A Business at a Glance
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CASELLA WASTE SYSTEMS INC
CWST
$5.9B
Mkt Cap
$89.39
-0.71%
CASELLA WASTE SYSTEMS INC (CWST) has a current P/E ratio of 744.9, compared to its historical median P/E of 69.5. The stock is currently considered Expensive based on its historical valuation range.
CASELLA WASTE SYSTEMS INC (CWST) has a 5-year average return on invested capital (ROIC) of 4.3%. This is below average and may indicate limited pricing power.
CASELLA WASTE SYSTEMS INC (CWST) has a market capitalization of $5.7B. It is classified as a mid-cap stock.
CASELLA WASTE SYSTEMS INC (CWST) does not currently pay a regular dividend.
Based on historical P/E analysis, CASELLA WASTE SYSTEMS INC (CWST) appears expensive. The current P/E of 744.9 is 973% above its historical median of 69.5. The estimated fair value CAGR (P/E method) is -15.1%.
CASELLA WASTE SYSTEMS INC (CWST) operates in the Refuse Systems industry, within the Utilities sector.
CASELLA WASTE SYSTEMS INC (CWST) reported annual revenue of $1.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services with operating locations in eleven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware, New Jersey, Maryland and West Virginia, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through three regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.8B | 1.6B | 1.3B | 1.1B | 889M |
| Net Income | 7.1M | 7.9M | 14M | 25M | 53M | 41M |
| EPS | $0.11 | $0.12 | $0.23 | $0.46 | $1.03 | $0.80 |
| Free Cash Flow | 102M | 85M | 78M | 78M | 86M | 59M |
| ROIC | 1.5% | 1.7% | 2.5% | 3.8% | 6.9% | 6.5% |
| Gross Margin | - | 33.8% | 34.0% | 34.2% | 33.4% | 34.5% |
| Debt/Equity | 0.73 | 0.74 | 0.73 | 1.02 | 1.19 | 1.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 65M | 64M | 73M | 80M | 95M | 78M |
| Operating Margin | 3.5% | 3.5% | 4.7% | 6.4% | 8.8% | 8.7% |
| ROE | 0.5% | 0.5% | 1.1% | 3.3% | 11.5% | 10.5% |
| Shares Outstanding | 64M | 66M | 59M | 55M | 52M | 51M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 498M | 547M | 565M | 599M | 661M | 743M | 775M | 889M | 1.1B | 1.3B | 1.6B | 1.8B | 1.9B |
| Gross Margin | 28.7% | 30.0% | 32.4% | 32.4% | 31.4% | 31.6% | 33.4% | 34.5% | 33.4% | 34.2% | 34.0% | 33.8% | 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 | 62M | 73M | 75M | 79M | 85M | 93M | 102M | 119M | 133M | 156M | 191M | 224M | 226M |
| EBIT | 12M | 32M | 45M | -13M | 40M | 53M | 59M | 78M | 95M | 80M | 73M | 64M | 65M |
| Op. Margin | 2.4% | 5.8% | 8.0% | -2.1% | 6.0% | 7.1% | 7.7% | 8.7% | 8.8% | 6.4% | 4.7% | 3.5% | 3.5% |
| Net Income | -23M | -13M | -6.8M | -22M | 6.4M | 32M | 91M | 41M | 53M | 25M | 14M | 7.9M | 7.1M |
| Net Margin | -4.6% | -2.4% | -1.2% | -3.6% | 1.0% | 4.3% | 11.8% | 4.6% | 4.9% | 2.0% | 0.9% | 0.4% | 0.4% |
| Non-Recurring | 1.4M | 0 | 574K | -49K | 492K | 892K | -936K | -172K | 0 | 0 | 0 | 1.3M | 1.3M |
| Returns on Capital | |||||||||||||
| ROIC | 2.3% | 6.3% | 9.3% | -4.7% | 8.2% | 9.2% | 8.6% | 6.5% | 6.9% | 3.8% | 2.5% | 1.7% | 1.5% |
| ROE | N/A | 76.8% | 29.7% | 69.9% | -23.9% | 59.2% | 37.6% | 10.5% | 11.5% | 3.3% | 1.1% | 0.5% | 0.5% |
| ROA | -3.5% | -2.0% | -1.1% | -3.5% | 1.0% | 3.8% | 8.6% | 3.3% | 3.9% | 1.3% | 0.5% | 0.2% | 0.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 50M | 71M | 80M | 108M | 121M | 117M | 140M | 183M | 217M | 233M | 281M | 330M | 342M |
| Free Cash Flow | 6.3M | 21M | 26M | 43M | 48M | 14M | 32M | 59M | 86M | 78M | 78M | 85M | 102M |
| Owner Earnings | -13M | 4.7M | 15M | 39M | 42M | 30M | 41M | 68M | 83M | 53M | 34M | 8.7M | 16M |
| CapEx | 43M | 50M | 54M | 65M | 73M | 103M | 108M | 123M | 131M | 155M | 203M | 245M | 240M |
| Maint. CapEx | 60M | 63M | 62M | 62M | 71M | 80M | 91M | 104M | 126M | 171M | 235M | 307M | 313M |
| Growth CapEx | 0 | 0 | 0 | 2.8M | 2.7M | 23M | 17M | 20M | 4.6M | 0 | 0 | 0 | 0 |
| D&A | 60M | 63M | 62M | 62M | 71M | 80M | 91M | 104M | 126M | 171M | 235M | 307M | 313M |
| CapEx/OCF | 87.3% | 70.9% | 67.4% | 60.3% | 60.6% | 88.3% | 77.3% | 67.5% | 60.3% | 66.5% | 72.2% | 74.3% | 70.1% |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback 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 | 0.0% |
| Stock-Based Comp | 2.4M | 3.1M | 3.4M | 6.4M | 8.4M | 7.2M | 8.2M | 12M | 8.2M | 9.1M | 12M | 14M | 12M |
| Debt Repayment | 152M | 371M | 608M | 217M | 584M | 243M | 149M | 10M | 59M | 26M | 784M | 116M | 116M |
| Balance Sheet | |||||||||||||
| Net Debt | 534M | 505M | 506M | 481M | 540M | 510M | 385M | 519M | 523M | 823M | 392M | 907M | 1.0B |
| Cash & Equiv. | 2.2M | 2.3M | 2.5M | 2.0M | 4.0M | 3.5M | 154M | 34M | 71M | 221M | 358M | 124M | 127M |
| Long-Term Debt | 534M | 506M | 504M | 478M | 542M | 509M | 530M | 543M | 585M | 1.0B | 1.1B | 1.1B | 1.1B |
| Debt/Equity | -43.72 | -23.58 | -20.74 | -12.74 | -34.38 | 4.18 | 1.49 | 1.31 | 1.19 | 1.02 | 0.73 | 0.74 | 0.73 |
| Interest Coverage | 0.3 | 0.8 | 1.2 | -0.5 | 1.5 | 2.1 | 2.7 | 3.7 | 4.0 | 1.7 | 1.2 | 1.0 | 16.5 |
| Equity | -12M | -22M | -25M | -38M | -16M | 123M | 362M | 422M | 498M | 1.0B | 1.6B | 1.6B | 1.6B |
| Total Assets | 658M | 634M | 632M | 615M | 732M | 932M | 1.2B | 1.3B | 1.4B | 2.5B | 3.2B | 3.3B | 3.3B |
| Total Liabilities | 670M | 655M | 656M | 653M | 748M | 809M | 832M | 861M | 951M | 1.5B | 1.7B | 1.7B | -23M |
| Intangibles | 12M | 9.3M | 7.7M | 8.1M | 35M | 59M | 58M | 94M | 92M | 241M | 313M | 291M | 272M |
| Retained Earnings | -353M | -366M | -373M | -395M | -389M | -357M | -266M | -225M | -172M | -147M | -133M | -125M | -131M |
| Working Capital | -7.8M | -8.7M | -3.8M | -4.2M | -14M | -28M | 116M | -5.7M | 30M | 147M | 306M | 75M | 100M |
| Current Assets | 79M | 77M | 79M | 84M | 97M | 103M | 247M | 146M | 207M | 426M | 613M | 369M | 360M |
| Current Liabilities | 86M | 85M | 82M | 89M | 111M | 131M | 131M | 152M | 178M | 279M | 307M | 294M | 260M |
| Per Share Data | |||||||||||||
| EPS | -0.58 | -0.32 | -0.17 | -0.52 | 0.15 | 0.66 | 1.86 | 0.80 | 1.03 | 0.46 | 0.23 | 0.12 | 0.11 |
| Owner EPS | -0.33 | 0.12 | 0.38 | 0.93 | 0.98 | 0.62 | 0.84 | 1.32 | 1.61 | 0.97 | 0.58 | 0.13 | 0.26 |
| Book Value | -0.31 | -0.53 | -0.61 | -0.90 | -0.37 | 2.56 | 7.39 | 8.22 | 9.66 | 18.51 | 26.35 | 23.92 | 24.68 |
| Cash Flow/Share | 1.25 | 1.74 | 2.00 | 2.57 | 2.82 | 2.44 | 2.86 | 3.56 | 4.22 | 4.22 | 4.78 | 5.03 | 5.04 |
| 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. | 39.8M | 40.5M | 40.3M | 41.9M | 42.8M | 48.0M | 49.0M | 51.4M | 51.5M | 55.2M | 58.9M | 65.6M | 63.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 187.8 | 69.5 | 33.3 | 105.6 | 75.9 | 187.0 | 461.6 | 842.7 | 795.2 |
| P/FCF | 25.3 | 11.9 | 18.9 | 22.2 | 25.3 | 160.9 | 95.3 | 73.0 | 46.7 | 60.7 | 80.0 | 78.3 | 55.5 |
| EV/EBIT | 58.2 | 23.5 | 22.3 | N/A | 43.9 | 51.0 | 55.2 | 62.3 | 47.1 | 69.7 | 91.5 | 118.8 | 102.5 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 17.9 | 8.4 | 10.3 | 8.1 | 4.6 | 4.0 | 4.2 | 3.6 |
| Price/Sales | 0.4 | 0.4 | 0.6 | 1.1 | 1.7 | 2.5 | 3.3 | 4.0 | 3.8 | 3.6 | 3.7 | 3.7 | 3.0 |
| FCF Yield | 3.9% | 8.4% | 5.3% | 4.5% | 3.9% | 0.6% | 1.0% | 1.4% | 2.1% | 1.6% | 1.3% | 1.3% | 1.8% |
| Market Cap | 160M | 245M | 494M | 949M | 1.2B | 2.2B | 3.0B | 4.3B | 4.0B | 4.7B | 6.2B | 6.6B | 5.7B |
| Avg. Price | 4.83 | 5.56 | 8.47 | 15.92 | 26.96 | 39.34 | 52.48 | 70.09 | 79.17 | 82.61 | 98.78 | 104.52 | 89.39 |
| Year-End Price | 4.02 | 6.04 | 12.27 | 22.64 | 28.17 | 45.84 | 61.91 | 84.50 | 78.22 | 86.02 | 106.16 | 101.13 | 89.39 |
CASELLA WASTE SYSTEMS INC passes 2 of 9 quality checks, indicating weak fundamentals.
CASELLA WASTE SYSTEMS INC trades at 744.9x trailing earnings, compared to its 15-year median P/E of 69.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 66.0x vs a median of 60.7x. The company's 5-year average ROIC is 4.3% with a gross margin of 34.0%. At current prices, the estimated annualized return to fair value is +14.3%.
CASELLA WASTE SYSTEMS INC (CWST) has a net profit margin of 0.4%. This is a modest margin.
CASELLA WASTE SYSTEMS INC (CWST) generated $85 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CASELLA WASTE SYSTEMS INC (CWST) has a debt-to-equity ratio of 0.74. This indicates moderate leverage.
CASELLA WASTE SYSTEMS INC (CWST) reported earnings per share (EPS) of $0.12 in its most recent fiscal year.
CASELLA WASTE SYSTEMS INC (CWST) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
CASELLA WASTE SYSTEMS INC (CWST) has a 5-year average gross margin of 34.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for CASELLA WASTE SYSTEMS INC (CWST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CASELLA WASTE SYSTEMS INC (CWST) has a book value per share of $23.92, based on its most recent annual SEC filing.