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CIK 1060391 · Core Solid Waste & Recycling
Republic Services, Inc. is a public company in Waste Management, tracked in the core solid waste, recycling, and environmental services sub-sector, with $17B TTM revenue and $4.8B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, RSG filings, SEC EDGAR
$61,797
Market cap ($MM)
$62,226
Enterprise value ($MM)
$16,695
Revenue · LTM ($MM)
$4,795
EBITDA · LTM ($MM)
29%
EBITDA margin
3.7x
EV / revenue
12.7x
EV / EBITDA
2.8x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 2.8x net debt / EBITDA with EBITDA of $4.8B.
$118
Cash & equiv. ($MM)
$13,317
Total debt ($MM)
$13,199
Net debt ($MM)
2.8x
Net debt / EBITDA
Valuation
RSG versus the scaled public Core Solid Waste & Recycling comparables.
EV / EBITDA distribution · peer set
RSG 12.7x
Indexed share-price performance
RSG versus available Core Solid Waste & Recycling peers and SPY.
+90%
RSG
+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 |
|---|---|---|---|---|---|---|---|---|---|
| Republic Services, Inc. | RSG | $16,695 | $4,795 | 29% | $61,797 | $62,226 | 3.7x | 12.7x | 2.8x |
| Waste Management, Inc | WM | $25,413 | $7,406 | 29% | $86,487 | $109,220 | 4.3x | 14.7x | 3.1x |
| 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 | $20,494 | 3.6x | 13.0x | 2.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
RSG's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
39
Active years
20
Named deals
9
Avg / active year
1.9
Acq. cash outflow · FY16–25 ($MM)
$10,545
Banker read
Annual acquisitions + disclosed spend
RSG count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
3 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY23
3 disclosed acquisitions in the peak visible year.
Recent spend
$3.1B
is down 27% vs prior three; peak FY22 at $2.7B.
Named evidence
9 rows
23% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 5, 2008 | Allied Waste Industries, Inc. | Core solid waste, recycling, and environmental services | $12,130 | Acquisition of Allied Waste Industries, Inc. Rationale for the Acquisition We believe that the Allied acquisition results in a combined company that has greater financial streng... | 10-K† |
| Dec 5, 2008 | Allied Waste Industries, Inc. | Core solid waste, recycling, and environmental services | $12,130 | Merger with Allied Waste Industries, Inc. Rationale for the Merger We believe that our merger with Allied results in a combined company that has greater financial strength, oper... | 10-K† |
| Dec 5, 2008 | Allied Waste Industries, Inc. | Core solid waste, recycling, and environmental services | $12,100 | On December 5, 2008, we acquired all the issued and outstanding shares of Allied Waste Industries, Inc. (Allied) in a stock-for-stock transaction for an aggregate purchase price... | 10-K† |
| Dec 5, 2008 | Allied | Core solid waste, recycling, and environmental services | $12,100 | On December 5, 2008, we acquired all of the issued and outstanding shares of Allied in a stock-for-stock transaction for an aggregate purchase price of $12.1 billion, which incl... | 10-K† |
| May 2, 2022 | US Ecology | Core solid waste, recycling, and environmental services | $2,200 | On May 2, 2022, we acquired all outstanding equity of US Ecology in a transaction valued at $2.2 billion. US Ecology is a leading provider of environmental solutions offering tr... | 10-K† |
| Feb 8, 2022 | US Ecology, Inc. | Core solid waste, recycling, and environmental services | $2,200 | On February 8, 2022, we entered into a definitive agreement to acquire all outstanding shares of US Ecology, Inc. (US Ecology) in a transaction valued at approximately $2.2 bill... | 10-K† |
| Feb 1, 2025 | COP Shamrock Parent, Inc. | Core solid waste, recycling, and environmental services | $1,084 | In February 2025, we acquired all of the issued and outstanding shares of COP Shamrock Parent, Inc. (Shamrock). Shamrock is a leading provider of environmental solutions offerin... | 10-K† |
| Feb 1, 2015 | Tervita, LLC | Core solid waste, recycling, and environmental services | $477 | In February 2015, we acquired all of the equity interests of Tervita, LLC (Tervita) in exchange for a cash payment of $476.6 million. Tervita provides waste services to a divers... | 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 15 SEC-backed facts across 8 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
21
Named deal filings
8
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 18, 2026 | Annual M&A 10-K | accepted | N/A | $1.4MM | $1.1MM | SEC filing |
| FY2023 | Feb 29, 2024 | Annual M&A 10-K | quarantined (2 issue) | 3 | $1.8B | $1.8B | SEC filing |
| FY2022 | Feb 23, 2023 | Annual M&A 10-K | accepted | N/A | $2.7B | $2.7B | SEC filing |
| FY2021 | Feb 11, 2022 | Annual M&A 10-K | accepted | N/A | $1.1B | $1.1B | SEC filing |
| FY2020 | Feb 23, 2021 | Annual M&A 10-K | accepted | N/A | $599MM | $613MM | SEC filing |
| FY2019 | Feb 14, 2020 | Annual M&A 10-K | accepted | N/A | $430MM | $464MM | SEC filing |
| FY2018 | Feb 8, 2019 | Annual M&A 10-K | accepted | N/A | $99.9MM | $190MM | SEC filing |
| FY2017 | Feb 9, 2018 | Annual M&A 10-K | accepted | N/A | $355MM | $414MM | SEC filing |
| FY2015 | Feb 12, 2016 | Annual M&A 10-K | accepted | N/A | $573MM | $650MM | SEC filing |
| FY2014 | Feb 23, 2015 | Annual M&A 10-K | accepted | N/A | $196MM | $253MM | SEC filing |
| FY2013 | Feb 13, 2014 | Annual M&A 10-K | quarantined (1 issue) | N/A | $68.7MM | $77.1MM | SEC filing |
| FY2012 | Feb 15, 2013 | Annual M&A 10-K | quarantined (1 issue) | N/A | $95.3MM | $95.5MM | SEC filing |
| FY2011 | Feb 17, 2012 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | N/A | $42.6MM | $92.6MM | SEC filing |
| FY2010 | Feb 18, 2011 | Annual M&A 10-K | accepted | N/A | $58.9MM | $104MM | SEC filing |
| FY2009 | Feb 24, 2010 | Annual M&A 10-K | quarantined (1 issue) | 1 | $13.4MM | $12B | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | N/A | $13.4MM | $12B | SEC filing |
| FY2007 | Feb 21, 2008 | Annual M&A 10-K | accepted | N/A | $4.4MM | $4.4MM | SEC filing |
| FY2006 | Feb 23, 2007 | Annual M&A 10-K | accepted | N/A | $4.9MM | $4.9MM | SEC filing |
| FY2005 | Feb 24, 2006 | Annual M&A 10-K | quarantined (1 issue) | N/A | $26.7MM | $26.7MM | SEC filing |
| FY2004 | Feb 25, 2005 | Annual M&A 10-K | accepted | N/A | $47.3MM | $47.4MM | SEC filing |
| FY2003 | Mar 12, 2004 | Annual M&A 10-K | warning (1 warn) | N/A | $51.5MM | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 18, 2026 | 10-K | COP Shamrock Parent, Inc. | FinancialsAnnual M&ANamed dealsLanguage | SEC filing |
| Feb 29, 2024 | 10-K | US Ecology | Annual M&ANamed deals | SEC filing |
| Feb 11, 2022 | 10-K | US Ecology, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 9, 2018 | 10-K | Acquisition of various waste businesses | Annual M&ANamed deals | SEC filing |
| Feb 15, 2013 | 10-K | Allied Waste Industries, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 18, 2011 | 10-K | Allied Waste Industries, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 24, 2010 | 10-K | Allied Waste Industries, Inc.; Allied | Annual M&ANamed deals | SEC filing |
| Feb 17, 2017 | 10-K | Tervita, LLC | Named deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 18, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsLanguageRecent SEC | SEC filing |
| May 8, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| May 7, 2026 | 8-K | 2.02,8.01,9.01 | 8-K | Recent SEC | SEC filing |
| May 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 24, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 24, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 17, 2026 | 8-K | 2.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 17, 2026 | 8-K | 5.03 | 8-K | Recent SEC | SEC filing |
| Feb 12, 2026 | 8-K | 5.02,8.01,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
SEC filing excerpt
10-K - 2023
Given our free cash flow, availability under our credit facilities and our ability to access the public capital markets, we have the financial flexibility to make additional acquisitions that will complement our existin…
SEC filing excerpt
10-K - 2025
Shamrock’s environmental solutions operations are primarily located in the northeastern and southeastern United States and provide us with a platform to pursue additional growth in our environmental solutions line of bu…
SEC filing excerpt
10-K - 2023
CTR's vertically integrated recycling and waste services operations are located in and around Austin, Texas and provide us with the opportunity to re-enter the high growth Austin market.
Acquisition of Allied Waste Industries, Inc.
10-K - Feb 18, 2011
Acquisition of Allied Waste Industries, Inc. Rationale for the Acquisition We believe that the Allied acquisition results in a combined company that has greater financial strength, operational efficiencies, earning powe…
Merger with Allied Waste Industries, Inc.
10-K - Feb 24, 2010
Merger with Allied Waste Industries, Inc. Rationale for the Merger We believe that our merger with Allied results in a combined company that has greater financial strength, operational efficiencies, earning power and gr…
Allied Waste Industries, Inc. acquisition
10-K - Feb 15, 2013
On December 5, 2008, we acquired all the issued and outstanding shares of Allied Waste Industries, Inc. (Allied) in a stock-for-stock transaction for an aggregate purchase price of $12.1 billion, which included $5.4 bil…
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.