Waste Connections
WCNActiveCIK 1318220 · Core Solid Waste & Recycling
Waste Connections, Inc. is a public company in Waste Management, tracked in the core solid waste, recycling, and environmental services sub-sector, with $9.6B TTM revenue and $2.8B TTM EBITDA.
Market data as of May 11, 2026
Financials: LTM / latest available company filings
Sources: FMP, WCN filings, SEC EDGAR
$38,575
Market cap ($MM)
$47,889
Enterprise value ($MM)
$9,646
Revenue · LTM ($MM)
$2,763
EBITDA · LTM ($MM)
29%
EBITDA margin
5.0x
EV / revenue
17.3x
EV / EBITDA
3.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WCN 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, CLH, GFL, CWST, MEG.
Balance sheet & capacity
Indicative capacity read: 3.3x net debt / EBITDA with EBITDA of $2.8B.
$112
Cash & equiv. ($MM)
$9,175
Total debt ($MM)
$9,063
Net debt ($MM)
3.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WCN versus the scaled public Core Solid Waste & Recycling comparables.
EV / EBITDA distribution · peer set
WCN 17.3x
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Waste Connections, Inc. | WCN | $9,646 | $2,763 | 29% | $38,575 | $47,889 | 5.0x | 17.3x | 3.3x |
| Waste Management, Inc | WM | $25,413 | $7,406 | 29% | $86,487 | $109,220 | 4.3x | 14.7x | 3.1x |
| Republic Services, Inc. | RSG | $16,695 | $4,795 | 29% | $61,797 | $62,226 | 3.7x | 12.7x | 2.8x |
| 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 | $20,494 | 3.6x | 13.0x | 2.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WCN's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
199
Active years
10
Named deals
5
Avg / active year
19.9
Acq. cash outflow · FY16–25 ($MM)
$9,166
Annual acquisition count
named acquisitionWCN cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jun 1, 2016 | Progressive Waste Solutions Ltd. | Core solid waste, recycling, and environmental services | $5,167 | On June 1, 2016, pursuant to the terms of the Agreement and Plan of Merger dated as of January 18, 2016 (the “Merger Agreement”), Water Merger Sub LLC, a Delaware limited liabil... | 10-K† |
| Nov 1, 2015 | Rock River Environmental Services, Inc. | Core solid waste, recycling, and environmental services | $225 | In November 2015, the Company acquired Rock River Environmental Services, Inc. (“Rock River”), an integrated provider of solid waste collection, recycling, transfer and disposal... | 10-K† |
| Jan 1, 2015 | Shale Gas Services, LLC | Core solid waste, recycling, and environmental services | $41 | In January 2015, the Company acquired Shale Gas Services, LLC (“Shale Gas”), which owns two E&P waste stream treatment and recycling operations in Arkansas and Texas, for cash c... | 10-K† |
| Mar 1, 2015 | DNCS Properties, LLC | Core solid waste, recycling, and environmental services | $35 | In March 2015, the Company acquired DNCS Properties, LLC (“DNCS”), which owns land and permits to construct and operate an E&P waste facility in the Permian Basin, for cash cons... | 10-K† |
| Mar 1, 2014 | Screwbean Landfill, LLC and S.A. Dunn & Company, LLC | Core solid waste, recycling, and environmental services | $30 | In March 2014, the Company acquired Screwbean Landfill, LLC (“Screwbean”), which owns land and permits to construct and operate an E&P waste facility, and S.A. Dunn & Company, L... | 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 11 SEC-backed facts across 3 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 |
|---|---|---|---|
| Acquisition strategy | In new markets, we often use an initial acquisition as an operating base and seek to strengthen the acquired operation's presence in that market by providing additional services, adding new customers and making “tuck-in” acquisitions of other waste companies in that market or ad… | WCN source language supports the MD call with filing-backed management wording. | 10-K† |
| Acquisition strategy | The North America solid waste services industry has experienced significant consolidation over the past decade, most notably with the merger between Republic Services, Inc. and Allied Waste Industries, Inc. in 2008, the sale of the U.S. solid waste business of Veolia Environneme… | WCN source language supports the MD call with filing-backed management wording. | 10-K† |
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 |
|---|---|---|---|---|---|
| SEC filing excerpt | In new markets, we often use an initial acquisition as an operating base and seek to strengthen the acquired operation's presence in that market by providing additional services, adding new customers and making “tuck-in… | 10-K | 2018 | High | SEC source |
| SEC filing excerpt | The North America solid waste services industry has experienced significant consolidation over the past decade, most notably with the merger between Republic Services, Inc. and Allied Waste Industries, Inc. in 2008, the… | 10-K | 2016 | High | SEC source |
| Progressive Waste acquisition | On June 1, 2016, pursuant to the terms of the Agreement and Plan of Merger dated as of January 18, 2016 (the “Merger Agreement”), Water Merger Sub LLC, a Delaware limited liability company and a wholly-owned subsidiary… | 10-K | Feb 15, 2018 | Medium | SEC source |
| Rock River Environmental Services, Inc. | In November 2015, the Company acquired Rock River Environmental Services, Inc. (“Rock River”), an integrated provider of solid waste collection, recycling, transfer and disposal services. The acquired operations service… | 10-K | Feb 15, 2018 | Medium | SEC source |
| Shale Gas Services, LLC | In January 2015, the Company acquired Shale Gas Services, LLC (“Shale Gas”), which owns two E&P waste stream treatment and recycling operations in Arkansas and Texas, for cash consideration of $41,000 and potential futu… | 10-K | Feb 15, 2018 | Medium | SEC source |
| DNCS Properties, LLC | In March 2015, the Company acquired DNCS Properties, LLC (“DNCS”), which owns land and permits to construct and operate an E&P waste facility in the Permian Basin, for cash consideration of $30,000 and a long-term note… | 10-K | Feb 15, 2018 | Medium | SEC source |