One-glance verdict
Within fair range
$7.83 our estimate vs market $12.31
Wall Street consensus: $30.00 (283.2% higher than our fair-value estimate)
57% above our estimate
Fundamentals snapshot
Perma-Fix Environmental Services, Inc.
PESI · NCM · Industrials · Waste Management
Current price
$12.31
52-week range
$8.58 - $21.32
Market cap
$261.20M
Balance sheet
Healthy
-51.02x Concerning
Net cash $15.28M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Revenue grew 8806.5% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Operating margin compressed from -7.6% to -50.5% over 3 years.
- Risk Return on equity was -31.6% last year — the company lost money on shareholders' equity.
What this company does
Perma-Fix Environmental Services, Inc.
Perma-Fix Environmental Services is a specialized company that cleans up and disposes of hazardous and radioactive waste for customers like government agencies. It earns money primarily by treating this waste at its own facilities and by providing expert teams to help safely shut down and decontaminate nuclear sites. Because handling dangerous materials is complex and legally required for environmental safety, Perma-Fix provides a critical service that is in constant demand.
How the company got here
Founded in 1990, Perma-Fix Environmental Services began its journey as a company focused on managing hazardous waste. Over the years, it carved out a specialized niche by developing expertise in handling and treating nuclear and other radioactive materials. This focus allowed the company to become a key service provider for U.S. government agencies, particularly the Department of Energy, which deals with the cleanup of nuclear weapons production sites. Through decades of experience, Perma-Fix has built a reputation for tackling complex and challenging waste streams that few other companies can manage.
What it actually does
Think of Perma-Fix as a highly specialized cleaning and disposal service for the most hazardous materials on the planet. They don't pick up your household trash; instead, they handle waste that is radioactive, chemically hazardous, or both. Their customers are mainly government agencies, research labs, and commercial nuclear facilities that need to safely get rid of byproducts from their operations. Perma-Fix provides the know-how and operates facilities to treat this dangerous waste, making it stable and safe for long-term storage or disposal.
Treatment
This is the company's core business, where they take hazardous and radioactive waste from clients and process it at their own specialized facilities. Customers, like a government agency cleaning up an old nuclear site, pay Perma-Fix to treat these dangerous materials to make them less harmful and ready for final disposal. This segment also involves research to find new and better ways to handle particularly difficult types of waste. The Treatment business is a significant part of the company's operations, representing over half of its revenue in recent years.
Services
In this part of the business, Perma-Fix sends its experts and equipment to work directly at a customer's location. This can involve tasks like cleaning up and decommissioning (safely taking apart) old nuclear facilities, measuring radiation levels, and managing waste on-site for clients. Essentially, instead of the waste coming to Perma-Fix, the company goes to the waste. This segment provides a wide range of technical support and project management, making up a substantial portion of the company's income.
What management is betting on now
The company is focused on several key areas for growth. A major priority is upgrading its treatment plants to handle more waste, operate more efficiently, and accept new types of materials. They are also heavily focused on securing large, long-term contracts with the Department of Energy, particularly for the massive cleanup project at the Hanford Site in Washington. Finally, Perma-Fix is expanding its business internationally, seeking new contracts and partnerships in countries facing similar nuclear waste challenges.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.50M
FY2024 Q4
$-4.49M
FY2025 Q1
$-2.63M
FY2025 Q2
$-2.80M
FY2025 Q3
$-5.81M
FY2025 Q4
$-4.22M
FY2026 Q1
$-4.64M
FY2026 Q2
$-6.99M
Revenue
$12.88M
Net income
$-6.20M
Diluted EPS
-0.32
Operating cash flow
$-5.18M
Free cash flow
$-6.99M
Fetching…
Sources
Revenue
$11.13M
Net income
$-7.49M
Diluted EPS
-0.40
Operating cash flow
$-3.78M
Free cash flow
$-4.64M
Fetching…
Sources
Revenue
$15.71M
Net income
$-5.66M
Diluted EPS
-0.31
Operating cash flow
$-2.12M
Free cash flow
$-4.22M
Fetching…
Sources
Revenue
$17.45M
Net income
$-1.83M
Diluted EPS
-0.10
Operating cash flow
$-4.63M
Free cash flow
$-5.81M
Fetching…
Sources
Revenue
$14.59M
Net income
$-2.72M
Diluted EPS
-0.15
Operating cash flow
$-1.89M
Free cash flow
$-2.80M
Fetching…
Sources
Revenue
$13.92M
Net income
$-3.57M
Diluted EPS
-0.19
Operating cash flow
$-2.10M
Free cash flow
$-2.63M
Fetching…
Sources
Revenue
$14.70M
Net income
$-3.49M
Diluted EPS
-0.23
Operating cash flow
$-3.30M
Free cash flow
$-4.49M
Fetching…
Sources
Revenue
$16.81M
Net income
$-8.98M
Diluted EPS
-0.57
Operating cash flow
$-5.12M
Free cash flow
$-6.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $7.83 vs current price $12.31
Wall Street consensus is the average analyst price target: $30.00 (283.2% higher than our fair-value estimate).
Our most-likely fair value is $7.83 a share — about 36.4% away from today's price of $12.31, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $15.3M - more cash than debt. Interest coverage -51.0x.
Net debt
$-15.28M
Interest coverage
-51.02x
Perma-Fix Environmental Services, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
PESI
BASELINE
Perma-Fix Environmental Services, Inc.
Total debt $5.22M Interest coverage -51.02x This is the baseline the peer rows are being compared against.
Total debt $2.02B Interest coverage 7.34x This peer still has a real interest-payment cushion, while PESI does not.
Total debt $420.26M Interest coverage -0.45x Neither company has much profit cushion over interest right now.
Total debt $34.31M Interest coverage 0.99x This peer still has a real interest-payment cushion, while PESI does not.
Total debt $3.39M Interest coverage -7.47x Neither company has much profit cushion over interest right now.
What you should know
The case for and against PESI
2 Rewards
3 Risks
Rewards
-
Revenue grew 8806.5% last year.
-
Free cash flow was positive in 4/10 years.
Risks
-
Operating margin compressed from -7.6% to -50.5% over 3 years.
-
Return on equity was -31.6% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 6.5% (peer median: 13.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
136.78x
P/B
4.48x
P/S
4.57x
EV/EBITDA
-14.28x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-2.8%
Operating margin
-50.5%
Net margin
-37.0%
ROE
-31.6%
ROA
-12.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.09x
Current ratio
1.67x
Quick ratio
1.47x
Total debt
$5.22M
Total cash
$20.50M
Growth
How the business has been compounding
Revenue TTM
$57.18M
Revenue 5Y CAGR
-67.9%
EPS TTM
-0.96
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-15.72M
Free CF TTM
$-15.46M
FCF margin
-27.0%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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