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Clean Harbors, Inc.

CLH Industrials Waste Management

Clean Harbors, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.0 billion, up 2.39% from fiscal 2024.

Revenue
+20.7%
EPS
+77.7%
Free cash flow
+14.4%
Total debt
+3.98%

Quarter to September 2026, against a year earlier

279.31 8.93 −3.10%
Market cap
$14.6B
P/E
27.9×
Fwd P/E
29.0×
Dividend yield
—
F-score
7/9
Altman Z
3.37
Beneish M
−2.78
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Environmental Services
  • Safety-Kleen Sustainability Solutions

Every year since 2011 →

Insider Decisions last twelve months

Bought, $m 0.18
Sold, $m 63.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — 1 —
Sell 1 — 5 4 — 1 — — 2 — — —
Insider Ownership 5.18%

Capital & Financial Ratios $m

Size
Market Cap 14,640.00
Revenue ttm 6,563.69
Net income ttm 528.36
Free cash flow ttm 510.39
Net debt Q 2,373.34
Valuation
P/E 27.92
Forward P/E 29.00
Price / sales 2.24
Forward P/S Powerpack
Price / FCF 28.87
Price / book 4.73
Financial health
Current ratio Q 1.95 (at or above 1.5: strong)
Debt / equity Q 0.93
Interest coverage Q 8.50
Growth
Revenue growth Q +20.66% (above 0%: growing)
Operating income growth Q +64.82% (above 0%: growing)
EPS, this year +44.51% (at or above 15%: strong)
EPS, next year A −6.44% (below 0%: weak)
Revenue, next year A +12.27% (at or above 10%: strong)
EPS, past 5 yrs +24.64% (at or above 15%: strong)
EPS, next 5 yrs A +14.73%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.6×, against a ten-year median of 1.7×; over the ten years it ranged from 1.1× in 2016 to 3.1× in 2026.
P/E against its own 10 years 31.52%
10-year low 10-year high
P/S against its own 10 years 89.22%
10-year low 10-year high
P/B against its own 10 years 83.06%
10-year low 10-year high
EV/Sales against its own 10 years 88.78%
10-year low 10-year high
EV/FCF against its own 10 years 43.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 551 790 954 517
Receivables 1,091 1,178 1,205 1,492
Inventory 328 385 372 408
Other — — — —
2,052 2,434 2,647 2,513
2023 2024 2025 Q'26
Payables 452 487 507 552
ST’ Debt 10 15 13 13
Other 27 21 19 20
1,038 1,103 1,137 1,290

Compound Annual Growth %

10y 5y 3y
Sales 6.30% 13.91% 5.29%
Cash Flow 8.14% 15.02% 11.44%
Earnings 24.39% 23.73% (1.71%)
Book Value 9.62% 15.40% 12.62%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.18 Actual 3.93

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.59 1.62 Beat by 0.03
Q1 FY26 1.15 1.19 Beat by 0.04
Q2 FY26 2.74 3.22 Beat by 0.48
Q3 FY26 3.18 3.93 Beat by 0.75
Q4 FY26 2.10 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.19 3.22 3.93 — —
’25 1.09 2.36 2.21 1.62 7.28
’24 1.29 2.46 2.12 1.55 7.42
’23 1.33 2.13 1.68 1.81 6.95
’22 0.83 2.71 2.50 1.52 7.56
’21 0.39 1.22 1.20 0.90 3.71
’20 0.21 0.52 0.99 0.71 2.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,460 1,735 1,869 — —
’25 1,432 1,550 1,549 1,500 6,031
’24 1,377 1,553 1,529 1,431 5,890
’23 1,307 1,398 1,366 1,338 5,409
’22 1,169 1,356 1,363 1,278 5,167
’21 808 926 951 1,119 3,806
’20 859 710 779 796 3,144
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 6 239 419 — —
’25 2 208 302 355 867
’24 19 216 239 304 778
’23 28 208 220 279 735
’22 (39) 171 226 269 626
’21 103 162 103 178 546
’20 34 140 144 113 431
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (91) 114 249 — —
’25 (116) 120 218 238 460
’24 (119) 83 144 237 345
’23 (52) 85 (4) 290 319
’22 (108) 94 58 243 288
’21 62 113 60 84 322
’20 (47) 97 123 69 242
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.8% a year for ten years. It grew 17.1% a year over the last ten.

Implied
13.8%
10 years, reported
17.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,755 2,945 3,300 3,412 3,144 3,806 5,167 5,409 5,890 6,031 6,564 +9.1% 6,771 7,091 7,415 +7.1%
Gross margin, % 29.85 29.96 30.14 30.02 32.01 31.42 31.41 30.74 30.97 31.28 33.13 +1.4 pt
EBT 9 59 94 148 175 270 538 503 533 528 719 +57.8%
EBT margin, % 0.32 1.99 2.86 4.34 5.55 7.09 10.41 9.30 9.06 8.75 10.95 +8.4 pt
Net income (40) 101 66 98 135 203 412 378 402 391 528 n/m
Per share, $
Per share, $ Revenue 47.89 51.60 58.78 61.10 56.67 69.81 95.28 100.04 109.27 112.71 124.43 +10.0%
Earnings (0.69) 1.77 1.17 1.75 2.43 3.73 7.59 6.99 7.46 7.31 10.00 n/m
Cash flow 4.51 5.01 6.65 7.40 7.76 10.02 11.55 13.59 14.43 16.20 19.33 +15.3%
Capex (3.50) (2.80) (3.17) (3.73) (3.40) (4.10) (6.24) (7.68) (8.03) (7.61) (9.66) +9.0%
Free cash flow 1.01 2.20 3.48 3.66 4.36 5.92 5.31 5.90 6.40 8.59 9.68 +26.8%
Book value 18.85 20.82 20.83 22.74 24.18 27.77 35.45 41.57 47.74 51.31 59.09 +11.8%
Shares, m 58 57 56 56 55 55 54 54 54 54 53 (0.8%)
Valuation, ×
Valuation, × P/E 0.00 30.15 42.18 49.00 31.19 26.75 14.97 24.41 30.85 32.08 27.92 28.2
P/S 1.16 1.03 0.84 1.40 1.34 1.43 1.19 1.71 2.11 2.08 2.24 1.4
P/B 2.96 2.56 2.37 3.77 3.15 3.59 3.21 4.11 4.82 4.57 4.73 3.5
EV/Sales 1.65 1.47 1.23 1.74 1.66 1.95 1.56 2.03 2.45 2.38 2.61 1.8
EV/FCF 80.11 35.49 21.20 29.01 21.53 23.26 27.91 34.39 41.74 31.26 33.52 34.6
Cash, $m
Cash, $m Operating cash flow 260 286 373 413 431 546 626 735 778 867 1,020 +14.3%
Capex (201) (160) (178) (209) (189) (224) (338) (415) (433) (407) (509) +8.1%
Free cash flow 58 126 195 205 242 322 288 319 345 460 510 +25.8%
Balance, $m
Balance, $m Working capital 588 650 600 681 890 816 1,014 1,015 1,331 1,510 1,223 +11.0%
Net debt 1,326 1,272 1,293 1,147 986 2,000 1,870 1,751 1,996 1,822 2,373 +3.6%
Shareholders’ equity 1,084 1,188 1,170 1,270 1,342 1,514 1,922 2,248 2,574 2,746 3,117 +10.9%
Returns, %
Returns, % ROA (1.12) 2.73 1.76 2.49 3.27 4.15 6.99 6.04 5.85 5.21 6.68 +6.3 pt
ROIC 1.79 3.25 4.63 5.93 6.75 6.19 10.46 9.57 9.17 9.21 9.84 +7.4 pt
ROE (3.66) 8.87 5.57 8.01 10.33 14.24 23.97 18.12 16.69 14.70 17.93 +18.4 pt
People
People Employees 12,400 12,700 14,200 14,400 13,500 18,300 19,775 21,021 22,796 22,155 — +6.7%
Revenue/emp, $m 0.22 0.23 0.23 0.24 0.23 0.21 0.26 0.26 0.26 0.27 — +2.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Clean Harbors provides environmental and industrial services across North America. It helps businesses and public agencies manage waste, clean industrial equipment and respond to spills and other environmental emergencies. It also collects used oil and turns it into products that can be sold again.

The company has Environmental Services and Safety-Kleen Sustainability Solutions segments. Environmental Services collects, transports, treats, recycles and disposes of hazardous and non-hazardous waste. Its facilities include incinerators, landfills, wastewater treatment plants and recycling centers. The segment also cleans and maintains industrial sites, provides parts-washing services and handles planned or emergency cleanup projects. Its PFAS services include testing, water filtration, site remediation and disposal.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Environmental Services 5,146 85.33%
Safety-Kleen Sustainability Solutions 884 14.66%
Gross margin 31.28%
Operating margin 11.17%
Pre-tax margin 8.75%

Revenue by segment since 2011

Clean Harbors, Inc. vs peers in Waste Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WM Waste Management, Inc. $95.9B 31.5× 29.5× +6.25% (above 0%: growing) +37.05% (above 0%: growing) +20.47% (above 0%: growing) 40.21% 18.68% Compare
RSG Republic Services, Inc. $76.0B 34.3× 33.7× +8.24% (above 0%: growing) +9.66% (above 0%: growing) −12.58% (below 0%: shrinking) 41.59% 20.20% Compare
WCN Waste Connections, Inc. $48.0B 42.7× 39.5× +7.31% (above 0%: growing) +28.83% (above 0%: growing) +2.74% (above 0%: growing) 43.10% 20.54% Compare
GFL GFL Environmental Inc. $20.1B — (loss-making) — (loss-making) +25.25% (above 0%: growing) n/m +38.13% (above 0%: growing) 19.79% 7.39% Compare
CLH Clean Harbors, Inc. $14.6B 27.9× 29.0× +20.66% (above 0%: growing) +77.70% (above 0%: growing) +14.37% (above 0%: growing) 35.38% 17.02%
CWST Casella Waste Systems, Inc. $6.4B 1,109× 1,831× +16.85% (above 0%: growing) −25.00% (below 0%: shrinking) +14.24% (above 0%: growing) 32.88% 3.67% Compare
ONT Onterris, Inc. $682.0M — (loss-making) — (loss-making) −9.71% (below 0%: shrinking) +8.33% (above 0%: growing) +74.18% (above 0%: growing) 43.47% 6.05% Compare
NVRI Enviri Corporation $658.5M — (loss-making) — (loss-making) −40.71% (below 0%: shrinking) n/m −1,697.94% (below 0%: shrinking) (84.46%) (130.47%) Compare
OIO ESGL Holdings Limited $633.4M — (loss-making) — — n/m −65.30% (below 0%: shrinking) — 0.00% Compare
Median of peers $13.2B 38.5× 36.6× +7.31% +9.66% +8.49% 40.21% 6.72%

All 22 Waste Management stocks →

From the latest earnings call

Updated

  • Eric Gerstenberg said disposal demand and a PFAS filtration project helped technical services revenue grow 18% in the second quarter.
  • Mike Battles said global supply disruptions lifted re-refined oil pricing in the second quarter, and he expected supply constraints to extend into the third.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.37%
Held by the ten largest 44.63%
Holder Shares Stake Change
BlackRock 5.08m 9.62% +273.73k
Vanguard 4.57m 8.65% +40.14k
Wellington Management 3.16m 5.98% −421.80k
Fidelity (FMR) 3.00m 5.69% +901.48k
Jupiter Topco 1.60m 3.03% +1.60m
State Street 1.58m 3.00% +44.71k
D1 Capital Partners L.P. 1.32m 2.49% −22.78k
Franklin Templeton 1.14m 2.16% −65.12k
Geode Capital Management 1.13m 2.14% +183.35k
First Trust 992.28k 1.88% +214.63k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Ownership

Directors and executive officers, together 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Clean Harbors, Inc. (CLH) Latest News

4 Nov

Impact 3 · · Zacks

3 Nov

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31 Oct

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29 Oct

Impact 4 · · MarketBeat

28 Oct

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Impact 3 · · Associated Press
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27 Oct

Impact 4 · · Simply Wall St.
Impact 3 ·

23 Oct

Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks
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13 Oct

Impact 3 · · Business Wire

12 Oct

Impact 3 · · StockStory

10 Oct

Impact 4 · · Simply Wall St.

7 Oct

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5 Oct

Impact 4 · · Business Wire
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CLH metrics, ten years each

stockrow.com/CLH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com