Waste Connections, Inc. WCN

IndustrialsProfessional & Commercial ServicesUnited States of America

Last close 263.33 CAD on Nov 2, 2026, +10.1% year to date

Quant rating

Quant rating C Rank 32 of 53 in Industrials

Growth C 34 of 53
Valuation D 46 of 53
Quality B 18 of 53
Revisions C 32 of 53
Momentum B 14 of 53

Wall Street consensus Buy (1.75)Average target 283.41 CAD +7.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 65.9B
Enterprise value: 79.0B
52-week range: 203.46 – 263.33
3-year range: 180.19 – 281.55
Dividend yield: 0.84%
Beta (5 years): 0.37
Shares outstanding: 250M
Next earnings: Feb 9, 2027

About the company

Waste Connections, Inc. is an integrated solid waste services company. It provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. Its segments include Western, Southern, Eastern, Central, Canada and MidSouth. It serves approximately nine million residential, commercial and industrial customers in secondary markets across 46 states in the U.S. and six provinces in Canada. It also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Its residential services include garbage pickup, yard waste, recycling, dumpster rental, bulk pickup, and portable toilets. Its commercial services include business waste collection, commercial recycling, shredding, roll off dumpster rental, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,992	12,826	10,625	9,771	7,772	–
Revenue growth	1.3%	20.7%	8.7%	25.7%	12.1%	13.4%
EPS (basic, normalized)	6.99	6.85	5.68	5.12	4.10	–
EPS growth	2.0%	20.6%	11.1%	24.9%	–	–
Gross margin	42.4%	41.8%	40.9%	39.9%	40.6%	41.1%
Net margin	11.4%	6.9%	9.5%	11.6%	10.0%	9.9%
ROE	13.4%	7.9%	10.3%	11.9%	8.9%	10.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	136
Current ratio	0.67x
Long-term debt (mil)	13,413
Net debt (mil)	13,288
Total equity (mil)	11,217
Net debt / equity	1.18x
Net debt / EBITDA	3.13x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,992	+1.3%	6.1x	4,241	+1.1%	18.6x	6.99	+2.0%	37.7x
2026	14,170	+9.1%	5.6x	4,702	+10.9%	16.8x	7.99	+14.3%	33.0x
2027	15,042	+6.2%	5.3x	5,048	+7.4%	15.6x	8.68	+8.6%	30.3x
2028	15,908	+5.8%	5.0x	5,396	+6.9%	14.6x	9.72	+12.1%	27.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,170	+0.5%	+0.5%	+1.0%	7.99	+1.3%	+1.6%	+3.8%
2027	15,042	+0.7%	+0.8%	+1.0%	8.68	−0.6%	−0.6%	+0.3%
2028	15,908	+0.7%	+1.0%	+1.3%	9.72	+0.4%	−0.3%	+0.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,073	2,248	2,338	2,260	2,228	2,407	2,458	2,373	2,371	2,562
Sales mean (mil)	2,053	2,217	2,296	2,244	2,223	2,394	2,449	2,369	2,352	2,536
Surprise	+1.0%	+1.4%	+1.9%	+0.7%	+0.2%	+0.6%	+0.4%	+0.2%	+0.8%	+1.0%
EPS reported	1.04	1.24	1.35	1.16	1.13	1.29	1.44	1.29	1.23	1.50
EPS mean	1.00	1.17	1.30	1.21	1.10	1.25	1.38	1.28	1.18	1.36
Surprise	+3.9%	+6.0%	+3.5%	−4.1%	+2.8%	+3.0%	+4.1%	+0.7%	+3.9%	+10.6%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WCN Waste Connections, Inc.	65.9B	3.13x	11.4%	5.98x	33.0x	30.3x	16.8x	15.6x
SPGI S&P Global Inc.	192.7B	2.06x	29.2%	6.99x	26.6x	23.6x	19.2x	18.1x
WM Waste Management Inc	132.2B	3.05x	10.7%	9.58x	29.3x	26.6x	14.4x	13.5x
CTAS Cintas Corporation	124.8B	0.70x	17.7%	17.25x	40.6x	36.4x	26.8x	24.5x
MCO Moody's Corporation	122.0B	1.38x	31.9%	26.70x	30.2x	27.2x	21.1x	19.5x
RSG Republic Services Inc	104.8B	2.63x	12.9%	6.13x	33.8x	30.7x	16.0x	15.0x
Mean		2.16x	19.0%	12.10x	32.2x	29.1x	19.0x	17.7x
Median		2.35x	15.3%	8.29x	31.6x	28.8x	18.0x	16.9x

Technical analysis

1M+20.1%
3M+12.4%
1Y+12.9%
3Y+47.7%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Waste Connections, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,992	12,826	10,625	9,771	7,772	6,933
Cost of revenue	7,487	7,466	6,284	5,875	4,617	4,171
Gross profit	5,505	5,361	4,341	3,896	3,155	2,761
Selling, general & administrative expenses	1,284	1,233	1,044	910	759	672
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,691	1,673	1,329	1,245	1,027	958
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	184	919	330	58.5	201	607
Other operating expenses	0	0	0	0	0	0
Operating income	2,347	1,535	1,637	1,683	1,168	525
Net interest income (expense)	−442	−453	−351	−266	−202	−200
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	41.4	15.1	16.5	4.3	7.9	−1.8
Net income before taxes	1,946	1,097	1,303	1,421	974	323
Provision for taxes	468	210	292	289	192	63.6
Minority interest	0	1.4	0	−0.5	−0.6	0.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,477	888	1,010	1,132	781	261
Extraordinary items	–	–	–	–	–	–
Net income	1,477	888	1,010	1,132	781	261
EBIT, normalized	2,531	2,454	1,989	1,742	1,369	1,132
EBITDA, normalized	4,222	4,128	3,318	2,987	2,396	2,089
Basic EPS, normalized	6.99	6.85	5.68	5.12	4.10	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Waste Connections, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	63.1	89.7	104	107	186	786
Receivables	1,468	1,399	1,172	1,188	974	802
Total inventory	108	102	81.7	74.8	55.9	–
Prepaid expenses	63.7	77.9	53.6	59.2	28.4	205
Other current assets	97.2	95.8	101	85.6	60.3	0
Total current assets	1,800	1,764	1,512	1,514	1,305	1,793
Property, plant & equipment	12,415	11,999	9,921	9,679	7,432	6,945
Goodwill	11,518	11,433	9,807	9,352	7,817	7,290
Intangibles	2,753	2,864	2,124	2,268	1,706	1,470
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	513	438	366	403	311	314
Total assets	28,998	28,498	23,730	23,216	18,572	17,812
Liabilities
Accounts payable	1,050	917	851	865	496	370
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,173	1,118	734	632	584	529
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	11.9	11.3	35.0	9.2	7.6	10.5
Other current liabilities	680	656	616	543	470	400
Total current liabilities	2,915	2,702	2,236	2,049	1,557	1,309
Long-term debt	12,092	11,609	8,907	9,335	6,368	5,994
Minority interest	0	0	6.6	6.7	5.8	5.3
Other liabilities	2,674	2,884	2,391	2,192	1,811	1,771
Total liabilities	17,682	17,195	13,540	13,584	9,742	9,080
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,820	4,721	4,340	4,433	4,666	5,131
Additional paid-in capital	512	469	377	331	252	217
Retained earnings (accumulated deficit)	7,136	6,409	5,486	4,945	3,862	3,385
Treasury stock	0	–	0	0	0	–
Other equity	−152	−296	−13.0	−77.0	50.0	−0.8
Total equity	11,316	11,303	10,189	9,632	8,830	8,732
Total liabilities & shareholders' equity	28,998	28,498	23,730	23,216	18,572	17,812

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Waste Connections, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,477	887	1,010	1,133	781	260
Depreciation, depletion & amortization	1,691	1,673	1,329	1,245	1,027	958
Deferred taxes	160	−82.4	8.4	127	18.4	−64.3
Non-cash items	347	1,028	453	137	295	670
Changes in working capital	−363	−301	16.6	98.6	24.0	−30.5
Cash from operations	3,313	3,205	2,817	2,740	2,146	1,793
Investing activities
Capital expenditures	−1,639	−1,519	−1,237	−1,237	−940	−846
Other investing cash flows	−1,138	−3,024	−857	−2,946	−1,199	−486
Cash from investing	−2,777	−4,543	−2,094	−4,183	−2,140	−1,332
Financing activities
Financing cash flow items	−97.3	−113	−59.8	−67.2	−203	−58.6
Cash dividends paid	−458	−435	−358	−329	−278	−254
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	61.3	1,906	−303	1,790	−149	213
Cash from financing	−494	1,359	−721	1,393	−631	−99.6
Foreign exchange effects	0.9	−0.8	1.8	−2.8	0	8.8
Net change in cash	43.1	20.3	3.5	−51.8	−625	371
Free cash flow	1,674	1,687	1,580	1,504	1,205	947

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.