A Business at a Glance
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CLEAN HARBORS INC
CLH
$16.3B
Mkt Cap
$303.74
-0.89%
CLEAN HARBORS INC (CLH) has a current P/E ratio of 41.7, compared to its historical median P/E of 30.9. The stock is currently considered Expensive based on its historical valuation range.
CLEAN HARBORS INC (CLH) has a 5-year average return on invested capital (ROIC) of 10.5%. This indicates solid capital allocation.
CLEAN HARBORS INC (CLH) has a market capitalization of $16.0B. It is classified as a large-cap stock.
CLEAN HARBORS INC (CLH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.37%.
Based on historical P/E analysis, CLEAN HARBORS INC (CLH) appears expensive. The current P/E of 41.7 is 35% above its historical median of 30.9. The estimated fair value CAGR (P/E method) is 31.7%.
CLEAN HARBORS INC (CLH) operates in the Hazardous Waste Management industry, within the Utilities sector.
CLEAN HARBORS INC (CLH) reported annual revenue of $6.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Clean Harbors is a leading North American provider of environmental and industrial services operating through two segments: Environmental Services and Safety-Kleen Sustainability Solutions (SKSS). The Environmental Services segment operates a network of over 100 waste disposal facilities including incinerators, landfills, treatment and storage facilities, wastewater treatment plants, and solvent recycling centers, offering hazardous and non-hazardous waste collection, transport, treatment, recycling, and disposal services alongside emergency response, industrial maintenance, and specialty services including comprehensive PFAS testing, water filtration, site remediation, and disposal. SKSS provides a circular economy model for lubricants, collecting used oil, filters, and automotive fluids that serve as feedstock for the company's re-refineries, which manufacture base oil and vacuum gas oil and formulate high-quality lubricants for resale. The business model combines asset-intensive operations (permitted facilities and re-refineries) with service-based revenue streams, generating profitability through disposal and recycling volumes, pricing strategies, and operational leverage across a geographically diversified North American network. The company's competitive moat derives from its extensive network of permitted high-temperature incinerators with rigorous pollution controls, specialized technical expertise in PFAS remediation, and established relationships with industrial, manufacturing, automotive, and commercial customers seeking compliant waste management and sustainable solutions.
【Strong demand momentum continuing】 Management expects 2026 to deliver exceptional profitable growth and margin improvement, with Environmental Services benefiting from favorable demand trends across disposal, recycling, remediation work, and field services, while PFAS opportunities continue to accelerate following EPA and Department of Defense guidance endorsing incineration and other treatment methods. The company anticipates mid to upper 80% incinerator utilization for the full year and expects continued expansion in field services and SK Environmental, with the SKSS segment positioned to deliver consistent profitable growth supported by rising base oil prices and improved collection economics. Capital allocation priorities include strategic acquisitions, organic investments in fleet expansion and facility capabilities, and share repurchases, with management confident in the long-term outlook and viewing shares as attractively valued at current prices.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA | $1.24 billion–$1.30 billion | FY2026 |
| Adjusted Free Cash Flow | $490 million–$550 million | FY2026 |
| Net CapEx | $350 million–$410 million | FY2026 |
| Depreciation and Amortization | $460 million–$470 million | FY2026 |
| Environmental Services Adjusted EBITDA growth | 5%–8% | FY2026 |
| SKSS Adjusted EBITDA | approximately $165 million | FY2026 |
Adjusted EBITDA (FY2026): “we are now guiding to a 2026 adjusted EBITDA range of $1.24 billion-$1.30 billion, with a midpoint of $1.27 billion”
Adjusted Free Cash Flow (FY2026): “For 2026, we now expect adjusted free cash flow in the range of $490 million-$550 million, with a midpoint of $520 million”
Net CapEx (FY2026): “For 2026, excluding our expected $85 million of spend on the SDA unit and $25 million related to our fleet investment, we now expect net CapEx to be in the range of $350 million-$410 million, with a midpoint of $380 million”
Depreciation and Amortization (FY2026): “For 2026, we expect depreciation and amortization in the range of $460 million-$470 million”
Environmental Services Adjusted EBITDA growth (FY2026): “At the midpoint of our guidance range, we now expect our 2026 adjusted EBITDA in Environmental Services to grow 5%-8% for the year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Service revenues | $3.05B | $4.13B | $4.45B | $4.93B | $5.15B | 37% |
Technical Services | $1.21B | $1.50B | $1.56B | $1.73B | $1.86B | 13% |
Operating Segments | — | $1.50B | $1.56B | $1.73B | $1.86B | 13% |
Industrial Services and Other | $706M | $1.31B | $1.42B | $1.38B | $1.33B | 10% |
Safety-Kleen Environmental Services | $805M | $963M | $1.10B | $1.18B | $1.31B | 9% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.1B | 6.0B | 5.9B | 5.4B | 5.2B | 3.8B |
| Net Income | 395M | 391M | 402M | 378M | 412M | 203M |
| EPS | $7.42 | $7.28 | $7.42 | $6.95 | $7.56 | $3.71 |
| Free Cash Flow | 467M | 442M | 346M | 312M | 281M | 304M |
| ROIC | 10.3% | 10.6% | 11.1% | 10.8% | 12.1% | 8.0% |
| Gross Margin | - | 31.3% | 31.0% | 30.7% | 31.4% | 31.4% |
| Debt/Equity | 1.00 | 1.11 | 1.18 | 1.23 | 1.50 | 1.96 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 681M | 673M | 670M | 612M | 635M | 348M |
| Operating Margin | 11.2% | 11.2% | 11.4% | 11.3% | 12.3% | 9.1% |
| ROE | 14.2% | 14.7% | 16.7% | 18.1% | 24.0% | 14.2% |
| Shares Outstanding | 53M | 54M | 54M | 54M | 54M | 55M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.4B | 3.3B | 2.8B | 2.9B | 3.3B | 3.4B | 3.1B | 3.8B | 5.2B | 5.4B | 5.9B | 6.0B | 6.1B |
| Gross Margin | 22.1% | 24.4% | 29.8% | 30.0% | 30.1% | 30.0% | 32.0% | 31.4% | 31.4% | 30.7% | 31.0% | 31.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 438M | 414M | 422M | 457M | 504M | 484M | 451M | 538M | 627M | 671M | 740M | 753M | 777M |
| EBIT | 112M | 188M | 69M | 128M | 183M | 229M | 251M | 348M | 635M | 612M | 670M | 673M | 681M |
| Op. Margin | 3.3% | 5.7% | 2.5% | 4.3% | 5.5% | 6.7% | 8.0% | 9.1% | 12.3% | 11.3% | 11.4% | 11.2% | 11.2% |
| Net Income | -28M | 44M | -40M | 101M | 66M | 98M | 135M | 203M | 412M | 378M | 402M | 391M | 395M |
| Net Margin | -0.8% | 1.3% | -1.4% | 3.4% | 2.0% | 2.9% | 4.3% | 5.3% | 8.0% | 7.0% | 6.8% | 6.5% | 6.5% |
| Non-Recurring | 123M | 32M | 51M | 31M | 0 | 687K | -3.4M | 0 | 8.9M | 0 | 0 | 776K | 776K |
| Returns on Capital | |||||||||||||
| ROIC | 2.5% | 4.4% | 1.6% | 4.8% | 5.1% | 5.5% | 7.2% | 8.0% | 12.1% | 10.8% | 11.1% | 10.6% | 10.3% |
| ROE | -2.1% | 3.7% | -3.7% | 8.9% | 5.6% | 8.0% | 10.3% | 14.2% | 24.0% | 18.1% | 16.7% | 14.7% | 14.2% |
| ROA | -0.7% | 1.2% | -1.1% | 2.7% | 1.8% | 2.5% | 3.3% | 4.2% | 7.0% | 6.0% | 5.8% | 5.2% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 297M | 396M | 260M | 286M | 373M | 413M | 431M | 546M | 626M | 735M | 778M | 867M | 871M |
| Free Cash Flow | 40M | 139M | 40M | 119M | 180M | 197M | 234M | 304M | 281M | 312M | 346M | 442M | 467M |
| Owner Earnings | 12M | 114M | -38M | -16M | 58M | 95M | 119M | 229M | 252M | 348M | 349M | 388M | 387M |
| CapEx | 258M | 257M | 219M | 167M | 193M | 216M | 196M | 242M | 345M | 422M | 432M | 425M | 405M |
| Maint. CapEx | 276M | 274M | 287M | 288M | 299M | 301M | 293M | 298M | 348M | 366M | 401M | 446M | 450M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57M | 31M | 0 | 0 |
| D&A | 276M | 274M | 287M | 288M | 299M | 301M | 293M | 298M | 348M | 366M | 401M | 446M | 450M |
| CapEx/OCF | 86.6% | 64.9% | 84.5% | 58.5% | 51.8% | 52.4% | 45.6% | 44.3% | 55.1% | 57.5% | 55.6% | 49.0% | 46.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 104M | 73M | 22M | 49M | 45M | 21M | 75M | 54M | 50M | 51M | 55M | 250M | 220M |
| Buyback Yield | 3.5% | 3.0% | 0.7% | 1.6% | 1.7% | 0.4% | 1.8% | 1.0% | 0.8% | 0.5% | 0.4% | 1.9% | 1.4% |
| Stock-Based Comp | 8.8M | 8.6M | 10M | 13M | 17M | 18M | 19M | 19M | 27M | 21M | 28M | 33M | 35M |
| Debt Repayment | 5.0M | 0 | 0 | 402M | 406M | 853M | 7.5M | 7.5M | 116M | 624M | 15M | 2.0B | 2.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 2.4B | 2.3B | 2.2B | 2.3B | 2.1B | 2.1B |
| Cash & Equiv. | 247M | 185M | 307M | 319M | 227M | 372M | 519M | 453M | 493M | 445M | 687M | 826M | 669M |
| Long-Term Debt | 1.4B | 1.4B | 1.6B | 1.6B | 1.6B | 1.6B | 1.5B | 2.5B | 2.4B | 2.3B | 2.8B | 2.8B | 2.8B |
| Debt/Equity | 1.28 | 1.42 | 1.69 | 1.55 | 1.55 | 1.54 | 1.47 | 1.96 | 1.50 | 1.23 | 1.18 | 1.11 | 1.00 |
| Interest Coverage | 372.7 | 1875.8 | 691.6 | 255.6 | 1825.7 | 162.2 | 165.0 | 136.7 | 5.9 | 5.6 | 5.0 | 4.7 | 51.5 |
| Equity | 1.3B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B | 1.5B | 1.9B | 2.2B | 2.6B | 2.7B | 2.8B |
| Total Assets | 3.7B | 3.4B | 3.7B | 3.7B | 3.7B | 4.1B | 4.1B | 5.7B | 6.1B | 6.4B | 7.4B | 7.6B | 7.6B |
| Total Liabilities | 2.4B | 2.3B | 2.6B | 2.5B | 2.6B | 2.8B | 2.8B | 4.1B | 4.2B | 4.1B | 4.8B | 4.9B | -55M |
| Intangibles | 530M | 507M | 499M | 469M | 442M | 419M | 387M | 645M | 621M | 603M | 702M | 653M | 679M |
| Retained Earnings | 569M | 613M | 573M | 673M | 737M | 835M | 970M | 1.2B | 1.6B | 2.0B | 2.4B | 2.8B | 2.8B |
| Working Capital | 554M | 404M | 588M | 650M | 600M | 681M | 890M | 816M | 1.0B | 1.0B | 1.3B | 1.5B | 1.4B |
| Current Assets | 1.1B | 921M | 1.1B | 1.2B | 1.2B | 1.4B | 1.5B | 1.7B | 2.0B | 2.1B | 2.4B | 2.6B | 2.4B |
| Current Liabilities | 572M | 517M | 505M | 504M | 602M | 720M | 636M | 925M | 1.0B | 1.0B | 1.1B | 1.1B | 1.0B |
| Per Share Data | |||||||||||||
| EPS | -0.47 | 0.76 | -0.69 | 1.76 | 1.16 | 1.74 | 2.42 | 3.71 | 7.56 | 6.95 | 7.42 | 7.28 | 7.42 |
| Owner EPS | 0.21 | 1.96 | -0.66 | -0.28 | 1.02 | 1.69 | 2.14 | 4.18 | 4.62 | 6.40 | 6.43 | 7.22 | 7.32 |
| Book Value | 20.95 | 18.89 | 18.76 | 20.76 | 20.67 | 22.61 | 24.08 | 27.63 | 35.30 | 41.34 | 47.47 | 51.12 | 52.53 |
| Cash Flow/Share | 4.93 | 6.83 | 4.49 | 4.99 | 6.60 | 7.36 | 7.73 | 9.97 | 11.50 | 13.51 | 14.35 | 16.14 | 16.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 60.3M | 58.0M | 57.8M | 57.2M | 56.6M | 56.2M | 55.7M | 54.8M | 54.5M | 54.4M | 54.2M | 53.7M | 52.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 55.4 | N/A | 30.5 | 41.6 | 49.5 | 31.5 | 26.4 | 15.0 | 25.3 | 30.9 | 33.1 | 40.9 |
| P/FCF | 75.7 | 17.6 | 79.9 | 25.9 | 15.2 | 24.6 | 18.1 | 17.6 | 21.9 | 30.6 | 36.0 | 29.3 | 34.4 |
| EV/EBIT | 34.9 | 18.4 | 65.7 | 34.0 | 22.1 | 26.1 | 20.8 | 21.2 | 12.7 | 18.5 | 21.6 | 21.9 | 26.7 |
| Price/Book | 2.4 | 2.2 | 3.0 | 2.6 | 2.3 | 3.8 | 3.2 | 3.5 | 3.2 | 4.3 | 4.8 | 4.7 | 5.8 |
| Price/Sales | 1.0 | 0.9 | 1.0 | 1.1 | 1.0 | 1.2 | 1.1 | 1.4 | 1.1 | 1.5 | 2.0 | 2.0 | 2.6 |
| FCF Yield | 1.3% | 5.7% | 1.3% | 3.9% | 6.6% | 4.1% | 5.5% | 5.7% | 4.6% | 3.3% | 2.8% | 3.4% | 2.9% |
| Market Cap | 3.0B | 2.4B | 3.2B | 3.1B | 2.7B | 4.8B | 4.2B | 5.4B | 6.2B | 9.6B | 12.4B | 12.9B | 16.0B |
| Avg. Price | 55.48 | 50.21 | 48.36 | 55.36 | 57.43 | 71.49 | 63.75 | 94.48 | 104.67 | 151.85 | 218.44 | 225.81 | 303.74 |
| Year-End Price | 49.96 | 42.14 | 55.63 | 53.61 | 48.24 | 86.21 | 76.14 | 97.95 | 113.14 | 175.95 | 229.57 | 240.83 | 303.74 |
CLEAN HARBORS INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
CLEAN HARBORS INC trades at 41.7x trailing earnings, compared to its 15-year median P/E of 30.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 36.4x vs a median of 25.2x. The company's 5-year average ROIC is 10.5% with a gross margin of 31.2%. Total shareholder yield (buybacks) is 1.4%. At current prices, the estimated annualized return to fair value is +11.1%.
CLEAN HARBORS INC (CLH) has a net profit margin of 6.5%. This is a modest margin.
CLEAN HARBORS INC (CLH) generated $442 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CLEAN HARBORS INC (CLH) has a debt-to-equity ratio of 1.11. This indicates moderate leverage.
CLEAN HARBORS INC (CLH) reported earnings per share (EPS) of $7.28 in its most recent fiscal year.
CLEAN HARBORS INC (CLH) has a return on equity (ROE) of 14.7%. This indicates moderate shareholder returns.
CLEAN HARBORS INC (CLH) has a 5-year average gross margin of 31.2%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for CLEAN HARBORS INC (CLH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CLEAN HARBORS INC (CLH) has a book value per share of $51.12, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver exceptional profitable growth and margin improvement, with Environmental Services benefiting from favorable demand trends across disposal, recycling, remediation work, and field services, while PFAS opportunities continue to accelerate following EPA and Department of Defense guidance endorsing incineration and other treatment methods. The company anticipates mid to upper 80% incinerator utilization for the full year and expects continued expansion in field services and SK Environmental, with the SKSS segment positioned to deliver consistent profitable growth supported by rising base oil prices and improved collection economics. Capital allocation priorities include strategic acquisitions, organic investments in fleet expansion and facility capabilities, and share repurchases, with management confident in the long-term outlook and viewing shares as attractively valued at current prices.
Based on recent SEC filings and earnings calls, CLEAN HARBORS INC (CLH) has provided the following forward guidance: Adjusted EBITDA: $1.24 billion–$1.30 billion (FY2026); Adjusted Free Cash Flow: $490 million–$550 million (FY2026); Net CapEx: $350 million–$410 million (FY2026); Depreciation and Amortization: $460 million–$470 million (FY2026); Environmental Services Adjusted EBITDA growth: 5%–8% (FY2026), plus 1 additional metric.
SKSS Adjusted EBITDA (FY2026): “This 2026 guidance midpoint now assumes that our SKSS segment delivers approximately $165 million of adjusted EBITDA, up approximately 20% from 2025”