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Energy Recovery vs Veeco Instruments: revenue, profit, margins and growth compared

Energy Recovery brought in $135M of revenue in fiscal 2025, Veeco Instruments $664.3M in fiscal 2025. Revenue changed by -6.9% at Energy Recovery and -7.4% at Veeco Instruments on the year before, so Energy Recovery grew faster. Energy Recovery kept 17.0% of its revenue as net profit, Veeco Instruments 5.3%. Free cash flow was $17.4M at Energy Recovery and $53.3M at Veeco Instruments.

Side by side, latest fiscal year

ERIIVECO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$135M$664.3M
Revenue growth-6.9%-7.4%
Net income$23M$35.4M
Net margin17.0%5.3%
Free cash flow$17.4M$53.3M
Free cash flow margin12.9%8.0%
Earnings per share (diluted)$0.42$0.59
Cash$48.1M$163.5M
Debtn/a$226M
Price to earnings16.284.2
Market value$347.6M$3B
Dividend yieldn/an/a
Rank by revenue in sector#405 of 530 · Technology#277 of 530 · Technology

Over the years

Revenue
ERII FY2018: $74.5MERII FY2019: $86.9MERII FY2020: $119MERII FY2021: $103.9MERII FY2022: $125.6MERII FY2023: $128.3MERII FY2024: $144.9MERII FY2025: $135MVECO FY2018: $542.1MVECO FY2019: $419.3MVECO FY2020: $454.2MVECO FY2021: $583.3MVECO FY2022: $646.1MVECO FY2023: $666.4MVECO FY2024: $717.3MVECO FY2025: $664.3MFY18FY19FY20FY21FY22FY23FY24FY25
ERII $135MVECO $664.3M
Net income
ERII FY2018: $22.1MERII FY2019: $10.9MERII FY2020: $26.4MERII FY2021: $14.3MERII FY2022: $24MERII FY2023: $21.5MERII FY2024: $23.1MERII FY2025: $23MVECO FY2018: -$407.1MVECO FY2019: -$78.7MVECO FY2020: -$8.4MVECO FY2021: $26MVECO FY2022: $166.9MVECO FY2023: -$30.4MVECO FY2024: $73.7MVECO FY2025: $35.4MFY18FY19FY20FY21FY22FY23FY24FY25
ERII $23MVECO $35.4M
Net margin
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%VECO FY2018: -75.1%VECO FY2019: -18.8%VECO FY2020: -1.8%VECO FY2021: 4.5%VECO FY2022: 25.8%VECO FY2023: -4.6%VECO FY2024: 10.3%VECO FY2025: 5.3%FY18FY19FY20FY21FY22FY23FY24FY25
ERII 17.0%VECO 5.3%
Revenue growth
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%VECO FY2019: -22.6%VECO FY2020: +8.3%VECO FY2021: +28.4%VECO FY2022: +10.8%VECO FY2023: +3.1%VECO FY2024: +7.6%VECO FY2025: -7.4%FY19FY20FY21FY22FY23FY24FY25
ERII -6.9%VECO -7.4%
Free cash flow
ERII FY2018: $2.3MERII FY2019: -$2.1MERII FY2020: $10.1MERII FY2021: $6.8MERII FY2022: $8.4MERII FY2023: $23.5MERII FY2024: $19.2MERII FY2025: $17.4MVECO FY2018: -$50.4MVECO FY2019: -$18.3MVECO FY2020: $36.2MVECO FY2021: $27.1MVECO FY2022: $83.9MVECO FY2023: $33.7MVECO FY2024: $45.7MVECO FY2025: $53.3MFY18FY19FY20FY21FY22FY23FY24FY25
ERII $17.4MVECO $53.3M

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

Questions about Energy Recovery and Veeco Instruments

Which is bigger by revenue, Energy Recovery or Veeco Instruments?

Veeco Instruments is bigger by revenue: $664.3M in fiscal 2025, against $135M for Energy Recovery in fiscal 2025.

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

Energy Recovery had a net margin of 17.0% in fiscal 2025; Veeco Instruments had 5.3% in fiscal 2025.

Which grew revenue faster, Energy Recovery or Veeco Instruments?

In their latest fiscal years revenue changed by -6.9% at Energy Recovery and -7.4% at Veeco Instruments.

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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