Casella Waste Systems
CWSTActiveCIK 911177 · Core Solid Waste & Recycling
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CWST filings, SEC EDGAR
$5,350
Market cap ($MM)
$6,460
Enterprise value ($MM)
$1,877
Revenue · LTM ($MM)
$412
EBITDA · LTM ($MM)
22%
EBITDA margin
3.4x
EV / revenue
15.7x
EV / EBITDA
2.5x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CWST 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, CLH, GFL, MEG.
Balance sheet & capacity
Indicative capacity read: 2.5x net debt / EBITDA with EBITDA of $412MM.
$127
Cash & equiv. ($MM)
$1,165
Total debt ($MM)
$1,038
Net debt ($MM)
2.5x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CWST versus the scaled public Core Solid Waste & Recycling comparables.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Casella Waste Systems, Inc. | CWST | $1,877 | $412 | 22% | $5,350 | $6,460 | 3.4x | 15.7x | 2.5x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CWST's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
125
Active years
19
Named deals
6
Avg / active year
6.6
Acq. cash outflow · FY16–25 ($MM)
$1,998
Annual acquisition count
named acquisitionCWST cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 6, 2012 | Bestway Disposal Services and BBI Waste Services | Core solid waste, recycling, and environmental services | $22 | We also acquired all of the outstanding capital stock of Bestway Disposal Services and BBI Waste Services (“BBI”) in the Eastern region for total consideration, after recording... | 10-K† |
| Apr 30, 2011 | McKean County landfill business | Core solid waste, recycling, and environmental services | $2,108 | Also in fiscal year 2011, we acquired the McKean County landfill business in Pennsylvania in exchange for $671 in cash and the assumption of $1,437 in liabilities. | 10-K† |
| Apr 30, 2010 | Two solid waste hauling operations (2010) | Core solid waste, recycling, and environmental services | $1,512 | In fiscal year 2010 we acquired two solid waste hauling operations in exchange for $864 in cash and $648 in notes payable to seller and liabilities assumed. | 10-K† |
| Apr 30, 2011 | Two solid waste hauling operations (2011) | Core solid waste, recycling, and environmental services | $1,373 | In fiscal year 2011 we acquired two solid waste hauling operations in exchange for $1,073 in cash and $300 in notes payable. | 10-K† |
| Dec 14, 1999 | KTI | Core solid waste, recycling, and environmental services | $340 | In December 1999, we acquired KTI, an integrated provider of waste processing services, for aggregate consideration of $340.0 million. KTI represented a unique opportunity to ac... | 10-K† |
| Dec 1, 1999 | KTI | Core solid waste, recycling, and environmental services | $340 | In December 1999, we acquired KTI, an integrated provider of waste processing services, for aggregate consideration of $340.0 million. Following our acquisition of KTI, through... | 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 12 SEC-backed facts across 4 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 |
|---|---|---|---|
| Management language | N/A | N/A until a source excerpt is available. | N/A |
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 |
|---|---|---|---|---|---|
| Acquisition of Bestway Disposal Services and BBI Waste Services | We also acquired all of the outstanding capital stock of Bestway Disposal Services and BBI Waste Services (“BBI”) in the Eastern region for total consideration, after recording a working capital ad... | 10-K | Jun 27, 2013 | Medium | SEC source |
| McKean County landfill business | Also in fiscal year 2011, we acquired the McKean County landfill business in Pennsylvania in exchange for $671 in cash and the assumption of $1,437 in liabilities. | 10-K | Jun 20, 2011 | Medium | SEC source |
| Two solid waste hauling operations (2010) | In fiscal year 2010 we acquired two solid waste hauling operations in exchange for $864 in cash and $648 in notes payable to seller and liabilities assumed. | 10-K | Jun 20, 2011 | Medium | SEC source |
| Two solid waste hauling operations (2011) | In fiscal year 2011 we acquired two solid waste hauling operations in exchange for $1,073 in cash and $300 in notes payable. | 10-K | Jun 20, 2011 | Medium | SEC source |
| KTI acquisition | In December 1999, we acquired KTI, an integrated provider of waste processing services, for aggregate consideration of $340.0 million. KTI represented a unique opportunity to acquire disposal capac... | 10-K | Jun 28, 2005 | Medium | SEC source |
| KTI | In December 1999, we acquired KTI, an integrated provider of waste processing services, for aggregate consideration of $340.0 million. Following our acquisition of KTI, through 2002, we focused on ... | 10-K | Jun 22, 2006 | Medium | SEC source |