Casella Waste Systems (CWST) Financials

$115.99 -1.50 (-1.28%)

Closing price 06/20/2025 04:00 PM Eastern

Extended Trading

$116.00 +0.02 (+0.01%)

As of 06/20/2025 04:15 PM Eastern

Annual Income Statements for Casella Waste Systems

This table shows Casella Waste Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-13	-6.85	-22	6.42	32	91	41	53	25	14
Consolidated Net Income / (Loss)	-12	-6.86	-22	6.42	32	91	41	53	25	14
Net Income / (Loss) Continuing Operations	-12	-6.86	-22	6.42	32	91	41	53	25	14
Total Pre-Tax Income	-10	-6.36	-37	6.04	30	38	58	75	37	21
Total Operating Income	32	45	-13	40	53	59	78	95	80	73
Total Gross Profit	164	183	194	207	235	259	307	362	433	530
Total Revenue	547	565	599	661	743	775	889	1,085	1,265	1,557
Operating Revenue	547	565	599	661	743	775	889	1,085	1,265	1,557
Total Cost of Revenue	383	382	405	453	509	516	582	723	832	1,027
Operating Cost of Revenue	383	382	405	453	509	516	582	-	832	1,027
Total Operating Expenses	132	138	207	168	182	200	229	267	352	457
Selling, General & Admin Expense	73	75	79	85	93	102	119	133	156	191
Depreciation Expense	63	62	62	71	80	91	104	126	171	235
Other Operating Expenses / (Income)	-3.58	0.00	65	10	6.30	4.59	-	1.44	4.34	6.65
Restructuring Charge	-	0.00	0.18	1.87	2.69	1.86	5.30	4.61	15	25
Other Special Charges / (Income)	0.00	0.90	-	-	0.00	0.00	0.92	0.76	6.15	0.00
Total Other Income / (Expense), net	-42	-51	-24	-34	-23	-21	-20	-20	-43	-52
Interest Expense	41	53	26	34	25	22	21	24	56	64
Interest & Investment Income	-1.77	0.29	0.27	-0.80	0.37	0.30	0.30	0.71	11	10
Other Income / (Expense), net	0.89	1.09	0.94	0.75	1.44	1.07	1.31	2.59	1.65	1.67
Income Tax Expense	1.35	0.49	-15	-0.38	-1.87	-53	17	22	12	7.51
Basic Earnings per Share	($0.32)	($0.17)	($0.52)	$0.15	$0.67	$1.87	$0.80	$1.03	$0.46	$0.23
Weighted Average Basic Shares Outstanding	40.64M	41.23M	41.85M	42.69M	47.23M	48.79M	51.31M	51.62M	55.17M	59.58M
Diluted Earnings per Share	($0.32)	($0.17)	($0.52)	$0.15	$0.66	$1.86	$0.80	$1.03	$0.46	$0.23
Weighted Average Diluted Shares Outstanding	40.64M	41.23M	41.85M	44.17M	47.97M	49.05M	51.52M	51.77M	55.27M	59.68M
Weighted Average Basic & Diluted Shares Outstanding	40.64M	41.23M	41.85M	42.69M	47.79M	51.09M	51.41M	51.70M	58.00M	63.36M

This table shows Casella Waste Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	23	8.42	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81
Consolidated Net Income / (Loss)	23	8.42	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81
Net Income / (Loss) Continuing Operations	23	8.42	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81
Total Pre-Tax Income	32	12	4.34	7.48	24	1.04	-5.88	11	10	5.71	-8.14
Total Operating Income	36	17	10	23	34	13	6.84	23	24	19	3.14
Total Gross Profit	105	88	82	103	126	120	110	133	145	142	137
Total Revenue	295	272	263	290	353	360	341	377	412	427	417
Operating Revenue	295	272	263	290	353	360	341	377	412	427	417
Total Cost of Revenue	190	184	180	186	226	239	231	244	267	286	280
Total Operating Expenses	69	71	72	81	92	107	103	110	120	123	134
Selling, General & Admin Expense	34	36	36	36	41	43	44	47	47	52	56
Depreciation Expense	33	33	33	35	48	55	54	55	59	66	71
Restructuring Charge	-	-	2.86	3.68	3.26	5.24	5.01	7.84	5.45	6.58	5.53
Total Other Income / (Expense), net	-4.48	-5.59	-5.93	-15	-10.00	-12	-13	-12	-14	-13	-11
Interest Expense	6.18	6.64	6.96	17	16	16	16	15	16	17	15
Interest & Investment Income	0.18	0.45	0.68	1.61	5.53	2.92	2.81	2.63	1.38	3.61	3.38
Other Income / (Expense), net	1.52	0.61	0.35	0.45	0.23	0.62	0.35	0.48	0.41	0.43	0.32
Income Tax Expense	9.14	3.21	0.79	1.99	6.02	2.85	-1.77	3.79	4.65	0.83	-3.33
Basic Earnings per Share	$0.44	$0.17	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)
Weighted Average Basic Shares Outstanding	51.68M	51.62M	51.77M	52.89M	57.96M	55.17M	58.03M	58.11M	58.81M	59.58M	63.39M
Diluted Earnings per Share	$0.44	$0.17	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)
Weighted Average Diluted Shares Outstanding	51.81M	51.77M	51.87M	52.98M	58.06M	55.27M	58.03M	58.20M	58.92M	59.68M	63.39M
Weighted Average Basic & Diluted Shares Outstanding	51.68M	51.70M	51.89M	57.96M	57.98M	58.00M	58.11M	58.13M	63.31M	63.36M	63.46M

This table details how cash moves in and out of Casella Waste Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.11	-1.12	-0.55	2.01	-0.54	151	-121	37	150	162
Net Cash From Operating Activities	71	80	108	121	117	140	183	217	233	281
Net Cash From Continuing Operating Activities	71	80	108	121	117	140	183	217	233	281
Net Income / (Loss) Continuing Operations	-12	-6.86	-22	6.42	32	91	41	53	25	14
Consolidated Net Income / (Loss)	-12	-6.86	-22	6.42	32	91	41	53	25	14
Depreciation Expense	63	62	62	71	80	91	104	126	171	235
Amortization Expense	3.98	3.88	2.69	2.45	2.29	2.17	2.29	1.90	2.96	2.96
Non-Cash Adjustments To Reconcile Net Income	14	30	85	46	33	28	28	25	41	48
Changes in Operating Assets and Liabilities, net	2.16	-8.81	-20	-4.09	-30	-72	7.66	11	-6.69	-18
Net Cash From Investing Activities	-49	-63	-76	-164	-177	-140	-293	-207	-1,006	-671
Net Cash From Continuing Investing Activities	-49	-63	-76	-164	-177	-140	-293	-207	-1,006	-671
Purchase of Property, Plant & Equipment	-50	-54	-65	-73	-103	-108	-123	-131	-155	-203
Acquisitions	0.00	-2.84	-5.06	-89	-75	-32	-171	-78	-852	-469
Sale of Property, Plant & Equipment	0.72	1.36	0.71	0.87	0.75	0.53	0.79	0.60	1.11	1.38
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	1.64	0.00	0.00
Other Investing Activities, net	-4.84	-7.25	-7.24	-2.92	0.33	-	-	0.00	0.00	0.15
Net Cash From Financing Activities	-22	-19	-32	45	60	151	-10	27	922	552
Net Cash From Continuing Financing Activities	-22	-19	-32	45	60	151	-10	27	922	552
Repayment of Debt	-380	-624	-218	-590	-244	-151	-14	-60	-39	-792
Issuance of Debt	360	605	186	635	198	157	3.70	88	465	847
Issuance of Common Equity	0.16	0.13	1.28	0.47	104	145	0.17	0.19	496	497
Other Financing Activities, net	0.19	-	0.00	0.00	2.62	0.00	0.00	-1.00	0.00	0.00
Cash Interest Paid	35	43	25	24	23	20	19	21	44	61
Cash Income Taxes Paid	0.28	0.27	0.15	0.11	-1.63	-1.53	1.44	2.80	10	6.78

This table details how cash moves in and out of Casella Waste Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	7.62	23	-11	405	-244	-0.91	-31	20	310	-136	-113
Net Cash From Operating Activities	60	65	16	67	75	75	7.68	72	92	110	50
Net Cash From Continuing Operating Activities	60	65	16	67	75	75	7.68	72	92	110	50
Net Income / (Loss) Continuing Operations	23	8.42	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81
Consolidated Net Income / (Loss)	23	8.42	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81
Depreciation Expense	33	33	33	35	48	55	54	55	59	66	71
Amortization Expense	0.49	0.49	0.50	1.00	0.72	0.74	0.74	0.74	0.74	0.74	0.75
Non-Cash Adjustments To Reconcile Net Income	5.31	6.82	9.13	14	7.47	10	9.46	12	17	9.89	14
Changes in Operating Assets and Liabilities, net	-0.82	16	-31	12	0.54	11	-52	-2.58	8.90	28	-31
Net Cash From Investing Activities	-50	-46	-18	-579	-340	-68	-30	-43	-312	-286	-159
Net Cash From Continuing Investing Activities	-50	-46	-18	-579	-340	-68	-30	-43	-312	-286	-159
Purchase of Property, Plant & Equipment	-33	-43	-18	-33	-40	-65	-30	-45	-51	-77	-55
Acquisitions	-18	-4.23	-0.26	-547	-300	-4.08	-0.29	1.39	-261	-209	-104
Sale of Property, Plant & Equipment	0.06	0.03	0.42	0.36	0.20	0.14	0.49	0.34	0.22	0.33	0.22
Net Cash From Financing Activities	-2.11	4.20	-9.28	918	21	-7.69	-9.08	-9.19	529	41	-4.71
Net Cash From Continuing Financing Activities	-2.11	4.20	-9.28	918	21	-7.69	-9.08	-9.19	529	41	-4.71
Repayment of Debt	-2.11	-1.80	-9.28	-8.53	-14	-7.69	-9.95	-10	-767	-4.48	-30
Issuance of Debt	-	6.00	0.00	430	35	-	0.88	0.88	800	45	25
Cash Interest Paid	5.10	6.25	5.87	8.32	14	15	16	15	15	16	13
Cash Income Taxes Paid	0.78	-0.08	4.81	3.11	1.78	0.42	1.68	3.42	0.04	1.64	0.75

This table presents Casella Waste Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	634	632	615	732	932	1,194	1,284	1,449	2,535	3,230
Total Current Assets	77	79	84	97	103	247	146	207	426	613
Cash & Equivalents	2.31	2.54	2.00	4.01	3.47	154	34	71	221	383
Accounts Receivable	60	61	66	75	80	74	87	101	157	166
Inventories, net	4.28	4.92	6.53	6.54	7.68	7.87	9.73	13	18	22
Prepaid Expenses	7.67	7.99	8.30	7.35	8.99	9.29	13	15	17	23
Current Deferred & Refundable Income Taxes	0.65	0.65	0.52	2.25	1.25	0.23	-	0.00	3.09	9.29
Other Current Assets	1.59	1.29	1.08	2.01	1.21	1.33	3.20	6.79	9.92	10
Plant, Property, & Equipment, net	402	398	362	405	444	511	645	721	981	1,165
Total Noncurrent Assets	155	154	169	231	386	436	492	521	1,129	1,452
Long-Term Investments	15	13	14	13	13	13	13	13	2.20	13
Goodwill	119	120	123	163	186	195	233	274	736	1,002
Intangible Assets	9.25	7.70	8.15	35	59	58	94	92	241	313
Noncurrent Deferred & Refundable Income Taxes	-	0.00	12	9.59	8.58	61	44	23	11	0.00
Other Noncurrent Operating Assets	12	14	13	11	120	109	109	119	138	123
Total Liabilities & Shareholders' Equity	634	632	615	732	932	1,194	1,284	1,449	2,535	3,230
Total Liabilities	655	656	653	748	809	832	861	951	1,514	1,679
Total Current Liabilities	85	82	89	111	131	131	152	178	279	307
Short-Term Debt	1.45	4.69	4.93	2.30	4.30	9.24	9.90	8.97	36	43
Accounts Payable	45	45	47	57	64	49	63	74	117	111
Accrued Expenses	18	16	20	35	34	42	44	57	59	58
Current Employee Benefit Liabilities	8.18	13	12	11	14	17	22	24	23	33
Other Current Liabilities	-	-	1.82	3.07	12	11	11	11	9.04	61
Other Current Nonoperating Liabilities	12	4.65	2.09	2.42	2.04	2.13	2.04	2.86	3.89	2.12
Total Noncurrent Liabilities	570	574	564	637	679	701	709	774	1,235	1,372
Long-Term Debt	506	504	478	542	509	530	543	585	1,008	1,091
Capital Lease Obligations	-	-	-	0.00	71	61	-	57	-	64
Asset Retirement Reserve & Litigation Obligation	40	44	59	61	62	72	79	103	123	169
Noncurrent Deferred & Payable Income Tax Liabilities	5.60	6.18	2.31	2.52	2.64	0.91	0.87	0.44	0.63	19
Other Noncurrent Operating Liabilities	18	20	25	31	35	36	87	28	103	29
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-22	-25	-38	-16	123	362	422	498	1,022	1,551
Total Preferred & Common Equity	-22	-25	-38	-16	123	362	422	498	1,022	1,551
Total Common Equity	-22	-25	-38	-16	123	362	422	498	1,022	1,551
Common Stock	345	349	357	374	486	640	653	662	1,169	1,681
Retained Earnings	-366	-373	-395	-389	-357	-266	-225	-172	-147	-133
Accumulated Other Comprehensive Income / (Loss)	0.01	-0.07	0.18	-1.31	-6.04	-12	-5.10	7.54	-1.08	3.31

This table presents Casella Waste Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,399	1,420	2,417	2,498	2,477	2,512	3,123	3,206
Total Current Assets	191	188	629	413	385	426	743	492
Cash & Equivalents	48	60	466	219	189	209	519	268
Accounts Receivable	108	95	118	140	147	161	168	166
Inventories, net	13	14	17	18	19	19	20	23
Prepaid Expenses	15	12	18	20	15	21	23	20
Current Deferred & Refundable Income Taxes	-	-	3.73	3.73	4.11	6.40	5.01	9.29
Other Current Assets	7.11	6.61	7.36	12	12	9.46	8.08	6.46
Plant, Property, & Equipment, net	685	711	818	935	979	987	1,060	0.00
Total Noncurrent Assets	523	521	970	1,149	1,113	1,099	1,320	2,714
Long-Term Investments	13	13	13	16	13	14	13	16
Goodwill	272	274	620	737	737	737	908	1,050
Intangible Assets	95	88	187	257	229	217	273	320
Other Noncurrent Operating Assets	117	122	133	133	124	122	126	1,329
Total Liabilities & Shareholders' Equity	1,399	1,420	2,417	2,498	2,477	2,512	3,123	3,206
Total Liabilities	913	918	1,409	1,467	1,451	1,474	1,592	1,659
Total Current Liabilities	163	145	219	253	244	270	291	251
Short-Term Debt	8.34	9.27	33	34	63	65	38	21
Accounts Payable	71	67	88	100	80	94	102	103
Accrued Expenses	50	46	56	67	47	51	65	46
Current Employee Benefit Liabilities	20	8.48	15	21	12	17	25	17
Other Current Liabilities	11	11	25	27	39	40	58	61
Other Current Nonoperating Liabilities	2.96	3.44	3.12	3.72	3.53	3.22	2.93	3.26
Total Noncurrent Liabilities	750	773	1,190	1,214	1,207	1,205	1,300	1,408
Long-Term Debt	578	578	983	1,012	981	977	1,046	1,115
Capital Lease Obligations	59	62	71	69	67	66	69	72
Asset Retirement Reserve & Litigation Obligation	84	105	108	104	127	131	134	174
Noncurrent Deferred & Payable Income Tax Liabilities	0.52	0.44	0.48	0.52	0.91	1.19	15	14
Other Noncurrent Operating Liabilities	29	28	27	28	32	30	37	32
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	487	502	1,008	1,031	1,026	1,038	1,532	1,547
Total Preferred & Common Equity	487	502	1,008	1,031	1,026	1,038	1,532	1,547
Total Common Equity	487	502	1,008	1,031	1,026	1,038	1,532	1,547
Common Stock	659	664	1,164	1,166	1,172	1,175	1,674	1,685
Retained Earnings	-180	-168	-163	-145	-151	-144	-138	-138
Accumulated Other Comprehensive Income / (Loss)	7.93	5.77	7.61	9.48	5.04	5.82	-4.68	-0.74

This table displays calculated financial ratios and metrics derived from Casella Waste Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.82%	3.39%	6.07%	10.24%	12.51%	4.21%	14.80%	22.03%	16.54%	23.15%
EBITDA Growth	35.70%	12.40%	-52.45%	113.44%	20.42%	12.24%	20.56%	22.39%	13.04%	22.11%
EBIT Growth	158.04%	40.53%	-125.30%	447.51%	34.68%	10.74%	30.82%	24.07%	-16.23%	-9.32%
NOPAT Growth	167.42%	41.04%	-128.00%	579.79%	33.49%	150.01%	-61.01%	22.83%	-18.36%	-15.14%
Net Income Growth	57.01%	41.79%	-217.86%	129.45%	393.04%	187.83%	-54.89%	29.15%	-52.15%	-46.71%
EPS Growth	44.83%	46.88%	-205.88%	128.85%	340.00%	181.82%	-56.99%	28.75%	-55.34%	-50.00%
Operating Cash Flow Growth	63.04%	14.08%	33.70%	12.36%	-3.31%	19.77%	30.60%	18.92%	7.26%	20.71%
Free Cash Flow Firm Growth	371.57%	-24.13%	-17.46%	-224.45%	-197.49%	129.66%	-314.03%	8.36%	-920.66%	36.21%
Invested Capital Growth	-5.90%	-1.74%	-8.82%	19.29%	34.63%	15.15%	16.59%	14.88%	72.84%	27.51%
Revenue Q/Q Growth	6.80%	0.67%	1.25%	3.69%	2.61%	0.86%	4.91%	2.87%	7.43%	4.56%
EBITDA Q/Q Growth	3.29%	3.50%	0.21%	-9.70%	20.01%	0.95%	4.35%	2.31%	7.47%	5.66%
EBIT Q/Q Growth	-1.11%	12.04%	-1.50%	-27.31%	58.28%	-0.67%	2.77%	1.05%	-4.48%	7.16%
NOPAT Q/Q Growth	-2.26%	13.35%	-1.14%	-55.46%	51.47%	140.62%	-57.27%	-0.43%	-12.53%	65.53%
Net Income Q/Q Growth	-40.38%	-134.06%	59.48%	-84.00%	255.21%	144.55%	-56.68%	-1.35%	-28.72%	97.63%
EPS Q/Q Growth	-33.33%	-142.86%	59.69%	-84.04%	288.24%	141.56%	-57.89%	-0.96%	-29.23%	76.92%
Operating Cash Flow Q/Q Growth	51.59%	-6.52%	3.94%	2.09%	14.08%	-11.02%	12.73%	8.07%	4.66%	13.97%
Free Cash Flow Firm Q/Q Growth	66.74%	-24.35%	-41.09%	-610.60%	24.06%	18.81%	29.05%	-55.02%	7.01%	-117.79%
Invested Capital Q/Q Growth	-3.74%	-0.45%	5.04%	3.41%	-0.35%	10.28%	-3.23%	-0.57%	-3.58%	9.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.99%	32.40%	32.39%	31.39%	31.57%	33.43%	34.50%	33.36%	34.20%	34.03%
EBITDA Margin	18.20%	19.78%	8.87%	17.17%	18.38%	19.79%	20.79%	20.85%	20.22%	20.05%
Operating Margin	5.83%	7.95%	-2.10%	6.01%	7.14%	7.66%	8.73%	8.79%	6.36%	4.67%
EBIT Margin	5.99%	8.15%	-1.94%	6.13%	7.33%	7.79%	8.88%	9.03%	6.49%	4.78%
Profit (Net Income) Margin	-2.16%	-1.21%	-3.64%	0.97%	4.26%	11.76%	4.62%	4.89%	2.01%	0.87%
Tax Burden Percent	112.95%	107.76%	58.83%	106.36%	106.29%	237.86%	70.81%	70.80%	68.56%	64.31%
Interest Burden Percent	-31.84%	-13.82%	318.10%	14.91%	54.63%	63.45%	73.50%	76.51%	45.14%	28.28%
Effective Tax Rate	0.00%	0.00%	0.00%	-6.36%	-6.29%	-137.86%	29.19%	29.20%	31.44%	35.69%
Return on Invested Capital (ROIC)	4.49%	6.59%	-1.95%	8.94%	9.35%	18.93%	6.37%	6.76%	3.78%	2.23%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.15%	-1.07%	-4.64%	1.77%	4.85%	9.00%	3.42%	4.08%	-0.48%	-1.86%
Return on Net Nonoperating Assets (RNNOA)	65.60%	23.13%	71.80%	-32.85%	49.86%	18.64%	4.11%	4.77%	-0.44%	-1.18%
Return on Equity (ROE)	70.09%	29.72%	69.86%	-23.91%	59.21%	37.58%	10.48%	11.53%	3.34%	1.05%
Cash Return on Invested Capital (CROIC)	10.58%	8.35%	7.27%	-8.65%	-20.17%	4.85%	-8.95%	-7.09%	-49.61%	-21.96%
Operating Return on Assets (OROA)	5.03%	7.28%	-1.87%	6.01%	6.55%	5.68%	6.38%	7.17%	4.12%	2.58%
Return on Assets (ROA)	-1.81%	-1.08%	-3.50%	0.95%	3.80%	8.57%	3.32%	3.88%	1.27%	0.47%
Return on Common Equity (ROCE)	70.42%	29.66%	69.83%	-23.91%	59.21%	37.58%	10.48%	11.53%	3.34%	1.05%
Return on Equity Simple (ROE_SIMPLE)	54.74%	27.96%	57.57%	-40.55%	25.79%	25.16%	9.73%	10.66%	2.49%	0.87%
Net Operating Profit after Tax (NOPAT)	22	31	-8.81	42	56	141	55	68	55	47
NOPAT Margin	4.08%	5.57%	-1.47%	6.40%	7.59%	18.21%	6.18%	6.22%	4.36%	3.00%
Net Nonoperating Expense Percent (NNEP)	6.64%	7.66%	2.69%	7.17%	4.50%	9.94%	2.95%	2.68%	4.27%	4.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.88%	2.67%	1.70%
Cost of Revenue to Revenue	70.01%	67.60%	67.61%	68.61%	68.43%	66.57%	65.50%	66.64%	65.80%	65.97%
SG&A Expenses to Revenue	13.34%	13.34%	13.22%	12.83%	12.48%	13.22%	13.36%	12.30%	12.32%	12.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.16%	24.44%	34.49%	25.37%	24.43%	25.77%	25.71%	24.57%	27.84%	29.36%
Earnings before Interest and Taxes (EBIT)	33	46	-12	40	55	60	79	98	82	74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	99	112	53	113	137	153	185	226	256	312
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	17.92	8.27	10.39	8.23	4.85	4.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	27.51	45.79	31.13	110.87	28.49
Price to Revenue (P/Rev)	0.45	0.91	1.61	1.85	2.96	3.87	4.94	3.78	3.92	4.30
Price to Earnings (P/E)	0.00	0.00	0.00	190.47	69.48	32.89	106.82	77.22	195.09	494.92
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.53%	1.44%	3.04%	0.94%	1.30%	0.51%	0.20%
Enterprise Value to Invested Capital (EV/IC)	1.53	2.13	3.33	3.40	4.00	4.30	5.27	4.37	3.13	3.19
Enterprise Value to Revenue (EV/Rev)	1.35	1.78	2.39	2.65	3.72	4.43	5.51	4.30	4.57	4.82
Enterprise Value to EBITDA (EV/EBITDA)	7.40	9.01	27.00	15.43	20.26	22.37	26.48	20.63	22.58	24.02
Enterprise Value to EBIT (EV/EBIT)	22.45	21.89	0.00	43.25	50.76	56.81	61.99	47.62	70.37	100.77
Enterprise Value to NOPAT (EV/NOPAT)	32.97	32.03	0.00	41.42	49.05	24.32	89.03	69.08	104.74	160.28
Enterprise Value to Operating Cash Flow (EV/OCF)	10.43	12.53	13.34	14.49	23.68	24.51	26.79	21.47	24.78	26.66
Enterprise Value to Free Cash Flow (EV/FCFF)	14.01	25.30	43.64	0.00	0.00	95.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-23.50	-20.72	-12.74	-34.38	4.76	1.66	1.31	1.31	1.02	0.77
Long-Term Debt to Equity	-23.43	-20.53	-12.61	-34.23	4.72	1.63	1.28	1.29	0.99	0.74
Financial Leverage	-30.53	-21.68	-15.49	-18.61	10.29	2.07	1.20	1.17	0.92	0.63
Leverage Ratio	-38.77	-27.42	-19.97	-25.09	15.57	4.38	3.16	2.97	2.62	2.24
Compound Leverage Factor	12.35	3.79	-63.53	-3.74	8.50	2.78	2.32	2.27	1.18	0.63
Debt to Total Capital	104.45%	105.07%	108.52%	103.00%	82.63%	62.39%	56.66%	56.68%	50.52%	43.58%
Short-Term Debt to Total Capital	0.30%	0.97%	1.11%	0.43%	0.61%	0.96%	1.02%	0.78%	1.73%	1.55%
Long-Term Debt to Total Capital	104.15%	104.10%	107.41%	102.56%	82.02%	61.43%	55.65%	55.89%	48.79%	42.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.02%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-4.43%	-5.07%	-8.52%	-3.00%	17.37%	37.61%	43.34%	43.32%	49.48%	56.42%
Debt to EBITDA	5.10	4.55	9.08	4.80	4.28	3.92	2.99	2.88	4.08	3.84
Net Debt to EBITDA	4.93	4.41	8.79	4.65	4.16	2.83	2.73	2.51	3.21	2.56
Long-Term Debt to EBITDA	5.09	4.51	8.99	4.78	4.24	3.86	2.93	2.84	3.94	3.70
Debt to NOPAT	22.75	16.17	-54.78	12.88	10.35	4.26	10.05	9.64	18.92	25.60
Net Debt to NOPAT	21.99	15.66	-53.01	12.49	10.06	3.07	9.19	8.40	14.88	17.12
Long-Term Debt to NOPAT	22.68	16.02	-54.22	12.83	10.28	4.19	9.87	9.51	18.27	24.69
Altman Z-Score	0.43	0.77	0.89	1.30	2.05	2.78	3.70	3.42	2.56	3.01
Noncontrolling Interest Sharing Ratio	-0.47%	0.21%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.95	0.95	0.87	0.79	1.88	0.96	1.17	1.53	2.00
Quick Ratio	0.73	0.77	0.77	0.71	0.64	1.74	0.79	0.97	1.36	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	53	40	33	-41	-122	36	-77	-71	-723	-461
Operating Cash Flow to CapEx	143.07%	152.12%	167.63%	166.99%	114.07%	130.07%	149.16%	166.70%	151.56%	139.39%
Free Cash Flow to Firm to Interest Expense	1.27	0.76	1.28	-1.22	-4.85	1.61	-3.64	-2.99	-12.96	-7.23
Operating Cash Flow to Interest Expense	1.70	1.53	4.19	3.59	4.65	6.25	8.61	9.16	4.18	4.41
Operating Cash Flow Less CapEx to Interest Expense	0.51	0.52	1.69	1.44	0.57	1.45	2.84	3.67	1.42	1.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	0.89	0.96	0.98	0.89	0.73	0.72	0.79	0.63	0.54
Accounts Receivable Turnover	9.43	9.31	9.43	9.38	9.58	10.03	11.03	11.55	9.79	9.64
Inventory Turnover	88.40	83.06	70.78	69.33	71.54	66.33	66.19	62.34	53.11	52.15
Fixed Asset Turnover	1.34	1.41	1.58	1.72	1.75	1.62	1.54	1.59	1.49	1.45
Accounts Payable Turnover	8.19	8.50	8.80	8.69	8.36	9.08	10.37	10.53	8.71	9.02
Days Sales Outstanding (DSO)	38.71	39.20	38.72	38.92	38.09	36.38	33.08	31.60	37.27	37.88
Days Inventory Outstanding (DIO)	4.13	4.39	5.16	5.26	5.10	5.50	5.51	5.86	6.87	7.00
Days Payable Outstanding (DPO)	44.57	42.96	41.47	42.02	43.66	40.20	35.19	34.65	41.89	40.48
Cash Conversion Cycle (CCC)	-1.73	0.63	2.40	2.16	-0.46	1.68	3.41	2.80	2.24	4.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	481	473	431	514	693	797	930	1,068	1,846	2,354
Invested Capital Turnover	1.10	1.18	1.33	1.40	1.23	1.04	1.03	1.09	0.87	0.74
Increase / (Decrease) in Invested Capital	-30	-8.37	-42	83	178	105	132	138	778	508
Enterprise Value (EV)	735	1,008	1,435	1,751	2,767	3,430	4,896	4,666	5,776	7,500
Market Capitalization	245	515	968	1,223	2,199	2,997	4,390	4,099	4,955	6,699
Book Value per Share	($0.53)	($0.59)	($0.90)	($0.37)	$2.57	$7.49	$8.22	$9.63	$17.62	$24.49
Tangible Book Value per Share	($3.66)	($3.67)	($4.01)	($4.97)	($2.55)	$2.25	$1.87	$2.55	$0.77	$3.71
Total Capital	486	484	445	528	707	963	975	1,149	2,065	2,749
Total Debt	507	509	483	544	584	601	552	651	1,043	1,198
Total Long-Term Debt	506	504	478	542	580	591	543	642	1,008	1,155
Net Debt	491	493	467	528	568	433	505	567	820	801
Capital Expenditures (CapEx)	49	53	64	72	102	108	123	130	154	202
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.54	-1.70	-1.26	-16	-27	-29	-30	-32	-38	-35
Debt-free Net Working Capital (DFNWC)	-7.23	0.85	0.74	-12	-23	125	4.19	39	183	349
Net Working Capital (NWC)	-8.68	-3.84	-4.19	-14	-28	116	-5.71	30	147	306
Net Nonoperating Expense (NNE)	34	38	13	36	25	50	14	14	30	33
Net Nonoperating Obligations (NNO)	503	497	469	530	570	435	507	570	824	803
Total Depreciation and Amortization (D&A)	67	66	65	73	82	93	106	128	174	238
Debt-free, Cash-free Net Working Capital to Revenue	-1.75%	-0.30%	-0.21%	-2.44%	-3.63%	-3.75%	-3.33%	-2.98%	-2.98%	-2.23%
Debt-free Net Working Capital to Revenue	-1.32%	0.15%	0.12%	-1.83%	-3.16%	16.17%	0.47%	3.58%	14.49%	22.39%
Net Working Capital to Revenue	-1.59%	-0.68%	-0.70%	-2.18%	-3.74%	14.98%	-0.64%	2.75%	11.66%	19.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.17)	($0.52)	$0.15	$0.67	$1.87	$0.80	$1.03	$0.46	$0.23
Adjusted Weighted Average Basic Shares Outstanding	0.00	41.73M	42.28M	42.69M	47.23M	48.79M	51.31M	51.62M	55.17M	59.58M
Adjusted Diluted Earnings per Share	$0.00	($0.17)	($0.52)	$0.15	$0.66	$1.86	$0.80	$1.03	$0.46	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	0.00	41.73M	42.28M	44.17M	47.97M	49.05M	51.52M	51.77M	55.27M	59.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.17)	($0.52)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	41.23M	41.85M	46.50M	47.79M	51.09M	51.41M	51.70M	58.00M	63.36M
Normalized Net Operating Profit after Tax (NOPAT)	22	32	-8.68	29	39	43	59	71	70	63
Normalized NOPAT Margin	4.08%	5.68%	-1.45%	4.41%	5.25%	5.53%	6.68%	6.58%	5.51%	4.03%
Pre Tax Income Margin	-1.91%	-1.13%	-6.18%	0.91%	4.01%	4.94%	6.53%	6.91%	2.93%	1.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.79	0.87	-0.45	1.20	2.17	2.70	3.72	4.13	1.47	1.17
NOPAT to Interest Expense	0.54	0.60	-0.34	1.26	2.25	6.30	2.59	2.85	0.99	0.73
EBIT Less CapEx to Interest Expense	-0.40	-0.13	-2.95	-0.95	-1.91	-2.11	-2.05	-1.37	-1.29	-2.00
NOPAT Less CapEx to Interest Expense	-0.65	-0.41	-2.84	-0.89	-1.83	1.50	-3.18	-2.65	-1.77	-2.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-12.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-12.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Casella Waste Systems' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.03%	12.53%	12.21%	2.11%	19.46%	32.13%	29.86%	30.22%	16.70%	18.89%	22.31%
EBITDA Growth	27.32%	10.98%	10.83%	-7.32%	16.99%	34.47%	39.09%	34.89%	2.22%	24.11%	22.18%
EBIT Growth	37.17%	6.07%	2.93%	-27.99%	-8.99%	-21.57%	-32.29%	1.86%	-27.96%	35.58%	-51.82%
NOPAT Growth	33.73%	-2.97%	1.42%	-22.43%	-0.69%	-286.97%	-43.00%	-10.04%	-47.44%	167.88%	-54.02%
Net Income Growth	42.94%	-7.92%	-15.32%	-69.15%	-19.85%	-121.51%	-216.04%	27.61%	-68.24%	369.24%	-16.83%
EPS Growth	41.94%	-5.56%	-12.50%	-70.59%	-29.55%	-111.76%	-200.00%	20.00%	-67.74%	500.00%	-14.29%
Operating Cash Flow Growth	9.27%	33.37%	-34.94%	-0.62%	24.01%	16.00%	-52.24%	7.43%	23.03%	45.83%	552.73%
Free Cash Flow Firm Growth	59.84%	-5.42%	85.10%	-156.56%	-829.43%	-536.45%	-2,509.27%	47.56%	72.20%	38.59%	37.16%
Invested Capital Growth	11.82%	14.88%	3.95%	54.46%	78.23%	72.84%	79.26%	18.87%	12.53%	27.51%	27.74%
Revenue Q/Q Growth	4.09%	-7.84%	-3.50%	10.30%	21.78%	1.94%	-5.16%	10.60%	9.14%	3.85%	-2.43%
EBITDA Q/Q Growth	11.28%	-27.21%	-13.59%	32.42%	40.47%	-16.33%	-10.62%	28.42%	6.45%	1.58%	-12.02%
EBIT Q/Q Growth	18.05%	-52.86%	-40.45%	117.32%	49.19%	-59.38%	-48.59%	226.91%	5.52%	-23.54%	-81.73%
NOPAT Q/Q Growth	20.84%	-51.79%	-32.67%	97.79%	54.70%	-190.76%	120.53%	212.15%	-9.62%	17.22%	-86.10%
Net Income Q/Q Growth	27.40%	-62.86%	-57.87%	54.74%	231.00%	-109.97%	-127.33%	270.17%	-17.63%	-15.51%	-198.65%
EPS Q/Q Growth	29.41%	-61.36%	-58.82%	42.86%	210.00%	-106.45%	-250.00%	271.43%	-16.67%	-20.00%	-200.00%
Operating Cash Flow Q/Q Growth	-10.89%	7.81%	-75.22%	317.42%	11.19%	0.85%	-89.80%	838.95%	27.34%	19.55%	-54.33%
Free Cash Flow Firm Q/Q Growth	59.45%	-43.63%	74.07%	-1,598.54%	-46.90%	1.65%	0.52%	65.86%	22.12%	-117.26%	-8.80%
Invested Capital Q/Q Growth	2.43%	-0.57%	1.20%	49.87%	18.19%	-3.58%	1.92%	-0.62%	11.89%	9.25%	5.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.56%	32.26%	31.36%	35.67%	35.84%	33.48%	32.32%	35.36%	35.11%	33.18%	32.76%
EBITDA Margin	23.99%	18.95%	16.97%	20.37%	23.49%	19.28%	18.17%	21.10%	20.58%	20.13%	18.15%
Operating Margin	12.29%	6.33%	3.91%	7.81%	9.69%	3.72%	2.00%	6.10%	5.92%	4.33%	0.75%
EBIT Margin	12.81%	6.55%	4.04%	7.96%	9.76%	3.89%	2.11%	6.23%	6.02%	4.43%	0.83%
Profit (Net Income) Margin	7.68%	3.09%	1.35%	1.90%	5.15%	-0.50%	-1.21%	1.86%	1.40%	1.14%	-1.15%
Tax Burden Percent	71.27%	72.40%	81.77%	73.42%	75.12%	-174.47%	69.98%	64.88%	55.37%	85.39%	59.13%
Interest Burden Percent	84.13%	65.25%	40.88%	32.42%	70.29%	7.42%	-81.86%	45.96%	42.04%	30.13%	-234.91%
Effective Tax Rate	28.73%	27.60%	18.23%	26.58%	24.88%	274.47%	0.00%	35.12%	44.63%	14.61%	0.00%
Return on Invested Capital (ROIC)	9.08%	4.98%	3.36%	4.81%	5.74%	-5.63%	1.25%	3.20%	2.40%	2.74%	0.39%
ROIC Less NNEP Spread (ROIC-NNEP)	8.52%	4.23%	2.54%	2.96%	4.71%	-2.54%	0.05%	2.14%	1.37%	1.40%	-0.37%
Return on Net Nonoperating Assets (RNNOA)	10.86%	4.95%	3.21%	2.43%	4.57%	-2.33%	0.05%	1.57%	0.81%	0.89%	-0.27%
Return on Equity (ROE)	19.94%	9.92%	6.57%	7.24%	10.31%	-7.96%	1.30%	4.76%	3.21%	3.63%	0.12%
Cash Return on Invested Capital (CROIC)	-4.49%	-7.09%	2.50%	-38.10%	-52.01%	-49.61%	-53.39%	-14.46%	-10.41%	-21.96%	-22.23%
Operating Return on Assets (OROA)	10.08%	5.20%	3.30%	4.71%	5.89%	2.47%	1.45%	3.62%	3.19%	2.40%	0.48%
Return on Assets (ROA)	6.04%	2.46%	1.10%	1.12%	3.11%	-0.32%	-0.83%	1.08%	0.74%	0.62%	-0.66%
Return on Common Equity (ROCE)	19.94%	9.92%	6.57%	7.24%	10.31%	-7.96%	1.30%	4.76%	3.21%	3.63%	0.12%
Return on Equity Simple (ROE_SIMPLE)	11.06%	0.00%	10.45%	3.98%	3.46%	0.00%	1.73%	1.86%	0.45%	0.00%	0.83%
Net Operating Profit after Tax (NOPAT)	26	12	8.39	17	26	-23	4.78	15	13	16	2.20
NOPAT Margin	8.76%	4.58%	3.20%	5.73%	7.28%	-6.48%	1.40%	3.96%	3.28%	3.70%	0.53%
Net Nonoperating Expense Percent (NNEP)	0.56%	0.75%	0.82%	1.85%	1.02%	-3.08%	1.19%	1.06%	1.03%	1.35%	0.76%
Return On Investment Capital (ROIC_SIMPLE)	-	1.08%	-	-	-	-1.13%	-	-	-	0.58%	0.08%
Cost of Revenue to Revenue	64.44%	67.74%	68.64%	64.33%	64.16%	66.52%	67.68%	64.64%	64.89%	66.82%	67.24%
SG&A Expenses to Revenue	11.63%	13.12%	13.59%	12.38%	11.67%	11.99%	13.00%	12.51%	11.43%	12.21%	13.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.27%	25.93%	27.45%	27.87%	26.15%	29.77%	30.32%	29.26%	29.18%	28.85%	32.01%
Earnings before Interest and Taxes (EBIT)	38	18	11	23	34	14	7.19	23	25	19	3.46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	52	45	59	83	69	62	80	85	86	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.11	8.23	8.52	4.65	4.29	4.85	5.59	5.56	3.78	4.32	4.57
Price to Tangible Book Value (P/TBV)	33.08	31.13	30.64	23.28	119.44	110.87	94.68	69.21	16.51	28.49	39.73
Price to Revenue (P/Rev)	3.74	3.78	3.84	4.19	3.76	3.92	4.27	4.03	3.88	4.30	4.33
Price to Earnings (P/E)	73.37	77.22	81.50	116.94	124.12	195.09	323.26	299.51	844.47	494.92	550.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.36%	1.30%	1.23%	0.86%	0.81%	0.51%	0.31%	0.33%	0.12%	0.20%	0.18%
Enterprise Value to Invested Capital (EV/IC)	4.22	4.37	4.49	3.27	2.77	3.13	3.43	3.45	2.97	3.19	3.23
Enterprise Value to Revenue (EV/Rev)	4.30	4.30	4.35	4.74	4.50	4.57	4.95	4.65	4.30	4.82	4.89
Enterprise Value to EBITDA (EV/EBITDA)	20.50	20.63	21.03	23.47	22.28	22.58	24.31	22.64	21.67	24.02	24.51
Enterprise Value to EBIT (EV/EBIT)	46.75	47.62	49.35	59.36	61.72	70.37	84.44	84.10	92.20	100.77	113.01
Enterprise Value to NOPAT (EV/NOPAT)	66.82	69.08	71.82	84.51	84.11	104.74	130.45	134.54	226.53	160.28	169.31
Enterprise Value to Operating Cash Flow (EV/OCF)	22.54	21.47	23.24	25.46	23.81	24.78	29.56	28.96	25.94	26.66	24.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	183.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.31	1.29	1.08	1.08	1.02	1.08	1.07	0.75	0.77	0.78
Long-Term Debt to Equity	1.31	1.29	1.28	1.05	1.05	0.99	1.02	1.00	0.73	0.74	0.77
Financial Leverage	1.27	1.17	1.26	0.82	0.97	0.92	0.98	0.73	0.59	0.63	0.72
Leverage Ratio	3.00	2.97	2.91	2.58	2.57	2.62	2.55	2.41	2.19	2.24	2.21
Compound Leverage Factor	2.52	1.94	1.19	0.84	1.81	0.19	-2.09	1.11	0.92	0.68	-5.19
Debt to Total Capital	57.01%	56.68%	56.40%	51.88%	51.95%	50.52%	51.99%	51.64%	42.94%	43.58%	43.86%
Short-Term Debt to Total Capital	0.74%	0.78%	0.81%	1.56%	1.58%	1.73%	2.97%	3.05%	1.43%	1.55%	0.76%
Long-Term Debt to Total Capital	56.28%	55.89%	55.60%	50.32%	50.37%	48.79%	49.02%	48.59%	41.51%	42.03%	43.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	42.99%	43.32%	43.60%	48.12%	48.05%	49.48%	48.01%	48.36%	57.06%	56.42%	56.14%
Debt to EBITDA	2.92	2.88	2.81	4.81	4.68	4.08	4.07	3.77	3.90	3.84	3.71
Net Debt to EBITDA	2.64	2.51	2.50	2.69	3.70	3.21	3.32	3.01	2.10	2.56	2.84
Long-Term Debt to EBITDA	2.88	2.84	2.77	4.67	4.54	3.94	3.83	3.55	3.77	3.70	3.64
Debt to NOPAT	9.51	9.64	9.61	17.33	17.68	18.92	21.82	22.41	40.77	25.60	25.61
Net Debt to NOPAT	8.62	8.40	8.53	9.70	13.96	14.88	17.84	17.90	21.94	17.12	19.60
Long-Term Debt to NOPAT	9.39	9.51	9.47	16.81	17.14	18.27	20.58	21.09	39.41	24.69	25.17
Altman Z-Score	3.28	3.23	3.47	2.60	2.32	2.47	2.91	2.94	2.80	2.95	3.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	1.17	1.29	2.87	1.63	1.53	1.58	1.58	2.55	2.00	1.96
Quick Ratio	0.96	0.97	1.07	2.66	1.42	1.36	1.38	1.37	2.36	1.79	1.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-88	-126	-33	-555	-815	-801	-852	-291	-226	-492	-535
Operating Cash Flow to CapEx	183.84%	149.97%	92.07%	208.60%	187.73%	116.87%	25.80%	162.72%	179.18%	143.42%	90.71%
Free Cash Flow to Firm to Interest Expense	-14.19	-18.95	-4.69	-32.24	-51.73	-50.51	-53.64	-18.98	-14.38	-29.19	-35.74
Operating Cash Flow to Interest Expense	9.74	9.77	2.31	3.90	4.74	4.74	0.48	4.71	5.83	6.51	3.35
Operating Cash Flow Less CapEx to Interest Expense	4.44	3.25	-0.20	2.03	2.21	0.68	-1.39	1.81	2.58	1.97	-0.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.79	0.82	0.59	0.60	0.63	0.69	0.58	0.53	0.54	0.57
Accounts Receivable Turnover	10.63	11.55	11.82	9.91	9.48	9.79	11.10	10.26	9.66	9.64	10.46
Inventory Turnover	60.41	62.34	57.11	49.65	50.22	53.11	53.96	52.67	51.95	52.15	52.24
Fixed Asset Turnover	1.62	1.59	1.64	1.51	1.45	1.49	1.59	1.58	1.49	1.45	0.00
Accounts Payable Turnover	9.98	10.53	11.24	9.21	9.08	8.71	12.04	10.34	9.72	9.02	11.77
Days Sales Outstanding (DSO)	34.35	31.60	30.88	36.84	38.50	37.27	32.88	35.59	37.79	37.88	34.90
Days Inventory Outstanding (DIO)	6.04	5.86	6.39	7.35	7.27	6.87	6.76	6.93	7.03	7.00	6.99
Days Payable Outstanding (DPO)	36.57	34.65	32.49	39.61	40.20	41.89	30.32	35.30	37.54	40.48	31.00
Cash Conversion Cycle (CCC)	3.82	2.80	4.78	4.58	5.57	2.24	9.33	7.22	7.28	4.40	10.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,074	1,068	1,081	1,620	1,915	1,846	1,938	1,926	2,155	2,354	2,475
Invested Capital Turnover	1.04	1.09	1.05	0.84	0.79	0.87	0.89	0.81	0.73	0.74	0.74
Increase / (Decrease) in Invested Capital	114	138	41	571	840	778	857	306	240	508	538
Enterprise Value (EV)	4,532	4,666	4,850	5,302	5,303	5,776	6,641	6,650	6,404	7,500	7,990
Market Capitalization	3,948	4,099	4,274	4,693	4,423	4,955	5,733	5,765	5,784	6,699	7,065
Book Value per Share	$9.42	$9.63	$9.70	$19.43	$17.79	$17.62	$17.68	$17.85	$26.34	$24.49	$24.41
Tangible Book Value per Share	$2.31	$2.55	$2.70	$3.88	$0.64	$0.77	$1.04	$1.43	$6.03	$3.71	$2.81
Total Capital	1,132	1,149	1,151	2,096	2,146	2,065	2,137	2,145	2,684	2,749	2,756
Total Debt	645	651	649	1,087	1,115	1,043	1,111	1,108	1,152	1,198	1,209
Total Long-Term Debt	637	642	640	1,054	1,081	1,008	1,048	1,042	1,114	1,155	1,188
Net Debt	585	567	576	608	880	820	908	885	620	801	925
Capital Expenditures (CapEx)	33	43	17	32	40	64	30	44	51	77	55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-32	-8.25	-23	-25	-38	15	13	-29	-35	-6.43
Debt-free Net Working Capital (DFNWC)	37	39	52	443	194	183	205	221	490	349	261
Net Working Capital (NWC)	29	30	43	410	160	147	141	156	452	306	240
Net Nonoperating Expense (NNE)	3.19	4.05	4.85	11	7.51	-21	8.90	7.93	7.73	11	7.01
Net Nonoperating Obligations (NNO)	588	570	579	612	884	824	912	888	623	803	928
Total Depreciation and Amortization (D&A)	33	34	34	36	48	55	55	56	60	67	72
Debt-free, Cash-free Net Working Capital to Revenue	-1.04%	-2.98%	-0.74%	-2.03%	-2.12%	-2.98%	1.13%	0.91%	-1.93%	-2.23%	-0.39%
Debt-free Net Working Capital to Revenue	3.51%	3.58%	4.67%	39.56%	16.49%	14.49%	15.24%	15.48%	32.91%	22.39%	16.00%
Net Working Capital to Revenue	2.72%	2.75%	3.83%	36.64%	13.61%	11.66%	10.52%	10.91%	30.33%	19.65%	14.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.44	$0.17	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	51.68M	51.62M	51.77M	52.89M	57.96M	55.17M	58.03M	58.11M	58.81M	59.58M	63.39M
Adjusted Diluted Earnings per Share	$0.44	$0.17	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	51.81M	51.77M	51.87M	52.98M	58.06M	55.27M	58.03M	58.20M	58.92M	59.68M	63.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.68M	51.70M	51.89M	57.96M	57.98M	58.00M	58.11M	58.13M	63.31M	63.36M	63.46M
Normalized Net Operating Profit after Tax (NOPAT)	26	12	11	24	28	13	8.29	20	17	21	6.07
Normalized NOPAT Margin	8.94%	4.58%	4.09%	8.22%	7.98%	3.62%	2.43%	5.31%	4.01%	5.02%	1.46%
Pre Tax Income Margin	10.77%	4.27%	1.65%	2.58%	6.86%	0.29%	-1.73%	2.86%	2.53%	1.34%	-1.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.12	2.68	1.53	1.34	2.19	0.88	0.45	1.53	1.57	1.12	0.23
NOPAT to Interest Expense	4.19	1.88	1.21	0.97	1.63	-1.47	0.30	0.97	0.86	0.94	0.15
EBIT Less CapEx to Interest Expense	0.82	-3.83	-0.98	-0.53	-0.34	-3.18	-1.42	-1.36	-1.68	-3.42	-3.46
NOPAT Less CapEx to Interest Expense	-1.11	-4.64	-1.30	-0.91	-0.89	-5.53	-1.57	-1.92	-2.40	-3.60	-3.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

In Q1 2025, Casella Waste Systems (NASDAQ:CWST) reported 22.3% revenue growth year-over-year to $417.1 million, driven by higher volumes and pricing. However, heavy investment spending led to a small operating profit and a net loss. The company continues to generate strong cash from operations, but free cash flow remains negative due to acquisitions and capital expenditures.

Revenue grew 22.3% year-over-year to $417.1 million, reflecting strong volume and pricing.
Net cash from operating activities was $50.1 million, supporting ongoing investments.
Liquidity remains healthy with a current ratio of 1.96x at quarter end.
Gross margin stayed stable at 32.8%.
Capital spending and acquisitions totaled $158.8 million, underscoring growth initiatives.
Net debt rose to $925 million, reflecting continued investment in assets.
Reported a net loss of $4.8 million (–$0.08 per share) versus a $3.5 million profit in Q1 2024.
Interest expense remained high at $15.0 million, pressuring profitability.
Free cash flow to the firm was deeply negative (–$535 million), driven by investing outflows.
Returns metrics remained low: ROIC only 0.39% and ROE just 0.12%.

06/23/25 04:31 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Casella Waste Systems' Financials

When does Casella Waste Systems' fiscal year end?

According to the most recent income statement we have on file, Casella Waste Systems' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Casella Waste Systems' net income changed over the last 9 years?

Casella Waste Systems' net income appears to be on an upward trend, with a most recent value of $13.54 million in 2024, falling from -$11.78 million in 2015. The previous period was $25.40 million in 2023. See Casella Waste Systems' forecast for analyst expectations on what’s next for the company.

What is Casella Waste Systems' operating income?

Casella Waste Systems' total operating income in 2024 was $72.76 million, based on the following breakdown:

Total Gross Profit: $529.95 million
Total Operating Expenses: $457.19 million

How has Casella Waste Systems' revenue changed over the last 9 years?

Over the last 9 years, Casella Waste Systems' total revenue changed from $546.50 million in 2015 to $1.56 billion in 2024, a change of 185.0%.

How much debt does Casella Waste Systems have?

Casella Waste Systems' total liabilities were at $1.68 billion at the end of 2024, a 10.9% increase from 2023, and a 156.3% increase since 2015.

How much cash does Casella Waste Systems have?

In the past 9 years, Casella Waste Systems' cash and equivalents has ranged from $2.00 million in 2017 to $383.30 million in 2024, and is currently $383.30 million as of their latest financial filing in 2024.

How has Casella Waste Systems' book value per share changed over the last 9 years?

Over the last 9 years, Casella Waste Systems' book value per share changed from -0.53 in 2015 to 24.49 in 2024, a change of -4,762.1%.

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This page (NASDAQ:CWST) was last updated on 6/23/2025 by MarketBeat.com Staff

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Casella Waste Systems (CWST) Financials

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Casella Waste Systems (CWST) Financials

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