Energy Recovery, Inc.

ERII · Industrials · $462.1M mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power93

Median gross margin 66.9% over 7y, stable.

Returns on capital66

Median ROIC 12.9%, above the 9% hurdle in 90% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline81

Owner earnings +16.8%/yr, share count flat.

Margin of safety

Above valueOn sale

4% above value

Owner earnings (normalized): $24.6M
Est. intrinsic value / share: $8.38
Recent price: $8.75
Discount to value: 4% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ERII. See the disclaimer.