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Azenta vs Energy Recovery: revenue, profit, margins and growth compared

Azenta brought in $593.8M of revenue in fiscal 2025, Energy Recovery $135M in fiscal 2025. Revenue changed by +3.6% at Azenta and -6.9% at Energy Recovery on the year before, so Azenta grew faster. Azenta kept -9.4% of its revenue as net profit, Energy Recovery 17.0%. Free cash flow was $38.3M at Azenta and $17.4M at Energy Recovery.

Side by side, latest fiscal year

AZTAERII
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$593.8M$135M
Revenue growth+3.6%-6.9%
Net income-$55.8M$23M
Net margin-9.4%17.0%
Free cash flow$38.3M$17.4M
Free cash flow margin6.5%12.9%
Earnings per share (diluted)-$1.22$0.42
Cash$279.8M$48.1M
Debtn/an/a
Price to earningsn/a16.2
Market value$1.5B$347.6M
Dividend yieldn/an/a
Rank by revenue in sector#290 of 530 · Technology#405 of 530 · Technology

Over the years

Revenue
AZTA FY2018: $631.6MAZTA FY2019: $334.2MAZTA FY2020: $388.5MAZTA FY2021: $513.7MAZTA FY2022: $555.5MAZTA FY2023: $551.5MAZTA FY2024: $573.4MAZTA FY2025: $593.8MERII FY2018: $74.5MERII FY2019: $86.9MERII FY2020: $119MERII FY2021: $103.9MERII FY2022: $125.6MERII FY2023: $128.3MERII FY2024: $144.9MERII FY2025: $135MFY18FY19FY20FY21FY22FY23FY24FY25
AZTA $593.8MERII $135M
Net income
AZTA FY2018: $116.6MAZTA FY2019: $437.4MAZTA FY2020: $64.9MAZTA FY2021: $110.7MAZTA FY2022: $2.1BAZTA FY2023: -$14.6MAZTA FY2024: -$164.9MAZTA FY2025: -$55.8MERII FY2018: $22.1MERII FY2019: $10.9MERII FY2020: $26.4MERII FY2021: $14.3MERII FY2022: $24MERII FY2023: $21.5MERII FY2024: $23.1MERII FY2025: $23MFY18FY19FY20FY21FY22FY23FY24FY25
AZTA -$55.8MERII $23M
Net margin
AZTA FY2018: 18.5%AZTA FY2019: 130.9%AZTA FY2020: 16.7%AZTA FY2021: 21.6%AZTA FY2022: 384.0%AZTA FY2023: -2.7%AZTA FY2024: -28.8%AZTA FY2025: -9.4%ERII FY2018: 29.6%ERII FY2019: 12.6%ERII FY2020: 22.2%ERII FY2021: 13.7%ERII FY2022: 19.1%ERII FY2023: 16.8%ERII FY2024: 15.9%ERII FY2025: 17.0%FY18FY19FY20FY21FY22FY23FY24FY25
AZTA -9.4%ERII 17.0%
Revenue growth
AZTA FY2019: -47.1%AZTA FY2020: +16.3%AZTA FY2021: +32.2%AZTA FY2022: +8.1%AZTA FY2023: -0.7%AZTA FY2024: +4.0%AZTA FY2025: +3.6%ERII FY2019: +16.7%ERII FY2020: +36.9%ERII FY2021: -12.7%ERII FY2022: +20.9%ERII FY2023: +2.2%ERII FY2024: +12.9%ERII FY2025: -6.9%FY19FY20FY21FY22FY23FY24FY25
AZTA +3.6%ERII -6.9%
Free cash flow
AZTA FY2018: $61.2MAZTA FY2019: $67MAZTA FY2020: -$2.1MAZTA FY2021: $97.1MAZTA FY2022: -$539.5MAZTA FY2023: -$33.6MAZTA FY2024: $12.4MAZTA FY2025: $38.3MERII FY2018: $2.3MERII FY2019: -$2.1MERII FY2020: $10.1MERII FY2021: $6.8MERII FY2022: $8.4MERII FY2023: $23.5MERII FY2024: $19.2MERII FY2025: $17.4MFY18FY19FY20FY21FY22FY23FY24FY25
AZTA $38.3MERII $17.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Azenta and Energy Recovery

Which is bigger by revenue, Azenta or Energy Recovery?

Azenta is bigger by revenue: $593.8M in fiscal 2025, against $135M for Energy Recovery in fiscal 2025.

Which keeps more of its revenue as profit, Azenta or Energy Recovery?

Azenta had a net margin of -9.4% in fiscal 2025; Energy Recovery had 17.0% in fiscal 2025.

Which grew revenue faster, Azenta or Energy Recovery?

In their latest fiscal years revenue changed by +3.6% at Azenta and -6.9% at Energy Recovery.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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