WASTE CONNECTIONS INC (WCN) Fundamental Analysis & Valuation

NYSE:WCN • CA94106B1013

165.54 USD
-6.19 (-3.6%)
At close: Mar 10, 2026
165.54 USD
0 (0%)
After Hours: 3/10/2026, 7:00:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This WCN fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to WCN. WCN was compared to 82 industry peers in the Commercial Services & Supplies industry. While WCN belongs to the best of the industry regarding profitability, there are concerns on its financial health. WCN is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

8

1. WCN Profitability Analysis

1.1 Basic Checks

  • WCN had positive earnings in the past year.
  • In the past year WCN had a positive cash flow from operations.
  • WCN had positive earnings in each of the past 5 years.
  • In the past 5 years WCN always reported a positive cash flow from operatings.
WCN Yearly Net Income VS EBIT VS OCF VS FCFWCN 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

  • WCN has a better Return On Assets (5.10%) than 71.95% of its industry peers.
  • WCN has a Return On Equity of 13.06%. This is in the better half of the industry: WCN outperforms 70.73% of its industry peers.
  • The Return On Invested Capital of WCN (7.60%) is better than 69.51% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for WCN is below the industry average of 10.60%.
  • The 3 year average ROIC (7.41%) for WCN is below the current ROIC(7.60%), indicating increased profibility in the last year.
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 Yearly ROA, ROE, ROICWCN 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

  • The Profit Margin of WCN (11.37%) is better than 89.02% of its industry peers.
  • WCN's Profit Margin has improved in the last couple of years.
  • Looking at the Operating Margin, with a value of 19.48%, WCN belongs to the top of the industry, outperforming 93.90% 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 78.05% of the companies in the same industry.
  • WCN's Gross Margin has been stable in the last couple of years.
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 Yearly Profit, Operating, Gross MarginsWCN 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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3

2. WCN Health Analysis

2.1 Basic Checks

  • WCN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • WCN has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, WCN has less shares outstanding
  • The debt/assets ratio for WCN is higher compared to a year ago.
WCN Yearly Shares OutstandingWCN Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M
WCN Yearly Total Debt VS Total AssetsWCN 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 3.08. This indicates that WCN is financially healthy and has little risk of bankruptcy at the moment.
  • WCN's Altman-Z score of 3.08 is fine compared to the rest of the industry. WCN outperforms 69.51% 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 65.85% 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 worse than 64.63% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 7.23
Altman-Z 3.08
ROIC/WACC0.95
WACC7.99%
WCN Yearly LT Debt VS Equity VS FCFWCN 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

  • A Current Ratio of 0.62 indicates that WCN may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.62, WCN is doing worse than 85.37% of the companies in the same industry.
  • A Quick Ratio of 0.58 indicates that WCN may have some problems paying its short term obligations.
  • WCN has a worse Quick ratio (0.58) than 84.15% of its industry peers.
Industry RankSector Rank
Current Ratio 0.62
Quick Ratio 0.58
WCN Yearly Current Assets VS Current LiabilitesWCN 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. WCN Growth Analysis

3.1 Past

  • WCN shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.52%.
  • The Earnings Per Share has been growing by 14.21% on average over the past years. This is quite good.
  • The Revenue has been growing slightly by 6.14% in the past year.
  • The Revenue has been growing by 11.69% on average over the past years. This is quite good.
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 9.22% 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 5.74% yearly.
EPS Next Y6.56%
EPS Next 2Y10.82%
EPS Next 3Y11.2%
EPS Next 5Y9.22%
Revenue Next Year5.2%
Revenue Next 2Y5.67%
Revenue Next 3Y5.81%
Revenue Next 5Y5.74%

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 Yearly Revenue VS EstimatesWCN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5B 10B 15B
WCN Yearly EPS VS EstimatesWCN 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 8

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3

4. WCN Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 32.14, the valuation of WCN can be described as expensive.
  • 60.98% of the companies in the same industry are more expensive than WCN, based on the Price/Earnings ratio.
  • WCN is valuated rather expensively when we compare the Price/Earnings ratio to 26.25, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 30.16, the valuation of WCN can be described as expensive.
  • 60.98% of the companies in the same industry are more expensive than WCN, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 24.39. WCN is valued slightly more expensive when compared to this.
Industry RankSector Rank
PE 32.14
Fwd PE 30.16
WCN Price Earnings VS Forward Price EarningsWCN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as WCN.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as WCN.
Industry RankSector Rank
P/FCF 34.7
EV/EBITDA 17.13
WCN Per share dataWCN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

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.
PEG (NY)4.9
PEG (5Y)2.26
EPS Next 2Y10.82%
EPS Next 3Y11.2%

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

5

5. WCN Dividend Analysis

5.1 Amount

  • WCN has a yearly dividend return of 0.81%, which is pretty low.
  • WCN's Dividend Yield is a higher than the industry average which is at 0.80.
  • Compared to an average S&P500 Dividend Yield of 1.82, WCN's dividend is way lower than the S&P500 average.
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 been paying a dividend for at least 10 years, so it has a reliable track record.
  • WCN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)11.37%
Div Incr Years3
Div Non Decr Years3
WCN Yearly Dividends per shareWCN 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.
  • WCN's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP31.01%
EPS Next 2Y10.82%
EPS Next 3Y11.2%
WCN Yearly Income VS Free CF VS DividendWCN 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 Dividend Payout.WCN Dividend Payout, showing the Payout Ratio.WCN Dividend Payout.PayoutRetained Earnings

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WCN Fundamentals: All Metrics, Ratios and Statistics

WASTE CONNECTIONS INC

NYSE:WCN (3/10/2026, 7:00:00 PM)

After market: 165.54 0 (0%)

165.54

-6.19 (-3.6%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCommercial & Professional Services
GICS IndustryCommercial Services & Supplies
Earnings (Last)02-11
Earnings (Next)04-21
Inst Owners90.22%
Inst Owner Change2.31%
Ins Owners0.12%
Ins Owner Change4.91%
Market Cap42.33B
Revenue(TTM)9.47B
Net Income(TTM)1.08B
Analysts83
Price Target149.42 (-9.74%)
Short Float %0.79%
Short Ratio1.22
Dividend
Industry RankSector Rank
Dividend Yield 0.81%
Yearly Dividend1.3
Dividend Growth(5Y)11.37%
DP31.01%
Div Incr Years3
Div Non Decr Years3
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)-1.92%
PT rev (3m)1.54%
EPS NQ rev (1m)-5.12%
EPS NQ rev (3m)-5.16%
EPS NY rev (1m)-4.52%
EPS NY rev (3m)-4.68%
Revenue NQ rev (1m)-0.83%
Revenue NQ rev (3m)-0.92%
Revenue NY rev (1m)-0.57%
Revenue NY rev (3m)-0.61%
Valuation
Industry RankSector Rank
PE 32.14
Fwd PE 30.16
P/S 4.47
P/FCF 34.7
P/OCF 17.53
P/B 5.13
P/tB N/A
EV/EBITDA 17.13
EPS(TTM)5.15
EY3.11%
EPS(NY)5.49
Fwd EY3.32%
FCF(TTM)4.77
FCFY2.88%
OCF(TTM)9.44
OCFY5.7%
SpS37.03
BVpS32.25
TBVpS-8.42
PEG (NY)4.9
PEG (5Y)2.26
Graham Number61.13
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 3.08
F-Score6
WACC7.99%
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 Y6.56%
EPS Next 2Y10.82%
EPS Next 3Y11.2%
EPS Next 5Y9.22%
Revenue 1Y (TTM)6.14%
Revenue growth 3Y9.49%
Revenue growth 5Y11.69%
Sales Q2Q%5%
Revenue Next Year5.2%
Revenue Next 2Y5.67%
Revenue Next 3Y5.81%
Revenue Next 5Y5.74%
EBIT growth 1Y8.05%
EBIT growth 3Y12.78%
EBIT growth 5Y15.71%
EBIT Next Year80.66%
EBIT Next 3Y28.11%
EBIT Next 5Y19.08%
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 FAQ

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

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


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

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


What is the profitability of WCN stock?

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


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

The Price/Earnings (PE) ratio for WASTE CONNECTIONS INC (WCN) is 32.14 and the Price/Book (PB) ratio is 5.13.


Can you provide the dividend sustainability for WCN stock?

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