Enviri Corporation (NVRI)
NYSEIndustrialsWaste ManagementSnapshot 2026-09-09
$22.55-3.30%
Close 2026-09-09 · 1-day change
NYSEIndustrialsWaste ManagementSnapshot 2026-09-09
Warn: Primary pillar under pressure — Maintain Adjusted EBITDA near $65 million in Q1 2026: Adjusted EBITDA not reported.
Enviri is selling its Clean Earth segment by mid-2026. Cash from operations rose to $22 million in Q1 2026. Adjusted EBITDA was $65 million in Q1 2026, showing some financial stability.
Enviri is losing money and expects revenue to drop about 30% in 2026. Profit remains negative with EPS around -$0.09 for 2026. The company faces risks from recent debt and listing changes.
The market expects about 31% revenue decline in 2026. Our fair value is near $57, implying the stock fairly reflects this downturn.
Breaks if: Adjusted EBITDA falls below $50 million in Q1 2026
Maintain 2026 Adjusted EBITDA guidance for Harsco Environmental and Harsco Rail segments, reflecting expected performance and challenges.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround situation. The company is currently facing volatility in management and weak financial performance, but it has potential for improvement as it focuses on key priorities.
The market appears to have priced in a low expectations gap, suggesting that investors are not anticipating significant positive changes in the near term. NVRI is considered cheap compared to its peers, but this valuation reflects the ongoing challenges it faces.
Fundamentals are likely to remain under pressure in the near term, given the company's recent earnings miss and ongoing challenges in certain segments. However, there are signs of improvement in cash flow, which could support a gradual recovery.
The long-term thesis hinges on management's ability to execute on their priorities, particularly the sale of Clean Earth and the spin-off of Harsco segments. Additionally, the performance of sector bellwethers will be crucial, as their results could impact NVRI's momentum.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. The latest earnings miss has raised concerns about cash flow. Strategic contract exits may also hinder cash from operations improvement.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Reaffirmed in 3 of last 3 quarters. Management maintained 2026 Adjusted EBITDA guidance for Harsco Environmental at $170M-$180M and Harsco Rail at $(26)M to $(19)M. Financial results show Harsco Environmental's adjusted EBITDA increased year-over-year, while Harsco Rail remains challenged. The trajectory matches management's guidance with modest improvement in Environmental and ongoing challenges in Rail.
“2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail”
“2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail”
“2026 outlook: Adjusted EBITDA for Harsco Environmental and Harsco Rail expected to be modestly below 2025 at guidance mid-point”
Breaks if: Sale not completed by end of Q2 2026
Complete the sale of Clean Earth and spin-off Harsco Environmental and Harsco Rail into a standalone publicly traded company.
Stated as a priority in 3 of last 3 quarters. Management consistently emphasized completing the sale of Clean Earth and spin-off of Harsco Environmental and Rail, with closing expected June 1, 2026. The sale is valued at $3 billion. The transaction completed as planned, demonstrating delivery on this priority.
“On track to complete sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail in Q2; closing expected on June 1, 2026”
“We remain on track to complete the sale of Clean Earth and the separation of Harsco Environmental and Harsco Rail in the second quarter”
“We remain on track to close our $3 billion sale of Clean Earth in mid-2026, which will unlock significant sum-of-the-parts value”
Breaks if: Operating cash flow falls below $15 million in Q1 2026
Focus on improving cash flow from operating activities and adjusted free cash flow through operational improvements and working capital management.
Stated in 3 of last 3 quarters. Management emphasized improving cash flow from operations and adjusted free cash flow. Adjusted free cash flow improved from $(39) million in 2025-Q2 to $(9) million in 2026-Q2 and from $(13) million in 2025-Q1 to $(6) million in 2026-Q1, indicating progress. The trajectory is delivering on cash flow improvement priorities.
“Adjusted free cash flow was $(9) million in Q2 2026, compared with $(39) million in prior-year period”
“Adjusted free cash flow was $(6) million in Q1 2026, compared with $(13) million in prior-year period”
“Adjusted free cash flow was $6 million in Q4 2025, compared with $8 million in prior-year period”
Breaks if: Revenue falls below $1 billion in FY 2026
Maintain 2026 Adjusted EBITDA guidance for Harsco Environmental and Harsco Rail segments, reflecting expected performance and challenges.
Reaffirmed in 3 of last 3 quarters. Management maintained 2026 Adjusted EBITDA guidance for Harsco Environmental at $170M-$180M and Harsco Rail at $(26)M to $(19)M. Financial results show Harsco Environmental's adjusted EBITDA increased year-over-year, while Harsco Rail remains challenged. The trajectory matches management's guidance with modest improvement in Environmental and ongoing challenges in Rail.
“2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail”
“2026 Adjusted EBITDA outlook reaffirmed for Harsco Environmental and Harsco Rail”
“2026 outlook: Adjusted EBITDA for Harsco Environmental and Harsco Rail expected to be modestly below 2025 at guidance mid-point”
Complete the sale of Clean Earth and spin-off Harsco Environmental and Harsco Rail into a standalone publicly traded company.
Stated as a priority in 3 of last 3 quarters. Management consistently emphasized completing the sale of Clean Earth and spin-off of Harsco Environmental and Rail, with closing expected June 1, 2026. The sale is valued at $3 billion. The transaction completed as planned, demonstrating delivery on this priority.
“On track to complete sale of Clean Earth and spin-off of Harsco Environmental and Harsco Rail in Q2; closing expected on June 1, 2026”
Overall, NVRI's situation is mixed, with potential for improvement but significant risks ahead. Not investment advice.
“We remain on track to complete the sale of Clean Earth and the separation of Harsco Environmental and Harsco Rail in the second quarter”
“We remain on track to close our $3 billion sale of Clean Earth in mid-2026, which will unlock significant sum-of-the-parts value”