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CIK 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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
WCN versus the scaled public Core Solid Waste & Recycling comparables.
EV / EBITDA distribution · peer set
WCN 17.3x
Indexed share-price performance
WCN versus available Core Solid Waste & Recycling peers and SPY.
+27%
WCN
+41%
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 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | $20,494 | 3.6x | 13.0x | 2.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
WCN's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
199
Active years
10
Named deals
5
Avg / active year
19.9
Acq. cash outflow · FY16–25 ($MM)
$9,166
Banker read
Annual acquisitions + disclosed spend
WCN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
56 / 75
Last three years is down 25% vs prior three.
Peak count year
FY21
30 disclosed acquisitions in the peak visible year.
Recent spend
$3.6B
is broadly steady vs prior three; peak FY22 at $2.2B.
Named evidence
5 rows
2.5% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jun 1, 2016 | Progressive Waste Solutions Ltd. | Core solid waste, recycling, and environmental services | $5,232 | Progressive Waste Acquisition As described in Note 1, on June 1, 2016, pursuant to the Merger Agreement, Merger Sub merged with and into Old Waste Connections in an all-stock bu... | 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.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
10
Named deal filings
2
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 12, 2026 | Annual M&A 10-K | accepted | 19 | $818MM | $967MM | SEC filing |
| FY2024 | Feb 13, 2025 | Annual M&A 10-K | accepted | 24 | $2.1B | $2.2B | SEC filing |
| FY2023 | Feb 14, 2024 | Annual M&A 10-K | quarantined (1 issue) | 13 | $677MM | $753MM | SEC filing |
| FY2022 | Feb 16, 2023 | Annual M&A 10-K | quarantined (1 issue) | 24 | $2.2B | $2.3B | SEC filing |
| FY2021 | Feb 17, 2022 | Annual M&A 10-K | accepted | 30 | $960MM | $1.1B | SEC filing |
| FY2020 | Feb 18, 2021 | Annual M&A 10-K | accepted | 21 | $389MM | $482MM | SEC filing |
| FY2019 | Feb 13, 2020 | Annual M&A 10-K | accepted | 21 | $737MM | $838MM | SEC filing |
| FY2018 | Feb 14, 2019 | Annual M&A 10-K | accepted | 20 | $830MM | $1.0B | SEC filing |
| FY2017 | Feb 15, 2018 | Annual M&A 10-K | accepted | 14 | $411MM | $562MM | SEC filing |
| FY2016 | Feb 27, 2017 | Annual M&A 10-K | warning (1 warn) | 13 | $17.1MM | $5.2B | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 15, 2018 | 10-K | Progressive Waste Solutions Ltd.; Rock River Environmental Services, Inc.; Shale Gas Services, LLC; DNCS Properties, LLC | Annual M&ANamed deals | SEC filing |
| Feb 27, 2017 | 10-K | Screwbean Landfill, LLC and S.A. Dunn & Company, LLC | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 12, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ALanguageRecent SEC | SEC filing |
| Apr 23, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Apr 23, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 22, 2026 | 8-K | 2.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 2, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Apr 2, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 18, 2026 | 8-K | 5.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Mar 16, 2026 | 8-K | 1.01,2.03,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Mar 6, 2026 | 8-K | 1.01,7.01,9.01 | FORM 8-K | Recent SEC | SEC filing |
SEC filing excerpt
10-K - 2018
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…
SEC filing excerpt
10-K - 2016
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…
Progressive Waste acquisition
10-K - Feb 15, 2018
Progressive Waste Acquisition As described in Note 1, on June 1, 2016, pursuant to the Merger Agreement, Merger Sub merged with and into Old Waste Connections in an all-stock business combination with Old Waste Connecti…
Rock River Environmental Services, Inc.
10-K - Feb 15, 2018
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…
Shale Gas Services, LLC
10-K - Feb 15, 2018
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…
DNCS Properties, LLC
10-K - Feb 15, 2018
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…
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.