Steel and waste handling company Enviri (NYSE: NVRI) beat Wall Street’s revenue expectations in Q4 CY2025, but sales were flat year on year at $556.4 million. Its non-GAAP loss of $0.17 per share was 25% above analysts’ consensus estimates.

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“2025 was a transformative year for Enviri, culminating in solid financial performance in the fourth quarter,” said Enviri Chairman and CEO Nick Grasberger.

Company Overview

Cooling America’s first indoor ice rink in the 19th century, Enviri (NYSE: NVRI) offers steel and waste handling services.

Revenue Growth

A company’s long-term sales performance can indicate its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Thankfully, Enviri’s 7.9% annualized revenue growth over the last five years was decent. Its growth was slightly above the average industrials company and shows its offerings resonate with customers.

We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Enviri’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 2.7% over the last two years.

This quarter, Enviri’s $556.4 million of revenue was flat year on year but beat Wall Street’s estimates by 1%.

Looking ahead, sell-side analysts expect revenue to grow 2.3% over the next 12 months. While this projection implies its newer products and services will fuel better top-line performance, it is still below average for the sector.

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Operating Margin

Operating margin is one of the best measures of profitability because it tells us how much money a company takes home after procuring and manufacturing its products, marketing and selling those products, and most importantly, keeping them relevant through research and development.

Enviri was profitable over the last five years but held back by its large cost base. Its average operating margin of 3% was weak for an industrials business. This result isn’t too surprising given its low gross margin as a starting point.

Analyzing the trend in its profitability, Enviri’s operating margin decreased by 4.8 percentage points over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. Enviri’s performance was poor no matter how you look at it - it shows that costs were rising and it couldn’t pass them onto its customers.

In Q4, Enviri generated an operating margin profit margin of negative 6%, in line with the same quarter last year. This indicates the company’s cost structure has recently been stable.

Earnings Per Share

We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.

Sadly for Enviri, its EPS declined by 26.7% annually over the last five years while its revenue grew by 7.9%. This tells us the company became less profitable on a per-share basis as it expanded.

We can take a deeper look into Enviri’s earnings to better understand the drivers of its performance. As we mentioned earlier, Enviri’s operating margin was flat this quarter but declined by 4.8 percentage points over the last five years. Its share count also grew by 2.8%, meaning the company not only became less efficient with its operating expenses but also diluted its shareholders.

Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.

For Enviri, its two-year annual EPS declines of 127% show it’s continued to underperform. These results were bad no matter how you slice the data.

In Q4, Enviri reported adjusted EPS of negative $0.17, down from negative $0.04 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. Over the next 12 months, Wall Street expects Enviri to improve its earnings losses. Analysts forecast its full-year EPS of negative $0.62 will advance to negative $0.29.

Key Takeaways from Enviri’s Q4 Results

It was good to see Enviri beat analysts’ EPS expectations this quarter. We were also excited its EBITDA outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this quarter featured some important positives. The stock remained flat at $19.11 immediately after reporting.

Should you buy the stock or not? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).