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Waste Management, Inc.

WM Industrials Waste Management

Waste Management, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.2 billion, up 14.2% from fiscal 2024.

Revenue
+6.25%
EPS
+37.1%
Free cash flow
+20.5%
Total debt
+0.03%

Quarter to September 2026, against a year earlier

240.83 2.34 +0.98%
Market cap
$95.9B
P/E
31.5×
Fwd P/E
29.5×
Dividend yield
1.52%
F-score
6/9
Altman Z
2.85
Beneish M
−2.76
Dividend safety
77/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • East Tier
  • West Tier
  • Other Ancillary
  • Healthcare Solutions
  • Recycling Processing and Sales
  • Renewable Energy
  • Corporate and Other

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 23.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 11 6 11 — — 1 — — 1 — —
Insider Ownership 0.55%

Capital & Financial Ratios $m

Size
Market Cap 95,940.00
Revenue ttm 26,070.00
Net income ttm 3,071.00
Free cash flow ttm 3,740.00
Net debt Q 23,123.00
Valuation
P/E 31.50
Forward P/E 29.50
Price / sales 3.69
Forward P/S Powerpack
Price / FCF 25.69
Price / book 9.74 (above 6: high)
Financial health
Current ratio Q 0.82 (below 1: weak)
Debt / equity Q 2.37 (above 2: weak)
Interest coverage Q 5.40
Growth
Revenue growth Q +6.25% (above 0%: growing)
Operating income growth Q +29.32% (above 0%: growing)
EPS, this year +7.44%
EPS, next year A +10.28%
Revenue, next year A +5.00%
EPS, past 5 yrs +13.74%
EPS, next 5 yrs A +9.24%

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 4.6×, against a ten-year median of 4.0×; over the ten years it ranged from 2.5× in 2016 to 5.3× in 2025.
P/E against its own 10 years 58.82%
10-year low 10-year high
P/S against its own 10 years 76.24%
10-year low 10-year high
P/B against its own 10 years 78.77%
10-year low 10-year high
EV/Sales against its own 10 years 78.44%
10-year low 10-year high
EV/FCF against its own 10 years 52.55%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.52%
Annual rate
3.66
Payout ratio
48.0%
Growth, 2017–25
+8.64%/yr
  1. 1.70 ’17
  2. 1.86 ’18 +9
  3. 2.05 ’19 +10
  4. 2.18 ’20 +6
  5. 2.30 ’21 +6
  6. 2.60 ’22 +13
  7. 2.80 ’23 +8
  8. 3.00 ’24 +7
  9. 3.30 ’25 +10
  10. 3.78 ’26e +14
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 458 414 201 247
Receivables 2,870 3,687 4,055 4,359
Inventory 173 206 225 239
Other 303 467 429 405
3,804 4,774 4,910 5,250
2023 2024 2025 Q'26
Payables 1,709 2,046 1,867 2,014
ST’ Debt 334 1,359 711 1,524
Other — — — —
4,226 6,258 5,524 6,386

Compound Annual Growth %

10y 5y 3y
Sales 6.88% 10.62% 8.56%
Cash Flow 9.11% 12.17% 10.03%
Earnings 13.65% 12.60% 6.56%
Book Value 6.41% 6.03% 13.33%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.18 Actual 2.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.95 1.93 Miss by 0.02
Q1 FY26 1.75 1.81 Beat by 0.06
Q2 FY26 1.99 2.02 Beat by 0.03
Q3 FY26 2.18 2.15 Miss by 0.03
Q4 FY26 2.07 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.79 1.95 2.05 — —
’25 1.58 1.80 1.49 1.83 6.70
’24 1.75 1.69 1.88 1.48 6.81
’23 1.30 1.51 1.63 1.22 5.66
’22 1.23 1.41 1.54 1.21 5.39
’21 0.99 0.83 1.28 1.20 4.29
’20 0.85 0.72 0.92 1.03 3.52
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,227 6,684 6,846 — —
’25 6,018 6,430 6,443 6,313 25,204
’24 5,159 5,402 5,609 5,893 22,063
’23 4,892 5,119 5,198 5,217 20,426
’22 4,661 5,027 5,075 4,935 19,698
’21 4,112 4,476 4,665 4,678 17,931
’20 3,729 3,561 3,861 4,067 15,218
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,501 1,726 1,640 — —
’25 1,208 1,545 1,592 1,698 6,043
’24 1,367 1,154 1,358 1,511 5,390
’23 1,044 1,030 1,263 1,382 4,719
’22 1,258 1,047 1,182 1,049 4,536
’21 1,120 1,043 1,184 991 4,338
’20 765 856 1,029 753 3,403
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 851 1,096 983 — —
’25 377 813 816 810 2,816
’24 699 487 577 396 2,159
’23 384 510 590 340 1,824
’22 840 497 425 187 1,949
’21 850 647 720 217 2,434
’20 306 420 686 359 1,771
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.5% a year for ten years. It grew 5.9% a year over the last ten.

Implied
12.5%
10 years, reported
5.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
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 13,609 14,485 14,914 15,455 15,218 17,931 19,698 20,426 22,063 25,204 26,070 +7.1% 26,463 27,873 29,095 +4.9%
Gross margin, % 37.64 37.72 37.98 38.56 38.62 38.03 37.59 38.28 39.34 40.44 40.39 +2.8 pt
EBT 1,822 2,191 2,376 2,105 1,893 2,349 2,918 3,021 3,458 3,426 3,894 +7.3%
EBT margin, % 13.39 15.13 15.93 13.62 12.44 13.10 14.81 14.79 15.67 13.59 14.94 +0.2 pt
Net income 1,180 1,949 1,923 1,671 1,496 1,817 2,240 2,276 2,745 2,709 3,071 +9.7%
Per share, $
Per share, $ Revenue 30.69 33.01 34.76 36.40 35.98 42.65 47.72 50.45 54.95 62.59 65.35 +8.2%
Earnings 2.66 4.44 4.49 3.93 3.54 4.32 5.42 5.69 6.84 6.72 7.65 +10.8%
Cash flow 6.77 7.25 8.32 9.12 8.04 10.32 10.99 11.65 13.42 15.01 16.46 +9.2%
Capex (3.02) (3.44) (3.95) (4.28) (3.86) (4.53) (6.27) (7.15) (8.05) (8.01) (7.08) +11.5%
Free cash flow 3.75 3.81 4.37 4.84 4.19 5.79 4.72 4.50 5.38 6.99 9.38 +7.2%
Book value 12.00 13.77 14.63 16.65 17.62 16.95 16.63 17.03 20.56 24.81 24.74 +8.4%
Shares, m 444 439 429 425 423 420 413 405 402 403 402 (1.1%)
Valuation, ×
Valuation, × P/E 26.41 19.30 19.86 28.92 33.31 38.63 28.92 31.51 29.50 32.69 31.50 28.9
P/S 2.30 2.61 2.56 3.13 3.28 3.91 3.29 3.56 3.67 3.51 3.69 3.2
P/B 5.88 6.25 6.08 6.84 6.69 9.85 9.44 10.55 9.82 8.86 9.74 8.0
EV/Sales 2.98 3.26 3.23 3.77 4.15 4.65 4.03 4.33 4.74 4.41 4.57 4.0
EV/FCF 24.37 28.28 25.67 28.37 35.65 34.29 40.77 48.52 48.40 39.48 31.87 35.4
Cash, $m
Cash, $m Operating cash flow 3,003 3,180 3,570 3,874 3,403 4,338 4,536 4,719 5,390 6,043 6,565 +8.1%
Capex (1,339) (1,509) (1,694) (1,818) (1,632) (1,904) (2,587) (2,895) (3,231) (3,227) (2,825) +10.3%
Free cash flow 1,664 1,671 1,876 2,056 1,771 2,434 1,949 1,824 2,159 2,816 3,740 +6.0%
Balance, $m
Balance, $m Working capital (418) (568) (463) 3,065 (13) (1,013) (843) (422) (1,484) (614) (1,136) +4.4%
Net debt 9,278 9,469 9,965 9,937 13,257 13,287 14,633 15,771 23,486 22,706 23,123 +10.5%
Shareholders’ equity 5,320 6,042 6,276 7,070 7,454 7,126 6,864 6,896 8,254 9,991 9,868 +7.3%
Returns, %
Returns, % ROA 5.73 9.13 8.66 6.63 5.24 6.21 7.40 7.18 7.10 5.99 6.66 +0.3 pt
ROIC 9.83 10.62 10.73 9.94 7.35 9.08 9.78 9.86 8.00 8.23 9.09 (1.6) pt
ROE 22.12 34.31 31.26 25.03 20.60 24.91 31.99 33.49 36.25 29.68 31.67 +7.6 pt
People
People Employees 41,200 42,300 43,700 44,900 48,250 48,500 49,500 48,000 61,700 60,500 — +4.4%
Revenue/emp, $m 0.33 0.34 0.34 0.34 0.32 0.37 0.40 0.43 0.36 0.42 — +2.6%
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 Management, Inc. collects and manages waste for households, businesses, governments and healthcare customers. Its local operations pick up waste and recyclables, move them through transfer stations, and take them to landfills or processing facilities. The parent is a holding company; its subsidiaries conduct the operations.

The company also sorts and sells recyclable materials, including paper, cardboard, glass, plastic and metal. At landfills, it captures gas produced as waste decomposes and converts it into electricity or renewable natural gas. Some of that gas fuels its natural gas vehicle fleet.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
East Tier 9,037 35.86%
West Tier 8,718 34.59%
Other Ancillary 2,949 11.70%
Healthcare Solutions 2,508 9.95%
Recycling Processing and Sales 1,492 5.92%
Renewable Energy 478 1.90%
Corporate and Other 22 0.09%
Gross margin 40.44%
Operating margin 17.09%
Pre-tax margin 13.59%

Revenue by segment since 2008

Waste Management, 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%
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% 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 38.5× 36.6× +8.24% +9.66% +8.49% 35.38% 6.72%

All 22 Waste Management stocks →

From the latest earnings call

Updated

  • CEO James Fish said Healthcare Solutions revenue rose year over year for the first time since its acquisition, while operating EBITDA grew 33%.
  • COO David Reed said fourth-quarter margins should improve sequentially, but fuel costs could leave them below their level a year earlier.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 82.44%
Held by the ten largest 40.00%
Holder Shares Stake Change
Vanguard 39.22m 9.81% −84.01k
BlackRock 30.73m 7.68% +535.08k
GATES FOUNDATION TRUST 26.72m 6.68% −921.60k
State Street 18.01m 4.50% +507.21k
Capital Group 11.41m 2.85% +1.51m
Geode Capital Management 9.07m 2.27% −122.54k
Morgan Stanley 8.03m 2.01% −524.66k
Ameriprise (Columbia Threadneedle) 7.09m 1.77% −341.29k
UBS 4.94m 1.24% −355.71k
PARNASSUS INVESTMENTS, LLC 4.79m 1.20% −189.57k
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.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.05m 27.49m 202.00
2024 17.10m 24.50m 182.00
2023 14.63m 26.64m 160.00
2022 14.82m 13.04m 137.00
2021 13.06m 44.27m 144.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Waste Management, Inc. (WM) Latest News

31 Oct

Impact 3 · · StockStory

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28 Oct

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Impact 3 · · Zacks
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Impact 3 · · PR Newswire
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Impact 4 · · Simply Wall St.
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18 Oct

Impact 4 · · Insider Monkey

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Impact 3 · · Simply Wall St.
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Impact 3 · · Insider Monkey

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Impact 3 · · Barchart

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Impact 4 · · Insider Monkey

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Impact 4 · · Insider Monkey

30 Sep

Impact 4 ·
Impact 3 ·

WM metrics, ten years each

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