Perma-Fix Environmental Services, Inc.

PESI

IndustrialsWaste ManagementNASDAQ

$11.00

Market Cap: $204.21M

Perma-Fix Environmental Services, Inc. (PESI) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.78 – $19.19	$4.98	-60.2%
Revenue DCF 10Y	$0.28 – $15.53	$3.74	-70.2%
▸ Trading Multiples
EV/Revenue	$2.89 – $12.98	$3.69	-70.5%

Valuation History

DCF Analysis

Perma-Fix Environmental Services, Inc. (PESI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.74

Market Price

$11.00

Upside / Downside

-66.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -19.0% to a target of 10.2% over 5 years, discounted at a WACC of 8.6%, Perma-Fix Environmental Services, Inc. (PESI) has an intrinsic value of $3.74 per share (range: $0.28 – $15.53).

Key Assumptions

Current Operating Margin

-19.0%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

Tax Rate

1.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	81	31.9%	-13.2%	-11	-11	2	(3)	-1	-11	-11
2027	144	77.2%	-7.3%	-11	-11	3	(6)	9	-23	-20
2028	139	-3.9%	-1.5%	-2	-2	3	(6)	-1	-5	-4
2029	133	-3.9%	4.4%	6	6	3	(6)	-1	3	2
2030	128	-3.9%	10.2%	13	13	3	(6)	-1	10	7
2031	125	-2.7%	10.2%	13	13	3	(7)	-1	9	6
2032	123	-1.6%	10.2%	13	12	3	(7)	-0	9	5
2033	122	-0.4%	10.2%	12	12	3	(7)	-0	8	4
2034	123	0.7%	10.2%	13	12	3	(7)	0	8	4
2035	125	1.9%	10.2%	13	13	3	(8)	0	8	3

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)140

PV of Terminal Value64

Enterprise Value62

(–) Net Debt-7

Equity Value69

(÷) Shares Outstanding18

Fair Value per Share$3.74

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-2	$3	$7	$11	$16
7.5%	$-2	$2	$5	$8	$12
8.6%	$-2	$1	$4	$6	$9
9.6%	$-2	$1	$3	$5	$7
10.6%	$-2	$0	$2	$4	$6

Current price: $11.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Perma-Fix Environmental Services, Inc. (PESI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.98

Market Price

$11.00

Upside / Downside

-54.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-19.0%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

Tax Rate

1.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	81	31.9%	-13.2%	-11	-11	2	(4)	-1	-11	-11
2027	144	77.2%	-7.3%	-11	-11	3	(7)	9	-23	-21
2028	139	-3.9%	-1.5%	-2	-2	3	(7)	-1	-5	-4
2029	133	-3.9%	4.4%	6	6	3	(7)	-1	2	2
2030	128	-3.9%	10.2%	13	13	3	(8)	-1	9	6

Enterprise Value Bridge

Sum of PV(FCFF)-28

Terminal Value (Gordon Growth at 3.0%)163

PV of Terminal Value113

Enterprise Value84

(–) Net Debt-7

Equity Value92

(÷) Shares Outstanding18

Fair Value per Share$4.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-1	$4	$9	$14	$19
7.5%	$-1	$3	$7	$10	$14
8.6%	$-1	$2	$5	$8	$11
9.6%	$-1	$1	$4	$6	$9
10.6%	$-1	$1	$3	$5	$7

Current price: $11.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.69

Market Price

$11.00

Upside / Downside

-66.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Perma-Fix Environmental Services, Inc. (PESI) has a fair value of $3.69 based on 8 comparable companies in the Waste Management industry.

EV/Revenue Valuation — Waste Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Perma-Fix Environmental Services, Inc.PESI	203	3.2x	2.2x
Innovative Aerosystems, Inc.ISSC	366	4.6x	8.1x
Alta Equipment Group Inc.ALTG	218	0.7x	0.7x
One and one Green Technologies. IncYDDL	202	3.8x	—
Pamt Corp.PAMT	186	0.8x	0.5x
FreightCar America, Inc.RAIL	168	0.5x	0.5x
Freightos Limited Ordinary sharesCRGO	105	3.2x	3.2x
Blink Charging Co.BLNK	81	0.5x	0.5x
Surf Air Mobility Inc.SRFM	39	1.0x	0.8x
Industry Median		0.9x	0.7x
(*) Revenue		62	89
= Enterprise Value		57	65
(-) Net Debt		-7	-7
Equity Value		64	72
(/) Outstanding shares		18	18
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.69

-66.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.78 – $19.19

$4.98

-60.2%

Revenue DCF 10Y

$0.28 – $15.53

$3.74

-70.2%

▸ Trading Multiples

EV/Revenue

$2.89 – $12.98

$3.69

-70.5%

DCF Analysis

Perma-Fix Environmental Services, Inc. (PESI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.74

Market Price

$11.00

Upside / Downside

-66.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-19.0%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

Tax Rate

1.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	81	31.9%	-13.2%	-11	-11	2	(3)	-1	-11	-11
2027	144	77.2%	-7.3%	-11	-11	3	(6)	9	-23	-20
2028	139	-3.9%	-1.5%	-2	-2	3	(6)	-1	-5	-4
2029	133	-3.9%	4.4%	6	6	3	(6)	-1	3	2
2030	128	-3.9%	10.2%	13	13	3	(6)	-1	10	7
2031	125	-2.7%	10.2%	13	13	3	(7)	-1	9	6
2032	123	-1.6%	10.2%	13	12	3	(7)	-0	9	5
2033	122	-0.4%	10.2%	12	12	3	(7)	-0	8	4
2034	123	0.7%	10.2%	13	12	3	(7)	0	8	4
2035	125	1.9%	10.2%	13	13	3	(8)	0	8	3

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)140

PV of Terminal Value64

Enterprise Value62

(–) Net Debt-7

Equity Value69

(÷) Shares Outstanding18

Fair Value per Share$3.74

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-2	$3	$7	$11	$16
7.5%	$-2	$2	$5	$8	$12
8.6%	$-2	$1	$4	$6	$9
9.6%	$-2	$1	$3	$5	$7
10.6%	$-2	$0	$2	$4	$6

Current price: $11.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.69

Market Price

$11.00

Upside / Downside

-66.5%

Verdict

Overvalued

EV/Revenue Valuation — Waste Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Perma-Fix Environmental Services, Inc.PESI	203	3.2x	2.2x
Innovative Aerosystems, Inc.ISSC	366	4.6x	8.1x
Alta Equipment Group Inc.ALTG	218	0.7x	0.7x
One and one Green Technologies. IncYDDL	202	3.8x	—
Pamt Corp.PAMT	186	0.8x	0.5x
FreightCar America, Inc.RAIL	168	0.5x	0.5x
Freightos Limited Ordinary sharesCRGO	105	3.2x	3.2x
Blink Charging Co.BLNK	81	0.5x	0.5x
Surf Air Mobility Inc.SRFM	39	1.0x	0.8x
Industry Median		0.9x	0.7x
(*) Revenue		62	89
= Enterprise Value		57	65
(-) Net Debt		-7	-7
Equity Value		64	72
(/) Outstanding shares		18	18
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.69

-66.5%