A Business at a Glance
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REPUBLIC SERVICES, INC.
RSG
$67.7B
Mkt Cap
$216.91
-0.23%
REPUBLIC SERVICES, INC. (RSG) has a current P/E ratio of 31.7, compared to its historical median P/E of 28.5. The stock is currently considered Fair based on its historical valuation range.
REPUBLIC SERVICES, INC. (RSG) has a 5-year average return on invested capital (ROIC) of 9.4%. This is below average and may indicate limited pricing power.
REPUBLIC SERVICES, INC. (RSG) has a market capitalization of $68.1B. It is classified as a large-cap stock.
Yes, REPUBLIC SERVICES, INC. (RSG) pays a dividend with a trailing twelve-month yield of 1.10%. The company also returns capital through share buybacks, with a buyback yield of 1.63%.
Based on historical P/E analysis, REPUBLIC SERVICES, INC. (RSG) appears fair. The current P/E of 31.7 is 11% above its historical median of 28.5. The estimated fair value CAGR (P/E method) is 13.2%.
REPUBLIC SERVICES, INC. (RSG) operates in the Refuse Systems industry, within the Utilities sector.
REPUBLIC SERVICES, INC. (RSG) reported annual revenue of $19.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Republic Services is one of North America's largest environmental services providers, operating through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, and various specialized facilities across the United States and Canada. The company operates three field groups: Group 1 (recycling and waste in the western U.S.), Group 2 (recycling and waste in the southeastern, mid-western U.S., eastern seaboard, and Canada), and Group 3 (environmental solutions across North America), each providing integrated collection, transfer, recycling, and disposal services. Revenue is generated through long-term contracts with municipalities and commercial customers for residential collection, large-container services, recycling, landfill disposal, and environmental solutions including hazardous waste treatment and renewable natural gas projects. The company pursues internal growth through volume expansion, price increases, recycling capability expansion (including polymer centers for plastic circularity), and infrastructure development, while also pursuing external growth through acquisitions of privately-held environmental services businesses and public-private partnerships. Republic's competitive advantages include its vertically integrated market positions in key geographies, standardized operating model ("the Republic Way") that drives operational efficiency and safety performance, digital capabilities including AI-based pricing optimization and advanced routing, and commitment to sustainability through fleet electrification and renewable energy projects. The company addresses a fragmented addressable market estimated at approximately $163 billion annually across recycling and waste ($110 billion), broader environmental solutions ($37 billion), and sustainability innovation ($16 billion).
【Profitable growth with margin expansion】 Management expects to deliver another year of profitable growth in 2026 with revenue growth of approximately 3.1% at the midpoint, representing nearly 4% top-line growth when adjusted for non-recurring landfill volumes from 2025 wildfire and hurricane cleanup efforts. Adjusted EBITDA is expected to grow 3.6% at the midpoint, with underlying margin expansion of approximately 50 basis points excluding the impact of prior-year project-related volumes, driven by pricing discipline maintaining a 50–100 basis point price-cost spread above expected 3.5% cost inflation and operational leverage from digital investments and fleet optimization. The company expects organic volume to decline approximately 1% in 2026 due to residential headwinds and rollover effects from prior-year contract losses, though management is cautiously optimistic about emerging momentum in special waste and other verticals, with stronger performance anticipated in the second half of the year. Capital allocation remains balanced, with approximately $1 billion expected in acquisition investment in 2026 and continued execution on fleet electrification (targeting 150 additional EV collection trucks) and renewable natural gas expansion (four additional RNG projects expected to commence operations in 2026), while the company maintains its long-term growth algorithm of mid-single-digit EBITDA growth exceeding revenue growth and free cash flow growth exceeding EBITDA growth.
No forward guidance provided.
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 19.1B | 19.0B | 18.4B | 17.3B | 15.6B | 13.3B |
| Net Income | 2.2B | 2.1B | 2.0B | 1.7B | 1.5B | 1.3B |
| EPS | $6.93 | $6.85 | $6.49 | $5.47 | $4.69 | $4.04 |
| Free Cash Flow | 2.6B | 2.4B | 2.1B | 2.0B | 1.7B | 1.5B |
| ROIC | 10.2% | 10.1% | 10.3% | 9.0% | 8.8% | 8.7% |
| Gross Margin | - | 49.4% | 49.2% | 48.2% | 47.6% | 49.4% |
| Debt/Equity | 1.29 | 1.30 | 1.33 | 1.46 | 1.39 | 1.39 |
| Dividends/Share | $2.39 | $2.41 | $2.23 | $2.06 | $1.91 | $1.77 |
| Operating Income | 3.3B | 3.3B | 3.2B | 2.8B | 2.4B | 2.1B |
| Operating Margin | 17.4% | 17.4% | 17.4% | 16.1% | 15.3% | 15.6% |
| ROE | 18.1% | 18.3% | 18.6% | 17.1% | 15.9% | 14.8% |
| Shares Outstanding | 314M | 312M | 315M | 316M | 317M | 319M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.6B | 11.0B | 11.4B | 12.1B | 11.9B | 12.2B | 12.0B | 13.3B | 15.6B | 17.3B | 18.4B | 19.0B | 19.1B |
| Gross Margin | 46.9% | 49.9% | 49.2% | 48.5% | 48.3% | 48.3% | 49.3% | 49.4% | 47.6% | 48.2% | 49.2% | 49.4% | 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 | 919M | 983M | 970M | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.5B | 1.6B | 1.7B | 1.7B | 1.7B |
| EBIT | 1.2B | 1.6B | 1.5B | 1.7B | 1.7B | 1.8B | 1.7B | 2.1B | 2.4B | 2.8B | 3.2B | 3.3B | 3.3B |
| Op. Margin | 11.6% | 14.2% | 13.5% | 13.8% | 14.6% | 14.7% | 14.2% | 15.6% | 15.3% | 16.1% | 17.4% | 17.4% | 17.4% |
| Net Income | 548M | 750M | 613M | 1.3B | 1.0B | 1.1B | 967M | 1.3B | 1.5B | 1.7B | 2.0B | 2.1B | 2.2B |
| Net Margin | 5.2% | 6.8% | 5.4% | 10.6% | 8.7% | 8.8% | 8.0% | 9.7% | 9.5% | 10.0% | 11.1% | 11.2% | 11.3% |
| Non-Recurring | 17M | 1.6M | 41M | 47M | 85M | 28M | 96M | 17M | 27M | 33M | 29M | 20M | 18M |
| Returns on Capital | |||||||||||||
| ROIC | 5.2% | 6.5% | 6.3% | 10.5% | 8.4% | 8.8% | 8.3% | 8.7% | 8.8% | 9.0% | 10.3% | 10.1% | 10.2% |
| ROE | 7.0% | 9.7% | 7.9% | 16.3% | 13.1% | 13.4% | 11.7% | 14.8% | 15.9% | 17.1% | 18.6% | 18.3% | 18.1% |
| ROA | 2.7% | 3.7% | 3.0% | 6.1% | 4.8% | 4.8% | 4.2% | 5.3% | 5.5% | 5.7% | 6.4% | 6.4% | 6.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.7B | 1.8B | 1.9B | 2.2B | 2.4B | 2.5B | 2.8B | 3.2B | 3.6B | 3.9B | 4.3B | 4.5B |
| Free Cash Flow | 667M | 734M | 920M | 921M | 1.2B | 1.1B | 1.3B | 1.5B | 1.7B | 2.0B | 2.1B | 2.4B | 2.6B |
| Owner Earnings | 605M | 690M | 834M | 840M | 1.2B | 1.3B | 1.4B | 1.5B | 1.8B | 2.1B | 2.2B | 2.4B | 2.6B |
| CapEx | 863M | 946M | 928M | 990M | 1.1B | 1.2B | 1.2B | 1.3B | 1.5B | 1.6B | 1.9B | 1.9B | 1.9B |
| Maint. CapEx | 907M | 971M | 991M | 1.0B | 1.0B | 1.0B | 1.1B | 1.2B | 1.4B | 1.5B | 1.7B | 1.8B | 1.8B |
| Growth CapEx | 0 | 0 | 0 | 0 | 38M | 167M | 119M | 131M | 102M | 130M | 178M | 73M | 63M |
| D&A | 907M | 971M | 991M | 1.0B | 1.0B | 1.0B | 1.1B | 1.2B | 1.4B | 1.5B | 1.7B | 1.8B | 1.8B |
| CapEx/OCF | 56.4% | 56.3% | 50.2% | 51.8% | 47.8% | 51.3% | 48.3% | 47.2% | 45.6% | 45.1% | 47.1% | 43.9% | 42.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 379M | 399M | 419M | 441M | 462M | 491M | 523M | 553M | 593M | 638M | 687M | 738M | 750M |
| Dividend Yield | 3.6% | 3.3% | 2.9% | 2.4% | 2.3% | 2.0% | 2.0% | 1.6% | 1.5% | 1.4% | 1.1% | 1.0% | 1.1% |
| Share Buybacks | 401M | 405M | 404M | 611M | 737M | 399M | 99M | 252M | 203M | 262M | 482M | 870M | 1.1B |
| Buyback Yield | 3.4% | 3.1% | 2.4% | 3.0% | 3.5% | 1.5% | 0.3% | 0.6% | 0.5% | 0.5% | 0.8% | 1.3% | 1.6% |
| Stock-Based Comp | 17M | 19M | 23M | 35M | 39M | 40M | 37M | 57M | 39M | 41M | 42M | 44M | 43M |
| Debt Repayment | 1.4B | 916M | 4.3B | 4.9B | 5.0B | 5.3B | 5.2B | 5.3B | 14.3B | 40.4B | 25.1B | 38.2B | 38.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.0B | 7.5B | 7.8B | 8.2B | 8.4B | 9.1B | 9.3B | 12.4B | 13.3B | 15.3B | 15.1B | 15.5B | 15.3B |
| Cash & Equiv. | 75M | 32M | 68M | 83M | 71M | 47M | 38M | 29M | 143M | 140M | 74M | 76M | 118M |
| Long-Term Debt | 7.1B | 7.5B | 7.7B | 7.5B | 7.6B | 7.8B | 8.8B | 9.5B | 11.3B | 11.9B | 11.9B | 13.0B | 13.3B |
| Debt/Equity | 0.91 | 0.97 | 1.02 | 1.05 | 1.07 | 1.13 | 1.10 | 1.39 | 1.39 | 1.46 | 1.33 | 1.30 | 1.29 |
| Interest Coverage | 3.5 | 4.3 | 4.1 | 4.6 | 4.5 | 4.6 | 4.8 | 6.6 | 6.0 | 5.5 | 5.9 | 5.8 | 151.3 |
| Equity | 7.7B | 7.8B | 7.7B | 8.0B | 7.9B | 8.1B | 8.5B | 9.0B | 9.7B | 10.5B | 11.4B | 12.0B | 12.0B |
| Total Assets | 20.1B | 20.5B | 20.6B | 21.1B | 21.6B | 22.7B | 23.4B | 25.0B | 29.1B | 31.4B | 32.4B | 34.4B | 34.6B |
| Total Liabilities | 12.3B | 1.9B | 1.9B | 13.2B | 13.7B | 14.6B | 14.9B | 16.0B | 19.4B | 20.9B | 21.0B | 22.4B | 30M |
| Intangibles | 299M | 246M | 182M | 141M | 107M | 134M | 173M | 260M | 347M | 496M | 546M | 655M | 647M |
| Retained Earnings | 2.8B | 3.1B | 3.3B | 4.2B | 4.8B | 5.3B | 5.8B | 6.5B | 7.4B | 8.4B | 9.8B | 11.2B | 11.5B |
| Working Capital | -435M | -605M | -528M | -1.2B | -1.2B | -1.5B | -760M | -705M | -1.0B | -1.8B | -1.7B | -1.4B | -1.2B |
| Current Assets | 1.4B | 1.2B | 1.3B | 1.4B | 1.6B | 1.6B | 1.5B | 1.7B | 2.4B | 2.4B | 2.4B | 2.5B | 2.5B |
| Current Liabilities | 1.8B | 1.8B | 1.8B | 2.6B | 2.7B | 3.1B | 2.3B | 2.4B | 3.4B | 4.2B | 4.1B | 3.9B | 3.7B |
| Per Share Data | |||||||||||||
| EPS | 1.53 | 2.13 | 1.78 | 3.77 | 3.16 | 3.33 | 3.02 | 4.04 | 4.69 | 5.47 | 6.49 | 6.85 | 6.93 |
| Owner EPS | 1.69 | 1.96 | 2.42 | 2.48 | 3.57 | 3.95 | 4.24 | 4.83 | 5.67 | 6.56 | 7.04 | 7.81 | 8.32 |
| Book Value | 21.64 | 22.08 | 22.35 | 23.47 | 24.16 | 25.19 | 26.49 | 28.11 | 30.54 | 33.31 | 36.23 | 38.32 | 38.15 |
| Cash Flow/Share | 4.27 | 4.77 | 5.37 | 5.63 | 6.84 | 7.30 | 7.72 | 8.72 | 10.06 | 11.43 | 12.50 | 13.76 | 12.77 |
| Dividends/Share | 1.08 | 1.16 | 1.24 | 1.33 | 1.44 | 1.56 | 1.66 | 1.77 | 1.91 | 2.06 | 2.23 | 2.41 | 2.39 |
| Shares Out. | 357.9M | 352.1M | 344.2M | 339.1M | 328.1M | 322.3M | 320.3M | 319.4M | 317.2M | 316.5M | 314.8M | 312.3M | 314.0M |
| Valuation | |||||||||||||
| P/E Ratio | 21.8 | 17.7 | 27.7 | 15.7 | 20.4 | 24.8 | 29.8 | 32.5 | 26.5 | 29.3 | 30.8 | 31.1 | 31.3 |
| P/FCF | 17.9 | 18.1 | 18.5 | 21.8 | 18.1 | 23.2 | 22.6 | 28.5 | 22.7 | 25.5 | 30.3 | 27.6 | 26.3 |
| EV/EBIT | 15.3 | 13.3 | 15.9 | 17.3 | 17.3 | 20.2 | 22.1 | 24.8 | 21.5 | 23.1 | 23.9 | 24.4 | 25.1 |
| Price/Book | 1.5 | 1.7 | 2.2 | 2.5 | 2.7 | 3.3 | 3.4 | 4.7 | 4.1 | 4.8 | 5.5 | 5.6 | 5.7 |
| Price/Sales | 1.2 | 1.3 | 1.5 | 1.9 | 2.0 | 2.4 | 2.6 | 3.0 | 3.0 | 2.9 | 3.7 | 4.3 | 3.6 |
| FCF Yield | 5.6% | 5.5% | 5.4% | 4.6% | 5.5% | 4.3% | 4.4% | 3.5% | 4.4% | 3.9% | 3.3% | 3.6% | 3.8% |
| Market Cap | 11.9B | 13.3B | 17.0B | 20.1B | 21.2B | 26.6B | 28.8B | 41.9B | 39.5B | 50.7B | 63.0B | 66.4B | 68.1B |
| Avg. Price | 29.53 | 34.41 | 42.22 | 55.05 | 62.35 | 76.21 | 82.28 | 106.67 | 127.24 | 139.11 | 190.29 | 228.65 | 216.91 |
| Year-End Price | 33.36 | 37.66 | 49.36 | 59.27 | 64.56 | 82.51 | 89.92 | 131.22 | 124.40 | 160.24 | 200.19 | 212.74 | 216.91 |
REPUBLIC SERVICES, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
REPUBLIC SERVICES, INC. trades at 31.7x trailing earnings, compared to its 15-year median P/E of 28.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 27.8x vs a median of 23.0x. The company's 5-year average ROIC is 9.4% with a gross margin of 48.8%. Total shareholder yield (dividends + buybacks) is 2.7%. At current prices, the estimated annualized return to fair value is +12.4%.
REPUBLIC SERVICES, INC. (RSG) has a net profit margin of 11.2%. This is a healthy margin.
REPUBLIC SERVICES, INC. (RSG) generated $2.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REPUBLIC SERVICES, INC. (RSG) has a debt-to-equity ratio of 1.30. This indicates moderate leverage.
REPUBLIC SERVICES, INC. (RSG) reported earnings per share (EPS) of $6.85 in its most recent fiscal year.
REPUBLIC SERVICES, INC. (RSG) has a return on equity (ROE) of 18.3%. This indicates the company generates strong returns for shareholders.
REPUBLIC SERVICES, INC. (RSG) has a 5-year average gross margin of 48.8%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for REPUBLIC SERVICES, INC. (RSG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REPUBLIC SERVICES, INC. (RSG) has a book value per share of $38.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to deliver another year of profitable growth in 2026 with revenue growth of approximately 3.1% at the midpoint, representing nearly 4% top-line growth when adjusted for non-recurring landfill volumes from 2025 wildfire and hurricane cleanup efforts. Adjusted EBITDA is expected to grow 3.6% at the midpoint, with underlying margin expansion of approximately 50 basis points excluding the impact of prior-year project-related volumes, driven by pricing discipline maintaining a 50–100 basis point price-cost spread above expected 3.5% cost inflation and operational leverage from digital investments and fleet optimization. The company expects organic volume to decline approximately 1% in 2026 due to residential headwinds and rollover effects from prior-year contract losses, though management is cautiously optimistic about emerging momentum in special waste and other verticals, with stronger performance anticipated in the second half of the year. Capital allocation remains balanced, with approximately $1 billion expected in acquisition investment in 2026 and continued execution on fleet electrification (targeting 150 additional EV collection trucks) and renewable natural gas expansion (four additional RNG projects expected to commence operations in 2026), while the company maintains its long-term growth algorithm of mid-single-digit EBITDA growth exceeding revenue growth and free cash flow growth exceeding EBITDA growth.