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Largest US waste-collection and disposal company, operating landfills, recycling and increasingly renewable-natural-gas facilities.
Largest US waste-collection and disposal company, operating landfills, recycling and increasingly renewable-natural-gas facilities.
Charges households and businesses for collection under municipal and private contracts, and charges per ton to dump at its landfills, where owning the disposal site lets it keep the waste it collects in-house. Landfills are the profit centre. A 2024 purchase of Stericycle took it into medical-waste collection.
Moat: wide (regulatory licence, scale, installed base). Landfill permits are extremely scarce and slow to obtain, protecting incumbent capacity for decades.
Headquarters: Houston, Texas, US · Founded: 1968 · Employees: 60,500
Size Waste Management (WM) is a United States Industrials company (Environmental Services) with a market value of $93.9B, the 135th largest of 3,117 United States companies the cockpit tracks. Shares closed at $236.26 on 6 Nov 2026.
Performance Over six months the shares gained 10.2%, against -5.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +5.3%); the operating margin is 18.6% (peer median 17.4%).
Valuation It trades at 27.4× forward earnings against a peer median of 18.1× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.1 points above its cost of capital (6.5% WACC).
Credit Waste Management has 25 bonds outstanding ($17.2B), rated A- by the agencies and trading like AA at a weighted spread of 52 bp.
Short interest Short interest is 1.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.1B | $25.2B | $22.1B | $20.4B | $19.7B |
| Revenue growth | — | +14% | +8% | +4% | — |
| Gross profit | $7.56B | $7.33B | $6.41B | $5.75B | $5.37B |
| EBITDA | $7.95B | $7.61B | $6.55B | $6.02B | $5.59B |
| Net income | $3.07B | $2.71B | $2.75B | $2.30B | $2.24B |
| Free cash flow | $3.74B | $2.82B | $2.16B | $1.82B | $1.95B |
| Capital expenditure | $2.83B | $3.23B | $3.23B | $2.90B | $2.59B |
| Total debt | $23.4B | $23.9B | $24.9B | $16.7B | $15.5B |
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 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% |
| 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 | WM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.4% | +3.4% | 5th highest of 21 |
| 6-month return | +10.2% | -5.9% | 6th highest of 21 |
| Distance from 52-week high | -4.5% | -20.1% | 6th highest of 21 |
| Revenue growth (TTM) | +5.2% | +5.3% | 11th highest of 21 |
| Operating margin | 18.6% | 17.4% | 8th highest of 19 |
| Forward P/E | 27.4× | 18.1× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.8% | 3.7% | 7th most demanding of 15 |
| Growth delivered (Del g) | +10.6% | +12.6% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -4.8 pp | -5.2 pp | 8th least demanding of 15 |
| ROIC minus cost of capital | +5.1 pp | +0.5 pp | 2nd highest of 19 |
| EV / EBITDA | 14.7× | 13.5× | 5th most expensive of 10 |
| Net debt / EBITDA | 2.9× | 2.6× | 5th most indebted of 10 |
| Bond spread | 52 bp | 97 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Waste Management WM | United States | $93.9B | +10% | +5% | 19% | 27.4× | 5.8% | +10.6% |
| Republic Services RSG | United States | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% | +10.3% |
| Waste Connections WCN.TO | Canada | $47.6B | +27% | +6% | 18% | 31.6× | 10.7% | +12.6% |
| 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 Management has 25 bonds outstanding with $17.2B face value. The agencies rate it A-; its bonds trade like AA. Weighted yield 5.23%, a spread of 52 bp over government bonds.