Enviri (NVRI)
NYSE:NVRI
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Enviri
(NYSE:NVRI)
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Rating:45Neutral
Price Target:
$19.50
▼(-0.31% Downside)
Action:ReiteratedDate:02/25/26
The score is held down primarily by weak financial performance (declining revenue, ongoing net losses, and materially higher leverage) and only partially offset by positive operating cash flow. Technicals also suggest near-term weakness (low RSI and trading below short-term moving averages). Earnings call guidance is constructive on operational initiatives but remains cautious due to Rail losses, high interest burden, and modest/negative free cash flow expectations.
Positive Factors
Operating Cash Flow
Consistent positive operating cash flow (improving to $101M in 2025) shows the core businesses generate real cash despite accounting losses. Durable OCF provides a buffer for servicing interest, funding working capital and executing restructuring, supporting near-term viability and gradual deleveraging.
Negative Factors
Elevated Leverage
Material increase in leverage (debt-to-equity ≈6.6x) and eroded equity materially raise financial risk. High leverage magnifies interest costs, restricts strategic flexibility, limits ability to fund capex or absorb demand shocks, and makes the company sensitive to refinancing and macro tightening over the next several quarters.
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Positive Factors
Negative Factors
Operating Cash Flow
Consistent positive operating cash flow (improving to $101M in 2025) shows the core businesses generate real cash despite accounting losses. Durable OCF provides a buffer for servicing interest, funding working capital and executing restructuring, supporting near-term viability and gradual deleveraging.
Read all positive factors
Enviri (NVRI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.62B
Dividend YieldN/A
Average Volume (3M)2.29M
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-2.91%
EPS Growth-67.18%
CountryUS
Employees12,000
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)-0.17
Shares Outstanding82,704,520
10 Day Avg. Volume1,941,442
30 Day Avg. Volume2,291,680
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)5.67
Price to Sales (P/S)0.65
P/FCF Ratio-36.28
Enterprise Value/Market Cap2.04
Enterprise Value/Revenue1.47
Enterprise Value/Gross Profit7.65
Enterprise Value/Ebitda19.27
Forecast
1Y Price Target
$22.00Price Target Upside12.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.38
Revenue Forecast (FY)$2.31B
Enviri Business Overview & Revenue Model
Company Description
Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally. The company operates through two segments: Harsco Environmental and Harsco Clean Earth. The Harsco Environment...
How the Company Makes Money
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Enviri Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call highlighted meaningful operational and financial achievements—particularly at Clean Earth and Harsco Environmental—and detailed a clear plan of leadership, cost actions and derisking initiatives ahead of the New Enviri spin-off. However, material near-term headwinds remain: Rail's ETO-related losses and cash consumption, a negative full-year free cash flow, a large interest burden, continued weak demand (notably in Europe and North America), and uncertainty around the Clean Earth cash payout. Management emphasized ongoing remediation steps and expects modest improvement in 2026, but several risks and one-time costs temper near-term outlook.Positive Updates
Full-Year Revenue and Adjusted EBITDA
Enviri reported full-year 2025 revenues of $2.2 billion and adjusted EBITDA of $275 million, with quarterly (Q4) revenues of $556 million and Q4 adjusted EBITDA of $70 million (Q4 revenue and adjusted EBITDA unchanged year-over-year).
Negative Updates
Rail ETO Losses and Cash Burn
Rail's large engineered-to-order (ETO) contracts were a significant drag in 2025: ETOs contributed an EBITDA loss of approximately $20 million and consumed roughly $40 million of cash during the year. Management expects ETOs to remain a sizeable cash user in 2026 and projects Rail EBITDA losses of $19–$26 million for 2026.
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Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Adjusted EBITDA
Enviri reported full-year 2025 revenues of $2.2 billion and adjusted EBITDA of $275 million, with quarterly (Q4) revenues of $556 million and Q4 adjusted EBITDA of $70 million (Q4 revenue and adjusted EBITDA unchanged year-over-year).
Read all positive updates
Company Guidance
Management provided 2026 guidance only for the two New Enviri businesses (targeting a midyear close of the Clean Earth sale; HSR waiting period expires Mar 9; Form 10/proxy filing planned for March; cash payout range of $14.50–$16.50 not yet narrowed). For 2026 they expect Harsco Environmental adjusted EBITDA of $170–$180 million and Rail an EBITDA loss of $26–$19 million, yielding pro forma New Enviri EBITDA of about $140 million (≈$5 million higher than the November disclosure); free cash flow is expected to be modest (roughly breakeven or slightly negative) with Q1 typically negative due to bond interest and Q1 segment performance projected below both prior-year Q1 and the just-completed Q4. Guidance assumes Rail volumes may hit historic lows, that cost-out benefits won’t fully run until H2, and it excludes any upside from potential European trade protections; by comparison, 2025 consolidated revenue was $2.2 billion with $275 million adjusted EBITDA, Q4 revenue was $556 million with $70 million adjusted EBITDA, Q4 free cash flow was $6 million and full-year free cash flow was negative $15 million.Enviri Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.24B | 2.34B | 2.37B | 2.13B | 1.85B |
| Gross Profit | 471.99M | 440.06M | 449.89M | 338.06M | 357.84M |
| EBITDA | 158.25M | 190.35M | 225.78M | 72.76M | 267.41M |
| Net Income | -167.60M | -127.97M | -86.12M | -180.07M | -3.25M |
Balance Sheet | |||||
| Total Assets | 2.71B | 2.65B | 2.85B | 2.79B | 3.05B |
| Cash, Cash Equivalents and Short-Term Investments | 103.67M | 88.36M | 124.61M | 81.33M | 82.91M |
| Total Debt | 1.81B | 1.58B | 1.54B | 1.46B | 1.48B |
| Total Liabilities | 2.41B | 2.20B | 2.28B | 2.17B | 2.25B |
| Stockholders Equity | 255.06M | 411.45M | 523.15M | 569.44M | 748.16M |
Cash Flow | |||||
| Free Cash Flow | -39.87M | -59.84M | -25.08M | 13.18M | -86.49M |
| Operating Cash Flow | 101.41M | 78.06M | 114.45M | 150.53M | 72.20M |
| Investing Cash Flow | -149.88M | -34.07M | -116.58M | -99.06M | -124.45M |
| Financing Cash Flow | 80.32M | -63.40M | 44.77M | -42.78M | 60.24M |
Enviri Technical Analysis
Positive
19.56
Price Trends
18.75
Positive
18.26
Positive
14.60
Positive
Market Momentum
0.35
Negative
61.03
Neutral
74.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVRI, the sentiment is Positive. The current price of 19.56 is above the 20-day moving average (MA) of 18.88, above the 50-day MA of 18.75, and above the 200-day MA of 14.60, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 61.03 is Neutral, neither overbought nor oversold. The STOCH value of 74.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NVRI.
Enviri Risk Analysis
Enviri disclosed 35 risk factors in its most recent earnings report. Enviri reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Enviri Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $781.86M | -1,034.44 | -0.17% | ― | 22.77% | 44.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $273.92M | -0.65 | -696.09% | ― | -31.28% | 42.94% | |
45 Neutral | $1.62B | -8.63 | -48.78% | ― | -2.91% | -67.18% | |
45 Neutral | $225.17M | -16.86 | -19.87% | ― | -9.64% | 40.01% |
* Industrials Sector Average
NVRI
Enviri
19.56
13.85
242.56%
PESI
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12.14
4.79
65.17%
MEG
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21.73
7.58
53.57%
LNZA
LanzaTech Global
27.15
2.95
12.19%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.