| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 54 | — | 17.8x | Around median | |
Growth | 7 | -16.8% | 7.1% | Bottom tier | |
Quality | 5 | — | 4.5% | Bottom tier | |
Safety | 30 | — | 2.6x | Bottom tier | |
Capital Return | 98 | — | 2.12% | Top tier | |
Momentum | — | — | 2.9% | N/A | |
Sentiment | 78 | 1 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Enviri Corporation operates through two main businesses, Harsco Environmental and Harsco Rail. Harsco Environmental provides services and products to industrial sites and steel customers, and its results move with customer production volumes, pricing, and site operating efficiency, while Harsco Rail sells railway maintenance equipment, spare parts, aftermarket services, and contract services. Following the sale of Clean Earth in June 2026, the historical comparisons presented by the company exclude this business, with approximately $8 million in annual expenses previously allocated to it transferred to the Corporate segment.
In Q2 FY2026, reported revenue was $187.3 million, and Enviri recorded a net loss of $396.0 million and a loss per share of $14.21 according to EDGAR filings. Revenue included a negative adjustment of $136 million due to the exit from the Deutsche Bahn and Network Rail contracts, while results included $247 million in unusual items related to the contract exits, the sale of Clean Earth, and restructuring. On an adjusted basis, EBITDA was approximately $34 million, up 22% from the comparable period of FY2025, while adjusted loss per share was $0.63.
At the operating mix level in Q2 FY2026, Harsco Environmental generated revenue of $266 million and adjusted EBITDA of $46 million, equivalent to a calculated margin of approximately 17.3%, with revenue growth of 3% and EBITDA growth of 15% year over year. Harsco Rail recorded adjusted revenue of $58 million and an adjusted EBITDA loss of $5 million; accordingly, the environmental business represented approximately 82% of the two segments’ combined adjusted revenue of $324 million, versus approximately 18% for Rail.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $24, with identical high and low targets at the same level and a “Neutral” consensus. This target is slightly below the 52-week range high of $24.20, compared with a low of $10.81. No comparable price-to-earnings multiple is available due to losses, so the valuation depends on Enviri’s ability to convert reduced ETO contract risk and annual savings exceeding $15 million into better earnings and cash flows beginning in FY2027, while contract liabilities of $190 million and volume pressures remain countervailing factors.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Q2 FY2026 revenue included a negative adjustment of $136 million related to the exit from the Deutsche Bahn and Network Rail contracts, after revenue had been recognized under percentage-of-completion accounting. Adjusted revenue for Harsco Environmental and Harsco Rail was approximately $266 million and $58 million, respectively, totaling $324 million. Management explained that revenue, excluding the exit adjustment, was higher than in the comparable period of FY2025. Previous ETO revenue was recognized at a zero margin, so the decline in reported revenue alone does not reflect the change in operating profitability.
Enviri recorded $207 million in unusual items related to the exit in Q2 FY2026, including $75 million for the impairment of contract assets and inventory and $133 million for potential additional liabilities. Total accrued liabilities for these and other contracts were $190 million at the end of the period. The projects had consumed approximately $40 million of cash in FY2025 and were expected to consume a similar amount in FY2026. The company signed an agreement to transfer assets and supplier obligations for the Deutsche Bahn contract to GBM, while its discussions with Network Rail continued through the August 11, 2026 call.
Harsco Environmental’s revenue was approximately $266 million, up 3% from the comparable period of FY2025. Adjusted EBITDA increased 15% to $46 million, equivalent to a calculated margin of approximately 17.3%. The company attributed the improvement to higher service and product volumes and improved pricing and operating performance at certain sites. Conversely, it identified volume pressures in Northern Europe, China, and the Middle East, and maintained its FY2026 adjusted EBITDA guidance at between $170 million and $180 million.
Harsco Rail recorded adjusted revenue of $58 million and an adjusted EBITDA loss of $5 million in Q2 FY2026. Aftermarket services revenue grew at a double-digit rate, and aftermarket parts have historically represented approximately 40% of segment revenue, with their share expected to increase in the near term. However, original equipment demand remained at its lowest level in decades, and management maintained its FY2026 adjusted EBITDA loss guidance at between $19 million and $26 million. The company expects meaningful cash flows from the SBB contract to begin at the start of FY2027, targeting regulatory approval early in the year and completion of manufacturing in the second half.
The actions include eliminating approximately 300 positions, and most of the associated cost consists of severance payments that will be paid during the quarters following Q2 FY2026. The company recorded $10 million in unusual restructuring items during that quarter. Management expects the annual margin improvement impact to exceed $15 million at full run rate. The actions included closing the Ludington facility in Michigan and programs in European operations and the South Carolina site, along with consolidating responsibilities and functions within Harsco Environmental.
Enviri ended Q2 FY2026 with net debt of approximately $290 million and a net leverage ratio of 1.9 times under its credit agreement, with approximately $300 million in cash and $50 million classified as restricted cash. Management said the funds allocated after the sale of Clean Earth are sufficient to address the ETO contract exits without additional leverage, but total accrued contract liabilities were $190 million. During the three months ended August 18, 2026, insiders executed six purchases with no sales, totaling a net $1.6 million. These purchases represent a supportive confidence signal, but they do not eliminate the risks of losses or negative adjusted free cash flow of $9 million in Q2 FY2026.
