery

Energy Recovery Inc is an engineering-driven technology company. It is engaged in engineering, designing, manufacturing and supplying solutions that make industrial processes more efficient and sustainable. The company operates in three segments, Water, Emerging Technologies and Corporate. It offers energy recovery devices (ERDs) and pumps as well as related products and services to the reverse osmosis desalination market. The company derives a majority of the revenue from the Water segment. Geographically, the company operates in the U.S. and other international countries.

Founded

1992

HQ

Employees

254

Website

energyrecovery.com

Sectors

Environmental & Facilities Services
Machinery
Service Providers
ClimateTech

Financials

LTM Revenue $150M

LTM EBITDA $42.2M

EV

$844M

Valuation Multiples

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Energy Recovery Financials

As of September 2025, Energy Recovery reported last 12-month revenue of $150M and EBITDA of $42.2M.

In the same period, Energy Recovery generated $100M in LTM gross profit and $29.4M in net income.

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Energy Recovery P&L

In the most recent fiscal year, Energy Recovery reported revenue of $145M and EBITDA of $28.0M.

Energy Recovery expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$150M	XXX	$145M	XXX	XXX	XXX
Gross Profit	$100M	XXX	$96.9M	XXX	XXX	XXX
Gross Margin	67%	XXX	67%	XXX	XXX	XXX
EBITDA	$42.2M	XXX	$28.0M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	19%	XXX	XXX	XXX
EBIT	$29.4M	XXX	$22.2M	XXX	XXX	XXX
EBIT Margin	20%	XXX	15%	XXX	XXX	XXX
Net Profit	$29.4M	XXX	$23.1M	XXX	XXX	XXX
Net Margin	20%	XXX	16%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Energy Recovery including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $150M. EBITDA for the last twelve months was $42.2M. In the most recent fiscal year, Energy Recovery achieved $145M in revenue and $28.0M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$150M	Analyst estimates available to subscribers	$145M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$100M	Analyst estimates available to subscribers	$96.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	66.6% gross margin	Analyst estimates available to subscribers	66.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$42.2M	Analyst estimates available to subscribers	$28.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.1% EBITDA margin	Analyst estimates available to subscribers	19.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$29.4M	Analyst estimates available to subscribers	$22.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	19.6% EBIT margin	Analyst estimates available to subscribers	15.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$29.4M	Analyst estimates available to subscribers	$23.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	19.5% net profit margin	Analyst estimates available to subscribers	15.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Energy Recovery

This financial data table provides comprehensive performance metrics for Energy Recovery, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Energy Recovery generated $150M in revenue over the last twelve months.
The company achieved $42.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $100M.
Net income over the last twelve months reached $29.4M.

Fiscal Year Performance

In the most recent fiscal year, Energy Recovery reported $145M in total revenue.
Fiscal year EBITDA was $28.0M.
The company maintained a gross profit margin of 66.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 19.3%.
Net profit margin reached 15.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Energy Recovery. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Energy Recovery Stock Performance

Energy Recovery has current market cap of $913M, and EV of $844M.

Market Cap Evolution

Energy Recovery Stock Data

As of October 30, 2025, Energy Recovery's stock price is $17.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$844M	$913M	XXX	XXX	XXX	XXX	$0.54

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Energy Recovery Valuation Multiples

Energy Recovery's trades at 5.8x EV/Revenue multiple, and 30.1x EV/EBITDA.

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Energy Recovery Financial Valuation Multiples

As of October 30, 2025, Energy Recovery has market cap of $913M and EV of $844M.

Equity research analysts estimate Energy Recovery's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Energy Recovery has a P/E ratio of 31.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$913M	XXX	$913M	XXX	XXX	XXX
EV (current)	$844M	XXX	$844M	XXX	XXX	XXX
EV/Revenue	5.6x	XXX	5.8x	XXX	XXX	XXX
EV/EBITDA	20.0x	XXX	30.1x	XXX	XXX	XXX
EV/EBIT	28.7x	XXX	38.0x	XXX	XXX	XXX
EV/Gross Profit	8.4x	XXX	n/a	XXX	XXX	XXX
P/E	31.1x	XXX	39.6x	XXX	XXX	XXX
EV/FCF	24.2x	XXX	43.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Energy Recovery Margins & Growth Rates

Energy Recovery's last 12 month revenue growth is 11%

Energy Recovery's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.3M for the same period.

Energy Recovery's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Energy Recovery's rule of X is 56% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Energy Recovery Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	19%	XXX	XXX	XXX
EBITDA Growth	22%	XXX	31%	XXX	XXX	XXX
Rule of 40	30%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	56%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	18%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	11%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	52%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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