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. In the quarter to June 2026, revenue grew 16.2%, EPS fell 165.4%, free cash flow grew 557.1% and total debt rose 41.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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GFL Environmental Inc. (GFL) Piotroski F-score
GFL Environmental Inc.'s Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 2.00 |
| FY2024 | 5 | (2.00) |
| FY2023 | 7 | 1.00 |
| FY2022 | 6 | 0.00 |
| FY2021 | 6 | 2.00 |
| FY2020 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 18.74% | (3.88%) | Pass | 1 |
| Positive operating cash flow | 941.86m | 1.12b | Pass | 1 |
| Rising return on assets | 18.74% | (3.88%) | Pass | 1 |
| Cash flow above net income | (1.80b) | 1.71b | Fail | 0 |
| Falling long-term leverage | 0.38 | 0.45 | Pass | 1 |
| Rising current ratio | 0.58 | 0.54 | Pass | 1 |
| No new shares issued | 369,561,000 | 380,841,000 | Pass | 1 |
| Rising gross margin | 20.67% | 18.90% | Pass | 1 |
| Rising asset turnover | 0.32 | 0.38 | Fail | 0 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| GFL GFL Environmental Inc. | 7 |
| CLH Clean Harbors, Inc. compare | 7 |
| RSG Republic Services, Inc. compare | 7 |
| WM Waste Management, Inc. compare | 6 |
| WCN Waste Connections, Inc. compare | 6 |
| ABAT American Battery Technology Company compare | 5 |
| CWST Casella Waste Systems, Inc. compare | 5 |
| ONT Onterris, Inc. compare | 5 |
| PESI Perma-Fix Environmental Services, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover