Revenue volatility remains a primary concern, evidenced by a 20.1% year-over-year decline in 2026Q1 and a gross margin that compressed to -25.9% during the same period.
Perma-Fix Environmental Services, Inc. (PESI) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 57.18M | 61.67M | 59.12M | 89.73M | 70.6M | 72.19M | 105.43M | 73.46M | 49.54M | 49.77M | 51.22M | 62.38M | 57.06M | 74.41M | 127.51M | 118.61M | 97.79M | 100.68M | 75.5M | 54.1M | 87.93M | 90.87M | 83.37M | 84.89M | 83.4M | 74.49M | 59.14M | 46.46M | 30.6M | 28.4M | 31M |
| Revenue Growth % | -4.73% | 4.33% | -34.12% | 27.11% | -2.21% | -31.52% | 43.52% | 48.29% | -0.46% | -2.83% | -17.9% | 9.32% | -23.31% | -41.64% | 7.5% | 21.29% | -2.87% | 33.34% | 39.56% | -38.47% | -3.23% | 8.99% | -1.79% | 1.78% | 11.96% | 25.96% | 27.28% | 51.84% | 7.75% | -8.39% | -11.17% |
| Cost of Goods Sold | 58.82M | 55.76M | 59.12M | 73.37M | 60.99M | 65.37M | 89.53M | 57.55M | 41.08M | 41.15M | 44.13M | 48.03M | 45.16M | 64.6M | 111.7M | 89.82M | 77.17M | 73.54M | 55.31M | 36.84M | 58.72M | 65.47M | 59.52M | 58.63M | 59.05M | 49.72M | 40.91M | 31.27M | 21.1M | 19.8M | 21.9M |
| COGS % of Revenue | - | 90.41% | 100% | 81.76% | 86.39% | 90.55% | 84.92% | 78.34% | 82.92% | 82.68% | 86.17% | 77% | 79.13% | 86.81% | 87.61% | 75.73% | 78.92% | 73.04% | 73.25% | 68.09% | 66.78% | 72.05% | 71.39% | 69.07% | 70.81% | 66.74% | 69.18% | 67.3% | 68.95% | 69.72% | 70.65% |
| Gross Profit | -1.64M | 5.92M | 2K | 16.37M | 9.61M | 6.82M | 15.89M | 15.91M | 8.46M | 8.62M | 7.08M | 14.35M | 11.91M | 9.82M | 15.8M | 28.79M | 20.61M | 27.14M | 20.19M | 17.27M | 29.21M | 25.4M | 23.85M | 26.26M | 24.35M | 24.77M | 18.23M | 15.19M | 9.5M | 8.6M | 9.1M |
| Gross Margin % | -2.88% | 9.59% | 0% | 18.24% | 13.61% | 9.45% | 15.07% | 21.66% | 17.08% | 17.32% | 13.83% | 23% | 20.87% | 13.19% | 12.39% | 24.27% | 21.08% | 26.96% | 26.75% | 31.91% | 33.22% | 27.95% | 28.61% | 30.93% | 29.19% | 33.26% | 30.82% | 32.7% | 31.05% | 30.28% | 29.35% |
| Gross Profit Growth % | - | 295700% | -99.99% | 70.35% | 40.81% | -57.06% | -0.13% | 88.09% | -1.84% | 21.68% | -50.64% | 20.52% | 21.31% | -37.89% | -45.1% | 39.65% | -24.04% | 34.39% | 16.96% | -40.89% | 15.02% | 6.48% | -9.17% | 7.84% | -1.71% | 35.9% | 19.98% | 59.93% | 10.47% | -5.49% | 9.64% |
| Operating Expenses | 17.44M | 17.65M | 15.68M | 15.61M | 15.01M | 13.59M | 12.56M | 12.95M | 12.11M | 12.7M | 12.77M | 13.3M | 13.29M | 16.14M | 20.21M | 17.05M | 14.42M | 17.71M | 18.54M | 16.75M | 22.98M | 20.11M | 28.7M | 18.64M | 17.91M | 19.35M | 16.42M | 13.08M | 8.9M | 7.7M | 9.2M |
| OpEx % of Revenue | - | 28.62% | 26.53% | 17.4% | 21.26% | 18.83% | 11.92% | 17.62% | 24.45% | 25.51% | 24.93% | 21.32% | 23.29% | 21.69% | 15.85% | 14.38% | 14.75% | 17.59% | 24.55% | 30.96% | 26.13% | 22.13% | 34.42% | 21.95% | 21.47% | 25.98% | 27.76% | 28.14% | 29.09% | 27.11% | 29.68% |
| Selling, General & Admin | 16.29M | 16.36M | 14.49M | 14.97M | 14.65M | 12.85M | 0 | 0 | 10.74M | 11.1M | 10.72M | 11M | 11.97M | 14.38M | 18.39M | 15.56M | 13.36M | 17.73M | 18.83M | 15.41M | 22.95M | 20.44M | 18.7M | 18.64M | 17.91M | 14.74M | 12.77M | 10.3M | 6.8M | 5.7M | 6.9M |
| SG&A % of Revenue | - | 26.52% | 24.51% | 16.69% | 20.75% | 17.79% | - | - | 21.68% | 22.3% | 20.94% | 17.63% | 20.98% | 19.32% | 14.42% | 13.12% | 13.66% | 17.61% | 24.94% | 28.48% | 26.1% | 22.5% | 22.43% | 21.95% | 21.47% | 19.78% | 21.58% | 22.17% | 22.22% | 20.07% | 22.26% |
| Research & Development | 1.15M | 1.29M | 1.17M | 561K | 336K | 746K | 762K | 750K | 1.37M | 1.59M | 2.05M | 2.3M | 1.31M | 1.76M | 1.82M | 1.5M | 921K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.09% | 1.98% | 0.63% | 0.48% | 1.03% | 0.72% | 1.02% | 2.77% | 3.2% | 3.99% | 3.69% | 2.3% | 2.37% | 1.43% | 1.27% | 0.94% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 21K | 77K | 18K | 2K | 11.8M | 12.2M | -8K | 123K | 22K | 21K | -51K | -8K | 8K | -15K | 138K | -15K | -295K | 1.34M | 28K | -334K | 10M | 0 | 0 | 4.62M | 3.65M | 2.78M | 2.1M | 2M | 2.3M |
| Operating Income | -19.09M | -11.73M | -15.68M | 756K | -5.4M | -6.77M | 3.33M | 2.97M | -3.6M | -4.74M | -15.79M | 1.13M | -1.72M | -34.23M | -4.42M | 11.37M | 6.2M | 9.43M | 2.45M | 517K | 6.23M | 5.29M | -4.85M | 7.62M | 6.28M | 5.42M | 1.81M | 2.12M | 600K | 913K | 100K |
| Operating Margin % | -33.38% | -19.03% | -26.53% | 0.84% | -7.64% | -9.38% | 3.16% | 4.04% | -7.28% | -9.52% | -30.83% | 1.82% | -3.01% | -46% | -3.47% | 9.59% | 6.33% | 9.36% | 3.25% | 0.96% | 7.09% | 5.82% | -5.81% | 8.98% | 7.53% | 7.27% | 3.07% | 4.55% | 1.96% | 3.21% | 0.32% |
| Operating Income Growth % | - | 25.18% | -2174.34% | 114.01% | 20.27% | -303.4% | 12.09% | 182.38% | 23.9% | 70.01% | -1493.82% | 165.91% | 94.98% | -673.71% | -138.91% | 83.52% | -34.28% | 284.42% | 374.27% | -91.71% | 17.89% | 209.06% | -163.61% | 21.35% | 15.91% | 198.9% | -14.32% | 252.67% | -34.28% | 813% | 106.25% |
| EBITDA | -17.23M | -9.97M | -13.92M | 3.32M | -3.29M | -5.08M | 4.92M | 4.31M | -2.15M | -933K | -11.63M | 4.85M | 2.52M | -30.1M | 1.05M | 16.33M | 10.72M | 14.17M | 7.32M | 4.38M | 11.09M | 10.04M | 566K | 12.49M | 10.53M | 10.04M | 5.46M | 4.89M | 2.7M | 2.91M | 2.2M |
| EBITDA Margin % | -30.13% | -16.17% | -23.54% | 3.7% | -4.66% | -7.04% | 4.67% | 5.87% | -4.34% | -1.87% | -22.7% | 7.77% | 4.42% | -40.45% | 0.82% | 13.77% | 10.97% | 14.08% | 9.69% | 8.1% | 12.61% | 11.05% | 0.68% | 14.71% | 12.62% | 13.47% | 9.24% | 10.53% | 8.82% | 10.26% | 7.1% |
| EBITDA Growth % | -56.01% | 28.34% | -518.74% | 201.09% | 35.3% | -203.21% | 14.22% | 300.6% | -130.33% | 91.98% | -339.73% | 92.38% | 108.37% | -2977.92% | -93.59% | 52.26% | -24.32% | 93.66% | 66.93% | -60.47% | 10.46% | 1674.03% | -95.47% | 18.64% | 4.88% | 83.66% | 11.65% | 81.26% | -7.31% | 32.41% | 340% |
| D&A (Non-Cash Add-back) | 1.86M | 1.76M | 1.76M | 2.57M | 2.11M | 1.69M | 1.6M | 1.34M | 1.46M | 3.8M | 4.17M | 3.72M | 4.24M | 4.13M | 5.47M | 4.96M | 4.53M | 4.75M | 4.87M | 3.87M | 4.86M | 4.75M | 5.41M | 4.87M | 4.24M | 4.62M | 3.65M | 2.78M | 2.1M | 2M | 2.1M |
| EBIT | -17.93M | -10.35M | -14.66M | 1.26M | -3.41M | -2.55M | 3.36M | 3.3M | -1.76M | -4.54M | -15.77M | 969K | -1.96M | -34.33M | -4.48M | 11.71M | 5.87M | 9.59M | 2.67M | 517K | 6.41M | 5.41M | -4.85M | 7.59M | 6.28M | 5.42M | 1.81M | 2.12M | 600K | 913K | 100K |
| Net Interest Income | 702K | 809K | 382K | 190K | -76K | -221K | -552K | -303K | 6K | -210K | -487K | -664K | -744K | -859K | -884K | -806K | -1.1M | -1.78M | -1.45M | -1.19M | -1.25M | -1.78M | -4.21M | -3.9M | -3.93M | -5.97M | -2.62M | 0 | -300K | 0 | -800K |
| Interest Income | 992K | 1.12M | 921K | 606K | 99K | 26K | 140K | 337K | 295K | 0 | 0 | 53K | 27K | 35K | 41K | 58K | 65K | 145K | 226K | 312K | 285K | 133K | 3K | 8K | 16K | 29K | 41K | 0 | 0 | 0 | 0 |
| Interest Expense | 290K | 314K | 539K | 416K | 175K | 247K | 692K | 640K | 289K | 210K | 487K | 717K | 771K | 894K | 925K | 864K | 1.17M | 1.94M | 1.68M | 1.5M | 1.54M | 1.91M | 4.21M | 3.91M | 3.95M | 6M | 2.66M | 0 | 300K | 0 | 800K |
| Other Income/Expense | 869K | 1.07M | 548K | 179K | 1.81M | 3.97M | -368K | -80K | 1.59M | -87K | -465K | -653K | -856K | -867K | -891K | -524K | -1.08M | -1.73M | -1.46M | 0 | -1.36M | -1.79M | -10.49M | -568K | -148K | -46K | 247K | 54K | 200K | -313K | 0 |
| Pretax Income | -18.22M | -10.66M | -15.13M | 935K | -3.59M | -2.8M | 2.96M | 2.89M | -2.01M | -4.82M | -16.26M | 480K | -2.58M | -35.1M | -5.3M | 10.85M | 5.12M | 7.65M | 930K | 517K | 4.87M | 3.5M | -9.55M | 7.02M | 6.13M | 5.37M | 2.06M | 2.17M | 800K | 600K | 500K |
| Pretax Margin % | -31.86% | -17.29% | -25.6% | 1.04% | -5.08% | -3.88% | 2.81% | 3.93% | -4.06% | -9.69% | -31.74% | 0.77% | -4.51% | -47.16% | -4.16% | 9.14% | 5.23% | 7.6% | 1.23% | 0.96% | 5.54% | 3.85% | -11.45% | 8.27% | 7.35% | 7.21% | 3.48% | 4.67% | 2.61% | 2.11% | 1.61% |
| Income Tax | 0 | 0 | 4.43M | 17K | -378K | -3.89M | -189K | 157K | -936K | -1.28M | -2.99M | 543K | 417K | -625K | 1.25M | -955K | 1.85M | -1.99M | 10K | 0 | 507K | 432K | 14.51M | 4.5M | 4.24M | 6.02M | 2.37M | 546K | 100K | 4.8M | 300K |
| Effective Tax Rate % | 0% | 0% | -29.3% | 1.82% | 10.53% | 139.03% | -6.39% | 5.43% | 46.57% | 26.64% | 18.42% | 113.13% | -16.19% | 1.78% | -23.58% | -8.81% | 36.08% | -25.96% | 1.08% | 0% | 10.41% | 12.34% | -152% | 64.15% | 69.1% | 112.06% | 115% | 25.16% | 12.5% | 800% | 60% |
| Net Income | -21.18M | -13.78M | -19.98M | 485K | -3.82M | 835K | 2.86M | 2.31M | -1.42M | -3.68M | -13.4M | -1.05M | -1.23M | -35.98M | -3.36M | 8.07M | 2.61M | 9.62M | 1.91M | -9.21M | 4.71M | 3.74M | -19.36M | 3.12M | 2.2M | -602K | -556K | 1.57M | 500K | -3.9M | -300K |
| Net Margin % | -37.04% | -22.35% | -33.8% | 0.54% | -5.41% | 1.16% | 2.71% | 3.15% | -2.87% | -7.39% | -26.17% | -1.68% | -2.15% | -48.34% | -2.63% | 6.8% | 2.67% | 9.56% | 2.53% | -17.02% | 5.36% | 4.11% | -23.22% | 3.67% | 2.64% | -0.81% | -0.94% | 3.38% | 1.63% | -13.73% | -0.97% |
| Net Income Growth % | -12.93% | 31.01% | -4219.38% | 112.71% | -557.01% | -70.8% | 23.54% | 262.91% | 61.39% | 72.55% | -1176.67% | 14.29% | 96.59% | -971% | -141.63% | 209.36% | -72.9% | 403.51% | 120.75% | -295.5% | 26% | 119.31% | -720.94% | 41.6% | 465.78% | -8.27% | -135.41% | 214% | 112.82% | -1200% | 96.7% |
| Net Income (Continuing) | -18.22M | -10.66M | -19.57M | 918K | -3.21M | 1.09M | 3.15M | 2.73M | -1.07M | -3.54M | -13.26M | -63K | -2.99M | -34.47M | -3.15M | 6.4M | 4.88M | 9.69M | 920K | 517K | 4.36M | 3.07M | -9.55M | 3.64M | 2.68M | -602K | -556K | 1.57M | 500K | 0 | -300K |
| Discontinued Operations | -1.12M | -3.12M | -410K | -433K | -605K | -421K | -412K | -541K | 0 | 0 | 0 | 0 | 1.69M | 0 | -30K | 182K | 0 | 50K | 0 | 0 | 349K | 670K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -1.74M | -1.62M | -1.5M | -1.18M | -725K | -137K | 333K | 0 | 572K | 392K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.07 | -0.75 | -1.33 | 0.04 | -0.29 | 0.07 | 0.23 | 0.19 | -0.12 | -0.31 | -1.15 | -0.09 | -0.11 | -3.18 | -0.30 | 0.59 | 0.36 | 0.90 | 0.20 | -0.88 | 0.50 | 0.40 | -2.18 | 0.35 | 0.25 | -0.15 | -0.20 | 0.35 | -0.30 | -2.00 | -1.35 |
| EPS Growth % | 0.88% | 43.61% | -3867.71% | 112.17% | -514.29% | -69.57% | 21.05% | 258.33% | 61.29% | 73.04% | -1165.13% | 17.36% | 96.54% | -960% | -150.85% | 63.89% | -60% | 350% | 122.73% | -276% | 25% | 118.35% | -722.86% | 40% | 266.67% | 25% | -157.14% | 216.67% | 85% | -48.15% | 76.52% |
| EPS (Basic) | - | -0.75 | -1.33 | 0.04 | -0.29 | 0.07 | 0.24 | 0.19 | -0.12 | -0.31 | -1.15 | -0.09 | -0.11 | -3.18 | -0.30 | 0.73 | 0.36 | 0.90 | 0.20 | -0.88 | 0.50 | 0.40 | -2.39 | 0.40 | 0.30 | -0.15 | -0.20 | 0.40 | -0.30 | -2.00 | -1.35 |
| Diluted Shares Outstanding | 19.84M | 18.46M | 15.07M | 13.74M | 13.28M | 12.67M | 12.35M | 12.06M | 11.86M | 11.71M | 11.61M | 11.55M | 11.44M | 11.32M | 11.22M | 11.06M | 11.01M | 10.91M | 10.8M | 10.51M | 9.75M | 8.96M | 8.88M | 7.89M | 8.18M | 4.98M | 3.81M | 4.24M | 2.41M | 2.15M | 1.78M |
| Basic Shares Outstanding | 19.84M | 18.46M | 15.07M | 13.51M | 13.28M | 12.43M | 12.14M | 12.05M | 11.86M | 11.71M | 11.61M | 11.52M | 11.2M | 11.32M | 11.22M | 11.06M | 10.99M | 10.85M | 10.76M | 10.51M | 9.63M | 8.52M | 8.1M | 7M | 6.81M | 4.98M | 3.81M | 3.5M | 2.41M | 2.15M | 1.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PESI stock.
For fiscal year 2025, Perma-Fix Environmental Services, Inc. (PESI) reported total revenue of $61.7M. This represents a 98.9% increase compared to $31.0M in 1996.
Perma-Fix Environmental Services, Inc. (PESI) reported a net loss of $13.8M for the fiscal year ending 2025.
Perma-Fix Environmental Services, Inc. (PESI) reported an operating income of $-11.7M, resulting in an operating profit margin of -19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Perma-Fix Environmental Services, Inc. (PESI) generated $5.9M in gross profit for the year, representing a gross profit margin of 9.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Federal budget dependency
Metrics are mathematically derived from official filings.
Revenue Volatility Hinders Sustainable Growth
According to recent quarterly filings, PESI's revenue has exhibited significant instability, with a sharp 20.1% year-over-year decline in 2026Q1, highlighting the inherent lumpiness of project-based government contracts that complicates the company's ability to maintain a consistent or predictable long-term growth trajectory for its core operations.
The reliance on DOE and DOD funding cycles creates a feast-or-famine revenue profile that appears to lack organic momentum. Without a diversified commercial base, the company remains tethered to federal budgetary priorities, which may continue to suppress top-line visibility and growth durability.
Structural Margin Compression Remains Persistent
As reported in financial statements, the company's gross margin has struggled to maintain positive territory, bottoming out at -25.9% in 2026Q1, which suggests that the high fixed-cost nature of its specialized treatment facilities is currently failing to achieve the necessary throughput to cover operational overhead.
The inability to consistently scale gross margins above low single digits indicates that the current facility utilization is insufficient to absorb the costs of maintaining regulated infrastructure. Investors should monitor whether management can optimize throughput or if structural inefficiencies will continue to erode the value of each revenue dollar.
Operating Leverage Remains Deeply Negative
Based on the provided income statement data, PESI's operating margin of -67.3% in 2026Q1 demonstrates a lack of operating leverage, as SG&A expenses continue to outpace the company's ability to generate meaningful gross profit from its specialized environmental waste treatment and decommissioning service contracts.
The company appears to be trapped in a cycle where fixed costs for compliance and specialized labor remain high regardless of revenue fluctuations. This lack of scalability suggests that the current business model may require a significant, sustained increase in waste volume to reach a break-even point.
Fixed Cost Burden Masks Efficiency
Analysis of the cost structure reveals that COGS frequently exceeds revenue, as seen in 2026Q1 where COGS reached $14.0M against $11.1M in revenue, indicating that the company's primary cost line items are not sufficiently variable to adjust downward during periods of lower project activity.
The persistent mismatch between revenue and direct costs suggests that the company is carrying excess capacity that is not currently being monetized. Management's expense discipline appears constrained by the regulatory necessity of maintaining facilities, which limits their ability to pivot costs in response to revenue volatility.
Speculative Pivot Risks Capital Erosion
While the company pursues medical isotope technology as a growth catalyst, the financial data suggests that this R&D investment is currently a drag on profitability, with net margins reaching -67.3% in 2026Q1, raising concerns about the sustainability of funding these initiatives without core business profitability.
Short-term observers may argue that the focus on the Medical segment distracts from the urgent need to stabilize the legacy waste business. If the medical technology fails to reach commercialization, the capital allocated to this segment may be viewed as a significant misallocation of limited resources.