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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.

135

public companies

14.7x

median EV / EBITDA

6

sub-sectors

2,142

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.

Open Sector Book
Solid Waste12 names · $52B spend · 14.0x median$52Bsector spendHDSN · Solid Waste · 9.3x EV/EBITDA · $12M disclosed acq. spendQRHC · Solid Waste · 30.9x EV/EBITDA · $34M disclosed acq. spendHCCI · Solid Waste · 8.5x EV/EBITDA · $181M disclosed acq. spendMEG · Solid Waste · 11.3x EV/EBITDA · $387M disclosed acq. spendCECO · Solid Waste · 37.5x EV/EBITDA · $534M disclosed acq. spendCWST · Solid Waste · 15.7x EV/EBITDA · $2.1B disclosed acq. spendSRCL · Solid Waste · 25.5x EV/EBITDA · $3.4B disclosed acq. spendGFL · Solid Waste · 12.0x EV/EBITDA · $3.9B disclosed acq. spendCLH · Solid Waste · 13.2x EV/EBITDA · $4.4B disclosed acq. spendWCN · Solid Waste · 17.3x EV/EBITDA · $9.2B disclosed acq. spendRSG · Solid Waste · 12.7x EV/EBITDA · $9.5B disclosed acq. spendWM · Solid Waste · 14.7x EV/EBITDA · $18B disclosed acq. spendWMRSGWater Utilities5 names · $1.0B spend · 14.1x median$1.0Bsector spendMSEX · Water Utilities · 14.4x EV/EBITDA · $2M disclosed acq. spendARTNA · Water Utilities · 6.4x EV/EBITDA · $3M disclosed acq. spendCWCO · Water Utilities · 15.7x EV/EBITDA · $8M disclosed acq. spendWTRG · Water Utilities · 14.1x EV/EBITDA · $300M disclosed acq. spendPCYO · Water Utilities · 14.1x EV/EBITDA · $735M disclosed acq. spendPCYOWTRGWater Infra13 names · $35B spend · 15.0x median$35Bsector spendERII · Water Infra · 10.2x EV/EBITDA · $14M disclosed acq. spendMWA · Water Infra · 12.4x EV/EBITDA · $232M disclosed acq. spendVLTO · Water Infra · 16.5x EV/EBITDA · $395M disclosed acq. spendHWKN · Water Infra · 21.7x EV/EBITDA · $415M disclosed acq. spendAQUA · Water Infra · 29.8x EV/EBITDA · $493M disclosed acq. spendFLS · Water Infra · 14.9x EV/EBITDA · $1.1B disclosed acq. spendAOS · Water Infra · 10.9x EV/EBITDA · $1.5B disclosed acq. spendWMS · Water Infra · 13.0x EV/EBITDA · $1.5B disclosed acq. spendWTS · Water Infra · 17.5x EV/EBITDA · $1.6B disclosed acq. spendXYL · Water Infra · 15.6x EV/EBITDA · $3.5B disclosed acq. spendITRI · Water Infra · 7.4x EV/EBITDA · $5.6B disclosed acq. spendPNR · Water Infra · 15.0x EV/EBITDA · $6.6B disclosed acq. spendECL · Water Infra · 24.5x EV/EBITDA · $12B disclosed acq. spendECLPNREnv Engineering8 names · $26B spend · 14.1x median$26Bsector spendWLDN · Env Engineering · 20.8x EV/EBITDA · $300M disclosed acq. spendBV · Env Engineering · 6.4x EV/EBITDA · $412M disclosed acq. spendGVA · Env Engineering · 15.2x EV/EBITDA · $1.1B disclosed acq. spendTTEK · Env Engineering · 13.0x EV/EBITDA · $2.3B disclosed acq. spendEME · Env Engineering · 20.0x EV/EBITDA · $3.8B disclosed acq. spendKBR · Env Engineering · 7.1x EV/EBITDA · $4.5B disclosed acq. spendACM · Env Engineering · 10.3x EV/EBITDA · $5.7B disclosed acq. spendJ · Env Engineering · 19.2x EV/EBITDA · $7.7B disclosed acq. spendJACMRenewables & RNG10 names · $28B spend · 18.6x median$28Bsector spendSHLS · Renewables & RNG · 22.8x EV/EBITDA · $13M disclosed acq. spendAMRC · Renewables & RNG · 14.9x EV/EBITDA · $88M disclosed acq. spendENPH · Renewables & RNG · 23.7x EV/EBITDA · $358M disclosed acq. spendRUN · Renewables & RNG · 32.4x EV/EBITDA · $585M disclosed acq. spendFSLR · Renewables & RNG · 9.2x EV/EBITDA · $802M disclosed acq. spendAMPS · Renewables & RNG · 7.6x EV/EBITDA · $829M disclosed acq. spendORA · Renewables & RNG · 25.4x EV/EBITDA · $1.1B disclosed acq. spendBEP · Renewables & RNG · 9.5x EV/EBITDA · $4.5B disclosed acq. spendCWEN · Renewables & RNG · 19.9x EV/EBITDA · $5.0B disclosed acq. spendNEE · Renewables & RNG · 17.2x EV/EBITDA · $15B disclosed acq. spendNEECWENAdjacency5 names · $9.2B spend · 16.7x median$9.2Bsector spendCHE · Adjacency · 14.2x EV/EBITDA · $109M disclosed acq. spendGRC · Adjacency · 18.3x EV/EBITDA · $568M disclosed acq. spendDCI · Adjacency · 16.7x EV/EBITDA · $829M disclosed acq. spendKEX · Adjacency · 9.9x EV/EBITDA · $3.5B disclosed acq. spendRBA · Adjacency · 17.1x EV/EBITDA · $4.1B disclosed acq. spendRBAKEX4x13x22x31x40xEV / EBITDAvaluation range by sub-sector · larger dots = disclosed spend · labels = top 2 spenders
Solid WasteWater UtilitiesWater InfraEnv EngineeringRenewables & RNGAdjacency· dot size = disclosed spend

Deliverables

Marquee coverage

Strongest near-term cases

78 core Environmental Services companies · 135 published names · sourced from SEC EDGAR filings.