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North American solid-waste collection, transfer, disposal and recycling company operating mainly in secondary/rural markets.
North American solid-waste collection, transfer, disposal and recycling company operating mainly in secondary/rural markets.
Earns from long-term contracts and franchises to collect waste in smaller cities where it faces little competition, plus disposal fees at its landfills, and oilfield waste disposal in energy basins. It was formed in 2016 by merging Waste Connections with Canada's Progressive Waste Solutions. Price increases and frequent small acquisitions drive growth.
In one line: A Waste Management/Republic Services peer focused on secondary markets.
Moat: wide (regulatory licence, installed base, scale). Owns scarce, hard-to-permit landfill capacity and exclusive municipal collection contracts in secondary markets.
Headquarters: The Woodlands, Texas / Vaughan, Canada · Founded: 1997 · Employees: 24,214
Size Waste Connections (WCN.TO) is a Canada Industrials company (Environmental Services) with a market value of $47.6B, the 27th largest of 420 Canada companies the cockpit tracks. Shares closed at C$266.73 on 6 Nov 2026.
Performance Over six months the shares gained 27.2%, against -5.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +5.2%); the operating margin is 18.0% (peer median 17.6%).
Valuation It trades at 31.6× forward earnings against a peer median of 18.1× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (5.3% WACC).
Credit Waste Connections has 11 bonds outstanding ($6.70B), rated BBB+ by the agencies and trading like A+ at a weighted spread of 64 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$13.8B | C$13.2B | C$12.2B | C$10.8B | C$9.39B |
| Revenue growth | — | +8% | +13% | +15% | — |
| Gross profit | C$4.08B | C$3.88B | C$3.51B | C$3.07B | C$2.55B |
| EBITDA | C$4.29B | C$4.20B | C$3.77B | C$3.34B | C$2.87B |
| Net income | C$1.57B | C$1.50B | C$846M | C$1.03B | C$1.09B |
| Free cash flow | C$1.63B | C$1.70B | C$1.61B | C$1.61B | C$1.44B |
| Capital expenditure | C$1.87B | C$1.67B | C$1.45B | C$1.26B | C$1.19B |
| Total debt | C$13.9B | C$12.5B | C$12.1B | C$9.28B | C$9.64B |
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 |
|---|---|---|---|---|---|---|
| Waste Connections WCN.TO | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% |
| 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% |
| Casella Waste Systems CWST | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% |
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 | WCN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.5% | +3.4% | highest of 21 |
| 6-month return | +27.2% | -5.9% | 2nd highest of 21 |
| Distance from 52-week high | -2.4% | -20.1% | 3rd highest of 21 |
| Revenue growth (TTM) | +5.5% | +5.2% | 10th highest of 21 |
| Operating margin | 18.0% | 17.6% | 10th highest of 19 |
| Forward P/E | 31.6× | 18.1× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.7% | 3.7% | 5th most demanding of 15 |
| Growth delivered (Del g) | +12.6% | +11.6% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -1.9 pp | -5.7 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +2.1 pp | +0.5 pp | 9th highest of 19 |
| EV / EBITDA | 18.8× | 13.5× | 2nd most expensive of 10 |
| Net debt / EBITDA | 3.2× | 2.6× | 3rd most indebted of 10 |
| Bond spread | 64 bp | 93 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Waste Connections WCN.TO | Canada | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% | +12.6% |
| Republic Services RSG | United States | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% | +10.3% |
| Waste Management WM | United States | $93.9B | +10% | +5% | 19% | 27.4× | 5.8% | +10.6% |
| 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% |
| 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% |
| 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 |
| 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 |
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| Zhongyuan Environmental Protection 000544.SZ | China | $1.05B | -15% | 0% | 32% | 5.1× | n/a | n/a |
| Daiseki 9793.T | Japan | $1.02B | -20% | +4% | 21% | 14.0× | -7.6% | +6.9% |
| China Sciences Ecorizon Tech 301175.SZ | China | $1.01B | -7% | +42% | 25% | 18.1× | n/a | n/a |
| Huaxin Resources Technology 301265.SZ | China | $1,000M | -14% | +13% | 7% | n/a | n/a | n/a |
Waste Connections has 11 bonds outstanding with $6.70B face value. The agencies rate it BBB+; its bonds trade like A+. Weighted yield 5.43%, a spread of 64 bp over government bonds.