Shred-it
10-K - Mar 15, 2016
Included in the acquisitions discussed above, is the acquisition of Shred-it International ULC, an Alberta unlimited liability corporation ("SII"), Shredit JV LP, an Ontario limited partnership ("S...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Stericycle, Inc.
SRCLDelistedCIK 861878 · Core Solid Waste & Recycling
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, SRCL filings, SEC EDGAR
$5,754
Market cap ($MM)
$7,501
Enterprise value ($MM)
$2,627
Revenue · LTM ($MM)
$367
EBITDA · LTM ($MM)
14%
EBITDA margin
2.8x
EV / revenue
25.5x
EV / EBITDA
NM
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01SRCL 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, CWST.
Balance sheet & capacity
Indicative capacity read: public-market scale of $7.5B enterprise value against $2.6B revenue.
N/A
Cash & equiv. ($MM)
N/A
Total debt ($MM)
N/A
Net debt ($MM)
NM
Net debt / EBITDA
Valuation
Where it trades against its peer set
SRCL versus the scaled public Core Solid Waste & Recycling comparables.
Indexed share-price performance
SRCL versus available Core Solid Waste & Recycling peers and SPY.
+7.9%
SRCL
N/A
Peer med.
+109%
SPY
Indexed to 100 from Feb 28, 2020 through Jun 17, 2025. 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 |
|---|---|---|---|---|---|---|---|---|---|
| Stericycle, Inc. | SRCL | $2,627 | $367 | 14% | $5,754 | $7,501 | 2.8x | 25.5x | NM |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
SRCL's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
419
Active years
15
Named deals
3
Avg / active year
27.9
Acq. cash outflow · FY14–23 ($MM)
$2,966
Banker read
- 01SRCL reads as a programmatic acquirer: 419 disclosed acquisitions across 15 active years, or 27.9 per active year. The chart shows activity in 12 of the last 12 visible years.
- 02In the last three years, the file shows 23 acquisitions versus 104 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $3.4B of disclosed spend is concentrated in lumpy years, with FY15 the largest year at $2.4B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
SRCL count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
23 / 104
Last three years is down 78% vs prior three.
Peak count year
FY13
49 disclosed acquisitions in the peak visible year.
Recent spend
$148MM
is down 94% vs prior three; peak FY15 at $2.4B.
Named evidence
3 rows
0.7% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Oct 1, 2015 | Shred-it International ULC, Shredit JV LP, Boost GP Corp., Boost Holdings LP | Core solid waste, recycling, and environmental services | $2,304 | Included in the acquisitions discussed above, is the acquisition of Shred-it International ULC, an Alberta unlimited liability corporation ("SII"), Shredit JV LP, an Ontario lim... | 10-K† |
| Apr 22, 2014 | PSC Environmental Services, LLC | Core solid waste, recycling, and environmental services | $284 | Included in the acquisitions discussed above for the quarter ended June 30, 2014 is the acquisition of 100% of the stock of PSC Environmental Services, LLC ("PSC Environmental")... | 10-K† |
| Sep 24, 2010 | Healthcare Waste Solutions, Inc. | Core solid waste, recycling, and environmental services | $245 | On September 24, 2010, we entered into a merger agreement for the acquisition of Healthcare Waste Solutions, Inc., a Delaware corporation (“HWS”). HWS provides a resource manage... | 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 6 SEC-backed facts across 3 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
0
Named deal filings
3
Recent SEC filings
0
Evidence clips
3
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 15, 2016 | 10-K | Shred-it International ULC, Shredit JV LP, Boost GP Corp., Boost Holdings LP | Named deals | SEC filing |
| Mar 2, 2015 | 10-K | PSC Environmental Services, LLC | Named deals | SEC filing |
| Feb 28, 2011 | 10-K | Healthcare Waste Solutions, Inc. | Named 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.3 rows+-
Medium
PSC Environmental Services, LLC
10-K - Mar 2, 2015
Included in the acquisitions discussed above for the quarter ended June 30, 2014 is the acquisition of 100% of the stock of PSC Environmental Services, LLC ("PSC Environmental"), which was consumma...
Healthcare Waste Solutions, Inc.
10-K - Feb 28, 2011
On September 24, 2010, we entered into a merger agreement for the acquisition of Healthcare Waste Solutions, Inc., a Delaware corporation (“HWS”). HWS provides a resource management assessment and ...
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.