Vision One Exits Entire Stake in Enviri Corporation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy NVRI?
Source: Fool
- Stake Sale Overview: On February 17, 2026, Vision One Management Partners liquidated its entire holding of 436,911 shares in Enviri Corporation for approximately $5.54 million, indicating a reassessment of the company's future prospects by the fund.
- Asset Allocation Shift: This transaction reduced Enviri's stake from 3.5% of the fund's assets to 0%, suggesting that Vision One is reallocating its portfolio in response to the risks associated with Enviri's nearly 120% stock surge over the past year.
- Financial Performance Analysis: Despite the stock price increase, Enviri reported steady revenue of $575 million in Q3, a GAAP loss of $20 million, and adjusted EBITDA down to $74 million, highlighting the company's financial fragility.
- Future Outlook and Risks: The management lowered full-year EBITDA guidance, now expecting negative free cash flow, indicating that Enviri must achieve sustained margin recovery and improved cash generation to ensure that its stock price increase is fundamentally sound, rather than merely cyclical.
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Analyst Views on NVRI
Wall Street analysts forecast NVRI stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 17.950
Low
12.50
Averages
18.25
High
24.00
Current: 17.950
Low
12.50
Averages
18.25
High
24.00
About NVRI
Enviri Corporation is a global provider of environmental solutions for industrial and specialty waste streams, and equipment and technology for the rail sector. The Company’s segments include Harsco Environmental (HE), Clean Earth (CE) and Harsco Rail (Rail). HE operates primarily under long-term contracts, providing critical environmental services and material processing to the global steel and metals industries, including zero-waste solutions for manufacturing byproducts within the metals industry. CE provides specialty waste processing, treatment, recycling, and beneficial reuse solutions for customers in the industrial, retail, healthcare and construction industries across a variety of waste needs, including hazardous, non-hazardous, and contaminated soils and dredged materials. Rail is a provider of highly engineered maintenance equipment, aftermarket parts and safety and diagnostic systems and contracting solutions, which support railroad and transit customers worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Meros Investment Management Sells Shares of Photronics
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- Holding Changes: Following the sale, Meros's holdings in Photronics were reduced to 108,004 shares, valued at $3.4 million, reflecting a diminished confidence in the stock's future performance.
- Market Performance: As of February 16, 2026, Photronics shares were priced at $38.80, representing a 74.2% increase over the past year, significantly outperforming the S&P 500 by 62.4 percentage points, showcasing its robust market performance.
- Investment Strategy Analysis: Meros's divestment indicates a classic value investing approach, locking in gains from Photronics while reallocating funds to other potentially undervalued stocks, demonstrating keen insight into market dynamics.
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- Market Performance Analysis: Despite Photronics' strong performance over the past year, Meros opted to lock in gains by reducing its position, suggesting that the firm views the current stock price as fairly valued while identifying other holdings like Magnite and Amplitude as having greater upside potential.
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- Financial Performance: Total revenues for 2025 reached $2.2 billion, with Clean Earth growing by 4% and adjusted EBITDA totaling $275 million, despite Rail facing an EBITDA loss of approximately $20 million, highlighting the divergence and challenges within the overall business.
- Future Outlook: CFO Vadaketh expects adjusted EBITDA for Harsco Environmental to range between $170 million and $180 million, while Rail's EBITDA loss is projected between $26 million and $19 million, indicating a cautious outlook on future cash flow.
- Management Changes: New COO Russell Hochman emphasized the formation of a strong leadership team and the return of CFO Pete Minan, demonstrating the company's commitment to restructuring and optimizing operations to address ongoing challenges in the Rail segment.
See More
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- Adjusted EBITDA Performance: The adjusted EBITDA for Q4 totaled $70 million, reflecting improvements in cost control and operational efficiency, maintaining profitability despite a slight revenue drop, indicating effective management strategies.
- 2026 Outlook: The adjusted EBITDA for New Enviri is projected to be approximately $140 million in 2026, modestly below the 2025 guidance midpoint, primarily due to weaker demand in Harsco Rail, highlighting ongoing market challenges.
- Executive Changes: Enviri announced the retirement of CFO Tom Vadaketh and plans to appoint Pete Minan as the new CFO, indicating a strategic shift in leadership to navigate future market dynamics.
See More
Newtyn Management Increases Stake in Enviri Corporation
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- Asset Proportion Increase: Following this acquisition, Enviri now constitutes 8.8% of Newtyn's reportable assets in its 13F filing, highlighting its growing significance within the investment portfolio.
- Strong Market Performance: As of February 17, 2026, Enviri shares were priced at $19.00, reflecting a 120% increase over the past year, significantly outperforming the S&P 500's approximately 13% gain during the same period, suggesting optimistic market expectations for future growth.
- Financial Condition Analysis: Despite Enviri's third-quarter revenue being flat year-over-year and adjusted EBITDA declining to $74 million, the strong performance of the Clean Earth segment and Veolia's acquisition plans provide hope for stabilizing future cash flows.
See More
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- Position Value Increase: By quarter-end, Newtyn's total position in Enviri reached $82.42 million, reflecting a $60.94 million increase due to both market price changes and trading activities.
- Performance Fluctuations: Enviri reported flat revenue of $575 million in Q3, while adjusted EBITDA fell from $85 million to $74 million, highlighting challenges amid its ongoing business transition.
- Positive Market Reaction: Despite mixed fundamentals, Enviri's stock surged 120% following Veolia Environnement's announcement of a $3 billion acquisition of Clean Energy, suggesting optimistic market expectations regarding the company's future value.
See More
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- Share Sale Details: Meros Investment Management disclosed the sale of 396,804 shares of Photronics in Q4 2025, with an estimated transaction value of approximately $10 million, indicating sensitivity to market fluctuations.
- Holding Changes: Following the sale, Meros's holdings in Photronics were reduced to 108,004 shares, valued at $3.4 million, reflecting a diminished confidence in the stock's future performance.
- Market Performance: As of February 16, 2026, Photronics shares were priced at $38.80, representing a 74.2% increase over the past year, significantly outperforming the S&P 500 by 62.4 percentage points, showcasing its robust market performance.
- Investment Strategy Analysis: Meros's divestment indicates a classic value investing approach, locking in gains from Photronics while reallocating funds to other potentially undervalued stocks, demonstrating keen insight into market dynamics.
See More
Meros Investment Management Reduces Stake in Photronics
- Stake Reduction Details: Meros Investment Management reduced its stake in Photronics by 396,804 shares in Q4 2025, resulting in an $8.1 million decline in position value, reflecting the impact of market fluctuations and strategic trading decisions.
- Current Holdings: After the sale, Meros holds 108,004 shares of Photronics valued at $3.4 million, which now accounts for 1.4% of its reportable assets under management (AUM), indicating a significant drop in the company's standing within the fund's portfolio.
- Market Performance Analysis: Despite Photronics' strong performance over the past year, Meros opted to lock in gains by reducing its position, suggesting that the firm views the current stock price as fairly valued while identifying other holdings like Magnite and Amplitude as having greater upside potential.
- Investment Strategy Reflection: The reduction in stake illustrates classic value investing principles, particularly in a volatile market, where the firm chooses to secure profits at high valuations while seeking out other potentially undervalued investment opportunities.
See More
Enviri Corporation Q4 2025 Earnings Call Insights
- Sales Progress: CEO F. Grasberger indicated that the sale of Clean Earth is targeted for mid-year completion, although the cash payout range remains between $14.50 and $16.50, reflecting the company's cautious stance and potential need to retain more cash for contracts.
- Financial Performance: Total revenues for 2025 reached $2.2 billion, with Clean Earth growing by 4% and adjusted EBITDA totaling $275 million, despite Rail facing an EBITDA loss of approximately $20 million, highlighting the divergence and challenges within the overall business.
- Future Outlook: CFO Vadaketh expects adjusted EBITDA for Harsco Environmental to range between $170 million and $180 million, while Rail's EBITDA loss is projected between $26 million and $19 million, indicating a cautious outlook on future cash flow.
- Management Changes: New COO Russell Hochman emphasized the formation of a strong leadership team and the return of CFO Pete Minan, demonstrating the company's commitment to restructuring and optimizing operations to address ongoing challenges in the Rail segment.
See More
Enviri Reports Q4 Earnings Beat Expectations
- Earnings Highlights: Enviri reported a Q4 non-GAAP EPS of -$0.17, beating expectations by $0.06, with revenue of $556 million, a slight 0.5% year-over-year decline, yet exceeding forecasts by $5.1 million, demonstrating resilience amid challenges.
- Adjusted EBITDA Performance: The adjusted EBITDA for Q4 totaled $70 million, reflecting improvements in cost control and operational efficiency, maintaining profitability despite a slight revenue drop, indicating effective management strategies.
- 2026 Outlook: The adjusted EBITDA for New Enviri is projected to be approximately $140 million in 2026, modestly below the 2025 guidance midpoint, primarily due to weaker demand in Harsco Rail, highlighting ongoing market challenges.
- Executive Changes: Enviri announced the retirement of CFO Tom Vadaketh and plans to appoint Pete Minan as the new CFO, indicating a strategic shift in leadership to navigate future market dynamics.
See More
Newtyn Management Increases Stake in Enviri Corporation
- Share Acquisition: Newtyn Management reported an increase in its stake in Enviri Corporation by 2,906,420 shares in its SEC filing dated February 17, 2026, representing an estimated transaction value of $43.31 million, indicating strong confidence in the company.
- Asset Proportion Increase: Following this acquisition, Enviri now constitutes 8.8% of Newtyn's reportable assets in its 13F filing, highlighting its growing significance within the investment portfolio.
- Strong Market Performance: As of February 17, 2026, Enviri shares were priced at $19.00, reflecting a 120% increase over the past year, significantly outperforming the S&P 500's approximately 13% gain during the same period, suggesting optimistic market expectations for future growth.
- Financial Condition Analysis: Despite Enviri's third-quarter revenue being flat year-over-year and adjusted EBITDA declining to $74 million, the strong performance of the Clean Earth segment and Veolia's acquisition plans provide hope for stabilizing future cash flows.
See More
Newtyn Management Increases Stake in Enviri Corporation
- Share Acquisition: Newtyn Management purchased 2,906,420 shares of Enviri in Q4 2026, with an estimated transaction value of $43.31 million, indicating confidence in the company's future prospects.
- Position Value Increase: By quarter-end, Newtyn's total position in Enviri reached $82.42 million, reflecting a $60.94 million increase due to both market price changes and trading activities.
- Performance Fluctuations: Enviri reported flat revenue of $575 million in Q3, while adjusted EBITDA fell from $85 million to $74 million, highlighting challenges amid its ongoing business transition.
- Positive Market Reaction: Despite mixed fundamentals, Enviri's stock surged 120% following Veolia Environnement's announcement of a $3 billion acquisition of Clean Energy, suggesting optimistic market expectations regarding the company's future value.
See More
