Energy Recovery Inc
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Let's analyse Energy Recovery Inc together

Penke I guess you are interested in Energy Recovery Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Energy Recovery Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Energy Recovery Inc (30 sec.)

What can you expect buying and holding a share of Energy Recovery Inc? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

2.5%

What is your share worth?

Current worth

$3.81

Expected worth in 1 year

$4.40

How sure are you?

67.5%

+ What do you gain per year?

Total Gains per Share

$0.58

Return On Investment

4.2%

For what price can you sell your share?

Current Price per Share

$13.98

Expected price per share

$0 - $14.06

How sure are you?

50%

1. Valuation of Energy Recovery Inc (5 min.)

Live pricePrice per Share (EOD)

$13.98

Book Value per Share

$3.81

Intrinsic Value Per Share

$4.63 - $8.35

Total Value Per Share

$8.44 - $12.16

My calculation of the intrinsic value of Energy Recovery Inc is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.05) 3Y: ($0.06) TTM: ($0.10)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.01) 3Y: ($0.01) TTM: ($0.03)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.24	$0.31	$0.28 - $0.38
2	$0.55	$0.76	$0.37 - $0.53
3	$0.92	$1.34	$0.47 - $0.68
4	$1.34	$2.04	$0.56 - $0.83
5	$1.81	$2.85	$0.65 - $0.99
6	$2.32	$3.76	$0.74 - $1.14
7	$2.86	$4.78	$0.83 - $1.29
8	$3.43	$5.88	$0.92 - $1.44
9	$4.02	$7.08	$1.01 - $1.60
10	$4.63	$8.35	$1.10 - $1.75

2. Growth of Energy Recovery Inc (5 min.)

Is Energy Recovery Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$219.8m	$174.3m	$19.9m	10.2%

How much money is Energy Recovery Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$5.3m	$6m	-$636.2k	-11.8%
Net Profit Margin	1.4%	15.2%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Energy Recovery Inc (5 min.)

4. Comparing to competitors in the Pollution & Treatment Controls industry (5 min.)

Industry Rankings (Pollution & Treatment Controls)

Richest
#21 / 83

Most Revenue
#38 / 83

Most Profit
#24 / 83

Most Efficient
#39 / 83

What can you expect buying and holding a share of Energy Recovery Inc? (5 min.)

Welcome investor! Energy Recovery Inc's management wants to use your money to grow the business. In return you get a share of Energy Recovery Inc.

What can you expect buying and holding a share of Energy Recovery Inc?

First you should know what it really means to hold a share of Energy Recovery Inc. And how you can make/lose money.

Speculation

The Price per Share of Energy Recovery Inc is $13.98. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Energy Recovery Inc.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Energy Recovery Inc, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $3.81. Based on the TTM, the Book Value Change Per Share is $0.15 per quarter. Based on the YOY, the Book Value Change Per Share is $0.04 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Energy Recovery Inc.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.34	2.5%	0.09	0.7%	0.10	0.7%	0.08	0.6%	0.04	0.3%
Usd Book Value Change Per Share	0.46	3.3%	0.15	1.0%	0.04	0.3%	0.09	0.7%	0.06	0.4%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	0.46	3.3%	0.15	1.0%	0.04	0.3%	0.09	0.7%	0.06	0.4%
Usd Price Per Share	18.84	-	22.76	-	20.45	-	16.48	-	11.85	-
Price to Earnings Ratio	13.72	-	-61.56	-	1.55	-	28.64	-	2.15	-
Price-to-Total Gains Ratio	40.58	-	1,350.10	-	140.52	-	345.95	-	248.49	-
Price to Book Ratio	4.94	-	6.83	-	6.76	-	5.55	-	5.65	-
Price-to-Total Gains Ratio	40.58	-	1,350.10	-	140.52	-	345.95	-	248.49	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	13.98
Number of shares	71

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	0.15	0.09
Usd Total Gains Per Share	0.15	0.09
Gains per Quarter (71 shares)	10.37	6.48
Gains per Year (71 shares)	41.49	25.92

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	41	31	0	26	16
2	0	83	72	0	52	42
3	0	124	113	0	78	68
4	0	166	154	0	104	94
5	0	207	195	0	130	120
6	0	249	236	0	155	146
7	0	290	277	0	181	172
8	0	332	318	0	207	198
9	0	373	359	0	233	224
10	0	415	400	0	259	250

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	2.0	2.0	0.0	50.0%	9.0	3.0	0.0	75.0%	16.0	4.0	0.0	80.0%	24.0	16.0	0.0	60.0%	41.0	29.0	0.0	58.6%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	27.0	13.0	0.0	67.5%	41.0	25.0	4.0	58.6%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	0.0	0.0	20.0	0.0%	1.0	0.0	39.0	2.5%	2.0	0.0	68.0	2.9%
Total Gains per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	16.0	4.0	0.0	80.0%	27.0	13.0	0.0	67.5%	41.0	25.0	4.0	58.6%

Fundamentals of Energy Recovery Inc

About Energy Recovery Inc

https://www.energyrecovery.com
Pollution & Treatment Controls
269
1717 Doolittle Drive, San Leandro, CA, United States, 94577
Google Maps Bing Maps

Energy Recovery, Inc., together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the Americas, the Middle East, Africa, Asia, and Europe. The company operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation booster pumps for use in seawater and brackish desalination, and wastewater treatment. It also provides PX G1300, which reduces energy consumption and operating costs of carbon dioxide-based refrigeration systems; and spare parts, as well as repair, field, and commissioning services. It sells its products under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, Ultra PX, PX G, PX G1300, PX PowerTrain, AT, and Aquabold brands to original equipment manufacturers, supermarket chains, cold storage facilities, refrigeration system installers, and other industrial users; aftermarket customers consisting of desalination plant owners and operators; and project developers, end-users, and industry consultants, as well as engineering, procurement, and construction firms. Energy Recovery, Inc. was incorporated in 1992 and is headquartered in San Leandro, California.

Fundamental data was last updated by Penke on 2024-04-11 07:04:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is overpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Energy Recovery Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Energy Recovery Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
A Net Profit Margin of 34.6% means that $0.35 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Energy Recovery Inc:

The MRQ is 34.6%. The company is making a huge profit. +2
The TTM is 1.4%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	34.6%	TTM	1.4%	+33.2%
TTM	1.4%	YOY	15.2%	-13.8%
TTM	1.4%	5Y	11.9%	-10.5%
5Y	11.9%	10Y	-2.0%	+13.9%

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	34.6%	1.0%	+33.6%
TTM	1.4%	1.3%	+0.1%
YOY	15.2%	2.7%	+12.5%
5Y	11.9%	1.8%	+10.1%
10Y	-2.0%	1.3%	-3.3%

Measures how much net profit Energy Recovery Inc earns for each $1 of revenue.

Revenue is the amount of profit Energy Recovery Inc generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Energy Recovery Inc earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be used to compare companies within the Pollution & Treatment Controls industry.

You typically want a high profit margin. This means that for each $1 in sales, Energy Recovery Inc makes more profit. This shows the investor how efficiently Energy Recovery Inc is operating in general and compared to other companies in the same industry. Energy Recovery Inc operates in the Pollution & Treatment Controls industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Energy Recovery Inc. If profit margins remain low (compared to the Pollution & Treatment Controls industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Energy Recovery Inc is 0.35. This means that Energy Recovery Inc earned $0.35 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Pollution & Treatment Controls industry is 1.0%.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Energy Recovery Inc with other companies in the same industry (Pollution & Treatment Controls).
Net profit margin should rise over the years.
Can be influenced when Energy Recovery Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Energy Recovery Inc is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Energy Recovery Inc

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Energy Recovery Inc = 19,805
Total revenue MRQ Energy Recovery Inc = 57,189
$19,805 / $57,189 = 0.35 or 34.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Energy Recovery Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
7.8% Return on Assets means that Energy Recovery Inc generated $0.08 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Energy Recovery Inc:

The MRQ is 7.8%. Using its assets, the company is efficient in making profit. +1
The TTM is 2.1%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	7.8%	TTM	2.1%	+5.7%
TTM	2.1%	YOY	2.8%	-0.7%
TTM	2.1%	5Y	2.3%	-0.2%
5Y	2.3%	10Y	0.8%	+1.5%

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	7.8%	-0.2%	+8.0%
TTM	2.1%	0.5%	+1.6%
YOY	2.8%	0.7%	+2.1%
5Y	2.3%	0.5%	+1.8%
10Y	0.8%	0.3%	+0.5%

Shows how efficient Energy Recovery Inc is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Energy Recovery Inc is using its resources to generate profit. If the return on assets (7.8%) from Energy Recovery Inc are higher than the Pollution & Treatment Controls mean (-0.2%) that means Energy Recovery Inc is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Energy Recovery Inc is 7.8%. This means the company generated $0.08 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Pollution & Treatment Controls industry is -0.2%.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Energy Recovery Inc

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Energy Recovery Inc = 19,805
Total assets MRQ (balance sheet) from Energy Recovery Inc = 252,974
19,805 / 252,974 = 0.08 or 7.8%

ROA is an important ratio as it will tell you how effectively Energy Recovery Inc is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Energy Recovery Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
9.0% Return on Equity means Energy Recovery Inc generated $0.09 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Energy Recovery Inc:

The MRQ is 9.0%. Using its investors money, the company is less efficient in making profit.
The TTM is 2.4%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	9.0%	TTM	2.4%	+6.6%
TTM	2.4%	YOY	3.3%	-0.9%
TTM	2.4%	5Y	2.8%	-0.4%
5Y	2.8%	10Y	1.2%	+1.5%

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	9.0%	0.9%	+8.1%
TTM	2.4%	1.9%	+0.5%
YOY	3.3%	1.9%	+1.4%
5Y	2.8%	2.1%	+0.7%
10Y	1.2%	1.6%	-0.4%

Shows how efficient Energy Recovery Inc is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Pollution & Treatment Controls industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Energy Recovery Inc is 9.0%. This means Energy Recovery Inc generated $0.09 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Pollution & Treatment Controls industry is 0.9%.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if Energy Recovery Inc existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Energy Recovery Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Energy Recovery Inc = 19,805
Shareholders equity (balance sheet) MRQ Energy Recovery Inc = 219,808
19,805 / 219,808 = 0.09 or 9.0%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Energy Recovery Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Energy Recovery Inc is operating .

Measures how much profit Energy Recovery Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
An Operating Margin of 36.0% means the company generated $0.36 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Energy Recovery Inc:

The MRQ is 36.0%. The company is operating very efficient. +2
The TTM is -2.5%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	36.0%	TTM	-2.5%	+38.6%
TTM	-2.5%	YOY	14.6%	-17.1%
TTM	-2.5%	5Y	12.2%	-14.7%
5Y	12.2%	10Y	-4.2%	+16.4%

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	36.0%	2.9%	+33.1%
TTM	-2.5%	1.6%	-4.1%
YOY	14.6%	3.7%	+10.9%
5Y	12.2%	2.4%	+9.8%
10Y	-4.2%	2.7%	-6.9%

Measures how efficient Energy Recovery Inc is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Energy Recovery Inc is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Energy Recovery Inc is 36.0%. This means that Energy Recovery Inc earned $0.36 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Pollution & Treatment Controls industry is 2.9%.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Energy Recovery Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Energy Recovery Inc = 20,614
Total revenue MRQ Energy Recovery Inc = 57,189
$20,614 / $57,189 = 0.36 or 36.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Energy Recovery Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Pollution & Treatment Controls industry mean).
An Operation Ratio of 0.64 means that the operating costs are $0.64 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Energy Recovery Inc:

The MRQ is 0.640. The company is efficient in keeping operating costs low. +1
The TTM is 0.998. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.640	TTM	0.998	-0.358
TTM	0.998	YOY	0.846	+0.152
TTM	0.998	5Y	0.877	+0.121
5Y	0.877	10Y	1.044	-0.167

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	0.640	1.578	-0.938
TTM	0.998	1.574	-0.576
YOY	0.846	1.609	-0.763
5Y	0.877	1.515	-0.638
10Y	1.044	1.479	-0.435

Measures how efficient Energy Recovery Inc is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Energy Recovery Inc is 64.0%. This means that Energy Recovery Inc earned $0.64 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Pollution & Treatment Controls industry is 1.58.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Energy Recovery Inc

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(17,690 +18,885) \ 57,189 = 0.64

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Energy Recovery Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Energy Recovery Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Pollution & Treatment Controls industry mean).
A Current Ratio of 8.64 means the company has $8.64 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Energy Recovery Inc:

The MRQ is 8.638. The company is very able to pay all its short-term debts. +2
The TTM is 10.557. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	8.638	TTM	10.557	-1.919
TTM	10.557	YOY	8.944	+1.614
TTM	10.557	5Y	8.546	+2.012
5Y	8.546	10Y	7.360	+1.186

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	8.638	1.590	+7.048
TTM	10.557	1.650	+8.907
YOY	8.944	1.784	+7.160
5Y	8.546	1.892	+6.654
10Y	7.360	1.805	+5.555

Measures if Energy Recovery Inc is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Pollution & Treatment Controls industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Energy Recovery Inc if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Energy Recovery Inc is 8.64. This means Energy Recovery Inc has $8.64 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Pollution & Treatment Controls industry is 1.59.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Energy Recovery Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
185,472 \ 21,471) = 8.64

The current ratio measures if Energy Recovery Inc is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Energy Recovery Inc is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Energy Recovery Inc does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Energy Recovery Inc is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Energy Recovery Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
A Quick Ratio of 9.18 means the company can pay off $9.18 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Energy Recovery Inc:

The MRQ is 9.180. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 10.703. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	9.180	TTM	10.703	-1.523
TTM	10.703	YOY	9.073	+1.630
TTM	10.703	5Y	9.230	+1.473
5Y	9.230	10Y	8.133	+1.097

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	9.180	0.853	+8.327
TTM	10.703	0.865	+9.838
YOY	9.073	0.866	+8.207
5Y	9.230	0.969	+8.261
10Y	8.133	0.950	+7.183

Measures if Energy Recovery Inc is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Energy Recovery Inc can pay off its short term debts. This shows if Energy Recovery Inc can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Energy Recovery Inc is 9.18. This means that Energy Recovery Inc can pay off $9.18 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Pollution & Treatment Controls industry is 0.85.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Energy Recovery Inc

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Energy Recovery Inc: (108,543 + 40,445 +48,110) / 21,471 = 9.18

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Energy Recovery Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Energy Recovery Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Energy Recovery Inc to Pollution & Treatment Controls industry mean.
A Debt to Asset Ratio of 0.13 means that Energy Recovery Inc assets are financed with 13.1% credit (debt) and the remaining percentage (100% - 13.1%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Energy Recovery Inc:

The MRQ is 0.131. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.130. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.131	TTM	0.130	+0.001
TTM	0.130	YOY	0.150	-0.020
TTM	0.130	5Y	0.183	-0.053
5Y	0.183	10Y	0.285	-0.102

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	0.131	0.461	-0.330
TTM	0.130	0.464	-0.334
YOY	0.150	0.430	-0.280
5Y	0.183	0.463	-0.280
10Y	0.285	0.464	-0.179

Measures how much % of Energy Recovery Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Energy Recovery Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Energy Recovery Inc to Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Energy Recovery Inc is 0.13. This means means that Energy Recovery Inc is financed with 13.1% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Pollution & Treatment Controls industry is 159.0%.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Energy Recovery Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Energy Recovery Inc

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
33,166 \ 252,974 = 13.1% or 0.13.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Energy Recovery Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
A Debt to Equity ratio of 15.1% means that company has $0.15 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Energy Recovery Inc:

The MRQ is 0.151. The company is very able to pay all its debts with equity. +2
The TTM is 0.149. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.151	TTM	0.149	+0.001
TTM	0.149	YOY	0.177	-0.027
TTM	0.149	5Y	0.234	-0.085
5Y	0.234	10Y	0.503	-0.269

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
MRQ	0.151	0.829	-0.678
TTM	0.149	0.829	-0.680
YOY	0.177	0.732	-0.555
5Y	0.234	0.869	-0.635
10Y	0.503	0.856	-0.353

Measures if Energy Recovery Inc is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Energy Recovery Inc is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Energy Recovery Inc is 0.15. This means that Energy Recovery Inc can pay off $0.15 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Pollution & Treatment Controls industry is 0.83.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Energy Recovery Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
33,166 \ 219,808 = 0.15 or 15.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Energy Recovery Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Energy Recovery Inc generates.

Above 15 is considered overpriced but always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
A PE ratio of 13.72 means the investor is paying $13.72 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Energy Recovery Inc:

The EOD is 10.177. Based on the earnings, the company is underpriced. +1
The MRQ is 13.715. Based on the earnings, the company is underpriced. +1
The TTM is -61.562. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	10.177	MRQ	13.715	-3.538
MRQ	13.715	TTM	-61.562	+75.277
TTM	-61.562	YOY	1.546	-63.108
TTM	-61.562	5Y	28.636	-90.198
5Y	28.636	10Y	2.149	+26.487

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
EOD	10.177	-0.474	+10.651
MRQ	13.715	-0.518	+14.233
TTM	-61.562	0.714	-62.276
YOY	1.546	6.308	-4.762
5Y	28.636	8.233	+20.403
10Y	2.149	6.167	-4.018

Measures how much money you pay for each share for every $1 in earnings Energy Recovery Inc generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Energy Recovery Inc to the Pollution & Treatment Controls industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Energy Recovery Inc is 13.72. This means the investor is paying $13.72 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Pollution & Treatment Controls industry is -0.52.
What is the trend?
The trend is important because it shows you how Energy Recovery Inc is performing over time. The most recent quarter might be important if Energy Recovery Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Energy Recovery Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Energy Recovery Inc

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 57,671 = EPS
PE ratio MRQ = 13.72

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Energy Recovery Inc:

The EOD is 16.263. Based on how much money comes from the company's main activities, the company is underpriced. +1
The MRQ is 21.916. Based on how much money comes from the company's main activities, the company is underpriced. +1
The TTM is 4.476. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	16.263	MRQ	21.916	-5.654
MRQ	21.916	TTM	4.476	+17.441
TTM	4.476	YOY	-42.038	+46.513
TTM	4.476	5Y	-40.738	+45.213
5Y	-40.738	10Y	-10.698	-30.039

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
EOD	16.263	-2.626	+18.889
MRQ	21.916	-3.019	+24.935
TTM	4.476	-2.826	+7.302
YOY	-42.038	-6.843	-35.195
5Y	-40.738	0.779	-41.517
10Y	-10.698	-5.251	-5.447

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Energy Recovery Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Pollution & Treatment Controls industry mean).
A PB ratio of 4.94 means the investor is paying $4.94 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Energy Recovery Inc:

The EOD is 3.668. Based on the equity, the company is fair priced.
The MRQ is 4.943. Based on the equity, the company is fair priced.
The TTM is 6.826. Based on the equity, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	3.668	MRQ	4.943	-1.275
MRQ	4.943	TTM	6.826	-1.883
TTM	6.826	YOY	6.760	+0.066
TTM	6.826	5Y	5.551	+1.275
5Y	5.551	10Y	5.651	-0.100

Compared to industry (Pollution & Treatment Controls)

Period	Company	Industry (mean)	+/-
EOD	3.668	1.881	+1.787
MRQ	4.943	1.912	+3.031
TTM	6.826	1.934	+4.892
YOY	6.760	2.303	+4.457
5Y	5.551	2.425	+3.126
10Y	5.651	2.866	+2.785

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Energy Recovery Inc.

3.1. Institutions holding Energy Recovery Inc

Institutions are holding 94.002% of the shares of Energy Recovery Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	8.673	0.0024	4950433	-14443	-0.2909
2023-12-31	Brown Capital Management, LLC	7.6333	1.2317	4356963	1711129	64.6726
2023-12-31	FMR Inc	7.2228	0.006	4122664	211686	5.4126
2023-12-31	Vanguard Group Inc	5.1783	0.0012	2955709	62585	2.1632
2023-12-31	Fidelity International Ltd	3.8819	0.0439	2215730	-40112	-1.7781
2023-09-30	Avenir Corporation	3.1195	3.5348	1780540	67184	3.9212
2023-12-31	Diamond Hill Capital Management Inc	2.8205	0.1333	1609888	245756	18.0156
2023-12-31	Trigran Investments Inc	2.3364	2.4191	1333585	0	0
2023-12-31	State Street Corporation	2.3252	0.0012	1327216	109679	9.0083
2023-12-31	Geode Capital Management, LLC	2.1305	0.0024	1216051	64987	5.6458
2023-12-31	Ameriprise Financial Inc	2.0165	0.0065	1151012	1151012	0
2023-12-31	Kbc Group NV	1.9025	0.0725	1085898	0	0
2023-12-31	Goldman Sachs Group Inc	1.8088	0.0018	1032444	574010	125.211
2023-12-31	Dimensional Fund Advisors, Inc.	1.5586	0.0049	889598	60042	7.2378
2023-12-31	Morgan Stanley - Brokerage Accounts	1.532	0.0015	874443	142662	19.4952
2023-12-31	Amvescap Plc.	1.5194	0.0039	867251	-24061	-2.6995
2023-12-31	New York State Common Retirement Fund	1.3067	0.0195	745853	185163	33.0241
2023-12-31	Jennison Associates LLC	1.232	0.0099	703218	-818677	-53.7933
2023-12-31	Montanaro Asset Management Ltd	1.1633	2.3532	664000	-184250	-21.7212
2023-12-31	First Trust Advisors L.P.	1.1489	0.0135	655763	-83601	-11.3072
Total		60.5101	9.8632	34538259	+3420751	+9.9%

3.2. Funds holding Energy Recovery Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Fidelity Emerging Markets Fund	2.9591	0.309	1689000	0	0
2024-02-29	Diamond Hill Small-Mid Cap Equity	2.8586	1.0842	1631621	162908	11.0919
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.8239	0.0016	1611862	0	0
2023-09-30	Brown Capital Mgmt Small Co Inv	2.4213	0.8565	1382062	311546	29.1024
2024-03-28	iShares Russell 2000 ETF	2.3871	0.0329	1362533	657	0.0482
2024-02-29	CT American Smaller Coms(US) InstAccGBP	2.2142	1.6247	1263807	346197	37.7281
2024-02-29	Diamond Hill Small-Mid Cap I	1.9512	1.0878	1113705	107941	10.7322
2024-02-29	Fidelity Sust Water & Waste A Acc EUR	1.8632	1.1862	1063504	-6992	-0.6532
2024-02-29	CT (Lux) American Smaller Com 9U USD	1.5774	1.6083	900366	248254	38.0692
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.4659	0.0128	836688	-835	-0.0997
2024-03-29	iShares Global Water ETF USD Dist	1.0736	0.4229	612788	0	0
2024-02-29	RobecoSAM Sustainable Water B EUR	1.061	0.2781	605580	0	0
2024-02-29	Fidelity Mid-Cap Stock	1.0314	0.1225	588699	0	0
2024-01-31	Fidelity Small Cap Index	0.9892	0.0353	564637	8039	1.4443
2023-12-31	Fidelity Glb Thematic Opps A-USD	0.9172	0.5682	523552	-279	-0.0533
2024-03-28	L&G Clean Water ETF	0.9143	1.9763	521894	0	0
2024-03-28	Invesco Water Resources ETF	0.91	0.3861	519438	0	0
2024-03-28	iShares Russell 2000 Growth ETF	0.8454	0.0654	482537	-561	-0.1161
2024-02-29	GS Environmental Impact Eq I USD Acc	0.6936	0.8908	395896	-8687	-2.1471
2024-03-28	Amundi MSCI Water ESG scrnd ETF Dist	0.6563	0.3503	374590	0	0
Total		31.6139	12.8999	18044759	+1168188	+6.5%

3.3. Insider Transactions

Insiders are holding 3.01% of the shares of Energy Recovery Inc.

Date	Owner	Type	Amount	Price
2024-03-11	Rodney Clemente	SELL	825	14.98
2024-03-11	William Yeung	SELL	978	14.98
2024-03-11	Joshua Ballard	SELL	979	14.98
2024-03-01	Robert Yu Lang Mao	SELL	38025	16.21
2024-02-28	Arve Hanstveit	SELL	50000	15.49
2024-02-27	David W Moon	BUY	10750	15.51
2024-02-05	Farshad Ghasripoor	SELL	1118	14.89
2024-02-05	Rodney Clemente	SELL	975	14.89
2024-02-05	William Yeung	SELL	1013	14.89
2024-01-30	Farshad Ghasripoor	SELL	891	15.91
2024-01-30	Rodney Clemente	SELL	830	15.91
2024-01-30	William Yeung	SELL	823	15.91
2024-01-02	Joshua Ballard	SELL	6250	18.5
2023-11-10	Joan Kai Chow	BUY	1500	17.79
2023-11-09	David W Moon	BUY	8500	18.11
2023-11-07	Robert Yu Lang Mao	SELL	121383	18.02
2023-09-12	Joshua Ballard	SELL	700	24.03
2023-08-29	Farshad Ghasripoor	SELL	51131	27.92
2023-08-28	William Yeung	SELL	40614	27.75
2023-08-25	Rodney Clemente	SELL	31373	27.03

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Energy Recovery Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.464	0.146	+218%	0.043	+986%	0.091	+409%	0.057	+711%
Book Value Per Share	-	-	3.811	3.381	+13%	3.031	+26%	2.903	+31%	2.110	+81%
Current Ratio	-	-	8.638	10.557	-18%	8.944	-3%	8.546	+1%	7.360	+17%
Debt To Asset Ratio	-	-	0.131	0.130	+1%	0.150	-13%	0.183	-29%	0.285	-54%
Debt To Equity Ratio	-	-	0.151	0.149	+1%	0.177	-15%	0.234	-36%	0.503	-70%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	0.000	-100%
Eps	-	-	0.343	0.093	+271%	0.104	+230%	0.084	+308%	0.044	+674%
Free Cash Flow Per Share	-	-	0.215	0.102	+111%	0.037	+481%	0.041	+430%	0.048	+345%
Free Cash Flow To Equity Per Share	-	-	0.278	0.123	+126%	-0.066	+124%	0.022	+1147%	0.036	+681%
Gross Profit Margin	-	-	0.658	1.748	-62%	0.976	-33%	0.730	-10%	1.135	-42%
Intrinsic Value_10Y_max	-	-	8.351	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	4.626	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.313	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.241	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	1.339	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.920	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	2.847	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	1.811	-	-	-	-	-	-	-	-
Market Cap	797957430.000	-36%	1086521640.000	1306761907.500	-17%	1176074815.000	-8%	950619821.000	+14%	681349025.875	+59%
Net Profit Margin	-	-	0.346	0.014	+2331%	0.152	+128%	0.119	+191%	-0.020	+106%
Operating Margin	-	-	0.360	-0.025	+107%	0.146	+147%	0.122	+196%	-0.042	+112%
Operating Ratio	-	-	0.640	0.998	-36%	0.846	-24%	0.877	-27%	1.044	-39%
Pb Ratio	3.668	-35%	4.943	6.826	-28%	6.760	-27%	5.551	-11%	5.651	-13%
Pe Ratio	10.177	-35%	13.715	-61.562	+549%	1.546	+787%	28.636	-52%	2.149	+538%
Price Per Share	13.980	-35%	18.840	22.763	-17%	20.448	-8%	16.478	+14%	11.849	+59%
Price To Free Cash Flow Ratio	16.263	-35%	21.916	4.476	+390%	-42.038	+292%	-40.738	+286%	-10.698	+149%
Price To Total Gains Ratio	30.110	-35%	40.578	1350.099	-97%	140.523	-71%	345.947	-88%	248.492	-84%
Quick Ratio	-	-	9.180	10.703	-14%	9.073	+1%	9.230	-1%	8.133	+13%
Return On Assets	-	-	0.078	0.021	+275%	0.028	+179%	0.023	+240%	0.008	+918%
Return On Equity	-	-	0.090	0.024	+275%	0.033	+174%	0.028	+224%	0.012	+623%
Total Gains Per Share	-	-	0.464	0.146	+218%	0.043	+986%	0.091	+409%	0.057	+711%
Usd Book Value	-	-	219808000.000	194280500.000	+13%	174367000.000	+26%	167285600.000	+31%	121211725.000	+81%
Usd Book Value Change Per Share	-	-	0.464	0.146	+218%	0.043	+986%	0.091	+409%	0.057	+711%
Usd Book Value Per Share	-	-	3.811	3.381	+13%	3.031	+26%	2.903	+31%	2.110	+81%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	0.000	-100%
Usd Eps	-	-	0.343	0.093	+271%	0.104	+230%	0.084	+308%	0.044	+674%
Usd Free Cash Flow	-	-	12394000.000	5871750.000	+111%	2099750.000	+490%	2335200.000	+431%	2765300.000	+348%
Usd Free Cash Flow Per Share	-	-	0.215	0.102	+111%	0.037	+481%	0.041	+430%	0.048	+345%
Usd Free Cash Flow To Equity Per Share	-	-	0.278	0.123	+126%	-0.066	+124%	0.022	+1147%	0.036	+681%
Usd Market Cap	797957430.000	-36%	1086521640.000	1306761907.500	-17%	1176074815.000	-8%	950619821.000	+14%	681349025.875	+59%
Usd Price Per Share	13.980	-35%	18.840	22.763	-17%	20.448	-8%	16.478	+14%	11.849	+59%
Usd Profit	-	-	19805000.000	5376000.000	+268%	6012250.000	+229%	4856100.000	+308%	2556400.000	+675%
Usd Revenue	-	-	57189000.000	32087250.000	+78%	31397750.000	+82%	28188600.000	+103%	20782425.000	+175%
Usd Total Gains Per Share	-	-	0.464	0.146	+218%	0.043	+986%	0.091	+409%	0.057	+711%
	EOD	+4 -4	MRQ	TTM	+23 -11	YOY	+26 -8	5Y	+29 -5	10Y	+29 -7

4.2. Fundamental Score

Let's check the fundamental score of Energy Recovery Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	10.177
Price to Book Ratio (EOD)	Between	0-1	3.668
Net Profit Margin (MRQ)	Greater than	0	0.346
Operating Margin (MRQ)	Greater than	0	0.360
Quick Ratio (MRQ)	Greater than	1	9.180
Current Ratio (MRQ)	Greater than	1	8.638
Debt to Asset Ratio (MRQ)	Less than	1	0.131
Debt to Equity Ratio (MRQ)	Less than	1	0.151
Return on Equity (MRQ)	Greater than	0.15	0.090
Return on Assets (MRQ)	Greater than	0.05	0.078
Total			8/10 (80.0%)

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4.3. Technical Score

Let's check the technical score of Energy Recovery Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	42.043
Ma 20	Greater than	Ma 50	14.580
Ma 50	Greater than	Ma 100	14.996
Ma 100	Greater than	Ma 200	16.215
Open	Greater than	Close	13.840
Total			0/5 (0.0%)

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Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	252,974
Total Liabilities	33,166
Total Stockholder Equity	219,808

	As reported
Total Liabilities	33,166
Total Stockholder Equity	+ 219,808
Total Assets	= 252,974

Assets

Total Assets	252,974
Total Current Assets	185,472
Long-term Assets	67,502

Total Current Assets

Total Current Assets (as reported)	185,472
Cash And Cash Equivalents	68,098
Short-term Investments	40,445
Net Receivables	48,110
Inventory	26,149
Other Current Assets	2,183
Total Current Assets (calculated)	184,985
+/-	487

Long-term Assets

Long-term Assets (as reported)	67,502
Property Plant Equipment	30,168
Goodwill	12,790
Long Term Investments	13,832
Long-term Assets Other	388
Long-term Assets (calculated)	57,178
+/-	10,324

Liabilities & Shareholders' Equity

Total Current Liabilities	21,471
Long-term Liabilities	11,695
Total Stockholder Equity	219,808

Total Current Liabilities

Total Current Liabilities (as reported)	21,471
Short-term Debt	1,791
Accounts payable	3,000
Other Current Liabilities	15,583
Total Current Liabilities (calculated)	20,374
+/-	1,097

Long-term Liabilities

Long-term Liabilities (as reported)	11,695
Capital Lease Obligations Min Short Term Debt	11,488
Long-term Liabilities Other	207
Long-term Liabilities (calculated)	11,695
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	219,808
Common Stock	65
Retained Earnings	82,656
Accumulated Other Comprehensive Income	-44
Other Stockholders Equity	137,131
Total Stockholder Equity (calculated)	219,808
+/-	0

Other

Capital Stock	65
Cash and Short Term Investments	108,543
Common Stock Shares Outstanding	57,671
Current Deferred Revenue	1,097
Liabilities and Stockholders Equity	252,974
Net Debt	-54,819
Net Invested Capital	219,808
Net Working Capital	164,001
Property Plant and Equipment Gross	67,619
Short Long Term Debt Total	13,279

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

> Total Assets

0
0
0
13,539
13,539
0
0
27,304
27,304
32,314
33,638
112,956
120,612
118,755
118,931
119,336
142,969
143,817
142,968
135,617
133,917
130,899
128,677
118,108
110,713
104,308
103,594
104,825
104,554
97,684
95,634
93,052
102,196
96,626
93,782
85,993
85,941
79,254
74,008
73,239
151,799
144,705
141,356
141,510
149,063
148,237
145,861
149,039
161,744
155,857
174,245
181,613
179,841
180,022
183,465
190,587
188,774
190,612
185,972
194,537
204,314
215,218
209,344
208,788
213,690
211,776
191,476
200,121
217,039
207,967
209,674
222,661
252,974

252,974

222,661

209,674

207,967

217,039

200,121

191,476

211,776

213,690

208,788

209,344

215,218

204,314

194,537

185,972

190,612

188,774

190,587

183,465

180,022

179,841

181,613

174,245

155,857

161,744

149,039

145,861

148,237

149,063

141,510

141,356

144,705

151,799

73,239

74,008

79,254

85,941

85,993

93,782

96,626

102,196

93,052

95,634

97,684

104,554

104,825

103,594

104,308

110,713

118,108

128,677

130,899

133,917

135,617

142,968

143,817

142,969

119,336

118,931

118,755

120,612

112,956

33,638

32,314

27,304

13,539

> Total Current Assets

0
0
0
11,134
11,134
0
0
21,420
21,420
27,729
28,830
110,621
116,328
109,487
110,237
109,021
96,179
93,849
94,112
88,259
88,198
86,821
85,776
73,263
56,670
54,885
58,492
60,039
60,859
55,107
50,058
44,390
52,134
53,664
55,200
52,501
53,241
48,070
43,812
43,759
123,531
116,672
112,636
113,154
122,369
122,144
118,101
119,295
126,196
118,041
114,921
119,061
119,648
117,856
122,328
123,664
112,967
103,803
119,097
131,198
143,191
152,840
147,849
146,809
151,763
138,972
129,076
139,218
160,925
147,942
153,127
167,662
185,472

185,472

167,662

153,127

147,942

160,925

139,218

129,076

138,972

151,763

146,809

147,849

152,840

143,191

131,198

119,097

103,803

112,967

123,664

122,328

117,856

119,648

119,061

114,921

118,041

126,196

119,295

118,101

122,144

122,369

113,154

112,636

116,672

123,531

43,759

43,812

48,070

53,241

52,501

55,200

53,664

52,134

44,390

50,058

55,107

60,859

60,039

58,492

54,885

56,670

73,263

85,776

86,821

88,198

88,259

94,112

93,849

96,179

109,021

110,237

109,487

116,328

110,621

28,830

27,729

21,420

11,134

Cash And Cash Equivalents

0
0
0
42
42
0
0
240
240
1,901
1,655
79,821
79,287
75,004
79,631
74,725
59,115
50,511
52,109
56,802
55,338
52,589
50,396
45,430
18,507
15,762
18,829
18,287
16,642
13,423
11,350
15,815
14,371
11,437
16,447
17,423
15,501
20,391
18,107
21,498
99,931
96,527
78,987
80,691
61,364
58,691
33,281
19,245
27,780
32,153
16,378
33,394
21,955
16,992
23,331
29,696
26,387
32,842
62,970
80,149
94,255
105,431
103,302
65,745
74,358
44,520
43,223
52,131
92,891
66,332
97,542
105,929
68,098

68,098

105,929

97,542

66,332

92,891

52,131

43,223

44,520

74,358

65,745

103,302

105,431

94,255

80,149

62,970

32,842

26,387

29,696

23,331

16,992

21,955

33,394

16,378

32,153

27,780

19,245

33,281

58,691

61,364

80,691

78,987

96,527

99,931

21,498

18,107

20,391

15,501

17,423

16,447

11,437

14,371

15,815

11,350

13,423

16,642

18,287

18,829

15,762

18,507

45,430

50,396

52,589

55,338

56,802

52,109

50,511

59,115

74,725

79,631

75,004

79,287

79,821

1,655

1,901

240

Short-term Investments

0
0
0
0
475
0
0
0
366
0
0
0
246
5,518
2,284
2,938
5,271
5,183
7,557
5,650
4,636
4,634
4,465
6,674
11,706
12,548
12,033
11,442
9,497
8,029
7,286
5,997
5,856
8,017
10,421
13,751
13,072
8,323
4,713
1,344
257
255
15,095
15,049
39,073
38,668
57,478
72,241
70,020
58,108
72,207
65,446
73,338
71,771
71,854
59,905
58,736
40,995
28,409
24,373
20,446
14,617
17,394
41,900
31,332
37,702
38,479
30,156
33,479
32,338
50,832
33,095
40,445

40,445

33,095

50,832

32,338

33,479

30,156

38,479

37,702

31,332

41,900

17,394

14,617

20,446

24,373

28,409

40,995

58,736

59,905

71,854

71,771

73,338

65,446

72,207

58,108

70,020

72,241

57,478

38,668

39,073

15,049

15,095

255

257

1,344

4,713

8,323

13,072

13,751

10,421

8,017

5,856

5,997

7,286

8,029

9,497

11,442

12,033

12,548

11,706

6,674

4,465

4,634

4,636

5,650

7,557

5,183

5,271

2,938

2,284

5,518

246

366

475

Net Receivables

0
0
0
6,764
6,764
0
0
14,602
14,602
15,708
15,289
16,909
25,563
15,679
13,036
16,634
18,227
21,716
17,292
8,077
11,927
13,486
12,586
5,968
7,557
7,245
10,450
12,185
18,260
15,266
12,669
7,308
20,925
17,948
10,730
4,938
12,284
6,420
8,674
9,061
13,473
9,504
10,154
9,628
14,046
14,998
16,953
17,343
19,315
18,400
17,905
11,683
15,253
18,519
17,133
21,938
13,480
13,841
12,816
11,055
11,792
17,466
8,135
13,066
20,615
27,466
14,225
19,313
35,782
11,584
15,726
23,337
48,110

48,110

23,337

15,726

11,584

35,782

19,313

14,225

27,466

20,615

13,066

8,135

17,466

11,792

11,055

12,816

13,841

13,480

21,938

17,133

18,519

15,253

11,683

17,905

18,400

19,315

17,343

16,953

14,998

14,046

9,628

10,154

9,504

13,473

9,061

8,674

6,420

12,284

4,938

10,730

17,948

20,925

7,308

12,669

15,266

18,260

12,185

10,450

7,245

7,557

5,968

12,586

13,486

11,927

8,077

17,292

21,716

18,227

16,634

13,036

15,679

25,563

16,909

15,289

15,708

14,602

6,764

Other Current Assets

0
0
0
0
1,440
0
0
0
1,787
3,725
4,826
4,112
2,985
8,724
6,410
7,152
8,478
8,927
12,503
11,300
11,161
11,338
13,090
11,948
11,076
10,980
1,581
1,417
4,245
4,366
4,203
6,310
1,018
2,131
1,232
2,107
1,317
3,602
2,615
384
3,367
4
2,222
440
1,825
3,371
3,861
4,453
449
472
473
672
399
3,170
2,247
3,148
4,047
5,187
4,987
4,959
4,950
3,401
3,729
5,541
5,075
5,802
4,914
5,486
3,886
4,569
3,544
4,508
2,183

2,183

4,508

3,544

4,569

3,886

5,486

4,914

5,802

5,075

5,541

3,729

3,401

4,950

4,959

4,987

5,187

4,047

3,148

2,247

3,170

399

672

473

472

449

4,453

3,861

3,371

1,825

440

2,222

3,367

384

2,615

3,602

1,317

2,107

1,232

2,131

1,018

6,310

4,203

4,366

4,245

1,417

1,581

10,980

11,076

11,948

13,090

11,338

11,161

11,300

12,503

8,927

8,478

7,152

6,410

8,724

2,985

4,112

4,826

3,725

1,787

1,440

> Long-term Assets

0
0
0
2,405
2,405
0
0
5,884
5,884
4,585
4,808
2,335
4,284
9,268
8,694
10,315
46,790
49,968
48,856
47,358
45,719
44,078
42,901
44,845
54,043
49,423
45,102
44,786
43,695
42,577
45,576
48,662
50,062
42,962
38,582
33,492
32,700
31,184
30,196
29,480
28,268
28,033
28,720
28,356
26,694
26,093
27,760
29,744
35,548
37,816
59,324
62,552
60,193
62,166
61,137
66,923
75,807
86,809
66,875
63,339
61,123
62,378
61,495
61,979
61,927
72,804
62,400
60,903
56,114
60,025
56,547
54,999
67,502

67,502

54,999

56,547

60,025

56,114

60,903

62,400

72,804

61,927

61,979

61,495

62,378

61,123

63,339

66,875

86,809

75,807

66,923

61,137

62,166

60,193

62,552

59,324

37,816

35,548

29,744

27,760

26,093

26,694

28,356

28,720

28,033

28,268

29,480

30,196

31,184

32,700

33,492

38,582

42,962

50,062

48,662

45,576

42,577

43,695

44,786

45,102

49,423

54,043

44,845

42,901

44,078

45,719

47,358

48,856

49,968

46,790

10,315

8,694

9,268

4,284

2,335

4,808

4,585

5,884

2,405

Property Plant Equipment

0
0
0
1,056
1,056
0
0
1,671
1,671
1,621
1,736
1,694
1,845
2,605
4,399
7,031
16,958
20,855
22,585
22,866
22,314
21,900
21,382
20,787
16,170
16,123
15,935
16,522
15,967
15,554
15,208
14,654
13,903
13,161
14,475
13,873
13,211
12,574
12,085
11,346
10,622
9,956
9,762
9,182
8,643
8,610
10,974
13,632
13,393
15,253
25,657
28,062
26,808
28,185
29,084
28,891
30,038
37,033
35,648
36,979
36,266
36,473
35,826
35,926
35,014
34,211
32,856
32,234
32,695
32,416
31,697
30,639
30,168

30,168

30,639

31,697

32,416

32,695

32,234

32,856

34,211

35,014

35,926

35,826

36,473

36,266

36,979

35,648

37,033

30,038

28,891

29,084

28,185

26,808

28,062

25,657

15,253

13,393

13,632

10,974

8,610

8,643

9,182

9,762

9,956

10,622

11,346

12,085

12,574

13,211

13,873

14,475

13,161

13,903

14,654

15,208

15,554

15,967

16,522

15,935

16,123

16,170

20,787

21,382

21,900

22,314

22,866

22,585

20,855

16,958

7,031

4,399

2,605

1,845

1,694

1,736

1,621

1,671

1,056

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790
12,790

12,790

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,858
8,456
4,466
4,165
5,641
5,533
9,011
13,078
14,891
10,007
4,844
1,381
681
685
766
420
6
0
0
0
0
0
0
0
0
0
0
2,341
1,269
2,548
1,507
7,549
15,419
19,361
5,510
1,418
0
0
0
765
2,298
14,334
4,809
4,271
3,058
3,019
2,471
21,394
13,832

13,832

21,394

2,471

3,019

3,058

4,271

4,809

14,334

2,298

765

1,418

5,510

19,361

15,419

7,549

1,507

2,548

1,269

2,341

420

766

685

681

1,381

4,844

10,007

14,891

13,078

9,011

5,533

5,641

4,165

4,466

8,456

12,858

Intangible Assets

0
0
0
312
312
0
0
345
345
331
329
323
321
315
308
309
10,987
10,303
9,620
8,937
8,352
8,006
7,660
7,314
6,991
6,729
6,468
6,206
4,929
4,699
4,468
4,238
4,008
3,792
3,577
3,362
3,166
3,007
2,849
2,690
2,531
2,374
2,216
2,058
1,900
1,743
1,585
1,427
1,269
1,112
954
796
640
484
327
171
65
61
57
53
49
45
43
40
37
34
32
29
12,790
0
0
0
0

12,790

171

327

484

640

796

954

1,112

1,269

1,427

1,585

1,743

1,900

2,058

2,216

2,374

2,531

2,690

2,849

3,007

3,166

3,362

3,577

3,792

4,008

4,238

4,468

4,699

4,929

6,206

6,468

6,729

6,991

7,314

7,660

8,006

8,352

8,937

9,620

10,303

10,987

309

308

315

321

323

329

331

345

312

Other Assets

0
0
0
0
1,349
0
0
0
4,213
2,964
3,072
641
2,439
6,663
4,295
3,284
29,832
29,113
26,271
24,492
23,405
22,178
21,519
24,058
37,873
33,300
29,167
28,264
27,728
27,023
30,368
34,008
36,159
29,801
24,107
19,619
19,489
18,610
18,111
18,134
17,646
18,077
18,958
19,174
18,051
17,483
16,786
16,112
22,155
8,661
19,923
18,563
18,686
18,159
17,429
17,522
17,495
17,564
12,870
12,099
48,284
13,070
12,836
12,458
11,788
17,237
11,913
11,579
10,629
0
0
0
0

10,629

11,579

11,913

17,237

11,788

12,458

12,836

13,070

48,284

12,099

12,870

17,564

17,495

17,522

17,429

18,159

18,686

18,563

19,923

8,661

22,155

16,112

16,786

17,483

18,051

19,174

18,958

18,077

17,646

18,134

18,111

18,610

19,489

19,619

24,107

29,801

36,159

34,008

30,368

27,023

27,728

28,264

29,167

33,300

37,873

24,058

21,519

22,178

23,405

24,492

26,271

29,113

29,832

3,284

4,295

6,663

2,439

641

3,072

2,964

4,213

1,349

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
885
0
1,270
1,427
1,631
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,631

1,427

1,270

885

> Total Liabilities

0
0
0
5,412
5,412
0
0
7,243
7,243
10,556
9,950
11,496
13,613
9,557
8,927
7,893
22,000
21,952
20,452
16,250
13,117
11,241
11,613
11,644
13,759
12,008
13,334
15,789
17,173
13,933
12,843
13,424
15,281
12,795
13,372
11,624
16,023
16,178
12,310
11,119
88,140
84,469
83,274
83,097
83,930
79,560
80,333
80,771
79,213
64,383
71,884
72,018
66,463
60,102
56,005
55,833
52,761
52,347
28,555
30,552
32,690
28,878
29,518
32,049
34,911
30,810
29,615
30,818
31,701
26,464
27,892
28,632
33,166

33,166

28,632

27,892

26,464

31,701

30,818

29,615

30,810

34,911

32,049

29,518

28,878

32,690

30,552

28,555

52,347

52,761

55,833

56,005

60,102

66,463

72,018

71,884

64,383

79,213

80,771

80,333

79,560

83,930

83,097

83,274

84,469

88,140

11,119

12,310

16,178

16,023

11,624

13,372

12,795

15,281

13,424

12,843

13,933

17,173

15,789

13,334

12,008

13,759

11,644

11,613

11,241

13,117

16,250

20,452

21,952

22,000

7,893

8,927

9,557

13,613

11,496

9,950

10,556

7,243

5,412

> Total Current Liabilities

0
0
0
5,178
5,178
0
0
6,623
6,623
9,988
9,433
11,032
13,193
9,225
8,638
7,644
17,495
17,582
18,189
14,090
10,347
8,452
8,943
7,650
9,879
8,121
9,218
11,796
12,856
9,745
8,612
9,285
10,943
8,564
9,174
8,413
11,522
11,181
9,242
8,077
16,024
13,633
14,033
15,065
17,158
14,023
16,033
17,690
19,833
25,603
25,477
28,245
27,132
24,282
24,045
28,604
27,830
25,742
10,807
12,974
15,729
12,277
13,265
16,215
19,785
15,969
15,211
16,959
15,507
13,240
13,715
14,900
21,471

21,471

14,900

13,715

13,240

15,507

16,959

15,211

15,969

19,785

16,215

13,265

12,277

15,729

12,974

10,807

25,742

27,830

28,604

24,045

24,282

27,132

28,245

25,477

25,603

19,833

17,690

16,033

14,023

17,158

15,065

14,033

13,633

16,024

8,077

9,242

11,181

11,522

8,413

9,174

8,564

10,943

9,285

8,612

9,745

12,856

11,796

9,218

8,121

9,879

7,650

8,943

8,452

10,347

14,090

18,189

17,582

17,495

7,644

8,638

9,225

13,193

11,032

9,433

9,988

6,623

5,178

Short-term Debt

0
0
0
0
531
0
0
0
210
209
209
208
209
165
167
164
468
324
317
310
288
257
247
215
167
106
58
24
18
4
5,569
5,087
283
28
27
15
4
11
11
11
10
10
10
11
11
11
11
11
11
1,653
348
776
926
954
983
1,019
1,023
1,209
1,196
1,209
1,243
1,428
1,473
1,518
1,564
1,459
1,505
1,552
1,600
1,645
14,177
1,740
1,791

1,791

1,740

14,177

1,645

1,600

1,552

1,505

1,459

1,564

1,518

1,473

1,428

1,243

1,209

1,196

1,209

1,023

1,019

983

954

926

776

348

1,653

283

5,087

5,569

106

167

215

247

257

288

310

317

324

468

164

167

165

209

208

209

210

531

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
0
0
0
10
0
10
11
11
11
11
11
1,614
1,653
348
12
926
954
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

954

926

348

1,653

1,614

Accounts payable

0
0
0
0
1,114
0
0
0
1,697
2,616
1,834
2,090
2,270
1,811
1,838
803
1,952
3,005
3,611
1,675
1,429
1,304
1,741
1,508
1,506
1,438
1,354
1,865
2,154
1,939
1,189
1,336
1,209
1,639
1,801
1,253
1,817
2,032
2,366
1,683
1,865
2,592
1,518
1,796
1,505
1,824
2,829
3,336
4,091
2,341
1,932
4,515
1,439
1,989
1,459
1,559
1,192
1,868
1,860
1,951
1,118
1,957
2,278
3,663
909
4,360
2,716
1,931
814
1,959
1,741
1,809
3,000

3,000

1,809

1,741

1,959

814

1,931

2,716

4,360

909

3,663

2,278

1,957

1,118

1,951

1,860

1,868

1,192

1,559

1,459

1,989

1,439

4,515

1,932

2,341

4,091

3,336

2,829

1,824

1,505

1,796

1,518

2,592

1,865

1,683

2,366

2,032

1,817

1,253

1,801

1,639

1,209

1,336

1,189

1,939

2,154

1,865

1,354

1,438

1,506

1,508

1,741

1,304

1,429

1,675

3,611

3,005

1,952

803

1,838

1,811

2,270

2,090

1,834

2,616

1,697

1,114

Other Current Liabilities

0
0
0
0
3,388
0
0
0
4,228
6,093
6,903
8,140
6,714
4,550
3,990
5,128
10,447
8,716
10,112
8,089
6,289
6,272
6,625
5,407
7,347
5,078
6,243
7,675
9,766
7,062
1,027
2,074
8,672
6,067
6,315
6,046
9,182
8,004
5,641
5,435
8,271
5,412
5,733
6,803
8,372
4,816
5,377
6,557
9,315
4,778
5,546
7,055
8,497
5,683
6,156
8,519
9,869
6,156
6,771
8,654
11,816
7,756
8,397
9,582
13,994
8,093
9,483
11,319
11,898
8,185
-3,471
1,689
15,583

15,583

1,689

-3,471

8,185

11,898

11,319

9,483

8,093

13,994

9,582

8,397

7,756

11,816

8,654

6,771

6,156

9,869

8,519

6,156

5,683

8,497

7,055

5,546

4,778

9,315

6,557

5,377

4,816

8,372

6,803

5,733

5,412

8,271

5,435

5,641

8,004

9,182

6,046

6,315

6,067

8,672

2,074

1,027

7,062

9,766

7,675

6,243

5,078

7,347

5,407

6,625

6,272

6,289

8,089

10,112

8,716

10,447

5,128

3,990

4,550

6,714

8,140

6,903

6,093

4,228

3,388

> Long-term Liabilities

0
0
0
234
234
0
0
620
620
568
517
464
420
332
289
249
4,505
4,370
2,263
2,160
2,770
2,789
2,670
3,994
3,880
3,887
4,116
3,993
4,317
4,188
4,231
4,139
4,338
4,231
4,198
3,211
4,501
4,997
3,068
3,042
72,116
70,836
69,241
68,032
66,772
65,537
64,300
63,081
59,380
38,780
46,407
43,773
39,331
35,820
31,960
27,229
24,931
26,605
17,748
17,578
16,961
16,601
16,253
15,834
15,126
14,841
14,404
13,859
16,194
13,224
14,177
13,732
11,695

11,695

13,732

14,177

13,224

16,194

13,859

14,404

14,841

15,126

15,834

16,253

16,601

16,961

17,578

17,748

26,605

24,931

27,229

31,960

35,820

39,331

43,773

46,407

38,780

59,380

63,081

64,300

65,537

66,772

68,032

69,241

70,836

72,116

3,042

3,068

4,997

4,501

3,211

4,198

4,231

4,338

4,139

4,231

4,188

4,317

3,993

4,116

3,887

3,880

3,994

2,670

2,789

2,770

2,160

2,263

4,370

4,505

249

289

332

420

464

517

568

620

234

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
58
24
18
7
0
0
0
0
0
0
0
0
0
0
0
44
42
39
38
0
33
30
27
25
0
0
16
13
10
7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
885
0
1,270
1,427
1,631
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,631

1,427

1,270

885

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
8
6
5
4
3,890
3,864
1,838
1,812
2,224
2,359
2,295
2,323
2,346
2,305
2,482
2,315
2,611
2,426
2,414
2,266
2,207
2,045
1,956
911
2,512
2,899
907
843
69,718
68,440
67,099
65,829
64,512
63,215
61,917
60,634
59,364
37,494
33,364
30,969
26,775
23,509
19,910
15,452
13,398
9,082
593
776
518
527
571
550
247
226
227
127
121
0
0
0
0

121

127

227

226

247

550

571

527

518

776

593

9,082

13,398

15,452

19,910

23,509

26,775

30,969

33,364

37,494

59,364

60,634

61,917

63,215

64,512

65,829

67,099

68,440

69,718

843

907

2,899

2,512

911

1,956

2,045

2,207

2,266

2,414

2,426

2,611

2,315

2,482

2,305

2,346

2,323

2,295

2,359

2,224

1,812

1,838

3,864

3,890

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
533
1,885
1,777
1,797
1,864
1,764
2,117
2,017
2,089
2,027
2,261
2,280
2,273
2,313
2,048
2,072
2,187
2,239
71,360
67,766
68,571
67,404
66,191
65,005
61,458
60,223
59,006
0
0
0
26,539
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

26,539

59,006

60,223

61,458

65,005

66,191

67,404

68,571

67,766

71,360

2,239

2,187

2,072

2,048

2,313

2,273

2,280

2,261

2,027

2,089

2,017

2,117

1,764

1,864

1,797

1,777

1,885

533

> Total Stockholder Equity

0
0
0
0
8,127
0
0
0
20,061
21,758
23,688
101,460
106,999
109,198
110,004
111,443
120,969
121,865
122,516
119,367
120,800
119,658
117,064
106,464
96,954
92,300
90,260
89,036
87,381
83,751
82,791
79,628
86,915
83,831
80,410
74,369
69,918
63,076
61,698
62,120
63,659
60,236
58,082
58,413
65,133
68,677
65,528
68,268
82,531
91,474
102,361
109,595
113,378
119,920
127,460
134,754
136,013
138,265
157,417
163,985
171,624
186,340
179,826
176,739
178,779
180,966
161,861
169,303
185,338
181,503
181,782
194,029
219,808

219,808

194,029

181,782

181,503

185,338

169,303

161,861

180,966

178,779

176,739

179,826

186,340

171,624

163,985

157,417

138,265

136,013

134,754

127,460

119,920

113,378

109,595

102,361

91,474

82,531

68,268

65,528

68,677

65,133

58,413

58,082

60,236

63,659

62,120

61,698

63,076

69,918

74,369

80,410

83,831

86,915

79,628

82,791

83,751

87,381

89,036

90,260

92,300

96,954

106,464

117,064

119,658

120,800

119,367

122,516

121,865

120,969

111,443

110,004

109,198

106,999

101,460

23,688

21,758

20,061

8,127

Common Stock

0
0
0
0
38
0
0
0
40
40
40
50
50
50
50
50
51
51
52
52
53
53
53
53
53
53
53
53
53
53
53
53
53
53
54
54
54
54
55
55
55
55
56
56
57
58
58
58
58
59
59
59
59
60
60
60
61
61
61
61
62
63
63
63
64
64
64
64
64
64
65
65
65

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,744
-7,582
-17,603
-22,286
-21,847
-23,673
-25,857
-30,367
-31,824
-35,690
-28,963
-32,646
-37,257
-42,763
-47,668
-55,951
-59,278
-59,618
-59,306
-61,272
-60,816
-61,395
-58,272
-58,705
-59,253
-57,547
-45,922
-37,286
-21,542
-16,885
-14,466
-11,812
-8,093
-2,944
0
-2,932
13,994
19,381
22,834
29,700
30,769
31,840
37,103
44,997
42,638
47,427
61,152
54,856
53,191
0
0

53,191

54,856

61,152

47,427

42,638

44,997

37,103

31,840

30,769

29,700

22,834

19,381

13,994

-2,932

-2,944

-8,093

-11,812

-14,466

-16,885

-21,542

-37,286

-45,922

-57,547

-59,253

-58,705

-58,272

-61,395

-60,816

-61,272

-59,306

-59,618

-59,278

-55,951

-47,668

-42,763

-37,257

-32,646

-28,963

-35,690

-31,824

-30,367

-25,857

-23,673

-21,847

-22,286

-17,603

-7,582

3,744

Accumulated Other Comprehensive Income

0
0
0
-1,261
-736
0
0
-1,564
-840
-353
-358
-338
-340
-16
-44
-63
-66
-63
-57
-75
-80
-92
-97
-87
-92
-50
-53
-45
-79
-85
-112
-107
-107
-62
-43
-27
-73
-39
-47
-48
-64
-75
-101
-91
-118
-107
-87
-77
-125
-168
-194
-101
-133
-73
-2
-26
-37
-332
119
100
53
-20
-53
-86
-149
-418
-515
-509
-349
-271
-127
-183
-44

-44

-183

-127

-271

-349

-509

-515

-418

-149

-86

-53

-20

100

119

-332

-37

-26

-2

-73

-133

-101

-194

-168

-125

-77

-87

-107

-118

-91

-101

-75

-64

-48

-47

-39

-73

-27

-43

-62

-107

-112

-85

-79

-45

-53

-50

-92

-87

-97

-92

-80

-75

-57

-63

-66

-63

-44

-16

-340

-338

-358

-353

-840

-1,564

-736

-1,261

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
113,387
114,103
114,619
115,407
116,131
116,725
117,264
118,150
118,674
119,372
119,932
121,119
122,289
122,738
124,440
125,847
127,803
128,566
129,809
132,469
134,156
136,053
139,676
143,641
145,296
146,320
149,006
152,850
154,524
157,008
158,404
162,231
165,981
168,150
170,028
171,954
173,729
174,929
179,161
187,083
191,087
192,564
195,593
198,211
200,129
202,807
204,957
207,340
209,139
0
0

209,139

207,340

204,957

202,807

200,129

198,211

195,593

192,564

191,087

187,083

179,161

174,929

173,729

171,954

170,028

168,150

165,981

162,231

158,404

157,008

154,524

152,850

149,006

146,320

145,296

143,641

139,676

136,053

134,156

132,469

129,809

128,566

127,803

125,847

124,440

122,738

122,289

121,119

119,932

119,372

118,674

118,150

117,264

116,725

116,131

115,407

114,619

114,103

113,387

Treasury Stock

-80,455

-61,888

-53,832

-47,642

-42,040

-30,486

-23,981

-20,486

-16,210

-15,213

-10,941

-6,835

-5,633

-4,633

-4,000

-800

Other Stockholders Equity

0
0
0
0
14,519
0
0
0
20,762
21,025
21,131
98,250
98,527
98,848
99,753
100,661
108,536
109,361
110,327
111,046
111,987
112,615
113,364
114,133
114,596
114,583
112,107
112,701
113,264
114,150
114,674
115,372
115,932
116,486
117,656
117,105
117,605
119,012
120,968
121,731
122,974
121,528
118,943
119,843
123,466
127,431
124,810
125,834
128,520
128,869
124,038
126,522
127,918
131,745
135,495
137,664
139,542
141,468
143,243
144,443
148,675
156,597
149,047
144,922
141,761
136,323
119,674
122,321
124,471
126,854
128,653
131,296
137,131

137,131

131,296

128,653

126,854

124,471

122,321

119,674

136,323

141,761

144,922

149,047

156,597

148,675

144,443

143,243

141,468

139,542

137,664

135,495

131,745

127,918

126,522

124,038

128,869

128,520

125,834

124,810

127,431

123,466

119,843

118,943

121,528

122,974

121,731

120,968

119,012

117,605

117,105

117,656

116,486

115,932

115,372

114,674

114,150

113,264

112,701

112,107

114,583

114,596

114,133

113,364

112,615

111,987

111,046

110,327

109,361

108,536

100,661

99,753

98,848

98,527

98,250

21,131

21,025

20,762

14,519

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Accounts Payable	3,000	814	909	1,118	1,192	1,439	4,091	1,505	1,865	1,817	1,209	2,154	1,506	1,429	1,952	2,270	1,697	1,114	-	-	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Accumulated Other Comprehensive Income	-44	-349	-149	53	-37	-133	-125	-118	-64	-73	-107	-79	-92	-80	-66	-340	-840	-736	-	-	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Lease Obligations	13,279	14,878	16,443	17,686	12,556	13,482	0	0	0	0	0	0	18	0	0	0	0	0	-	-	-
Capital Stock	65	64	64	62	61	59	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Capital Surpluse	0	204,957	195,593	179,161	170,028	158,404	149,006	139,676	129,809	124,440	0	0	114,619	0	0	0	0	0	-	-	-
Cash	68,098	92,891	74,358	94,255	26,387	21,955	27,780	61,364	99,931	15,501	14,371	16,642	18,507	55,338	59,115	79,287	240	42	-	-	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Cash And Short Term Investments	108,543	92,891	105,690	114,701	85,123	95,293	97,800	100,437	100,188	28,573	20,227	26,139	30,213	55,338	59,115	79,287	240	42	-	-	-
Common Stock	65	64	64	62	61	59	58	57	55	54	53	53	53	53	51	50	40	38	-	-	-
Common Stock Shares Outstanding	57,740	57,641	58,723	56,637	56,067	55,338	55,612	55,451	52,151	51,675	51,066	51,452	52,612	52,072	52,644	47,392	41,433	40,244	38,454	32,161	32,936
Common Stock Total Equity	0	64	64	62	61	59	58	57	55	54	53	53	53	53	51	50	40	38	-	-	-
Current Deferred Revenue	1,097	1,195	3,318	1,552	15,746	16,270	6,416	7,270	5,878	519	779	918	859	2,341	4,628	4,000	488	145	-	-	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	1,270	0	0	0	0	0	0	0	0	0	0	-	-	-
Deferred Long Term Liab	0	0	0	0	0	26,539	59,006	66,191	71,360	2,048	0	0	1,777	0	0	0	0	0	-	-	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Good Will	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	0	0	0	-	-	-
Intangible Assets	0	12,790	37	49	65	640	1,269	1,900	2,531	3,166	4,008	4,929	6,991	8,352	10,987	321	345	312	-	-	-
Inventory	26,149	28,366	20,383	11,748	10,317	7,138	5,514	4,550	6,503	8,204	4,955	5,135	7,824	9,772	10,359	8,493	4,791	2,888	-	-	-
Liabilities And Stockholders Equity	252,974	217,039	213,690	204,314	188,774	179,841	161,744	149,063	151,799	85,941	102,196	104,554	110,713	133,917	142,969	120,612	27,304	13,539	-	3,054	2,445
Long Term Debt	0	0	0	0	0	12,556	16	27	38	0	0	0	18	229	615	412	620	234	-	-	-
Long Term Debt Total	0	0	0	0	0	0	16	27	38	0	0	0	18	0	0	0	0	0	-	-	-
Long Term Investments	13,832	3,058	2,298	0	15,419	1,269	0	0	6	681	0	0	12,858	0	0	0	0	0	-	-	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Debt	-54,819	-76,413	-57,915	-76,569	-13,831	-8,473	-27,753	-61,326	-99,883	-15,501	-14,371	-16,624	-18,322	-54,821	-58,032	-78,666	590	723	-	-	-
Net Invested Capital	219,808	185,338	178,779	171,624	136,013	113,378	82,558	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Receivables	48,110	35,782	20,615	11,792	13,480	15,253	19,315	14,046	13,469	12,284	20,925	18,260	7,557	11,927	18,227	25,563	14,602	6,764	-	-	-
Net Tangible Assets	0	172,548	165,952	171,624	123,158	99,938	68,472	50,443	48,338	53,962	0	0	77,173	0	0	0	0	0	-	-	-
Net Working Capital	164,001	139,565	131,978	127,462	85,137	92,516	106,363	105,211	107,507	41,719	41,191	48,003	46,791	77,851	78,684	103,135	14,797	5,956	-	-	-
Non Current Assets Total	67,502	56,114	61,927	61,123	75,807	60,193	35,548	26,694	28,268	32,700	50,062	43,695	54,043	45,719	46,790	4,284	5,884	2,405	-	-	-
Non Current Liabilities Other	207	121	15,126	16,961	278	12,792	358	554	718	2,453	0	0	2,085	0	0	0	0	0	-	-	-
Non Current Liabilities Total	11,695	16,194	15,126	16,961	24,931	39,331	59,380	66,772	72,116	4,501	4,338	4,317	3,880	2,770	4,505	420	620	234	-	-	-
Non Currrent Assets Other	388	-3,058	367	302	598	368	194	2,091	2,325	3,266	5,667	5,236	6,894	2,263	5,608	1,999	3,720	854	-	-	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Assets	0	10,629	11,788	48,284	17,495	18,686	8,127	3,361	2,319	2,852	4,470	4,368	6,894	2,263	6,055	189	1,411	325	-	3,054	2,445
Other Current Assets	2,183	3,886	5,075	4,950	4,047	399	449	1,825	943	1,317	1,018	4,245	11,076	11,161	8,478	2,985	1,787	1,440	-	-	-
Other Current Liab	15,583	11,898	13,994	11,816	9,869	8,497	18,630	16,744	16,542	9,186	8,955	9,766	14,694	12,578	20,894	6,714	4,228	3,388	-	-	-
Other Liab	0	121	247	518	13,398	26,775	40,517	66,745	72,078	2,512	2,207	2,611	2,346	2,224	3,890	8	0	0	-	-	-
Other Stockholder Equity	137,131	124,471	141,761	148,675	139,542	127,918	128,520	123,466	122,974	117,605	115,932	113,264	114,596	111,987	108,536	98,527	20,762	14,519	-	993	1,235
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Property Plant And Equipment Gross	67,619	66,638	35,014	36,266	30,038	26,808	13,393	8,643	10,622	13,211	13,904	15,967	16,170	22,314	16,958	1,845	1,671	1,056	-	-	-
Property Plant And Equipment Net	30,168	32,695	35,014	36,266	30,038	26,808	13,393	8,643	10,622	13,211	13,903	15,967	16,170	22,314	16,958	1,845	1,671	1,056	-	-	-
Property Plant Equipment	0	19,580	20,361	20,176	30,038	14,619	13,393	8,643	10,622	13,211	13,903	15,967	16,170	22,314	16,958	1,845	1,671	1,056	-	-	-
Retained Earnings	82,656	61,152	37,103	22,834	-3,553	-14,466	-45,922	-58,272	-59,306	-47,668	-28,963	-25,857	-17,603	8,840	12,448	8,762	99	-5,694	-	-	-
Retained Earnings Total Equity	0	61,152	37,103	22,834	0	-14,466	-45,922	-58,272	-59,306	-47,668	0	0	-17,603	0	0	0	0	0	-	-	-
Short Long Term Debt	0	0	0	0	0	926	11	11	10	10	0	0	0	0	0	0	0	0	-	-	-
Short Long Term Debt Total	13,279	16,478	16,443	17,686	12,556	13,482	27	38	48	0	0	18	185	517	1,083	621	830	765	-	-	-
Short Term Debt	1,791	1,600	1,564	1,243	1,023	926	11	11	10	4	283	18	167	288	468	209	210	531	-	-	-
Short Term Investments	40,445	33,479	31,332	20,446	58,736	73,338	70,020	39,073	257	13,072	5,856	9,497	11,706	4,636	5,271	246	366	475	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Assets	252,974	217,039	213,690	204,314	188,774	179,841	161,744	149,063	151,799	85,941	102,196	104,554	110,713	133,917	142,969	120,612	27,304	13,539	-	3,054	2,445
Total Current Assets	185,472	160,925	151,763	143,191	112,967	119,648	126,196	122,369	123,531	53,241	52,134	60,859	56,670	88,198	96,179	116,328	21,420	11,134	-	-	-
Total Current Liabilities	21,471	15,507	19,785	15,729	27,830	27,132	19,833	17,158	16,024	11,522	10,943	12,856	9,879	10,347	17,495	13,193	6,623	5,178	-	-	-
Total Liab	33,166	31,701	34,911	32,690	52,761	66,463	79,213	83,930	88,140	16,023	15,281	17,173	13,759	13,117	22,000	13,613	7,243	5,412	-	2,061	1,210
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Total Stockholder Equity	219,808	185,338	178,779	171,624	136,013	113,378	82,531	65,133	63,659	69,918	86,915	87,381	96,954	120,800	120,969	106,999	20,061	8,127	-	993	1,235
Treasury Stock	0	0	-53,832	-30,486	-30,486	-30,486	-20,486	-16,210	-6,835	-6,835	-4,000	-4,000	0	0	0	0	0	0	-	-	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31
Accounts Payable	3,000	1,809	1,741	1,959	814	1,931	2,716	4,360	909	3,663	2,278	1,957	1,118	1,951	1,860	1,868	1,192	1,559	1,459	1,989	1,439	4,515	1,932	2,341	4,091	3,336	2,829	1,824	1,505	1,796	1,518	2,592	1,865	1,683	2,366	2,032	1,817	1,253	1,801	1,639	1,209	1,336	1,189	1,939	2,154	1,865	1,354	1,438	1,506	1,508	1,741	1,304	1,429	1,675	3,611	3,005	1,952	803	1,838	1,811	2,270	2,090	1,834	2,616	1,697	0	-	0	1,114	-	0	0	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Accumulated Other Comprehensive Income	-44	-183	-127	-271	-349	-509	-515	-418	-149	-86	-53	-20	53	100	119	-332	-37	-26	-2	-73	-133	-101	-194	-168	-125	-77	-87	-107	-118	-91	-101	-75	-64	-48	-47	-39	-73	-27	-43	-62	-107	-107	-112	-85	-79	-45	-53	-50	-92	-87	-97	-92	-80	-75	-57	-63	-66	-63	-44	-16	-340	-338	-358	-353	-840	-1,564	-	0	-736	-1,261	0	0	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Capital Lease Obligations	13,279	13,732	14,177	14,615	14,878	15,284	15,682	16,074	16,443	16,802	17,155	17,502	17,686	18,011	18,351	18,732	12,556	12,796	13,033	13,265	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	18	24	37	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Capital Stock	65	65	65	64	64	64	64	64	64	63	63	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Capital Surpluse	0	0	209,139	207,340	204,957	202,807	200,129	198,211	195,593	192,564	191,087	187,083	179,161	174,929	173,729	171,954	170,028	168,150	165,981	162,231	158,404	157,008	154,524	152,850	149,006	146,320	145,296	143,641	139,676	136,053	134,156	132,469	129,809	128,566	127,803	125,847	124,440	122,738	122,289	121,119	119,932	119,372	118,674	118,150	117,264	116,725	116,131	115,407	114,619	114,103	113,387	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Cash	68,098	105,929	97,542	66,332	92,891	52,131	43,223	44,520	74,358	65,745	103,302	105,431	94,255	80,149	62,970	32,842	26,387	29,696	23,331	16,992	21,955	33,394	16,378	32,153	27,780	19,245	33,281	58,691	61,364	80,691	78,987	96,527	99,931	21,498	18,107	20,391	15,501	17,423	16,447	11,437	14,371	15,815	11,350	13,423	16,642	18,287	18,829	15,762	18,507	45,430	50,396	52,589	55,338	56,802	52,109	50,511	59,115	74,725	79,631	75,004	79,287	79,821	1,655	1,901	240	240	-	0	42	42	0	0	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Cash And Short Term Investments	108,543	105,929	97,542	98,670	92,891	82,287	81,702	82,222	105,690	107,645	120,696	120,048	114,701	104,522	91,379	73,837	85,123	89,601	95,185	88,763	95,293	98,840	88,585	90,261	97,800	91,486	90,759	97,359	100,437	95,740	94,082	96,782	100,188	22,842	22,820	28,714	28,573	31,174	26,868	19,454	20,227	21,812	18,636	21,452	26,139	29,729	30,862	28,310	30,213	45,430	50,396	52,589	55,338	56,802	52,109	50,511	59,115	74,725	79,631	75,004	79,287	79,821	1,655	1,901	240	0	-	0	42	-	0	0	-
Common Stock	65	65	65	64	64	64	64	64	64	63	63	63	62	61	61	61	61	60	60	60	59	59	59	59	58	58	58	58	57	56	56	55	55	55	55	54	54	54	54	53	53	53	53	53	53	53	53	53	53	53	53	53	53	52	52	51	51	50	50	50	50	50	40	40	40	0	-	0	38	-	0	0	-
Common Stock Shares Outstanding	57,671	57,969	56,363	56,228	57,433	57,372	56,218	58,181	58,502	58,709	58,999	58,597	57,261	56,471	56,371	56,542	55,201	56,384	56,110	55,368	53,665	55,295	55,406	53,987	53,580	55,140	55,565	56,056	52,106	52,106	55,698	52,207	52,237	52,237	52,026	51,948	51,822	51,861	51,566	51,446	53,305	51,052	51,026	50,982	50,900	50,872	52,070	52,618	52,636	52,636	52,605	52,586	52,447	52,447	52,078	53,652	50,160	52,584	50,146	52,580	49,646	52,396	42,284	42,196	39,060	41,433	41,433	40,508	38,018	40,244	40,244	40,244	40,244
Common Stock Total Equity	0	0	65	64	64	64	64	64	64	63	63	63	62	61	61	61	61	60	60	60	59	59	59	59	58	58	58	58	57	56	56	55	55	55	55	54	54	54	54	53	53	53	53	53	53	53	53	53	53	53	53	53	53	52	52	51	51	50	50	50	50	50	40	40	40	40	-	0	38	38	0	0	-
Current Deferred Revenue	1,097	9,662	1,268	1,451	1,195	2,157	1,507	2,057	3,318	1,452	1,117	1,136	1,552	1,160	980	16,509	15,746	17,507	15,447	15,656	16,270	15,899	17,651	16,831	6,416	7,786	7,816	7,372	7,270	6,455	6,772	5,619	5,878	948	1,224	1,134	519	1,099	1,031	830	779	788	827	740	918	2,232	1,563	1,499	859	520	330	619	2,341	4,016	4,149	5,537	4,628	1,549	2,643	2,699	4,000	594	487	1,070	488	0	-	0	145	-	0	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,631	1,427	1,270	0	885	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	26,539	0	0	0	59,006	60,223	61,458	65,005	66,191	67,404	68,571	67,766	71,360	2,239	2,187	2,072	2,048	2,313	2,273	2,280	2,261	2,027	2,089	2,017	2,117	1,764	1,864	1,797	1,777	1,885	533	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Good Will	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	12,790	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Intangible Assets	0	0	0	0	12,790	29	32	34	37	40	43	45	49	53	57	61	65	171	327	484	640	796	954	1,112	1,269	1,427	1,585	1,743	1,900	2,058	2,216	2,374	2,531	2,690	2,849	3,007	3,166	3,362	3,577	3,792	4,008	4,238	4,468	4,699	4,929	6,206	6,468	6,729	6,991	7,314	7,660	8,006	8,352	8,937	9,620	10,303	10,987	309	308	315	321	323	329	331	345	345	-	0	312	312	0	0	-
Inventory	26,149	33,888	36,315	33,119	28,366	32,132	28,235	23,482	20,383	20,557	15,289	11,925	11,748	10,662	9,915	10,938	10,317	8,977	7,763	7,307	7,138	6,275	6,375	7,328	5,514	6,283	6,370	4,824	4,550	5,839	6,178	6,725	6,503	8,893	9,703	9,334	8,204	10,227	9,595	8,276	4,955	8,960	7,364	6,635	5,135	6,521	7,020	8,350	7,824	9,917	9,704	9,408	9,772	12,080	12,208	12,695	10,359	10,510	11,160	10,080	8,493	9,779	7,060	6,395	4,791	4,791	-	0	2,888	2,888	0	0	-
Liabilities And Stockholders Equity	252,974	222,661	209,674	207,967	217,039	200,121	191,476	211,776	213,690	208,788	209,344	215,218	204,314	194,537	185,972	190,612	188,774	190,587	183,465	180,022	179,841	181,613	174,245	155,857	161,744	149,039	145,861	148,237	149,063	141,510	141,356	144,705	151,799	73,239	74,008	79,254	85,941	85,993	93,782	96,626	102,196	93,052	95,634	97,684	104,554	104,825	103,594	104,308	110,713	118,108	128,677	130,899	133,917	135,617	142,968	143,817	142,969	119,336	118,931	118,755	120,612	112,956	33,638	32,314	27,304	27,304	-	0	13,539	13,539	0	0	-
Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12,311	12,556	7	10	13	16	19	22	25	27	30	33	36	38	39	42	44	0	0	0	0	0	0	0	0	0	0	0	7	18	24	21	113	229	348	425	506	615	245	284	326	412	464	517	568	620	0	-	0	234	-	0	0	-
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	10	13	16	0	0	25	27	30	33	0	38	39	42	44	0	0	0	0	0	0	0	0	0	0	0	7	18	24	58	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Long Term Investments	13,832	21,394	2,471	3,019	3,058	4,271	4,809	14,334	2,298	765	0	0	0	1,418	5,510	19,361	15,419	7,549	1,507	2,548	1,269	2,341	0	0	0	0	0	0	0	0	0	0	6	420	766	685	681	1,381	4,844	10,007	14,891	13,078	9,011	5,533	5,641	4,165	4,466	8,456	12,858	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Net Debt	-54,819	-92,197	-83,365	-51,717	-76,413	-36,847	-27,541	-28,446	-57,915	-48,943	-86,147	-87,929	-76,569	-62,138	-44,619	-14,110	-13,831	-16,900	-10,298	-3,727	-8,473	-19,814	-2,987	-29,214	-27,753	-19,215	-33,248	-58,655	-61,326	-80,650	-78,944	-96,481	-99,883	-21,448	-18,054	-20,336	-15,501	-17,423	-16,447	-11,437	-14,371	-15,815	-11,350	-13,419	-16,624	-18,263	-18,771	-15,649	-18,322	-45,191	-50,091	-52,219	-54,821	-56,144	-51,367	-49,681	-58,032	-74,316	-79,180	-74,513	-78,666	-79,149	-929	-1,124	590	590	-	0	723	723	0	0	-
Net Invested Capital	219,808	194,029	181,782	181,503	185,338	169,303	161,861	180,966	178,779	176,739	179,826	186,340	171,624	163,985	157,417	138,265	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Net Receivables	48,110	23,337	15,726	11,584	35,782	19,313	14,225	27,466	20,615	13,066	8,135	17,466	11,792	11,055	12,816	13,841	13,480	21,938	17,133	18,519	15,253	11,683	17,905	18,400	19,315	17,343	16,953	14,998	14,046	9,628	10,154	9,504	13,473	9,061	8,674	6,420	12,284	4,938	10,730	17,948	20,925	7,308	12,669	15,266	18,260	12,185	10,450	7,245	7,557	5,968	12,586	13,486	11,927	8,077	17,292	21,716	18,227	16,634	13,036	15,679	25,563	16,909	15,289	15,708	14,602	14,602	-	0	6,764	6,764	0	0	-
Net Tangible Assets	0	0	168,992	168,713	172,548	156,484	149,039	168,142	165,952	163,909	166,993	173,505	158,785	151,142	144,570	125,414	123,158	121,793	114,343	106,636	99,938	95,999	88,617	77,562	68,472	54,051	51,153	54,144	50,443	58,413	43,076	60,236	48,338	46,640	46,059	47,279	53,962	58,217	64,043	67,249	70,117	62,600	65,533	66,262	69,662	70,040	71,002	72,781	77,173	86,360	96,614	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Net Working Capital	164,001	152,762	139,412	134,702	139,565	122,259	113,865	123,003	131,978	130,594	134,584	140,563	127,462	118,224	108,290	78,061	85,137	95,060	98,283	93,574	92,516	90,816	89,444	92,438	106,363	101,605	102,068	108,121	105,211	98,089	98,603	103,039	107,507	35,682	34,570	36,889	41,719	44,088	46,026	45,100	41,191	35,105	41,446	45,362	48,003	48,243	49,274	46,764	46,791	65,613	76,833	78,369	77,851	74,169	75,923	76,267	78,684	101,377	101,599	100,262	103,135	99,589	19,397	17,741	14,797	14,797	-	0	5,956	-	0	0	-
Non Current Assets Total	67,502	54,999	56,547	60,025	56,114	60,903	62,400	72,804	61,927	61,979	61,495	62,378	61,123	63,339	66,875	86,809	75,807	66,923	61,137	62,166	60,193	62,552	59,324	37,816	35,548	29,744	27,760	26,093	26,694	28,356	28,720	28,033	28,268	29,480	30,196	31,184	32,700	33,492	38,582	42,962	50,062	48,662	45,576	42,577	43,695	44,786	45,102	49,423	54,043	44,845	42,901	44,078	45,719	47,358	48,856	49,968	46,790	10,315	8,694	9,268	4,284	2,335	4,808	4,585	5,884	5,884	-	0	2,405	2,405	0	0	-
Non Current Liabilities Other	207	222	215	254	121	127	14,404	14,841	15,126	15,834	571	431	430	17,578	17,748	26,605	278	27,229	31,960	35,820	12,792	43,766	46,397	38,767	358	0	0	507	554	598	0	674	718	764	839	2,881	2,453	898	1,925	1,951	2,077	2,112	2,142	2,171	2,200	2,229	2,252	2,083	2,085	2,085	2,079	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Non Current Liabilities Total	11,695	13,732	14,177	13,224	16,194	13,859	14,404	14,841	15,126	15,834	16,253	16,601	16,961	17,578	17,748	26,605	24,931	27,229	31,960	35,820	39,331	43,773	46,407	38,780	59,380	63,081	64,300	65,537	66,772	68,032	69,241	70,836	72,116	3,042	3,068	4,997	4,501	3,211	4,198	4,231	4,338	4,139	4,231	4,188	4,317	3,993	4,116	3,887	3,880	3,994	2,670	2,789	2,770	2,160	2,263	4,370	4,505	249	289	332	420	464	517	568	620	620	-	0	234	234	0	0	-
Non Currrent Assets Other	388	-21,394	-2,471	385	-3,058	365	365	365	367	365	365	1,371	988	645	639	632	598	402	396	390	368	481	371	352	194	184	780	1,523	2,091	3,305	3,067	2,913	2,325	2,234	1,970	2,308	2,852	1,388	2,198	3,711	4,470	3,402	3,712	3,679	4,368	5,103	4,983	6,515	6,894	3,954	1,069	1,382	2,263	2,318	2,354	5,573	5,608	2,640	3,513	3,577	1,999	170	2,595	2,485	3,720	3,720	-	0	854	854	0	0	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Other Assets	0	0	0	0	10,629	11,579	11,913	17,237	11,788	12,458	12,836	13,070	48,284	12,099	12,870	17,564	17,495	17,522	17,429	18,159	18,686	18,563	19,923	8,661	22,155	16,112	16,786	17,483	18,051	19,174	18,958	18,077	17,646	18,134	18,111	18,610	19,489	19,619	24,107	29,801	36,159	34,008	30,368	27,023	27,728	28,264	29,167	33,300	37,873	24,058	21,519	22,178	23,405	24,492	26,271	29,113	29,832	3,284	4,295	6,663	2,439	641	3,072	2,964	4,213	0	-	0	1,349	-	0	0	-
Other Current Assets	2,183	4,508	3,544	4,569	3,886	5,486	4,914	5,802	5,075	5,541	3,729	3,401	4,950	4,959	4,987	5,187	4,047	3,148	2,247	3,170	399	672	473	472	449	4,453	3,861	3,371	1,825	440	2,222	4	3,367	384	2,615	3,602	1,317	2,107	1,232	2,131	1,018	6,310	4,203	4,366	4,245	1,417	1,581	10,980	11,076	11,948	13,090	11,338	11,161	11,300	12,503	8,927	8,478	7,152	6,410	8,724	2,985	4,112	4,826	3,725	1,787	0	-	0	1,440	-	0	0	-
Other Current Liab	15,583	1,689	-3,471	8,185	11,898	11,319	9,483	8,093	13,994	9,582	8,397	7,756	11,816	8,654	6,771	6,156	9,869	8,519	6,156	5,683	8,497	7,055	5,546	4,778	9,315	6,557	5,377	4,816	8,372	6,803	5,733	5,412	8,271	5,435	5,641	8,004	9,182	6,046	6,315	6,067	8,672	2,074	1,027	7,062	9,766	7,675	6,243	5,078	7,347	5,407	6,625	6,272	6,289	8,089	10,112	8,716	10,447	5,128	3,990	4,550	6,714	8,140	6,903	6,093	4,228	0	-	0	3,388	-	0	0	-
Other Liab	0	0	0	0	121	127	227	226	247	550	571	527	518	776	593	9,082	13,398	15,452	19,910	23,509	26,775	30,969	33,364	37,494	59,364	60,634	61,917	63,215	64,512	65,829	67,099	68,440	69,718	843	907	2,899	2,512	911	1,956	2,045	2,207	2,266	2,414	2,426	2,611	2,315	2,482	2,305	2,346	2,323	2,295	2,359	2,224	1,812	1,838	3,864	3,890	4	5	6	8	0	0	0	0	0	-	0	0	-	0	0	-
Other Stockholder Equity	137,131	131,296	128,653	126,854	124,471	122,321	119,674	136,323	141,761	144,922	149,047	156,597	148,675	144,443	143,243	141,468	139,542	137,664	135,495	131,745	127,918	126,522	124,038	128,869	128,520	125,834	124,810	127,431	123,466	119,843	118,943	121,528	122,974	121,731	120,968	119,012	117,605	117,105	117,656	116,486	115,932	115,372	114,674	114,150	113,264	112,701	112,107	114,583	114,596	114,133	113,364	112,615	111,987	111,046	110,327	109,361	108,536	100,661	99,753	98,848	98,527	98,250	21,131	21,025	20,762	0	-	0	14,519	-	0	0	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Property Plant And Equipment Gross	67,619	30,639	31,697	32,416	66,638	32,234	0	0	0	0	35,826	36,473	36,266	36,979	35,648	37,033	30,038	28,891	29,084	28,185	26,808	28,062	25,657	15,253	13,393	13,632	10,974	8,610	8,643	9,182	9,762	9,956	10,622	11,346	12,085	12,574	13,211	13,873	14,475	13,161	13,904	14,654	15,208	15,554	15,967	16,522	15,935	16,123	16,170	20,787	21,382	21,900	22,314	22,866	22,585	20,855	16,958	7,031	4,399	2,605	1,845	1,694	1,736	1,621	1,671	1,671	-	0	1,056	1,056	0	0	-
Property Plant And Equipment Net	30,168	30,639	31,697	32,416	32,695	32,234	32,856	34,211	35,014	35,926	35,826	36,473	36,266	36,979	35,648	37,033	30,038	28,891	29,084	28,185	26,808	28,062	25,657	15,253	13,393	13,632	10,974	8,610	8,643	9,182	9,762	9,956	10,622	11,346	12,085	12,574	13,211	13,873	14,475	13,161	13,903	14,654	15,208	15,554	15,967	16,522	15,935	16,123	16,170	20,787	21,382	21,900	22,314	22,866	22,585	20,855	16,958	7,031	4,399	2,605	1,845	1,694	1,736	1,621	1,671	0	-	0	1,056	-	0	0	-
Property Plant Equipment	0	0	19,391	19,703	19,580	18,724	18,958	19,932	20,361	20,905	35,826	36,473	36,266	20,535	18,838	19,780	30,038	17,442	17,384	16,239	14,619	15,634	12,988	12,742	13,393	13,632	10,974	8,610	8,643	9,182	9,762	9,956	10,622	11,346	12,085	12,574	13,211	13,873	14,475	13,161	13,903	14,654	15,208	15,554	15,967	16,522	15,935	16,123	16,170	20,787	21,382	21,900	22,314	22,866	22,585	20,855	16,958	7,031	4,399	2,605	1,845	1,694	1,736	1,621	1,671	0	-	0	1,056	-	0	0	-
Retained Earnings	82,656	62,851	53,191	54,856	61,152	47,427	42,638	44,997	37,103	31,840	30,769	29,700	22,834	19,381	13,994	-2,932	-3,553	-2,944	-8,093	-11,812	-14,466	-16,885	-21,542	-37,286	-45,922	-57,547	-59,253	-58,705	-58,272	-61,395	-60,816	-61,272	-59,306	-59,618	-59,278	-55,951	-47,668	-42,763	-37,257	-32,646	-28,963	-35,690	-31,824	-30,367	-25,857	-23,673	-21,847	-22,286	-17,603	-7,582	3,744	7,082	8,840	8,344	12,194	12,516	12,448	10,795	10,245	10,316	8,762	3,498	2,875	1,046	99	99	-	0	-5,694	-5,694	0	0	-
Retained Earnings Total Equity	0	0	53,191	54,856	61,152	47,427	42,638	44,997	37,103	31,840	30,769	29,700	22,834	19,381	13,994	-2,932	0	-2,944	-8,093	-11,812	-14,466	-16,885	-21,542	-37,286	-45,922	-57,547	-59,253	-58,705	-58,272	-61,395	-60,816	-61,272	-59,306	-59,618	-59,278	-55,951	-47,668	-42,763	-37,257	-32,646	-28,963	-35,690	-31,824	-30,367	-25,857	-23,673	-21,847	-22,286	-17,603	-7,582	3,744	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	954	926	12	348	1,653	1,614	11	11	11	11	11	10	0	10	0	0	0	10	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Short Long Term Debt Total	13,279	13,732	14,177	14,615	16,478	15,284	15,682	16,074	16,443	16,802	17,155	17,502	17,686	18,011	18,351	18,732	12,556	12,796	13,033	13,265	13,482	13,580	13,391	2,939	27	30	33	36	38	41	43	46	48	50	53	55	0	0	0	0	0	0	0	4	18	24	58	113	185	239	305	370	517	658	742	830	1,083	409	451	491	621	672	726	777	830	830	-	0	765	765	0	0	-
Short Term Debt	1,791	1,740	14,177	1,645	1,600	1,552	1,505	1,459	1,564	1,518	1,473	1,428	1,243	1,209	1,196	1,209	1,023	1,019	983	954	926	776	348	1,653	11	11	11	11	11	11	10	10	10	11	11	11	4	15	27	28	283	5,087	5,569	4	18	24	58	106	167	215	247	257	288	310	317	324	468	164	167	165	209	208	209	209	210	0	-	0	531	-	0	0	-
Short Term Investments	40,445	33,095	50,832	32,338	33,479	30,156	38,479	37,702	31,332	41,900	17,394	14,617	20,446	24,373	28,409	40,995	58,736	59,905	71,854	71,771	73,338	65,446	72,207	58,108	70,020	72,241	57,478	38,668	39,073	15,049	15,095	255	257	1,344	4,713	8,323	13,072	13,751	10,421	8,017	5,856	5,997	7,286	8,029	9,497	11,442	12,033	12,548	11,706	6,674	4,465	4,634	4,636	5,650	7,557	5,183	5,271	2,938	2,284	5,518	246	0	0	0	366	0	-	0	475	-	0	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Total Assets	252,974	222,661	209,674	207,967	217,039	200,121	191,476	211,776	213,690	208,788	209,344	215,218	204,314	194,537	185,972	190,612	188,774	190,587	183,465	180,022	179,841	181,613	174,245	155,857	161,744	149,039	145,861	148,237	149,063	141,510	141,356	144,705	151,799	73,239	74,008	79,254	85,941	85,993	93,782	96,626	102,196	93,052	95,634	97,684	104,554	104,825	103,594	104,308	110,713	118,108	128,677	130,899	133,917	135,617	142,968	143,817	142,969	119,336	118,931	118,755	120,612	112,956	33,638	32,314	27,304	27,304	-	0	13,539	13,539	0	0	-
Total Current Assets	185,472	167,662	153,127	147,942	160,925	139,218	129,076	138,972	151,763	146,809	147,849	152,840	143,191	131,198	119,097	103,803	112,967	123,664	122,328	117,856	119,648	119,061	114,921	118,041	126,196	119,295	118,101	122,144	122,369	113,154	112,636	116,672	123,531	43,759	43,812	48,070	53,241	52,501	55,200	53,664	52,134	44,390	50,058	55,107	60,859	60,039	58,492	54,885	56,670	73,263	85,776	86,821	88,198	88,259	94,112	93,849	96,179	109,021	110,237	109,487	116,328	110,621	28,830	27,729	21,420	21,420	-	0	11,134	11,134	0	0	-
Total Current Liabilities	21,471	14,900	13,715	13,240	15,507	16,959	15,211	15,969	19,785	16,215	13,265	12,277	15,729	12,974	10,807	25,742	27,830	28,604	24,045	24,282	27,132	28,245	25,477	25,603	19,833	17,690	16,033	14,023	17,158	15,065	14,033	13,633	16,024	8,077	9,242	11,181	11,522	8,413	9,174	8,564	10,943	9,285	8,612	9,745	12,856	11,796	9,218	8,121	9,879	7,650	8,943	8,452	10,347	14,090	18,189	17,582	17,495	7,644	8,638	9,225	13,193	11,032	9,433	9,988	6,623	6,623	-	0	5,178	5,178	0	0	-
Total Liab	33,166	28,632	27,892	26,464	31,701	30,818	29,615	30,810	34,911	32,049	29,518	28,878	32,690	30,552	28,555	52,347	52,761	55,833	56,005	60,102	66,463	72,018	71,884	64,383	79,213	80,771	80,333	79,560	83,930	83,097	83,274	84,469	88,140	11,119	12,310	16,178	16,023	11,624	13,372	12,795	15,281	13,424	12,843	13,933	17,173	15,789	13,334	12,008	13,759	11,644	11,613	11,241	13,117	16,250	20,452	21,952	22,000	7,893	8,927	9,557	13,613	11,496	9,950	10,556	7,243	7,243	-	0	5,412	5,412	0	0	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Total Stockholder Equity	219,808	194,029	181,782	181,503	185,338	169,303	161,861	180,966	178,779	176,739	179,826	186,340	171,624	163,985	157,417	138,265	136,013	134,754	127,460	119,920	113,378	109,595	102,361	91,474	82,531	68,268	65,528	68,677	65,133	58,413	58,082	60,236	63,659	62,120	61,698	63,076	69,918	74,369	80,410	83,831	86,915	79,628	82,791	83,751	87,381	89,036	90,260	92,300	96,954	106,464	117,064	119,658	120,800	119,367	122,516	121,865	120,969	111,443	110,004	109,198	106,999	101,460	23,688	21,758	20,061	0	-	0	8,127	-	0	0	-
Treasury Stock	0	0	0	0	0	0	-80,455	-61,888	-53,832	-47,642	-42,040	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-30,486	-23,981	-20,486	-20,486	-20,486	-16,210	-16,210	-16,210	-15,213	-10,941	-6,835	-6,835	-6,835	-6,835	-6,835	-5,633	-4,633	-4,633	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Begin Period Cash Flow	56,458	74,461	94,358	26,488	22,138	30,626	61,364	99,931	15,501	14,371	16,642	18,507	55,338	59,115	79,287	240	42	261
Capital Expenditures	2,567	3,130	6,679	6,785	7,382	5,235	7,376	1,112	572	2,562	1,132	2,810	1,966	9,527	7,687	667	918	328
Cash And Cash Equivalents Changes	0	-17,983	-19,829	67,844	0	-8,488	-33,584	-38,567	84,430	1,130	-2,271	-1,865	-36,831	0	0	0	0	0
Cash Flows Other Operating	0	-1,641	3,479	-28,011	0	-665	-5,038	402	-316	24	-3,227	1,548	685	0	0	0	0	0
Change In Cash	11,767	-18,003	-19,897	67,870	4,350	-8,488	-33,584	-38,567	84,430	1,130	-2,271	-1,865	-36,831	-3,777	-20,172	79,047	198	-219
Change In Working Capital	-9,339	-25,865	-13,869	-28,587	-17,696	-14,691	-9,053	-2,296	75,034	7,204	-1,673	-6,206	3,544	-2,399	5,672	-8,077	-10,081	-2,140
Change Receivables	0	-13,480	-8,823	1,098	0	4,113	-5,157	-1,695	743	8,884	2,042	-11,609	4,123	0	0	0	0	0
Change To Account Receivables	-12,873	-13,480	-8,823	1,098	-2,679	1,917	-761	-244	-743	4,002	-2,303	-6,779	2,942	3,106	8,961	0	0	0
Change To Inventory	1,354	-8,282	-8,766	-1,622	-3,256	-1,872	-1,250	2,287	1,951	-3,569	-117	1,832	950	-506	1,883	-3,728	-1,950	-960
Change To Liabilities	0	-924	241	-52	-14,316	-16,250	2,393	1,259	74,301	2,143	-866	2,879	-1,046	0	0	0	0	0
Change To Netincome	0	7,465	6,617	13,381	7,656	-4,085	-4,529	3,263	135	3,027	184	4,863	8,565	0	0	517	0	1,334
Change To Operating Activities	0	-924	710	579	-863	-595	572	-664	-2,092	1,610	0	0	0	0	0	0	0	0
Depreciation	5,748	6,302	5,939	5,299	4,395	3,869	3,666	3,680	3,838	4,028	3,797	3,802	4,791	5,204	1,183	522	323	231
Dividends Paid	0	0	0	0	0	0	0	10	0	0	4,143	0	0	0	0	0	0	0
End Period Cash Flow	68,225	56,458	74,461	94,358	26,488	22,138	27,780	61,364	99,931	15,501	14,371	16,642	18,507	55,338	59,115	79,287	240	42
Exchange Rate Changes	0	0	0	0	0	-8	-57	-41	-17	152	7	17	-36	0	0	0	0	0
Free Cash Flow	23,487	9,501	6,847	10,085	-2,114	2,330	-4,481	3,853	68,483	-6,277	956	-7,242	-10,222	-7,829	5,130	697	-3,747	494
Investments	-21,199	-3,816	-13,884	53,385	501	-4,924	-31,535	-39,017	12,925	5,754	-5,705	8,155	-23,037	0	0	0	0	0
Issuance Of Capital Stock	1,926	2,986	10,554	4,397	6,073	4,291	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	0	-27	-11	-10	48	48	-18	-167	-332	0	0	0	0	0
Net Income	21,504	24,049	14,269	26,387	10,913	22,093	12,350	1,034	-11,638	-18,705	-3,106	-8,254	-26,443	-3,608	3,686	8,663	5,793	2,382
Other Cashflows From Financing Activities	-19,114	-23,668	-12,792	-23	-110	-150	-270	10	55	-1,375	8,143	24	16	130	484	365	-41	-535
Other Cashflows From Investing Activities	0	1,102	0	0	501	-4,924	1,538	-577	1,665	3,306	1,985	1,318	-3,269	3,946	0	1,317	0	0
Other Non Cash Items	164	479	1,525	3,117	559	1,439	710	-257	-1,912	1,381	666	3,461	4,472	-1,352	-94	557	1,828	1,204
Sale Purchase Of Stock	0	-26,654	-23,346	-23	-110	-10,000	-4,276	-9,375	1,326	-2,835	-4,000	-4,000	49	0	0	0	0	0
Stock Based Compensation	8,038	6,508	6,053	4,787	5,676	5,240	4,087	3,263	4,059	2,104	2,177	2,615	2,544	2,774	2,409	373	-351	4
Total Cash From Financing Activities	4,794	-23,668	-12,792	4,374	5,963	-5,886	951	-2,785	1,374	-1,805	486	-4,113	-267	121	-1,065	77,072	5,077	-530
Total Cash From Operating Activities	26,054	12,631	13,526	16,870	5,268	7,565	2,895	4,965	69,055	-3,715	2,088	-4,432	-8,256	1,698	12,817	1,364	-2,829	822
Total Cashflows From Investing Activities	0	-6,946	-20,563	46,600	-6,881	-10,159	-37,373	-40,706	14,018	6,498	-4,852	6,663	-28,272	0	0	650	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-03-31	2006-12-31	2006-06-30	2006-03-31
Begin Period Cash Flow	51,566	44,365	66,455	56,458	52,235	43,327	44,623	74,461	65,848	103,405	105,534	94,358	80,252	63,072	32,943	26,488	29,797	23,419	17,175	22,138	33,989	17,272	33,443	30,626	19,245	33,281	58,691	61,364	80,691	78,987	96,527	99,931	21,498	18,107	20,391	15,501	17,423	16,447	11,437	14,371	15,815	11,350	13,423	16,642	18,287	18,829	15,762	18,507	45,430	50,396	52,589	55,338	56,802	52,109	50,511	59,115	74,725	79,631	75,004	79,287	79,821	1,655	1,901	240	240	0	0	0	0	0
Capital Expenditures	1,388	412	570	197	1,233	563	460	1,976	1,780	2,450	1,822	627	766	1,609	3,030	1,380	1,881	816	3,119	1,566	3,206	493	910	626	533	3,066	3,245	532	212	287	461	152	15	128	250	179	261	161	2,102	38	55	211	482	384	705	626	465	1,014	125	943	559	339	430	2,531	2,367	4,199	3,052	1,700	2,002	933	291	90	230	56	56	0	0	328	0	0
Cash And Cash Equivalents Changes	0	0	-22,123	9,989	4,281	8,874	-1,311	-29,827	8,641	-37,537	-2,134	11,201	14,091	17,154	30,119	6,480	0	6,378	6,244	-4,963	-11,851	16,717	-16,171	2,817	8,535	-14,036	-25,410	-2,673	-19,327	1,704	-17,540	-3,404	78,433	3,391	-2,284	4,890	-1,922	976	5,010	-2,934	-1,444	4,465	-2,073	-3,219	-1,645	-542	3,067	-2,745	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	517	1,398	415	-73	319	-2,302	2,803	-199	1,185	-310	43	211	-24,041	-4,224	0	-164	-2,654	-4,071	9,619	5,909	-13,666	-2,527	-471	-5,089	-31	553	1,376	-402	-957	385	1,965	-841	-1,584	144	857	-663	-1,282	1,112	-6,241	3,033	122	-141	1,124	-218	91	551	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	16,659	7,201	-22,090	9,997	4,223	8,908	-1,296	-29,838	8,613	-37,557	-2,129	11,176	14,106	17,180	30,129	6,455	-3,309	6,378	6,244	-4,963	-11,851	16,717	-16,171	2,817	8,535	-14,036	-25,410	-2,673	-19,327	1,704	-17,540	-3,404	78,433	3,391	-2,284	4,890	-1,922	976	5,010	-2,934	-1,444	4,465	-2,073	-3,219	-1,645	-542	3,067	-2,745	-26,923	-4,966	-2,193	-2,749	-1,464	4,693	1,598	-8,604	-15,610	-4,906	4,627	-4,283	-534	78,166	-246	1,661	1,661	0	0	0	0	0
Change In Working Capital	-11,095	-5,524	-5,134	12,414	-10,673	-9,594	7,862	-13,460	-4,004	-8,550	8,147	-9,462	34	2,007	-21,044	-9,584	2,885	-7,432	-1,359	-11,790	-6,843	3,187	-2,201	-8,834	-563	232	-2,296	-6,426	-1,673	529	-921	-231	75,817	-668	-4,586	4,471	620	2,151	8,430	-3,997	-8,660	7,170	1,015	-1,198	-4,160	-104	-959	-983	746	6,915	-712	-3,405	-3,286	6,906	838	-6,857	4,732	-4,798	2,199	3,539	-5,707	188	-1,450	-1,108	-1,108	0	0	0	0	0
Change Receivables	0	0	-3,777	22,509	-15,688	-4,496	12,746	-6,042	-7,549	-5,467	8,798	-4,605	-764	1,761	1,003	-902	0	-7,778	1,346	-4,185	-3,284	6,378	-14	1,033	-1,960	-3,458	2,832	-2,571	-5,556	447	7,318	-3,904	-2,576	-213	-2,306	5,838	-7,749	5,628	8,953	2,052	-9,675	5,497	2,562	3,658	-6,574	-2,039	-3,330	334	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-23,629	-7,976	-3,777	22,509	-15,688	-4,496	12,746	-6,042	-7,549	-5,467	8,798	-4,605	-764	1,761	1,003	-902	7,938	-5,631	2,176	-7,162	-2,546	3,630	1,130	-297	-575	412	-3,169	2,571	-3,574	-3	-571	3,904	-3,553	-662	-2,052	5,524	-6,933	5,211	7,776	-2,052	-8,911	4,240	1,203	1,426	-3,105	-870	-2,976	172	-2,895	4,445	67	1,325	-3,566	8,778	738	-2,844	-1,804	-1,637	3,033	9,369	-7,622	388	0	0	0	0	0	0	0	0
Change To Inventory	7,099	2,352	-3,242	-4,855	3,566	-3,943	-4,782	-3,123	108	-5,253	-3,435	-186	-1,116	-766	952	-692	-1,371	-1,160	-507	-218	-978	13	917	-1,824	253	198	-1,356	-345	1,448	450	623	-234	2,514	957	-400	-1,120	1,915	-801	-1,322	-3,361	3,789	-1,653	-773	-1,480	549	483	1,308	-508	1,158	-225	-122	139	2,299	60	-7	-2,858	3,959	677	-1,092	-1,661	1,289	-2,695	-698	-1,624	-1,624	0	0	0	0	0
Change To Liabilities	0	0	1,774	-6,236	2,572	-1,082	-421	-1,993	634	2,369	390	413	-485	801	1,042	-3,766	-4,095	1,553	444	-3,325	-12,144	-9,085	10,541	-5,562	2,083	-1,014	1,135	189	5,984	-154	-5,298	727	77,598	-931	-1,965	-401	4,139	-320	-2,124	448	2,891	434	-936	-3,255	1,578	1,686	994	-1,379	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Netincome	0	0	1,517	1,243	1,922	2,157	1,098	2,288	2,945	1,623	885	1,303	1,697	1,942	8,208	1,613	1,534	1,419	2,558	2,320	1,232	2,575	-9,951	2,059	-7,506	857	1,007	1,113	713	736	626	1,188	-3,885	655	1,585	1,780	2,563	-924	1,969	-581	-2,235	813	732	874	2,099	705	1,268	791	11	11	13	5	0	0	0	0	0	0	0	0	517	0	0	0	0	0	0	1,334	0	0
Change To Operating Activities	0	0	0	0	4,154	730	1,524	-7,332	4,939	-183	855	-4,901	2,845	2,024	652	-4,942	18	1,035	1,577	-3,493	1,120	1,230	1,274	-4,219	572	629	31	-553	-664	-214	1	0	-2,092	0	0	0	1,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1,450	1,471	1,442	1,385	1,356	1,297	2,261	1,388	1,798	1,408	1,386	1,347	1,336	1,212	1,493	1,258	955	1,488	1,052	900	971	858	916	1,124	962	884	939	881	909	920	919	932	941	938	980	979	1,003	1,027	1,015	983	996	972	918	911	857	969	976	1,000	1,183	1,201	1,203	1,204	1,419	1,519	1,140	1,126	557	234	214	178	144	140	117	121	121	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	72	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	68,225	51,566	44,365	66,455	56,458	52,235	43,327	44,623	74,461	65,848	103,405	105,534	94,358	80,252	63,072	32,943	26,488	29,797	23,419	17,175	22,138	33,989	17,272	33,443	27,780	19,245	33,281	58,691	61,364	80,691	78,987	96,527	99,931	21,498	18,107	20,391	15,501	17,423	16,447	11,437	14,371	15,815	11,350	13,423	16,642	18,287	18,829	15,762	18,507	45,430	50,396	52,589	55,338	56,802	52,109	50,511	59,115	74,725	79,631	75,004	79,287	79,821	1,655	1,901	1,901	240	0	0	0	0
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-4	-22	-8	36	-14	-2	-40	-30	15	25	24	-26	-64	37	-36	-7	-11	108	13	-25	56	23	17	-21	-12	3	26	-9	-3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	12,394	7,337	-4,704	8,460	5,130	-1,774	8,621	-3,578	4,452	-6,697	9,665	-573	5,754	9,035	2,548	-7,252	2,884	-316	2,835	-7,517	-5,390	10,926	3,753	-6,959	4,534	746	-4,405	-5,356	2,426	1,191	648	-412	76,741	121	-7,216	-1,163	-2,333	-1,611	3,640	-5,973	-701	5,127	768	-4,238	-3,151	-751	1,414	-4,754	-3,881	-164	-2,636	-3,541	-2,598	2,838	617	-8,686	4,706	-5,079	1,203	4,300	-119	1,417	-194	-407	-407	0	0	494	0	0
Investments	-739	-1,339	-17,633	1,364	-1,959	8,686	8,413	-18,956	8,769	-25,480	-2,883	5,710	5,200	7,987	26,884	13,314	-8,702	5,843	1,043	401	-6,803	4,358	-14,167	11,688	2,018	-14,912	-18,932	291	-24,105	-9	-14,903	0	1,080	3,610	3,560	4,675	1,672	17	1,465	2,600	-601	-2,984	-2,906	786	755	1,250	2,706	3,444	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	3,610	805	214	165	742	1,259	222	763	1,615	242	2,638	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-19	-3	-3	-2	-3	-3	-3	-2	-3	-2	-3	-2	-2	-3	-2	55	48	0	0	0	0	0	-4	-14	-6	-34	-55	-72	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	19,805	9,660	-1,665	-6,296	13,725	4,789	-2,359	7,894	5,263	1,071	1,069	6,866	3,453	5,387	16,926	621	-609	5,149	3,719	2,654	2,418	4,658	15,743	-726	11,625	1,706	-548	-433	3,123	-579	456	-1,966	312	-340	-3,327	-8,283	-4,905	-5,506	-4,611	-3,683	6,727	-3,866	-1,457	-4,510	-2,184	-1,826	439	-4,683	-10,021	-11,326	-3,338	-1,758	496	-3,850	-322	68	1,653	550	-71	1,554	5,264	623	1,829	947	947	2,397	1,119	1,557	648	959
Other Cashflows From Financing Activities	-739	31	18,567	-165	-3,308	1,228	-18,345	-20,932	6,984	-27,930	-4,705	5,088	4,434	6,378	-1	-22	-21	-27	6,477	-34	-35	-39	-39	-37	-42	-33	-42	-153	-24,879	4	-15,344	2	874	2,916	-2	55	-1,375	3,386	-1,241	2,974	18	-1,085	-3,328	461	24	-411	4,452	72	16	-5,677	-77	582	99	-590	57	-26	484	-1,488	1,297	-9,712	-32	-11	-57	465	1,530	0	0	5	0	0
Other Cashflows From Investing Activities	0	0	-570	-197	368	734	0	0	-5	-5	5	5	5	5	0	13,314	501	7,322	1,444	401	-4,924	0	0	0	244	166	1,588	-460	-562	300	20	-335	-191	-566	1,338	1,084	-32	3,530	-604	412	-244	2,110	60	59	707	-1,035	2,211	-565	0	0	1,403	921	3,946	2,899	958	122	0	0	0	0	1,317	1,586	1,586	1,586	0	0	0	0	0	0
Other Non Cash Items	536	234	-238	4	-403	466	71	345	1,024	213	229	59	158	184	2,410	365	60	28	413	58	491	312	399	237	713	-15	-122	134	-155	-96	-30	24	-326	-218	-2,012	644	630	407	219	125	-229	476	219	200	2,535	203	4,738	84	3,822	-11,076	-5,052	271	-1,783	54	192	580	261	-735	280	100	111	556	-460	-311	308	0	0	0	0	0
Sale Purchase Of Stock	0	-31	-18,567	165	3,308	-31	-18,567	-8,056	-6,190	-5,602	-11,554	6,059	3,137	132	688	440	0	843	-6,505	2,191	418	1,483	-6,505	-3,495	1,786	40	-4,276	2,992	2,892	-997	-4,272	-4,106	768	265	43	-1,202	-1,202	-1,000	534	-633	79	195	30	200	23	2	-3,200	-800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	2,227	1,419	1,718	2,302	1,407	1,497	1,724	1,880	1,479	1,233	1,428	1,913	1,115	1,077	1,092	1,503	1,251	1,354	1,393	1,678	1,014	1,042	942	2,242	951	1,016	1,007	1,113	623	775	677	1,188	510	496	1,913	1,140	476	413	634	581	460	530	500	687	518	589	725	783	524	706	707	607	746	720	711	597	594	904	716	195	1,034	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	3,610	805	214	165	742	1,228	-18,345	-7,293	-4,575	-5,360	-8,916	6,059	3,137	132	687	418	628	816	2,362	2,157	364	1,441	-5,793	-1,898	1,741	4	-3,631	2,837	2,889	198	-3,279	-2,593	766	262	41	305	-1,337	-973	534	-29	79	195	26	186	41	-32	-3,255	-867	-55	-60	-23	-129	69	-84	161	-25	-1,362	-24	109	212	-133	76,762	-45	488	488	0	0	0	0	0
Total Cash From Operating Activities	13,782	7,749	-4,134	8,657	6,363	-1,211	9,081	-1,602	6,232	-4,247	11,487	54	6,520	10,644	5,578	-5,872	4,765	500	5,954	-5,951	-2,184	11,419	4,663	-6,333	5,067	3,812	-1,160	-4,824	2,638	1,478	1,109	-260	76,756	249	-6,966	-984	-2,072	-1,450	5,742	-5,935	-646	5,338	1,250	-3,854	-2,446	-125	1,879	-3,740	-3,756	779	-2,077	-3,202	-2,168	5,369	2,984	-4,487	7,758	-3,379	3,205	5,233	172	1,507	36	-351	-351	0	0	822	0	0
Total Cashflows From Investing Activities	0	0	-18,203	1,167	-2,824	8,857	7,953	-20,932	6,984	-27,930	-4,705	5,088	4,434	6,378	23,854	11,934	-8,702	5,062	-2,076	-1,165	-10,009	3,865	-15,077	11,062	1,729	-17,812	-20,589	-701	-24,879	4	-15,344	-487	874	2,916	4,648	5,580	1,379	3,386	-1,241	2,974	-900	-1,085	-3,328	461	757	-411	4,452	1,865	0	0	505	582	0	0	0	0	0	0	0	0	650	1,210	1,300	1,530	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Cost Of Revenue	41,270	38,235	32,670	28,249	20,335	17,873	19,061	17,849	19,111	13,713	17,323	22,419	20,248	23,781	17,595	18,933	14,852	8,131	-	2,015	2,012
Depreciation And Amortization	5,748	6,302	5,939	9,963	6,287	3,869	3,666	3,680	3,838	4,028	3,797	1,042	1,360	5,204	1,183	522	323	231	-	1	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Ebit	19,050	18,527	13,831	31,294	10,364	11,441	3,958	647	-11,930	-18,483	-2,595	-7,896	-22,000	-4,967	5,021	12,901	9,328	3,640	10,689	-400	201
Ebitda	24,798	24,829	19,770	41,257	16,651	15,310	7,624	4,327	-8,092	-14,455	1,202	-6,854	-20,640	237	6,204	13,423	9,651	3,871	10,689	-399	201
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Gross Profit	87,079	87,356	71,234	90,737	66,607	56,642	44,095	36,866	25,602	16,713	25,722	20,213	7,799	22,072	29,419	33,186	20,562	11,927	10,689	2,032	2,033
Income Before Tax	22,705	26,071	14,004	32,133	12,256	11,440	3,956	644	-11,972	-18,414	-2,779	-8,516	-25,144	-5,234	6,158	13,695	9,740	3,621	-	-453	163
Income Tax Expense	1,201	2,022	-265	5,746	1,343	-10,653	-8,394	-390	-334	291	327	-262	1,299	-1,626	2,472	5,032	3,947	1,239	-894	53	-11
Interest Expense	0	908	173	3,825	2,010	1	2	3	42	0	0	6	34	73	46	79	105	77	0	54	38
Interest Income	3,756	908	204	913	2,010	1,543	870	306	42	0	0	0	0	0	0	0	0	0	-	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Net Income	21,504	24,049	14,269	26,387	10,913	22,093	12,350	1,034	-11,638	-18,705	-3,106	-8,254	-26,443	-3,608	3,686	8,663	5,793	2,382	894	-506	174
Net Income Applicable To Common Shares	0	24,049	14,269	26,387	10,913	22,093	12,350	1,034	-11,638	-18,705	-3,106	-8,254	-26,443	0	3,686	8,663	5,793	2,382	-	-	-
Net Income From Continuing Ops	21,504	24,049	14,269	26,387	10,913	22,093	12,350	1,034	-11,638	-18,705	-3,106	-8,254	-26,443	0	0	0	0	0	-	-	-
Net Interest Income	3,756	908	204	913	2,010	1,542	868	-3	0	0	0	0	0	0	0	0	0	0	-	-	-
Non Operating Income Net Other	0	1,242	173	839	0	1,463	682	290	-139	69	109	143	184	0	0	0	0	0	-	-	-
Non Recurring	0	0	0	2,332	0	0	0	0	0	0	184	614	3,294	0	0	0	0	0	-	-	-
Operating Income	19,050	18,527	13,831	31,294	10,364	9,978	3,276	357	-11,791	-18,483	-2,888	-8,653	-25,294	-4,967	6,150	12,901	9,328	3,640	10,689	-400	201
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Other Operating Expenses	109,299	100,762	90,073	85,360	76,578	64,537	59,880	54,358	56,504	48,909	45,749	50,671	50,047	50,820	40,864	39,218	26,086	16,418	-	4,447	3,844
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Reconciled Depreciation	5,748	6,302	5,939	5,299	4,395	3,869	3,666	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Research Development	17,001	17,909	20,069	23,449	23,402	17,012	13,443	10,136	7,659	9,690	4,361	4,774	3,526	3,943	3,041	2,415	1,705	1,267	-	340	25
Selling And Marketing Expenses	22,164	16,277	12,160	8,127	9,434	7,546	9,391	9,116	9,326	10,525	7,952	7,290	7,997	8,205	6,472	1,779	0	0	-	1,037	915
Selling General Administrative	28,864	28,341	25,162	25,519	22,832	21,476	17,354	16,626	19,773	14,139	15,192	15,146	16,745	17,038	13,756	17,870	11,203	8,287	-	1,055	892
Tax Provision	1,201	2,022	-265	5,746	1,343	-10,653	-8,394	-390	-334	0	0	0	0	0	0	0	0	0	-	-	-
Total Operating Expenses	68,029	62,527	57,403	57,111	56,243	46,664	40,819	36,509	37,393	35,196	28,426	28,252	29,799	27,039	23,269	20,285	11,234	8,287	-	2,432	1,832
Total Other Income Expense Net	-101	7,544	173	839	1,892	-80	-188	290	-139	69	-75	-471	-3,110	-194	8	794	412	-19	-	-53	-38
Total Revenue	128,349	125,591	103,904	118,986	86,942	74,515	63,156	54,715	44,713	30,426	43,045	42,632	28,047	45,853	47,014	52,119	35,414	20,058	10,689	4,047	4,045

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31
Cost Of Revenue	17,690	11,154	7,180	5,246	12,400	9,417	6,920	9,498	10,419	6,089	7,181	8,981	8,200	7,816	6,549	5,684	4,492	5,425	5,483	4,935	3,561	5,022	5,976	3,314	6,667	4,254	3,530	4,610	5,971	3,968	4,236	3,674	6,796	4,948	4,836	2,531	5,722	3,007	3,332	1,652	8,708	1,966	3,293	3,356	8,583	4,696	5,636	3,504	6,027	4,214	4,304	5,703	7,311	4,537	6,676	5,257	6,344	3,387	3,291	4,573	7,811	3,497	3,951	3,674	3,674	4,008	1,503	2,791	3,634	746	1,824	1,927	-
Depreciation And Amortization	1,450	1,471	1,442	1,385	1,356	1,297	2,261	1,388	1,798	2	1,386	1,347	4	1,212	1,493	1,258	955	156	1,052	900	971	858	916	1,124	962	884	939	881	909	920	919	932	941	938	980	979	1,003	216	1,015	983	230	972	918	911	257	262	261	262	1,183	346	1,203	1,204	1,419	1,519	1,140	1,126	557	234	214	178	144	140	117	121	121	0	-	0	0	-	0	0	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	20,614	12,510	-4,028	-8,111	13,249	4,906	-2,904	8,222	5,973	1,427	287	6,144	3,813	6,078	25,939	128	-493	5,066	4,475	2,709	1,905	5,997	4,622	-1,331	3,277	1,773	-583	-509	2,833	-575	559	-2,170	-200	-302	-3,256	-8,172	-4,743	-5,441	-4,561	-3,738	6,796	-3,690	-1,252	-4,449	-1,856	-1,640	155	-4,654	-7,725	-6,215	-5,222	-2,838	362	-6,265	-716	-990	3,025	498	-284	2,605	8,095	706	3,167	933	933	0	0	0	0	0	0	0	-
Ebitda	22,064	13,981	-2,586	-6,726	14,605	6,203	-643	9,610	7,771	1,429	1,673	7,491	3,817	7,290	27,432	1,386	462	5,222	5,527	3,609	2,876	6,855	5,538	-207	4,239	2,657	356	372	3,742	345	1,478	-1,238	741	636	-2,276	-7,193	-3,740	-5,225	-3,546	-2,755	7,026	-2,718	-334	-3,538	-1,599	-1,378	416	-4,392	-6,542	-5,869	-4,019	-1,634	1,781	-4,746	424	136	3,582	732	-70	2,783	8,239	846	3,284	1,054	-18,947	9,425	9,425	7,139	-11,404	5,015	5,015	5,015	5,015
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Gross Profit	39,499	25,882	13,543	8,155	29,891	21,045	13,372	23,048	23,157	14,692	13,426	19,959	18,226	19,592	37,059	15,860	15,009	19,425	17,313	14,860	14,144	17,217	14,788	10,493	15,722	10,830	8,642	8,901	11,946	8,306	8,987	7,627	9,457	7,164	5,648	3,333	9,058	2,335	3,075	2,245	14,527	2,902	5,276	3,017	6,499	5,802	6,660	1,252	88	719	2,328	4,664	5,702	2,384	6,628	7,358	9,390	6,158	5,798	8,073	14,183	5,547	8,010	5,446	7,139	9,425	9,425	7,139	5,014	5,015	5,015	5,015	-
Income Before Tax	21,912	10,178	-1,930	-7,455	15,370	5,160	-2,798	8,339	5,988	1,464	326	6,226	3,902	6,183	21,512	536	-493	5,066	4,475	3,208	1,905	5,997	4,621	-1,083	3,277	1,772	-583	-510	2,832	-576	559	-2,171	-202	-302	-3,256	-8,212	-4,801	-5,443	-4,553	-3,617	6,796	-3,830	-1,296	-4,449	-2,193	-1,772	66	-4,617	-10,497	-6,817	-5,166	-2,664	148	-4,683	-814	115	3,013	722	-80	2,503	8,110	906	3,120	1,559	1,559	4,133	-1,929	1,929	3,621	0	0	0	-
Income Tax Expense	2,107	518	-265	-1,159	1,645	371	-439	445	725	393	-743	-640	449	796	4,586	-85	116	-83	756	554	-513	1,339	-11,122	-357	-8,348	66	-35	-77	-291	3	103	-205	-514	38	71	71	104	63	58	66	69	36	161	61	-9	54	-373	66	-476	4,509	-1,828	-906	-348	-833	-492	47	1,360	172	-9	949	2,846	283	1,291	612	-1,119	-1,558	-1,558	-1,119	-595	-596	-596	-596	-
Interest Expense	0	0	0	-656	422	259	166	61	25	36	51	92	104	134	255	420	459	0	0	0	2	2	1	1	4	1	1	1	1	1	0	1	2	0	40	40	42	0	0	0	0	0	0	0	12	1	1	4	4	5	5	20	214	15	17	21	12	10	10	102	17	17	47	21	21	17	8	17	77	0	0	0	-
Interest Income	1,270	1,083	782	621	422	259	166	61	25	36	51	92	104	134	255	420	459	500	528	523	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income	19,805	9,660	-1,665	-6,296	13,725	4,789	-2,359	7,894	5,263	1,071	1,069	6,866	3,453	5,387	16,926	621	-609	5,149	3,719	2,654	2,418	4,658	15,743	-726	11,625	1,706	-548	-433	3,123	-579	456	-1,966	312	-340	-3,327	-8,283	-4,905	-5,506	-4,611	-3,683	6,727	-3,866	-1,457	-4,510	-2,184	-1,826	439	-4,683	-10,021	-11,326	-3,338	-1,758	496	-3,850	-322	68	1,653	550	-71	1,554	5,264	623	1,829	947	1,119	1,558	1,558	1,119	595	596	596	596	596
Net Income Applicable To Common Shares	0	0	-1,665	-6,296	13,725	4,789	-2,359	7,894	5,263	1,071	1,069	6,866	3,453	5,387	16,926	621	-609	5,149	3,719	2,654	2,418	4,658	15,743	-726	11,625	1,706	-548	-433	3,123	-579	456	-1,966	312	-340	-3,327	-8,283	-4,905	-5,506	-4,611	-3,683	6,727	-3,866	-1,457	-4,510	-2,184	-1,826	439	-4,683	0	-11,326	-3,338	0	496	0	-68	68	1,653	550	-1,554	1,554	5,264	623	1,829	947	2,701	2,397	-1,119	1,119	1,557	-648	648	959	-
Net Income From Continuing Ops	19,805	9,660	-1,665	-6,296	13,725	4,789	-2,359	7,894	5,263	1,071	1,069	6,866	3,453	5,387	16,926	621	-609	5,149	3,719	2,646	2,418	4,658	15,743	-726	11,625	1,706	-548	-433	3,123	-579	456	-1,966	312	-340	-3,327	-8,283	-4,905	-5,506	-4,611	-3,683	6,727	-3,866	-1,457	-4,510	-2,184	-1,826	439	-4,683	0	-11,326	-3,338	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Interest Income	1,270	1,083	782	621	422	259	166	61	25	36	51	92	104	134	255	420	459	500	528	523	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Non Operating Income Net Other	0	0	656	656	765	254	106	117	15	37	39	82	89	105	237	408	0	495	480	499	486	347	382	248	220	233	111	118	153	79	79	-21	-9	-48	20	-102	-58	-2	8	121	30	27	25	27	44	36	-9	72	0	-127	61	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,332	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	140	44	0	337	167	79	31	0	470	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Operating Income	20,614	13,981	-2,586	-8,111	14,605	4,906	-2,904	8,222	5,973	1,427	287	6,144	3,813	6,078	21,275	128	-911	4,571	3,995	2,709	1,419	5,650	4,240	-1,331	3,057	1,540	-694	-627	2,680	-654	480	-2,149	-191	-254	-3,276	-8,070	-4,743	-5,441	-4,561	-3,738	6,766	-3,857	-1,321	-4,476	-2,237	-1,807	76	-4,685	-10,549	-6,685	-5,222	-2,838	341	-4,746	-716	154	3,030	702	-187	2,605	8,095	706	3,167	933	-18,947	9,425	9,425	7,139	-11,404	5,015	5,015	5,015	5,015
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	36,575	23,055	23,309	21,512	27,686	25,556	23,196	24,324	27,603	19,354	20,320	22,796	22,613	21,330	20,001	21,416	20,412	20,279	18,801	17,086	16,286	16,589	16,524	15,138	19,332	13,544	12,866	14,138	15,237	12,928	12,743	13,450	16,444	12,366	13,760	13,934	19,523	10,783	10,968	7,635	16,469	8,585	9,846	10,849	16,982	12,138	12,141	9,410	13,840	11,148	11,854	13,205	12,672	11,667	14,020	12,461	12,704	8,843	9,276	10,041	13,899	8,338	8,794	8,187	26,086	0	0	0	16,418	0	0	0	-
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Reconciled Depreciation	1,450	1,471	1,442	1,385	1,356	1,297	2,261	1,388	1,798	1,408	1,386	1,347	1,336	1,212	1,493	1,258	955	1,488	1,052	900	971	858	916	1,124	962	884	939	881	909	920	919	932	941	938	980	979	1,003	1,027	1,015	983	996	972	918	911	857	969	976	1,000	1,183	1,201	1,203	1,204	1,419	1,519	1,140	1,126	557	234	214	178	144	140	117	121	121	0	-	0	0	-	0	0	-
Research Development	4,958	3,969	3,768	4,306	3,739	3,828	5,431	4,911	6,727	4,416	4,424	4,502	5,290	5,098	6,352	6,709	7,048	6,620	5,480	4,254	5,220	4,270	3,605	3,917	4,819	3,038	3,077	2,509	2,730	2,319	2,422	2,665	2,242	1,474	1,410	2,533	4,601	2,131	1,724	1,234	1,115	1,027	1,137	1,082	1,719	1,495	866	694	900	726	871	1,029	1,000	1,252	863	828	632	779	826	804	692	678	536	509	509	392	440	389	540	224	270	233	-
Selling And Marketing Expenses	6,767	4,832	5,092	4,894	4,361	4,703	3,849	3,364	3,924	2,996	2,537	2,703	2,351	2,141	1,497	2,138	2,724	2,367	2,181	2,162	1,903	1,873	1,858	1,912	2,703	2,061	2,174	2,453	2,599	2,512	1,935	2,070	2,704	2,195	1,994	2,433	2,977	2,351	2,702	2,495	2,345	1,737	1,859	2,011	2,176	1,860	1,772	1,482	1,627	2,291	2,009	2,070	2,243	1,860	2,142	1,960	1,677	1,634	1,651	1,510	6,549	1,467	1,453	0	0	0	-	0	0	-	0	0	-
Selling General Administrative	7,160	3,100	7,269	7,066	7,186	7,608	6,996	6,551	6,530	5,851	6,175	6,606	6,768	6,271	5,599	6,881	6,042	5,711	5,500	5,579	5,446	5,266	4,927	5,837	4,985	4,034	3,927	4,408	3,779	3,971	3,992	4,884	4,543	3,590	5,362	6,278	6,027	3,078	2,995	2,039	4,071	3,625	3,326	4,170	4,247	3,825	3,606	3,468	4,792	3,571	4,325	4,057	4,265	4,018	4,339	4,416	4,051	3,043	3,508	3,154	5,396	4,163	2,854	4,513	3,409	2,817	2,624	2,353	3,264	1,737	1,769	1,517	-
Tax Provision	2,107	518	-265	-1,159	1,645	371	-439	445	725	393	-743	-640	449	796	4,586	-85	116	-83	756	554	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	0	0	-
Total Operating Expenses	18,885	11,901	16,129	16,266	15,286	16,139	16,276	14,826	17,184	13,265	13,139	13,815	14,413	13,514	13,452	15,732	15,920	14,854	13,318	12,151	12,725	11,567	10,548	11,824	12,665	9,290	9,336	9,528	9,266	8,960	8,507	9,776	9,648	7,418	8,924	11,403	13,801	7,776	7,636	5,983	7,761	6,619	6,553	7,493	8,399	7,442	6,505	5,906	7,813	6,934	7,550	7,502	5,361	7,130	7,344	7,204	6,360	5,456	5,985	5,468	6,088	4,841	4,843	4,513	-26,086	0	0	0	-16,418	0	0	0	-
Total Other Income Expense Net	28	1,045	656	656	765	254	106	117	-10	1	-12	-10	-15	-29	-2,350	-12	-41	-5	-48	-24	-14	-22	9	-53	-650	233	111	118	153	79	79	-21	-9	-48	20	-102	-58	-2	8	121	30	-113	-19	27	-293	-131	-88	41	-2,768	-597	61	194	-193	78	-81	-18	-17	20	107	-102	15	200	-47	626	0	0	0	0	0	0	0	0	-
Total Revenue	57,189	37,036	20,723	13,401	42,291	30,462	20,292	32,546	33,576	20,781	20,607	28,940	26,426	27,408	43,608	21,544	19,501	24,850	22,796	19,795	17,705	22,239	20,764	13,807	22,389	15,084	12,172	13,511	17,917	12,274	13,223	11,301	16,253	12,112	10,484	5,864	14,780	5,342	6,407	3,897	23,235	4,868	8,569	6,373	15,082	10,498	12,296	4,756	6,115	4,933	6,632	10,367	13,013	6,921	13,304	12,615	15,734	9,545	9,089	12,646	21,994	9,044	11,961	9,120	7,139	9,425	9,425	7,139	5,014	5,015	5,015	5,015	5,015

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	128,349
Cost of Revenue	-41,270
Gross Profit	87,079	87,079

Operating Income (+$)
Gross Profit	87,079
Operating Expense	-68,029
Operating Income	19,050	19,050

Operating Expense (+$)
Research Development	17,001
Selling General Administrative	28,864
Selling And Marketing Expenses	22,164
Operating Expense	68,029	68,029

Net Interest Income (+$)
Interest Income	3,756
Interest Expense	-0
Other Finance Cost	-0
Net Interest Income	3,756

Pretax Income (+$)
Operating Income	19,050
Net Interest Income	3,756
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	22,705	19,151 EBIT - interestExpense = 19,050 22,705 21,504
Interest Expense	0
Earnings Before Interest and Taxes (EBIT)	19,050	22,705
Earnings Before Interest and Taxes (EBITDA)	24,798

After tax Income (+$)
Income Before Tax	22,705
Tax Provision	-1,201
Net Income From Continuing Ops	21,504	21,504
Net Income	21,504
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	109,299
Total Other Income/Expenses Net	-101	-3,756

Technical Analysis of Energy Recovery Inc
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Energy Recovery Inc. The general trend of Energy Recovery Inc is BEARISH with 100.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Energy Recovery Inc's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-100.0%)		Bearish trend (100.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Energy Recovery Inc.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is -1/(-1 +1).

Around resistance: The price is trading arround resistance levels. This can be considered as a potential exit level. -1

The bullish price targets are: 13.95 < 14.04 < 14.06.

The bearish price targets are: .

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Energy Recovery Inc Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Energy Recovery Inc. The current mas is .

The long score for the Moving Averages is 0/14.
The longshort score for the Moving Averages is -14/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 < MA 200: The MA 100 is lower than the MA 200. -1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Energy Recovery Inc Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Energy Recovery Inc. The current macd is -0.4090251.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Energy Recovery Inc price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Energy Recovery Inc. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Energy Recovery Inc price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Energy Recovery Inc Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Energy Recovery Inc. The current adx is 17.28.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -1/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Energy Recovery Inc shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending down: The ADX is below 25 and indicates a weak or no trend. Also, the ADX is declining so there is no trend indication.

Energy Recovery Inc Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Energy Recovery Inc. The current sar is 14.71.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Energy Recovery Inc Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Energy Recovery Inc. The current rsi is 42.04. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Energy Recovery Inc Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Energy Recovery Inc. The current phase is Continuation in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 2/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Energy Recovery Inc price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Energy Recovery Inc Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Energy Recovery Inc. The current cci is -69.87407965.

Energy Recovery Inc Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Energy Recovery Inc. The current cmo is -15.40791982.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Energy Recovery Inc Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Energy Recovery Inc. The current willr is -70.91836735.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Energy Recovery Inc is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Energy Recovery Inc Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Energy Recovery Inc.

Energy Recovery Inc Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Energy Recovery Inc. The current atr is 0.55556943.

Energy Recovery Inc Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Energy Recovery Inc. The current obv is -587,657.

Energy Recovery Inc Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Energy Recovery Inc. The current mfi is 36.44.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Energy Recovery Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Energy Recovery Inc.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-04	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-05	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-08	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2023-12-19	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-20	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-03	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-04	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-12	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-16	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-18	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-23	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-24	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-25	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-07	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-02-09	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-15	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-22	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-23	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-26	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-27	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-29	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-01	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-05	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-12	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-03-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-14	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-20	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-21	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-03-25	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-26	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-02	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-10	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-15	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-04-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

Energy Recovery Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Energy Recovery Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	42.043
Ma 20	Greater than	Ma 50	14.580
Ma 50	Greater than	Ma 100	14.996
Ma 100	Greater than	Ma 200	16.215
Open	Greater than	Close	13.840
Total			0/5 (0.0%)

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Energy Recovery Inc Buy, Hold or Sell?

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Quick analysis of Energy Recovery Inc (30 sec.)

What can you expect buying and holding a share of Energy Recovery Inc? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Energy Recovery Inc (5 min.)

$13.98

$3.81

$4.63 - $8.35

$8.44 - $12.16

2. Growth of Energy Recovery Inc (5 min.)

Is Energy Recovery Inc growing?

How much money is Energy Recovery Inc making?

How much money comes from the company's main activities?

3. Financial Health of Energy Recovery Inc (5 min.)

4. Comparing to competitors in the Pollution & Treatment Controls industry (5 min.)

Industry Rankings (Pollution & Treatment Controls)

What can you expect buying and holding a share of Energy Recovery Inc? (5 min.)

What can you expect buying and holding a share of Energy Recovery Inc?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Energy Recovery Inc

About Energy Recovery Inc

Financial Health

Valuation

1.1. Profitability of Energy Recovery Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Pollution & Treatment Controls)

1.1.2. Return on Assets

Trends

Compared to industry (Pollution & Treatment Controls)

1.1.3. Return on Equity

Trends

Compared to industry (Pollution & Treatment Controls)

1.2. Operating Efficiency of Energy Recovery Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Pollution & Treatment Controls)

1.2.2. Operating Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

1.3. Liquidity of Energy Recovery Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

1.3.2. Quick Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

1.4. Solvency of Energy Recovery Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

2. Market Valuation of Energy Recovery Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Pollution & Treatment Controls)

Energy Recovery Inc
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