Who are Cleanaway's main competitors?

Named competitors: Waste Management (WM), China Resources Cement's waste unit (private or unlisted). The cockpit's measured peer set (industry) also includes EIT Environmental Development (300815.SZ), Huaxin Resources Technology (301265.SZ), China Sciences Ecorizon Tech (301175.SZ), Daiseki (9793.T), Zhongyuan Environmental Protection (000544.SZ), Wangneng Environment (002034.SZ).

Is Cleanaway expensive compared with its peers?

On forward p/e it trades at 21.0× against a peer median of 14.0×, 3rd most expensive of 13 in its peer set.

How has Cleanaway stock performed?

Over six months to 6 Nov 2026 the shares returned -19.6% against -14.9% for the median peer; over one year +11.5%.

← CockpitCompetitor Analysis › 8422.TW Cleanaway Co., Ltd.Open in the cockpit ↗

Cleanaway Co., Ltd.8422.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Industrials›Environmental Services

Taiwanese environmental-services company providing waste collection, treatment and disposal services.

≈ A smaller Taiwanese Waste Management/Republic Services peerMomentum neutral 42

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$937M

US dollars, full cap

Free float

74%

of shares outstanding

$/day

$4.29M

20-day average traded

Fwd P/E

21.0×

forward earnings

ROIC−WACC

+1.5 pp

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

105 days

19 Feb 2027

Close · TWDNT$22.80

1D-2.4%

1W-7.7%

1M-9.9%

3M-13.1%

6M-19.6%

YTD-27.9%

1Y+11.5%

ATR %2.9%

52w lowhigh56.1% off high

What Cleanaway does

Taiwanese environmental-services company providing waste collection, treatment and disposal services.

In one line: A smaller Taiwanese Waste Management/Republic Services peer.

Products and services

Waste treatment/disposal services

Customers

Municipalities
Industrial waste generators

Where it sits in the supply chain

Industrials
Environmental services
Waste collection & treatment

What could go right

Rising industrial/municipal waste volumes

What could go wrong

Regulatory/permit risk

Moat: narrow (regulatory licence). Waste treatment requires environmental permits/licences that limit new entrants.

Headquarters: Taiwan · Employees: 478

Named competitors

Waste Management WM
China Resources Cement's waste unit private or unlisted

Cleanaway at a glance

Size Cleanaway (8422.TW) is a Taiwan Industrials company (Environmental Services) with a market value of $937M, the 277th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$22.80 on 6 Nov 2026.

Performance Over six months the shares fell 19.6%, against -14.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue grew 5.1% over the last twelve months (peer median +1.3%); the operating margin is 30.4% (peer median 13.2%).

Valuation It trades at 21.0× forward earnings against a peer median of 14.0× (3rd most expensive of 13).

Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).

Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Cleanaway against the median of its 20 peers (local-currency closes).

Cleanaway financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	NT$5.43B	NT$4.78B	NT$5.17B	NT$4.27B	NT$5.24B
Revenue growth	—	-8%	+21%	-19%	—
Gross profit	NT$2.20B	NT$2.47B	NT$1.96B	NT$1.75B	NT$2.15B
EBITDA	NT$2.13B	NT$2.40B	NT$1.80B	NT$1.43B	NT$1.86B
Net income	NT$1.30B	NT$1.46B	NT$1.17B	NT$994M	NT$1.34B
Free cash flow	-NT$1.95B	-NT$37.9M	-NT$1.57B	-NT$3.24B	-NT$1.03B
Capital expenditure	NT$2.08B	NT$2.25B	NT$2.85B	NT$3.75B	NT$2.35B
Total debt	NT$11.6B	NT$11.0B	NT$10.6B	NT$6.83B	NT$4.48B

Quarterly statements and history in the cockpit →

Cleanaway competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Cleanaway is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Cleanaway is the large dot.

Cleanaway competitors and peer comparison

Head to head with its named competitors (8422.TW vs WM)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Cleanaway 8422.TW	$937M	-20%	+5%	30%	21.0×	n/a
Waste Management WM	$93.9B	+10%	+5%	19%	27.4×	5.8%

How Cleanaway compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Cleanaway against its 20 peers (data as of 6 Nov 2026)
Measure	8422.TW	Peer median	Rank in peer set
1-month return	-9.9%	-3.0%	6th lowest of 21
6-month return	-19.6%	-14.9%	7th lowest of 21
Distance from 52-week high	-56.1%	-28.2%	lowest of 21
Revenue growth (TTM)	+5.1%	+1.3%	6th highest of 21
Operating margin	30.4%	13.2%	2nd highest of 20
Forward P/E	21.0×	14.0×	3rd most expensive of 13
ROIC minus cost of capital	+1.5 pp	-1.1 pp	6th highest of 20
EV / EBITDA	18.6×	11.2×	2nd most expensive of 7
Net debt / EBITDA	3.4×	3.3×	4th most indebted of 8

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Cleanaway 8422.TW	Taiwan	$937M	-20%	+5%	30%	21.0×	n/a	n/a
EIT Environmental Development 300815.SZ	China	$962M	-25%	+4%	13%	10.7×	-7.0%	+12.3%
Huaxin Resources Technology 301265.SZ	China	$1,000M	-14%	+13%	7%	n/a	n/a	n/a
China Sciences Ecorizon Tech 301175.SZ	China	$1.01B	-7%	+42%	25%	18.1×	n/a	n/a
Daiseki 9793.T	Japan	$1.02B	-20%	+4%	21%	14.0×	-7.6%	+6.9%
Zhongyuan Environmental Protection 000544.SZ	China	$1.05B	-15%	0%	32%	5.1×	n/a	n/a
Wangneng Environment 002034.SZ	China	$1.12B	-15%	0%	30%	9.6×	-13.6%	+14.1%
Onterris ONT	United States	$770M	-1%	-1%	1%	n/a	44.1%	+20.4%
Shenzhen Lions King Hi-Tech 301305.SZ	China	$758M	-22%	+19%	18%	13.4×	n/a	n/a
China Resources and Environment 600217.SS	China	$719M	-24%	-19%	-8%	n/a	-13.6%	-2.2%
Seche Environnement SCHP.PA	France	$689M	-7%	+2%	6%	19.9×	4.8%	+13.3%
Wuhan Tianyuan 301127.SZ	China	$1.31B	-5%	+5%	17%	31.1×	n/a	n/a
Jiangxi JDL Environmental Protection 688057.SS	China	$662M	+28%	-22%	-6%	n/a	-5.3%	-19.8%
QiaoYin City Management 002973.SZ	China	$661M	-14%	-12%	10%	14.0×	8.9%	+4.9%
Shanghai Environment 601200.SS	China	$1.40B	-16%	-10%	18%	14.7×	-2.6%	+6.8%
Zhejiang Feida Environmental Science & Technology 600526.SS	China	$596M	-18%	+3%	7%	n/a	-5.3%	+9.5%
ECOVE Environment 6803.TWO	Taiwan	$545M	-12%	+6%	18%	n/a	-4.5%	+11.4%
Wuhan Sanzhen Industry 600168.SS	China	$539M	-13%	-3%	8%	n/a	n/a	n/a
China Tianying 000035.SZ	China	$1.64B	-30%	-1%	16%	21.9×	n/a	n/a
Befesa BFSA.DE	Germany	$1.67B	+6%	-2%	n/a	13.0×	3.1%	+14.4%
Jinyuan EP 000546.SZ	China	$510M	-49%	+34%	-3%	n/a	n/a	n/a

Questions

Who are Cleanaway's main competitors?: Named competitors: Waste Management (WM), China Resources Cement's waste unit (private or unlisted). The cockpit's measured peer set (industry) also includes EIT Environmental Development (300815.SZ), Huaxin Resources Technology (301265.SZ), China Sciences Ecorizon Tech (301175.SZ), Daiseki (9793.T), Zhongyuan Environmental Protection (000544.SZ), Wangneng Environment (002034.SZ).
Is Cleanaway expensive compared with its peers?: On forward p/e it trades at 21.0× against a peer median of 14.0×, 3rd most expensive of 13 in its peer set.
How has Cleanaway stock performed?: Over six months to 6 Nov 2026 the shares returned -19.6% against -14.9% for the median peer; over one year +11.5%.