SE‑ClusterEnvironmental Services
Analyst WorkbookSnapshot 2026-Q2Source: SEC EDGAR
Comps & Precedents
Public Environmental Services trades in a tight mid-teens EV/EBITDA band; scale and balance-sheet capacity separate the names.
72
public comparables
14.7x
median EV / EBITDA
134
precedent transactions
4
deals with EV multiples
Trading comps
LTM as reported · as of May 8, 2026Sub-sectors collapse to medians by default. Expand a group or filter to one sub-sector to drill in. Sort any column.
| Company | Ticker | EBITDA ($MM) | Market cap ($MM) | Net debt / EBITDA | |||||
|---|---|---|---|---|---|---|---|---|---|
| Waste Management, Inc | WM | $25,413 | $7,406 | 29% | $86,487 | $109,220 | 4.3x | 14.7x | $22,733 |
| Republic Services, Inc. | RSG | $16,695 | $4,795 | 29% | $61,797 | $62,226 | 3.7x | 12.7x | $13,199 |
| Waste Connections, Inc. | WCN | $9,646 | $2,763 | 29% | $38,575 | $47,889 | 5.0x | 17.3x | $9,063 |
| GFL Environmental Inc. | GFL | $6,700 | $2,020 | 30% | $17,413 | $25,870 | 3.9x | 12.0x | N/A |
| Clean Harbors, Inc. | CLH | $6,058 | $1,146 | 19% | $15,386 | $15,119 | 2.5x | 13.2x | $2,226 |
| Stericycle, Inc.delisted | SRCL | $2,627 | $367 | 14% | $5,754 | $7,501 | 2.8x | 25.5x | N/A |
| Casella Waste Systems, Inc. | CWST | $1,877 | $412 | 22% | $5,350 | $6,460 | 3.4x | 15.7x | $1,038 |
| Ceco Environmental Corp. | CECO | $812 | $78 | 10% | $2,934 | $2,917 | 3.6x | 37.5x | $208 |
| Radius Recycling, Inc. | RDUS | $2,797 | $27 | 1% | $842 | $1,410 | 0.7x | NM | N/A |
| Heritage-Crystal Clean, Incdelisted | HCCI | $799 | $156 | 20% | $1,108 | $1,303 | 1.8x | 8.5x | N/A |
| Onterris, Inc. | MEG | $821 | $77 | 9% | $585 | $963 | 1.2x | 11.3x | $300 |
| Hudson Technologies Inc. | HDSN | $251 | $22 | 9% | $223 | $207 | 0.8x | 9.3x | ($14) |
| Quest Resource Holding Corporation | QRHC | $244 | $3 | 1% | $24 | $87 | 0.4x | 30.9x | $62 |
| Fuel Tech, Inc. | FTEK | $26 | ($3) | -13% | $47 | $39 | 1.5x | NM | ($8) |
| Median | $2,337 | $245 | 14% | $4,142 | $4,689 | 3.0x | 14.0x | $669 | |
| Mean | $5,945 | $1,562 | 15% | $19,139 | $22,701 | 2.6x | 17.5x | $4,881 | |
| High | $25,413 | $7,406 | 30% | $86,487 | $109,220 | 5.0x | 37.5x | $22,733 | |
| Low | $26 | ($3) | -13% | $24 | $39 | 0.4x | 9.3x | ($14) | |
Financials via Financial Modeling Prep (SEC-derived TTM); live names priced as of May 8, 2026. Median/mean/high/low exclude delisted names (data frozen at delisting). Impossible values (EBITDA > revenue, negative-EBITDA multiples, outliers) shown NM. † revenue restated from the latest SEC EDGAR 10-K where the provider value failed validation.
Valuation dispersion
EV / EBITDA by sub-sectorEach dot is a live name; the band is the interquartile range and the line is the median. Filter to isolate one sub-sector full-width.
Core Solid Waste & Recycling
· 10 names · median 14.0xWater Utilities
· 10 names · median 14.4xWater Infrastructure & Treatment Equipment
· 12 names · median 15.0xEnvironmental Engineering & Consulting
· 9 names · median 15.2xRenewables, RNG & Sustainability Infrastructure
· 12 names · median 16.0xEnvironmental Services Adjacency
· 8 names · median 14.1xPrecedent transactions
4 with a disclosed EV multiplePublic Environmental Services targets rarely disclose a clean, reconciled EV multiple; too few to band or average without inventing precision. The deals that do are shown individually below as reference points; the broader precedent set is the cited named-deal log beneath, where consideration is disclosed but a true multiple is not.
| Announced | Acquirer | Target | Equity ($MM) | + Net debt ($MM) | EV ($MM) | LTM rev ($MM) | EV / rev | Adj. EBITDA ($MM) | EV / EBITDA | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2023 | Xylem XYL | Evoqua Water Technologies AQUA | $6,743 | $757 | $7,500 | $1,737 | 4.3x | $298 | 25.2x | AQUA FY2022 10-K† |
| Jun 3, 2024 | Waste Management WM | Stericycle SRCL | $5,800 | $1,254 | $7,054 | $2,659 | 2.6x | $420 | 16.8x | SRCL FY2023 10-K† |
| Apr 15, 2019 | Waste Management WM | Advanced Disposal Services ADSW | $2,700 | $1,810 | $4,510 | $1,558 | 2.9x | $427 | 10.6x | ADSW FY2018 10-K† |
| Feb 9, 2022 | Republic Services RSG | US Ecology ECOL | $1,507 | $671 | $2,178 | $988 | 2.2x | $155 | 14.1x | ECOL FY2021 10-K† |
EV = announced equity consideration + target net debt at the last pre-deal balance sheet. EV / adj. EBITDA uses the target-disclosed adjusted EBITDA from its filed non-GAAP reconciliation † - reconciled figure only, never self-computed, and as-defined by each issuer (not strictly comparable). With this few clean multiples, treat them as individual reference points, not a precedent-multiple benchmark.
Named-deal log
134 dealsRepeatable private tuck-ins: cadence and consideration, not headline multiples. Cleaned of duplicates, placeholder dates, and divestitures.
| Date | Acquirer | Target | Sub-sector | Consideration ($MM) | Mix | Strategic rationale | Source |
|---|---|---|---|---|---|---|---|
| Dec 31, 2026 | California Water Service Group CWT | Nexus Water Group | Water Utilities | $218 | N/A | In February of 2026, we entered into an agreement to purchase Nexus’ Nevada and Oregon water and wastewater systems (the Systems) for approximately $218.0 million, subject to th... | 10-K† |
| Jan 9, 2026 | Nextera Energy, Inc. NEE | Symmetry Energy Solutions | Renewables, RNG & Sustainability Infrastructure | $1,146 | 70% cash / 30% other | Symmetry Acquisition – On January 9, 2026, a wholly owned subsidiary of NextEra Energy Resources acquired 100% of the equity interests of Symmetry Energy Solutions, a commercial... | 10-K† |
| Jan 6, 2026 | A. O. Smith Corporation AOS | LVC Holdco LLC (Leonard Valve) | Water Infrastructure & Treatment Equipment | $470 | All cash | Consistent with our stated strategic priorities, we continue to seek acquisitions that enable growth, expand our core business, and establish adjacencies. In November 2025, we a... | 10-K† |
| Dec 31, 2025 | Brookfield Renewable Corporation BEPC | Isagen | Renewables, RNG & Sustainability Infrastructure | $1,000 | All cash | During the fourth quarter of 2025, Brookfield Renewable completed the acquisition of an incremental 15% ownership in Isagen for $1 billion, of which the company’s share was $900... | 20-F† |
| Oct 3, 2025 | Granite Construction Inc. GVA | Cinderlite Trucking Corporation | Environmental Engineering & Consulting | $59 | All cash | On October 3, 2025, we completed the acquisition of Cinderlite, for $58.5 million in cash, subject to customary closing adjustments. We purchased all of the outstanding equity i... | 10-K† |
| Aug 14, 2025 | Array Technologies, Inc. ARRY | APA | Renewables, RNG & Sustainability Infrastructure | $185 | 90% cash / 10% other | On August 14, 2025 (the “Closing Date”), the Company, through its indirect wholly owned subsidiary STINorland USA, Inc., a California corporation (“Buyer”), completed the APA Ac... | 10-K† |
| Aug 5, 2025 | Granite Construction Inc. GVA | Warren Paving | Environmental Engineering & Consulting | $549 | N/A | As described in Note 2 to the consolidated financial statements, on August 5, 2025, the Company completed the acquisition of Warren Paving. The Company allocated the preliminary... | 10-K† |
| Aug 5, 2025 | Granite Construction Inc. GVA | Papich Construction | Environmental Engineering & Consulting | $170 | All cash | On August 5, 2025, we completed the acquisition of Papich Construction for $170.0 million in cash, subject to customary closing adjustments. We purchased all of the issued and o... | 10-K† |
| Jul 25, 2025 | Quanta Services, Inc. PWR | Dynamic Systems (DSI), LLC | Environmental Engineering & Consulting | $1,486 | 85% cash / 15% stock | On July 25, 2025, Quanta completed the acquisition of Dynamic Systems (DSI), LLC (Dynamic Systems), which provides turnkey mechanical, plumbing and process infrastructure soluti... | 10-K† |
| Jun 18, 2025 | Ormat Technologies, Inc. ORA | Blue Mountain geothermal power plant | Renewables, RNG & Sustainability Infrastructure | $89 | N/A | On June 18, 2025, the Company closed a purchase transaction with Cyrq Energy to acquire 100% ownership of the Blue Mountain geothermal power plant for a total consideration of $... | 10-K† |
| May 29, 2025 | Brookfield Renewable Partners L.p. BEP | Geronimo Power | Renewables, RNG & Sustainability Infrastructure | $1,409 | N/A | On May 29, 2025, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 100% interest in a fully integrated developer and operator of ren... | 20-F† |
| Apr 1, 2025 | Brookfield Renewable Partners L.p. BEP | Neoen | Renewables, RNG & Sustainability Infrastructure | $3,374 | N/A | In December 2024, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 53% controlling stake in Neoen, a leading global renewables deve... | 20-F† |
| Feb 3, 2025 | EMCOR Group, Inc. EME | Miller Electric Company | Environmental Engineering & Consulting | $877 | All cash | On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor that operates predominantly across the Southeas... | 10-K† |
| Feb 1, 2025 | Republic Services, Inc. RSG | COP Shamrock Parent, Inc. | Core Solid Waste & Recycling | $1,084 | 98% cash / 2% other | In February 2025, we acquired all of the issued and outstanding shares of COP Shamrock Parent, Inc. (Shamrock). Shamrock is a leading provider of environmental solutions offerin... | 10-K† |
| Jan 7, 2025 | US Energy Corp. USEG | Synergy Offshore LLC | Environmental Services Adjacency | $5 | 43% cash / 57% stock | On January 7, 2025, we entered and simultaneously closed the transactions contemplated by, a purchase and sale agreement, with Synergy Offshore LLC (“Synergy”). Synergy is contr... | 10-K† |
| Jan 3, 2025 | Ceco Environmental Corp. CECO | Profire Energy, Inc. | Core Solid Waste & Recycling | $123 | All cash | On January 3, 2025, the Company acquired all outstanding shares of Profire for $122.7 million in cash, including $4.6 million of cash used to settle outstanding equity awards fo... | 10-K† |
| 2025 | Essential Utilities, Inc. WTRG | Delaware County Regional Water Quality Control Authority | Water Utilities | $276 | All cash | As of December 31, 2025, the Company has four signed purchase agreements for additional water and wastewater systems that are expected to serve approximately 203,000 equivalent... | 10-K† |
| 2025 | Essential Utilities, Inc. WTRG | Delaware County Regional Water Quality Control Authority (DELCORA) | Water Utilities | $276 | All cash | This includes the Company’s agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA) for $276,000. DELCORA, a Pennsylvania sewer authority, se... | 10-K† |
| 2025 | Tetra Tech, Inc. TTEK | Amyx, Inc. | Environmental Engineering & Consulting | $121 | All other | In fiscal 2023, we also acquired Amyx, Inc. (“Amyx”), an enterprise technology services, cybersecurity and management consulting firm based in Reston, Virginia. With over 500 em... | 10-K† |
| Dec 17, 2024 | Ceco Environmental Corp. CECO | Verantis Environmental Solutions Group | Core Solid Waste & Recycling | $69 | All cash | On December 17, 2024, the Company acquired 100% of the equity interests of Verantis Environmental Solutions Group ("Verantis") for $69.2 million in cash, which was financed with... | 10-K† |
| Dec 5, 2024 | York Water Co. YORW | York Haven Sewer Authority | Water Utilities | $409 | N/A | On December 5, 2024, the Company completed the acquisition of the wastewater collection and treatment assets of York Haven Sewer Authority in York Haven Borough, York County, Pe... | 10-K† |
| Dec 1, 2024 | Brookfield Renewable Partners L.p. BEP | U.K. Wind Portfolio | Renewables, RNG & Sustainability Infrastructure | $2,200 | N/A | In December 2024, Brookfield Renewable, together with its institutional partners, partnered with a global leader in offshore wind, to acquire a 12% interest in a portfolio of ap... | 20-F† |
| Nov 4, 2024 | Waste Management, Inc WM | Stericycle | Core Solid Waste & Recycling | $7,200 | N/A | Stericycle Acquisition — On June 3, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire all outstanding shares of Stericycle for $62.00 per... | 10-K† |
| Nov 1, 2024 | A. O. Smith Corporation AOS | Pureit | Water Infrastructure & Treatment Equipment | $125 | N/A | On November 1, 2024, we acquired Pureit from Unilever for approximately $125 million, subject to customary adjustments. Pureit, a leading water purification business in South As... | 10-K† |
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Transaction multiples are deliberately not computed off the acquirers' “revenue contributed since acquisition” disclosure. Consideration is the disclosed deal value; † opens the source filing. Implausible disclosed considerations are withheld pending verification.
Acquirer league table
Repeat acquirers = coverage targetsRanked by disclosed acquisition records. The repeat buyers separate coverage targets from passive public comps.
| Company | Ticker | Sub-sector | Acq. records | Active years | Avg deals / yr | Named deals | Evidence |
|---|---|---|---|---|---|---|---|
| Stericycle, Inc. | SRCL | Core Solid Waste & Recycling | 419 | 15 | 27.9 | 3 | High |
| Waste Management, Inc | WM | Core Solid Waste & Recycling | 236 | 20 | 11.8 | 10 | High |
| Waste Connections, Inc. | WCN | Core Solid Waste & Recycling | 199 | 10 | 19.9 | 2 | High |
| Essential Utilities, Inc. | WTRG | Water Utilities | 184 | 10 | 18.4 | 22 | High |
| Casella Waste Systems, Inc. | CWST | Core Solid Waste & Recycling | 125 | 19 | 6.6 | 6 | High |
| York Water Co. | YORW | Water Utilities | 120 | 16 | 7.5 | 15 | High |
| Quanta Services, Inc. | PWR | Environmental Engineering & Consulting | 105 | 19 | 5.5 | 22 | High |
| American Water Works Company, Inc. | AWK | Water Utilities | 98 | 23 | 4.3 | 27 | High |
| Pentair plc | PNR | Water Infrastructure & Treatment Equipment | 95 | 18 | 5.3 | 12 | High |
| Brookfield Renewable Partners L.p. | BEP | Renewables, RNG & Sustainability Infrastructure | 92 | 12 | 7.7 | 46 | High |
| Ecolab Inc. | ECL | Water Infrastructure & Treatment Equipment | 92 | 19 | 4.8 | 8 | High |
| Radius Recycling, Inc. | RDUS | Core Solid Waste & Recycling | 88 | 11 | 8.0 | 1 | High |
| Clearway Energy, Inc. | CWEN | Renewables, RNG & Sustainability Infrastructure | 82 | 13 | 6.3 | 6 | High |
| Ameresco, Inc. | AMRC | Renewables, RNG & Sustainability Infrastructure | 74 | 13 | 5.7 | 5 | High |
| EMCOR Group, Inc. | EME | Environmental Engineering & Consulting | 71 | 17 | 4.2 | 9 | High |
| US Energy Corp. | USEG | Environmental Services Adjacency | 68 | 15 | 4.5 | 18 | High |
| Ormat Technologies, Inc. | ORA | Renewables, RNG & Sustainability Infrastructure | 68 | 12 | 5.7 | 7 | High |
| Hawkins, Inc. | HWKN | Water Infrastructure & Treatment Equipment | 64 | 9 | 7.1 | 10 | High |
| Jacobs Solutions Inc. | J | Environmental Engineering & Consulting | 62 | 19 | 3.3 | 13 | High |
| Global Water Resources, Inc. | GWRS | Water Utilities | 59 | 11 | 5.4 | N/A | Medium |
| Ceco Environmental Corp. | CECO | Core Solid Waste & Recycling | 56 | 11 | 5.1 | 11 | High |
| Watts Water Technologies Inc. | WTS | Water Infrastructure & Treatment Equipment | 56 | 18 | 3.1 | 3 | High |
| A. O. Smith Corporation | AOS | Water Infrastructure & Treatment Equipment | 52 | 13 | 4.0 | 9 | High |
| Chemed Corporation | CHE | Environmental Services Adjacency | 51 | 4 | 12.8 | 23 | High |
| Xylem Inc. | XYL | Water Infrastructure & Treatment Equipment | 50 | 11 | 4.5 | 18 | High |
| Willdan Group, Inc. | WLDN | Environmental Engineering & Consulting | 49 | 10 | 4.9 | 4 | High |
| Granite Construction Inc. | GVA | Environmental Engineering & Consulting | 48 | 6 | 8.0 | 15 | High |
| Donaldson Company, Inc. | DCI | Environmental Services Adjacency | 47 | 11 | 4.3 | 13 | High |
| KBR, Inc. | KBR | Environmental Engineering & Consulting | 47 | 12 | 3.9 | 13 | High |
| Consolidated Water Co. Ltd. | CWCO | Water Utilities | 45 | 2 | 22.5 | 1 | High |
| Clean Harbors, Inc. | CLH | Core Solid Waste & Recycling | 43 | 19 | 2.3 | 4 | High |
| Nextera Energy, Inc. | NEE | Renewables, RNG & Sustainability Infrastructure | 40 | 4 | 10.0 | 18 | High |
| California Water Service Group | CWT | Water Utilities | 40 | 17 | 2.4 | 8 | High |
| Tetra Tech, Inc. | TTEK | Environmental Engineering & Consulting | 40 | 19 | 2.1 | 3 | High |
| Aecom | ACM | Environmental Engineering & Consulting | 40 | 14 | 2.9 | 2 | High |
| Clean Energy Fuels Corp. | CLNE | Renewables, RNG & Sustainability Infrastructure | 40 | 7 | 5.7 | N/A | Medium |
| Republic Services, Inc. | RSG | Core Solid Waste & Recycling | 39 | 20 | 1.9 | 9 | High |
| Onterris, Inc. | MEG | Core Solid Waste & Recycling | 37 | 5 | 7.4 | 2 | High |
| Evoqua Water Technologies Corp. | AQUA | Water Infrastructure & Treatment Equipment | 35 | 6 | 5.8 | 15 | High |
| Flowserve Corp. | FLS | Water Infrastructure & Treatment Equipment | 34 | 9 | 3.8 | 10 | High |
Verified coverage queue
Where to focus nextThe strongest near-term coverage cases by SEC-evidenced M&A activity, then the full core-ES verified set.
Waste Management
WMM&A Program Review
The scaled solid-waste consolidator, benchmark cadence, route density, and capital deployment against RSG and WCN.
Clean Harbors
CLHStrategic Acquisition Pipeline
Hazardous-waste and industrial-services platform with a clear adjacency runway into compliance and field services.
Waste Connections
WCNM&A Program Review
Disciplined secondary-market roll-up with sector-leading margins, the cleanest cadence-and-returns benchmark alongside WM and RSG.
Casella Waste Systems
CWSTSub-sector Consolidation Update
Regional consolidator with a repeatable Northeast route-density playbook.
American Water Works
AWKRegulated Consolidation Update
Largest regulated-water platform; municipal tuck-ins frame the regulated-water story for SJW, WTRG, and CWT.
Full verified set · 86 names
| Coverage | Company | Ticker | Sub-sector | Status | Evidence | Coverage rationale |
|---|---|---|---|---|---|---|
| Verified | A.O. Smith | AOS | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Advanced Drainage Systems | WMS | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | AECOM | ACM | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Altus Power | AMPS | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Ameresco | AMRC | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | American Water Works | AWK | Water Utilities | Active | High | M&A Program Review |
| Verified | AquaVenture Holdings | WAAS | Environmental Services Adjacency | Delisted | High | Portfolio / Strategic Alternatives Review |
| Verified | Artesian Resources | ARTNA | Water Utilities | Active | High | M&A Program Review |
| Verified | Brookfield Renewable Corporation | BEPC | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Brookfield Renewable Partners | BEP | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Cadiz | CDZI | Water Utilities | Active | Medium | M&A Program Review |
| Verified | California Water Service | CWT | Water Utilities | Active | High | M&A Program Review |
| Verified | Casella Waste Systems | CWST | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | CECO Environmental | CECO | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Chemed | CHE | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Clean Energy Fuels | CLNE | Renewables, RNG & Sustainability Infrastructure | Active | Medium | M&A Program Review |
| Verified | Clean Harbors | CLH | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Clearway Energy | CWEN | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Consolidated Water | CWCO | Water Utilities | Active | High | M&A Program Review |
| Verified | Donaldson | DCI | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Ecolab | ECL | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | EMCOR Group | EME | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Enphase Energy | ENPH | Renewables, RNG & Sustainability Infrastructure | Active | Medium | M&A Program Review |
| Verified | Essential Utilities | WTRG | Water Utilities | Active | High | M&A Program Review |
| Verified | Evoqua Water Technologies | AQUA | Water Infrastructure & Treatment Equipment | Delisted | High | Portfolio / Strategic Alternatives Review |
| Verified | First Solar | FSLR | Renewables, RNG & Sustainability Infrastructure | Active | Medium | M&A Program Review |
| Verified | Flowserve | FLS | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Fluor | FLR | Environmental Engineering & Consulting | Active | Medium | M&A Program Review |
| Verified | Fuel Tech | FTEK | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | GFL Environmental | GFL | Core Solid Waste & Recycling | Active | Medium | M&A Program Review |
| Verified | Global Water Resources | GWRS | Water Utilities | Active | Medium | M&A Program Review |
| Verified | Gorman-Rupp | GRC | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Granite Construction | GVA | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Hawkins | HWKN | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Heritage-Crystal Clean | HCCI | Core Solid Waste & Recycling | Delisted | Medium | Portfolio / Strategic Alternatives Review |
| Verified | Hudson Technologies | HDSN | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Itron | ITRI | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Jacobs Solutions | J | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | KBR | KBR | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Kirby Corporation | KEX | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Matrix Service Company | MTRX | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Middlesex Water | MSEX | Water Utilities | Active | High | M&A Program Review |
| Verified | Montrose Environmental | MEG | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Mueller Water Products | MWA | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | NextEra Energy | NEE | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Ormat Technologies | ORA | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Pentair | PNR | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Quanta Services | PWR | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Quest Resource Holdings | QRHC | Core Solid Waste & Recycling | Active | Medium | M&A Program Review |
| Verified | Radius Recycling | RDUS | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | RB Global | RBA | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Republic Services | RSG | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | SolarEdge Technologies | SEDG | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Sotera Health | SHC | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Stericycle | SRCL | Core Solid Waste & Recycling | Delisted | High | Portfolio / Strategic Alternatives Review |
| Verified | Sunrun | RUN | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Tetra Tech | TTEK | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | US Ecology | USEG | Environmental Services Adjacency | Delisted | High | Portfolio / Strategic Alternatives Review |
| Verified | Waste Connections | WCN | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Waste Management | WM | Core Solid Waste & Recycling | Active | High | M&A Program Review |
| Verified | Watts Water Technologies | WTS | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | Willdan Group | WLDN | Environmental Engineering & Consulting | Active | High | M&A Program Review |
| Verified | Xylem | XYL | Water Infrastructure & Treatment Equipment | Active | High | M&A Program Review |
| Verified | York Water | YORW | Water Utilities | Active | High | M&A Program Review |
| Verified | American States Water | AWR | Water Utilities | Active | Medium | M&A Program Review |
| Verified | Array Technologies | ARRY | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Atlas Technical Consultants | ATCX | Environmental Engineering & Consulting | Delisted | Medium | Portfolio / Strategic Alternatives Review |
| Verified | BrightView Holdings | BV | Environmental Engineering & Consulting | Active | Medium | M&A Program Review |
| Verified | Consolidated Edison | ED | Environmental Services Adjacency | Active | High | M&A Program Review |
| Verified | Energy Recovery | ERII | Water Infrastructure & Treatment Equipment | Active | Medium | Capital Allocation Review |
| Verified | Montauk Renewables | MNTK | Renewables, RNG & Sustainability Infrastructure | Active | Medium | M&A Program Review |
| Verified | OPAL Fuels | OPAL | Renewables, RNG & Sustainability Infrastructure | Active | High | M&A Program Review |
| Verified | Pure Cycle Corporation | PCYO | Water Utilities | Active | Medium | M&A Program Review |
| Verified | Shoals Technologies | SHLS | Renewables, RNG & Sustainability Infrastructure | Active | Medium | M&A Program Review |
| Verified | Veralto | VLTO | Water Infrastructure & Treatment Equipment | Active | Medium | M&A Program Review |
| Verified | Algonquin Power & Utilities | AQN | Environmental Services Adjacency | Active | Medium | Sub-Sector Consolidation Update |
| Verified | PureCycle Technologies | PCT | Renewables, RNG & Sustainability Infrastructure | Active | Medium | Sub-Sector Consolidation Update |
| Verified | Stantec | STN | Environmental Engineering & Consulting | Active | Medium | Sub-Sector Consolidation Update |
| Verified | Atlantica Sustainable Infrastructure | AY | Renewables, RNG & Sustainability Infrastructure | Active | Review | Sub-Sector Consolidation Update |
| Verified | CSW Industrials | CSWI | Environmental Services Adjacency | Active | Review | Sub-Sector Consolidation Update |
| Verified | ENGlobal | ENG | Environmental Engineering & Consulting | Active | Review | Sub-Sector Consolidation Update |
| Verified | Li-Cycle Holdings | LICY | Renewables, RNG & Sustainability Infrastructure | Active | Review | Sub-Sector Consolidation Update |
| Verified | Newpark Resources | NR | Environmental Services Adjacency | Active | Review | Sub-Sector Consolidation Update |
| Verified | NextEra Energy Partners | NEP | Renewables, RNG & Sustainability Infrastructure | Active | Review | Sub-Sector Consolidation Update |
| Verified | Renewable Energy Group | REGI | Renewables, RNG & Sustainability Infrastructure | Delisted | Review | Portfolio / Strategic Alternatives Review |
| Verified | SJW Group | SJW | Water Utilities | Active | Review | Sub-Sector Consolidation Update |
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