Free cash flow remains highly volatile and negative at -$12.2 million in 2026Q1, exacerbated by capital expenditures that consistently strain liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 116.34M | 101.41M | 78.06M | 114.45M | 150.53M | 72.2M | 53.82M | -163K | 192.02M | 176.89M | 159.78M | 121.51M | 225.85M | 188.25M | 198.88M | 298.78M | 401.43M | 434.46M | 574.28M | 471.74M | 409.24M | 315.28M | 270.46M | 262.79M | 253.75M | 240.6M | 259.45M | 214M | 189.3M | 148.5M | 217.2M |
| Operating CF Margin % | - | 4.52% | 3.33% | 4.84% | 7.05% | 3.91% | 3.51% | -0.01% | 11.15% | 11.01% | 11.01% | 7.05% | 10.93% | 6.5% | 6.53% | 9.05% | 13.21% | 14.53% | 14.47% | 12.79% | 11.95% | 11.4% | 10.81% | 12.4% | 12.84% | 11.41% | 12.94% | 12.44% | 10.91% | 9.12% | 13.94% |
| Operating CF Growth % | 2571.09% | 29.9% | -31.79% | -23.97% | 108.49% | 34.15% | 33117.18% | -100.08% | 8.55% | 10.71% | 31.5% | -46.2% | 19.97% | -5.34% | -33.44% | -25.57% | -7.6% | -24.35% | 21.74% | 15.27% | 29.8% | 16.57% | 2.92% | 3.56% | 5.47% | -7.26% | 21.24% | 13.05% | 27.47% | -31.63% | -16.07% |
| Net Income | -168.18M | -163.71M | -122.66M | -88.1M | -176.43M | 2.73M | -26.34M | 512.22M | 145.01M | 11.84M | -79.75M | 6.33M | -20.3M | -218.19M | -254.1M | -9.56M | 12.46M | 125.77M | 240.94M | 299.49M | 196.4M | 156.66M | 121.21M | 92.22M | 90.11M | 71.72M | 96.8M | 90.7M | 107.5M | 278.8M | 119M |
| Depreciation & Amortization | 187.34M | 183.96M | 179.8M | 171.36M | 163.85M | 166.67M | 159.7M | 138.4M | 132.78M | 129.94M | 141.49M | 156.47M | 176.33M | 237.04M | 272.12M | 310.44M | 315.24M | 311.53M | 337.95M | 306.41M | 252.98M | 198.06M | 184.37M | 168.94M | 155.66M | 176.53M | 159.1M | 135.9M | 131.4M | 116.5M | 109.4M |
| Stock-Based Compensation | 16.96M | 21.01M | 16.65M | 12.92M | 10.8M | 0 | 8.56M | 0 | 10.27M | 9.03M | 7.64M | 4.98M | 5.11M | 2.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -36.83M | -3.89M | -12.8M | 2.96M | -13.56M | -16.93M | 0 | 6.82M | -6.52M | 57.35M | -7.65M | 5.17M | 7.55M | -18.43M | -10.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.81M | 200K | 3.9M | -8.2M | -800K |
| Other Non-Cash Items | 33.45M | 30.21M | 25.93M | 12.11M | 106.81M | 5.3M | -48.39M | -562.21M | 2.67M | 842K | 135.3M | 1.92M | 54.54M | 272.52M | 269.13M | 59.42M | 59.38M | 6.05M | 68.47M | -42.94M | 7.82M | 8.23M | -2.32M | -1.62M | 8.29M | 20.64M | 6.34M | 11.6M | -21.2M | -228.6M | -17.8M |
| Working Capital Changes | 76.45M | 33.84M | -8.86M | 3.19M | 59.07M | -85.58M | -39.72M | -95.39M | -81.62M | -23.08M | -29.59M | -48.39M | 7.73M | -84.69M | -77.56M | -61.53M | 14.35M | -8.9M | -73.09M | -91.22M | -47.96M | -47.67M | -32.8M | 3.25M | -298K | -28.29M | -25.6M | -24.4M | -32.3M | -10M | 7.4M |
| Change in Receivables | 25.89M | 41.75M | 34.45M | -35.01M | 113.59M | -60.42M | 5.84M | 169.74M | -16.88M | -32.01M | 16.04M | 41.65M | 7.03M | -34.5M | 22.02M | -58.01M | 4.39M | 111.21M | 34.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 24.51M | 8.13M | -7.53M | -3.41M | -16.8M | -7.78M | -12.28M | -42.48M | -14.71M | 19.56M | -12.31M | -44.81M | -19.99M | 18.51M | 2.37M | 7.98M | 12.6M | 35.8M | -24.24M | -106.5M | -20.35M | -25.91M | -22.28M | -2.08M | -13.28M | 11.89M | 966K | 15.9M | -25M | -13M | 3.1M |
| Change in Payables | 14.32M | 7.16M | -15.04M | -5.09M | 19.26M | 14.12M | 0 | 13.41M | 18.35M | 12.55M | -20.29M | -401K | -28.9M | 14.32M | -37.65M | -2.71M | 36.53M | -54.7M | -22.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -162.1M | -149.88M | -34.07M | -116.58M | -99.06M | -124.45M | -520.64M | -132.19M | -161.14M | -103.33M | 122.89M | -130.37M | -228.68M | 62.69M | -219.27M | -255.82M | -202.02M | -269.36M | -443.42M | -386.13M | -359.45M | -645.18M | -209.6M | -144.79M | -53.93M | -125.21M | -459.05M | -194.7M | -233.5M | 196.5M | -153.2M |
| Capital Expenditures | -153.57M | -141.28M | -136.59M | -139.03M | -137.16M | -158.33M | -120.22M | -184.97M | -132.17M | -98.31M | -69.34M | -123.55M | -207.98M | -246.15M | -265.02M | -313.1M | -192.35M | -165.32M | -457.62M | -443.58M | -340.17M | -290.24M | -204.24M | -143.82M | -114.34M | -156.07M | -482.51M | -224.1M | -318.1M | -152M | -150.3M |
| CapEx % of Revenue | 6.85% | 6.3% | 5.83% | 5.88% | 6.43% | 8.57% | 7.84% | 15.36% | 7.67% | 6.12% | 4.78% | 7.17% | 10.07% | 8.5% | 8.7% | 9.48% | 6.33% | 5.53% | 11.53% | 12.03% | 9.94% | 10.49% | 8.16% | 6.79% | 5.78% | 7.4% | 24.07% | 13.02% | 18.33% | 9.34% | 9.65% |
| Acquisitions | 1.95M | 0 | 57.63M | 0 | 0 | 0 | -432.86M | 32.55M | -56.39M | 10.01M | 165.61M | -30.11M | -32.96M | 300.19M | -740K | -1.94M | -27.64M | -103.24M | -15.54M | -254.64M | -34.33M | -394.49M | -12.26M | -23.72M | -3.33M | -4.91M | 0 | 0 | 0 | 359.6M | 4.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10.48M | -8.6M | 32.77M | 18.19M | 19.45M | 22.94M | 32.44M | 15.71M | 27.41M | -5.01M | 26.61M | 23.29M | 12.26M | 8.64M | 46.49M | 59.22M | 17.97M | -799K | 29.74M | 312.1M | 15.05M | 39.55M | 6.9M | 22.75M | 63.74M | 35.77M | 23.46M | 29.4M | 40.6M | 358.6M | -15.2M |
| Cash from Financing | 62.25M | 80.32M | -63.4M | 44.77M | -42.78M | 60.24M | 486.96M | 125.73M | -25.54M | -83.72M | -292.27M | 22.45M | -21.79M | -248.66M | -4.55M | -39.55M | -171.52M | -164.08M | -155.54M | -77.69M | -84.2M | 369.32M | -56.51M | -125.5M | -205.48M | -99.19M | 210.75M | -8.9M | -134.3M | -167.2M | -92.9M |
| Debt Issued (Net) | 95.19M | 98.28M | -39.81M | 44.55M | -30.98M | 76.75M | 498.83M | 181.3M | 13.8M | -80.3M | -277.72M | 47.34M | 55.34M | -183.7M | 58.01M | 25.3M | -99.53M | -84.35M | 44.46M | -22.66M | -35.71M | 415.45M | -22.38M | -86.25M | -174.1M | -61.37M | 261.18M | 100.2M | 72.6M | -18.9M | -31.7M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -4.3M | -31.84M | -33.74M | -1.69M | -91K | -12.14M | -941K | 0 | 0 | -5.79M | 0 | -6.73M | -128.58M | 11.77M | 11.57M | 9.1M | 16.66M | 8.76M | 14.01M | 4.61M | -6.13M | -69.6M | -165.4M | -107.3M | -25M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.11M | -65.73M | -66.32M | -66.21M | -66.07M | -66.15M | -65.98M | -63.81M | -65.63M | -59.73M | -54.52M | -49.93M | -45.17M | -42.69M | -40.29M | -38.26M | -37.59M | -37M | -40.3M | -39.1M | -37.9M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -4.3M | -31.84M | -30.01M | -1.69M | -91K | -12.14M | -941K | 0 | 0 | -5.79M | 748.21M | 0 | -128.58M | 0 | 0 | 0 | 0 | 0 | 0 | -167K | -7.92M | -71.9M | -169.3M | -113.2M | -30.7M |
| Other Financing | -32.93M | -17.96M | -23.59M | 223K | -11.8M | -16.51M | -7.57M | -23.72M | -5.6M | -1.73M | -10.36M | 53.38M | -9.87M | 1.24M | 3.51M | 7.08M | -6.01M | -5.71M | -5.79M | -7.07M | -5.54M | -5.29M | -5.62M | -5.33M | -5.1M | -4.17M | -6.71M | -2.5M | -1.2M | -1.9M | 1.7M |
| Net Change in Cash | 17.05M | 35.19M | -34.46M | 39.52M | -2.03M | 7.46M | 19.94M | -7.41M | 937K | -5.67M | -7.88M | 16.91M | -30.76M | -1.65M | -25.93M | -3.05M | 30.05M | 2.85M | -30.5M | 20.57M | -19.67M | 26.84M | 13.88M | 10.08M | 2.73M | 10.99M | 5.16M | 9.7M | -179.9M | 175.7M | -30.7M |
| Free Cash Flow | -37.21M | -40.05M | -59.84M | -25.08M | 13.18M | -86.49M | -66.41M | -186.45M | 59.85M | 78.58M | 90.44M | -2.04M | 17.87M | -57.89M | -66.14M | -14.32M | 209.08M | 269.14M | 116.66M | 28.16M | 69.07M | 25.04M | 66.23M | 118.96M | 139.41M | 84.53M | -223.06M | -10.1M | -128.8M | -3.5M | 66.9M |
| FCF Margin % | -1.66% | -1.79% | -2.55% | -1.06% | 0.62% | -4.68% | -4.33% | -15.48% | 3.48% | 4.89% | 6.23% | -0.12% | 0.86% | -2% | -2.17% | -0.43% | 6.88% | 9% | 2.94% | 0.76% | 2.02% | 0.91% | 2.65% | 5.62% | 7.05% | 4.01% | -11.13% | -0.59% | -7.42% | -0.22% | 4.3% |
| FCF Growth % | 22.72% | 33.06% | -138.58% | -290.25% | 115.24% | -30.24% | 64.38% | -411.5% | -23.83% | -13.12% | 4522.74% | -111.44% | 130.86% | 12.48% | -361.74% | -106.85% | -22.32% | 130.7% | 314.32% | -59.23% | 175.82% | -62.19% | -44.33% | -14.67% | 64.93% | 137.89% | -2108.52% | 92.16% | -3580% | -105.23% | -53.83% |
| FCF per Share | -0.45 | -0.50 | -0.75 | -0.31 | 0.17 | -1.08 | -0.84 | -2.34 | 0.72 | 0.98 | 1.13 | -0.03 | 0.22 | -0.72 | -0.82 | -0.18 | 2.59 | 3.34 | 1.39 | 0.33 | 0.82 | 0.30 | 0.80 | 1.45 | 1.71 | 1.05 | -2.79 | -0.12 | -1.40 | -0.04 | 0.67 |
| FCF Conversion (FCF/Net Income) | 0.22x | -0.61x | -0.61x | -1.33x | -0.84x | -22.22x | -2.04x | -0.00x | 1.40x | 22.61x | -1.87x | 19.64x | -9.11x | -0.83x | -0.78x | -25.96x | 59.44x | 3.66x | 2.38x | 1.58x | 2.08x | 2.01x | 2.23x | 2.85x | 2.82x | 3.35x | 2.68x | 2.36x | 1.76x | 0.53x | 1.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 59.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Financial Leverage Constraints
According to the provided financial data, Enviri consistently reports negative net income while generating positive operating cash flow, with the OCF/NI ratio frequently reaching extreme negative values, such as -2.02 in 2026Q1, indicating a fundamental disconnect between accounting profitability and actual cash generation.
The persistent gap between net losses and operating cash flow suggests that non-cash charges, primarily depreciation and amortization, are masking the underlying cash burn of the business. Investors should monitor whether this reliance on non-cash adjustments to support cash flow remains sustainable as the company faces ongoing industrial volume headwinds.
As reported in recent financial statements, Enviri's free cash flow trajectory is highly erratic, with the company swinging from a positive $22.9 million in 2023Q4 to a negative $12.2 million in 2026Q1, reflecting the difficulty in achieving consistent cash conversion amidst cyclical industrial demand.
The inability to maintain positive free cash flow margins suggests that the company's capital-intensive service model is struggling to self-fund its operations. This volatility may indicate that the business is highly sensitive to even minor fluctuations in steel production volumes and infrastructure project cycles.
Based on reported figures, Enviri maintains a high capital intensity, with CapEx as a percentage of revenue peaking at 8.8% in 2025Q4, which consistently outpaces the company's ability to generate sufficient free cash flow to cover these essential equipment maintenance and replacement requirements.
The high level of capital expenditure relative to revenue suggests that the company is locked into a cycle of heavy reinvestment just to maintain its existing service infrastructure. This capital-heavy requirement appears to be a significant drag on liquidity, particularly given the company's already strained balance sheet.
As indicated by the quarterly cash flow data, working capital changes are highly volatile, ranging from a $73.2 million inflow in 2023Q4 to a $38.6 million outflow in 2025Q1, suggesting that the company's cash flow is heavily influenced by timing differences in collections and payables.
These significant swings in working capital suggest that the company's cash flow profile is susceptible to the payment cycles of its industrial clients. Analysts should investigate whether these fluctuations represent genuine operational efficiency gains or merely the deferral of cash outflows to manage short-term liquidity pressures.
Quick answers to the most common questions about buying NVRI stock.
Enviri Corporation (NVRI) generated $101.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enviri Corporation (NVRI) reported negative free cash flow of $40.1M in 2025, indicating capital requirements exceeded cash from operations.
Enviri Corporation (NVRI) spent $141.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.