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Canadian waste-management company providing collection, disposal, recycling and liquid/hazardous waste services in Canada and the US.
Canadian waste-management company providing collection, disposal, recycling and liquid/hazardous waste services in Canada and the US.
Collects fees for picking up waste, through municipal contracts and commercial and industrial accounts, and for dumping it at landfills it owns, which earn more because the sites are hard to permit. Founded in 2007 by Patrick Dovigi, who remains chief executive, it grew through many acquisitions of small haulers. This is the New York-listed line of the Toronto company.
Moat: narrow (regulatory licence, scale, installed base). Landfill/hazardous-waste permits are scarce, though GFL's portfolio is younger and more leveraged than peers.
Headquarters: Vaughan, Ontario, Canada · Founded: 2007 · Employees: 15,000
Size GFL Environmental (GFL) is a United States Industrials company (Environmental Services) with a market value of $20.2B, the 492nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.32 on 6 Nov 2026.
Performance Over six months the shares gained 26.1%, against +14.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 6 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +9.7%); the operating margin is 5.1% (peer median 13.2%).
Valuation It trades at 58.8× forward earnings against a peer median of 31.6× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +35 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 6.2 points below its cost of capital (7.4% WACC).
Credit GFL Environmental has 4 bonds outstanding ($3.00B), rated BB by the agencies and trading like BB+ at a weighted spread of 131 bp.
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.22B | $4.82B | $4.27B | $5.67B | $4.99B |
| Revenue growth | — | +13% | -25% | +14% | — |
| Gross profit | $1.02B | $977M | $768M | $947M | $607M |
| EBITDA | $1.34B | $1.30B | $1.31B | $1.42B | $1.23B |
| Net income | -$218M | $214M | -$502M | $34.3M | -$230M |
| Free cash flow | $132M | $278M | $231M | -$85.2M | $231M |
| Capital expenditure | $815M | $831M | $829M | $796M | $575M |
| Total debt | $8.69B | $5.78B | $7.33B | $7.00B | $7.87B |
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 |
|---|---|---|---|---|---|---|
| GFL Environmental GFL | $20.2B | +26% | +5% | 5% | 58.8× | 42.5% |
| Waste Management WM | $93.9B | +10% | +5% | 19% | 27.4× | 5.8% |
| Republic Services RSG | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% |
| Waste Connections WCN.TO | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% |
| Casella Waste Systems CWST | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% |
| Clean Harbors CLH | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% |
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 | GFL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +13.8% | 3rd lowest of 6 |
| 6-month return | +26.1% | +14.9% | 2nd highest of 6 |
| Distance from 52-week high | -0.9% | -9.0% | highest of 6 |
| Revenue growth (TTM) | +5.1% | +9.7% | 2nd lowest of 6 |
| Operating margin | 5.1% | 13.2% | 2nd lowest of 6 |
| Forward P/E | 58.8× | 31.6× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 42.5% | 10.7% | most demanding of 6 |
| Growth delivered (Del g) | +7.9% | +12.6% | lowest of 6 |
| Hurdle (Req g minus delivered) | +34.6 pp | -2.2 pp | most demanding of 6 |
| ROIC minus cost of capital | -6.2 pp | +2.1 pp | lowest of 6 |
| EV / EBITDA | 21.5× | 16.3× | most expensive of 6 |
| Net debt / EBITDA | 6.3× | 2.6× | most indebted of 6 |
| Bond spread | 131 bp | 64 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GFL Environmental GFL | United States | $20.2B | +26% | +5% | 5% | 58.8× | 42.5% | +7.9% |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |
| Waste Connections WCN.TO | Canada | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% | +12.6% |
| 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% |
| Republic Services RSG | United States | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% | +10.3% |
GFL Environmental has 4 bonds outstanding with $3.00B face value. The agencies rate it BB; its bonds trade like BB+. Weighted yield 5.86%, a spread of 131 bp over government bonds.