Enviri Corporation (NVRI) | Investment Case

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

Last Price	18.22
Change Percentage	0.47%
Open	18.18
Previous Close	18.14
Market Cap ( Millions)	1469
Volume	1181190
Year High	18.74
Year Low	4.72
M A 50	13.69
M A 200	9.7

FCF Yield	-4.80%
Dividend Yield	0.00%
ROE	-37.46%
Debt / Equity	437.16%
Net Debt / EBIDTA	1013.55%
Price To Book	3.9
Price Earnings Ratio	-9.33
Price To FCF	-20.85
Price To sales	0.66
EV / EBITDA	19.76

2. Enviri Corporation's Q3 Earnings: A Mixed Bag

Enviri Corporation reported total revenue of $575 million and adjusted EBITDA of $74 million in Q3, both highs for the year. However, the adjusted diluted loss per share was $0.08, a significant improvement from the estimated loss of $0.22667. The revenue growth was driven by Clean Earth's 6% year-over-year revenue growth, while Harsco Environmental's revenue totaled $261 million. The adjusted EBITDA margin for Clean Earth was 17.3%, and Harsco Environmental's adjusted EBITDA totaled $44 million. Rail revenues, however, were a weak spot, totaling $64 million with an adjusted EBITDA loss of $4 million.

Publication Date: Nov -23

                                    📋 Highlights
                                    Strategic Review Update:
                                                Considering simultaneous sale of Clean Earth and taxable spin of Harsco Environmental/Rail businesses to unlock value.
Clean Earth Performance:
                                                Q3 revenue grew 6% YoY with 17.3% adjusted EBITDA margin, driven by strong hazardous waste EBITDA (+15% YTD).
Harsco Environmental Strength:
                                                Generated $33M free cash flow in Q3, 17% margin, and $44M adjusted EBITDA on $261M revenue.
Rail Business Challenges:
                                                Q3 adjusted EBITDA loss of $4M; full-year EBITDA guidance cut by $27M and free cash flow by $50M due to weak demand.

                                

Segment Performance

Clean Earth's strong performance was driven by revenue growth and margin expansion, with adjusted EBITDA margin exceeding 17%. Harsco Environmental's results improved in Q3, with a 17% margin and $33 million in free cash flow. The management is optimistic about Clean Earth's performance in Q4, expecting nice year-over-year growth. As F. Nicholas Grasberger mentioned, "while hazardous waste EBITDA was up 15% for the year, SDM was expected to be down 15%." This indicates that the business is experiencing some variability, but it's a timing issue rather than a demand or market share issue.

Guidance and Outlook

For the full year, Enviri Corporation has reduced EBITDA guidance by $27 million and free cash flow guidance by $50 million, mainly due to Rail and to a lesser extent Harsco Environmental. The updated free cash flow guidance reflects this revised earnings outlook and some previously anticipated milestone payments on certain rail contracts being deferred into 2026. For the fourth quarter, the company expects adjusted EBITDA to range from $62 million to $72 million.

Valuation and Future Prospects

The current valuation metrics indicate that the market is pricing in significant distress, with a P/E Ratio of -8.91, P/B Ratio of 3.73, and EV/EBITDA of 19.33. The company's strategic review process is nearing its end, and the management is confident that they'll have some kind of update before year-end. Analysts estimate next year's revenue growth at 3.4%. With the current valuation, it seems that the market has already priced in some of the challenges, and a successful strategic review could be a positive catalyst for the stock.

3. NewsRoom

Top 2 Industrials Stocks That May Fall Off A Cliff This Quarter

Dec -03

Source: benzinga.com

Enviri Corporation $NVRI Shares Sold by Geode Capital Management LLC

Dec -02

Source: defenseworld.net

This Fund Just Took a $5.5 Million Stake in a Turnaround Stock Up 143% This Past Year

Nov -23

Source: fool.com

Enviri (NYSE:NVRI) Sets New 12-Month High – Here’s What Happened

Nov -23

Source: defenseworld.net

Enviri Corporation Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Enviri Corporation - NVRI

Nov -22

Source: businesswire.com

Enviri Corporation (NVRI) M&A Call Transcript

Nov -21

Source: seekingalpha.com

NVRI Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Enviri Corporation's Clean Earth is Fair to Shareholders

Nov -21

Source: businesswire.com

Enviri Corporation Announces Sale of Clean Earth to Veolia for $3.04 Billion and Taxable Spin-Off of Harsco Environmental and Rail Businesses (“New Enviri”) to Shareholders

Nov -21

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

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

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Montrose Environmental Group

A-Score: 3.8/10

Value: 5.3

Growth: 4.0

Quality: 3.1

Yield: 0.0

Momentum: 7.5

Volatility: 2.7

1-Year Total Return ->

Enviri

A-Score: 3.7/10

Value: 6.9

Growth: 3.4

Quality: 1.1

Yield: 0.0

Momentum: 6.5

Volatility: 4.0

1-Year Total Return ->

Aqua Metals

A-Score: 3.1/10

Value: 7.4

Growth: 5.0

Quality: 6.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Quest Resource

A-Score: 3.1/10

Value: 9.6

Growth: 3.0

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Perma-Fix Environmental Services

A-Score: 2.7/10

Value: 6.8

Growth: 0.4

Quality: 5.4

Yield: 0.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

LanzaTech

A-Score: 2.6/10

Value: 8.0

Growth: 3.6

Quality: 3.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

36.19%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.76%

Enviri Corporation - US4158641070

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NVRI

1.c. Company Highlights

Lower Quality

Cheaper

Lower Growth

Earnings Beats

Revenues Beats

Revenues Miss

Stable Momentum

Medium Volatility

Earnings Miss

Weak Momentum

Fairly Valued

Average Growth

Average Yield

2. Enviri Corporation's Q3 Earnings: A Mixed Bag

Segment Performance

Guidance and Outlook

Valuation and Future Prospects

3. NewsRoom

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%

Clean Earth

Expected Growth: 12.5%

7. Detailed Products

EcoCycle

GreenBreeze

EcoPulse

SustainaBuild

ClimateConnect

8. Enviri Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.22$

Current Price

18.22$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA