WASTE CONNECTIONS INC (WCN.CA) Stock Fundamental Analysis

TSX:WCN • CA94106B1013

235.98 CAD
+1.25 (+0.53%)
Last: Mar 3, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Taking everything into account, WCN scores 5 out of 10 in our fundamental rating. WCN was compared to 24 industry peers in the Commercial Services & Supplies industry. WCN has an excellent profitability rating, but there are some minor concerns on its financial health. While showing a medium growth rate, WCN is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

  • WCN had positive earnings in the past year.
  • In the past year WCN had a positive cash flow from operations.
  • Each year in the past 5 years WCN has been profitable.
  • WCN had a positive operating cash flow in each of the past 5 years.
WCN.CA Yearly Net Income VS EBIT VS OCF VS FCFWCN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

1.2 Ratios

  • With an excellent Return On Assets value of 5.10%, WCN belongs to the best of the industry, outperforming 83.33% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 13.06%, WCN is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
  • With an excellent Return On Invested Capital value of 7.60%, WCN belongs to the best of the industry, outperforming 83.33% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for WCN is in line with the industry average of 5.85%.
  • The last Return On Invested Capital (7.60%) for WCN is above the 3 year average (7.41%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.1%
ROE 13.06%
ROIC 7.6%
ROA(3y)4.16%
ROA(5y)4.31%
ROE(3y)10.28%
ROE(5y)10.29%
ROIC(3y)7.41%
ROIC(5y)7%
WCN.CA Yearly ROA, ROE, ROICWCN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • With an excellent Profit Margin value of 11.37%, WCN belongs to the best of the industry, outperforming 87.50% of the companies in the same industry.
  • In the last couple of years the Profit Margin of WCN has grown nicely.
  • Looking at the Operating Margin, with a value of 19.48%, WCN belongs to the top of the industry, outperforming 95.83% of the companies in the same industry.
  • WCN's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 42.37%, WCN is in the better half of the industry, outperforming 79.17% of the companies in the same industry.
  • In the last couple of years the Gross Margin of WCN has remained more or less at the same level.
Industry RankSector Rank
OM 19.48%
PM (TTM) 11.37%
GM 42.37%
OM growth 3Y3.01%
OM growth 5Y3.6%
PM growth 3Y-0.62%
PM growth 5Y24.78%
GM growth 3Y2.05%
GM growth 5Y1.25%
WCN.CA Yearly Profit, Operating, Gross MarginsWCN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40

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4

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so WCN is destroying value.
  • The number of shares outstanding for WCN has been reduced compared to 1 year ago.
  • WCN has less shares outstanding than it did 5 years ago.
  • WCN has a worse debt/assets ratio than last year.
WCN.CA Yearly Shares OutstandingWCN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M
WCN.CA Yearly Total Debt VS Total AssetsWCN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • WCN has an Altman-Z score of 3.10. This indicates that WCN is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of WCN (3.10) is better than 83.33% of its industry peers.
  • The Debt to FCF ratio of WCN is 7.23, which is on the high side as it means it would take WCN, 7.23 years of fcf income to pay off all of its debts.
  • WCN's Debt to FCF ratio of 7.23 is fine compared to the rest of the industry. WCN outperforms 62.50% of its industry peers.
  • WCN has a Debt/Equity ratio of 1.07. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of WCN (1.07) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 7.23
Altman-Z 3.1
ROIC/WACC0.95
WACC8.04%
WCN.CA Yearly LT Debt VS Equity VS FCFWCN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.3 Liquidity

  • WCN has a Current Ratio of 0.62. This is a bad value and indicates that WCN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Current ratio value of 0.62, WCN is not doing good in the industry: 70.83% of the companies in the same industry are doing better.
  • WCN has a Quick Ratio of 0.62. This is a bad value and indicates that WCN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • WCN's Quick ratio of 0.58 is on the low side compared to the rest of the industry. WCN is outperformed by 66.67% of its industry peers.
Industry RankSector Rank
Current Ratio 0.62
Quick Ratio 0.58
WCN.CA Yearly Current Assets VS Current LiabilitesWCN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 7.52% over the past year.
  • Measured over the past years, WCN shows a quite strong growth in Earnings Per Share. The EPS has been growing by 14.21% on average per year.
  • Looking at the last year, WCN shows a small growth in Revenue. The Revenue has grown by 6.14% in the last year.
  • WCN shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.69% yearly.
EPS 1Y (TTM)7.52%
EPS 3Y10.57%
EPS 5Y14.21%
EPS Q2Q%11.21%
Revenue 1Y (TTM)6.14%
Revenue growth 3Y9.49%
Revenue growth 5Y11.69%
Sales Q2Q%5%

3.2 Future

  • The Earnings Per Share is expected to grow by 8.51% on average over the next years. This is quite good.
  • WCN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.27% yearly.
EPS Next Y11.61%
EPS Next 2Y12.62%
EPS Next 3Y13.89%
EPS Next 5Y8.51%
Revenue Next Year5.38%
Revenue Next 2Y5.87%
Revenue Next 3Y6.21%
Revenue Next 5Y6.27%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
WCN.CA Yearly Revenue VS EstimatesWCN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 5B 10B 15B
WCN.CA Yearly EPS VS EstimatesWCN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6

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3

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 33.52, WCN can be considered very expensive at the moment.
  • WCN's Price/Earnings ratio is a bit cheaper when compared to the industry. WCN is cheaper than 66.67% of the companies in the same industry.
  • WCN's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 26.83.
  • The Price/Forward Earnings ratio is 30.03, which means the current valuation is very expensive for WCN.
  • WCN's Price/Forward Earnings is on the same level as the industry average.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.95, WCN is valued a bit more expensive.
Industry RankSector Rank
PE 33.52
Fwd PE 30.03
WCN.CA Price Earnings VS Forward Price EarningsWCN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as WCN.
  • WCN's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 36.24
EV/EBITDA 17.26
WCN.CA Per share dataWCN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates WCN does not grow enough to justify the current Price/Earnings ratio.
  • WCN has an outstanding profitability rating, which may justify a higher PE ratio.
  • WCN's earnings are expected to grow with 13.89% in the coming years. This may justify a more expensive valuation.
PEG (NY)2.89
PEG (5Y)2.36
EPS Next 2Y12.62%
EPS Next 3Y13.89%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • With a yearly dividend of 0.81%, WCN is not a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 1.06, WCN pays a bit more dividend than its industry peers.
  • With a Dividend Yield of 0.81, WCN pays less dividend than the S&P500 average, which is at 1.82.
Industry RankSector Rank
Dividend Yield 0.81%

5.2 History

  • The dividend of WCN is nicely growing with an annual growth rate of 11.37%!
  • WCN has paid a dividend for at least 10 years, which is a reliable track record.
  • As WCN did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)11.37%
Div Incr Years7
Div Non Decr Years7
WCN.CA Yearly Dividends per shareWCN.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • 31.01% of the earnings are spent on dividend by WCN. This is a low number and sustainable payout ratio.
  • The dividend of WCN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP31.01%
EPS Next 2Y12.62%
EPS Next 3Y13.89%
WCN.CA Yearly Income VS Free CF VS DividendWCN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
WCN.CA Dividend Payout.WCN.CA Dividend Payout, showing the Payout Ratio.WCN.CA Dividend Payout.PayoutRetained Earnings

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WASTE CONNECTIONS INC

TSX:WCN (3/3/2026, 7:00:00 PM)

235.98

+1.25 (+0.53%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCommercial & Professional Services
GICS IndustryCommercial Services & Supplies
Earnings (Last)02-11
Earnings (Next)04-21
Inst Owners89.12%
Inst Owner ChangeN/A
Ins Owners0.11%
Ins Owner ChangeN/A
Market Cap60.42B
Revenue(TTM)9.47B
Net Income(TTM)1.08B
Analysts83
Price Target204.55 (-13.32%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.81%
Yearly Dividend1.78
Dividend Growth(5Y)11.37%
DP31.01%
Div Incr Years7
Div Non Decr Years7
Ex-Date02-25
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)1.4%
Min EPS beat(2)-0.31%
Max EPS beat(2)3.11%
EPS beat(4)3
Avg EPS beat(4)1.65%
Min EPS beat(4)-0.31%
Max EPS beat(4)3.11%
EPS beat(8)6
Avg EPS beat(8)1.47%
EPS beat(12)9
Avg EPS beat(12)1.17%
EPS beat(16)11
Avg EPS beat(16)1.38%
Revenue beat(2)0
Avg Revenue beat(2)-0.71%
Min Revenue beat(2)-0.82%
Max Revenue beat(2)-0.59%
Revenue beat(4)0
Avg Revenue beat(4)-0.65%
Min Revenue beat(4)-0.82%
Max Revenue beat(4)-0.45%
Revenue beat(8)2
Avg Revenue beat(8)-0.2%
Revenue beat(12)2
Avg Revenue beat(12)-0.36%
Revenue beat(16)5
Avg Revenue beat(16)-0.21%
PT rev (1m)-0.45%
PT rev (3m)-29.01%
EPS NQ rev (1m)-5.12%
EPS NQ rev (3m)-5.16%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.16%
Revenue NQ rev (1m)-0.96%
Revenue NQ rev (3m)-1.04%
Revenue NY rev (1m)-0.41%
Revenue NY rev (3m)-0.44%
Valuation
Industry RankSector Rank
PE 33.52
Fwd PE 30.03
P/S 4.67
P/FCF 36.24
P/OCF 18.31
P/B 5.36
P/tB N/A
EV/EBITDA 17.26
EPS(TTM)7.04
EY2.98%
EPS(NY)7.86
Fwd EY3.33%
FCF(TTM)6.51
FCFY2.76%
OCF(TTM)12.89
OCFY5.46%
SpS50.55
BVpS44.03
TBVpS-11.5
PEG (NY)2.89
PEG (5Y)2.36
Graham Number83.51
Profitability
Industry RankSector Rank
ROA 5.1%
ROE 13.06%
ROCE 9.7%
ROIC 7.6%
ROICexc 7.62%
ROICexgc 16.88%
OM 19.48%
PM (TTM) 11.37%
GM 42.37%
FCFM 12.88%
ROA(3y)4.16%
ROA(5y)4.31%
ROE(3y)10.28%
ROE(5y)10.29%
ROIC(3y)7.41%
ROIC(5y)7%
ROICexc(3y)7.44%
ROICexc(5y)7.03%
ROICexgc(3y)16.68%
ROICexgc(5y)15.84%
ROCE(3y)9.46%
ROCE(5y)8.93%
ROICexgc growth 3Y5.3%
ROICexgc growth 5Y5.84%
ROICexc growth 3Y5.56%
ROICexc growth 5Y6.23%
OM growth 3Y3.01%
OM growth 5Y3.6%
PM growth 3Y-0.62%
PM growth 5Y24.78%
GM growth 3Y2.05%
GM growth 5Y1.25%
F-Score6
Asset Turnover0.45
Health
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 7.23
Debt/EBITDA 2.86
Cap/Depr 96.94%
Cap/Sales 12.62%
Interest Coverage 5.98
Cash Conversion 78.48%
Profit Quality 113.3%
Current Ratio 0.62
Quick Ratio 0.58
Altman-Z 3.1
F-Score6
WACC8.04%
ROIC/WACC0.95
Cap/Depr(3y)93.59%
Cap/Depr(5y)94.33%
Cap/Sales(3y)12.03%
Cap/Sales(5y)12.17%
Profit Quality(3y)153.2%
Profit Quality(5y)149.35%
High Growth Momentum
Growth
EPS 1Y (TTM)7.52%
EPS 3Y10.57%
EPS 5Y14.21%
EPS Q2Q%11.21%
EPS Next Y11.61%
EPS Next 2Y12.62%
EPS Next 3Y13.89%
EPS Next 5Y8.51%
Revenue 1Y (TTM)6.14%
Revenue growth 3Y9.49%
Revenue growth 5Y11.69%
Sales Q2Q%5%
Revenue Next Year5.38%
Revenue Next 2Y5.87%
Revenue Next 3Y6.21%
Revenue Next 5Y6.27%
EBIT growth 1Y8.05%
EBIT growth 3Y12.78%
EBIT growth 5Y15.71%
EBIT Next Year80.5%
EBIT Next 3Y28.11%
EBIT Next 5Y19.54%
FCF growth 1Y3.99%
FCF growth 3Y3.2%
FCF growth 5Y10.39%
OCF growth 1Y8.31%
OCF growth 3Y6.08%
OCF growth 5Y11.38%

WASTE CONNECTIONS INC / WCN.CA FAQ

What is the ChartMill fundamental rating of WASTE CONNECTIONS INC (WCN.CA) stock?

ChartMill assigns a fundamental rating of 5 / 10 to WCN.CA.


What is the valuation status of WASTE CONNECTIONS INC (WCN.CA) stock?

ChartMill assigns a valuation rating of 3 / 10 to WASTE CONNECTIONS INC (WCN.CA). This can be considered as Overvalued.


What is the profitability of WCN stock?

WASTE CONNECTIONS INC (WCN.CA) has a profitability rating of 8 / 10.


What are the PE and PB ratios of WASTE CONNECTIONS INC (WCN.CA) stock?

The Price/Earnings (PE) ratio for WASTE CONNECTIONS INC (WCN.CA) is 33.52 and the Price/Book (PB) ratio is 5.36.


Can you provide the dividend sustainability for WCN stock?

The dividend rating of WASTE CONNECTIONS INC (WCN.CA) is 5 / 10 and the dividend payout ratio is 31.01%.