Envipco Holding (ENVI) AI Stock Analysis

• Market Cap: €299.39M
• Dividend Yield: N/A
• Average Volume (3M): 71.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: NL
• Employees: 455
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): -0.04
• Shares Outstanding: 66,090,380
• 10 Day Avg. Volume: 62,533
• 30 Day Avg. Volume: 71,890
• PEG Ratio: -0.02
• Price to Book (P/B): 3.14
• Price to Sales (P/S): 3.58
• P/FCF Ratio: -20.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.2
• Revenue Forecast (FY): €165.47M

• Rating: 46 Neutral
• Price Target: €4.50
• Action: N/A Date: 03/12/26
• Date: Action: N/A 03/12/26

The score is primarily held down by weakened financial performance in 2025—profitability reversed into losses and cash generation deteriorated sharply with sustained negative free cash flow—despite moderate leverage. Technicals add caution with price below key longer-term moving averages and mostly neutral momentum. Valuation is difficult to assess due to negative earnings and no dividend yield data.

Positive Factors

Recurring aftermarket & service revenue

An installed base that generates maintenance, spare parts and service contracts creates recurring revenue and higher customer lifetime value. Over 2–6 months this supports revenue stability, predictable cash inflows, and provides cross-sell opportunities even if new machine sales fluctuate.

Focused product-market fit (RVMs for deposit return schemes)

A clear focus on reverse vending machines for deposit return schemes aligns the company with regulatory and retailer-driven recycling programs. Structural demand from program rollouts and operator reliance on integrated systems supports durable order pipelines and high switching costs for program operators.

Moderate leverage and stronger capital base

Lower leverage and a larger equity base provide balance-sheet flexibility to absorb near-term losses and fund restructuring or selective investments. This reduces short-term refinancing risk and gives management room to prioritize recovery and long-term product/service development.

Negative Factors

Revenue decline and operating loss in 2025

A meaningful YoY revenue drop combined with an operating loss indicates weakening demand or rising costs that hurt core profitability. If this persists, it erodes margins, limits reinvestment in product and service quality, and undermines the installed-base monetization that underpins long-term stability.

Sharp negative operating cash flow and sustained negative FCF

Negative operating cash flow and persistent negative free cash flow raise funding risk and constrain ability to maintain service networks or invest in R&D. Over months, this forces reliance on external financing or equity, which can increase cost of capital and restrict strategic flexibility.

Inconsistent profitability; ROE meaningfully negative

A negative ROE and volatile profitability signal the business currently fails to generate adequate returns on capital. This challenges long-term value creation, hinders ability to fund growth internally, and implies structural cost or pricing issues that require sustained operational improvement.

Envipco Holding Business Overview & Revenue Model

Company Description

Envipco Holding N.V., together with its subsidiaries, designs, develops, manufactures, and sells or leases reverse vending machines (RVM) for the collection and processing of used beverage containers primarily in the North America and Europe. The company provides technical support, RVM maintenance, and accounting services to the retail stores, bottlers, and distributors for containers redeemed through its machines. It also offers deposit, handling fees, scrap reconciliations, commodity brokerage, clearing house functions, and accounting services. In addition, the company provides materials handling services primarily in the northeastern part of the United States. Envipco Holding N.V. was incorporated in 1998 and is headquartered in Amersfoort, the Netherlands.

How the Company Makes Money

Envipco primarily makes money by selling and deploying reverse vending machines and associated recycling/collection systems to customers that operate or support container return programs (e.g., retailers and organizations running deposit return schemes). Revenue is also generated from aftermarket and recurring sources tied to the installed base, such as maintenance and service contracts, spare parts, and other lifecycle support for machines in the field. Depending on the customer arrangement, the company may also earn revenue from software, upgrades, and system integration related to monitoring, fraud prevention, and program operations for container return networks. Specific details on the exact mix of these revenue streams, contract structures, and named partnerships are null.

Envipco Holding Financial Statement Overview

Summary

Financial quality weakened materially in 2025: revenue declined (~12% YoY), profitability swung from operating profit to a sizable operating loss with meaningfully negative net margins, and operating cash flow turned sharply negative with consistently negative free cash flow (higher funding risk). Balance sheet leverage is moderate and improved (debt-to-equity ~0.25), but returns deteriorated with ROE turning meaningfully negative.

Income Statement

Revenue has scaled materially over the last several years, but the trajectory is volatile and recently turned negative (2025 revenue down ~12% vs. 2024). Profitability also deteriorated sharply in 2025, swinging from positive operating profit in 2024 to a sizable operating loss, with net margins turning meaningfully negative. Gross margin has been relatively steady in the low-to-mid 30% range, but the sharp drop in operating and net profitability points to cost pressure and limited earnings resilience.

Balance Sheet

Leverage looks moderate: debt-to-equity improved to ~0.25 in 2025 from higher levels in prior years, providing balance-sheet flexibility. Equity has increased significantly over time, supporting a stronger capital base. The key weakness is returns: profitability has been inconsistent and return on equity turned meaningfully negative in 2025, indicating the company is not currently earning an attractive return on its equity despite reasonable leverage.

Cash Flow

Cash generation is the primary pressure point. Operating cash flow turned sharply negative in 2025 after being only modestly positive in 2024, and free cash flow has been consistently negative across the period, with a deeper outflow in 2025. While free cash flow can improve in growth phases, the combination of negative operating cash flow and sustained negative free cash flow increases funding risk if losses persist.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	102.97M	90.35M	117.85M	87.61M	56.37M	38.44M
Gross Profit	38.15M	30.13M	43.10M	30.27M	18.46M	13.41M
EBITDA	6.08M	-2.82M	12.84M	6.94M	286.00K	1.51M
Net Income	-8.65M	-10.76M	-643.00K	603.00K	-4.18M	586.00K
Balance Sheet
Total Assets	164.77M	158.47M	129.40M	99.23M	78.89M	51.70M
Cash, Cash Equivalents and Short-Term Investments	62.71M	59.86M	30.75M	12.46M	16.12M	3.06M
Total Debt	28.46M	25.47M	24.57M	20.10M	16.52M	8.02M
Total Liabilities	59.16M	55.32M	61.84M	57.26M	50.95M	21.21M
Stockholders Equity	105.58M	103.12M	67.53M	41.93M	27.90M	30.45M
Cash Flow
Free Cash Flow	-15.41M	-15.93M	-5.31M	-2.93M	-10.17M	-3.77M
Operating Cash Flow	-8.85M	-9.70M	1.22M	2.78M	-1.76M	497.00K
Investing Cash Flow	-6.56M	-8.95M	-8.00M	-7.41M	-8.41M	-4.61M
Financing Cash Flow	49.86M	48.28M	25.03M	986.00K	23.27M	6.13M

Envipco Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LSCC	73 Outperform	$11.82B	3,496.18	0.44%	―	-12.03%	-80.99%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
DSGR	55 Neutral	$912.64M	152.18	-1.68%	―	14.46%	-588.82%
ENVI	46 Neutral	€299.39M	-30.07	―	―	―	―