Energy Recovery, Inc. Financial Ratios — ERII Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.51	48.89	29.88	24.46	19.58
Return on Assets (%)	-21.62	-7.67	-3.01	-19.91	-9.79	2.47	11.71	12.83	5.92	13.43	6.83	11.17	9.15	9.3	9.68
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	268.17	106.3	- -	37.08	24.99	21.63	17.99
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.72	16.38	- -	11.58	8.31	8.72	9.16
Gross Margin (%)	27.81	47.41	59.76	54.93	56.24	64.1	67.15	70.71	72.08	69.32	68.56	69.56	67.85	66.87	65.14
EBITDA Margin (%)	-60.75	-9.94	2.54	-47.51	-18.21	14.29	22.26	22.69	20.26	42.27	19.03	24.79	18.04	18.11	20.71
Operating Margin (%)	-77.83	-18.86	-6.28	-60.75	-27	6.89	15.94	16.35	14.23	36.51	13.31	19.77	14.84	15.32	17.93
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	251.77	70.09	24.28	3.27	120.8	-167.57	50.71	-209.54	18.98	-20.1
Pretax Margin (%)	-89.65	-19.98	-6.46	-60.52	-27.41	7.47	17.11	18.75	16.83	34.89	13.48	20.76	17.69	17.75	20.44
Profit Margin (%)	-94.28	-19.36	-7.22	-61.48	-26.65	7.48	31.63	36.2	14.98	28.65	13.73	19.15	16.75	15.9	17.01
Net Income to Common Margin (%)	-94.28	-19.36	-7.22	-61.48	-26.65	7.48	31.63	36.2	14.98	28.65	13.73	19.15	16.75	15.9	17.01
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	10.96	17.88	- -	7.76	5.29	10.43	16.79
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.51	48.89	29.88	24.46	19.58

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	3	13	13	18	16	15	13	11	9
ST Debt	- -	- -	- -	- -	- -	- -	2	1	1	1	2	2	2	2	3
LT Debt	- -	- -	- -	- -	- -	- -	2	13	12	16	15	13	11	9	7
Total Debt/EBITDA	-0.01	- -	- -	- -	-0.01	0.01	0.26	0.97	0.85	0.45	0.83	0.48	0.57	0.43	0.34
Net Debt/EBITDA	1.08	3.93	-13.15	1.07	12.56	-8.63	-2.15	-1.59	-1.79	-2.42	-3.76	-1.81	-2.94	-1.13	-1.72
Total Debt/EBIT	-0.01	- -	- -	- -	- -	0.01	0.36	1.35	1.21	0.53	1.19	0.6	0.7	0.51	0.39
Net Debt/EBIT	0.84	2.07	5.31	0.84	8.47	-17.9	-3	-2.21	-2.55	-2.8	-5.38	-2.27	-3.57	-1.33	-1.99
EBITDA to Interest Expense	-501.12	-706.17	- -	- -	-189.36	2,368.67	6,457.5	13,847	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-501.12	-706.17	- -	- -	-189.36	2,368.67	6,457.5	13,847	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	-642.03	-1,339.83	- -	- -	-280.74	1,142	4,624.5	9,978	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-15.85	-24.68	-28.36	-55.4	-39.03	-39.05	-22.19	-8.01	-1.85	11.21	17.39	28.21	32.7	43.56	55.61
Long-Term Debt/Equity (%)	0.02	- -	- -	- -	0.06	0.04	1.87	11.07	8.48	9.58	8.32	7.16	5.23	4.43	3.35
Long-Term Debt/Capital (%)	-0.1	- -	- -	- -	-0.06	-0.05	-5.17	-1,357.41	127.24	40.52	27.75	17.45	11.97	7.94	4.99
Long-Term Debt/Total Assets (%)	0.02	- -	- -	- -	0.03	0.02	1.04	6.98	6.11	8.05	6.96	6.12	4.54	3.83	2.98
Total Debt/Equity (%)	0.19	0.02	- -	- -	0.08	0.06	3.62	11.89	9.23	10.31	9.2	8.03	6.04	5.39	4.57
Total Debt/Capital (%)	-1.07	-0.07	- -	- -	-0.08	-0.07	-10.03	-1,457.51	138.53	43.58	30.67	19.55	13.83	9.67	6.82
Total Debt/Total Assets (%)	0.17	0.02	- -	- -	0.03	0.03	2.02	7.5	6.65	8.66	7.69	6.85	5.25	4.66	4.07
Net Debt to Equity	-19	-19.05	-16.53	-22.17	-156.9	-94.16	-30.2	-19.45	-19.4	-54.92	-41.59	-30.41	-30.98	-14.11	-23.32
Net Debt/Capital (%)	51.35	39.22	33.2	24.56	62.77	51.3	45.53	95.97	152.32	175.61	358.39	-285.48	-244.06	-33.87	-53.37
EBITDA	-17	-4	1	-14	-8	7	13	14	15	39	20	31	23	26	28
EBITDA-CapEx	-17	-4	1	-14	-8	7	13	14	15	39	20	31	23	26	28
Operating Income (Loss)	-22	-8	-3	-18	-12	3	9	10	10	34	14	25	19	22	24

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	3.06	2.03	1.89	2.48	6.25	5.85	3.22	3.52	3.06	7.29	5.34	4.91	5.06	3.33	4.34
Current Ratio	5.9	4.73	4.86	4.62	7.71	7.13	4.15	4.41	4.06	9.1	7.67	8.63	8.64	7.41	10.44
Quick Ratio	3.85	3.46	3.84	3.56	7.09	6.67	3.85	4.04	3.53	8.13	6.41	6.88	7.3	6.06	8.75
CFO/Avg Current Liab	-0.82	-0.39	0.18	-0.33	5.01	0.3	0.12	0.26	0.19	0.77	0.76	0.66	1.31	0.91	0.92
Common Equity/Total Assets	-15.85	-24.68	-28.36	-55.4	-39.03	-39.05	-22.19	-8.01	-1.85	11.21	17.39	28.21	32.7	43.56	55.61
Long-Term Debt/Equity (%)	0.02	- -	- -	- -	0.06	0.04	1.87	11.07	8.48	9.58	8.32	7.16	5.23	4.43	3.35
Long-Term Debt/Capital (%)	-0.1	- -	- -	- -	-0.06	-0.05	-5.17	-1,357.41	127.24	40.52	27.75	17.45	11.97	7.94	4.99
Long-Term Debt/Total Assets (%)	0.02	- -	- -	- -	0.03	0.02	1.04	6.98	6.11	8.05	6.96	6.12	4.54	3.83	2.98
Total Debt/Equity (%)	0.19	0.02	- -	- -	0.08	0.06	3.62	11.89	9.23	10.31	9.2	8.03	6.04	5.39	4.57
Total Debt/Capital (%)	-1.07	-0.07	- -	- -	-0.08	-0.07	-10.03	-1,457.51	138.53	43.58	30.67	19.55	13.83	9.67	6.82
Total Debt/Total Assets (%)	0.17	0.02	- -	- -	0.03	0.03	2.02	7.5	6.65	8.66	7.69	6.85	5.25	4.66	4.07
CFO/Total Liabilities	-60	-25.81	13.9	-23.19	78.35	5.92	3.99	11.38	9.98	51.61	38.74	39.84	78.56	62.6	74.13
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	5.8	6.54	11.83	9.52	2.88	4.66	4.9	4.38	7.26	15.97	22.84	24.06	21.34	17.77	19.9

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	3.47	4.32	3.02	2.33	3.88	4.26	4.79	5.38	6.28	7.44	6.41	4.59	3.17	2.61	1.92
Days Sales Outstanding	105.07	84.49	120.67	156.93	94.16	85.71	76.19	67.82	58.11	49.09	56.92	79.45	115.17	139.76	190.23
Inventory Turnover	2.3	3.46	3.43	2.08	2.6	3.23	3.79	2.83	2.33	2.56	2.03	1.57	1.51	1.88	1.91
Days Inventory Outstanding	158.6	105.49	106.3	175.13	140.44	113.01	96.36	129.19	156.65	142.55	179.49	232.68	241.07	194.05	190.68
Accounts Payable Turnover	12.47	10.78	10.2	11.21	9.46	9.43	7.16	7.05	17.87	25.7	40.75	53.65	20.48	15.31	17.77
Accounts Payable Turnover Days	29.27	33.85	35.8	32.56	38.6	38.69	51	51.76	20.42	14.2	8.96	6.8	17.82	23.84	20.54
Cash Conversion Cycle	234.39	156.13	191.17	299.5	196	160.04	121.55	145.24	194.34	177.43	227.45	305.33	338.42	309.98	360.38
Inventory to Cash Days	-53.53	-21	14.37	-18.2	-46.29	-27.3	-20.17	-61.37	-98.54	-93.46	-122.57	-153.23	-125.9	-54.29	-0.45
Inventories	8	5	5	8	7	5	6	7	10	12	20	28	26	25	24
Raw Materials	5	3	2	3	3	2	2	2	4	5	7	11	9	9	8
Work In Process	2	1	1	2	2	1	2	3	2	2	3	3	5	6	6
Finished Goods	2	- -	1	3	2	2	1	2	4	5	10	15	13	10	11
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	136	175	283	272	369	542	470	362	536	760	1,225	1,152	1,063	841	726
- Cash & Cash Equivalents	19	17	14	16	100	61	28	22	26	94	74	56	68	30	48
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	3	13	13	18	16	15	13	11	9
Enterprise Value	106	149	263	244	269	441	375	280	463	663	1,136	1,077	968	774	660
Total Capital	-17	-26	-29	-48	-59	-58	-33	-1	9	41	54	76	96	117	138
Total Debt/Capital (%)	-1.07	-0.07	- -	- -	-0.08	-0.07	-10.03	-1,457.51	138.53	43.58	30.67	19.55	13.83	9.67	6.82
Total Debt / EV	- -	- -	- -	- -	- -	- -	0.01	0.05	0.03	0.03	0.01	0.01	0.01	0.01	0.01
EV/Sales	3.77	3.49	6.11	8.01	6.15	8.88	6.47	4.59	6.36	7.2	10.93	8.58	7.54	5.34	4.89
EV/EBITDA	- -	- -	240.8	- -	- -	62.11	29.07	20.22	31.39	17.03	57.44	34.6	41.82	29.5	23.6
EV/EBIT	- -	- -	- -	- -	- -	128.82	40.59	28.05	44.71	19.71	82.1	43.38	50.82	34.88	27.27
EV/Cash Flow to Firm	- -	- -	126.05	- -	3.89	88.83	129.51	36.99	87.95	39.29	83.95	85.27	37.16	37.73	35.16
EV/Free Cash Flow to Firm	- -	- -	126.05	- -	3.89	88.83	129.51	36.99	87.95	39.29	83.95	85.27	37.16	37.73	35.16
Diluted Market Cap	136	175	283	272	369	574	487	372	549	773	1,262	1,181	1,088	850	731
Diluted Enterprise Value	117	158	269	257	269	513	462	364	535	696	1,204	1,140	1,033	832	692
EV per Share	2.01	2.89	5.15	4.72	5.15	8.43	6.99	5.21	8.46	11.9	19.92	19.16	17.15	13.53	12.27
TTM Sales	28	43	43	30	44	50	58	61	73	92	104	126	128	145	135
TTM EBITDA	-17	-4	1	-14	-8	7	13	14	15	39	20	31	23	26	28
TTM Operating Income	-22	-8	-3	-18	-12	3	9	10	10	34	14	25	19	22	24
TTM Cash Flow to Firm	-8	-4	2	-4	69	5	3	8	5	17	14	13	26	21	19
TTM Free Cash Flow to Firm	-8	-4	2	-4	69	5	3	8	5	17	14	13	26	21	19

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	-16.44	-39.47	135.74	-73.3	5.34	115.59	168.08	49.23	104.19	45.79	93.3	93.51	41.75	41.42	38.92
EV/EBIT	- -	- -	- -	- -	- -	128.82	40.59	28.05	44.71	19.71	82.1	43.38	50.82	34.88	27.27
Enterprise Value	106	149	263	244	269	441	375	280	463	663	1,136	1,077	968	774	660
Low Price	2.09	1.95	3.24	3.3	2.07	5.28	6.13	6.17	6.56	6.11	13.45	16.92	14.04	12.26	10.86
EV/Sales	3.77	3.49	6.11	8.01	6.15	8.88	6.47	4.59	6.36	7.2	10.93	8.58	7.54	5.34	4.89
EV/EBITDA	- -	- -	240.8	- -	- -	62.11	29.07	20.22	31.39	17.03	57.44	34.6	41.82	29.5	23.6
Price/Earnings	- -	- -	- -	- -	- -	145.67	25.6	16.38	49.11	28.8	85.83	47.9	49.45	36.49	31.61
Price/Earnings Average	-5.93	-15.89	-76.28	-13.11	-17.14	148.69	24.52	20.22	46.59	19.05	76.98	48.71	60.47	38.85	33.98
Price/Earnings High	-8.67	-23	-127.42	-19.28	-42.57	234.61	33.53	24.94	60.39	29.51	99.81	61.58	80.74	50.31	42.93
Price/Earnings Low	-4.16	-12.16	-53.27	-9.12	-9.28	74.24	17.94	15.01	32.88	12.9	53.7	39.56	36.85	30.43	25.45
Price/Book Value	-7.73	-6.78	-9.8	-5.72	-6.22	-9.31	-12.87	-25.11	-153.47	33.19	32.95	18.82	12.86	7.95	5.64
Price/Book Value Average	-8.94	-5.08	-8.19	-5.15	-3.37	-9.5	-12.33	-31.01	-145.6	21.95	29.55	19.13	15.72	8.47	6.06
Price/Book Value High	-13.07	-7.36	-13.69	-7.58	-8.36	-14.99	-16.86	-38.25	-188.74	34.02	38.32	24.19	20.99	10.96	7.66
Price/Book Value Low	-6.27	-3.89	-5.72	-3.58	-1.82	-4.74	-9.02	-23.03	-102.76	14.87	20.62	15.54	9.58	6.63	4.54
Price/Tangible Book Value	1.76	2.51	4.04	5.05	7.63	10.74	6.04	3.62	4.35	4.79	7.38	6.68	5.14	4.26	3.75
Price/Tangible Book Value Average	2.03	1.88	3.38	4.54	4.13	10.96	5.78	4.47	4.13	3.17	6.62	6.79	6.28	4.54	4.03
Price/Tangible Book Value High	2.97	2.73	5.64	6.68	10.25	17.3	7.91	5.51	5.35	4.9	8.58	8.58	8.39	5.88	5.1
Price/Tangible Book Value Low	1.42	1.44	2.36	3.16	2.23	5.47	4.23	3.32	2.91	2.14	4.62	5.51	3.83	3.56	3.02
Price/Sales	4.84	4.1	6.58	8.95	8.44	10.9	8.1	5.93	7.36	8.25	11.79	9.17	8.29	5.8	5.38
Price/Sales Average	5.59	3.08	5.5	8.06	4.57	11.12	7.76	7.32	6.98	5.46	10.57	9.33	10.13	6.18	5.78
Price/Sales High	8.18	4.45	9.19	11.85	11.34	17.55	10.61	9.03	9.05	8.46	13.71	11.79	13.53	8	7.3
Price/Sales Low	3.92	2.35	3.84	5.6	2.47	5.55	5.67	5.44	4.93	3.7	7.38	7.57	6.17	4.84	4.33
Price/Cash Flow	-16.44	-39.47	135.74	-73.3	5.34	109.11	162.31	47.83	101.73	45.04	90.55	91.2	40.82	40.98	38.67
Price/Cash Flow Average	-19.01	-29.6	113.46	-65.99	2.89	111.37	155.48	59.05	96.51	29.79	81.21	92.73	49.91	43.63	41.57
Price/Cash Flow High	-27.78	-42.84	189.54	-97.09	7.17	175.74	212.58	72.85	125.11	46.17	105.3	117.24	66.64	56.51	52.51
Price/Cash Flow Low	-13.32	-22.64	79.24	-45.9	1.56	55.61	113.71	43.85	68.11	20.18	56.65	75.31	30.42	34.18	31.13
Price/Free Cash Flow Average	-19.01	-29.6	113.46	-65.99	2.89	117.99	161.01	60.78	98.85	30.29	83.67	95.08	51.05	44.1	41.84
Price/Free Cash Flow High	-27.78	-42.84	189.54	-97.09	7.17	186.18	220.14	74.98	128.14	46.93	108.49	120.2	68.17	57.11	52.86
Price/Free Cash Flow Low	-13.32	-22.64	79.24	-45.9	1.56	58.91	117.76	45.13	69.76	20.51	58.37	77.21	31.11	34.54	31.33
EV/Sales Average	4.94	2.69	5.17	7.55	2.28	9.89	7.34	7.18	6.79	4.63	10.01	9	9.7	6.05	5.49
EV/Sales High	7.53	4.06	8.86	11.35	9.06	16.32	10.18	8.89	8.86	7.63	13.15	11.46	13.1	7.87	7.02
EV/Sales Low	3.27	1.96	3.51	5.1	0.18	4.32	5.25	5.3	4.74	2.86	6.82	7.24	5.75	4.71	4.04
EV/EBITDA Average	-8.13	-27.04	203.61	-15.89	-12.53	69.19	32.96	31.64	33.51	10.95	52.63	36.29	53.8	33.42	26.52
EV/EBITDA High	-12.39	-40.89	348.94	-23.88	-49.74	114.16	45.76	39.18	43.72	18.04	69.11	46.24	72.62	43.49	33.87
EV/EBITDA Low	-5.38	-19.76	138.23	-10.72	-1.01	30.22	23.6	23.34	23.37	6.78	35.83	29.22	31.86	26.03	19.51
EV/EBIT Average	-6.35	-14.25	-82.3	-12.43	-8.45	143.5	46.02	43.91	47.72	12.67	75.23	45.51	65.38	39.51	30.64
EV/EBIT High	-9.67	-21.55	-141.05	-18.68	-33.55	236.78	63.89	54.37	62.26	20.88	98.79	57.97	88.26	51.41	39.13
EV/EBIT Low	-4.2	-10.41	-55.87	-8.39	-0.68	62.69	32.95	32.39	33.29	7.85	51.22	36.64	38.72	30.77	22.55
Last Price	2.58	3.4	5.55	5.27	7.07	10.35	8.75	6.73	9.79	13.64	21.49	20.49	18.84	14.7	13.49
High Price	4.36	3.69	7.75	6.98	9.5	16.67	11.46	10.25	12.04	13.98	24.99	26.34	30.76	20.27	18.32
Enterprise Value Average	139	115	223	230	100	492	426	438	495	426	1,041	1,130	1,245	877	742
Enterprise Value High	211	173	381	345	396	811	591	543	645	702	1,366	1,439	1,681	1,141	947
Enterprise Value Low	92	84	151	155	8	215	305	323	345	264	708	910	738	683	546

Shares Outstanding	53	51	51	52	52	53	54	54	55	56	57	56	57	55	53
Diluted Weighted Avg Shares	53	51	51	52	52	55	56	55	56	57	59	58	58	58	54
Basic Weighted Avg Shares	53	51	51	52	52	52	54	54	55	56	57	56	56	57	54
Revenue per Share	0.53	0.83	0.84	0.59	0.84	0.95	1.08	1.14	1.33	1.65	1.82	2.23	2.27	2.53	2.51
EBITDA per Share	-0.32	-0.08	0.02	-0.28	-0.15	0.14	0.24	0.26	0.27	0.7	0.35	0.55	0.41	0.46	0.52
Operating Income per Share	-0.41	-0.16	-0.05	-0.36	-0.23	0.07	0.17	0.19	0.19	0.6	0.24	0.44	0.34	0.39	0.45
Basic EPS, GAAP	-0.5	-0.16	-0.06	-0.36	-0.22	0.07	0.34	0.41	0.2	0.47	0.25	0.43	0.38	0.4	0.43
Basic EPS from Cont Ops	-0.5	-0.16	-0.06	-0.36	-0.22	0.07	0.34	0.41	0.2	0.47	0.25	0.43	0.38	0.4	0.43
Diluted EPS, GAAP	-0.5	-0.16	-0.06	-0.36	-0.22	0.07	0.33	0.4	0.19	0.47	0.24	0.42	0.37	0.4	0.42
Diluted EPS from Cont Ops	-0.5	-0.16	-0.06	-0.36	-0.22	0.07	0.33	0.4	0.19	0.47	0.24	0.42	0.37	0.4	0.42
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.16	-0.09	0.04	-0.07	1.32	0.09	0.05	0.14	0.1	0.3	0.24	0.22	0.46	0.36	0.35
Free Cash Flow per Basic Share	-0.16	-0.09	0.04	-0.07	1.32	0.09	0.05	0.14	0.1	0.3	0.24	0.22	0.46	0.36	0.35
Cash & Equivalents per Share	0.57	0.51	0.4	0.55	1.92	1.92	1.82	1.77	1.56	2.06	1.85	1.6	1.92	1.36	1.4
Book Value per Share	-0.33	-0.5	-0.57	-0.92	-1.14	-1.11	-0.68	-0.27	-0.06	0.41	0.65	1.09	1.47	1.85	2.39
Tangible Book Value per Share	1.47	1.35	1.37	1.04	0.93	0.96	1.45	1.86	2.25	2.85	2.91	3.07	3.67	3.45	3.59

Energy Recovery, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)