(WCN) Waste Connections - Overview

Sector: Industrials | Industry: Waste Management | Exchange: NYSE (USA) | Market Cap: 39.563m USD | Total Return: -22.2% in 12m

Waste Collection, Landfill Disposal, Recycling, Waste Treatment
Total Rating 44
Safety 62
Buy Signal -0.70
Waste Management
Industry Rotation: -7.3
Market Cap: 39.6B
Avg Turnover: 219M
Risk 3d forecast
Volatility20.3%
VaR 5th Pctl3.40%
VaR vs Median1.66%
Reward TTM
Sharpe Ratio-1.27
Rel. Str. IBD12.3
Rel. Str. Peer Group38.2
Character TTM
Beta-0.073
Beta Downside0.105
Hurst Exponent0.454
Drawdowns 3y
Max DD23.76%
CAGR/Max DD0.18
CAGR/Mean DD0.67
EPS (Earnings per Share) EPS (Earnings per Share) of WCN over the last years for every Quarter: "2021-03": 0.7, "2021-06": 0.81, "2021-09": 0.89, "2021-12": 0.83, "2022-03": 0.82, "2022-06": 1, "2022-09": 1.1, "2022-12": 0.89, "2023-03": 0.89, "2023-06": 1.02, "2023-09": 1.17, "2023-12": 1.11, "2024-03": 1.04, "2024-06": 1.24, "2024-09": 1.35, "2024-12": 1.16, "2025-03": 1.13, "2025-06": 1.29, "2025-09": 1.44, "2025-12": 1.29, "2026-03": 1.23,
EPS CAGR: 11.41%
EPS Trend: 97.6%
Last SUE: 1.23
Qual. Beats: 1
Revenue Revenue of WCN over the last years for every Quarter: 2021-03: 1395.942, 2021-06: 1533.931, 2021-09: 1597.168, 2021-12: 1624.319, 2022-03: 1646.255, 2022-06: 1816.435, 2022-09: 1879.868, 2022-12: 1869.301, 2023-03: 1900.503, 2023-06: 2021.095, 2023-09: 2064.744, 2023-12: 2035.609, 2024-03: 2072.653, 2024-06: 2248.166, 2024-09: 2338.488, 2024-12: 2260.283, 2025-03: 2228.176, 2025-06: 2407.055, 2025-09: 2458.378, 2025-12: 2409.78673, 2026-03: 2370.631,
Rev. CAGR: 8.99%
Rev. Trend: 99.3%
Last SUE: 1.43
Qual. Beats: 2

Warnings

Below Avwap Earnings

Tailwinds

No distinct edge detected

Description: WCN Waste Connections

Waste Connections, Inc. (WCN) is a solid waste services provider operating across the United States and Canada. The company manages a vertically integrated business model that encompasses the collection, transfer, and disposal of non-hazardous waste for residential, commercial, and industrial clients. Its infrastructure includes a network of landfills, recycling centers, and intermodal facilities that utilize truck, rail, and barge transport.

In addition to municipal solid waste, WCN maintains a specialized segment for Exploration and Production (E&P) waste, managing the treatment and disposal of fluids and contaminated soils generated by the oil and gas industry. The waste management sector is characterized by high barriers to entry and predictable cash flows, as disposal sites are subject to stringent environmental regulations and limited zoning availability. Most industry revenue is derived from long-term exclusive franchises or secondary market contracts that provide significant pricing power.

Investors can evaluate the company’s long-term valuation metrics and historical performance on ValueRay. Waste Connections also generates supplemental revenue through the recovery of landfill gas for beneficial reuse, aligning its operations with renewable energy initiatives within the environmental services sub-industry.

Headlines to Watch Out For
  • Strategic acquisitions in secondary markets drive sustainable revenue and margin growth
  • High exposure to E&P waste volumes links profitability to oil drilling activity
  • Core solid waste pricing power offsets persistent labor and fuel cost inflation
  • Expansion of renewable natural gas projects enhances long-term environmental services margins
  • Robust municipal and residential contract renewals provide defensive cash flow stability
Piotroski VR-10 (Strict) 5.5
Net Income: 1.06b TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA -0.46 > 1.0
NWC/Revenue: -6.54% < 20% (prev -6.04%; Δ -0.50% < -1%)
CFO/TA 0.11 > 3% & CFO 2.42b > Net Income 1.06b
Net Debt (9.64b) to EBITDA (2.95b): 3.26 < 3
Current Ratio: 0.69 > 1.5 & < 3
Outstanding Shares: last quarter (255.9m) vs 12m ago -1.17% < -2%
Gross Margin: 39.14% > 18% (prev 0.42%; Δ 3.87k% > 0.5%)
Asset Turnover: 46.55% > 50% (prev 44.81%; Δ 1.75% > 0%)
Interest Coverage Ratio: 4.96 > 6 (EBITDA TTM 2.95b / Interest Expense TTM 342.1m)
Altman Z'' 1.79
A: -0.03 (Total Current Assets 1.38b - Total Current Liabilities 2.01b) / Total Assets 21.2b
B: 0.25 (Retained Earnings 5.33b / Total Assets 21.2b)
C: 0.08 (EBIT TTM 1.70b / Avg Total Assets 20.7b)
D: 0.59 (Book Value of Equity 7.69b / Total Liabilities 13.1b)
Altman-Z'' = 1.79 = BBB
Beneish M -2.97
DSRI: 1.02 (Receivables 1.03b/952.0m, Revenue 9.65b/9.08b)
GMI: 1.07 (GM 39.14% / 42.02%)
AQI: 0.99 (AQ_t 0.51 / AQ_t-1 0.52)
SGI: 1.06 (Revenue 9.65b / 9.08b)
TATA: -0.06 (NI 1.06b - CFO 2.42b) / TA 21.2b)
Beneish M = -2.97 (Cap -4..+1) = A
What is the price of WCN shares?

As of May 28, 2026, the stock is trading at USD 151.54 with a total of 1,029,849 shares traded.
Over the past week, the price has changed by -3.70%, over one month by -5.98%, over three months by -11.77% and over the past year by -22.23%.

Is WCN a buy, sell or hold?

Waste Connections has received a consensus analysts rating of 3.96. Therefore, it is recommended to buy WCN.

  • StrongBuy: 11
  • Buy: 6
  • Hold: 6
  • Sell: 0
  • StrongSell: 2

What are the forecasts/targets for the WCN price?
Analysts Target Price 204.3 34.8%
Waste Connections (WCN) - Fundamental Data Overview as of 27 May 2026
Market Cap USD = 39.6b (39.6b USD * 1.0 USD.USD)
P/E Trailing = 37.9781
P/E Forward = 20.79
P/S = 4.1171
P/B = 4.91
P/EG = 2.5294
Revenue TTM = 9.65b USD
EBIT TTM = 1.70b USD
EBITDA TTM = 2.95b USD
Long Term Debt = 9.09b USD (from longTermDebt, last quarter)
Short Term Debt = 54.7m USD (from shortTermDebt, last quarter)
Debt = 9.75b USD (from shortLongTermDebtTotal, last quarter) + Leases 324.5m
Net Debt = 9.64b USD (calculated: Debt 9.75b - CCE 112.4m)
Enterprise Value = 49.2b USD (39.6b + Debt 9.75b - CCE 112.4m)
Interest Coverage Ratio = 4.96 (Ebit TTM 1.70b / Interest Expense TTM 342.1m)
EV/FCF = 43.17x (Enterprise Value 49.2b / FCF TTM 1.14b)
FCF Yield = 2.32% (FCF TTM 1.14b / Enterprise Value 49.2b)
FCF Margin = 11.81% (FCF TTM 1.14b / Revenue TTM 9.65b)
Net Margin = 10.97% (Net Income TTM 1.06b / Revenue TTM 9.65b)
Gross Margin = 39.14% ((Revenue TTM 9.65b - Cost of Revenue TTM 5.87b) / Revenue TTM)
Gross Margin QoQ = 42.58% (prev 29.07%)
Tobins Q-Ratio = 2.32 (Enterprise Value 49.2b / Total Assets 21.2b)
Interest Expense / Debt = 3.51% (Interest Expense 342.1m / Debt 9.75b)
Taxrate = 22.65% (64.2m / 283.6m)
NOPAT = 1.31b (EBIT 1.70b * (1 - 22.65%))
Current Ratio = 0.69 (Total Current Assets 1.38b / Total Current Liabilities 2.01b)
Debt / Equity = 1.21 (Debt 9.75b / totalStockholderEquity, last quarter 8.06b)
Debt / EBITDA = 3.26 (Net Debt 9.64b / EBITDA 2.95b)
Debt / FCF = 8.46 (Net Debt 9.64b / FCF TTM 1.14b)
Total Stockholder Equity = 8.18b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.11% (Net Income 1.06b / Total Assets 21.2b)
RoE = 12.93% (Net Income TTM 1.06b / Total Stockholder Equity 8.18b)
RoCE = 9.82% (EBIT 1.70b / Capital Employed (Equity 8.18b + L.T.Debt 9.09b))
RoIC = 6.82% (NOPAT 1.31b / Invested Capital 19.2b)
WACC = 5.13% (E(39.6b)/V(49.3b) * Re(5.72%) + D(9.75b)/V(49.3b) * Rd(3.51%) * (1-Tc(0.23)))
Discount Rate = 5.72% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -8.99 | Cagr: -0.42%
[DCF] Terminal Value 74.95% ; FCFF base≈1.16b ; Y1≈1.13b ; Y5≈1.12b
[DCF] Fair Price = 31.30 (EV 17.6b - Net Debt 9.64b = Equity 7.95b / Shares 254.1m; r=8.35% [WACC [floored]]; 5y FCF grow -3.56% → 2.50% )
EPS Correlation: 97.64 | EPS CAGR: 11.41% | SUE: 1.23 | # QB: 1
Revenue Correlation: 99.33 | Revenue CAGR: 8.99% | SUE: 1.43 | # QB: 2
EPS current Quarter (2026-06-30): EPS=1.36 | Chg30d=-0.34% | Revisions=-27% | Analysts=23
EPS next Quarter (2026-09-30): EPS=1.51 | Chg30d=+0.68% | Revisions=+24% | Analysts=23
EPS current Year (2026-12-31): EPS=5.50 | Chg30d=+1.18% | Revisions=+56% | GrowthEPS=+6.9% | GrowthRev=+5.5%
EPS next Year (2027-12-31): EPS=6.18 | Chg30d=+0.02% | Revisions=+4% | GrowthEPS=+12.2% | GrowthRev=+6.0%
[Analyst] Revisions Ratio: +56%