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Earnings transcript
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WCN
Waste Connections, Inc.
$166.08
3.26
(2%)
| Exchange: | NYSE |
| Market Cap: | 42.456B |
| Shares Outstanding: | 29.098M |
About The Company
| Sector: | Industrials | |||||
| Industry: | Waste Management | |||||
| CEO: | Ronald J. Mittelstaedt | |||||
| Full Time Employees: | 23854 | |||||
| Address: |
| |||||
| Website: | https://www.wasteconnections.com |
Waste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well’s operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. As of December 31, 2021, it owned 334 solid waste collection operations; 142 transfer stations; 61 municipal solid waste (MSW) landfills; 12 E&P waste landfills; 14 non-MSW landfills; 71 recycling operations; 4 intermodal operations; 23 E&P liquid waste injection wells; and 19 E&P waste treatment and oil recovery facilities. The company also operates an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8,021,951 | 8,919,591 | 9,503,395.730 |
| Gross Profit | 3,277,438 | 3,727,885 | 3,702,966.747 |
| EBITDA | 2,345,455 | 2,389,779 | 3,009,411.399 |
| Operating Income | 1,236,312 | 1,067,659 | 1,722,633.351 |
| Net Income | 762,800 | 617,573 | 1,080,529.458 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 17,915,876 | 19,817,809 | 21,129,363 |
| Total Liabilities | 10,218,095 | 11,957,455 | 12,883,982 |
| Total Stockholders Equity | 7,692,809 | 7,860,354 | 8,245,381 |
| Total Debt | 7,022,206 | 8,393,376 | 9,131,043 |
| Cash and Cash Equivalents | 78,399 | 62,366 | 45,968 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 2,126,817 | 2,228,927 | 2,414,069 |
| Capital Expenditure | -934,000 | -1,055,988 | 0 |
| Free Cash Flow | 1,192,817 | 1,172,939 | 2,414,069 |
| Net Income | 762,826 | 616,570 | 1,076,557 |
| Net Change in Cash | 2,674 | 14,135 | 31,407 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 12,314,209.862 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 12,681,992.487 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 12,411,054.111 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 3,663,522.769 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 3,772,939.454 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 3,692,334.290 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 2,123,750.066 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 2,206,402.512 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 2,145,514.073 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 1,185,849.358 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 1,221,266.554 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 1,195,175.388 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 8.370 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 8.600 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 8.280 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 13 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: Waste Connections reported strong Q1 2025 revenue of $2.X billion, reflecting consistent growth as highlighted in the earnings call transcript. This performance aligns with historical revenue trends from income statements, supported by steady operating cash flow and positive free cash flow figures from cash flow statements, indicating operational efficiency.
- Strategic Execution: The Q1 2025 earnings call emphasized successful strategic initiatives, including operational improvements and margin expansion, which have bolstered gross profit and net income margins (as per key metrics like grossProfitMarginTTM and netProfitMarginTTM). This demonstrates the company’s ability to execute effectively in a competitive sector.
- Strong Market Position: As part of the waste management industry within the broader industrials sector (per company profile and industry data), Waste Connections benefits from a stable demand environment, reinforced by its large market cap and consistent dividend yield (lastDiv and dividendYieldTTM), appealing to income-focused investors.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates WCN intrinsic value between $66.70 – $105.96 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about WCN valuation
Is Waste Connections, Inc. (WCN) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Waste Connections, Inc. (WCN) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is WCN a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether WCN trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is WCN’s P/E ratio?
You can see WCN’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for WCN?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is WCN a good long-term investment?
Whether WCN fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
WCN
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Daily snapshot
2
Trading Metrics:
| Open: | 160.01 | Previous Close: | 162.82 | |
| Day Low: | 160.01 | Day High: | 167.2 | |
| Year Low: | 154.9 | Year High: | 200.68 | |
| Price Avg 50: | 166.25 | Price Avg 200: | 174.44 | |
| Volume: | 1.758M | Average Volume: | 1.61M |
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Login — it's freeWCN full analysis
Welcome to MARKETSNAP’s SWOT analysis for Waste Connections, Inc., a powerhouse in the waste management game. If you’re looking to diversify your portfolio with a solid long-term play in an essential industry, you’ve come to the right place. Today, we’re diving deep into what makes Waste Connections tick, breaking down their strengths, weaknesses, opportunities, and threats, while keeping an eye on what could drive this stock for years to come. Let’s get started with a quick overview of who they…
