Operating cash flow was -$296.9M and free cash flow -$331.6M (a -177% margin) in Q2 2026, with working capital absorbing $78.9M, indicating severe cash burn despite a cash balance of $253.4M.
Enviri Corporation (NVRI) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | -237.49M | -22.78M | -44.59M | -14.4M | 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 % | - | -1.8% | -3.18% | -1% | 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 % | 972.4% | 48.92% | -209.62% | -109.57% | 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 | -516.57M | -224.22M | -189.58M | -139.2M | -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 | 168.1M | 120.53M | 122.71M | 128M | 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 | 21.57M | 10.36M | 9.46M | 7.2M | 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 | 39.56M | 7.25M | -4.16M | 1.62M | -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 | 96.94M | 11.21M | 27.47M | 22.71M | 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 | -15.63M | 52.08M | -10.47M | -34.74M | 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 | -124.24M | 26.36M | 21.89M | -26.16M | 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 | 33M | 7.95M | -8.18M | -5.59M | -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 | -29.12M | 4.25M | -18.82M | 1.27M | 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 | 1.56B | -101.09M | -1.87M | -85.12M | -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 | -134.58M | -91.82M | -103.84M | -106.92M | -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 | 7.2% | 7.25% | 7.4% | 7.43% | 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 | 0 | 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 | -31.65M | 8.92M | 32.22M | 17.55M | 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 | -1.14B | 155.8M | 26.95M | 142.08M | -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) | -1.07B | 103.58M | -29.56M | 53.65M | -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) | -38.39M | 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 | -38.39M | 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 | -24.64M | 52.22M | 56.51M | 88.43M | -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 | 189.91M | 35.27M | -34.56M | 39.44M | -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 | -372.21M | -114.6M | -149.18M | -121.33M | 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 % | -19.92% | -9.05% | -10.63% | -8.43% | 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 % | -307.75% | 23.18% | -22.96% | -1020.32% | 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 | -13.46 | -4.08 | -5.31 | -4.32 | 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) | 0.72x | 0.10x | 0.23x | 0.10x | -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 |
Quick answers to the most common questions about buying NVRI stock.
Enviri Corporation (NVRI) generated $-22.8M 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 $114.6M in 2025, indicating capital requirements exceeded cash from operations.
Enviri Corporation (NVRI) spent $91.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
High leverage and negative FCF
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Non-Cash Charges
In Q2 2026, NVRI's operating cash flow of -$296.9M was 75% of net income, but excluding a likely impairment, cash conversion appears strained, per reported figures.
The massive net loss in Q2 2026, likely driven by a non-cash impairment, distorts the OCF/NI ratio. Excluding that quarter, OCF has been positive in several periods despite net losses, indicating that D&A and working capital releases are supporting cash flow. However, the persistent negative net income suggests that earnings quality is low, and the company is not generating sustainable cash profits.
Free Cash Flow Deeply Negative
FCF turned sharply negative in Q2 2026 at -$331.6M, a -177% margin, versus a -$32.7M deficit in Q1, based on financial statements, signaling deteriorating cash generation.
The FCF trajectory has been erratic, with positive FCF in only two of the last ten quarters. The Q2 2026 plunge reflects both the operating cash outflow and continued capex. Even excluding the impairment, FCF has been consistently negative, implying that the business is not self-funding and requires external financing.
Capital Intensity Strains Cash
CapEx averaged 7.4% of revenue over the last year, but Q2 2026 saw CapEx/Revenue spike to 18.5%, as per SEC filings, indicating elevated investment amid weak cash flow.
The elevated CapEx in Q2 2026, despite revenue decline, suggests either maintenance requirements or growth investments that are not generating immediate returns. Given the company's high leverage, this capital intensity may force trade-offs between debt service and necessary asset upkeep, potentially impairing long-term competitiveness.
Working Capital Volatility Adds Pressure
Working capital changes swung from +$58.8M in Q4 2025 to -$78.9M in Q2 2026, based on reported data, indicating significant cash absorption from operations.
The large negative working capital change in Q2 2026 suggests a build-up in receivables or inventory, or a drawdown in payables, which is concerning given the revenue decline. This volatility may indicate collection issues or inventory write-downs, and investors should monitor whether this is a one-time event or a trend.
Capital Deployment Focused on Debt Reduction
NVRI paid no dividends and repurchased only $38.4M in Q2 2026, while acquisitions were minimal, as per financial statements, suggesting a focus on deleveraging.
The absence of dividends and minimal buybacks indicates that management is prioritizing debt reduction, which is prudent given the debt-to-equity ratio of 6.11. However, the $38.4M buyback in Q2 2026, despite negative FCF, appears aggressive and may signal a belief in undervaluation, but it also consumes scarce cash.
Cumulative Losses Outpace Cash Burn
Over the last ten quarters, cumulative net income was -$701.2M while operating cash flow was -$158.1M, based on reported figures, indicating a large non-cash component to losses.
The gap between net income and operating cash flow suggests that a significant portion of the losses are non-cash, such as impairments and depreciation. However, the fact that operating cash flow is still negative over the period indicates that the company is not generating cash from its core operations, which is a fundamental concern for solvency.
What the Cash Flow Statement Obscures
SBC of $9.1M in Q2 2026 and potential capitalized costs may understate cash burn, while asset retirement obligations could create future cash outflows, per reported data.
The cash flow statement shows SBC as a non-cash add-back, but it still dilutes shareholders. Additionally, the company's environmental liabilities and AROs may not be fully reflected in current cash flows, potentially leading to significant future outflows. Investors should scrutinize these off-balance-sheet items, as they could further strain liquidity given the already high leverage.