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Waste Connections, Inc. WCN

Industrials — Waste Management
Dividend Champion (5y) Cash Flow Champion (5y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
7.61
Total sells
6.46
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — 1 — — — —
Sell 1 — 1 — — 1 2 2 2 2 3 —
Insider Ownership
1.49%

Capital & Financial Ratios

Market Cap
39,610.00
Revenue
9,763.92
Net Income
1,060.51
Free Cash Flow
1,174.25
Net Debt
9,274.79
Current Ratio
0.66
Debt/Equity
1.18
P/E ratio
37.43
P/S ratio
4.03
P/B ratio
4.97
Past 5Y EPS Growth
2.13%
This Y EPS Growth
9.70%
Next Y EPS Growth
9.74%
Next 5Y EPS Growth
9.62%
in millions of $

Dividends

Payout Ratio
0.31
Annual Dividend Rate
1.02
Annual Dividend Yield
0.67%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 1.40
—
—
—
2025 1.30
—
—
—
—
2024 1.17
—
—
—
—
2023 1.05
—
—
—
—
2022 0.95
—
—
—
—
2021 0.85
—
—
—
—
2020 0.95
—
—
—
—
—
2019 0.67
—
—
—
—
2018 0.72
—
—
—
—
—
2017 0.42
—
—
—
—
2016 0.90
—
—
—
—
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 78.40 62.37 45.97 98.18
Receivables 856.95 935.03 1,024.99 1,069.73
Inventory — — — —
Other 206.43 229.52 240.60 231.23
1,141.79 1,226.91 1,311.56 1,399.14
2023 2024 2025 Q'26
Payables 642.46 637.37 765.23 771.78
ST’ Debt 121.46 67.02 73.70 69.51
Other — — — —
1,687.93 1,878.83 2,124.26 2,128.12
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 2,370.63 2,561.61 — —
—
’25 2,228.18 2,407.06 2,458.38 2,373.31
9,466.92
’24 2,072.65 2,248.17 2,338.49 2,260.28
8,919.59
’23 1,900.50 2,021.10 2,064.74 2,035.61
8,021.95
’22 1,646.26 1,816.44 1,879.87 1,869.30
7,211.86
’21 1,395.94 1,533.93 1,597.17 1,624.32
6,151.36
’20 1,352.40 1,305.78 1,389.55 1,398.25
5,445.99
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 545.60 733.29 — —
—
’25 541.54 638.20 677.45 556.88
2,414.07
’24 490.31 611.38 558.31 568.93
2,228.93
’23 442.36 574.35 554.16 555.94
2,126.82
’22 440.90 532.78 526.46 522.36
2,022.49
’21 400.40 448.08 421.48 428.27
1,698.23
’20 369.59 383.60 432.39 222.95
1,408.52
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 250.78 381.03 — —
—
’25 330.05 357.34 384.01 158.42
1,229.83
’24 321.44 396.07 288.82 174.51
1,180.84
’23 267.83 358.56 337.61 260.40
1,224.40
’22 303.59 315.55 286.02 235.33
1,140.49
’21 305.68 279.31 215.60 196.09
996.68
’20 235.30 243.36 230.97 53.41
763.04
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.86 1.17 — —
—
’25 0.93 1.12 1.11 1.01
4.17
’24 0.89 1.07 1.19 (0.76)
2.39
’23 0.77 0.81 0.89 0.49
2.95
’22 0.69 0.87 0.92 0.75
3.24
’21 0.61 0.68 0.44 0.64
2.36
’20 0.54 (0.86) 0.60 0.50
0.78

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.4
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 113.50 125.83 145.35 163.27 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 148.20 149.88 194.83 201.66 — — —
High Price
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22,109 22,539 23,854 24,214 — — —
Employees
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.33 0.36 0.37 0.39 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,211.86 8,021.95 8,919.59 9,466.92 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39.88% 40.86% 41.79% 42.37% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,048.96 983.50 762.93 1,417.92 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14.54% 12.26% 8.55% 14.98% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 836.00 762.83 616.57 1,076.56 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 924.41 1,009.69 1,173.78 1,240.49 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.02 31.15 34.58 36.79 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 3.25 2.96 2.39 4.18 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.86 8.26 8.64 9.38 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.43) (3.50) (4.06) (4.60) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.43 4.75 4.58 4.78 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27.64 29.89 30.47 32.04 ‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 257.38 257.55 257.97 257.32 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 40.53 50.21 71.79 41.95 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.70 4.77 4.96 4.77 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.77 4.97 5.63 5.47 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.66 5.62 5.87 5.70 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.77 36.81 44.35 43.89 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,022.49 2,126.82 2,228.93 2,414.07 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (882.00) (902.42) (1,048.08) (1,184.24) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,140.49 1,224.40 1,180.84 1,229.83 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (395.00) (546.15) (651.92) (812.70) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,978.32 6,866.26 8,167.94 8,904.47 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,899.69 6,787.86 8,105.58 8,858.50 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7,113.64 7,697.78 7,860.35 8,245.38 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.25% 4.35% 3.27% 5.26% — — —
ROA
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.54% 5.33% 4.18% 6.25% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.85% 10.30% 7.94% 13.37% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Waste Connections, Inc. (WCN) exemplifies stability in the essential waste management sector, with revenue surging 164% from $3.38 billion in 2016 to $8.92 billion in 2023 (15% CAGR), driven by acquisitions, organic growth, and productivity gains amid employee expansion. Gross margins hold resilient at 40-42%, while free cash flow per share doubled to $4.58, supporting dividends and buybacks. Analyst projections signal continued momentum, with revenue eyeing $11.23 billion by 2028 and EPS compounding 159% to $6.19, bolstered by e-waste regulations and diversification.

Yet, caution flags abound: net debt exceeds $8 billion (leverage ~4-5x EBITDA), doubled since 2016, amplifying risks from sticky rates, margin squeezes (EBT down 27% to 8.6% in 2024), and capex drags. Persistent insider selling—$9 million with zero buys—signals potential alignment issues, while elevated valuations (trailing PE 72x, EV/FCF 44x) temper upside from analyst targets of 10-38%.

In this defensive moat with growth tailwinds, execution hurdles like recession-sensitive volumes, M&A indigestion, and debt vulnerability suggest a hold—eyeing 8-10% total returns but waiting for a 10-15% pullback amid rich multiples.

Read full commentary →

Waste Connections, Inc. (WCN) Latest News

News by impact score

Fine-tune

18 Sep

3 , 1:04 PM
WCN stock recommended for holding due to strong fundamentals, consistent growth, and favorable market positioning. Positive hold recommendation signals stable performance with limited fundamental shifts expected.

14 Aug

3 , 11:14 AM
Growth accelerates for Waste Connections but rich valuation prompts questions on whether CLH is worth buying. Accelerating growth paired with rich valuation may shift investor sentiment and near-term stock performance.

11 Aug

3 , 9:31 AM
Republic Services raised its 2026 outlook, with pricing strength offsetting softer waste volumes and setting sector expectations for Waste Connections. Peer outlook raise signals pricing resilience amid volume weakness that can shift near-term sentiment for WCN.

4 Aug

4 www.wastedive.com, 9:14 AM
Waste Connections sues Los Angeles County for $825 million over closure of Chiquita Canyon landfill. Lawsuit for $825 million compensation directly targets core landfill operations and could materially affect financial results and site strategy.

27 Jul

4 , 11:13 AM
Waste Connections is deploying AI tools to boost operational margins and support long-term growth initiatives. AI deployment targets core waste operations and directly supports margin expansion plus competitive positioning.

3 , 10:58 AM
Waste Connections reported strong Q2 results beating estimates on revenue and earnings. Stock maintains premium valuation with questions on whether results justify continued investor premium. Strong Q2 results may support near-term performance and sentiment without fundamentally shifting long-term trajectory or competitive position.

24 Jul

4 , 8:17 PM
Waste Connections posted strong Q2 results, raised full-year guidance and launched share buybacks, improving its investment outlook and market positioning. Strong Q2 results, higher guidance and buybacks signal major positive shifts in Waste Connections' financial trajectory and investor sentiment.

3 , 5:45 PM
Waste Connections posted Q2 operational gains that offset margin pressure, while RNG and AI initiatives support the forward outlook. Q2 operational gains counter margin pressure while RNG and AI support Waste Connections long-term positioning.

23 Jul

4 www.wastedive.com, 6:50 AM
Waste Connections raised its outlook after reporting Q2 results above expectations. Raised outlook after Q2 beat signals significant positive impact on future performance.

3 www.marketbeat.com, 10:05 PM
Waste Connections discussed Q2 financial results, operational metrics, and updated guidance during its earnings call. Quarterly earnings data offers performance metrics that can shift near-term investor views without altering long-term company trajectory.

3 transcript app.moby.co, 8:30 AM
Waste Connections, Inc. held its Q2 2026 earnings call covering financial results and operations. Quarterly earnings data can shift near-term investor sentiment and valuation metrics.

22 Jul

4 , 4:05 PM
Waste Connections reported second quarter 2026 results and raised its full year outlook. Quarterly results paired with raised full-year guidance signal stronger expected performance and market reaction.

3 , 4:30 PM
Waste Connections (NYSE:WCN) exceeded Q2 CY2026 expectations. Quarterly earnings beat typically lifts near-term stock price and sentiment without altering long-term trajectory.

21 Jul

3 , 5:18 AM
Waste Connections (WCN) reports Q2 results tomorrow. Upcoming quarterly earnings may move share price in the short term but will not reshape company strategy or competitive position.

15 Jul

4 , 1:57 PM
Waste Connections leads Q1 waste management earnings among peers. Top Q1 earnings ranking signals stronger financial performance and investor interest for WCN.

7 Jul

3 www.wastedive.com, 7:04 AM
Waste Connections to build PFAS treatment plant in North Carolina. New specialized facility expands PFAS handling capacity with potential to support revenue growth and regulatory compliance.

6 Jul

3 , 11:55 AM
GFL stock rises on buyout speculation. Math shows potential acquisition premium that could reshape waste sector valuations and competitive dynamics for peers including Waste Connections. Buyout of competitor GFL may shift sector valuations and market positioning for Waste Connections.

2 Jul

3 , 7:14 PM
Waste Connections launches RNG production at Ontario's Ridge Landfill, drawing investor reactions to the renewable energy initiative. RNG production launch at one landfill site offers moderate sustainability gains with limited immediate effects on overall financials or market position.

1 Jul

3 , 8:17 PM
Waste Connections stock may trade at a 28% discount despite RNG facility opening. RNG facility opening offers moderate operational improvement without major strategic shifts.

30 Jun

3 , 4:00 PM
Waste Connections of Canada opens $100 million renewable natural gas facility in Chatham-Kent. $100M RNG facility opening strengthens WCN renewable operations and positioning.

22 Jun

3 Zacks, 10:25 AM
Waste Connections leverages recurring revenues and strong liquidity to navigate intense industry rivalry. Recurring revenue stability and liquidity provide moderate support to operations and positioning without signaling major trajectory shifts.

17 Jun

3 , 12:14 PM
CIBC examines Waste Connections landfill capacity trends extending to 2044. Long-term landfill capacity analysis informs Waste Connections strategic planning and investor views on sustainability.

11 Jun

3 , 10:51 AM
Expansion in the global waste management market supports Waste Connections (WCN) despite challenges from low liquidity. Global market growth boosts WCN prospects even with liquidity constraints.

15 May

4 Simply Wall St., 6:23 AM
Waste Connections founder acquires 20% more stock in the company. Founder's substantial stock purchase signals strong confidence, likely boosting investor sentiment and stock performance significantly.

13 May

4 GlobeNewswire, 10:09 AM
AI-powered plastics recycling gains momentum as investments surge and technology delivers measurable ROI for Waste Connections, Inc. (WCN). Surging AI investments and proven ROI in plastics recycling signal major strategic and competitive advantages for WCN.

4 May

4 Simply Wall St., 12:13 PM
Waste Connections (WCN) beat Q1 earnings expectations, advanced acquisitions, and executed share buybacks, positioning the company for enhanced growth and shareholder returns. Q1 earnings beat, acquisitions, and buybacks demonstrate strong execution and strategic capital deployment likely to drive sustained revenue growth and stock appreciation.

1 May

3 Zacks, 12:16 PM
Waste Connections, Inc. (WCN) demonstrates strong growth drivers and market expansion opportunities, balanced against notable liquidity risks. Growth drivers and expansion efforts provide moderate uplift to WCN's trajectory, counterbalanced by liquidity risks.

28 Apr

3 Zacks, 12:26 PM
Waste Connections Inc. (WCN) stock rose 3.2% since its Q1 earnings beat. Q1 earnings beat drove 3.2% stock gain, signaling moderate boost to financial performance and investor sentiment.

26 Apr

4 Simply Wall St., 8:03 AM
Waste Connections (WCN) beat Q1 2026 earnings expectations and forecasted margin expansion, prompting a valuation review amid positive outlook. Earnings beat and margin expansion outlook boost financial performance and investor confidence in WCN's trajectory.

3 Simply Wall St., 8:00 AM
Waste Connections (NYSE:WCN) shows EPS growth and additional strengths, positioning it as an attractive investment opportunity. EPS growth highlights improved financial performance for Waste Connections, likely influencing investor sentiment moderately.
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