Perma-Fix Environmental Services (PESI)
NASDAQ:PESI
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Perma-Fix
(NASDAQ:PESI)
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Rating:46Neutral
Price Target:
$11.00
▼(-4.18% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial performance (losses, negative cash flow, and negative equity) and bearish technicals (price below major moving averages with negative MACD). The latest earnings call provides some offset via improving year-over-year trends, rising backlog and a guided Q2 ramp, but near-term losses, reduced cash, and DOE/regulatory execution risk keep the overall profile below average.
Positive Factors
Backlog Expansion
A ~51% year‑over‑year backlog increase to $11.9M materially raises near‑term revenue visibility and provides a multi‑month pipeline of contracted work. This improves predictability of cash conversion and supports utilization of newly expanded capacity as projects convert to revenue over the next 2–12 months.
Negative Factors
Negative Equity / Balance Sheet Stress
Stockholders' equity turning negative is a durable financial weakness that reduces flexibility to absorb shocks, limits borrowing options and increases the risk of covenant breaches or dilutive capital raises. It materially elevates financing and counterparty risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Expansion
A ~51% year‑over‑year backlog increase to $11.9M materially raises near‑term revenue visibility and provides a multi‑month pipeline of contracted work. This improves predictability of cash conversion and supports utilization of newly expanded capacity as projects convert to revenue over the next 2–12 months.
Read all positive factors
Perma-Fix (PESI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$212.93M
Dividend YieldN/A
Average Volume (3M)203.00K
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth-9.64%
EPS Growth40.01%
CountryUS
Employees293
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)-0.15
Shares Outstanding18,547,539
10 Day Avg. Volume192,710
30 Day Avg. Volume203,000
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)4.64
Price to Sales (P/S)3.77
P/FCF Ratio-15.04
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue3.33
Enterprise Value/Gross Profit34.57
Enterprise Value/Ebitda-21.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.33
Revenue Forecast (FY)$103.50M
Perma-Fix Business Overview & Revenue Model
Company Description
Perma-Fix Environmental Services, Inc., through its subsidiaries, operates as an environmental and technology know-how company in the United States. It operates in three segments: Treatment, Services, and Medical. The Treatment segment offers nucl...
How the Company Makes Money
Perma-Fix makes money primarily by providing regulated waste-management services under customer contracts, with revenue generally tied to volumes processed and/or completion of specific service scopes. Key revenue streams include: (1) waste treatm...
Perma-Fix Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic outlook driven by meaningful operational progress: stronger Treatment performance, a materially larger backlog (~+51%), a surge in international revenue (+163%), permit renewals expanding capacity, and an advancing PFAS offering that could scale materially. Management expects a Q2 inflection as multiple Hanford-related waste streams (DFLAW blowdown, brine/runoff, expanded TRU processing) and new Services projects ramp. Offsetting these positives are near-term headwinds including a significant cash decline, expected Q1 negative EBITDA (> $4M), a sizable Services revenue decline in 2025, supply chain delays for PFAS Gen 2, and execution/timing uncertainty tied to DOE and regulatory approvals. On balance, the strategic growth drivers, backlog expansion and operational investments appear to outweigh the near-term financial and execution risks, but the company remains dependent on government program execution and regulatory timing.Positive Updates
Full-Year and Quarterly Revenue Growth
Full-year 2025 revenue of $61.7M, up $2.6M or +4.3% versus $59.1M in 2024. Q4 revenue of $15.7M, up $1.0M or +6.9% year-over-year.
Negative Updates
Near-Term Q1 Softness and Expected Losses
Management expects Q1 2026 to be soft: revenue around ~$13M and negative EBITDA likely exceeding $4M. About $2M of revenue timing was shifted from Q1 to Q2 due to revenue recognition/timing of stored waste processing.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year and Quarterly Revenue Growth
Full-year 2025 revenue of $61.7M, up $2.6M or +4.3% versus $59.1M in 2024. Q4 revenue of $15.7M, up $1.0M or +6.9% year-over-year.
Read all positive updates
Company Guidance
The company guided that Q1 will be soft—anticipating revenue of about $13M and negative EBITDA likely exceeding $4M (with approximately $2M of revenue pushed from Q1 into Q2 due to revenue-recognition timing)—but expects a Q2 inflection as Hanford-related receipts ramp; initial DFLAW-related revenue is estimated at roughly $1M–$2M per month beginning in Q2, with DOE planning a progressive hot‑commissioning ramp (DFLAW began hot commissioning in Oct‑2025 and is projected to reach ~40% capacity within 12–18 months and move toward ~80% within three years), DFLAW had processed ~50,000 gallons through February, and DOE now targets up to 200 million gallons treated by 2040 (vs prior 56M). Key Perma‑Fix capacity and backlog metrics supporting the outlook include the Perma‑Fix Northwest permit that expands permitted liquid processing to ~1.2M gallons/year (tripling prior liquid capacity) and authorizes up to 175,000 tons/year macro‑encapsulation (the company is proposing a permit mod to raise liquid capacity by another ~3M gallons to ~4.2M gallons total with a 6–9 month review), an expected April brine stream at Northwest of about $1.5M/month, a 100% increase in TRU processing adding roughly $0.75M–$1M/month, a year‑end waste treatment backlog of $11.9M (up ~51% YoY), FY‑2025 revenue of $61.7M (up 4.3% YoY), treatment revenue up ~29% YoY, international revenue up ~163% to ~$6.4M, Q4 revenue $15.7M, FY EBITDA loss improving to $(9.7)M (from $(13.8)M), cash of $11.8M, and planned investments (including PFAS) such as a Gen‑2 PFAS unit to raise PFAS capacity to ~3,000 gallons/day (capex ~$4–5M) to drive higher throughput and margin recovery in H2 2026 and beyond.Perma-Fix Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
20
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 61.67M | 59.12M | 89.73M | 70.60M | 72.19M |
| Gross Profit | 5.92M | 2.00K | 16.37M | 9.61M | 6.82M |
| EBITDA | -9.97M | -12.90M | 3.83M | -1.30M | -864.00K |
| Net Income | -13.78M | -19.98M | 485.00K | -3.82M | 835.00K |
Balance Sheet | |||||
| Total Assets | 88.03M | 97.25M | 78.75M | 70.90M | 77.30M |
| Cash, Cash Equivalents and Short-Term Investments | 11.77M | 28.98M | 7.50M | 1.87M | 4.44M |
| Total Debt | 4.32M | 4.86M | 5.87M | 3.51M | 4.64M |
| Total Liabilities | 37.90M | 34.86M | 39.37M | 33.37M | 36.72M |
| Stockholders Equity | 50.14M | 62.39M | 39.38M | 37.53M | 40.58M |
Cash Flow | |||||
| Free Cash Flow | -15.46M | -18.82M | 4.43M | -1.58M | -8.41M |
| Operating Cash Flow | -10.75M | -14.74M | 6.47M | -553.00K | -6.84M |
| Investing Cash Flow | -4.95M | -4.13M | -2.04M | -997.00K | -1.56M |
| Financing Cash Flow | -981.00K | 40.95M | 1.70M | -921.00K | 4.94M |
Perma-Fix Technical Analysis
Negative
11.48
Price Trends
13.58
Negative
13.46
Negative
12.38
Negative
Market Momentum
-0.77
Positive
41.64
Neutral
48.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PESI, the sentiment is Negative. The current price of 11.48 is below the 20-day moving average (MA) of 12.02, below the 50-day MA of 13.58, and below the 200-day MA of 12.38, indicating a bearish trend. The MACD of -0.77 indicates Positive momentum. The RSI at 41.64 is Neutral, neither overbought nor oversold. The STOCH value of 48.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PESI.
Perma-Fix Risk Analysis
Perma-Fix disclosed 41 risk factors in its most recent earnings report. Perma-Fix 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
Perma-Fix Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $15.85B | 31.90 | 14.47% | ― | 2.85% | -6.27% | |
74 Outperform | $821.80M | -26.53 | -0.17% | ― | 22.77% | 44.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $5.48B | 789.67 | 0.50% | ― | 20.54% | 106.35% | |
46 Neutral | $212.93M | -16.86 | -19.87% | ― | -9.64% | 40.01% | |
44 Neutral | $24.52M | -2.54 | -44.35% | ― | -9.25% | -189.37% |
* Industrials Sector Average
PESI
Perma-Fix
11.48
4.64
67.84%
CWST
Casella Waste
86.23
-17.80
-17.11%
CLH
Clean Harbors
299.64
113.28
60.79%
QRHC
Quest Resource
1.17
-1.31
-52.82%
MEG
Montrose Environmental Group
22.84
11.16
95.55%
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.