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Casella Waste Systems, Inc.

CWST Industrials Waste Management

Casella Waste Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 18.0% from fiscal 2024.

Revenue
+16.9%
EPS
−25.0%
Free cash flow
+14.2%
Total debt
+18.1%

Quarter to June 2026, against a year earlier

99.81 0.93 +0.94%
Market cap
$6.4B
P/E
1,109×
Fwd P/E
1,831×
Dividend yield
—
F-score
5/9
Altman Z
2.74
Beneish M
−2.82
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

  • Western
  • Eastern
  • Resource Solutions
  • Mid-Atlantic

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 5.41
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 5 6 — 2 — — 2 — — —
Insider Ownership 2.17%

Capital & Financial Ratios $m

Size
Market Cap 6,370.00
Revenue ttm 1,955.48
Net income ttm 5.70
Free cash flow ttm 106.62
Net debt Q 1,325.17
Valuation
P/E 1,109.00 (above 35: high)
Forward P/E 1,831.00 (above 35: high)
Price / sales 3.25
Forward P/S Powerpack
Price / FCF 59.97
Price / book 4.02
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 0.85
Interest coverage Q 1.11
Growth
Revenue growth Q +16.85% (above 0%: growing)
Operating income growth Q +3.59% (above 0%: growing)
EPS, this year +6.45%
EPS, next year A +16.11% (at or above 15%: strong)
Revenue, next year A +14.49% (at or above 10%: strong)
EPS, past 5 yrs −42.20% (below 0%: weak)
EPS, next 5 yrs A +15.39% (at or above 15%: strong)

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 3.9×, against a ten-year median of 3.9×; over the ten years it ranged from 1.4× in 2016 to 5.9× in 2021.
P/E against its own 10 years 99.77%
10-year low 10-year high
P/S against its own 10 years 48.33%
10-year low 10-year high
P/B against its own 10 years 14.75%
10-year low 10-year high
EV/Sales against its own 10 years 49.10%
10-year low 10-year high
EV/FCF against its own 10 years 56.55%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 221 383 124 26
Receivables 160 166 178 220
Inventory 18 22 — —
Other 10 41 38 34
426 613 369 315
2023 2024 2025 Q'26
Payables 117 111 102 127
ST’ Debt 36 43 26 26
Other 42 54 53 50
279 307 294 317

Compound Annual Growth %

10y 5y 3y
Sales 12.89% 18.85% 19.18%
Cash Flow 16.68% 18.70% 14.92%
Earnings 0.00% (38.72%) (47.07%)
Book Value 0.00% 34.07% 46.60%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.27 Actual 0.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.34 0.42 Beat by 0.08
Q4 FY25 0.22 0.30 Beat by 0.08
Q1 FY26 0.10 0.20 Beat by 0.10
Q2 FY26 0.27 0.40 Beat by 0.13
Q3 FY26 0.36 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.09) 0.06 — — —
’25 (0.08) 0.08 0.16 (0.04) 0.12
’24 (0.07) 0.12 0.10 0.08 0.23
’23 0.07 0.10 0.31 (0.03) 0.46
’22 0.08 0.34 0.44 0.16 1.03
’21 0.08 0.23 0.31 0.18 0.80
’20 0.02 0.25 0.31 1.24 1.86
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 457 544 — — —
’25 417 465 485 469 1,837
’24 341 377 412 427 1,557
’23 263 290 353 360 1,265
’22 234 284 295 272 1,085
’21 190 216 242 242 889
’20 183 189 203 200 775
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 62 99 — — —
’25 50 90 94 97 330
’24 8 72 92 110 281
’23 16 67 75 75 233
’22 25 68 60 65 217
’21 32 47 55 49 183
’20 15 48 49 28 140
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 27 — — —
’25 (5) 23 28 39 85
’24 (22) 28 41 33 79
’23 (1) 35 35 11 79
’22 12 26 27 22 87
’21 5 18 30 7 60
’20 (5) 16 24 (3) 32
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 24.6% a year for ten years. It grew 14.0% a year over the last ten.

Implied
24.6%
10 years, reported
14.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
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 Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 565 599 661 743 775 889 1,085 1,265 1,557 1,837 1,955 +14.0% 2,103 2,256 2,403 +9.4%
Gross margin, % 32.40 32.39 31.39 31.57 33.43 34.50 33.36 34.20 34.03 33.77 33.42 +1.4 pt
EBT (6) (37) 6 30 38 58 75 37 21 13 9 n/m
EBT margin, % (1.13) (6.18) 0.91 4.01 4.94 6.53 6.91 2.93 1.35 0.71 0.45 +1.8 pt
Net income (7) (22) 6 32 91 41 53 25 14 8 6 n/m
Per share, $
Per share, $ Revenue 13.70 14.32 15.48 15.74 15.87 17.33 21.02 22.92 26.14 28.94 30.74 +8.7%
Earnings (0.17) (0.52) 0.15 0.67 1.87 0.80 1.03 0.46 0.23 0.12 0.09 n/m
Cash flow 1.95 2.57 2.83 2.47 2.87 3.56 4.21 4.22 4.72 5.20 5.52 +11.5%
Capex (1.28) (1.53) (1.70) (2.17) (2.20) (2.39) (2.53) (2.79) (3.39) (3.86) (3.84) +13.0%
Free cash flow 0.67 1.04 1.14 0.31 0.66 1.17 1.68 1.44 1.33 1.34 1.68 +8.0%
Book value (0.60) (0.90) (0.37) 2.60 7.42 8.23 9.64 18.52 26.03 24.72 24.84 n/m
Shares, m 41 42 43 47 49 51 52 55 60 63 64 +4.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 189.93 69.74 33.85 106.78 77.29 188.18 460.04 816.17 1,109.00 194.2
P/S 0.93 1.62 1.84 2.92 3.90 4.93 3.75 3.69 4.05 3.38 3.25 3.1
P/B 0.00 0.00 0.00 17.71 8.35 10.38 8.17 4.57 4.06 3.96 4.02 5.7
EV/Sales 1.82 2.42 2.66 3.61 4.40 5.51 4.23 4.35 4.53 3.95 3.92 3.7
EV/FCF 37.37 33.41 36.24 186.18 105.36 81.38 52.82 69.29 88.72 85.49 72.49 77.6
Cash, $m
Cash, $m Operating cash flow 80 108 121 117 140 183 217 233 281 330 351 +17.0%
Capex (53) (64) (72) (102) (108) (123) (130) (154) (202) (245) (245) +18.6%
Free cash flow 28 43 48 14 32 60 87 79 79 85 107 +13.3%
Balance, $m
Balance, $m Working capital (4) (4) (14) (28) 116 (6) 30 147 306 75 (2) n/m
Net debt 506 481 540 510 385 519 523 823 750 1,031 1,325 +8.2%
Shareholders’ equity (25) (38) (16) 123 362 422 498 1,022 1,551 1,569 1,580 n/m
Returns, %
Returns, % ROA (1.08) (3.50) 0.95 3.80 8.57 3.32 3.88 1.27 0.47 0.24 0.17 +1.3 pt
ROIC 5.83 (1.78) 4.73 5.24 4.96 5.16 5.84 2.73 1.98 1.53 1.42 (4.3) pt
ROE 29.68 69.86 (23.91) 59.21 37.58 10.48 11.53 3.34 1.05 0.50 0.36 (29.2) pt
People
People Employees 2,000 2,000 2,300 2,500 2,500 2,900 3,200 4,200 5,100 5,600 — +12.1%
Revenue/emp, $m 0.28 0.30 0.29 0.30 0.31 0.31 0.34 0.30 0.31 0.33 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Casella Waste Systems is a regional waste services company headquartered in Rutland, Vermont. Founded in 1975, it collects, transfers, recycles and disposes of waste for households, businesses, municipalities and other organizations. Edmond “Ned” R. Coletta is its president and chief executive officer.

The company’s operations cover much of the path waste takes after a customer throws it away. Collection trucks pick up material from homes and businesses; transfer stations consolidate it for transport; and landfills receive waste for disposal. Some facilities in that chain are owned or operated by third parties. Casella also processes recyclables and organic materials, including biosolids, and sells products recovered from processing.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Western 663 36.10%
Eastern 473 25.73%
Resource Solutions 360 19.60%
Mid-Atlantic 341 18.57%
Gross margin 33.77%
Operating margin 3.47%
Pre-tax margin 0.71%

Revenue by segment since 2013

Casella Waste Systems, 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% Compare
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%
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 $17.4B 32.9× 31.6× +7.31% +28.83% +8.56% 40.21% 12.20%

All 22 Waste Management stocks →

From the latest earnings call

Updated

  • CEO Ned Coletta said higher landfill volumes helped offset lower collection volumes, while fuel recovery fees covered the dollar increase in fuel costs.
  • Coletta said Mid-Atlantic route consolidations had begun after systems integration, while CFO Brad Helgeson expected the cost reductions to benefit margins in the second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 121.47%
Held by the ten largest 56.67%
Holder Shares Stake Change
BlackRock 9.39m 14.76% +342.84k
Vanguard 6.83m 10.73% +134.46k
Capital Group 4.08m 6.42% −637.03k
WASATCH ADVISORS LP 3.53m 5.55% +949.37k
State Street 2.52m 3.96% +130.97k
T. Rowe Price 2.45m 3.84% +453.79k
Conestoga Capital Advisors, LLC 2.34m 3.67% −468.32k
Franklin Templeton 1.74m 2.73% +250.78k
Geode Capital Management 1.65m 2.59% +93.98k
JPMorgan Chase 1.54m 2.43% +185.24k
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 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.41m 5.41m 158.10
2024 4.17m 6.15m 170.80
2023 3.46m 3.78m 137.95
2022 4.12m 2.82m 128.02
2021 4.23m 11.35m 137.89

Ownership

Directors and executive officers, together 14.21%
BlackRock, Inc. 12.31%
The Vanguard Group 9.07%
Douglas R. Casella 6.95%
John W. Casella 6.84%
Conestoga Capital Advisors, LLC 4.73%
Wasatch Advisors LP 4.71%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Casella Waste Systems, Inc. (CWST) Latest News

28 Oct

Impact 4 · · Insider Monkey

20 Oct

Impact 4 · · Investing.com
Impact 3 · · Simply Wall St.

19 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · Zacks

5 Oct

Impact 4 · · wastedive.com
Impact 4 · · Simply Wall St.

29 Sep

Impact 3 · · GlobeNewswire

23 Sep

Impact 4 ·
Impact 3 · · Simply Wall St.
Impact 3 ·

21 Sep

Impact 3 · · StockStory

5 Sep

Impact 3 ·

4 Sep

Impact 4 · · wastedive.com

3 Sep

Impact 3 ·

19 Aug

Impact 3 ·

15 Aug

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13 Aug

Impact 3 · · The Motley Fool transcript

12 Aug

Impact 3 ·

11 Aug

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7 Aug

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Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

6 Aug

Impact 3 ·
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31 Jul

Impact 3 · · Trefis

30 Jul

Impact 3 ·

28 Jul

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16 Jul

Impact 3 ·

CWST metrics, ten years each

stockrow.com/CWST · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com