# Waste Connections, Inc. (WCN) — Stock CV

Waste Connections, Inc. 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.

> 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.

## Identity

- **Ticker**: WCN
- **Sector**: Industrials
- **Industry**: Refuse Systems
- **Headquarters**: WOODBRIDGE, A6
- **Employees**: 24 214
- **Website**: https://www.wasteconnections.com
- **Market cap**: $38.5B
- **Last price**: $152.83
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $9.76B
- **Net income**: $1.06B
- **Free cash flow**: $1.23B
- **Net debt**: $8.77B
- **P/E**: 36.9
- **Revenue growth (YoY)**: 5.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 90 |
| Profitability | 57 |
| Health | 41 |
| Quality | 97 |
| Moat | 50 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +5.7% YoY
- [x] Profitable — $1.06B TTM
- [x] Profit growing — +8.8% YoY
- [x] Generates cash — $1.23B TTM
- [ ] Debt under control — ~7.1y of cash flow to repay
- [x] Established company — $38.5B market cap
- [x] Not printing shares — -2.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.4 — grey
- [x] Pays a dividend — yield 0.89%
- [x] Valuation not extreme — P/E 36.9

## Experience (career milestones)

- **FY2025** — Best year on record: $1.08B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.38B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Waste Connections bought Progressive Waste Services of Canada for $2.67 billion
- **2012** — It acquired R360 Environmental Solutions, a Texas waste company specializing in the oil industry
- **1997** — The company was founded in 1997 by a group of professionals in Washington and Idaho with industry-related…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.15B | $618M | $954M |
| FY2022 | $7.21B | $836M | $1.11B |
| FY2023 | $8.02B | $763M | $1.19B |
| FY2024 | $8.92B | $618M | $1.17B |
| FY2025 | $9.47B | $1.08B | $1.23B |

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Source: https://stockcv.com/WCN — derived from company filings; may be delayed or incomplete. Information, not investment advice.