COMP <GO>

ERII vs NANO // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Energy Recovery Inc. (NASDAQ) VS. Forge Nano Holdings Inc. (NASDAQ) • 15-METRIC TALLY: ERII 1 — NANO 1

■ METRIC PARITY

LAST: $7.12 (+2.45%) • MKT CAP: $363.4M

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LAST: $4.16 (-1.42%) • MKT CAP: $535.2M

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ERII VS. NANO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ERII	NANO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	65.10%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	11.90%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	12.6x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	4.80%	—	—	TIE	/fcf-yield <GO>
Operating Margin	17.70%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	17.00%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	-6.90%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	11.16	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.5	24.4	+34.10	ERII	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	14.7x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$363.4M	$535.2M	-$171.8M	NANO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ERII REV	NANO REV	ERII GROSS %	NANO GROSS %	ERII FCF	NANO FCF
FY 2025	$135.0M	—	65.1%	—	$17.4M	—
FY 2024	$144.9M	—	66.9%	—	$19.2M	—
FY 2023	$128.3M	—	—	—	$26.1M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ERII // BETA —

NANO // BETA —