SEC filing excerpt
10-K - 2025
The acquisition expands our offerings in the U.S., Canada and parts of Western Europe by providing RWCS and SID services that protect people and brands, promote health and well-being and safeguard the environment.
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Waste Management, Inc
WMActiveCIK 823768 · Core Solid Waste & Recycling
Waste Management, Inc is a public company in Waste Management, tracked in the core solid waste, recycling, and environmental services sub-sector, with $25B TTM revenue and $7.4B TTM EBITDA.
Market data as of May 8, 2026
Financials: LTM / latest available company filings
Sources: FMP, WM filings, SEC EDGAR
$86,487
Market cap ($MM)
$109,220
Enterprise value ($MM)
$25,413
Revenue · LTM ($MM)
$7,406
EBITDA · LTM ($MM)
29%
EBITDA margin
4.3x
EV / revenue
14.7x
EV / EBITDA
3.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WM is a scaled public consolidator in Solid Waste, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is RSG, WCN, CLH, GFL, CWST, MEG.
Balance sheet & capacity
Indicative capacity read: 3.1x net debt / EBITDA with EBITDA of $7.4B.
$158
Cash & equiv. ($MM)
$22,891
Total debt ($MM)
$22,733
Net debt ($MM)
3.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WM versus the scaled public Core Solid Waste & Recycling comparables.
EV / EBITDA distribution · peer set
WM 14.7x
Indexed share-price performance
WM versus available Core Solid Waste & Recycling peers and SPY.
+53%
WM
+28%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Waste Management, Inc | WM | $25,413 | $7,406 | 29% | $86,487 | $109,220 | 4.3x | 14.7x | 3.1x |
| Republic Services, Inc. | RSG | $16,695 | $4,795 | 29% | $61,797 | $62,226 | 3.7x | 12.7x | 2.8x |
| Waste Connections, Inc. | WCN | $9,646 | $2,763 | 29% | $38,575 | $47,889 | 5.0x | 17.3x | 3.3x |
| Clean Harbors, Inc. | CLH | $6,058 | $1,146 | 19% | $15,386 | $15,119 | 2.5x | 13.2x | 1.9x |
| GFL Environmental Inc. | GFL | $6,700 | $2,020 | 30% | $17,413 | $25,870 | 3.9x | 12.0x | NM |
| Casella Waste Systems, Inc. | CWST | $1,877 | $412 | 22% | $5,350 | $6,460 | 3.4x | 15.7x | 2.5x |
| Onterris, Inc. | MEG | $821 | $77 | 9% | $585 | $963 | 1.2x | 11.3x | 3.9x |
| Heritage-Crystal Clean, Inc | HCCI | $799 | $156 | 20% | $1,108 | $1,303 | 1.8x | 8.5x | NM |
| Core Solid Waste & Recycling median | $6,379 | $1,583 | 25% | $16,399 | $20,494 | 3.6x | 13.0x | 2.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WM's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
236
Active years
20
Named deals
10
Avg / active year
11.8
Acq. cash outflow · FY16–25 ($MM)
$14,377
Banker read
- 01WM reads as a programmatic acquirer: 236 disclosed acquisitions across 20 active years, or 11.8 per active year. The chart shows activity in 10 of the last 12 visible years.
- 02In the last three years, the file shows 12 acquisitions versus 28 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $18B of disclosed spend is concentrated in lumpy years, with FY24 the largest year at $7.5B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
WM count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
12 / 28
Last three years is down 57% vs prior three.
Peak count year
FY18
32 disclosed acquisitions in the peak visible year.
Recent spend
$8.1B
is up 77% vs prior three; peak FY24 at $7.5B.
Named evidence
10 rows
4.2% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Nov 4, 2024 | Stericycle | Core solid waste, recycling, and environmental services | $7,200 | 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† |
| Apr 14, 2019 | Advanced Disposal | Core solid waste, recycling, and environmental services | $4,900 | On April 14, 2019, we entered into an Agreement and Plan of Merger to acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash, representing a total ente... | 10-K† |
| Oct 30, 2020 | Advanced Disposal | Core solid waste, recycling, and environmental services | $4,082 | Advanced Disposal — On October 30, 2020, we completed our acquisition of all outstanding shares of Advanced Disposal for $30.30 per share in cash, pursuant to an Agreement and P... | 10-K† |
| Jan 8, 2016 | Southern Waste Systems/Sun Recycling | Core solid waste, recycling, and environmental services | $525 | Southern Waste Systems/Sun Recycling (“SWS”) — On January 8, 2016, Waste Management Inc. of Florida, a wholly-owned subsidiary of WM, acquired certain operations and business as... | 10-K† |
| Mar 8, 2019 | Petro Waste Environmental LP | Core solid waste, recycling, and environmental services | $515 | Petro Waste — On March 8, 2019, Waste Management Energy Services Holdings, LLC, an indirect wholly-owned subsidiary of WMI, acquired Petro Waste. The acquired business provides... | 10-K† |
| Jul 5, 2013 | RCI Environnement, Inc. | Core solid waste, recycling, and environmental services | $487 | On July 5, 2013, we paid C$509 million, or $481 million, to acquire substantially all of the assets of RCI Environnement, Inc. (“RCI”), the largest waste management company in Q... | 10-K† |
| Jul 28, 2011 | Oakleaf Global Holdings | Core solid waste, recycling, and environmental services | $432 | On July 28, 2011, we paid $432 million, net of cash received of $4 million and inclusive of certain adjustments, to acquire Oakleaf. Oakleaf provides outsourced waste and recycl... | 10-K† |
| Jul 28, 2011 | Oakleaf Global Holdings | Core solid waste, recycling, and environmental services | $432 | On July 28, 2011, we paid $432 million, net of cash received of $4 million and inclusive of certain adjustments, to acquire Oakleaf. Oakleaf provides outsourced waste and recycl... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
8
Recent SEC filings
10
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 9, 2026 | Annual M&A 10-K | accepted | N/A | $395MM | $440MM | SEC filing |
| FY2024 | Feb 19, 2025 | Annual M&A 10-K | accepted | N/A | $7.5B | $7.6B | SEC filing |
| FY2023 | Feb 13, 2024 | Annual M&A 10-K | accepted | 12 | $157MM | $182MM | SEC filing |
| FY2022 | Feb 7, 2023 | Annual M&A 10-K | accepted | 13 | $377MM | $507MM | SEC filing |
| FY2021 | Feb 15, 2022 | Annual M&A 10-K | warning (1 warn) | 11 | $75.0MM | $94.0MM | SEC filing |
| FY2020 | Feb 22, 2021 | Annual M&A 10-K | accepted | 4 | $4.1B | $4.1B | SEC filing |
| FY2019 | Feb 13, 2020 | Annual M&A 10-K | accepted | 18 | $521MM | $515MM | SEC filing |
| FY2018 | Feb 14, 2019 | Annual M&A 10-K | accepted | 32 | $440MM | $471MM | SEC filing |
| FY2017 | Feb 15, 2018 | Annual M&A 10-K | accepted | 24 | $183MM | $205MM | SEC filing |
| FY2016 | Feb 16, 2017 | Annual M&A 10-K | quarantined (1 issue) | 30 | $611MM | $604MM | SEC filing |
| FY2015 | Feb 18, 2016 | Annual M&A 10-K | accepted | 27 | $554MM | $661MM | SEC filing |
| FY2014 | Feb 17, 2015 | Annual M&A 10-K | accepted | 15 | $26.0MM | $32.0MM | SEC filing |
| FY2013 | Feb 18, 2014 | Annual M&A 10-K | accepted | 16 | $724MM | $772MM | SEC filing |
| FY2012 | Feb 14, 2013 | Annual M&A 10-K | accepted | 34 | $250MM | $244MM | SEC filing |
| FY2011 | Feb 16, 2012 | Annual M&A 10-K | accepted | N/A | $867MM | $893MM | SEC filing |
| FY2010 | Feb 17, 2011 | Annual M&A 10-K | accepted | N/A | $407MM | $427MM | SEC filing |
| FY2009 | Feb 16, 2010 | Annual M&A 10-K | warning (1 warn) | N/A | $266MM | $336MM | SEC filing |
| FY2008 | Feb 17, 2009 | Annual M&A 10-K | warning (1 warn) | N/A | $280MM | N/A | SEC filing |
| FY2007 | Feb 19, 2008 | Annual M&A 10-K | warning (1 warn) | N/A | $90.0MM | N/A | SEC filing |
| FY2006 | Feb 15, 2007 | Annual M&A 10-K | warning (1 warn) | N/A | $32.0MM | N/A | SEC filing |
| FY2005 | Feb 21, 2006 | Annual M&A 10-K | warning (1 warn) | 39 | $142MM | N/A | SEC filing |
| FY2004 | Feb 17, 2005 | Annual M&A 10-K | warning (1 warn) | 50 | $130MM | N/A | SEC filing |
| FY2003 | Feb 20, 2004 | Annual M&A 10-K | warning (1 warn) | 75 | $337MM | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.8 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 9, 2026 | 10-K | Stericycle | FinancialsAnnual M&ANamed dealsLanguage | SEC filing |
| Feb 15, 2022 | 10-K | Advanced Disposal; Petro Waste Environmental LP | Annual M&ANamed deals | SEC filing |
| Feb 13, 2020 | 10-K | Advanced Disposal | Annual M&ANamed deals | SEC filing |
| Feb 16, 2017 | 10-K | Southern Waste Systems/Sun Recycling | Annual M&ANamed deals | SEC filing |
| Feb 18, 2016 | 10-K | Deffenbaugh Disposal, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 18, 2014 | 10-K | RCI Environnement, Inc.; Greenstar, LLC | Annual M&ANamed deals | SEC filing |
| Feb 14, 2013 | 10-K | Oakleaf Global Holdings | Annual M&ANamed deals | SEC filing |
| Feb 16, 2012 | 10-K | Oakleaf Global Holdings | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+-
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 9, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsLanguageRecent SEC | SEC filing |
| Apr 29, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 28, 2026 | 8-K | 2.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 31, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 31, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Mar 25, 2026 | 8-K | 1.01,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Mar 13, 2026 | 8-K | 5.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Mar 6, 2026 | 8-K | 5.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
High
SEC filing excerpt
10-K - 2022
This acquisition grew our footprint and allows us to provide differentiated, sustainable waste management and recycling services to approximately three million new commercial, industrial and residential customers, prima…
SEC filing excerpt
10-K - 2012
We acquired Oakleaf to advance our growth and transformation strategies and increase our national accounts customer base while enhancing our ability to provide comprehensive environmental solutions.
Stericycle Acquisition
10-K - Feb 9, 2026
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 share in cash, representing a total enter…
Advanced Disposal
10-K - Feb 13, 2020
On April 14, 2019, we entered into an Agreement and Plan of Merger to acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash, representing a total enterprise value of $4.9 billion when includin…
Advanced Disposal
10-K - Feb 15, 2022
Advanced Disposal — On October 30, 2020, we completed our acquisition of all outstanding shares of Advanced Disposal for $30.30 per share in cash, pursuant to an Agreement and Plan of Merger dated April 14, 2019, as ame…
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.