Environmental Services · Coverage desk
Environmental Services M&A coverage, built on SEC filings.
WM, WCN, and RSG are the scaled public consolidators; the rest of the sector benchmarks off how the majors buy, pay, and trade. Sector book, comps & precedents, and a tear sheet on any covered name, with every figure traced to a filing.
86
verified ES names
49
market representation
14.7x
median EV / EBITDA
3,800
disclosed acquisitions
The sector at a glance
Environmental Services names grouped by sub-sector, positioned by valuation (EV/EBITDA), and sized by filing-derived disclosed acquisition spend.
ES vs market representation
The 50-name market set is the control group. It lets the ES desk compare valuation, margins, and disclosed M&A cadence against public compounders outside Environmental Services.
Verified ES
86
Company-level coverage used for banker outputs, source checks, comps, and tear sheets.
14.7x
Median multiple
20%
Median margin
3,800
M&A records
87%
Active acquirers
Market representation
49
The 50-name control set for testing ES against route density, serial-acquirer, and compounder economics.
17.4x
Median multiple
23%
Median margin
4,638
M&A records
100%
Active acquirers
Comparison frame
Bars scale within each metric
Roster
names in the working set
Buckets
sub-sectors vs benchmark buckets
EV / EBITDA
median public-company multiple
EV / revenue
median public-company revenue multiple
EBITDA margin
median reported margin
M&A active
companies with disclosed acquisition records
Market representation buckets
Industrial Compounders
Roper, Danaher, Transdigm, Heico: the canonical bolt-on machines.
Route-Based
Rollins, Cintas, Aramark, Brink's: recurring-revenue density buyers.
Data & Exchanges
ICE, S&P Global, Moody's, MSCI, FactSet, FICO: data network compounders.
Healthcare
UnitedHealth, CVS, HCA, Elevance: payor-provider integrators and distributors.
Distribution
Sherwin-Williams, Pool, AutoZone, O'Reilly, Fastenal: store/route distribution.
Tech & Software
Oracle, Salesforce, Cisco, Microsoft, Adobe: platform consolidators.
Mega-Cap
Berkshire, Honeywell, 3M, Caterpillar: the largest US conglomerates.
A&D
Lockheed Martin and RTX: defense platform acquirers.
Deliverables
Sector Book
The consolidation map, sub-sector valuation, M&A activity, and the scaled-buyer roster.
6 sub-sectors
Comps & Precedents
Trading comps, valuation dispersion, source-backed precedent multiples, and the named-deal log.
3,800 disclosed acquisitions
Buyer List
Build a waste-sector seller profile and rank the curated Environmental Services buyer universe by outreach lane.
Seller-to-buyer match
Tear Sheet
Everything we hold on a single name: financials, valuation vs peers, the M&A program, strategy in management's words, and a full source ledger.
Any covered name
Marquee coverage
Strongest near-term casesA.O. Smith
AOSM&A Program Review
AOS runs a sustained, disclosed acquisition program; use the call to test current cadence, capital deployment, and where the peer set is setting valuation.
Open brief
Advanced Drainage Systems
WMSM&A Program Review
WMS runs a sustained, disclosed acquisition program; use the call to test current cadence, capital deployment, and where the peer set is setting valuation.
Open brief
AECOM
ACMM&A Program Review
ACM runs a sustained, disclosed acquisition program; use the call to test current cadence, capital deployment, and where the peer set is setting valuation.
Open brief
Altus Power
AMPSM&A Program Review
AMPS runs a sustained, disclosed acquisition program; use the call to test current cadence, capital deployment, and where the peer set is setting valuation.
Open brief
Ameresco
AMRCM&A Program Review
AMRC runs a sustained, disclosed acquisition program; use the call to test current cadence, capital deployment, and where the peer set is setting valuation.
Open brief
86 core Environmental Services companies · 135 published names · sourced from SEC EDGAR filings.