Safety-Kleen, Inc.
10-K - Feb 25, 2016
Evidencing this strategy, we have been successfully cross selling the services of Safety-Kleen, Inc. ("Safety-Kleen"), since our acquisition of Safety-Kleen in December 2012, such as parts washers,...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Clean Harbors, Inc.
CLHActiveCIK 822818 · Core Solid Waste & Recycling
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CLH filings, SEC EDGAR
$15,386
Market cap ($MM)
$15,119
Enterprise value ($MM)
$6,058
Revenue · LTM ($MM)
$1,146
EBITDA · LTM ($MM)
19%
EBITDA margin
2.5x
EV / revenue
13.2x
EV / EBITDA
1.9x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CLH is a scaled public consolidator in Solid Waste, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is WM, RSG, WCN, GFL, CWST, MEG.
Balance sheet & capacity
Indicative capacity read: 1.9x net debt / EBITDA with EBITDA of $1.1B.
$548
Cash & equiv. ($MM)
$2,774
Total debt ($MM)
$2,226
Net debt ($MM)
1.9x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CLH versus the scaled public Core Solid Waste & Recycling comparables.
Indexed share-price performance
CLH versus available Core Solid Waste & Recycling peers and SPY.
+208%
CLH
N/A
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 |
|---|---|---|---|---|---|---|---|---|---|
| Clean Harbors, Inc. | CLH | $6,058 | $1,146 | 19% | $15,386 | $15,119 | 2.5x | 13.2x | 1.9x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CLH's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
43
Active years
19
Named deals
4
Avg / active year
2.3
Acq. cash outflow · FY16–25 ($MM)
$2,382
Banker read
- 01CLH reads as a programmatic acquirer: 43 disclosed acquisitions across 19 active years, or 2.3 per active year. The chart shows activity in 12 of the last 12 visible years.
- 02In the last three years, the file shows 8 acquisitions versus 5 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $4.4B of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $1.3B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
CLH count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
8 / 5
Last three years is up 60% vs prior three.
Peak count year
FY16
7 disclosed acquisitions in the peak visible year.
Recent spend
$684MM
is down 47% vs prior three; peak FY21 at $1.3B.
Named evidence
4 rows
9.3% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 28, 2012 | Safety-Kleen, Inc. | Core solid waste, recycling, and environmental services | $1,260 | Evidencing this strategy, we have been successfully cross selling the services of Safety-Kleen, Inc. ("Safety-Kleen"), since our acquisition of Safety-Kleen in December 2012, su... | 10-K† |
| Dec 31, 2021 | HydroChemPSC | Core solid waste, recycling, and environmental services | $1,230 | In 2021, we acquired HydroChemPSC for a purchase price of $1.23 billion. The acquisition expanded the Company's Environmental Services segment. | 10-K† |
| Mar 1, 2024 | HEPACO Blocker, Inc. and its subsidiaries | Core solid waste, recycling, and environmental services | $392 | Our March 2024 acquisition of HEPACO Blocker, Inc. and its subsidiaries (collectively, “HEPACO”) has expanded our field and emergency response services with HEPACO’s leading eme... | 10-K† |
| Jan 1, 2024 | HEPACO | Core solid waste, recycling, and environmental services | $392 | In 2024, we acquired HEPACO for an all-cash purchase price of $392.2 million, net of cash acquired. The operations of HEPACO expanded our Environmental Services segment’s field... | 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 8 SEC-backed facts across 4 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
22
Named deal filings
4
Recent SEC filings
0
Evidence clips
4
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 18, 2026 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2024 | Feb 19, 2025 | Annual M&A 10-K | warning (1 warn) | 5 | $478MM | N/A | SEC filing |
| FY2023 | Feb 21, 2024 | Annual M&A 10-K | accepted | 1 | $120MM | $111MM | SEC filing |
| FY2022 | Mar 1, 2023 | Annual M&A 10-K | accepted | 2 | $86.3MM | $91.3MM | SEC filing |
| FY2021 | Feb 23, 2022 | Annual M&A 10-K | warning (1 warn) | 2 | $1.3B | N/A | SEC filing |
| FY2020 | Feb 24, 2021 | Annual M&A 10-K | accepted | 1 | $8.8MM | $8.8MM | SEC filing |
| FY2019 | Feb 26, 2020 | Annual M&A 10-K | accepted | 2 | $29.4MM | $25.2MM | SEC filing |
| FY2018 | Feb 27, 2019 | Annual M&A 10-K | accepted | 2 | $151MM | $151MM | SEC filing |
| FY2017 | Feb 28, 2018 | Annual M&A 10-K | quarantined (1 issue) | 4 | $49.2MM | $51.9MM | SEC filing |
| FY2016 | Feb 22, 2017 | Annual M&A 10-K | accepted | 7 | $207MM | $205MM | SEC filing |
| FY2015 | Feb 25, 2016 | Annual M&A 10-K | quarantined (1 issue) | 2 | $94.3MM | $93.3MM | SEC filing |
| FY2014 | Mar 2, 2015 | Annual M&A 10-K | warning (1 warn) | 2 | $16.2MM | N/A | SEC filing |
| FY2013 | Mar 3, 2014 | Annual M&A 10-K | accepted | 1 | $63.3MM | $55.9MM | SEC filing |
| FY2012 | Mar 6, 2013 | Annual M&A 10-K | accepted | 1 | $1.4B | $1.3B | SEC filing |
| FY2011 | Feb 29, 2012 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 6 | $337MM | N/A | SEC filing |
| FY2010 | Mar 1, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | $14.6MM | N/A | SEC filing |
| FY2009 | Mar 1, 2010 | Annual M&A 10-K | accepted | 1 | $54.5MM | $410MM | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | warning (1 warn) | 2 | $27.6MM | N/A | SEC filing |
| FY2007 | Mar 11, 2008 | Annual M&A 10-K | warning (1 warn) | N/A | $7.4MM | N/A | SEC filing |
| FY2006 | Mar 16, 2007 | Annual M&A 10-K | warning (1 warn) | 1 | $51.5MM | N/A | SEC filing |
| FY2005 | Mar 17, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 31, 2005 | Annual M&A 10-K | warning (1 warn) | N/A | $7.9MM | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 18, 2026 | 10-K | HEPACO | Annual M&ANamed deals | SEC filing |
| Feb 19, 2025 | 10-K | HEPACO Blocker, Inc. and its subsidiaries | Annual M&ANamed deals | SEC filing |
| Mar 1, 2023 | 10-K | HydroChemPSC | Annual M&ANamed deals | SEC filing |
| Feb 25, 2016 | 10-K | Safety-Kleen, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.4 rows+-
Medium
HydroChemPSC
10-K - Mar 1, 2023
In 2021, we acquired HydroChemPSC for a purchase price of $1.23 billion. The acquisition expanded the Company's Environmental Services segment.
HEPACO Blocker, Inc.
10-K - Feb 19, 2025
Our March 2024 acquisition of HEPACO Blocker, Inc. and its subsidiaries (collectively, “HEPACO”) has expanded our field and emergency response services with HEPACO’s leading emergency response disp...
HEPACO
10-K - Feb 18, 2026
In 2024, we acquired HEPACO for an all-cash purchase price of $392.2 million, net of cash acquired. The operations of HEPACO expanded our Environmental Services segment’s field services business.
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.