Casella Waste Systems (CWST) Financials

$85.18 -1.13 (-1.31%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$86.28 +1.10 (+1.29%)

As of 05/15/2026 06:57 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-6.85	-22	6.42	32	91	41	53	25	14	7.87
Consolidated Net Income / (Loss)	-12	-6.86	-22	6.42	32	91	41	53	25	14	7.87
Net Income / (Loss) Continuing Operations	-12	-6.86	-22	6.42	32	91	41	53	25	14	7.87
Total Pre-Tax Income	-10	-6.36	-37	6.04	30	38	58	75	37	21	13
Total Operating Income	32	45	-13	40	53	59	78	95	80	73	64
Total Gross Profit	164	183	194	207	235	259	307	362	433	530	620
Total Revenue	547	565	599	661	743	775	889	1,085	1,265	1,557	1,837
Operating Revenue	547	565	599	661	743	775	889	1,085	1,265	1,557	1,837
Total Cost of Revenue	383	382	405	453	509	516	582	723	832	1,027	1,217
Operating Cost of Revenue	383	382	405	453	509	516	582	-	832	1,027	1,217
Total Operating Expenses	132	138	207	168	182	200	229	267	352	457	557
Selling, General & Admin Expense	73	75	79	85	93	102	119	133	156	191	224
Depreciation Expense	63	62	62	71	80	91	104	126	171	235	307
Restructuring Charge	-	0.00	0.18	1.87	2.69	1.86	5.30	4.61	15	25	26
Other Special Charges / (Income)	0.00	0.90	-	-	0.00	0.00	0.92	0.76	6.15	0.00	0.00
Total Other Income / (Expense), net	-42	-51	-24	-34	-23	-21	-20	-20	-43	-52	-51
Interest Expense	41	53	26	34	25	22	21	24	56	64	63
Interest & Investment Income	-1.77	0.29	0.27	-0.80	0.37	0.30	0.30	0.71	11	10	9.95
Other Income / (Expense), net	0.89	1.09	0.94	0.75	1.44	1.07	1.31	2.59	1.65	1.67	1.98
Income Tax Expense	1.35	0.49	-15	-0.38	-1.87	-53	17	22	12	7.51	5.18
Basic Earnings per Share	($0.32)	($0.17)	($0.52)	$0.15	$0.67	$1.87	$0.80	$1.03	$0.46	$0.23	$0.12
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	63.46M
Diluted Earnings per Share	($0.32)	($0.17)	($0.52)	$0.15	$0.66	$1.86	$0.80	$1.03	$0.46	$0.23	$0.12
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	63.57M
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	63.51M

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	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	6/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81	5.21	-5.54
Consolidated Net Income / (Loss)	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81	5.21	-5.54
Net Income / (Loss) Continuing Operations	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81	5.21	-5.54
Total Pre-Tax Income	4.34	7.48	24	1.04	-5.88	11	10	5.71	-8.14	6.89	-8.82
Total Operating Income	10	23	34	13	6.84	23	24	19	3.14	19	4.86
Total Gross Profit	82	103	126	120	110	133	145	142	137	157	148
Total Revenue	263	290	353	360	341	377	412	427	417	465	457
Operating Revenue	263	290	353	360	341	377	412	427	417	465	457
Total Cost of Revenue	180	186	226	239	231	244	267	286	280	308	309
Operating Cost of Revenue	180	186	226	239	-	-	267	286	280	-	309
Total Operating Expenses	72	81	92	107	103	110	120	123	134	138	144
Selling, General & Admin Expense	36	36	41	43	44	47	47	52	56	55	58
Depreciation Expense	33	35	48	55	54	55	59	66	71	77	78
Other Operating Expenses / (Income)	0.11	0.10	0.07	4.06	-	-	8.48	-	-	-	0.93
Restructuring Charge	2.86	3.68	3.26	5.24	5.01	7.84	5.45	6.58	5.53	6.46	6.51
Total Other Income / (Expense), net	-5.93	-15	-10.00	-12	-13	-12	-14	-13	-11	-12	-14
Interest Expense	6.96	17	16	16	16	15	16	17	15	16	15
Interest & Investment Income	0.68	1.61	5.53	2.92	2.81	2.63	1.38	3.61	3.38	2.67	1.33
Other Income / (Expense), net	0.35	0.45	0.23	0.62	0.35	0.48	0.41	0.43	0.32	0.62	0.31
Income Tax Expense	0.79	1.99	6.02	2.85	-1.77	3.79	4.65	0.83	-3.33	1.68	-3.29
Basic Earnings per Share	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)	$0.08	($0.09)
Weighted Average Basic Shares Outstanding	51.77M	52.89M	57.96M	55.17M	58.03M	58.11M	58.81M	59.58M	63.39M	63.46M	63.54M
Diluted Earnings per Share	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)	$0.08	($0.09)
Weighted Average Diluted Shares Outstanding	51.87M	52.98M	58.06M	55.27M	58.03M	58.20M	58.92M	59.68M	63.39M	63.56M	63.54M
Weighted Average Basic & Diluted Shares Outstanding	51.89M	57.96M	57.98M	58.00M	58.11M	58.13M	63.31M	63.36M	63.46M	63.49M	63.61M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	0.11	-1.12	-0.55	2.01	-0.54	151	-121	37	150	162	-166
Net Cash From Operating Activities	71	80	108	121	117	140	183	217	233	281	330
Net Cash From Continuing Operating Activities	71	80	108	121	117	140	183	217	233	281	330
Net Income / (Loss) Continuing Operations	-12	-6.86	-22	6.42	32	91	41	53	25	14	7.87
Consolidated Net Income / (Loss)	-12	-6.86	-22	6.42	32	91	41	53	25	14	7.87
Depreciation Expense	63	62	62	71	80	91	104	126	171	235	307
Amortization Expense	3.98	3.88	2.69	2.45	2.29	2.17	2.29	1.90	2.96	2.96	3.02
Non-Cash Adjustments To Reconcile Net Income	14	30	85	46	33	28	28	25	41	48	46
Changes in Operating Assets and Liabilities, net	2.16	-8.81	-20	-4.09	-30	-72	7.66	11	-6.69	-18	-34
Net Cash From Investing Activities	-49	-63	-76	-164	-177	-140	-293	-207	-1,006	-671	-469
Net Cash From Continuing Investing Activities	-49	-63	-76	-164	-177	-140	-293	-207	-1,006	-671	-469
Purchase of Property, Plant & Equipment	-50	-54	-65	-73	-103	-108	-123	-131	-155	-203	-245
Acquisitions	0.00	-2.84	-5.06	-89	-75	-32	-171	-78	-852	-469	-225
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	0.81
Other Investing Activities, net	-4.84	-7.25	-7.24	-2.92	0.33	-	-	0.00	0.00	0.15	0.00
Net Cash From Financing Activities	-22	-19	-32	45	60	151	-10	27	922	552	-27
Net Cash From Continuing Financing Activities	-22	-19	-32	45	60	151	-10	27	922	552	-27
Repayment of Debt	-380	-624	-218	-590	-244	-151	-14	-60	-39	-792	-119
Issuance of Debt	360	605	186	635	198	157	3.70	88	465	847	92
Issuance of Common Equity	0.16	0.13	1.28	0.47	104	145	0.17	0.19	496	497	0.00
Cash Interest Paid	35	43	25	24	23	20	19	21	44	61	59
Cash Income Taxes Paid	0.28	0.27	0.15	0.11	-1.63	-1.53	1.44	2.80	10	6.78	-0.15

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	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	6/30/2025	3/31/2026
Net Change in Cash & Equivalents	-11	405	-244	-0.91	-31	20	310	-136	-113	-52	-90
Net Cash From Operating Activities	16	67	75	75	7.68	72	92	110	50	90	62
Net Cash From Continuing Operating Activities	16	67	75	75	7.68	72	92	110	50	90	62
Net Income / (Loss) Continuing Operations	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81	5.21	-5.54
Consolidated Net Income / (Loss)	3.55	5.49	18	-1.81	-4.12	7.01	5.77	4.88	-4.81	5.21	-5.54
Depreciation Expense	33	35	48	55	54	55	59	66	71	77	78
Amortization Expense	0.50	1.00	0.72	0.74	0.74	0.74	0.74	0.74	0.75	0.77	0.75
Non-Cash Adjustments To Reconcile Net Income	9.13	14	7.47	10	9.46	12	17	9.89	14	12	12
Changes in Operating Assets and Liabilities, net	-31	12	0.54	11	-52	-2.58	8.90	28	-31	-5.24	-23
Net Cash From Investing Activities	-18	-579	-340	-68	-30	-43	-312	-286	-159	-138	-144
Net Cash From Continuing Investing Activities	-18	-579	-340	-68	-30	-43	-312	-286	-159	-138	-144
Purchase of Property, Plant & Equipment	-18	-33	-40	-65	-30	-45	-51	-77	-55	-66	-50
Acquisitions	-0.26	-547	-300	-4.08	-0.29	1.39	-261	-209	-104	-71	-95
Sale of Property, Plant & Equipment	0.42	0.36	0.20	0.14	0.49	0.34	0.22	0.33	0.22	0.29	0.36
Net Cash From Financing Activities	-9.28	918	21	-7.69	-9.08	-9.19	529	41	-4.71	-4.08	-8.03
Net Cash From Continuing Financing Activities	-9.28	918	21	-7.69	-9.08	-9.19	529	41	-4.71	-4.08	-8.03
Repayment of Debt	-9.28	-8.53	-14	-7.69	-9.95	-10	-767	-4.48	-30	-4.08	-8.03
Issuance of Debt	0.00	430	35	-	0.88	0.88	800	45	25	-	0.00
Cash Interest Paid	5.87	8.32	14	15	16	15	15	16	13	15	14
Cash Income Taxes Paid	4.81	3.11	1.78	0.42	1.68	3.42	0.04	1.64	0.75	-0.59	-2.06

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	2025
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	12/31/2025
Total Assets	634	632	615	732	932	1,194	1,284	1,449	2,535	3,230	3,303
Total Current Assets	77	79	84	97	103	247	146	207	426	613	369
Cash & Equivalents	2.31	2.54	2.00	4.01	3.47	154	34	71	221	383	124
Accounts Receivable	60	61	66	75	80	74	87	101	157	166	178
Prepaid Expenses	7.67	7.99	8.30	7.35	8.99	9.29	13	15	17	23	30
Other Current Assets	1.59	1.29	1.08	2.01	1.21	1.33	3.20	6.79	9.92	41	38
Plant, Property, & Equipment, net	402	398	362	405	444	511	645	721	981	1,165	1,289
Total Noncurrent Assets	155	154	169	231	386	436	492	521	1,129	1,452	1,645
Long-Term Investments	15	13	14	13	13	13	13	13	2.20	13	107
Goodwill	119	120	123	163	186	195	233	274	736	1,002	1,120
Intangible Assets	9.25	7.70	8.15	35	59	58	94	92	241	313	291
Other Noncurrent Operating Assets	12	14	13	11	120	109	109	119	138	123	126
Total Liabilities & Shareholders' Equity	634	632	615	732	932	1,194	1,284	1,449	2,535	3,230	3,303
Total Liabilities	655	656	653	748	809	832	861	951	1,514	1,679	1,735
Total Current Liabilities	85	82	89	111	131	131	152	178	279	307	294
Short-Term Debt	1.45	4.69	4.93	2.30	4.30	9.24	9.90	8.97	36	43	26
Accounts Payable	45	45	47	57	64	49	63	74	117	111	102
Accrued Expenses	18	16	20	35	34	42	44	57	59	60	72
Current Employee Benefit Liabilities	8.18	13	12	11	14	17	22	24	23	33	36
Other Current Liabilities	-	-	1.82	3.07	12	11	11	11	9.04	61	57
Total Noncurrent Liabilities	570	574	564	637	679	701	709	774	1,235	1,372	1,441
Long-Term Debt	506	504	478	542	509	530	543	585	1,008	1,091	1,129
Capital Lease Obligations	-	-	-	0.00	71	61	-	57	-	64	73
Asset Retirement Reserve & Litigation Obligation	40	44	59	61	62	72	79	103	123	169	185
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	19
Other Noncurrent Operating Liabilities	18	20	25	31	35	36	87	28	103	29	35
Commitments & Contingencies	0.00	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	1,569
Total Preferred & Common Equity	-22	-25	-38	-16	123	362	422	498	1,022	1,551	1,569
Total Common Equity	-22	-25	-38	-16	123	362	422	498	1,022	1,551	1,569
Common Stock	345	349	357	374	486	640	653	662	1,169	1,681	1,698
Retained Earnings	-366	-373	-395	-389	-357	-266	-225	-172	-147	-133	-125
Accumulated Other Comprehensive Income / (Loss)	0.01	-0.07	0.18	-1.31	-6.04	-12	-5.10	7.54	-1.08	3.31	-3.96

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	Q2 2025	Q1 2026
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	6/30/2025	3/31/2026
Total Assets	1,399	1,420	2,417	2,498	2,477	2,512	3,123	3,206	3,257	3,270
Total Current Assets	191	188	629	413	385	426	743	492	465	360
Cash & Equivalents	48	60	466	219	189	209	519	268	218	127
Accounts Receivable	108	95	118	140	147	161	168	166	179	175
Prepaid Expenses	15	12	18	20	15	21	23	20	27	20
Other Current Assets	7.11	6.61	7.36	12	12	9.46	8.08	6.46	6.31	37
Plant, Property, & Equipment, net	685	711	818	935	979	987	1,060	0.00	1,241	1,305
Total Noncurrent Assets	523	521	970	1,149	1,113	1,099	1,320	2,714	1,552	1,606
Long-Term Investments	13	13	13	16	13	14	13	16	14	14
Goodwill	272	274	620	737	737	737	908	1,050	1,089	1,194
Intangible Assets	95	88	187	257	229	217	273	320	315	272
Other Noncurrent Operating Assets	117	122	133	133	124	122	126	1,329	134	126
Total Liabilities & Shareholders' Equity	1,399	1,420	2,417	2,498	2,477	2,512	3,123	3,206	3,257	3,270
Total Liabilities	913	918	1,409	1,467	1,451	1,474	1,592	1,659	1,703	1,702
Total Current Liabilities	163	145	219	253	244	270	291	251	273	260
Short-Term Debt	8.34	9.27	33	34	63	65	38	21	23	25
Accounts Payable	71	67	88	100	80	94	102	103	117	90
Accrued Expenses	50	46	56	67	47	51	65	46	54	68
Current Employee Benefit Liabilities	20	8.48	15	21	12	17	25	17	22	20
Other Current Liabilities	11	11	25	27	39	40	58	61	56	57
Total Noncurrent Liabilities	750	773	1,190	1,214	1,207	1,205	1,300	1,408	1,429	1,442
Long-Term Debt	578	578	983	1,012	981	977	1,046	1,115	1,121	1,127
Capital Lease Obligations	59	62	71	69	67	66	69	72	79	74
Asset Retirement Reserve & Litigation Obligation	84	105	108	104	127	131	134	174	179	191
Noncurrent Deferred & Payable Income Tax Liabilities	0.52	0.44	0.48	0.52	0.91	1.19	15	14	16	17
Other Noncurrent Operating Liabilities	29	28	27	28	32	30	37	32	34	34
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	487	502	1,008	1,031	1,026	1,038	1,532	1,547	1,554	1,568
Total Preferred & Common Equity	487	502	1,008	1,031	1,026	1,038	1,532	1,547	1,554	1,568
Total Common Equity	487	502	1,008	1,031	1,026	1,038	1,532	1,547	1,554	1,568
Common Stock	659	664	1,164	1,166	1,172	1,175	1,674	1,685	1,690	1,701
Retained Earnings	-180	-168	-163	-145	-151	-144	-138	-138	-133	-131
Accumulated Other Comprehensive Income / (Loss)	7.93	5.77	7.61	9.48	5.04	5.82	-4.68	-0.74	-2.96	-1.70

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.82%	3.39%	6.07%	10.24%	12.51%	4.21%	14.80%	22.03%	16.54%	23.15%	17.95%
EBITDA Growth	35.70%	12.40%	-52.45%	113.44%	20.42%	12.24%	20.56%	22.39%	13.04%	22.11%	20.24%
EBIT Growth	158.04%	40.53%	-125.30%	447.51%	34.68%	10.74%	30.82%	24.07%	-16.23%	-9.32%	-11.80%
NOPAT Growth	167.42%	41.04%	-128.00%	579.79%	33.49%	150.01%	-61.01%	22.83%	-18.36%	-15.14%	-17.95%
Net Income Growth	57.01%	41.79%	-217.86%	129.45%	393.04%	187.83%	-54.89%	29.15%	-52.15%	-46.71%	-41.85%
EPS Growth	44.83%	46.88%	-205.88%	128.85%	340.00%	181.82%	-56.99%	28.75%	-55.34%	-50.00%	-47.83%
Operating Cash Flow Growth	63.04%	14.08%	33.70%	12.36%	-3.31%	19.77%	30.60%	18.92%	7.26%	20.71%	17.21%
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%	61.93%
Invested Capital Growth	-5.90%	-1.74%	-8.82%	19.29%	34.63%	15.15%	16.59%	14.88%	72.84%	27.51%	9.06%
Revenue Q/Q Growth	6.80%	0.67%	1.25%	3.69%	2.61%	0.86%	4.91%	2.87%	7.43%	4.56%	0.00%
EBITDA Q/Q Growth	3.29%	3.50%	0.21%	-9.70%	20.01%	0.95%	4.35%	2.31%	7.47%	5.66%	0.00%
EBIT Q/Q Growth	-1.11%	12.04%	-1.50%	-27.31%	58.28%	-0.67%	2.77%	1.05%	-4.48%	7.16%	0.00%
NOPAT Q/Q Growth	-2.26%	13.35%	-1.14%	-55.46%	51.47%	140.62%	-57.27%	-0.43%	-12.53%	65.53%	0.00%
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%	0.00%
EPS Q/Q Growth	-33.33%	-142.86%	59.69%	-84.04%	288.24%	141.56%	-57.89%	-0.96%	-29.23%	76.92%	0.00%
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%	0.00%
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%	0.00%
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%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.99%	32.40%	32.39%	31.39%	31.57%	33.43%	34.50%	33.36%	34.20%	34.03%	33.77%
EBITDA Margin	18.20%	19.78%	8.87%	17.17%	18.38%	19.79%	20.79%	20.85%	20.22%	20.05%	20.44%
Operating Margin	5.83%	7.95%	-2.10%	6.01%	7.14%	7.66%	8.73%	8.79%	6.36%	4.67%	3.47%
EBIT Margin	5.99%	8.15%	-1.94%	6.13%	7.33%	7.79%	8.88%	9.03%	6.49%	4.78%	3.57%
Profit (Net Income) Margin	-2.16%	-1.21%	-3.64%	0.97%	4.26%	11.76%	4.62%	4.89%	2.01%	0.87%	0.43%
Tax Burden Percent	112.95%	107.76%	58.83%	106.36%	106.29%	237.86%	70.81%	70.80%	68.56%	64.31%	60.30%
Interest Burden Percent	-31.84%	-13.82%	318.10%	14.91%	54.63%	63.45%	73.50%	76.51%	45.14%	28.28%	19.88%
Effective Tax Rate	0.00%	0.00%	0.00%	-6.36%	-6.29%	-137.86%	29.19%	29.20%	31.44%	35.69%	39.70%
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%	1.56%
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%	-1.84%
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%	-1.06%
Return on Equity (ROE)	70.09%	29.72%	69.86%	-23.91%	59.21%	37.58%	10.48%	11.53%	3.34%	1.05%	0.50%
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%	-7.11%
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%	2.01%
Return on Assets (ROA)	-1.81%	-1.08%	-3.50%	0.95%	3.80%	8.57%	3.32%	3.88%	1.27%	0.47%	0.24%
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%	0.50%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	22	31	-8.81	42	56	141	55	68	55	47	38
NOPAT Margin	4.08%	5.57%	-1.47%	6.40%	7.59%	18.21%	6.18%	6.22%	4.36%	3.00%	2.09%
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%	3.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.88%	2.67%	1.70%	1.37%
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%	66.23%
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%	12.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.05%	0.00%	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%	30.30%
Earnings before Interest and Taxes (EBIT)	33	46	-12	40	55	60	79	98	82	74	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	99	112	53	113	137	153	185	226	256	312	376
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	3.96
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	39.41
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	3.39
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	790.02
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	0.00%	0.00%	0.00%	0.53%	1.44%	3.04%	0.94%	1.30%	0.51%	0.20%	0.13%
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	2.81
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	3.93
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	19.21
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	109.90
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	187.90
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	21.88
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	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	0.78
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	0.77
Financial Leverage	-30.53	-21.68	-15.49	-18.61	10.29	2.07	1.20	1.17	0.92	0.63	0.58
Leverage Ratio	-38.77	-27.42	-19.97	-25.09	15.57	4.38	3.16	2.97	2.62	2.24	2.09
Compound Leverage Factor	12.35	3.79	-63.53	-3.74	8.50	2.78	2.32	2.27	1.18	0.63	0.42
Debt to Total Capital	104.45%	105.07%	108.52%	103.00%	82.63%	62.39%	56.66%	56.68%	50.52%	43.58%	43.89%
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%	0.92%
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%	42.97%
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	-0.02%	-0.01%	0.00%	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%	56.11%
Debt to EBITDA	5.10	4.55	9.08	4.80	4.28	3.92	2.99	2.88	4.08	3.84	3.27
Net Debt to EBITDA	4.93	4.41	8.79	4.65	4.16	2.83	2.73	2.51	3.21	2.56	2.65
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	3.20
Debt to NOPAT	22.75	16.17	-54.78	12.88	10.35	4.26	10.05	9.64	18.92	25.60	31.96
Net Debt to NOPAT	21.99	15.66	-53.01	12.49	10.06	3.07	9.19	8.40	14.88	17.12	25.94
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	31.29
Altman Z-Score	0.43	0.77	0.89	1.30	2.05	2.78	3.70	3.42	2.56	3.01	2.75
Noncontrolling Interest Sharing Ratio	-0.47%	0.21%	0.04%	0.00%	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	1.26
Quick Ratio	0.73	0.77	0.77	0.71	0.64	1.74	0.79	0.97	1.36	1.79	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	53	40	33	-41	-122	36	-77	-71	-723	-461	-175
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%	135.01%
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	-2.79
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	5.27
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	1.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	0.89	0.96	0.98	0.89	0.73	0.72	0.79	0.63	0.54	0.56
Accounts Receivable Turnover	9.43	9.31	9.43	9.38	9.58	10.03	11.03	11.55	9.79	9.64	10.68
Inventory Turnover	88.40	83.06	70.78	69.33	71.54	66.33	66.19	62.34	53.11	52.15	0.00
Fixed Asset Turnover	1.34	1.41	1.58	1.72	1.75	1.62	1.54	1.59	1.49	1.45	1.50
Accounts Payable Turnover	8.19	8.50	8.80	8.69	8.36	9.08	10.37	10.53	8.71	9.02	11.39
Days Sales Outstanding (DSO)	38.71	39.20	38.72	38.92	38.09	36.38	33.08	31.60	37.27	37.88	34.18
Days Inventory Outstanding (DIO)	4.13	4.39	5.16	5.26	5.10	5.50	5.51	5.86	6.87	7.00	0.00
Days Payable Outstanding (DPO)	44.57	42.96	41.47	42.02	43.66	40.20	35.19	34.65	41.89	40.48	32.03
Cash Conversion Cycle (CCC)	-1.73	0.63	2.40	2.16	-0.46	1.68	3.41	2.80	2.24	4.40	2.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	481	473	431	514	693	797	930	1,068	1,846	2,354	2,565
Invested Capital Turnover	1.10	1.18	1.33	1.40	1.23	1.04	1.03	1.09	0.87	0.74	0.75
Increase / (Decrease) in Invested Capital	-30	-8.37	-42	83	178	105	132	138	778	508	213
Enterprise Value (EV)	735	1,008	1,435	1,751	2,767	3,430	4,896	4,666	5,776	7,500	7,214
Market Capitalization	245	515	968	1,223	2,199	2,997	4,390	4,099	4,955	6,699	6,218
Book Value per Share	($0.53)	($0.59)	($0.90)	($0.37)	$2.57	$7.49	$8.22	$9.63	$17.62	$24.49	$24.72
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	$2.49
Total Capital	486	484	445	528	707	963	975	1,149	2,065	2,749	2,796
Total Debt	507	509	483	544	584	601	552	651	1,043	1,198	1,227
Total Long-Term Debt	506	504	478	542	580	591	543	642	1,008	1,155	1,201
Net Debt	491	493	467	528	568	433	505	567	820	801	996
Capital Expenditures (CapEx)	49	53	64	72	102	108	123	130	154	202	244
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.54	-1.70	-1.26	-16	-27	-29	-30	-32	-38	-35	-23
Debt-free Net Working Capital (DFNWC)	-7.23	0.85	0.74	-12	-23	125	4.19	39	183	349	101
Net Working Capital (NWC)	-8.68	-3.84	-4.19	-14	-28	116	-5.71	30	147	306	75
Net Nonoperating Expense (NNE)	34	38	13	36	25	50	14	14	30	33	31
Net Nonoperating Obligations (NNO)	503	497	469	530	570	435	507	570	824	803	996
Total Depreciation and Amortization (D&A)	67	66	65	73	82	93	106	128	174	238	310
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%	-1.23%
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%	5.50%
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%	4.10%
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	$0.12
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	63.46M
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	$0.12
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	63.57M
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	$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	63.51M
Normalized Net Operating Profit after Tax (NOPAT)	22	32	-8.68	29	39	43	59	71	70	63	54
Normalized NOPAT Margin	4.08%	5.68%	-1.45%	4.41%	5.25%	5.53%	6.68%	6.58%	5.51%	4.03%	2.93%
Pre Tax Income Margin	-1.91%	-1.13%	-6.18%	0.91%	4.01%	4.94%	6.53%	6.91%	2.93%	1.35%	0.71%
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	1.05
NOPAT to Interest Expense	0.54	0.60	-0.34	1.26	2.25	6.30	2.59	2.85	0.99	0.73	0.61
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	-2.86
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	-3.29
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%	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%	0.00%

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q1 2026
Period end date	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	6/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	63,514,767.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	63,514,767.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.21%	2.11%	19.46%	32.13%	29.86%	30.22%	16.70%	18.89%	22.31%	23.38%	9.64%
EBITDA Growth	10.83%	-7.32%	16.99%	34.47%	39.09%	34.89%	2.22%	24.11%	22.18%	22.73%	10.82%
EBIT Growth	2.93%	-27.99%	-8.99%	-21.57%	-32.29%	1.86%	-27.96%	35.58%	-51.82%	-15.36%	49.26%
NOPAT Growth	1.42%	-22.43%	-0.69%	-286.97%	-43.00%	-10.04%	-47.44%	167.88%	-54.02%	-2.42%	54.47%
Net Income Growth	-15.32%	-69.15%	-19.85%	-121.51%	-216.04%	27.61%	-68.24%	369.24%	-16.83%	-25.66%	-15.16%
EPS Growth	-12.50%	-70.59%	-29.55%	-111.76%	-200.00%	20.00%	-67.74%	500.00%	-14.29%	-33.33%	-12.50%
Operating Cash Flow Growth	-34.94%	-0.62%	24.01%	16.00%	-52.24%	7.43%	23.03%	45.83%	552.73%	24.16%	24.20%
Free Cash Flow Firm Growth	85.10%	-156.56%	-829.43%	-536.45%	-2,509.27%	47.56%	72.20%	38.59%	37.16%	-108.93%	67.51%
Invested Capital Growth	3.95%	54.46%	78.23%	72.84%	79.26%	18.87%	12.53%	27.51%	27.74%	32.31%	7.16%
Revenue Q/Q Growth	-3.50%	10.30%	21.78%	1.94%	-5.16%	10.60%	9.14%	3.85%	-2.43%	11.56%	0.00%
EBITDA Q/Q Growth	-13.59%	32.42%	40.47%	-16.33%	-10.62%	28.42%	6.45%	1.58%	-12.02%	28.99%	0.00%
EBIT Q/Q Growth	-40.45%	117.32%	49.19%	-59.38%	-48.59%	226.91%	5.52%	-23.54%	-81.73%	474.27%	0.00%
NOPAT Q/Q Growth	-32.67%	97.79%	54.70%	-190.76%	120.53%	212.15%	-9.62%	17.22%	-86.10%	562.41%	0.00%
Net Income Q/Q Growth	-57.87%	54.74%	231.00%	-109.97%	-127.33%	270.17%	-17.63%	-15.51%	-198.65%	208.27%	0.00%
EPS Q/Q Growth	-58.82%	42.86%	210.00%	-106.45%	-250.00%	271.43%	-16.67%	-20.00%	-200.00%	200.00%	0.00%
Operating Cash Flow Q/Q Growth	-75.22%	317.42%	11.19%	0.85%	-89.80%	838.95%	27.34%	19.55%	-54.33%	78.61%	0.00%
Free Cash Flow Firm Q/Q Growth	74.07%	-1,598.54%	-46.90%	1.65%	0.52%	65.86%	22.12%	-117.26%	-8.80%	-13.49%	0.00%
Invested Capital Q/Q Growth	1.20%	49.87%	18.19%	-3.58%	1.92%	-0.62%	11.89%	9.25%	5.15%	2.93%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.36%	35.67%	35.84%	33.48%	32.32%	35.36%	35.11%	33.18%	32.76%	33.80%	32.45%
EBITDA Margin	16.97%	20.37%	23.49%	19.28%	18.17%	21.10%	20.58%	20.13%	18.15%	20.99%	18.35%
Operating Margin	3.91%	7.81%	9.69%	3.72%	2.00%	6.10%	5.92%	4.33%	0.75%	4.14%	1.06%
EBIT Margin	4.04%	7.96%	9.76%	3.89%	2.11%	6.23%	6.02%	4.43%	0.83%	4.27%	1.13%
Profit (Net Income) Margin	1.35%	1.90%	5.15%	-0.50%	-1.21%	1.86%	1.40%	1.14%	-1.15%	1.12%	-1.21%
Tax Burden Percent	81.77%	73.42%	75.12%	-174.47%	69.98%	64.88%	55.37%	85.39%	59.13%	75.62%	62.77%
Interest Burden Percent	40.88%	32.42%	70.29%	7.42%	-81.86%	45.96%	42.04%	30.13%	-234.91%	34.63%	-170.71%
Effective Tax Rate	18.23%	26.58%	24.88%	274.47%	0.00%	35.12%	44.63%	14.61%	0.00%	24.38%	0.00%
Return on Invested Capital (ROIC)	3.36%	4.81%	5.74%	-5.63%	1.25%	3.20%	2.40%	2.74%	0.39%	2.41%	0.54%
ROIC Less NNEP Spread (ROIC-NNEP)	2.54%	2.96%	4.71%	-2.54%	0.05%	2.14%	1.37%	1.40%	-0.37%	1.42%	-0.34%
Return on Net Nonoperating Assets (RNNOA)	3.21%	2.43%	4.57%	-2.33%	0.05%	1.57%	0.81%	0.89%	-0.27%	1.03%	-0.22%
Return on Equity (ROE)	6.57%	7.24%	10.31%	-7.96%	1.30%	4.76%	3.21%	3.63%	0.12%	3.44%	0.32%
Cash Return on Invested Capital (CROIC)	2.50%	-38.10%	-52.01%	-49.61%	-53.39%	-14.46%	-10.41%	-21.96%	-22.23%	-25.65%	-5.44%
Operating Return on Assets (OROA)	3.30%	4.71%	5.89%	2.47%	1.45%	3.62%	3.19%	2.40%	0.48%	2.55%	0.66%
Return on Assets (ROA)	1.10%	1.12%	3.11%	-0.32%	-0.83%	1.08%	0.74%	0.62%	-0.66%	0.67%	-0.70%
Return on Common Equity (ROCE)	6.57%	7.24%	10.31%	-7.96%	1.30%	4.76%	3.21%	3.63%	0.12%	3.44%	0.32%
Return on Equity Simple (ROE_SIMPLE)	10.45%	3.98%	3.46%	0.00%	1.73%	1.86%	0.45%	0.00%	0.83%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	8.39	17	26	-23	4.78	15	13	16	2.20	15	3.40
NOPAT Margin	3.20%	5.73%	7.28%	-6.48%	1.40%	3.96%	3.28%	3.70%	0.53%	3.13%	0.74%
Net Nonoperating Expense Percent (NNEP)	0.82%	1.85%	1.02%	-3.08%	1.19%	1.06%	1.03%	1.35%	0.76%	1.00%	0.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-1.13%	-	-	-	0.58%	0.08%	0.52%	0.12%
Cost of Revenue to Revenue	68.64%	64.33%	64.16%	66.52%	67.68%	64.64%	64.89%	66.82%	67.24%	66.20%	67.55%
SG&A Expenses to Revenue	13.59%	12.38%	11.67%	11.99%	13.00%	12.51%	11.43%	12.21%	13.54%	11.72%	12.71%
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	27.45%	27.87%	26.15%	29.77%	30.32%	29.26%	29.18%	28.85%	32.01%	29.65%	31.39%
Earnings before Interest and Taxes (EBIT)	11	23	34	14	7.19	23	25	19	3.46	20	5.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	45	59	83	69	62	80	85	86	76	98	84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.52	4.65	4.29	4.85	5.59	5.56	3.78	4.32	4.57	4.71	3.21
Price to Tangible Book Value (P/TBV)	30.64	23.28	119.44	110.87	94.68	69.21	16.51	28.49	39.73	48.80	49.54
Price to Revenue (P/Rev)	3.84	4.19	3.76	3.92	4.27	4.03	3.88	4.30	4.33	4.25	2.68
Price to Earnings (P/E)	81.50	116.94	124.12	195.09	323.26	299.51	844.47	494.92	550.11	662.96	705.58
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	1.23%	0.86%	0.81%	0.51%	0.31%	0.33%	0.12%	0.20%	0.18%	0.15%	0.14%
Enterprise Value to Invested Capital (EV/IC)	4.49	3.27	2.77	3.13	3.43	3.45	2.97	3.19	3.23	3.26	2.31
Enterprise Value to Revenue (EV/Rev)	4.35	4.74	4.50	4.57	4.95	4.65	4.30	4.82	4.89	4.83	3.26
Enterprise Value to EBITDA (EV/EBITDA)	21.03	23.47	22.28	22.58	24.31	22.64	21.67	24.02	24.51	24.16	15.96
Enterprise Value to EBIT (EV/EBIT)	49.35	59.36	61.72	70.37	84.44	84.10	92.20	100.77	113.01	123.90	90.91
Enterprise Value to NOPAT (EV/NOPAT)	71.82	84.51	84.11	104.74	130.45	134.54	226.53	160.28	169.31	171.51	162.13
Enterprise Value to Operating Cash Flow (EV/OCF)	23.24	25.46	23.81	24.78	29.56	28.96	25.94	26.66	24.68	24.36	17.91
Enterprise Value to Free Cash Flow (EV/FCFF)	183.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	1.08	1.08	1.02	1.08	1.07	0.75	0.77	0.78	0.79	0.78
Long-Term Debt to Equity	1.28	1.05	1.05	0.99	1.02	1.00	0.73	0.74	0.77	0.77	0.77
Financial Leverage	1.26	0.82	0.97	0.92	0.98	0.73	0.59	0.63	0.72	0.73	0.65
Leverage Ratio	2.91	2.58	2.57	2.62	2.55	2.41	2.19	2.24	2.21	2.23	2.08
Compound Leverage Factor	1.19	0.84	1.81	0.19	-2.09	1.11	0.92	0.68	-5.19	0.77	-3.55
Debt to Total Capital	56.40%	51.88%	51.95%	50.52%	51.99%	51.64%	42.94%	43.58%	43.86%	44.03%	43.86%
Short-Term Debt to Total Capital	0.81%	1.56%	1.58%	1.73%	2.97%	3.05%	1.43%	1.55%	0.76%	0.81%	0.88%
Long-Term Debt to Total Capital	55.60%	50.32%	50.37%	48.79%	49.02%	48.59%	41.51%	42.03%	43.10%	43.22%	42.98%
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	43.60%	48.12%	48.05%	49.48%	48.01%	48.36%	57.06%	56.42%	56.14%	55.97%	56.14%
Debt to EBITDA	2.81	4.81	4.68	4.08	4.07	3.77	3.90	3.84	3.71	3.55	3.19
Net Debt to EBITDA	2.50	2.69	3.70	3.21	3.32	3.01	2.10	2.56	2.84	2.88	2.83
Long-Term Debt to EBITDA	2.77	4.67	4.54	3.94	3.83	3.55	3.77	3.70	3.64	3.49	3.13
Debt to NOPAT	9.61	17.33	17.68	18.92	21.82	22.41	40.77	25.60	25.61	25.22	32.43
Net Debt to NOPAT	8.53	9.70	13.96	14.88	17.84	17.90	21.94	17.12	19.60	20.44	28.71
Long-Term Debt to NOPAT	9.47	16.81	17.14	18.27	20.58	21.09	39.41	24.69	25.17	24.76	31.78
Altman Z-Score	3.47	2.60	2.32	2.47	2.91	2.94	2.80	2.95	3.10	3.14	2.34
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	1.29	2.87	1.63	1.53	1.58	1.58	2.55	2.00	1.96	1.70	1.38
Quick Ratio	1.07	2.66	1.42	1.36	1.38	1.37	2.36	1.79	1.72	1.45	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-33	-555	-815	-801	-852	-291	-226	-492	-535	-608	-174
Operating Cash Flow to CapEx	92.07%	208.60%	187.73%	116.87%	25.80%	162.72%	179.18%	143.42%	90.71%	135.41%	125.46%
Free Cash Flow to Firm to Interest Expense	-4.69	-32.24	-51.73	-50.51	-53.64	-18.98	-14.38	-29.19	-35.74	-38.78	-11.35
Operating Cash Flow to Interest Expense	2.31	3.90	4.74	4.74	0.48	4.71	5.83	6.51	3.35	5.72	4.06
Operating Cash Flow Less CapEx to Interest Expense	-0.20	2.03	2.21	0.68	-1.39	1.81	2.58	1.97	-0.34	1.49	0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.59	0.60	0.63	0.69	0.58	0.53	0.54	0.57	0.60	0.58
Accounts Receivable Turnover	11.82	9.91	9.48	9.79	11.10	10.26	9.66	9.64	10.46	10.12	11.01
Inventory Turnover	57.11	49.65	50.22	53.11	53.96	52.67	51.95	52.15	52.24	54.09	0.00
Fixed Asset Turnover	1.64	1.51	1.45	1.49	1.59	1.58	1.49	1.45	0.00	1.55	0.00
Accounts Payable Turnover	11.24	9.21	9.08	8.71	12.04	10.34	9.72	9.02	11.77	10.82	12.91
Days Sales Outstanding (DSO)	30.88	36.84	38.50	37.27	32.88	35.59	37.79	37.88	34.90	36.06	33.15
Days Inventory Outstanding (DIO)	6.39	7.35	7.27	6.87	6.76	6.93	7.03	7.00	6.99	6.75	0.00
Days Payable Outstanding (DPO)	32.49	39.61	40.20	41.89	30.32	35.30	37.54	40.48	31.00	33.75	28.28
Cash Conversion Cycle (CCC)	4.78	4.58	5.57	2.24	9.33	7.22	7.28	4.40	10.89	9.06	4.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,081	1,620	1,915	1,846	1,938	1,926	2,155	2,354	2,475	2,548	2,653
Invested Capital Turnover	1.05	0.84	0.79	0.87	0.89	0.81	0.73	0.74	0.74	0.77	0.73
Increase / (Decrease) in Invested Capital	41	571	840	778	857	306	240	508	538	622	177
Enterprise Value (EV)	4,850	5,302	5,303	5,776	6,641	6,650	6,404	7,500	7,990	8,313	6,123
Market Capitalization	4,274	4,693	4,423	4,955	5,733	5,765	5,784	6,699	7,065	7,322	5,039
Book Value per Share	$9.70	$19.43	$17.79	$17.62	$17.68	$17.85	$26.34	$24.49	$24.41	$24.49	$24.69
Tangible Book Value per Share	$2.70	$3.88	$0.64	$0.77	$1.04	$1.43	$6.03	$3.71	$2.81	$2.36	$1.60
Total Capital	1,151	2,096	2,146	2,065	2,137	2,145	2,684	2,749	2,756	2,777	2,793
Total Debt	649	1,087	1,115	1,043	1,111	1,108	1,152	1,198	1,209	1,223	1,225
Total Long-Term Debt	640	1,054	1,081	1,008	1,048	1,042	1,114	1,155	1,188	1,200	1,200
Net Debt	576	608	880	820	908	885	620	801	925	991	1,084
Capital Expenditures (CapEx)	17	32	40	64	30	44	51	77	55	66	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.25	-23	-25	-38	15	13	-29	-35	-6.43	-4.15	-2.61
Debt-free Net Working Capital (DFNWC)	52	443	194	183	205	221	490	349	261	214	124
Net Working Capital (NWC)	43	410	160	147	141	156	452	306	240	191	100
Net Nonoperating Expense (NNE)	4.85	11	7.51	-21	8.90	7.93	7.73	11	7.01	9.37	8.94
Net Nonoperating Obligations (NNO)	579	612	884	824	912	888	623	803	928	994	1,084
Total Depreciation and Amortization (D&A)	34	36	48	55	55	56	60	67	72	78	79
Debt-free, Cash-free Net Working Capital to Revenue	-0.74%	-2.03%	-2.12%	-2.98%	1.13%	0.91%	-1.93%	-2.23%	-0.39%	-0.24%	-0.14%
Debt-free Net Working Capital to Revenue	4.67%	39.56%	16.49%	14.49%	15.24%	15.48%	32.91%	22.39%	16.00%	12.41%	6.62%
Net Working Capital to Revenue	3.83%	36.64%	13.61%	11.66%	10.52%	10.91%	30.33%	19.65%	14.71%	11.10%	5.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)	$0.08	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	51.77M	52.89M	57.96M	55.17M	58.03M	58.11M	58.81M	59.58M	63.39M	63.46M	63.54M
Adjusted Diluted Earnings per Share	$0.07	$0.10	$0.31	($0.02)	($0.07)	$0.12	$0.10	$0.08	($0.08)	$0.08	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	51.87M	52.98M	58.06M	55.27M	58.03M	58.20M	58.92M	59.68M	63.39M	63.56M	63.54M
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	51.89M	57.96M	57.98M	58.00M	58.11M	58.13M	63.31M	63.36M	63.46M	63.49M	63.61M
Normalized Net Operating Profit after Tax (NOPAT)	11	24	28	13	8.29	20	17	21	6.07	19	7.95
Normalized NOPAT Margin	4.09%	8.22%	7.98%	3.62%	2.43%	5.31%	4.01%	5.02%	1.46%	4.18%	1.74%
Pre Tax Income Margin	1.65%	2.58%	6.86%	0.29%	-1.73%	2.86%	2.53%	1.34%	-1.95%	1.48%	-1.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.53	1.34	2.19	0.88	0.45	1.53	1.57	1.12	0.23	1.27	0.34
NOPAT to Interest Expense	1.21	0.97	1.63	-1.47	0.30	0.97	0.86	0.94	0.15	0.93	0.22
EBIT Less CapEx to Interest Expense	-0.98	-0.53	-0.34	-3.18	-1.42	-1.36	-1.68	-3.42	-3.46	-2.95	-2.90
NOPAT Less CapEx to Interest Expense	-1.30	-0.91	-0.89	-5.53	-1.57	-1.92	-2.40	-3.60	-3.54	-3.29	-3.02
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%

Financials Breakdown Chart

Key Financial Trends

Casella Waste Systems (CWST) has shown a pattern of revenue growth and improving near-term profitability across the last four years, while maintaining a solid liquidity position. However, the company has continued to deploy substantial cash into investing activities and has increased its debt load, which warrants careful monitoring by investors.

Revenue growth: quarterly operating revenue rose to $465.3 million in Q2 2025 from $377.2 million in Q2 2024, marking roughly a 23% year-over-year increase and a multi-year uptrend.
Gross margin stability: gross margin has generally trended in the 33–35% range over 2024–2025 (Q2 2025 gross profit of $157.3 million on $465.3 million revenue, about 33.8%).
Strong operating cash flow in recent quarters: Q2 2025 shows $89.5 million in net cash from continuing operating activities, with other recent quarters (e.g., Q4 2024 around $109.8 million and Q3 2024 around $91.8 million) also delivering positive CFO.
Recent profitability: Consolidated net income was positive in Q2 2025 ($5.21 million) and has been positive in several 2024 quarters, indicating an improving profitability trajectory.

Investing activity pressure: CWST has consistently spent heavily on capital expenditures and acquisitions, with net cash from continuing investing activities often negative (e.g., Q2 2025: $(137.6) million; Q3 2024: $(311.7) million).
Rising debt load: long-term debt climbed toward about $1.11–1.12 billion by mid-2025, with interest expense remaining in the mid-teens of millions per quarter, signaling higher leverage but relatively stable near-term financing costs.
Liquidity still solid but leveraged: cash and equivalents were about $217.8 million at 2025 Q2, providing liquidity headroom even as cash balances fluctuated due to ongoing investing activity.

Rising leverage risk: total liabilities and long-term debt have increased, which could heighten debt-service pressure if earnings or cash flows slow.
Financing activity limited in recent quarters: net cash from continuing financing activities was negative in Q2 2025 (approximately $(4.08) million), suggesting limited external financing support going forward.
Net cash burn persistence: net change in cash and equivalents has been negative in several quarters (e.g., Q2 2025: $(52.13) million), reflecting ongoing cash outflows after investing and financing activities.

05/17/26 06:21 PM ETAI Generated. May Contain Errors.

Casella Waste Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Casella Waste Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Casella Waste Systems' net income appears to be on an upward trend, with a most recent value of $7.87 million in 2025, falling from -$11.78 million in 2015. The previous period was $13.54 million in 2024. Check out Casella Waste Systems' forecast to explore projected trends and price targets.

Casella Waste Systems' total operating income in 2025 was $63.67 million, based on the following breakdown:

Total Gross Profit: $620.24 million
Total Operating Expenses: $556.57 million

Over the last 10 years, Casella Waste Systems' total revenue changed from $546.50 million in 2015 to $1.84 billion in 2025, a change of 236.1%.

Casella Waste Systems' total liabilities were at $1.73 billion at the end of 2025, a 3.3% increase from 2024, and a 164.7% increase since 2015.

In the past 10 years, Casella Waste Systems' cash and equivalents has ranged from $2.00 million in 2017 to $383.30 million in 2024, and is currently $123.77 million as of their latest financial filing in 2025.

Over the last 10 years, Casella Waste Systems' book value per share changed from -0.53 in 2015 to 24.72 in 2025, a change of -4,804.8%.

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Financial statements for NASDAQ:CWST last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Casella Waste Systems (CWST) Financials

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Casella Waste Systems (CWST) Financials

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Casella Waste Systems Financials - Frequently Asked Questions

When does Casella Waste Systems' financial year end?

How has Casella Waste Systems' net income changed over the last 10 years?

What is Casella Waste Systems' operating income?

How has Casella Waste Systems' revenue changed over the last 10 years?

How much debt does Casella Waste Systems have?

How much cash does Casella Waste Systems have?

How has Casella Waste Systems' book value per share changed over the last 10 years?

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