Perma-Fix Environmental Services, Inc. (PESI) Stock

Perma-Fix Environmental Services, Inc. (PESI) is a Utilities stock trading at $17.87 (as of 2026-09-01), with a market capitalization of $379.17M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Perma-Fix Environmental Services, Inc. operates through subsidiaries in environmental and technology-related services in the United States across three segments: Treatment, Services, and Medical. Its Treatment segment treats and processes hazardous, non-hazardous, and radioactive wastes, and supports waste-processing R&D; its Services segment provides radiological, safety/health, engineering, remediation, decontamination and decommissioning, and related project and waste management services.

Understand Perma-Fix Environmental Services, Inc.: how it makes money

Perma-Fix treats nuclear, mixed, and hazardous waste for the U.S. Department of Energy and industrial clients, charging fees per ton or gallon processed. Revenue arrives in lumpy batches tied to federal contract milestones, so cash flow swings with DOE project schedules rather than recurring demand.

Profit comes from volume-based treatment fees (per ton or gallon) paid on federal contract milestones, so earnings depend on DOE schedule timing and contract renewals rather than pricing leverage or recurring subscriptions.

Revenue by segment (latest quarter)
Treatment	$0.0B
Services	$0.0B

Business quality (Weak): Weak. Gross margin of -19%, operating margin of -50%, widening EBITDA losses, and revenue concentration in a single federal customer make this a high-risk, lumpy-earnings micro-cap with limited pricing power.

Bull case

Permit expansion unlocks real capacity: Expanded Northwest permits enable 1.2 million gallons and 175,000 tons of annual processing capacity, giving management a tangible throughput ceiling to fill with DOE and industrial waste streams.
Grouting pipeline builds forward visibility: Management targets 4.2 million gallons of grouting capacity within 18 months after a July award, which if delivered would meaningfully raise the revenue ceiling beyond currentHanford-dependent volumes.

Bear case

Losses are widening, not stabilizing: Q1 EBITDA loss widened to $7.0 million from $3.3 million year over year, meaning the company is burning cash at an accelerating rate even as it invests in new capacity.
One customer, one schedule: Hanford receipt timing remains dependent on DOE and contractor schedules, so Perma-Fix has almost no control over when (or whether) revenue is recognized, making quarterly results inherently unpredictable.
New build faces execution slippage: PFAS Gen 2 construction faced supply-chain and fabrication delays, and DFLAW remains operationally constrained by feed-system issues and melter testing, meaning the capacity upside is not yet banked revenue.

Valuation — source: SEC EDGAR (first-party)
Price	$17.87
Market Cap	$379.17M
Price / Book	6.50
Price / Sales	6.76
FCF Yield	-4.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$642000.00
Net Margin	-2147.0%
Revenue Growth (YoY)	-11.7%
EPS Growth (YoY)	113.3%
FCF Growth (YoY)	114.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.24 (safe)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Utilities)	21.0
Industry P/E (Other)	20.6

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($12.51M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Other
CEO	Mark J. Duff
Employees	293
Country	US
IPO Date	1992-12-08

Perma-Fix Environmental Services, Inc. earnings call transcripts

PESI Q1 FY26 earnings call transcript (reported 2026-05-06) · analysis
PESI Q4 FY25 earnings call transcript (reported 2026-03-24) · analysis

All PESI earnings calls

Related Companies (Other; 8 comparable companies)

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.