Saturday 17 October 2026
Export WCN’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 6.42%, EPS grew 4.46%, free cash flow grew 6.63% and total debt rose 10.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for five; insiders bought in the last twelve months.
167.30
1.79
+1.08%
Follow WCN
| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
41.95 | 71.79 | 50.21 | 40.53 | 57.50 | 131.50 | 42.23 | 35.87 | 32.07 | 50.32 |
Piotroski F-Score |
6 | 5 | 6 | 6 | 7 | 5 | 5 | 5 | 6 | 6 |
Altman Z-Score |
3.11 | 3.12 | 3.22 | 2.97 | 3.70 | 3.06 | 2.99 | 2.78 | 2.77 | 1.95 |
P/S ratio |
4.77 | 4.96 | 4.77 | 4.70 | 5.79 | 4.96 | 4.44 | 3.98 | 3.99 | 3.59 |
P/FCF ratio |
36.69 | 37.48 | 31.26 | 29.72 | 35.71 | 35.38 | 27.28 | 22.49 | 25.07 | 26.59 |
Altman Z″-Score (non-manufacturers) |
1.77 | 1.57 | 1.81 | 1.78 | 2.02 | 2.01 | 2.17 | 2.23 | 2.21 | 1.81 |
Beneish M-Score |
(2.72) | (2.82) | (2.81) | (2.68) | (2.72) | (2.93) | (2.70) | (2.71) | (2.53) | (1.83) |
P/Operating CF |
81.03 | 77.80 | 68.86 | 64.90 | 83.10 | 121.08 | 67.44 | 52.42 | 61.77 | 47.19 |
Dividend Safety Score |
79 | — | — | — | — | — | — | — | — | — |
P/B ratio |
5.47 | 5.63 | 4.97 | 4.77 | 5.09 | 3.93 | 3.45 | 3.03 | 2.94 | 2.14 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 90.57 | 65.28 | 36.57 | 61.30 |
EV/Sales |
5.70 | 5.87 | 5.62 | 5.66 | 6.60 | 5.72 | 5.20 | 4.77 | 4.75 | 4.63 |
EV/EBITDA |
18.30 | 23.36 | 20.07 | 18.83 | 21.85 | 26.59 | 17.68 | 15.47 | 17.46 | 16.96 |
EV/Operating CF |
22.36 | 23.49 | 21.19 | 20.17 | 23.90 | 22.13 | 18.21 | 16.63 | 18.52 | 19.64 |
EV/FCF |
43.89 | 44.35 | 36.81 | 35.77 | 40.72 | 40.85 | 31.94 | 26.96 | 29.86 | 34.31 |
Quick Ratio |
0.50 | 0.53 | 0.55 | 0.60 | 0.70 | 1.21 | 0.98 | 1.05 | 1.23 | 0.92 |
Current Ratio |
0.62 | 0.65 | 0.68 | 0.74 | 0.84 | 1.37 | 1.12 | 1.23 | 1.47 | 1.07 |
Net Debt/EBITDA |
3.00 | 3.62 | 3.02 | 3.18 | 2.69 | 3.56 | 2.58 | 2.56 | 2.80 | 3.82 |
Debt/Assets |
42.14% | 41.22% | 38.33% | 40.73% | 34.97% | 34.22% | 32.20% | 33.34% | 32.95% | 33.05% |
Debt/Equity |
1.08 | 1.04 | 0.89 | 0.98 | 0.74 | 0.70 | 0.64 | 0.65 | 0.63 | 0.65 |
Asset Turnover |
0.46 | 0.47 | 0.46 | 0.45 | 0.43 | 0.39 | 0.41 | 0.40 | 0.40 | 0.42 |
Operating CF/Net income |
2.24 | 3.61 | 2.79 | 2.42 | 2.75 | 6.88 | 2.72 | 2.58 | 2.06 | 3.23 |
Capex/Depreciation |
(0.95) | (0.89) | (0.89) | (0.95) | (0.86) | (0.85) | (0.88) | (0.79) | (0.71) | (0.73) |
Interest Coverage |
5.11 | 3.27 | 4.50 | 6.14 | 6.39 | 2.54 | 5.68 | 6.30 | 5.22 | 4.88 |
| 13.37% | 7.94% | 10.30% | 11.85% | 8.92% | 2.97% | 8.46% | 8.59% | 9.67% | 6.45% | |
| 5.26% | 3.27% | 4.35% | 5.25% | 4.31% | 1.48% | 4.30% | 4.44% | 4.99% | 3.04% | |
ROIC |
6.25% | 4.18% | 5.33% | 5.54% | 5.42% | 2.34% | 4.74% | 5.03% | 4.00% | 3.08% |
Return on Tangible Assets |
13.59% | 8.36% | 11.42% | 12.75% | 11.19% | 3.61% | 10.05% | 10.17% | 11.10% | 5.15% |
Average Days of Receivables |
39.52 | 38.26 | 38.99 | 42.20 | 42.11 | 42.24 | 44.90 | 45.19 | 43.71 | 52.45 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
10.14% | 9.90% | 9.96% | 9.66% | 9.95% | 9.87% | 10.14% | 10.65% | 11.01% | 14.05% |
Intangible Assets out of Total Assets |
0.49 | 0.50 | 0.50 | 0.50 | 0.51 | 0.49 | 0.49 | 0.49 | 0.48 | 0.49 |
Share Based Compensation of Revenue |
0.84% | 0.87% | 0.88% | 0.88% | 0.95% | 0.84% | 0.79% | 0.89% | 0.85% | 1.33% |
Graham Net Nets |
(0.26) | (0.24) | (0.24) | (0.26) | (0.19) | (0.21) | (0.24) | (0.26) | (0.25) | (0.39) |
Graham Number |
54.90 | 40.48 | 44.62 | 44.96 | 37.79 | 21.39 | 35.67 | 33.78 | 34.19 | 24.02 |
Earnings Yield |
2.38% | 1.39% | 1.99% | 2.47% | 1.74% | 0.76% | 2.37% | 2.79% | 3.12% | 1.99% |
Free Cash Flow Yield |
2.73% | 2.67% | 3.20% | 3.36% | 2.80% | 2.83% | 3.67% | 4.45% | 3.99% | 3.76% |
Revenue per Share |
36.79 | 34.58 | 31.15 | 28.02 | 23.55 | 20.69 | 20.43 | 18.67 | 17.56 | 14.66 |
Operating CF per Share |
9.38 | 8.64 | 8.26 | 7.86 | 6.50 | 5.35 | 5.84 | 5.35 | 4.50 | 3.45 |
Capex per Share |
(4.60) | (4.06) | (3.50) | (3.43) | (2.69) | (2.45) | (2.51) | (2.05) | (1.71) | (1.48) |
Free Cash Flow per Share |
4.78 | 4.58 | 4.75 | 4.43 | 3.82 | 2.90 | 3.33 | 3.30 | 2.79 | 1.98 |
Cash per Share |
0.18 | 0.24 | 0.30 | 0.31 | 0.56 | 2.35 | 1.24 | 1.21 | 1.65 | 0.67 |
Shareholders Equity per Share |
32.04 | 30.47 | 29.89 | 27.64 | 26.78 | 26.08 | 26.30 | 24.50 | 23.79 | 24.55 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
32.04 | 30.47 | 29.89 | 27.64 | 26.78 | 26.08 | 26.30 | 24.50 | 23.79 | 24.55 |
Free Cash Flow |
1,229.83 | 1,180.84 | 1,224.40 | 1,140.49 | 996.68 | 763.04 | 878.02 | 870.48 | 736.41 | 455.19 |
Working Capital |
(812.70) | (651.92) | (546.15) | (395.00) | (199.97) | 379.62 | 123.37 | 206.07 | 374.27 | 51.22 |
Capital Expenditures |
(1,184.24) | (1,048.08) | (902.42) | (882.00) | (701.55) | (645.48) | (662.52) | (540.76) | (450.85) | (340.12) |
Net Current Asset Value |
(11,572.42) | (10,730.55) | (9,076.30) | (8,903.31) | (6,673.60) | (5,720.65) | (5,668.74) | (5,074.24) | (4,563.74) | (4,705.66) |
EV/EBIT |
31.57 | 49.05 | 36.45 | 32.85 | 39.04 | 75.57 | 33.48 | 28.20 | 35.06 | 34.53 |
Capex to Sales |
0.13 | 0.12 | 0.11 | 0.12 | 0.11 | 0.12 | 0.12 | 0.11 | 0.10 | 0.10 |
Price to Operating Income |
26.39 | 41.46 | 30.96 | 27.29 | 34.23 | 65.45 | 28.59 | 23.52 | 29.44 | 26.76 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.14 | 0.15 | 0.14 | 0.13 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.10 |
Cash ROIC |
7.15% | 7.34% | 8.36% | 8.05% | 8.12% | 6.22% | 7.51% | 7.92% | 6.90% | 4.80% |
Accounts Receivable Turnover |
9.66 | 9.96 | 9.49 | 9.35 | 9.18 | 8.42 | 8.47 | 8.46 | 8.91 | 9.12 |
Accounts Payable Turnover |
7.78 | 8.11 | 7.41 | 8.41 | 10.69 | 9.00 | 8.03 | 8.30 | 9.30 | 10.68 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
51.20 | 44.81 | 49.42 | 53.77 | 39.24 | 32.39 | 49.86 | 45.85 | 44.60 | 46.84 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
980.01 | 895.99 | 845.41 | 771.74 | 669.94 | 646.54 | 636.18 | 582.00 | 519.80 | 370.17 |
Average Payables |
701.30 | 639.91 | 640.59 | 515.80 | 341.84 | 363.90 | 398.47 | 345.25 | 290.89 | 183.23 |
Average Assets |
20,473.59 | 18,866.85 | 17,525.24 | 15,917.26 | 14,346.14 | 13,865.03 | 13,182.52 | 12,321.01 | 11,559.30 | 8,112.86 |
Average Common Equity |
8,052.87 | 7,779.07 | 7,405.71 | 7,053.59 | 6,928.49 | 6,900.90 | 6,699.27 | 6,367.13 | 5,964.47 | 3,823.33 |
Columns are period end dates