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what it is
Enviri cleans industrial waste streams and sells rail equipment.
how it gets paid
Last year Enviri made $2.2B in revenue. Harsco Environmental was the main engine at $1.0B, or 47% of sales.
why growth slowed
Revenue fell 4.4% last year. EDGAR shows revenue up 193% vs. prior year and EPS down 268%.
what just happened
Enviri missed because the latest quarter showed $1.7B of revenue and -$1.03 EPS.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
2.5% return on capital — nothing to write home about
xvary composite: 33/100 — weak
-$0.15 fy2027 eps est
What they do
Enviri cleans industrial waste streams and sells rail equipment.
Industrial waste does not stop needing a pickup. Enviri had 12,000 employees, and Harsco Environmental was 47% of 2024 revenue while Clean Earth was 40%. If your plant needs the mess gone, leaving is painful because the mess stays.
How they make money
$2.2B
annual revenue · their business grew -4.4% last year
Harsco Environmental
$1.0B
+7%
Clean Earth
$0.9B
n/a
Harsco Rail
$0.3B
n/a
The products that matter
hazardous waste and remediation services
Clean Earth
$1.1B revenue · $3.04B sale value
This is the crown jewel and the reason the stock rerated. It generated $1.1B in revenue last year and already has an external value marker: $3.04B. If you own NVRI, this is the asset monetizing your position.
the asset being sold
steel-mill byproduct processing
Harsco Environmental
$~900M revenue · $257M q4 revenue
Quarterly revenue rose 7% to $257M, so the activity level is still there. The catch is that activity is not the same as clean earnings, and this segment now has to carry more of the story after the sale.
largest remaining segment
rail track maintenance equipment
Harsco Rail
$~240M revenue · cash burn risk
This roughly $240M business faces weak demand and is expected to burn cash until at least 2027. In human-speak: this is the part most likely to eat into whatever optimism investors assign to the stub.
the drag
Key numbers
$2.2B
ttm sales
That is the revenue base. When it falls 4.4%, there is less room to hide the debt.
0.2%
op margin
That is near break-even. A 1-point swing changes operating profit by about $22M on $2.2B of sales.
$1.5B
debt load
That is 48% of capital. It makes every weak quarter feel expensive.
1.65
beta
That means the stock moves about 65% more than the market.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $1.5B (48% of capital)
- net profit margin 1.8% — keeps 2 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
You invested $10,000 in NVRI 3 years ago → it's now worth $23,180.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Enviri missed because the latest quarter showed $1.7B of revenue and -$1.03 EPS.
EDGAR shows revenue up 193% vs. prior year and EPS down 268%. Yahoo's last-earnings feed shows -$0.17 versus -$0.05 expected, so the quarter reads messy across sources.
$1.7B
revenue
-$1.03
eps
18.4%
gross margin
the number that mattered
The number that mattered was -$1.03 EPS. Revenue jumped, but the company still lost money on the quarter.
-
enviri likely saw mixed results in the fourth quarter of 2025.
-
we expect revenues were up slightly vs. prior year, by about 1%, but net loss per share likely widened from the year-ago period due to ongoing headwinds in the harsco rail and harsco environmental segments.
-
for the full year, we expect that the picture was more completely negative, with the top line down about 4% and the share loss widening.in november, the company announced the sale of its clean earth business to veolia enrionnement sa for $3.04 billion. the proceeds of the sale will go to pay down enviri’s debt and transaction costs, with the remainder, estimated at $14.50 to $16.50 per share, going directly to shareholders. upon the deal’s closing, the company’s remaining segments, harsco rail and harsco environmental, will be spun off into a new company, dissolving enviri as it currently exists.
-
enviri shareholders will receive a third of a share in the new company for each enviri share held.it should be noted, however, that clean earth accounts for the majority of the company’s current value, and that any recovery of the harsco businesses post-spin-off is speculative. accordingly, from an investment perspective, the current situation is in many ways more akin to a buyout than a more typical sort of divestiture. per our convention, the impact of this deal is not currently reflected in our estimates, as the transaction has not yet closed. should the deal fall through prior to its estimated mid-2026 closing date, we expect that the share price would fall rapidly, and that it likely would not recover to its current level at any point through the end of the decade barring the announcement of another deal.
-
however, we think that scenario is unlikely.
source: company earnings report, 2026
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What could go wrong
this is a closing-risk stock wearing an industrial ticker. The sale, payout, debt cleanup, and spin all have to land in the right order. If one piece slips, the whole setup gets less attractive fast.
med
Clean Earth sale fails to close
The $3.04B Veolia transaction still depends on shareholder approval, antitrust clearance, and an effective registration statement. If the sale breaks, the expected $14.50–$16.50 per-share cash return goes with it.
impact: the main support under today's valuation disappears.
med
The payout lands at the low end or below it
Debt paydown and transaction costs come out before cash gets to you. If those items run heavier than expected, the number investors care about most can shrink even if the sale closes.
impact: a smaller payout leaves you owning more stub risk than the current stock price implies.
med
The remaining business stays weaker than management hopes
Management is targeting $140M in pro forma EBITDA for 2026, but Harsco Rail is expected to burn cash until at least 2027 and the continuing operations lost $160M in 2025. You are being asked to trust a turnaround in the part of the company investors liked less.
impact: even with the sale closed, the stub can trade down if losses and cash burn stick around.
med
The shareholder base looks event-driven, not patient
Institutions were net sellers for three straight quarters, with 87 buyers versus 94 sellers in 3q2025. That is not a vote of confidence in the long-term operating story.
impact: if deal certainty wobbles or the stub disappoints, you may not have sticky holders stepping in.
At $19.26, the market is saying the cash is probably real and the stub is worth something. Here's the thing: the cash is not paid yet, and the stub still comes with a $160M continuing-operations loss in the latest full year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal
Clean Earth sale closing
The $3.04B sale to Veolia is expected in 2026. Until it closes, the thesis is still conditional.
payout
Cash distribution range
Management's $14.50–$16.50 per-share estimate is the number to track. If that number moves down, the stock math changes with it.
approval
Shareholder vote and antitrust clearance
The market is trading as if closing is likely. The filings still say approvals matter, and paperwork can still ruin a clean narrative.
stub
Rail cash burn versus the $140M 2026 EBITDA target
If Harsco Rail keeps burning cash into 2027, the remaining company will struggle to justify much value above the cash payout.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not trust the quarterly numbers to come in cleanly.
balance sheet
C++
That grade says the company can function today, but the $3.04B sale is doing a lot of the future repair work.
price stability
10 / 100
This is what a special situation looks like in the tape: big moves, low calm, and little room for sleepy ownership.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 87 buyers vs. 94 sellers in 3q2025. total institutional holdings: 87.5M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$6
$25
$19
current price
$16
target midpoint · 17% from current · 3-5yr high: $25
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