The company has transformed into a single-thesis environmental solutions company that provides services to manage, recycle and beneficially reuse waste and byproduct materials across many industries. Enviri is selling Clean Earth for $3.04 billion and spinning off Harsco Environmental and Rail businesses as New Enviri to shareholders.
Cyborg Score Rationale
Company is undergoing significant transformation with strategic asset sale and spin-off, positioning for future growth. However, current financials show negative earnings and recent operational challenges. The strategic restructuring presents both opportunity and execution risk.
Top Insights
Clean Earth sale to Veolia for $3.04B announced November 2025 with positive market reception (+28% stock gain)
Company will repay ~$1.35B debt and spin-off remaining environmental and rail operations with conservative 2.0x net leverage
Q3 2025 revenue of $575M with adjusted EBITDA of $74M shows operational activity despite current losses
Transformation from diversified industrial services to pure-play environmental solutions company focused on waste management and recycling
Named Competitors
Montrose Environmental Solutions — Environmental and specialty waste solutions provider
GFL Environmental Services — Waste management and environmental services
Veolia Environmental — Acquiring Clean Earth; global environmental services leader
Recent Developments
(November 2025) Announced $3.04B sale of Clean Earth to Veolia and taxable spin-off of Harsco Environmental and Rail
(January 2026) Q3 2025 earnings: $575M revenue with adjusted EBITDA of $74M; stock trading near $18/share
(March 2026) Market cap approximately $1.5B; next earnings call scheduled for May 5, 2026
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