NVRI
Enviri Corporation17.85
+0.11+0.62%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
ETO derisking commitment sharpened
Q&A spotlighted management's firm commitment to derisk Rail's large ETOs in 2026 via renegotiated terms or exits, beyond prepared remarks' vague nods. HE contract churn nets higher margins as low-price deals exit, even with stable steel volumes. Rail's base business loses money absent $15-18M ETO overhead, hammered by North American weakness—no share loss flagged. ETO cash drain lightens but lingers large. Rail base bleeds red without ETOs. Analysts pressed on FCF (modest breakeven) and cash payout (no low-end tilt); replies stayed measured. Investors track ETO fixes and demand rebound.
Key Stats
Market Cap
1.44BP/E (TTM)
-Basic EPS (TTM)
-2.03Dividend Yield
0%Recent Filings
8-K
Q4 steady; Rail drags
Enviri posted Q4 revenues of $556M and Adjusted EBITDA of $70M, steady versus last year, fueled by gains at Clean Earth and Harsco Environmental yet dragged by Rail's 28% revenue drop to $56M. Full-year Adjusted EBITDA hit $275M on $2.24B sales. New Enviri eyes ~$140M EBITDA in 2026, modestly off 2025. Rail weighs on cash.
10-K
FY2025 results
Enviri Corporation's FY2025 10-K highlights a pending $3B+ sale of its Clean Earth segment to Veolia, announced November 20, 2025, subject to approvals and expected to close in 2026, alongside a spin-off of Harsco Environmental and Harsco Rail into New Enviri. Harsco Environmental serves 70 mill sites globally with $3B in future contract revenues through 2032+, while Clean Earth operates 19 TSDFs handling hazardous waste (85% of revenues) and soil/dredged materials (15%), and Harsco Rail reports a $208.7M backlog (70% deliverable in 2026). Rail recognized $30.3M in forward loss provisions on long-term contracts due to inflation and supply issues. February 2026 extended $50M revolver tranche to the earlier of July 1, 2026 or Clean Earth closing. Merger failure risks derailing value unlock.
8-K
NEO PSU acceleration with clawbacks
Enviri accelerated vesting of PSUs for NEOs like CEO Grasberger (1,063,686 units total) effective December 17, 2025, to dodge Section 280G tax hits ahead of its Clean Earth sale to Veolia. NEOs signed clawback deals tying repayment to deal failure, resignation, or cause. Risks recoupment if merger flops.
8-K
Enviri appoints new GC
Enviri Corporation appointed Samuel D. Romaninsky as Vice President, General Counsel, and Chief Compliance Officer on December 5, 2025, succeeding Russell Hochman, who shifted to President and COO. Romaninsky, 47, has been with Enviri's legal team since 2008, rising to Deputy General Counsel. Smooth internal transition. Leadership realignment bolsters compliance focus amid operational shifts.
8-K
Clean Earth sale, spin-off announced
Enviri signed deals on November 20, 2025, to sell Clean Earth to Veolia for $3.04B cash while spinning off Harsco Environmental and Rail as New Enviri to shareholders. Shareholders get $14.50-$16.50 per share plus New Enviri stock; New Enviri starts at ~2.0x net leverage. Russell Hochman steps up as President/COO now, New Enviri CEO later. Closing eyes mid-2026, pending approvals.
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