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Q2 2026 Waste & Environmental Services market review

Waste & Environmental Services is cooling this window, with 149 buys in the last 3 years vs 173 prior across 35 public acquirers.

Generated May 25, 2026, 2:01 PMSource packet: market reviewSE-Cluster evidence packet

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Market thesis

[1][2]
2 cites
Priority buyers show repeat local-density tuck-ins, disposal or treatment capacity logic, and segment-specific capability expansion rather than one-off large transactions.

[1] 10-K· 2026-02-09

FY 2022 strategy language. Execution of our strategy, including growth through acquisitions and our planned expansion of our recycling and renewable energy businesses, may cause us to incur substantial additional indebtedness

[2] 10-K· 2026-02-09

FY 2021 strategy language. growth through acquisitions, may cause us to incur substantial additional indebtedness

Buyer hierarchy

[1][2][3]
3 cites
WM, RSG, WCN, CWST, CLH lead the current buyer hierarchy with 787 recorded buys among ranked acquirers.

[1] 10-K· 2026-02-09

FY 2022 strategy language. Execution of our strategy, including growth through acquisitions and our planned expansion of our recycling and renewable energy businesses, may cause us to incur substantial additional indebtedness

[2] 10-K· 2026-02-09

FY 2021 strategy language. growth through acquisitions, may cause us to incur substantial additional indebtedness

[3] 10-K· 2026-02-09

FY 2020 strategy language. Execution of our strategy, particularly growth through acquisitions, may cause us to incur substantial additional indebtedness

Filing signals

[4][5][6][7]
4 cites
Arq, Inc.: Restatement, late-filing, shareholder-pressure, or governance filings point to very active governance attention. Casella Waste Systems, Inc.: 130 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. Select Water Solutions, Inc.: 33 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. Waste Connections, Inc.: 205 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. Waste Management, Inc: 206 recorded buyer-side acquisition reference(s); filings read as very active buyer activity.

[4] 10-K· 2026-03-10

FY 2020 strategy language. Concurrently with the execution of the Supply Agreement, on September 30, 2020, we entered into an agreement to purchase (the "Mine Purchase Agreement") from Cabot 100% of the membership interests in Marshall Mine, LLC (the "Marshall Mine Acquisition") for a nominal cash purchase price.

[5] 10-K· 2026-03-10

FY 2024 strategy language. consolidating corporate and administrative infrastructures and eliminating duplicative operations

[6] 10-K· 2026-03-10

FY 2023 strategy language. consolidating corporate and administrative infrastructures and eliminating duplicative operations;

[7] 10-K· 2026-02-20

FY 2025 strategy language. We have focused on a balanced growth strategy through a combination of acquisitions, development projects, and new contracts while adhering to strict capital discipline standards