Waste Connections (WCN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Waste Connections

NYSE•Industrials•Waste Management

$164.87-1.94(-0.01%)Market closed

Market Cap

$39.37B

P/E

37.1x

P/S

4.0x

P/B

5.0x

Waste Connections, Inc. provides non-hazardous waste collection, transfer, and disposal services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company owns and operates transfer stations that receive, compact, and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; develops, owns, and operates projects or the beneficial reuse of landfill gas through landfill network; and intermodal services for the movement of cargo and solid waste containers. In addition, it provides E&P waste treatment, recovery, and disposal services for waste created through the initial drilling and completion of an oil or natural gas well, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.

How this company scores

GoodMetricSide Score: 77/100

Strongest: Profitability (23/25); weakest: Balance Sheet & Red Flags (10/25).

Profitability23/25

Growth21/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality23/25

Strengths

Strong marginsRising earningsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 37.1x5y range 37.1x – 80.1x

Currently below its 20-quarter median.

P/S · 4.0x5y range 4.0x – 5.7x

Currently near its 20-quarter median.

P/B · 5.0x5y range 4.6x – 6.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Price & Volume

Market Cap $39.37B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $9.76B
Q. Revenue: $2.56B
TTM EBITDA: $2.94B
TTM Op. Income: $1.66B
Q. Op. Income: $437.55M
TTM Net Income: $1.06B
Q. Net Income: $296.40M
EPS: $1.17
Shares Out.: $253.46M

$9.76B in TTM revenue grew 5.7% YoY, reaching $2.56B last quarter. TTM EBITDA of $2.94B and TTM operating income of $1.66B show growth is flowing through to the bottom line. TTM net income of $1.06B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 42.3%
EBITDA Margin: 29.8%
Op. Margin: 17.1%
Net Margin: 11.6%

Op. margin of 17.1% is down 2.0% YoY — costs are rising relative to revenue. Net margin at 11.6% and gross margin of 42.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 11% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 37.1x
P/S Ratio: 4.0x
P/B Ratio: 5.0x

At 37.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.0x and P/B of 5.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 5 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $21.40B
Cash: $98.18M
Long-Term Debt: $9.28B
Book Value: $7.92B
D/E Ratio: 1.2
Debt/EBITDA: 12.2

With $21.40B in assets and $9.28B in long-term debt, D/E is 1.2and book value is $7.92B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 4 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $733.29M
TTM Free Cash Flow: $1.23B
FCF Margin: 12.6%
FCF / Net Income: 1.2

TTM FCF of $1.23B on $733.29M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 8% — an improving trend.