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1. Company Snapshot

1.a. 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 Environmental segment offers on-site services under long-term contracts for material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; manufactures and sells industrial abrasives, roofing granules, aluminum dross, and scrap processing systems; and produces value-added downstream products from industrial waste-stream.


The Harsco Clean Earth segment provides specialty waste processing, treatment, and recycling and beneficial reuse solutions for waste needs, such as hazardous, non-hazardous, and contaminated soils and dredged materials.The company was formerly known as Harsco Corporation and changed its name to Enviri Corporation in June 2023.The company was founded in 1853 and is headquartered in Philadelphia, Pennsylvania.

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1.b. Last Insights on NVRI

Enviri Corporation's recent performance was positively driven by the announcement of its exploration of strategic alternatives to maximize shareholder value. The company's board of directors authorized management to evaluate options, potentially unlocking shareholder value. Additionally, Enviri's Q2 2025 earnings call and results, released on August 5, 2025, showed adjusted EBITDA of $65 million. The company's Clean Earth division, considered a high-quality asset, has shown promise, with over 91% of specialty waste materials processed being recycled or reused.

1.c. Company Highlights

2. Earnings Report Analysis: Harsco's Q4 Performance and Future Outlook

The company's Q4 revenues reached $556 million, with adjusted EBITDA totaling $70 million, driven primarily by the strong performance of the Harsco Environmental segment. Revenues for the full year were $2.2 billion, with adjusted EBITDA of $275 million. For the quarter, Harsco Environmental's revenues rose 7% and adjusted EBITDA margin was nearly 19%. The actual EPS came out at -$0.17, beating estimates of -$0.2. The full-year revenues were led by 4% growth at Clean Earth, which achieved record earnings and margins in 2025.

Publication Date: Mar -03

📋 Highlights

Segment Performance

Harsco Environmental's performance was a highlight, with a year-over-year earnings increase attributed to higher service levels, improvement actions at underperforming sites, and tax recoveries in Brazil. Thomas Vadaketh noted that "Harsco Environmental's performance improved as the year progressed, and we're hopeful that underlying steel demand and production will improve for our customers, particularly in Europe." The Rail segment benefited from additional machine shipments but reported an adjusted EBITDA loss of $4 million.

Future Outlook and Initiatives

The company is targeting a midyear closing for the sale of Clean Earth and the spin-off of New Enviri. Efforts are being made to strengthen Harsco Environmental and Rail for the future. Initiatives include simplifying regional manufacturing, improving materials management, and reducing global SG&A costs. F. Grasberger mentioned that they are "focusing on strengthening our industry positions, particularly in Harsco Environmental and Rail."

Valuation and Cash Flow

The current valuation metrics indicate a P/E Ratio of -8.7, P/B Ratio of 5.83, and EV/EBITDA of 18.59. Analysts estimate next year's revenue growth at 3.1%. Regarding cash usage, F. Grasberger stated that it's trending towards the higher end of the range. Thomas Vadaketh expects better cash flow in Harsco Environmental and less negative cash flow in Rail, offset by corporate items.

Operational Challenges and Opportunities

Russell Hochman explained that the weakness in the North America base business is due to historic weakness, and they're hopeful that customers will start investing in equipment. The company is progressing with contracts such as those with SBB and Deutsche Bahn, with the smaller ETOs to be completed this year and the larger ones derisked by the end of 2026.

3. NewsRoom

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JPMorgan Chase & Co. Boosts Stake in Enviri Corporation $NVRI

Apr -07

Source: defenseworld.net

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Comparing Enviri (NYSE:NVRI) and GlyEco (OTCMKTS:GLYE)

Apr -05

Source: defenseworld.net

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642,518 Shares in Enviri Corporation $NVRI Purchased by SG Americas Securities LLC

Mar -30

Source: defenseworld.net

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Enviri (NYSE:NVRI) versus TOMI Environmental Solutions (NASDAQ:TOMZ) Head-To-Head Contrast

Mar -27

Source: defenseworld.net

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Enviri Announces Filing of Form 10 Registration Statement and Anticipated Board of Directors in Connection with Planned Spin-off of Harsco Environmental and Rail Businesses (“New Enviri”)

Mar -20

Source: globenewswire.com

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Critical Analysis: TOMI Environmental Solutions (NASDAQ:TOMZ) and Enviri (NYSE:NVRI)

Mar -16

Source: defenseworld.net

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Investor Buys $35 Million of Enviri as Stock Surges Over 100% in a Year

Mar -12

Source: fool.com

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Enviri Recognized Among USA's 25 Most Sustainable Corporations

Mar -11

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.09%)

6. Segments

Harsco Environmental

Expected Growth: 4.5%

Growing demand for sustainable waste management and recycling solutions, increasing government regulations and investments in environmental protection, and rising awareness about environmental sustainability drive the growth of Harsco Environmental's industrial and environmental services.

Clean Earth

Expected Growth: 12.5%

Growing demand for eco-friendly practices, increasing government regulations, and rising consumer awareness about environmental sustainability drive the growth of Clean Earth initiative, promoting a healthier planet.

7. Detailed Products

EcoCycle

A waste management system that utilizes AI-powered sensors to optimize waste collection and recycling processes.

GreenBreeze

A renewable energy solution that integrates wind and solar power to provide clean energy for homes and businesses.

EcoPulse

An environmental monitoring system that tracks and analyzes air and water quality in real-time.

SustainaBuild

A sustainable building materials platform that connects suppliers with builders and architects.

ClimateConnect

A climate resilience platform that provides data analytics and risk assessment for climate-related disasters.

8. Enviri Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Enviri Corporation is moderate due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high for Enviri Corporation due to the presence of a large number of customers with significant purchasing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Enviri Corporation due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Enviri Corporation is moderate due to the presence of barriers to entry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry for Enviri Corporation is high due to the presence of several competitors in the market and the company's need to differentiate itself to gain a competitive advantage.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 73.12%
Debt Cost 3.95%
Equity Weight 26.88%
Equity Cost 14.41%
WACC 6.76%
Leverage 272.02%

11. Quality Control: Enviri Corporation passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Montrose Environmental Group

A-Score: 4.4/10

Value: 6.5

Growth: 3.9

Quality: 4.6

Yield: 0.0

Momentum: 8.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Enviri

A-Score: 3.9/10

Value: 6.5

Growth: 3.4

Quality: 1.1

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Quest Resource

A-Score: 3.0/10

Value: 9.6

Growth: 3.0

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Aqua Metals

A-Score: 2.8/10

Value: 7.6

Growth: 5.0

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Perma-Fix Environmental Services

A-Score: 2.8/10

Value: 6.8

Growth: 0.4

Quality: 4.2

Yield: 0.0

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
LanzaTech

A-Score: 2.6/10

Value: 8.5

Growth: 3.6

Quality: 2.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.56$

Current Price

19.56$

Potential

-0.00%

Expected Cash-Flows