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Australia's largest waste management company, collecting, recycling and disposing of solid, liquid and industrial waste.
Australia's largest waste management company, collecting, recycling and disposing of solid, liquid and industrial waste.
Paid per bin lifted, per tonne landfilled or processed and under multi-year council contracts, with collection, transfer stations, landfill and recycling linked into one chain. Landfill capacity is hard to get permitted, which gives existing sites lasting value, while recycled-material prices matter at its recycling plants.
In one line: Australia's Waste Management Inc..
Moat: narrow (scale, installed base, regulatory licence). Largest network of collection fleets, transfer stations and landfills in Australia, hard to replicate.
Headquarters: Melbourne, Australia · Founded: 1997 · Employees: 9,700
Size Cleanaway Waste Management (CWY.AX) is an Australia Industrials company (Environmental Services) with a market value of $4.68B, the 70th largest of 316 Australia companies the cockpit tracks. Shares closed at A$3.01 on 6 Nov 2026.
Performance Over six months the shares gained 35.0%, against -4.8% for the median peer and +4.1% for the Australia market (cap-weighted) — highest of 12 in its peer set.
Growth Revenue grew 13.5% over the last twelve months (peer median +9.7%); the operating margin is 7.7% (peer median 16.4%).
Valuation It trades at 28.2× forward earnings against a peer median of 15.1× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +8 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 4.5 points below its cost of capital (9.0% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$4.30B | A$4.30B | A$3.79B | A$3.70B | A$3.51B |
| Revenue growth | — | +13% | +2% | +6% | — |
| Gross profit | A$596M | A$573M | A$519M | A$481M | A$365M |
| EBITDA | A$753M | A$726M | A$770M | A$701M | A$536M |
| Net income | A$98.5M | A$98.5M | A$157M | A$157M | A$21.6M |
| Free cash flow | A$262M | A$262M | A$165M | A$173M | A$113M |
| Capital expenditure | A$327M | A$327M | A$335M | A$403M | A$386M |
| Total debt | n/a | A$2.33B | A$1.80B | A$1.73B | A$1.59B |
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.
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 | CWY.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.1% | +1.3% | 4th highest of 12 |
| 6-month return | +35.0% | -4.8% | highest of 12 |
| Distance from 52-week high | -0.3% | -18.1% | highest of 12 |
| Revenue growth (TTM) | +13.5% | +9.7% | 5th highest of 12 |
| Operating margin | 7.7% | 16.4% | 3rd lowest of 10 |
| Forward P/E | 28.2× | 15.1× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 20.5% | 3.0% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +12.6% | +13.6% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +7.8 pp | -8.0 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -4.5 pp | -0.3 pp | 2nd lowest of 10 |
| EV / EBITDA | 11.9× | 13.3× | 2nd cheapest of 5 |
| Net debt / EBITDA | 3.0× | 1.9× | 2nd most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cleanaway Waste Management CWY.AX | Australia | $4.68B | +35% | +13% | 8% | 28.2× | 20.5% | +12.6% |
| Fomento de Construcciones y Contratas FCC.MC | Spain | $5.53B | -10% | +10% | 7% | 15.1× | 2.9% | +9.5% |
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| Casella Waste Systems CWST | United States | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% | +18.8% |
| 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% |
| 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 |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |
| Wuhan Tianyuan 301127.SZ | China | $1.31B | -5% | +5% | 17% | 31.1× | n/a | n/a |