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Waste Connections, Inc.

WCN Industrials Waste Management

Waste Connections, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, up 6.14% from fiscal 2024.

Revenue
+7.31%
EPS
+28.8%
Free cash flow
+2.74%
Total debt
+8.87%

Quarter to September 2026, against a year earlier

190.96 0.85 −0.44%
Market cap
$48.0B
P/E
42.7×
Fwd P/E
39.5×
Dividend yield
0.75%
F-score
6/9
Altman Z
3.11
Beneish M
−2.72
Dividend safety
79/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 7.61
Sold, $m 7.81
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 1 — — 1 2 2 2 2 3 — 4 —
Insider Ownership 1.40%

Capital & Financial Ratios $m

Size
Market Cap 47,950.00
Revenue ttm 9,943.63
Net income ttm 1,133.47
Free cash flow ttm 1,184.78
Net debt Q 9,418.76
Valuation
P/E 42.72 (above 35: high)
Forward P/E 39.50 (above 35: high)
Price / sales 4.83
Forward P/S Powerpack
Price / FCF 40.51
Price / book 6.09 (above 6: high)
Financial health
Current ratio Q 0.67 (below 1: weak)
Debt / equity Q 1.21
Interest coverage Q 5.62
Growth
Revenue growth Q +7.31% (above 0%: growing)
Operating income growth Q +23.24% (above 0%: growing)
EPS, this year +10.66%
EPS, next year A +8.01%
Revenue, next year A +6.63%
EPS, past 5 yrs +39.83% (at or above 15%: strong)
EPS, next 5 yrs A +9.71%

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 5.8×, against a ten-year median of 5.6×; over the ten years it ranged from 2.6× in 2016 to 6.8× in 2021.
P/E against its own 10 years 36.63%
10-year low 10-year high
P/S against its own 10 years 58.09%
10-year low 10-year high
P/B against its own 10 years 94.61%
10-year low 10-year high
EV/Sales against its own 10 years 62.67%
10-year low 10-year high
EV/FCF against its own 10 years 92.37%
10-year low 10-year high

Dividends raised 5 years running

Yield
0.75%
Annual rate
1.44
Payout ratio
32.1%
Growth, 2018–26
+9.00%/yr
  1. 0.72 ’18
  2. 0.67 ’19 −8
  3. 0.95 ’20 +42
  4. 0.85 ’21 −11
  5. 0.95 ’22 +12
  6. 1.05 ’23 +11
  7. 1.17 ’24 +11
  8. 1.30 ’25 +11
  9. 1.44 ’26 +11
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 78 62 46 96
Receivables 857 935 1,025 1,106
Inventory — — — —
Other 206 230 241 235
1,142 1,227 1,312 1,437
2023 2024 2025 Q'26
Payables 642 637 765 811
ST’ Debt 121 67 74 68
Other — — — —
1,688 1,879 2,124 2,155

Compound Annual Growth %

10y 5y 3y
Sales 16.16% 11.69% 9.49%
Cash Flow 15.39% 11.38% 6.08%
Earnings 0.00% 39.38% 8.81%
Book Value 15.26% 3.74% 5.04%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.52 Actual 1.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.28 1.29 Beat by 0.01
Q1 FY26 1.19 1.23 Beat by 0.04
Q2 FY26 1.35 1.50 Beat by 0.15
Q3 FY26 1.52 1.58 Beat by 0.06
Q4 FY26 1.40 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.86 1.17 1.43 — —
’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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,371 2,562 2,638 — —
’25 2,228 2,407 2,458 2,373 9,467
’24 2,073 2,248 2,338 2,260 8,920
’23 1,901 2,021 2,065 2,036 8,022
’22 1,646 1,816 1,880 1,869 7,212
’21 1,396 1,534 1,597 1,624 6,151
’20 1,352 1,306 1,390 1,398 5,446
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 546 733 692 — —
’25 542 638 677 557 2,414
’24 490 611 558 569 2,229
’23 442 574 554 556 2,127
’22 441 533 526 522 2,022
’21 400 448 421 428 1,698
’20 370 384 432 223 1,409
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 251 381 395 — —
’25 330 357 384 158 1,230
’24 321 396 289 175 1,181
’23 268 359 338 260 1,224
’22 304 316 286 235 1,140
’21 306 279 216 196 997
’20 235 243 231 53 763
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.5% a year for ten years. It grew 13.3% a year over the last ten.

Implied
18.5%
10 years, reported
13.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
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 3,376 4,630 4,923 5,389 5,446 6,151 7,212 8,022 8,920 9,467 9,944 +12.1% 10,095 10,701 11,261 +6.0%
Gross margin, % 42.01 41.59 41.79 40.64 39.83 40.60 39.88 40.86 41.79 42.37 42.62 +0.4 pt
EBT 361 509 707 706 254 771 1,049 984 763 1,418 1,459 +16.4%
EBT margin, % 10.70 10.98 14.36 13.10 4.66 12.53 14.54 12.26 8.55 14.98 14.68 +4.3 pt
Net income 247 577 547 567 204 618 836 763 617 1,077 1,133 +17.8%
Per share, $
Per share, $ Revenue 14.66 17.56 18.67 20.43 20.69 23.55 28.02 31.15 34.58 36.79 39.56 +10.8%
Earnings 1.07 2.19 2.07 2.15 0.78 2.37 3.25 2.96 2.39 4.18 4.47 +16.3%
Cash flow 3.45 4.50 5.35 5.84 5.35 6.50 7.86 8.26 8.64 9.38 10.06 +11.7%
Capex (1.48) (1.71) (2.05) (2.51) (2.45) (2.69) (3.43) (3.50) (4.06) (4.60) (5.34) +13.5%
Free cash flow 1.98 2.79 3.30 3.33 2.90 3.82 4.43 4.75 4.58 4.78 4.71 +10.3%
Book value 24.55 23.79 24.50 26.30 26.08 26.78 27.64 29.89 30.47 32.04 31.37 +3.0%
Shares, m 230 264 264 264 263 261 257 258 258 257 254 +1.2%
Valuation, ×
Valuation, × P/E 50.32 32.07 35.87 42.23 131.50 57.50 40.53 50.21 71.79 41.95 42.72 55.4
P/S 3.59 3.99 3.98 4.44 4.96 5.79 4.70 4.77 4.96 4.77 4.83 4.6
P/B 2.14 2.94 3.03 3.45 3.93 5.09 4.77 4.97 5.63 5.47 6.09 4.1
EV/Sales 4.63 4.75 4.77 5.20 5.72 6.60 5.66 5.62 5.87 5.70 5.77 5.5
EV/FCF 34.31 29.86 26.96 31.94 40.85 40.72 35.77 36.81 44.35 43.89 48.46 36.5
Cash, $m
Cash, $m Operating cash flow 795 1,187 1,411 1,541 1,409 1,698 2,022 2,127 2,229 2,414 2,528 +13.1%
Capex (340) (451) (541) (663) (645) (702) (882) (902) (1,048) (1,184) (1,343) +14.9%
Free cash flow 455 736 870 878 763 997 1,140 1,224 1,181 1,230 1,185 +11.7%
Balance, $m
Balance, $m Working capital 51 374 206 123 380 (200) (395) (546) (652) (813) (718) n/m
Net debt 3,516 3,525 3,891 4,097 4,171 4,993 6,900 6,788 8,106 8,858 9,419 +10.8%
Shareholders’ equity 5,655 6,274 6,460 6,938 6,863 6,994 7,114 7,698 7,860 8,245 7,884 +4.3%
Returns, %
Returns, % ROA 3.04 4.99 4.44 4.30 1.48 4.31 5.25 4.35 3.27 5.26 5.36 +2.2 pt
ROIC 3.08 4.00 5.03 4.74 2.34 5.42 5.54 5.33 4.18 6.25 6.37 +3.2 pt
ROE 6.45 9.67 8.59 8.46 2.97 8.92 11.85 10.30 7.94 13.37 14.19 +6.9 pt
People
People Employees — — — 18,204 18,933 19,998 22,109 22,539 23,854 24,214 — +4.9%
Revenue/emp, $m 0.00 0.00 0.00 0.30 0.29 0.31 0.33 0.36 0.37 0.39 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Waste Connections is a North American waste services company. It collects non-hazardous waste from homes, businesses, municipalities and industrial customers, moves it through transfer stations and disposes of it at landfills. It also recovers resources through recycling and renewable fuel generation.

The company serves oil and natural gas producers by collecting, treating and disposing of waste from drilling, production and cleanup. Its intermodal business moves cargo and solid waste containers in the Pacific Northwest. Waste Connections operates in 46 states in the U.S. and six provinces in Canada, with a focus on secondary and rural markets as well as areas where it holds exclusive service rights.

Waste Connections, 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%
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% 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 32.9× 31.6× +8.24% +9.66% +14.31% 35.38% 6.72%

All 22 Waste Management stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.68%
Held by the ten largest 35.62%
Holder Shares Stake Change
Vanguard 31.18m 12.36% +109.21k
Royal Bank of Canada 13.19m 5.23% +978.00k
BMO 8.67m 3.44% +530.02k
Scotiabank (1832 Asset Management) 7.46m 2.96% +343.08k
BlackRock 6.37m 2.53% +179.22k
Fidelity (FMR) 5.34m 2.12% −3.62m
Capital Group 4.87m 1.93% −1.25m
TD 4.70m 1.86% −104.21k
AQR Capital Management 4.10m 1.62% +2.99m
Norges Bank 3.96m 1.57% +3.96m
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.

Waste Connections, Inc. (WCN) Latest News

29 Oct

Impact 3 · · Insider Monkey

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · Zacks
Impact 3 · · Trefis

23 Oct

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

22 Oct

Impact 4 · · MarketBeat
Impact 4 · · StockStory
Impact 4 · · Simply Wall St.
Impact 4 · · TIKR earnings
Impact 3 · · The Motley Fool
Impact 3 · · wastedive.com
Impact 3 · · 24/7 Wall St.

21 Oct

Impact 4 · · Business Wire
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · StockStory

16 Oct

Impact 3 · · Zacks
Impact 3 · · Investing.com

14 Oct

Impact 3 · · Zacks

12 Oct

Impact 4 · · Zacks

5 Oct

Impact 3 · · StockStory

3 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 3 · · Zacks

WCN metrics, ten years each

stockrow.com/WCN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com