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Regional solid-waste collection, transfer, recycling and landfill operator across the US Northeast.
Regional solid-waste collection, transfer, recycling and landfill operator across the US Northeast.
Collects fees for picking up waste and for taking it into its own transfer stations and landfills, so owning the disposal end matters as much as the trucks. Recycling is paid mainly by selling sorted material, which makes it sensitive to commodity prices. A separate arm manages waste and recycling programmes for larger customers.
Moat: narrow (regulatory licence, scale, installed base). Landfill permits are scarce; regional route density lowers collection costs versus new entrants.
Headquarters: Rutland, Vermont, US · Founded: 1975 · Employees: 5,600
Size Casella Waste Systems (CWST) is a United States Industrials company (Environmental Services) with a market value of $6.25B, the 1036th largest of 3,117 United States companies the cockpit tracks. Shares closed at $98.21 on 6 Nov 2026.
Performance Over six months the shares gained 14.9%, against -2.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 11 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +9.9%); the operating margin is 4.8% (peer median 12.3%).
Valuation It trades at 72.1× forward earnings against a peer median of 18.5× (most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.4 points below its cost of capital (7.8% WACC).
Short interest Short interest is 8.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.96B | $1.84B | $1.56B | $1.26B | $1.09B |
| Revenue growth | — | +18% | +23% | +17% | — |
| Gross profit | $329M | $313M | $295M | $262M | $236M |
| EBITDA | $434M | $411M | $351M | $302M | $250M |
| Net income | $5.70M | $7.87M | $13.5M | $25.4M | $53.1M |
| Free cash flow | $106M | $84.7M | $78.1M | $78.2M | $86.4M |
| Capital expenditure | $246M | $246M | $204M | $155M | $131M |
| Total debt | $1.45B | $1.24B | $1.21B | $1.12B | $658M |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Casella Waste Systems CWST | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% |
| Waste Management WM | $93.9B | +10% | +5% | 19% | 27.4× | 5.8% |
| Republic Services RSG | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% |
| GFL Environmental GFL | $20.2B | +26% | +5% | 5% | 58.8× | 42.5% |
| Waste Connections WCN.TO | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% |
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.
| Measure | CWST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | +5.5% | highest of 11 |
| 6-month return | +14.9% | -2.9% | 3rd highest of 11 |
| Distance from 52-week high | -9.0% | -11.2% | 6th highest of 11 |
| Revenue growth (TTM) | +13.6% | +9.9% | 4th highest of 11 |
| Operating margin | 4.8% | 12.3% | lowest of 9 |
| Forward P/E | 72.1× | 18.5× | most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 36.3% | 3.7% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +18.8% | +13.0% | highest of 9 |
| Hurdle (Req g minus delivered) | +17.4 pp | -4.9 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -5.4 pp | +0.2 pp | 2nd lowest of 9 |
| EV / EBITDA | 17.7× | 13.1× | 2nd most expensive of 6 |
| Net debt / EBITDA | 3.3× | 2.0× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Casella Waste Systems CWST | United States | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% | +18.8% |
| Fomento de Construcciones y Contratas FCC.MC | Spain | $5.53B | -10% | +10% | 7% | 15.1× | 2.9% | +9.5% |
| Cleanaway Waste Management CWY.AX | Australia | $4.68B | +35% | +13% | 8% | 28.2× | 20.5% | +12.6% |
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| GFL Environmental GFL | United States | $20.2B | +26% | +5% | 5% | 58.8× | 42.5% | +7.9% |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |