Waste Connections, Inc.WCN
NYSE•Industrials•Waste Management
Waste Connections, Inc. provides non-hazardous waste collection, transfer, and disposal 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 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; develops, owns, and operates projects or the beneficial reuse of landfill gas through landfill network; and intermodal services for the movement of cargo and solid waste containers. In addition, it provides E&P waste treatment, recovery, and disposal services for waste created through the initial drilling and completion of an oil or natural gas well, 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. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.
Waste Connections, Inc. (WCN) reported trailing twelve months revenue of $9.61B as of March 2026, a 5.9% increase year-over-year. Quarterly revenue reached $2.37B, reflecting continued top-line momentum.
Waste Connections, Inc. generated $1.05B in TTM net income, with quarterly EBITDA of $678.83M. The operating margin contracted from 17.5% to 15.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (15.4%) and net margin (9.3%) indicates moderate non-operating costs. Net margin has narrowed from 10.8% a year ago, reflecting increased costs or interest expense.
WCN trades at a P/E of 39.2x (a premium multiple) and a P/S of 4.3x. The price-to-book ratio of 5.1x indicates a significant premium over book value.
The company generated $249.00M in free cash flow over the trailing twelve months, a 24.3% decrease year-over-year, indicating cash generation ability. The balance sheet shows $21.19B in total assets with $9.09B in long-term debt against $8.06B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 14.7%. The business may lack pricing power or face rising costs.'
ROE is positive at ~9.9% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~14.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation