Waste Management (WM) Stock Fundamentals, Analysis & Risk Signals

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

Waste Management

NYSE•Industrials•Waste Management

$234.67-3.04(-0.01%)After hours

Market Cap

$94.82B

P/E

30.9x

P/S

3.6x

P/B

9.6x

Waste Management, Inc., through its subsidiaries, provides environmental solutions to residential, commercial, industrial, and municipal customers in the United States, Canada, Western Europe, and internationally. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, recovery facility, or disposal site; owns and operates transfer stations; and owns, develops, and operates landfill gas-to-energy facilities that produce renewable electricity and renewable natural gas. It also operates materials processing and commodities recycling services, including cardboard, paper, glass, metals, plastics, construction and demolition materials, and other recycling commodities are recovered for resale or redirected for other purposes; markets and resells recycling commodities; recycling brokerage services, such as managing the marketing of recyclable materials for third parties; and other strategic business solutions. In addition, the company collects recyclable food and yard waste, as well as markets and sells mulch, compost, soil amendments, and renewable energy; offers remediation and construction, and industrial waste services; and manages and markets fly ash. Further, it provides Regulated Waste and Compliance Services (RWCS), which offers compliance programs, as well as collection, processing, and disposal of regulated and specialized waste, including medical, pharmaceutical, and hazardous waste; and Secure Information Destruction (SID) services that include the collection of personal and confidential information for secure destruction and recycling of sorted office paper. The company was formerly known as USA Waste Services, Inc. and changed its name to Waste Management, Inc. in 1998. Waste Management, Inc. was founded in 1968 and is based in Houston, Texas.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability22/25

Growth21/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

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

P/E · 30.9x5y range 26.7x – 38.1x

Currently near its 20-quarter median.

P/S · 3.6x5y range 3.1x – 4.1x

Currently near its 20-quarter median.

P/B · 9.6x5y range 8.7x – 12.1x

Currently near its 20-quarter median.

Watch items

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

Some Concerns

Leverage Risk

Watch

D/E ratio of 2.2 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $94.82B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $26.07B
Q. Revenue: $6.85B
TTM EBITDA: $7.87B
TTM Op. Income: $4.80B
Q. Op. Income: $1.28B
TTM Net Income: $3.07B
Q. Net Income: $820.00M
EPS: $2.06
Shares Out.: $398.90M

$26.07B in TTM revenue grew 5.2% YoY, reaching $6.85B last quarter. TTM EBITDA of $7.87B and TTM operating income of $4.80B show growth is flowing through to the bottom line. TTM net income of $3.07B 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

EBITDA Margin: 30.3%
Op. Margin: 18.7%
Net Margin: 12.0%

Op. margin of 18.7% is up 3.3% YoY — cost efficiency is improving. Net margin at 12.0% Over the past year, operating margin is up 22% — a weakening trend.

Price Ratios

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

P/E Ratio: 30.9x
P/S Ratio: 3.6x
P/B Ratio: 9.6x

At 30.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.6x and P/B of 9.6x 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 2 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $46.52B
Cash: $247.00M
Long-Term Debt: $21.85B
Book Value: $9.87B
D/E Ratio: 2.2
Debt/EBITDA: 10.5

With $46.52B in assets and $21.85B in long-term debt, D/E is 2.2and book value is $9.87B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 6% — an improving trend.

Cash Flow

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

Op. Cash Flow: $1.64B
TTM Free Cash Flow: $3.74B
FCF Margin: 14.3%
FCF / Net Income: 1.2

TTM FCF of $3.74B on $1.64B in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.