Casella Waste Systems, Inc.

CWSTActive

CIK 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.

Indexed share-price performance

CWST versus available Core Solid Waste & Recycling peers and SPY.

+29%

CWST

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
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

Named deals

Avg / active year

6.6

Acq. cash outflow · FY16–25 ($MM)

$1,998

Banker read

01CWST reads as a programmatic acquirer: 125 disclosed acquisitions across 19 active years, or 6.6 per active year. The chart shows activity in 9 of the last 12 visible years.
02In the last three years, the file shows 24 acquisitions versus 24 in the prior three; recent activity is broadly steady versus the prior three-year period.
03Spend changes the read: $2.1B of disclosed spend is concentrated in lumpy years, with FY23 the largest year at $847MM. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

CWST count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

24 / 24

Last three years is broadly steady vs prior three.

Peak count year

FY22

14 disclosed acquisitions in the peak visible year.

Recent spend

$1.5B

is up 447% vs prior three; peak FY23 at $847MM.

Named evidence

6 rows

4.8% selected source-cited transaction coverage.

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 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^†
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. KTI represented a unique opportunity to ac...	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.

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

Named deal filings

Recent SEC filings

Evidence clips

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 20, 2026	Annual M&A 10-K	accepted	9	$223MM	$230MM	SEC filing
FY2024	Feb 18, 2025	Annual M&A 10-K	accepted	8	$469MM	$468MM	SEC filing
FY2023	Feb 16, 2024	Annual M&A 10-K	accepted	7	$847MM	$847MM	SEC filing
FY2022	Feb 17, 2023	Annual M&A 10-K	accepted	14	$78.2MM	$82.7MM	SEC filing
FY2021	Feb 18, 2022	Annual M&A 10-K	accepted	11	$171MM	$172MM	SEC filing
FY2020	Feb 19, 2021	Annual M&A 10-K	accepted	10	$32.5MM	$33.5MM	SEC filing
FY2019	Feb 21, 2020	Annual M&A 10-K	accepted	9	$75.4MM	$82.2MM	SEC filing
FY2018	Feb 22, 2019	Annual M&A 10-K	accepted	9	$86.7MM	$99.5MM	SEC filing
FY2017	Mar 2, 2018	Annual M&A 10-K	quarantined (1 issue)	4	$4.8MM	$8.1MM	SEC filing
FY2016	Mar 2, 2017	Annual M&A 10-K	accepted	N/A	$2.8MM	$2.8MM	SEC filing
FY2015	Mar 2, 2016	Annual M&A 10-K	quarantined (1 issue)	N/A	N/A	N/A	SEC filing
FY2014	Jun 27, 2014	Annual M&A 10-K	accepted	N/A	$8.3MM	$10.1MM	SEC filing
FY2013	Jun 27, 2013	Annual M&A 10-K	accepted	8	$250MM	$279MM	SEC filing
FY2012	Jun 28, 2012	Annual M&A 10-K	accepted	6	$2.1B	$2.2B	SEC filing
FY2011	Jun 20, 2011	Annual M&A 10-K	accepted	3	$1.7MM	$6.5MM	SEC filing
FY2010	Jun 11, 2010	Annual M&A 10-K	quarantined (1 issue)	2	$1.5MM	$1.5MM	SEC filing
FY2009	Jun 16, 2009	Annual M&A 10-K	accepted	3	$2.8MM	$2.4MM	SEC filing
FY2008	Jun 20, 2008	Annual M&A 10-K	accepted	5	$19.7MM	$11.9MM	SEC filing
FY2007	Jun 22, 2007	Annual M&A 10-K	accepted	13	$9.5MM	$3.0MM	SEC filing
FY2006	Jun 22, 2006	Annual M&A 10-K	accepted	15	$31.9MM	$20.0MM	SEC filing
FY2005	Jun 28, 2005	Annual M&A 10-K	accepted	10	$18.1MM	$10.2MM	SEC filing
FY2004	Jun 25, 2004	Annual M&A 10-K	accepted	11	$4.6MM	$32.6MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+

Filing date	Form	Targets / topics	Support	Source
Jun 27, 2013	10-K	Bestway Disposal Services and BBI Waste Services	Annual M&ANamed deals	SEC filing
Jun 20, 2011	10-K	McKean County landfill business; Two solid waste hauling operations (2010); Two solid waste hauling operations (2011)	Annual M&ANamed deals	SEC filing
Jun 22, 2006	10-K	KTI	Annual M&ANamed deals	SEC filing
Jun 28, 2005	10-K	KTI	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.6 rows+

Acquisition of Bestway Disposal Services and BBI Waste Services

10-K - Jun 27, 2013

Medium

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...

SEC source

McKean County landfill business

10-K - Jun 20, 2011

Medium

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.

SEC source

Two solid waste hauling operations (2010)

10-K - Jun 20, 2011

Medium

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.

SEC source

Two solid waste hauling operations (2011)

10-K - Jun 20, 2011

Medium

In fiscal year 2011 we acquired two solid waste hauling operations in exchange for $1,073 in cash and $300 in notes payable.

SEC source

KTI

10-K - Jun 22, 2006

Medium

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 ...

SEC source

KTI acquisition

10-K - Jun 28, 2005

Medium

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...

SEC source

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.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive