Perma-Fix Environmental Services, Inc. (PESI) Market Cap
Perma-Fix Environmental Services, Inc. has a market capitalization of $235.9M.
Financials based on reported quarter end 2025-12-31
Price: $12.72
▲ 0.20 (1.60%)
Market Cap: 235.92M
NASDAQ · time unavailable
CEO: Mark J. Duff
Sector: Industrials
Industry: Waste Management
IPO Date: 1992-12-08
Website: https://www.perma-fix.com
Perma-Fix Environmental Services, Inc. (PESI) - Company Information
Market Cap: 235.92M · Sector: Industrials
Perma-Fix Environmental Services, Inc., through its subsidiaries, operates as an environmental and technology know-how company in the United States. It operates in three segments: Treatment, Services, and Medical. The Treatment segment offers nuclear, low-level radioactive, mixed waste, hazardous and non-hazardous waste treatment, and processing and disposal services through treatment and storage facilities. This segment is also involved in the research and development activities to identify, develop, and implement waste processing techniques for problematic waste streams. The Services segment provides technical services, including professional radiological measurement and site survey of government and commercial installations; integrated occupational safety and health services; and consulting, engineering, project and waste management, environmental, decontamination and decommissioning (D&D) field, technical, on-site waste management services, and management personnel and services. This segment also offers nuclear services, including technology-based services comprising engineering, D&D, specialty, construction, logistics, transportation, processing, and disposal; offers remediation of nuclear licensed and federal facilities, as well as cleanup of nuclear legacy sites; and owns an equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources health physics, industrial hygiene, and customized nuclear, environmental, and occupational safety and health instrumentation. The Medical segment is involved in the research and development of medical isotope production technology. The company provides its services to research institutions, commercial companies, public utilities, and governmental agencies through direct sales to customers or through intermediaries. Perma-Fix Environmental Services, Inc. was incorporated in 1990 and is based in Atlanta, Georgia.
Analyst Sentiment
Based on 1 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 1 sources)
Consensus Price Target
Low
$18
Median
$18
High
$18
Average
$18
Potential Upside: 41.5%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"PESI reported 2025 revenue of about $15.7M with net loss of about -$5.7M and EPS of -$0.31. Despite negative earnings, free cash flow was positive at about $1.3M (operating cash flow -$1.27M after which capex of ~$2.56M was reported). With total equity of -$3.45M and net debt of -$7.45M, the balance sheet reflects a highly leveraged/strained capital structure but also indicates net cash relative to debt (negative net debt). From a performance standpoint, the stock has strong momentum: +44.9% over the last 12 months (and +13.0% over 6 months), which supports the shareholder returns view even with no dividends reported and limited information on buybacks. Cash flow quality looks mixed near-term (negative operating cash flow but positive FCF), suggesting that cash generation may be influenced by working-capital timing and investment spending. Valuation context is incomplete because market cap and key multiples (P/E, FCF yield, ROE, debt/equity) weren’t provided; however, the fixed analyst price target of $18 implies notable upside versus the $10.87 share price. Overall, profitability remains the core issue, while recent price appreciation is the main offset for investors."
Revenue Growth
Revenue level is provided ($15.7M) but no YoY or sequential growth rate is included, limiting trend assessment. The company’s results appear mixed given concurrent net loss.
Profitability
Profitability is weak: net income of -$5.7M and EPS of -$0.31 for the period, indicating losses and no clear evidence of margin recovery from the provided figures.
Cash Flow Quality
Free cash flow is positive (~$1.3M) even though operating cash flow is negative (~-$1.27M). This points to cash flow volatility and/or timing effects. No dividends were paid.
Leverage & Balance Sheet
Total equity is negative (-$3.45M), which is a balance-sheet red flag. Net debt is negative (-$7.45M), indicating net cash, but liabilities are elevated relative to equity.
Shareholder Returns
Total shareholder value creation appears driven primarily by capital appreciation: +44.9% over 1 year and +13.0% over 6 months. Dividends are zero, and buybacks were not provided.
Analyst Sentiment & Valuation
Analyst consensus target is $18 versus a $10.87 price (suggesting upside). However, key valuation metrics (P/E, FCF yield, ROE) are missing, limiting valuation-grade precision.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management is positioning 2H growth as “an inflection point,” citing a May start for DFLAW liquids, April start of a ~$1.5M/month brine stream, and TRU expansion adding ~$0.75M–$1.0M/month, plus PFAS Gen 2 capacity to ~3,000 gallons/day. However, the analyst-pressure reality is sharper: Q1 2026 is expected to be loss-heavy, with negative EBITDA exceeding $4M on ~$13M revenue, largely driven by DFLAW affluent receipt delays, seasonal field weakness, and a revenue-recognition swing of about $2M from Q1 into Q2 (even though processing occurred in Q1). In Q&A, DFLAW visibility is explicitly called difficult because DOE punch-list completion and actual throughput timing are unclear—confirming schedule risk despite management confidence. Net: long-duration Hanford opportunity is credible and quantified, but near-term profitability and earnings timing remain constrained by execution and regulatory/punch-list uncertainty.
Growth Catalysts
- Hanford DFLAW ramp: liquids expected to begin receiving in May (Northwest facility); dry waste expected in April
- Northwest brine program (surface water evaporation from Hanford settling ponds): start planned April 1; ~$1.5M/month revenue stream
- DFLAW additional waste via grouting approach: expected liquids/effluent streams grow up to ~20% above original DOE estimates; supplemental analysis under review with shipment expected mid/late April and receipts in May
- TRU waste processing doubled from 1 shift to 2 shifts starting this month (added ~$0.75M to ~$1.0M/month)
- PFAS Gen 2.0 system commissioning: delayed a couple months due to supply chain; testing targeted late April/early May; capacity to ~3,000 gallons/day after startup
- Services segment recovery via new awards: demolition project award for radiological facility at a National Lab; 3 new projects mobilized into the field in last 2 weeks; better margins noted
Business Development
- Hanford-related DOE program execution via DFLAW and supplemental grouting (regulatory supplemental analysis under review; public comment mid/late April)
- Hanford tank contractor RFP for commercial grouting/offsite disposition: contract beginning January 2028; volume up to 50 million gallons to be grouted at commercial facilities; estimated RFP value discussed as ~$4B
- International: Canada liquid treatment work at Florida facility and DSSI facility in Oak Ridge expected to begin mid-April and run through summer; additional Canada projects likely begin Q3; Mexico tranche out for bid (expected Q3/Q4 start); Germany waste expected through latter part of year
- PFAS technology partnering/competitive displacement: focus on capturing incineration-competitor waste; Gen 1 backlog strong; ongoing partnerships for PFAS remediation/AFFF removal
Financial Highlights
- Q4 revenue: $15.7M vs $14.7M prior year (+$1.0M, +6.9%)
- Q4 Treatment revenue: +$2.6M; Services revenue: -$1.6M (Treatment growth driven by higher volume, offset by lower average price due to waste-mix)
- Q4 gross profit: $1.2M vs $0.594M (Q4 2024)
- Q4 net loss: $5.7M vs $3.5M prior year; FY net loss improved to $13.8M vs $20.0M (2024)
- Q4 EBITDA (continuing ops): loss of $2.7M vs loss of $3.0M prior year
- Cash: $11.8M at quarter end vs $29.0M at year-end 2024
- Revenue timing shift: ~$2.0M of revenue generated at Perma-Fix Northwest in Q1 will be recognized in Q2 due to revenue recognition rules (stored waste timing)
- Q1 2026 operating pressure: losses likely exceed $4.0M in negative EBITDA on about $13M in revenue
- Guidance-style expectation (informal): $1.0M to $1.5M to $2.0M per month revenue starting in Q2 (Mark’s script); analyst Q/A reiteration tied to DFLAW-derived streams
- International revenue growth: foreign entities revenue increased ~163% YoY to ~$6.4M (FY 2025)
Capital Funding
- Total debt at quarter end: $2.0M (excluding issuance costs; owed mostly to PNC Bank)
- Cash used: continuing operations $10.3M in 2025; investing in continuing operations $4.9M (capex/permits); financing $981k (monthly payments, finance lease/other debt, partially offset by option exercises)
- No buyback mentioned
Strategy & Ops
- Perma-Fix Northwest permit renewal expanded capacity to ~1.2 million gallons/liquid mixed waste annually (tripling liquid processing capacity) and authorizes up to ~175,000 tons of waste via macro encapsulation annually
- Automation/information systems investments and workforce expansion to support higher-throughput operations
- Q1 softness drivers: (1) delayed DFLAW affluent receipts by several months, (2) normal seasonal field-activity weakness in Jan/Feb, (3) ongoing efforts to process stored waste and prepare resources
- PFAS Gen 2.0 system: supply chain delays (new systems delayed a couple months); concrete poured; installation ongoing; late April/early May targeted testing
- TRU: operational change from 1 shift to 2 shifts to double processing
Market Outlook
- DFLAW timing: supplemental analysis public comment mid/late April; receipts expected to start sometime in May (liquid); dry waste expected in April
- Capacity ramp at Hanford (planning docs cited): after hot commissioning start in Oct 2025, expect ~40% capacity operational phase within 12–18 months, then increasing toward ~80% as additional systems come online; required within 3 years under tri-party agreement
- Q2/ Q3 expectation: management states Q2 should represent an inflection point and April looks like a great month; April 1 start for surface water/pond brine program
- PFAS: new system to enable ~3,000 gallons/day total capacity (Gen 2.0 online) and leverage higher storage/throughput to grow backlog
Risks & Headwinds
- DFLAW operational uncertainty: DOE not very public on operations/punch list progress; difficult to project volumes and schedules (Aaron: clarity increases as punch list items clear)
- Q1 margin/cash pressure: negative EBITDA likely exceeds $4.0M on ~$13M revenue (despite March strength) due to DFLAW receipt delays + seasonal weakness + stored waste revenue recognition shift
- Revenue recognition lag: ~$2.0M moved from Q1 to Q2 (stored waste processed in Q1 but recognized in Q2)
- Supply chain risk to PFAS equipment: Gen 2.0 systems delayed a couple months; installation and commissioning timing pushed to late April/early May testing
- International revenue timing variability: Italy TRC scope is characterization while another contractor does drone removal; waste start expected Q1’27, implying 2026 may be ~25–30% below 2025 international revenue levels (though ramping into Q4)
- Services project timing risk: federal shutdown and new-administration transition/policy adjustments impacted procurement and mobilizations; Services backlog/bids cited as improving but execution timing remains a key driver
Sentiment: CAUTIOUS
Note: This summary was synthesized by AI from the PESI Q4 2025 (FY ended Dec 2025) — call dated 2026-03-24 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.