A Business at a Glance
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Waste Connections, Inc.
WCN
$43.8B
Mkt Cap
$169.61
+0.96%
Waste Connections, Inc. (WCN) has a current P/E ratio of 40.7, compared to its historical median P/E of 42.6. The stock is currently considered Fair based on its historical valuation range.
Waste Connections, Inc. (WCN) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
Waste Connections, Inc. (WCN) has a market capitalization of $43.1B. It is classified as a large-cap stock.
Yes, Waste Connections, Inc. (WCN) pays a dividend with a trailing twelve-month yield of 0.79%. The company also returns capital through share buybacks, with a buyback yield of 1.83%.
Based on historical P/E analysis, Waste Connections, Inc. (WCN) appears fair. The current P/E of 40.7 is 5% below its historical median of 42.6. The estimated fair value CAGR (P/E method) is 13.1%.
Waste Connections, Inc. (WCN) operates in the Refuse Systems industry, within the Utilities sector.
Waste Connections, Inc. (WCN) reported annual revenue of $9.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
This Annual Report on Form 10-K contains forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results may differ materially from those expressed in forward-looking statements. See Item 7 of Part II – “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All references to “dollars” or “$” used herein refer to U.S. dollars, and all references to “CAD $” used herein refer to Canadian dollars, unless otherwise stated. Our Company Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.6B | 9.5B | 8.9B | 8.0B | 7.2B | 6.2B |
| Net Income | 1.1B | 1.1B | 618M | 763M | 836M | 618M |
| EPS | $4.12 | $4.17 | $2.39 | $2.95 | $3.24 | $2.36 |
| Free Cash Flow | 1.2B | 1.2B | 1.2B | 1.2B | 1.1B | 954M |
| ROIC | 7.5% | 7.8% | 5.6% | 6.7% | 7.6% | 7.2% |
| Gross Margin | - | 42.4% | 41.8% | 40.9% | 39.9% | 40.6% |
| Debt/Equity | 1.13 | 1.11 | 1.07 | 0.91 | 1.00 | 0.75 |
| Dividends/Share | $1.34 | $1.30 | $1.17 | $1.05 | $0.95 | $0.85 |
| Operating Income | 1.7B | 1.7B | 1.1B | 1.2B | 1.2B | 1.0B |
| Operating Margin | 17.5% | 18.1% | 12.0% | 15.4% | 17.2% | 16.9% |
| ROE | 13.1% | 13.4% | 7.9% | 10.3% | 11.9% | 8.9% |
| Shares Outstanding | 254M | 258M | 258M | 259M | 258M | 262M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 2.1B | 3.4B | 4.6B | 4.9B | 5.4B | 5.4B | 6.2B | 7.2B | 8.0B | 8.9B | 9.5B | 9.6B |
| Gross Margin | 45.2% | 44.4% | 42.0% | 41.6% | 41.8% | 40.6% | 39.8% | 40.6% | 39.9% | 40.9% | 41.8% | 42.4% | 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 | 229M | 237M | 474M | 510M | 524M | 546M | 538M | 612M | 696M | 799M | 883M | 960M | 961M |
| EBIT | 449M | -62M | 452M | 627M | 832M | 838M | 412M | 1.0B | 1.2B | 1.2B | 1.1B | 1.7B | 1.7B |
| Op. Margin | 21.6% | -2.9% | 13.4% | 13.5% | 16.9% | 15.5% | 7.6% | 16.9% | 17.2% | 15.4% | 12.0% | 18.1% | 17.5% |
| Net Income | 233M | -96M | 247M | 577M | 547M | 567M | 205M | 618M | 836M | 763M | 618M | 1.1B | 1.1B |
| Net Margin | 11.2% | -4.5% | 7.3% | 12.5% | 11.1% | 10.5% | 3.8% | 10.0% | 11.6% | 9.5% | 6.9% | 11.4% | 11.0% |
| Non-Recurring | -8.2M | -107M | -27M | -57M | -10M | -61M | -446M | -28M | -9.5M | -39M | -123M | -114M | -114M |
| Returns on Capital | |||||||||||||
| ROIC | 11.6% | -2.8% | 4.1% | 6.7% | 5.6% | 6.3% | 3.0% | 7.2% | 7.6% | 6.7% | 5.6% | 7.8% | 7.5% |
| ROE | 10.9% | -4.5% | 6.5% | 9.7% | 8.6% | 8.5% | 3.0% | 8.9% | 11.9% | 10.3% | 7.9% | 13.4% | 13.1% |
| ROA | 4.4% | -1.9% | 3.0% | 5.0% | 4.4% | 4.3% | 1.5% | 4.3% | 5.3% | 4.4% | 3.3% | 5.3% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 545M | 577M | 795M | 1.2B | 1.4B | 1.5B | 1.4B | 1.7B | 2.0B | 2.1B | 2.2B | 2.4B | 2.4B |
| Free Cash Flow | 304M | 338M | 451M | 708M | 865M | 906M | 811M | 954M | 1.1B | 1.2B | 1.2B | 1.2B | 1.2B |
| Owner Earnings | 269M | 287M | 287M | 515M | 687M | 754M | 610M | 827M | 1.0B | 1.1B | 987M | 1.1B | 1.1B |
| CapEx | 241M | 239M | 345M | 479M | 546M | 634M | 597M | 744M | 913M | 934M | 1.1B | 1.2B | 1.3B |
| Maint. CapEx | 258M | 269M | 464M | 632M | 680M | 744M | 752M | 813M | 919M | 1.0B | 1.2B | 1.2B | 1.3B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.5M |
| D&A | 258M | 269M | 464M | 632M | 680M | 744M | 752M | 813M | 919M | 1.0B | 1.2B | 1.2B | 1.3B |
| CapEx/OCF | N/A | 41.4% | 43.3% | 40.4% | 38.7% | 41.2% | 42.4% | 43.8% | 45.1% | 43.9% | 47.4% | 48.8% | 52.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 59M | 66M | 93M | 132M | 153M | 175M | 200M | 220M | 243M | 271M | 302M | 334M | 341M |
| Dividend Yield | N/A | 1.2% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% | 0.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.8% |
| Share Buybacks | 7.3M | 91M | 0 | 0 | 59M | 0 | 106M | 339M | 425M | 0 | 0 | 506M | 789M |
| Buyback Yield | 0.0% | 1.4% | N/A | N/A | 0.3% | N/A | 0.4% | 1.0% | 1.3% | N/A | N/A | 1.1% | 1.8% |
| Stock-Based Comp | 18M | 20M | 45M | 39M | 44M | 43M | 46M | 58M | 63M | 70M | 78M | 79M | 74M |
| Debt Repayment | 526M | 1.4B | 3.7B | 770M | 971M | 1.5B | 1.5B | 1.9B | 3.1B | 2.1B | 3.2B | 2.1B | 2.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 418M | 2.1B | 3.5B | 3.5B | 3.8B | 4.2B | 4.3B | 5.1B | 7.0B | 6.9B | 8.3B | 9.1B | 9.0B |
| Cash & Equiv. | 14M | 11M | 154M | 434M | 319M | 327M | 617M | 147M | 79M | 78M | 62M | 46M | 112M |
| Long-Term Debt | 433M | 2.1B | 3.6B | 3.9B | 4.2B | 4.4B | 4.7B | 5.0B | 6.9B | 6.7B | 8.1B | 8.8B | 9.1B |
| Debt/Equity | 0.19 | 1.08 | 0.64 | 0.62 | 0.64 | 0.66 | 0.71 | 0.75 | 1.00 | 0.91 | 1.07 | 1.11 | 1.13 |
| Interest Coverage | 6.9 | -1.0 | 4.9 | 5.0 | 6.3 | 5.7 | 2.5 | 6.4 | 6.1 | 4.5 | 3.3 | 5.1 | 230.7 |
| Equity | 2.2B | 2.0B | 5.6B | 6.3B | 6.5B | 6.9B | 6.9B | 7.0B | 7.1B | 7.7B | 7.9B | 8.2B | 8.1B |
| Total Assets | 5.2B | 5.1B | 11.1B | 12.0B | 12.6B | 13.7B | 14.0B | 14.7B | 17.1B | 17.9B | 19.8B | 21.1B | 21.2B |
| Total Liabilities | 3.0B | 3.1B | 5.4B | 5.7B | 6.2B | 6.8B | 7.1B | 7.7B | 10.0B | 10.2B | 12.0B | 12.9B | 13.1B |
| Intangibles | N/A | 511M | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B | 1.4B | 1.7B | 1.6B | 2.0B | 2.0B | 2.0B |
| Retained Earnings | N/A | 1.3B | 1.4B | 1.9B | 2.3B | 2.7B | 2.7B | 3.1B | 3.6B | 4.1B | 4.5B | 5.2B | 5.3B |
| Working Capital | N/A | -16M | 51M | 374M | 206M | 123M | 380M | -200M | -395M | -546M | -652M | -813M | -631M |
| Current Assets | N/A | 362M | 743M | 1.2B | 1.1B | 1.1B | 1.4B | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B |
| Current Liabilities | 427K | 378M | 692M | 803M | 887M | 1.0B | 1.0B | 1.2B | 1.5B | 1.7B | 1.9B | 2.1B | 2.0B |
| Per Share Data | |||||||||||||
| EPS | 1.86 | -0.52 | 1.07 | 2.18 | 2.07 | 2.14 | 0.78 | 2.36 | 3.24 | 2.95 | 2.39 | 4.17 | 4.12 |
| Owner EPS | 2.15 | 1.56 | 1.24 | 1.95 | 2.60 | 2.85 | 2.33 | 3.16 | 4.03 | 4.07 | 3.82 | 4.27 | 4.28 |
| Book Value | 17.87 | 10.78 | 24.51 | 23.69 | 24.43 | 26.18 | 26.14 | 26.69 | 27.56 | 29.75 | 30.42 | 31.94 | 31.70 |
| Cash Flow/Share | 4.36 | 3.13 | 3.45 | 4.49 | 5.34 | 5.82 | 5.37 | 6.48 | 7.84 | 8.23 | 8.63 | 9.35 | 9.09 |
| Dividends/Share | 0.48 | 0.36 | 0.41 | 0.50 | 0.58 | 0.67 | 0.76 | 0.85 | 0.95 | 1.05 | 1.17 | 1.30 | 1.34 |
| Shares Out. | 125.0M | 184.2M | 230.4M | 264.6M | 264.2M | 264.9M | 262.4M | 261.9M | 257.9M | 258.6M | 258.4M | 258.2M | 254.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 45.9 | 30.7 | 33.9 | 40.7 | 125.5 | 55.5 | 40.0 | 49.8 | 71.2 | 42.6 | 41.2 |
| P/FCF | N/A | 19.1 | 25.1 | 25.0 | 21.4 | 25.4 | 31.7 | 36.0 | 30.1 | 31.8 | 37.5 | 37.2 | 37.3 |
| EV/EBIT | N/A | N/A | 32.4 | 33.1 | 26.5 | 32.0 | 70.8 | 37.6 | 32.4 | 36.0 | 48.6 | 31.9 | 30.9 |
| Price/Book | N/A | 3.3 | 2.0 | 2.8 | 2.9 | 3.3 | 3.7 | 4.9 | 4.7 | 4.9 | 5.6 | 5.6 | 5.4 |
| Price/Sales | N/A | 2.6 | 3.0 | 3.4 | 3.8 | 4.2 | 4.5 | 4.9 | 4.6 | 4.4 | 5.0 | 5.0 | 4.5 |
| FCF Yield | N/A | 5.2% | 4.0% | 4.0% | 4.7% | 3.9% | 3.2% | 2.8% | 3.3% | 3.1% | 2.7% | 2.7% | 2.7% |
| Market Cap | 0 | 6.5B | 11.3B | 17.7B | 18.5B | 23.1B | 25.7B | 34.3B | 33.4B | 38.0B | 43.9B | 45.9B | 43.1B |
| Avg. Price | 0.00 | 30.12 | 43.50 | 59.59 | 71.21 | 85.29 | 92.81 | 115.98 | 129.34 | 134.96 | 170.93 | 182.27 | 169.61 |
| Year-End Price | 0.00 | 35.09 | 49.09 | 66.94 | 70.11 | 87.03 | 97.89 | 131.06 | 129.65 | 146.78 | 170.06 | 177.76 | 169.61 |
Waste Connections, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Waste Connections, Inc. trades at 40.7x trailing earnings, compared to its 15-year median P/E of 42.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 35.1x vs a median of 30.9x. The company's 5-year average ROIC is 7.0% with a gross margin of 41.1%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +7.3%.
Waste Connections, Inc. (WCN) has a net profit margin of 11.4%. This is a healthy margin.
Waste Connections, Inc. (WCN) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Waste Connections, Inc. (WCN) has a debt-to-equity ratio of 1.11. This indicates moderate leverage.
Waste Connections, Inc. (WCN) reported earnings per share (EPS) of $4.17 in its most recent fiscal year.
Waste Connections, Inc. (WCN) has a return on equity (ROE) of 13.4%. This indicates moderate shareholder returns.
Waste Connections, Inc. (WCN) has a 5-year average gross margin of 41.1%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for Waste Connections, Inc. (WCN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Waste Connections, Inc. (WCN) has a book value per share of $31.94, based on its most recent annual SEC filing.