WASTE CONNECTIONS INC (WCN) Fundamental Analysis & Valuation

NYSE:WCN • CA94106B1013

166.52 USD
-0.44 (-0.26%)
At close: Mar 13, 2026
166.52 USD
0 (0%)
After Hours: 3/13/2026, 4:04:04 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

Overall WCN gets a fundamental rating of 5 out of 10. We evaluated WCN against 82 industry peers in the Commercial Services & Supplies industry. WCN has an excellent profitability rating, but there are 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. WCN Profitability Analysis

1.1 Basic Checks

  • In the past year WCN was profitable.
  • WCN had a positive operating cash flow in the past year.
  • Each year in the past 5 years WCN has been profitable.
  • 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.
  • The Return On Equity of WCN (13.06%) is better than 70.73% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 7.60%, WCN is in the better half of the industry, outperforming 69.51% of the companies in the same industry.
  • 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

  • WCN has a better Profit Margin (11.37%) than 89.02% of its industry peers.
  • In the last couple of years the Profit Margin of WCN has grown nicely.
  • WCN has a Operating Margin of 19.48%. This is amongst the best in the industry. WCN outperforms 93.90% of its industry peers.
  • In the last couple of years the Operating Margin of WCN has grown nicely.
  • WCN's Gross Margin of 42.37% is fine compared to the rest of the industry. WCN outperforms 78.05% of its industry peers.
  • 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 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

  • An Altman-Z score of 3.02 indicates that WCN is not in any danger for bankruptcy at the moment.
  • The Altman-Z score of WCN (3.02) is better than 68.29% of its industry peers.
  • WCN has a debt to FCF ratio of 7.23. This is a slightly negative value and a sign of low solvency as WCN would need 7.23 years to pay back of all of its debts.
  • WCN has a Debt to FCF ratio of 7.23. This is in the better half of the industry: WCN outperforms 65.85% of its industry peers.
  • A Debt/Equity ratio of 1.07 is on the high side and indicates that WCN has dependencies on debt financing.
  • WCN has a Debt to Equity ratio of 1.07. This is in the lower half of the industry: WCN underperforms 64.63% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF 7.23
Altman-Z 3.02
ROIC/WACC0.94
WACC8.06%
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.
  • The Current ratio of WCN (0.62) is worse than 85.37% of its industry peers.
  • 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.
  • With a Quick ratio value of 0.58, WCN is not doing good in the industry: 84.15% of the companies in the same industry are doing better.
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%.
  • 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.
  • Measured over the past years, WCN shows a quite strong growth in Revenue. The Revenue has been growing by 11.69% on average per year.
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

  • WCN is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.22% yearly.
  • The Revenue is expected to grow by 5.74% on average over the next years.
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.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

  • The Price/Earnings ratio is 32.33, which means the current valuation is very expensive for WCN.
  • 60.98% of the companies in the same industry are more expensive than WCN, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 25.71, WCN is valued a bit more expensive.
  • The Price/Forward Earnings ratio is 30.34, which means the current valuation is very expensive for WCN.
  • 60.98% of the companies in the same industry are more expensive than WCN, based on the Price/Forward Earnings ratio.
  • WCN is valuated rather expensively when we compare the Price/Forward Earnings ratio to 23.82, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 32.33
Fwd PE 30.34
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

  • WCN's Enterprise Value to EBITDA is on the same level as the industry average.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as WCN.
Industry RankSector Rank
P/FCF 34.91
EV/EBITDA 16.73
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 an expensive valuation of the company.
  • The excellent profitability rating of WCN may justify a higher PE ratio.
PEG (NY)4.93
PEG (5Y)2.28
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 0.81.
  • 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

  • On average, the dividend of WCN grows each year by 11.37%, which is quite nice.
  • WCN has paid a dividend for at least 10 years, which is 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

  • WCN pays out 31.01% of its income as dividend. This is a 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 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 (3/13/2026, 4:04:04 PM)

After market: 166.52 0 (0%)

166.52

-0.44 (-0.26%)

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 Cap42.58B
Revenue(TTM)9.47B
Net Income(TTM)1.08B
Analysts83
Price Target149.42 (-10.27%)
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 32.33
Fwd PE 30.34
P/S 4.5
P/FCF 34.91
P/OCF 17.64
P/B 5.16
P/tB N/A
EV/EBITDA 16.73
EPS(TTM)5.15
EY3.09%
EPS(NY)5.49
Fwd EY3.3%
FCF(TTM)4.77
FCFY2.86%
OCF(TTM)9.44
OCFY5.67%
SpS37.03
BVpS32.25
TBVpS-8.42
PEG (NY)4.93
PEG (5Y)2.28
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 3.02
F-Score6
WACC8.06%
ROIC/WACC0.94
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 32.33 and the Price/Book (PB) ratio is 5.16.


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%.