Waste Management
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 10, 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
| 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)
$14,377
Annual acquisition count
named acquisitionWM cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($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† |
| 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† |
| Jan 31, 2013 | Greenstar, LLC | Core solid waste, recycling, and environmental services | $206 | On January 31, 2013, we paid $170 million inclusive of certain adjustments, to acquire Greenstar, LLC (“Greenstar”). Pursuant to the sale and purchase agreement, up to an additi... | 10-K† |
| Dec 31, 2023 | 2023 Acquisitions | Core solid waste, recycling, and environmental services | $182 | During the year ended December 31, 2023, we acquired 12 businesses, primarily related to our Collection and Disposal businesses. Total consideration, net of cash acquired, for a... | 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 7 cited filings.
Strategy
In management's own words
The acquisition thesis as management frames it in its filings and why each line matters.
| Theme | Excerpt | Why it matters | Source |
|---|---|---|---|
| Acquisition strategy | 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. | WM source language supports the MD call with filing-backed management wording. | 10-K† |
| Acquisition strategy | 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, primarily located in the Eastern half of the U.S. | WM source language supports the MD call with filing-backed management wording. | 10-K† |
| Sub-sector strategy | 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. | WM source language supports the MD call with filing-backed management wording. | 10-K† |
Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.
Evidence
Source ledger
Every figure above traces to a dated SEC filing.
| Claim | Excerpt | Source type | Filing date | Evidence | Source |
|---|---|---|---|---|---|
| SEC filing excerpt | 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. | 10-K | 2025 | High | SEC source |
| SEC filing excerpt | 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… | 10-K | 2022 | High | SEC source |
| SEC filing excerpt | 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. | 10-K | 2012 | High | SEC source |
| Stericycle Acquisition | 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… | 10-K | Feb 9, 2026 | Medium | SEC source |
| Advanced Disposal | 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… | 10-K | Feb 15, 2022 | Medium | SEC source |
| Southern Waste Systems/Sun Recycling | 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 assets of SWS in Southern Florida for total… | 10-K | Feb 16, 2017 | Medium | SEC source |