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GFL Environmental Inc.

GFL Industrials Waste Management

GFL Environmental Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, down 17.5% from fiscal 2024.

Revenue
+25.3%
EPS
−130.0%
Free cash flow
+38.1%
Total debt
+56.4%

Quarter to September 2026, against a year earlier

46.07 0.78 +1.72%
Market cap
$20.1B
P/E
0.0×
Fwd P/E
−63.7×
Dividend yield
0.14%
F-score
7/9
Altman Z
1.53
Beneish M
−3.04
Dividend safety
60/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 17.30%

Capital & Financial Ratios $m

Size
Market Cap 20,110.00
Revenue ttm 5,353.01
Net income ttm (314.21)
Free cash flow ttm 222.29
Net debt Q 8,562.53
Valuation
P/E 0.00
Forward P/E (63.70) (negative: loss-making)
Price / sales 3.32
Forward P/S Powerpack
Price / FCF 79.93
Price / book 2.09
Financial health
Current ratio Q 0.93 (below 1: weak)
Debt / equity Q 1.03
Interest coverage Q 0.89
Growth
Revenue growth Q +25.25% (above 0%: growing)
Operating income growth Q −6.09% (below 0%: shrinking)
EPS, this year +7.38%
EPS, next year A +42.06% (at or above 15%: strong)
Revenue, next year A +21.69% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +29.29% (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 4.9×, against a ten-year median of 4.1×; over the ten years it ranged from 3.1× in 2023 to 5.2× in 2021.
P/S against its own 10 years 77.27%
10-year low 10-year high
P/B against its own 10 years 18.01%
10-year low 10-year high
EV/Sales against its own 10 years 92.99%
10-year low 10-year high
EV/FCF against its own 10 years 74.31%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.14%
Annual rate
0.07
Payout ratio
—
Growth, 2020–25
+14.9%/yr
  1. 0.03 ’20
  2. 0.05 ’21 +77
  3. 0.16 ’22 +198
  4. 0.05 ’23 −68
  5. 0.06 ’24 +8
  6. 0.06 ’25 +9
  7. 0.05 ’26e −17
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 101 98 61 212
Receivables 835 920 643 1,193
Inventory — — — —
Other — — — —
1,100 1,237 833 1,688
2023 2024 2025 Q'26
Payables 1,244 1,372 1,351 1,681
ST’ Debt 7 837 — 10
Other 42 38 31 49
1,341 2,299 1,430 1,813

Compound Annual Growth %

10y 5y 3y
Sales — 8.61% (3.08%)
Cash Flow — 20.23% 3.75%
Earnings — 0.00% 0.00%
Book Value — 4.79% 4.84%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.20 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.14 0.26 Beat by 0.12
Mar 2026 0.05 0.06 Beat by 0.01
Jun 2026 0.17 0.14 Miss by 0.03
Sep 2026 0.20 0.19 Miss by 0.01
Dec 2026 0.18 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.44) (0.34) (0.06) — —
’25 6.04 0.51 0.20 0.04 7.15
’24 (0.39) (0.96) 0.17 (0.37) (1.51)
’23 (0.49) 0.54 0.00 (0.15) (0.10)
’22 0.02 0.09 (0.42) (0.49) (0.83)
’21 (0.52) 0.06 (0.56) (0.36) (1.46)
’20 (0.57) (0.23) (0.24) (1.07) (2.15)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,198 1,407 1,540 — —
’25 1,086 1,211 1,230 1,208 4,735
’24 1,335 1,505 1,477 1,420 5,738
’23 1,330 1,446 1,409 1,383 5,567
’22 1,107 1,337 1,403 1,354 5,201
’21 937 1,070 1,180 1,222 4,409
’20 694 717 778 944 3,132
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 122 300 256 — —
’25 121 226 285 310 942
’24 195 264 256 409 1,124
’23 142 195 94 295 726
’22 139 180 212 312 843
’21 168 150 170 229 716
’20 (68) 127 195 121 375
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (155) 102 104 — —
’25 (96) 16 76 171 167
’24 (19) 49 72 196 298
’23 (50) 1,212 (1,307) 135 (10)
’22 51 255 61 156 523
’21 67 76 148 116 407
’20 (142) 46 129 34 67
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
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 692 1,066 1,363 2,575 3,132 4,409 5,201 5,567 5,738 4,735 5,353 +23.8% 5,762 7,004 7,381 +15.9%
Gross margin, % 11.99 14.10 8.04 8.19 4.53 9.55 11.80 16.89 18.90 20.67 19.48 +8.7 pt
EBT (150) (112) (459) (468) (1,012) (569) (276) 142 (690) 162 (319) n/m
EBT margin, % (21.63) (10.50) (33.68) (18.20) (32.31) (12.90) (5.31) 2.56 (12.02) 3.43 (5.95) +25.1 pt
Net income (113) 0 (355) (348) (743) (484) (239) 24 (538) 2,729 (314) n/m
Per share, $
Per share, $ Revenue 2.20 3.40 4.34 8.20 8.69 12.19 14.16 15.06 15.07 12.81 13.88 +21.6%
Earnings (0.36) (0.26) (1.13) (1.11) (2.15) (1.46) (0.83) (0.10) (1.51) 7.33 (0.80) n/m
Cash flow 0.19 0.28 (0.08) 0.56 1.04 1.98 2.30 1.96 2.95 2.55 2.56 +33.4%
Capex 0.00 0.00 0.00 0.00 (0.85) (0.86) (0.87) (1.99) (2.17) (2.10) (1.99) n/m
Free cash flow 0.19 0.28 (0.08) 0.56 0.19 1.13 1.43 (0.03) 0.78 0.45 0.58 +10.0%
Book value 0.00 0.00 7.48 6.78 11.76 12.75 12.66 14.80 13.84 14.50 22.05 n/m
Shares, m 314 314 314 314 360 362 367 370 381 370 366 +1.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.31 0.00 0.6
P/S 0.00 0.00 0.00 0.00 3.36 3.10 2.07 2.25 2.96 3.26 3.32 1.7
P/B 0.00 0.00 0.00 0.00 2.48 2.97 2.32 2.29 3.22 2.88 2.09 1.6
EV/Sales 0.00 0.00 0.00 0.00 4.86 4.56 3.48 3.45 4.27 4.45 4.92 2.5
EV/FCF 0.00 0.00 0.00 0.00 226.69 49.37 34.58 (2,012.82) 82.22 126.24 118.45 (149.4)
Cash, $m
Cash, $m Operating cash flow 60 89 (25) 177 375 716 843 726 1,124 942 989 +35.8%
Capex (92) (163) (118) (352) (308) (309) (320) (736) (826) (775) (767) +26.7%
Free cash flow 60 89 (25) 177 67 407 523 (10) 298 167 222 +12.0%
Balance, $m
Balance, $m Working capital — — 0 427 (123) (21) (1,007) (241) (1,062) (597) (125) n/m
Net debt — — 4,619 5,572 4,697 6,420 7,317 6,730 7,548 5,574 8,563 +2.7%
Shareholders’ equity — — 2,348 2,129 4,240 4,609 4,649 5,472 5,270 5,357 8,505 +12.5%
Returns, %
Returns, % ROA 0.00 0.00 (8.57) (3.86) (6.92) (3.67) (2.03) (0.23) (3.88) 18.74 (1.66) +18.7 pt
ROIC — — 0.00 0.00 (1.66) (0.29) 0.27 1.12 1.62 2.38 1.45 +2.4 pt
ROE 0.00 0.00 (15.87) (15.53) (23.32) (10.94) (6.56) (0.69) (10.91) 51.64 (4.07) +51.6 pt
People
People Employees — — — — 15,475 18,000 19,500 20,000 20,000 14,850 — (0.8%)
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.20 0.24 0.27 0.28 0.29 0.32 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

GFL Environmental 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%
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% 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 $10.5B 34.3× 33.7× +7.31% +19.25% +8.49% 40.21% 11.54%

All 22 Waste Management stocks →

GFL Environmental Inc. (GFL) Latest News

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · wastedive.com
Impact 3 · · Insider Monkey

28 Oct

Impact 4 · · Investing.com
Impact 4 · · PR Newswire
Impact 3 · · Zacks

21 Oct

Impact 4 · · Zacks

8 Oct

Impact 3 · · PR Newswire
Impact 3 · · CNW Group

1 Oct

Impact 4 · · PR Newswire
Impact 4 · · CNW Group

27 Sep

Impact 4 ·

24 Sep

Impact 3 · · PR Newswire

17 Sep

Impact 5 ·
Impact 4 · · Stocktwits

10 Sep

Impact 4 ·

8 Sep

Impact 4 · · Barchart

1 Sep

Impact 4 ·
Impact 4 · · PR Newswire
Impact 4 · · wastedive.com
Impact 3 ·

27 Aug

Impact 3 ·

16 Aug

Impact 3 ·

15 Aug

Impact 3 ·
Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 4 ·

GFL metrics, ten years each

stockrow.com/GFL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com