Revenue growth remains stagnant at 0.2% year-over-year in 2026Q1, while operating margins have compressed to a razor-thin 0.3% due to persistent cost pressures.
| 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 |
|---|
| Sales/Revenue | 2.24B | 2.24B | 2.34B | 2.37B | 2.13B | 1.85B | 1.53B | 1.2B | 1.72B | 1.61B | 1.45B | 1.72B | 2.07B | 2.9B | 3.05B | 3.3B | 3.04B | 2.99B | 3.97B | 3.69B | 3.42B | 2.77B | 2.5B | 2.12B | 1.98B | 2.11B | 2B | 1.72B | 1.74B | 1.63B | 1.56B |
| Revenue Growth % | -2.08% | -4.3% | -0.99% | 10.87% | 15.45% | 20.49% | 27.37% | -30.08% | 7.18% | 10.74% | -15.78% | -16.59% | -28.68% | -4.91% | -7.77% | 8.69% | 1.61% | -24.63% | 7.58% | 7.74% | 23.75% | 10.56% | 18.1% | 7.17% | -6.25% | 5.17% | 16.5% | -0.84% | 6.63% | 4.49% | 4.15% |
| Cost of Goods Sold | 1.84B | 1.77B | 1.9B | 1.92B | 1.8B | 1.49B | 1.24B | 930.1M | 1.29B | 1.22B | 1.17B | 1.36B | 1.65B | 2.23B | 2.35B | 2.57B | 2.34B | 2.25B | 2.93B | 2.69B | 2.55B | 2.1B | 1.92B | 1.6B | 1.48B | 1.59B | 1.37B | 1.2B | 1.2B | 1.11B | 1.07B |
| COGS % of Revenue | - | 78.95% | 81.22% | 80.99% | 84.16% | 80.64% | 80.98% | 77.23% | 74.82% | 75.96% | 80.65% | 78.72% | 79.72% | 77.13% | 77.13% | 77.83% | 76.9% | 75.31% | 73.75% | 72.81% | 74.42% | 75.89% | 76.59% | 75.73% | 74.96% | 75.62% | 68.33% | 69.72% | 68.92% | 68.37% | 68.54% |
| Gross Profit | 399.84M | 471.99M | 440.06M | 449.89M | 338.06M | 357.84M | 291.74M | 274.27M | 433.64M | 386.34M | 280.76M | 366.73M | 418.95M | 662.3M | 696.5M | 732.11M | 701.8M | 738.44M | 1.04B | 1B | 875.71M | 666.81M | 585.67M | 514.14M | 494.97M | 514.02M | 634.95M | 521.1M | 539.4M | 514.7M | 490M |
| Gross Margin % | 17.83% | 21.05% | 18.78% | 19.01% | 15.84% | 19.36% | 19.02% | 22.77% | 25.18% | 24.04% | 19.35% | 21.28% | 20.28% | 22.87% | 22.87% | 22.17% | 23.1% | 24.69% | 26.25% | 27.19% | 25.58% | 24.11% | 23.41% | 24.27% | 25.04% | 24.38% | 31.67% | 30.28% | 31.08% | 31.63% | 31.46% |
| Gross Profit Growth % | - | 7.26% | -2.19% | 33.08% | -5.53% | 22.66% | 6.37% | -36.75% | 12.24% | 37.61% | -23.44% | -12.46% | -36.74% | -4.91% | -4.86% | 4.32% | -4.96% | -29.09% | 3.86% | 14.5% | 31.33% | 13.85% | 13.91% | 3.87% | -3.71% | -19.05% | 21.85% | -3.39% | 4.8% | 5.04% | 8.19% |
| Operating Expenses | 407.01M | 385.06M | 408.31M | 369.95M | 438.96M | 269.47M | 295.05M | 197.87M | 244.24M | 238.9M | 204.67M | 246.62M | 291.6M | 490.62M | 512.48M | 644.46M | 623.37M | 512.22M | 629.41M | 537.4M | 512.8M | 397.86M | 375.83M | 340.25M | 319M | 350.4M | 438.89M | 351.5M | 351.8M | 333.8M | 322M |
| OpEx % of Revenue | - | 17.18% | 17.43% | 15.64% | 20.57% | 14.58% | 19.23% | 16.43% | 14.18% | 14.87% | 14.1% | 14.31% | 14.12% | 16.94% | 16.82% | 19.51% | 20.51% | 17.13% | 15.86% | 14.57% | 14.98% | 14.38% | 15.02% | 16.06% | 16.14% | 16.62% | 21.89% | 20.43% | 20.27% | 20.51% | 20.67% |
| Selling, General & Admin | 195.56M | 382M | 359.39M | 353.99M | 304.87M | 272.23M | 0 | 0 | 238.69M | 234.67M | 200.39M | 242.11M | 285.25M | 481.05M | 503.34M | 535.68M | 532.62M | 509.07M | 602.17M | 538.23M | 507.37M | 393.19M | 368.38M | 329.98M | 312.7M | 322.93M | 274.08M | 207.8M | 213.4M | 211.2M | 212.6M |
| SG&A % of Revenue | - | 17.04% | 15.34% | 14.96% | 14.29% | 14.73% | - | - | 13.86% | 14.6% | 13.81% | 14.05% | 13.81% | 16.61% | 16.52% | 16.22% | 17.53% | 17.02% | 15.18% | 14.59% | 14.82% | 14.21% | 14.72% | 15.58% | 15.82% | 15.32% | 13.67% | 12.08% | 12.3% | 12.98% | 13.65% |
| Research & Development | 3.05M | 3.05M | 3.96M | 3.46M | 2.86M | 956K | 534K | 886K | 5.55M | 4.23M | 4.28M | 4.51M | 6.35M | 9.57M | 9.14M | 6.04M | 4.27M | 3.15M | 5.29M | 3.17M | 3.03M | 2.68M | 2.58M | 3.31M | 2.82M | 3.98M | 5.71M | 7.8M | 7M | 6.1M | 0 |
| R&D % of Revenue | - | 0.14% | 0.17% | 0.15% | 0.13% | 0.05% | 0.03% | 0.07% | 0.32% | 0.26% | 0.29% | 0.26% | 0.31% | 0.33% | 0.3% | 0.18% | 0.14% | 0.11% | 0.13% | 0.09% | 0.09% | 0.1% | 0.1% | 0.16% | 0.14% | 0.19% | 0.29% | 0.45% | 0.4% | 0.37% | - |
| Other Operating Expenses | 2M | 0 | 44.96M | 12.51M | 131.23M | -3.72M | 294.51M | 196.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.17M | 86.93M | 31.75M | 79.94M | -100.9M | 88.38M | -3.31M | 76.4M | 190.93M | 142.8M | 63.47M | 88.54M | 63.47M | -134.8M | -174.79M | 87.65M | 78.43M | 218.66M | 411.99M | 457.81M | 358.47M | 268.95M | 209.85M | 173.89M | 175.97M | 163.62M | 196.06M | 169.6M | 187.6M | 178.3M | 164.7M |
| Operating Margin % | -0.32% | 3.88% | 1.36% | 3.38% | -4.73% | 4.78% | -0.22% | 6.34% | 11.09% | 8.89% | 4.37% | 5.14% | 3.07% | -4.65% | -5.74% | 2.65% | 2.58% | 7.31% | 10.38% | 12.41% | 10.47% | 9.72% | 8.39% | 8.21% | 8.9% | 7.76% | 9.78% | 9.86% | 10.81% | 10.96% | 10.57% |
| Operating Income Growth % | - | 173.85% | -60.29% | 179.23% | -214.17% | 2773.2% | -104.33% | -59.98% | 33.7% | 124.99% | -28.31% | 39.49% | 147.09% | 22.88% | -299.42% | 11.75% | -64.13% | -46.93% | -10.01% | 27.71% | 33.29% | 28.16% | 20.68% | -1.18% | 7.55% | -16.55% | 15.6% | -9.59% | 5.22% | 8.26% | 35.44% |
| EBITDA | 178.24M | 270.89M | 211.54M | 251.3M | 62.95M | 255.05M | 153.44M | 212.3M | 315.98M | 272.74M | 204.96M | 245.01M | 239.8M | 102.24M | 97.33M | 398.09M | 393.67M | 530.19M | 749.94M | 764.22M | 611.45M | 467.01M | 394.22M | 342.83M | 331.63M | 340.15M | 355.16M | 305.5M | 319M | 294.8M | 274.1M |
| EBITDA Margin % | 7.95% | 12.08% | 9.03% | 10.62% | 2.95% | 13.8% | 10% | 17.63% | 18.35% | 16.97% | 14.12% | 14.22% | 11.61% | 3.53% | 3.2% | 12.05% | 12.96% | 17.73% | 18.9% | 20.72% | 17.86% | 16.88% | 15.76% | 16.18% | 16.78% | 16.13% | 17.72% | 17.75% | 18.38% | 18.11% | 17.6% |
| EBITDA Growth % | -17.15% | 28.05% | -15.82% | 299.19% | -75.32% | 66.23% | -27.73% | -32.81% | 15.86% | 33.07% | -16.35% | 2.17% | 134.54% | 5.05% | -75.55% | 1.12% | -25.75% | -29.3% | -1.87% | 24.98% | 30.93% | 18.47% | 14.99% | 3.38% | -2.5% | -4.23% | 16.26% | -4.23% | 8.21% | 7.55% | 21.02% |
| D&A (Non-Cash Add-back) | 185.41M | 183.96M | 179.8M | 171.36M | 163.85M | 166.67M | 156.74M | 135.9M | 125.06M | 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 |
| EBIT | -10M | 86.93M | 10.55M | 54.41M | -91.09M | 100.74M | 62.99M | 85.39M | 135.02M | 104.53M | 76.56M | 118.66M | 131.16M | -141.52M | -171.11M | 90.4M | 81.1M | 221.58M | 416.5M | 463.82M | 344.31M | 251.04M | 209.85M | 173.89M | 175.97M | 167.74M | 190.84M | 172.75M | 186.28M | 182.4M | 169.3M |
| Net Interest Income | -110.34M | -119.66M | -119.38M | -113.61M | -69.21M | -61M | -52.46M | -33.91M | -20.5M | -26.66M | -49.11M | -45.23M | -45.41M | -47.57M | -43.7M | -45.98M | -57.95M | -59.82M | -69.55M | -76.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.21M | 2.19M | 6.79M | 6.81M | 3.56M | 2.23M | 2.13M | 1.98M | 2.15M | 2.47M | 2.48M | 1.57M | 1.7M | 2.09M | 3.68M | 2.75M | 2.67M | 2.93M | 3.61M | 4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 112.55M | 121.85M | 126.17M | 120.42M | 72.77M | 63.23M | 54.59M | 35.89M | 22.66M | 29.13M | 51.58M | 46.8M | 47.11M | 49.65M | 47.38M | 48.73M | 60.62M | 62.75M | 73.16M | 81.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -156.28M | -223.6M | -133.43M | -133.37M | -67.18M | -51.17M | -50.73M | -45.06M | -17.05M | -29.25M | -144.35M | -53.72M | -55.15M | -46.98M | -419.16M | -154.2M | -108.71M | -67.38M | -68.65M | -75.37M | -56.7M | -38.78M | -38.61M | -37.99M | -39.27M | -53.94M | -47.23M | -30.44M | -11.41M | -16.8M | 26M |
| Pretax Income | -163.46M | -136.66M | -101.68M | -53.43M | -168.07M | 37.2M | -54.03M | 31.34M | 157.25M | 95.45M | -79.47M | 34.81M | 8.32M | -183.33M | -218.5M | 41.66M | 20.48M | 159.34M | 343.34M | 382.44M | 301.89M | 230.27M | 171.24M | 135.9M | 136.7M | 113.8M | 143.61M | 142.3M | 174.9M | 165.6M | 195.3M |
| Pretax Margin % | -7.29% | -6.1% | -4.34% | -2.26% | -7.88% | 2.01% | -3.52% | 2.6% | 9.13% | 5.94% | -5.48% | 2.02% | 0.4% | -6.33% | -7.17% | 1.26% | 0.67% | 5.33% | 8.65% | 10.37% | 8.82% | 8.32% | 6.84% | 6.42% | 6.92% | 5.4% | 7.16% | 8.27% | 10.08% | 10.18% | 12.54% |
| Income Tax | -3.14M | 22.99M | 17.07M | 30.87M | 4.86M | 9.09M | -8.67M | 12.73M | 12.9M | 83.8M | 6.64M | 27.68M | 27.17M | 34.91M | 35.25M | 49.85M | 4.28M | 18.51M | 91.82M | 117.6M | 97.52M | 64.77M | 49.03M | 41.71M | 42.24M | 36.98M | 46.8M | 51.6M | 67.4M | 65.2M | 76.3M |
| Effective Tax Rate % | 1.92% | -16.82% | -16.78% | -57.77% | -2.89% | 24.43% | 16.05% | 40.62% | 8.2% | 87.8% | -8.35% | 79.5% | 326.5% | -19.04% | -16.13% | 119.64% | 20.88% | 11.62% | 26.74% | 30.75% | 32.3% | 28.13% | 28.63% | 30.69% | 30.9% | 32.5% | 32.59% | 36.26% | 38.54% | 39.37% | 39.07% |
| Net Income | -168.18M | -167.6M | -127.97M | -86.12M | -180.07M | -3.25M | -26.34M | 503.92M | 137.06M | 7.82M | -85.67M | 6.19M | -24.79M | -227.94M | -254.61M | -11.51M | 6.75M | 118.78M | 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 |
| Net Margin % | -7.5% | -7.48% | -5.46% | -3.64% | -8.44% | -0.18% | -1.72% | 41.84% | 7.96% | 0.49% | -5.9% | 0.36% | -1.2% | -7.87% | -8.36% | -0.35% | 0.22% | 3.97% | 6.07% | 8.12% | 5.74% | 5.66% | 4.84% | 4.35% | 4.56% | 3.4% | 4.83% | 5.27% | 6.19% | 17.13% | 7.64% |
| Net Income Growth % | -36.28% | -30.97% | -48.6% | 52.17% | -5442.29% | 87.67% | -105.23% | 267.67% | 1652.2% | 109.13% | -1484.41% | 124.96% | 89.12% | 10.48% | -2112.09% | -270.42% | -94.31% | -50.7% | -19.55% | 52.49% | 25.37% | 29.24% | 31.44% | 2.34% | 25.63% | -25.91% | 6.73% | -15.63% | -61.44% | 134.29% | 22.18% |
| Net Income (Continuing) | -160.32M | -159.65M | -118.75M | -84.3M | -172.93M | 28.11M | -45.36M | 18.61M | 108.53M | 11.65M | -80.42M | 7.31M | -17.79M | -218.24M | -253.18M | -8.18M | 16.2M | 140.33M | 251.52M | 264.84M | 204.37M | 165.5M | 122.2M | 87M | 88.41M | 74.64M | 94.34M | 90.71M | 107.51M | 100.4M | 83.9M |
| Discontinued Operations | -3.66M | -4.06M | -3.92M | -3.8M | -3.5M | -25.39M | 23.39M | 493.61M | 36.48M | 14.63M | 0 | 0 | 1.67M | 0 | -1.48M | 690K | -4.13M | -15.06M | 0 | -9.73M | -17.97M | -21.01M | -8.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 41.73M | 40.52M | 38.15M | 52.26M | 53.6M | 57.61M | 56.24M | 48.08M | 45.11M | 44.71M | 41.26M | 39.23M | 44.32M | 43.09M | 49.78M | 43.54M | 36.45M | 36.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.04 | -2.08 | -1.60 | -1.08 | -2.27 | -0.04 | -0.33 | -0.82 | 1.64 | 0.10 | -1.07 | 0.08 | -0.31 | -2.82 | -3.16 | -0.14 | 0.08 | 1.47 | 2.87 | 3.53 | 2.32 | 1.86 | 1.46 | 1.13 | 1.11 | 0.90 | 1.21 | 1.11 | 1.17 | 1.42 | 0.30 |
| EPS Growth % | -32.47% | -30% | -48.15% | 52.42% | -5575% | 87.88% | 59.76% | -150% | 1540% | 109.35% | -1437.5% | 125.81% | 89.01% | 10.76% | -2157.14% | -275% | -94.56% | -48.78% | -18.7% | 52.16% | 24.73% | 27.4% | 29.2% | 1.8% | 23.33% | -25.62% | 9.01% | -5.13% | -17.61% | 373.33% | -69.07% |
| EPS (Basic) | - | -2.08 | -1.60 | -1.08 | -2.27 | -0.04 | -0.33 | -0.82 | 1.70 | 0.10 | -1.07 | 0.08 | -0.31 | -2.82 | -3.16 | -0.14 | 0.08 | 1.48 | 2.88 | 3.56 | 2.34 | 1.87 | 1.48 | 1.14 | 1.12 | 0.90 | 1.21 | 1.11 | 1.18 | 1.43 | 0.30 |
| Diluted Shares Outstanding | 82.29M | 80.71M | 80.12M | 79.8M | 79.49M | 80.29M | 78.94M | 79.63M | 83.59M | 80.55M | 80.33M | 80.36M | 80.88M | 80.75M | 80.63M | 80.74M | 80.76M | 80.59M | 84.03M | 84.72M | 84.49M | 84.31M | 83.2M | 81.95M | 81.36M | 80.13M | 80.04M | 82.03M | 91.82M | 93.95M | 99.2M |
| Basic Shares Outstanding | 82.29M | 80.71M | 80.12M | 79.8M | 79.49M | 79.23M | 78.94M | 79.63M | 80.72M | 80.55M | 80.33M | 80.23M | 80.88M | 80.75M | 80.63M | 80.74M | 80.57M | 80.3M | 83.6M | 84.17M | 83.88M | 83.55M | 82.26M | 81.38M | 80.72M | 79.75M | 80M | 81.72M | 91.11M | 93.95M | 99.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 1062.22% | - | - | - | - | 976.84% | 53.73% | 27.24% | 19.94% | 27.76% | 31.87% | 37.27% | 46.29% | 44.71% | 53.34% | 38.84% | 40.79% | 37.49% | 14.02% | 31.85% |
High Financial Leverage
As reported in recent financial filings, Enviri's revenue trajectory remains stagnant, with the most recent quarter showing a marginal 0.2% year-over-year growth, reflecting the company's struggle to overcome volume declines in its core industrial service segments while navigating a cooling global steel production environment.
The company's revenue base appears increasingly sensitive to industrial output, as evidenced by the inconsistent growth patterns observed over the last ten quarters. This lack of sustained top-line momentum suggests that the transition to a pure-play environmental services firm has not yet insulated the company from broader cyclical downturns.
Based on the provided income statement data, gross margins have fluctuated significantly, peaking at 22.7% in 2025Q1 before compressing to 17.0% in 2026Q1, highlighting the inherent difficulty in maintaining pricing power within a capital-intensive, commodity-linked industrial services business model.
The volatility in gross margins indicates that Enviri lacks the pricing power typically seen in more defensive waste management peers. Investors should monitor whether the company can stabilize these margins, as the current variability suggests a high sensitivity to input costs and operational inefficiencies.
According to the latest quarterly results, Enviri's operating income remains thin at 0.3% of revenue, demonstrating that the company's high fixed-cost structure prevents meaningful operating leverage even during periods of relative revenue stability, as overhead expenses continue to absorb the majority of gross profit.
The inability to scale operating income faster than gross profit suggests that the company's cost base is largely rigid. This lack of operating leverage may indicate that the business requires significant volume growth or a major reduction in fixed overhead to achieve consistent profitability.
As indicated by the historical income statements, Enviri has reported consistent net losses over the last ten quarters, with a net margin of -1.9% in 2026Q1, suggesting that non-operating items and interest expenses continue to overwhelm the company's core operational performance.
The recurring nature of these net losses, despite occasional positive operating income, points to a structural issue with the company's capital structure. The reliance on debt financing appears to be a primary drag on earnings quality, warranting further investigation into long-term debt sustainability.
Based on the reported figures, the company's persistent negative net income and high debt-to-equity ratio of 6.11 raise significant questions regarding the long-term viability of its current business model, particularly if industrial demand continues to soften in the coming fiscal periods.
Short-sellers may focus on the company's inability to generate positive net income despite its strategic rebranding and divestiture efforts. The risk of margin compression remains high, and the company's reliance on capital-intensive operations may limit its ability to pivot if market conditions deteriorate further.
Quick answers to the most common questions about buying NVRI stock.
For fiscal year 2025, Enviri Corporation (NVRI) reported total revenue of $2.24B. This represents a 43.9% increase compared to $1.56B in 1996.
Enviri Corporation (NVRI) reported a net loss of $167.6M for the fiscal year ending 2025.
Enviri Corporation (NVRI) reported an operating income of $86.9M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Enviri Corporation (NVRI) generated $472.0M in gross profit for the year, representing a gross profit margin of 21.1%. This demonstrates the company's core pricing power and production efficiency.