Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas.
It is a $38.5B industrial company. Revenue grew 5.7% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~7.1 years of free cash flow. It trades at 36.9× earnings — near the lowest of its own history.
- Website
- wasteconnections.com
- Location
- Woodbridge, A6
- Employees
- 24 214
- Sector
- Industrials
- Founded
- 1997
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth and quality; Health lags behind.
Valuation69
- P/E vs own history0th pct · 25/25
- FCF yield3.2% · 12/25
- P/S4.0x · 20/25
- EV/EBITDA16.5x · 12/25
Growth90
- Revenue CAGR11.4% · 20/25
- Net income CAGR14.9% · 20/25
- EPS CAGR ~5Y40.0% · 25/25
- Fwd implied growth44.0% · 25/25
Profitability57
- ROIC6.3% · 5/25
- ROE13.1% · 12/25
- Net margin10.9% · 20/25
- Operating margin17.0% · 20/25
Health41
- Altman Z2.41 · 18/25
- Current ratio0.66 · 0/25
- Interest coverage5.4x · 18/25
- Net cash / debtD/A 42% · 5/25
Quality97
- Piotroski F7/9 · 22/25
- Beneish M-2.70 · 25/25
- FCF conversion116% · 25/25
- Margin stabilityσ 4.5% · 25/25
Moat50
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin41.2% · 13/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 3.8% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.08B net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$3.38B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionWaste Connections bought Progressive Waste Services of Canada for $2.67 billion
- 2012AcquisitionIt acquired R360 Environmental Solutions, a Texas waste company specializing in the oil industry
- 1997FoundedThe company was founded in 1997 by a group of professionals in Washington and Idaho with industry-related…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (42.5%)
- Interest covered 5.4× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Net debt would take ~7.7 years of free cash flow to repay
- Net debt equals ~7.1 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+5.7% YoY
- Profitable — makes more than it spends$1.06B TTM
- Profit growing — earnings are higher than last year+8.8% YoY
- Generates cash — cash left after running and investing$1.23B TTM
- Debt under control — could handle its obligations~7.1y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$38.5B market cap
- Not printing shares — share count not ballooning — you keep your slice-2.2% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 2.4 — grey
- Pays a dividend — returns cash to shareholdersyield 0.89%
- Valuation not extreme — price not wildly above earningsP/E 36.9
Peer comparisonWaste Connections, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| WCN this company | $38.5B | 36.9 | +5.7% | 10.9% | Mixed |
| LRCX Lam Research Corp | $399.2B | 54.9 | +26.0% | 31.3% | Strong |
| CAT Caterpillar Inc. | $368.0B | 33.9 | +18.4% | 14.5% | Solid |
| RTX RTX Corporation | $251.3B | 32.4 | +11.8% | 8.3% | Strained |
| DE Deere & Company | $167.7B | 34.4 | +8.3% | 10.2% | Solid |
| ETN Eaton Corporation, plc | $167.2B | 43.6 | +15.5% | 12.8% | Mixed |
| UNP Union Pacific Corp. | $166.8B | 22.6 | +4.2% | 28.8% | Strained |
Head-to-head: WCN vs LRCX · WCN vs CAT · WCN vs RTX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/WCN
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of WCN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $152.83 · market cap $38.5B.