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. In the quarter to June 2026, revenue grew 16.9%, EPS fell 25.0%, free cash flow grew 14.2% and total debt rose 18.1%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for five.

88.00 1.50 +1.73%
Market cap
$5.5B
P/E
978×
Fwd P/E
559×
Dividend yield
—
F-score
5/9
Altman Z
2.74
Beneish M
−2.82
Dividend safety
n/a

Insider Decisions trades per month

Total sells 5.53
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 1 — 5 6 — 2 — — 2 — —
Insider Ownership 2.17%

Capital & Financial Ratios $m

Market Cap 5,500.00
Revenue 1,955.48
Net Income 5.70
Free Cash Flow 106.62
Net Debt 1,325.17
Current Ratio 0.99 (below 1: weak)
Debt/Equity 0.85
P/E ratio 977.78 (above 35: high)
Fwd P/E 559.00 (above 35: high)
P/S ratio 2.86
P/B ratio 3.54
Past 5Y EPS Growth (42.20%) (below 0%: weak)
This Y EPS Growth 6.44%
Next Y EPS Growth 17.06% (at or above 15%: strong)
Next Y revenue growth 14.54% (at or above 10%: strong)
Next 5Y EPS Growth 16.15% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 95.62%
10-year low 10-year high
P/S against its own 10 years 37.19%
10-year low 10-year high
P/B against its own 10 years 4.74%
10-year low 10-year high
EV/Sales against its own 10 years 38.15%
10-year low 10-year high
EV/FCF against its own 10 years 46.85%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 4.97 11.15 22.15 26.75 34.35 53.43 63.90 72.33 80.04 82.22

Analyst estimates 2026–2028

Powerpack
High 13.41 23.20 34.48 47.72 63.58 89.84 92.75 95.78 114.88 121.24
People
People Employees 2,000 2,000 2,300 2,500 2,500 2,900 3,200 4,200 5,100 5,600
Revenue/emp, $m 0.28 0.30 0.29 0.30 0.31 0.31 0.34 0.30 0.31 0.33
Income, $m
Income, $m Revenue 565 599 661 743 775 889 1,085 1,265 1,557 1,837
Gross margin, % 32.40 32.39 31.39 31.57 33.43 34.50 33.36 34.20 34.03 33.77
EBT (6) (37) 6 30 38 58 75 37 21 13
EBT margin, % (1.13) (6.18) 0.91 4.01 4.94 6.53 6.91 2.93 1.35 0.71
Net income (7) (22) 6 32 91 41 53 25 14 8
Depreciation 75 74 83 82 93 106 128 174 238 310
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
Earnings (0.17) (0.52) 0.15 0.67 1.87 0.80 1.03 0.46 0.23 0.12
Cash flow 1.95 2.57 2.83 2.47 2.87 3.56 4.21 4.22 4.72 5.20
Capex (1.28) (1.53) (1.70) (2.17) (2.20) (2.39) (2.53) (2.79) (3.39) (3.86)
Free cash flow 0.67 1.04 1.14 0.31 0.66 1.17 1.68 1.44 1.33 1.34
Book value (0.60) (0.90) (0.37) 2.60 7.42 8.23 9.64 18.52 26.03 24.72
Shares, m 41 42 43 47 49 51 52 55 60 63
Valuation, ×
Valuation, × P/E 0.00 0.00 189.93 69.74 33.85 106.78 77.29 188.18 460.04 816.17
P/S 0.93 1.62 1.84 2.92 3.90 4.93 3.75 3.69 4.05 3.38
P/B 0.00 0.00 0.00 17.71 8.35 10.38 8.17 4.57 4.06 3.96
EV/Sales 1.82 2.42 2.66 3.61 4.40 5.51 4.23 4.35 4.53 3.95
EV/FCF 37.37 33.41 36.24 186.18 105.36 81.38 52.82 69.29 88.72 85.49
Cash, $m
Cash, $m Operating cash flow 80 108 121 117 140 183 217 233 281 330
Capex (53) (64) (72) (102) (108) (123) (130) (154) (202) (245)
Free cash flow 28 43 48 14 32 60 87 79 79 85
Balance, $m
Balance, $m Working capital (4) (4) (14) (28) 116 (6) 30 147 306 75
Total debt 509 483 544 513 540 552 594 1,043 1,133 1,155
Net debt 506 481 540 510 385 519 523 823 750 1,031
Shareholders’ equity (25) (38) (16) 123 362 422 498 1,022 1,551 1,569
Returns, %
Returns, % ROA (1.08) (3.50) 0.95 3.80 8.57 3.32 3.88 1.27 0.47 0.24
ROIC 5.83 (1.78) 4.73 5.24 4.96 5.16 5.84 2.73 1.98 1.53
ROE 29.68 69.86 (23.91) 59.21 37.58 10.48 11.53 3.34 1.05 0.50
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $89.6B 32.0× 27.0× +3.95% (above 0%: growing) +8.89% (above 0%: growing) +34.81% (above 0%: growing) 40.83% 18.75% Compare
RSG Republic Services, Inc. $70.3B 32.8× 28.9× +4.60% (above 0%: growing) +4.55% (above 0%: growing) +8.20% (above 0%: growing) 42.14% 20.34% Compare
WCN Waste Connections, Inc. $41.7B 40.3× 33.5× +6.42% (above 0%: growing) +4.46% (above 0%: growing) +6.63% (above 0%: growing) 42.25% 17.08% Compare
GFL GFL Environmental Inc. $19.0B — (loss-making) — (loss-making) +16.16% (above 0%: growing) n/m +557.08% (above 0%: growing) 19.81% 5.58% Compare
CLH Clean Harbors, Inc. $16.9B 38.7× 33.3× +11.95% (above 0%: growing) +36.29% (above 0%: growing) −4.89% (below 0%: shrinking) 35.09% 15.50% Compare
CWST Casella Waste Systems, Inc. $5.5B 978× 559× +16.85% (above 0%: growing) −25.00% (below 0%: shrinking) +14.24% (above 0%: growing) 32.88% 3.67%
ONT Onterris, Inc. $494.1M — (loss-making) 123× −20.42% (below 0%: shrinking) −91.67% (below 0%: shrinking) −96.15% (below 0%: shrinking) 44.07% 3.46% Compare
PESI Perma-Fix Environmental Services, Inc. $282.0M — (loss-making) — (loss-making) −11.66% (below 0%: shrinking) n/m −156.46% (below 0%: shrinking) (19.43%) (50.50%) Compare
ABAT American Battery Technology Company $225.5M — (loss-making) — (loss-making) +196.60% (above 0%: growing) n/m −32.23% (below 0%: shrinking) 15.66% (246.50%) Compare
Median of peers $17.9B 35.7× 33.3× +5.51% +4.55% +0.87% 37.96% 10.54%

All 20 Waste Management stocks →

Casella Waste Systems, Inc. (CWST) key facts

  • Strength: Casella Waste Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 18.0% from fiscal 2024.
  • Casella Waste Systems, Inc. (CWST) is a Waste Management company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, CWST traded at $88.00, a market capitalization of $5.5 billion.
  • Return on equity was 0.50% and debt-to-equity 0.85.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.74 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Casella Waste Systems, Inc. (CWST) Latest News

24 Feb

Impact 4 · transcript
stockrow.com/CWST · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com