MeritValue

PERMA FIX ENVIRONMENTAL SERVICES INC

PESIdata completeness 88%17 fiscal years on file
The thesis, from the filings

PERMA FIX ENVIRONMENTAL SERVICES INC earns about -8% on invested capital, but has diluted owners by 46% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$72.2M1$70.6M2$89.7M3$59.1M4$61.7M4
Net income$835,0005−$3.82M6$485,0007−$20M8−$13.8M8
Operating cash flow−$6.84M9−$553,00010$6.47M11−$14.7M12−$10.8M12
Capital expenditure$1.58M13$1.02M14$1.71M15$3.41M16$4.71M16
Free cash flow (derived)−$8.41M9−$1.58M10$4.76M11−$18.1M12−$15.5M12
Total debt$1.99M17$2.08M18$5.5M19$4.63M20$3.74M20
Cash & equivalents$4.44M21$1.87M21———
Diluted shares12.7M13.3M13.7M15.1M18.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$27.16
your share of equity
Profit it earned you last year
−$7.47
Free cash flow it threw off
−$8.37
Debt you’d be carrying
$2.03

10 shares is a claim on $27.16 of net worth that earned you −$7.47 and generated −$8.37 of cash last year, against $2.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 -5%FY22 -7%FY23 3%FY24 -17%FY25 -15%

It earned an average -8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+46% shares · 5y

Share count is up 46% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 89% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009805 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012314 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009805 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010161 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012314 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009805 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010161 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012314 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-009805 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-010161 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012314 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-009805 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010161 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-012314 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-008673 (CashAndCashEquivalentsAtCarryingValue)