Full text
Earnings transcript
Read the complete earnings call transcript.
WCN
Waste Connections, Inc.
$170.01
0.4
(0.24%)
| Exchange: | NYSE |
| Market Cap: | 42.851B |
| Shares Outstanding: | 29.098M |
Delayed data
About The Company
| Sector: | Industrials | |||||
| Industry: | Waste Management | |||||
| CEO: | Ronald J. Mittelstaedt | |||||
| Full Time Employees: | 24214 | |||||
| Address: |
| |||||
| Website: | https://www.wasteconnections.com |
Waste Connections, Inc. is a leading environmental services provider that delivers a full spectrum of non-hazardous waste management solutions, including collection, transfer, disposal, and resource recovery, across both the United States and Canada. The company offers essential waste collection services to a diverse customer base, spanning residential, commercial, municipal, industrial, and exploration and production (E&P) sectors. Beyond collection, their operations encompass landfill management for final waste disposition and comprehensive recycling programs for a wide array of materials, such as compostables, cardboard, mixed paper, plastic containers, glass bottles, and both ferrous and aluminum metals. Waste Connections also maintains and operates a network of transfer stations, which efficiently receive, compact, and load waste for subsequent transport—by truck, rail, or barge—to either landfills or specialized treatment facilities. In the Pacific Northwest, the company further provides intermodal services through a dedicated network, facilitating the rail movement of general cargo and solid waste containers. A specialized component of their offerings includes the treatment, recovery, and safe disposal of waste generated by oil and natural gas exploration and production activities. This includes complex materials such as drilling fluids, drill cuttings, completion fluids, flowback water, ongoing production wastes, produced water from operational wells, contaminated soils requiring remediation during site reclamation, and substances needing clean-up after spills, reserve pit operations, or pipeline ruptures. Additionally, the company provides equipment leasing options to its customers. As of December 31, 2021, Waste Connections possessed a robust infrastructure, owning 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 facilities, 4 intermodal operations, 23 E&P liquid waste injection wells, and 19 E&P waste treatment and oil recovery facilities. The company also manages an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was established in 1997 and its corporate headquarters are situated in Woodbridge, Canada.
Click to read more…
Revenue Segmentation
EPS
Historical EPS and analyst estimates in one chart. Log in for the full interactive view and links to detailed estimates.
Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
Log in to continue
Log in to read the full transcript and AI-generated earnings summaries.
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 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 12,288,269.226 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 12,608,451.586 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 12,442,763.269 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 3,655,805.335 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 3,751,060.766 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 3,701,767.881 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 2,108,964.596 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 2,180,670.921 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 2,143,564.905 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 1,183,351.294 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 1,214,184.619 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 1,198,228.956 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 8.360 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 8.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 8.220 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 7 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
Log in to continue
Log in and subscribe to Full Access to see up to 5 years of analyst estimates.
Login — it's free(* All numbers are in thousands)
Current Key Metrics
Log in to continue
Log in to see all key valuation metrics and ratios for this symbol.
Login — it's freeForward P/E Ratios
Log in to continue
Log in with Full Access for forward P/E high/low estimates and the full multi-year table.
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.
Log in with Research Access for Weaknesses, Opportunities, Threats, and the complete SWOT.
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.
[intrinsic_calculator]
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
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
0.24
Trading Metrics:
| Open: | 169.95 | Previous Close: | 169.61 | |
| Day Low: | 169.26 | Day High: | 171.6 | |
| Year Low: | 146.89 | Year High: | 191.91 | |
| Price Avg 50: | 161.03 | Price Avg 200: | 166.17 | |
| Volume: | 553928 | Average Volume: | 1.652M |
Log in to continue
Log in for multi-period charts (1W–5Y), period tabs, and the same layout as members.
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…
