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Waste Connections (WCN) Financials

Waste Connections logo
$196.26 -0.58 (-0.30%)
Closing price 05/27/2025 03:59 PM Eastern
Extended Trading
$196.44 +0.18 (+0.09%)
As of 05/27/2025 06:08 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Waste Connections

Annual Income Statements for Waste Connections

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Income / (Loss) Attributable to Common Shareholders
618 763 836 618 205 567 547 577 247 -96
Consolidated Net Income / (Loss)
617 763 836 618 204 567 547 577 247 -95
Net Income / (Loss) Continuing Operations
617 763 836 618 204 567 547 577 247 -95
Total Pre-Tax Income
763 984 1,049 771 254 706 707 509 361 -126
Total Operating Income
1,068 1,236 1,242 1,040 412 838 832 627 452 -62
Total Gross Profit
3,728 3,277 2,876 2,497 2,169 2,190 2,057 1,926 1,418 940
Total Revenue
8,920 8,022 7,212 6,151 5,446 5,389 4,923 4,630 3,376 2,117
Operating Revenue
8,920 8,022 7,212 6,151 5,446 5,389 4,923 4,630 3,376 2,117
Total Cost of Revenue
5,192 4,745 4,336 3,654 3,277 3,199 2,866 2,705 1,958 1,177
Operating Cost of Revenue
5,192 4,745 4,336 3,654 3,277 3,199 2,866 2,705 1,958 1,177
Total Operating Expenses
2,660 2,041 1,634 1,458 1,757 1,352 1,225 1,299 966 1,001
Selling, General & Admin Expense
883 799 696 612 538 546 524 510 474 237
Depreciation Expense
974 846 763 674 621 618 573 530 394 240
Amortization Expense
190 158 156 139 131 126 108 102 70 29
Impairment Charge
613 239 18 32 467 62 20 156 28 494
Total Other Income / (Expense), net
-305 -253 -193 -269 -159 -132 -125 -119 -91 -65
Interest Expense
327 275 202 278 162 147 132 125 93 64
Interest & Investment Income
12 9.35 5.95 2.92 5.25 9.78 7.17 5.17 0.60 0.49
Other Income / (Expense), net
10 12 3.15 6.29 -1.39 5.70 -0.17 1.54 1.17 -1.01
Income Tax Expense
146 221 213 152 50 139 160 -69 114 -32
Net Income / (Loss) Attributable to Noncontrolling Interest
-1.00 0.03 0.34 0.44 -0.69 -0.16 0.28 0.60 0.78 1.07
Basic Earnings per Share
$2.39 $2.96 $3.25 $2.37 $0.78 $2.15 $2.07 $2.19 $1.07 ($0.52)
Weighted Average Basic Shares Outstanding
257.97M 257.55M 257.38M 261.17M 263.19M 263.79M 263.65M 263.68M 230.33M 185.24M
Diluted Earnings per Share
$2.39 $2.95 $3.24 $2.36 $0.78 $2.14 $2.07 $2.18 $1.07 ($0.52)
Weighted Average Diluted Shares Outstanding
258.66M 258.15M 258.04M 261.73M 263.69M 264.53M 264.40M 264.30M 231.08M 185.24M
Weighted Average Basic & Diluted Shares Outstanding
258.09M 257.68M 257.22M 257.33M 262.23M 263.69M 264.20M 263.40M 230.40M 122.80M
Cash Dividends to Common per Share
$1.17 $1.05 $0.95 $0.85 $0.76 $0.67 $0.58 $0.50 $0.41 $0.36

Quarterly Income Statements for Waste Connections

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders
242 -196 308 275 230 127 229 209 198 194 237
Consolidated Net Income / (Loss)
242 -196 308 275 229 127 229 209 198 194 237
Net Income / (Loss) Continuing Operations
242 -196 308 275 229 127 229 209 198 194 237
Total Pre-Tax Income
313 -282 400 356 289 161 292 278 252 251 286
Total Operating Income
390 -199 475 425 367 225 353 344 315 312 327
Total Gross Profit
937 936 994 947 851 840 860 824 754 731 759
Total Revenue
2,228 2,260 2,338 2,248 2,073 2,036 2,065 2,021 1,901 1,869 1,880
Operating Revenue
2,228 2,260 2,338 2,248 2,073 2,036 2,065 2,021 1,901 1,869 1,880
Total Cost of Revenue
1,291 1,325 1,344 1,301 1,222 1,196 1,205 1,197 1,147 1,138 1,121
Operating Cost of Revenue
1,291 1,325 1,344 1,301 1,222 1,196 1,205 1,197 1,147 1,138 1,121
Total Operating Expenses
547 1,135 519 522 484 615 507 480 439 419 432
Selling, General & Admin Expense
250 211 223 229 221 193 196 216 194 178 187
Depreciation Expense
242 262 248 241 223 213 215 213 204 201 193
Amortization Expense
48 60 45 44 40 40 39 39 39 42 39
Impairment Charge
6.44 602 2.90 8.19 0.35 170 56 11 1.87 -1.24 13
Total Other Income / (Expense), net
-77 -82 -75 -69 -78 -63 -61 -66 -62 -61 -41
Interest Expense
81 82 84 82 78 70 69 68 68 65 51
Interest & Investment Income
1.77 2.22 3.33 4.01 2.05 2.46 2.83 1.34 2.72 3.38 1.78
Other Income / (Expense), net
1.87 -2.26 4.90 9.65 -1.82 4.14 5.37 -0.20 3.17 0.78 8.49
Income Tax Expense
71 -86 92 81 59 35 63 69 54 57 49
Net Income / (Loss) Attributable to Noncontrolling Interest
0.00 0.00 0.00 -0.08 -0.93 -0.12 0.17 -0.04 0.02 -0.05 0.21
Basic Earnings per Share
$0.94 ($0.76) $1.19 $1.07 $0.89 $0.49 $0.89 $0.81 $0.77 $0.76 $0.92
Weighted Average Basic Shares Outstanding
258.19M 257.97M 258.02M 257.99M 257.80M 257.55M 257.63M 257.60M 257.37M 257.38M 257.20M
Diluted Earnings per Share
$0.93 ($0.76) $1.19 $1.07 $0.89 $0.48 $0.89 $0.81 $0.77 $0.76 $0.92
Weighted Average Diluted Shares Outstanding
258.90M 258.66M 258.76M 258.57M 258.48M 258.15M 258.23M 258.11M 257.99M 258.04M 257.89M
Weighted Average Basic & Diluted Shares Outstanding
258.39M 258.09M 258.06M 258.04M 258.02M 257.68M 257.64M 257.63M 257.56M 257.22M 257.20M
Cash Dividends to Common per Share
$0.32 $0.32 $0.29 $0.29 $0.29 $0.29 $0.26 $0.26 $0.26 $0.26 $0.23

Annual Cash Flow Statements for Waste Connections

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Net Change in Cash & Equivalents
14 2.67 -38 -495 291 19 -148 383 148 -3.38
Net Cash From Operating Activities
2,229 2,127 2,022 1,698 1,409 1,541 1,411 1,187 795 577
Net Cash From Continuing Operating Activities
2,229 2,127 2,022 1,698 1,407 1,535 1,411 1,187 795 577
Net Income / (Loss) Continuing Operations
617 763 836 618 204 567 547 577 247 -95
Consolidated Net Income / (Loss)
617 763 836 618 204 567 547 577 247 -95
Depreciation Expense
974 846 763 674 621 618 573 530 394 240
Amortization Expense
200 164 161 144 139 131 112 107 75 32
Non-Cash Adjustments To Reconcile Net Income
705 305 97 225 516 129 70 179 75 543
Changes in Operating Assets and Liabilities, net
-267 49 165 37 -73 90 110 -206 4.50 -144
Net Cash From Investing Activities
-3,159 -1,581 -3,087 -1,693 -1,046 -1,426 -1,372 -861 -293 -471
Net Cash From Continuing Investing Activities
-3,159 -1,581 -3,087 -1,693 -1,046 -1,426 -1,372 -861 -293 -471
Purchase of Property, Plant & Equipment
-1,056 -934 -913 -744 -665 -666 -546 -479 -345 -239
Acquisitions
-2,121 -677 -2,207 -960 -389 -737 -830 -411 -17 -231
Sale of Property, Plant & Equipment
7.90 32 31 43 19 3.57 5.39 28 4.60 2.88
Other Investing Activities, net
9.79 -1.87 1.73 -6.49 -12 -1.87 -0.97 0.64 -6.10 -4.07
Net Cash From Financing Activities
945 -544 1,028 -499 -78 -96 -188 57 -355 -110
Net Cash From Continuing Financing Activities
945 -544 1,028 -499 -78 -96 -188 57 -355 -110
Repayment of Debt
-3,263 -2,053 -3,088 -2,023 -1,553 -1,479 -980 -774 -3,729 -1,436
Repurchase of Common Equity
0.00 0.00 -425 -339 -106 0.00 -59 - - -91
Payment of Dividends
-302 -271 -243 -220 -200 -176 -153 -132 -93 -66
Issuance of Debt
4,564 1,819 4,816 2,112 1,816 1,576 1,023 983 3,469 1,490
Issuance of Common Equity
6.50 4.70 3.93 1.65 0.68 4.04 2.67 11 20 0.57
Other Financing Activities, net
-61 -44 -35 -32 -36 -21 -21 -31 -23 -6.57
Effect of Exchange Rate Changes
-0.56 1.34 -2.04 -0.03 6.91 0.61 - - - -
Cash Interest Paid
299 261 177 157 142 140 124 116 88 56
Cash Income Taxes Paid
216 207 100 146 105 81 52 156 70 102

Quarterly Cash Flow Statements for Waste Connections

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents
51 -40 46 -25 34 -15 -5.30 -36 59 -127 -16
Net Cash From Operating Activities
542 569 558 611 490 556 554 574 442 522 526
Net Cash From Continuing Operating Activities
542 569 558 611 490 556 554 574 442 522 526
Net Income / (Loss) Continuing Operations
242 -196 308 275 229 127 229 209 198 194 237
Consolidated Net Income / (Loss)
242 -196 308 275 229 127 229 209 198 194 237
Depreciation Expense
242 262 248 241 223 213 215 213 204 201 193
Amortization Expense
50 62 47 46 44 41 41 41 41 43 40
Non-Cash Adjustments To Reconcile Net Income
45 639 -2.85 29 40 158 79 43 25 24 26
Changes in Operating Assets and Liabilities, net
-37 -198 -43 19 -45 17 -10 68 -25 60 30
Net Cash From Investing Activities
-603 -513 -852 -460 -1,335 -395 -581 -287 -318 -1,229 -967
Net Cash From Continuing Investing Activities
-603 -513 -852 -460 -1,335 -395 -581 -287 -318 -1,229 -967
Purchase of Property, Plant & Equipment
-212 -397 -272 -217 -170 -318 -221 -218 -176 -294 -247
Acquisitions
-380 -111 -575 -279 -1,156 -104 -360 -69 -145 -934 -726
Sale of Property, Plant & Equipment
0.97 2.27 2.64 1.91 1.09 23 4.86 2.56 1.26 7.34 6.45
Other Investing Activities, net
-11 -8.35 -7.64 35 -9.29 3.69 -4.41 -2.52 1.38 -7.57 -0.27
Net Cash From Financing Activities
113 -95 338 -177 878 -178 23 -324 -65 578 425
Net Cash From Continuing Financing Activities
113 -95 338 -177 878 -178 23 -324 -65 578 425
Repayment of Debt
-542 -486 -527 -889 -1,361 -670 -615 -454 -315 -1,018 -1,145
Payment of Dividends
-81 -81 -74 -74 -74 -74 -66 -65 -66 -65 -59
Issuance of Debt
783 472 952 788 2,353 576 704 202 337 1,668 1,631
Issuance of Common Equity
2.92 0.82 3.22 - 2.47 0.03 2.07 - 2.61 -0.00 1.72
Other Financing Activities, net
-49 -1.84 -15 -1.62 -42 -11 -2.80 -6.58 -24 -5.69 -3.42
Effect of Exchange Rate Changes
-0.43 -0.49 1.02 -0.52 -0.58 2.40 -1.21 0.21 -0.05 1.18 -1.27

Annual Balance Sheets for Waste Connections

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Total Assets
19,818 17,916 17,135 14,700 13,992 13,738 12,627 12,015 11,104 5,122
Total Current Assets
1,227 1,142 1,118 1,033 1,408 1,131 1,093 1,177 743 362
Cash & Equivalents
62 78 79 147 617 327 319 434 154 11
Accounts Receivable
935 857 834 710 630 663 610 554 485 255
Prepaid Expenses
230 206 205 176 161 141 164 187 98 47
Plant, Property, & Equipment, net
8,036 7,228 6,951 5,722 5,285 5,516 5,169 4,821 4,738 2,738
Total Noncurrent Assets
10,555 9,546 9,066 7,945 7,300 7,091 6,365 6,017 5,622 2,021
Long-Term Investments
78 70 68 59 58 51 47 48 63 46
Goodwill
7,950 7,404 6,902 6,188 5,727 5,511 5,032 4,682 4,390 1,423
Intangible Assets
1,992 1,604 1,674 1,351 1,155 1,163 1,129 1,087 1,067 511
Other Noncurrent Operating Assets
399 362 319 276 263 269 73 68 68 41
Other Noncurrent Nonoperating Assets
136 106 103 72 97 96 85 132 34 -
Total Liabilities & Shareholders' Equity
19,818 17,916 17,135 14,700 13,992 13,738 12,627 12,015 11,104 5,122
Total Liabilities
11,957 10,218 10,021 7,706 7,129 6,799 6,167 5,741 5,449 3,130
Total Current Liabilities
1,879 1,688 1,513 1,233 1,029 1,007 887 803 692 378
Short-Term Debt
67 121 67 69 52 27 13 27 23 24
Accounts Payable
637 642 639 393 291 437 360 331 251 115
Accrued Expenses
737 521 431 443 405 281 316 278 269 136
Current Deferred Revenue
383 355 325 274 234 216 179 145 134 90
Other Current Liabilities
55 47 51 55 48 46 19 19 11 12
Total Noncurrent Liabilities
10,079 8,530 8,508 6,474 6,100 5,792 5,280 4,938 4,757 2,752
Long-Term Debt
8,073 6,725 6,890 5,041 4,709 4,354 4,153 3,900 3,617 2,147
Noncurrent Deferred & Payable Income Tax Liabilities
958 1,022 1,014 851 760 819 760 691 779 452
Other Noncurrent Operating Liabilities
1,047 783 604 582 632 620 367 348 361 152
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
7,860 7,698 7,114 6,994 6,863 6,938 6,460 6,274 5,655 1,992
Total Preferred & Common Equity
7,860 7,693 7,109 6,989 6,859 6,934 6,455 6,269 5,648 1,985
Total Common Equity
7,860 7,693 7,109 6,989 6,859 6,934 6,455 6,269 5,648 1,985
Common Stock
3,609 3,561 3,516 3,893 4,201 4,290 4,265 4,303 4,277 738
Retained Earnings
4,457 4,142 3,649 3,057 2,659 2,654 2,265 1,857 1,413 1,259
Treasury Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)
-206 -9.83 -57 40 -0.65 -11 -75 108 -43 -12
Noncontrolling Interest
0.00 4.97 4.95 4.61 4.17 4.85 5.58 5.40 7.36 6.58

Quarterly Balance Sheets for Waste Connections

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

Metric Q1 2025 Q3 2024 Q2 2024 Q1 2024 Q3 2023 Q2 2023 Q1 2023 Q3 2022
Period end date 3/31/2025 9/30/2024 6/30/2024 3/31/2024 9/30/2023 6/30/2023 3/31/2023 9/30/2022
Total Assets
20,254 20,095 19,302 19,083 17,731 17,360 17,227 16,131
Total Current Assets
1,281 1,355 1,236 1,217 1,152 1,112 1,134 1,230
Cash & Equivalents
111 115 79 112 96 92 134 200
Accounts Receivable
952 991 961 897 868 855 815 811
Prepaid Expenses
218 249 196 208 187 164 186 219
Plant, Property, & Equipment, net
8,223 8,234 7,896 7,827 7,097 7,030 6,957 6,353
Total Noncurrent Assets
10,750 10,506 10,170 10,038 9,483 9,218 9,136 8,547
Long-Term Investments
74 79 75 75 76 73 74 56
Goodwill
8,056 7,923 7,705 7,597 7,313 6,992 6,941 6,575
Intangible Assets
2,067 1,983 1,895 1,877 1,619 1,660 1,697 1,489
Other Noncurrent Operating Assets
415 398 381 384 372 380 317 319
Other Noncurrent Nonoperating Assets
138 123 114 106 103 113 107 108
Total Liabilities & Shareholders' Equity
20,254 20,095 19,302 19,083 17,731 17,360 17,227 16,131
Total Liabilities
12,240 11,834 11,318 11,292 10,140 9,900 9,988 9,187
Total Current Liabilities
1,829 1,754 1,770 1,632 1,576 1,463 1,383 1,379
Short-Term Debt
55 63 107 113 134 82 75 62
Accounts Payable
626 706 663 590 605 539 526 508
Accrued Expenses
690 553 570 507 446 453 390 458
Current Deferred Revenue
404 377 376 370 343 341 337 306
Other Current Liabilities
54 54 55 51 48 48 55 45
Total Noncurrent Liabilities
10,411 10,080 9,548 9,660 8,564 8,437 8,605 7,809
Long-Term Debt
8,388 8,161 7,696 7,795 6,803 6,681 6,922 6,212
Noncurrent Deferred & Payable Income Tax Liabilities
1,012 1,099 1,069 1,053 1,048 1,049 1,041 986
Other Noncurrent Operating Liabilities
1,011 820 783 812 712 706 642 610
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
8,014 8,261 7,983 7,791 7,591 7,459 7,239 6,943
Total Preferred & Common Equity
8,014 8,261 7,983 7,787 7,586 7,455 7,234 6,938
Total Common Equity
8,014 8,261 7,983 7,787 7,586 7,455 7,234 6,938
Common Stock
3,604 3,592 3,570 3,552 3,547 3,530 3,513 3,501
Retained Earnings
4,617 4,734 4,500 4,298 4,089 3,925 3,782 3,520
Treasury Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)
-207 -65 -87 -63 -49 -1.08 -61 -83
Noncontrolling Interest
0.00 0.00 0.00 4.05 5.10 4.93 4.97 5.00

Annual Metrics And Ratios for Waste Connections

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

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 12/31/2016 12/31/2015
Growth Metrics
- - - - - - - - - -
Revenue Growth
11.19% 11.23% 17.24% 12.95% 1.06% 9.46% 6.32% 37.16% 59.44% 1.83%
EBITDA Growth
-0.29% 4.09% 16.40% 59.18% -26.47% 4.99% 19.86% 37.22% 339.17% -70.48%
EBIT Growth
-13.67% 0.28% 19.07% 154.46% -51.27% 1.37% 32.36% 38.63% 825.13% -113.89%
NOPAT Growth
-10.02% -3.14% 18.67% 151.78% -50.73% 4.44% -9.57% 130.03% 770.92% -116.97%
Net Income Growth
-19.17% -8.75% 35.17% 203.19% -64.00% 3.57% -5.24% 133.47% 361.18% -140.58%
EPS Growth
-18.98% -8.95% 37.29% 202.56% -63.55% 3.38% -5.05% 103.74% 361.18% -127.96%
Operating Cash Flow Growth
4.80% 5.16% 19.09% 20.57% -8.57% 9.16% 18.86% 49.28% 37.84% 5.86%
Free Cash Flow Firm Growth
-216.53% 148.71% -628.57% -142.60% 9,739.00% -94.17% -65.48% 103.54% -20,385.14% -86.47%
Invested Capital Growth
10.04% 3.39% 16.89% 8.96% 0.06% 6.58% 6.13% 6.06% 120.16% -1.65%
Revenue Q/Q Growth
2.58% 2.12% 3.52% 3.82% 0.67% 1.90% 2.17% 2.40% 18.07% 0.27%
EBITDA Q/Q Growth
-13.82% -3.16% 4.41% 3.82% 2.58% -0.54% 2.56% 4.37% 13.92% -4.27%
EBIT Q/Q Growth
-28.52% -6.31% 5.29% 5.16% 0.85% -0.29% 2.62% 6.17% 9.10% -26.54%
NOPAT Q/Q Growth
-25.71% -6.37% 4.87% 3.75% 1.41% 0.01% -24.89% 64.56% 16.51% -25.14%
Net Income Q/Q Growth
-34.35% -8.15% 3.45% 6.15% -1.27% 0.11% -25.02% 65.92% 15.57% -9.90%
EPS Q/Q Growth
-34.16% -8.67% 4.18% 5.83% 0.00% -0.47% -25.27% 65.15% 15.57% 26.76%
Operating Cash Flow Q/Q Growth
0.59% 1.60% 4.88% 13.75% -8.58% -1.18% 5.58% 3.70% 21.89% -2.84%
Free Cash Flow Firm Q/Q Growth
24.06% 230.26% -61.02% -108.73% 2.65% -97.98% -83.48% -9.55% 7.52% -83.43%
Invested Capital Q/Q Growth
-2.74% 0.25% 7.54% 4.80% 4.21% 4.26% 2.86% 2.24% -0.95% 6.36%
Profitability Metrics
- - - - - - - - - -
Gross Margin
41.79% 40.86% 39.88% 40.60% 39.83% 40.64% 41.79% 41.59% 42.01% 44.39%
EBITDA Margin
25.25% 28.15% 30.09% 30.30% 21.50% 29.55% 30.81% 27.33% 27.32% 9.92%
Operating Margin
11.97% 15.41% 17.22% 16.90% 7.57% 15.55% 16.91% 13.54% 13.40% -2.91%
EBIT Margin
12.09% 15.57% 17.27% 17.00% 7.55% 15.65% 16.90% 13.58% 13.43% -2.95%
Profit (Net Income) Margin
6.91% 9.51% 11.59% 10.05% 3.75% 10.52% 11.11% 12.47% 7.33% -4.47%
Tax Burden Percent
80.82% 77.56% 79.70% 80.25% 80.34% 80.28% 77.38% 113.55% 68.44% 74.98%
Interest Burden Percent
70.76% 78.76% 84.23% 73.69% 61.77% 83.69% 84.99% 80.89% 79.69% 201.94%
Effective Tax Rate
19.18% 22.44% 20.30% 19.75% 19.66% 19.72% 22.62% -13.55% 31.56% 25.02%
Return on Invested Capital (ROIC)
5.75% 6.82% 7.72% 7.36% 3.05% 6.40% 6.52% 7.65% 4.71% -1.11%
ROIC Less NNEP Spread (ROIC-NNEP)
2.34% 3.87% 5.05% 2.46% -0.17% 3.62% 3.76% 3.63% 2.45% -3.51%
Return on Net Nonoperating Assets (RNNOA)
2.18% 3.48% 4.13% 1.57% -0.10% 2.06% 2.08% 2.04% 1.76% -3.37%
Return on Equity (ROE)
7.93% 10.30% 11.85% 8.93% 2.96% 8.46% 8.59% 9.68% 6.47% -4.48%
Cash Return on Invested Capital (CROIC)
-3.81% 3.49% -7.85% -1.22% 2.99% 0.03% 0.57% 1.76% -70.35% 0.55%
Operating Return on Assets (OROA)
5.71% 7.13% 7.82% 7.29% 2.96% 6.40% 6.75% 5.44% 5.59% -1.21%
Return on Assets (ROA)
3.27% 4.35% 5.25% 4.31% 1.47% 4.30% 4.44% 5.00% 3.05% -1.83%
Return on Common Equity (ROCE)
7.92% 10.29% 11.84% 8.92% 2.95% 8.45% 8.59% 9.67% 6.46% -4.47%
Return on Equity Simple (ROE_SIMPLE)
7.84% 9.92% 11.76% 8.85% 2.97% 8.17% 8.48% 9.21% 4.38% -
Net Operating Profit after Tax (NOPAT)
863 959 990 834 331 673 644 712 310 -46
NOPAT Margin
9.67% 11.95% 13.73% 13.56% 6.08% 12.48% 13.08% 15.38% 9.17% -2.18%
Net Nonoperating Expense Percent (NNEP)
3.41% 2.95% 2.67% 4.89% 3.23% 2.78% 2.75% 4.02% 2.26% 2.39%
Return On Investment Capital (ROIC_SIMPLE)
5.39% 6.59% 7.04% - - - - - - -
Cost of Revenue to Revenue
58.21% 59.14% 60.12% 59.40% 60.17% 59.36% 58.21% 58.41% 57.99% 55.61%
SG&A Expenses to Revenue
9.90% 9.96% 9.66% 9.95% 9.87% 10.14% 10.65% 11.01% 14.05% 11.22%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
29.82% 25.44% 22.65% 23.70% 32.26% 25.09% 24.88% 28.04% 28.61% 47.30%
Earnings before Interest and Taxes (EBIT)
1,078 1,249 1,245 1,046 411 843 832 629 453 -63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,252 2,258 2,170 1,864 1,171 1,592 1,517 1,265 922 210
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
5.63 4.97 4.73 5.00 3.84 3.35 2.92 2.85 2.31 3.41
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 89.38 63.96 35.75 68.58 132.33
Price to Revenue (P/Rev)
4.96 4.76 4.66 5.68 4.84 4.31 3.82 3.86 3.86 3.19
Price to Earnings (P/E)
71.70 50.08 40.22 56.50 128.68 40.93 34.42 30.95 52.88 0.00
Dividend Yield
0.68% 0.88% 0.72% 0.63% 0.76% 0.76% 0.81% 0.74% 0.89% 1.39%
Earnings Yield
1.39% 2.00% 2.49% 1.77% 0.78% 2.44% 2.91% 3.23% 1.89% -1.42%
Enterprise Value to Invested Capital (EV/IC)
3.32 3.14 2.92 3.37 2.80 2.51 2.22 2.22 1.82 2.16
Enterprise Value to Revenue (EV/Rev)
5.86 5.60 5.61 6.47 5.59 5.05 4.60 4.60 4.88 4.19
Enterprise Value to EBITDA (EV/EBITDA)
23.22 19.88 18.63 21.37 25.99 17.09 14.92 16.84 17.86 42.29
Enterprise Value to EBIT (EV/EBIT)
48.49 35.96 32.46 38.08 74.03 32.26 27.19 33.89 36.31 0.00
Enterprise Value to NOPAT (EV/NOPAT)
60.59 46.83 40.83 47.74 91.83 40.46 35.14 29.92 53.19 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
23.45 21.11 19.99 23.45 21.60 17.66 16.03 17.94 20.70 15.39
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 91.55 0.00 0.00 93.79 8,251.89 400.02 130.01 0.00 389.55
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
1.04 0.89 0.98 0.73 0.69 0.63 0.65 0.63 0.64 1.09
Long-Term Debt to Equity
1.03 0.87 0.97 0.72 0.69 0.63 0.64 0.62 0.64 1.08
Financial Leverage
0.93 0.90 0.82 0.64 0.57 0.57 0.55 0.56 0.72 0.96
Leverage Ratio
2.43 2.37 2.26 2.07 2.01 1.97 1.94 1.94 2.12 2.45
Compound Leverage Factor
1.72 1.86 1.90 1.53 1.24 1.65 1.64 1.57 1.69 4.95
Debt to Total Capital
50.87% 47.07% 49.44% 42.22% 40.95% 38.70% 39.21% 38.50% 39.16% 52.16%
Short-Term Debt to Total Capital
0.42% 0.84% 0.48% 0.57% 0.44% 0.24% 0.13% 0.27% 0.25% 0.58%
Long-Term Debt to Total Capital
50.45% 46.24% 48.97% 41.65% 40.51% 38.46% 39.08% 38.23% 38.91% 51.57%
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
0.00% 0.03% 0.04% 0.04% 0.04% 0.04% 0.05% 0.05% 0.08% 0.16%
Common Equity to Total Capital
49.13% 52.89% 50.52% 57.75% 59.01% 61.25% 60.74% 61.45% 60.76% 47.68%
Debt to EBITDA
3.61 3.03 3.21 2.74 4.07 2.75 2.75 3.10 3.95 10.34
Net Debt to EBITDA
3.55 2.97 3.14 2.63 3.49 2.51 2.51 2.72 3.71 10.07
Long-Term Debt to EBITDA
3.58 2.98 3.18 2.70 4.02 2.73 2.74 3.08 3.92 10.22
Debt to NOPAT
9.43 7.14 7.03 6.12 14.37 6.51 6.47 5.51 11.76 -47.06
Net Debt to NOPAT
9.27 6.98 6.88 5.88 12.33 5.95 5.90 4.84 11.05 -45.82
Long-Term Debt to NOPAT
9.36 7.01 6.96 6.04 14.21 6.47 6.45 5.48 11.68 -46.54
Altman Z-Score
3.13 3.21 2.94 3.65 3.00 2.92 2.71 2.68 2.06 2.01
Noncontrolling Interest Sharing Ratio
0.03% 0.07% 0.07% 0.06% 0.07% 0.08% 0.09% 0.11% 0.18% 0.29%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.65 0.68 0.74 0.84 1.37 1.12 1.23 1.47 1.07 0.96
Quick Ratio
0.53 0.55 0.60 0.70 1.21 0.98 1.05 1.23 0.92 0.70
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-572 490 -1,007 -138 324 3.30 57 164 -4,624 23
Operating Cash Flow to CapEx
212.67% 235.68% 229.31% 242.07% 218.21% 232.53% 260.97% 263.34% 233.83% 244.54%
Free Cash Flow to Firm to Interest Expense
-1.75 1.79 -4.98 -0.50 2.00 0.02 0.43 1.31 -49.88 0.35
Operating Cash Flow to Interest Expense
6.82 7.74 10.00 6.11 8.67 10.45 10.68 9.48 8.58 8.98
Operating Cash Flow Less CapEx to Interest Expense
3.61 4.46 5.64 3.58 4.70 5.96 6.59 5.88 4.91 5.31
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.47 0.46 0.45 0.43 0.39 0.41 0.40 0.40 0.42 0.41
Accounts Receivable Turnover
9.96 9.49 9.35 9.18 8.42 8.47 8.46 8.91 9.12 8.22
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
1.17 1.13 1.14 1.12 1.01 1.01 0.99 0.97 0.90 0.79
Accounts Payable Turnover
8.11 7.41 8.41 10.69 9.00 8.03 8.30 9.30 10.68 9.98
Days Sales Outstanding (DSO)
36.66 38.47 39.06 39.75 43.33 43.09 43.15 40.97 40.02 44.40
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
44.99 49.28 43.42 34.15 40.53 45.47 43.97 39.25 34.16 36.57
Cash Conversion Cycle (CCC)
-8.32 -10.82 -4.36 5.61 2.80 -2.38 -0.82 1.72 5.86 7.84
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
15,724 14,290 13,821 11,824 10,852 10,845 10,176 9,588 9,040 4,106
Invested Capital Turnover
0.59 0.57 0.56 0.54 0.50 0.51 0.50 0.50 0.51 0.51
Increase / (Decrease) in Invested Capital
1,434 468 1,997 972 6.92 669 587 548 4,934 -69
Enterprise Value (EV)
52,278 44,902 40,423 39,829 30,428 27,209 22,628 21,305 16,467 8,881
Market Capitalization
44,278 38,200 33,608 34,922 26,338 23,201 18,822 17,854 13,037 6,760
Book Value per Share
$30.46 $29.86 $27.64 $26.83 $26.09 $26.30 $24.50 $23.78 $32.25 $10.72
Tangible Book Value per Share
($8.07) ($5.10) ($5.71) ($2.11) ($0.09) $0.98 $1.12 $1.89 $1.09 $0.28
Total Capital
16,000 14,544 14,071 12,103 11,624 11,319 10,627 10,201 9,295 4,163
Total Debt
8,140 6,846 6,957 5,109 4,760 4,381 4,167 3,927 3,640 2,171
Total Long-Term Debt
8,073 6,725 6,890 5,041 4,709 4,354 4,153 3,900 3,617 2,147
Net Debt
7,999 6,697 6,810 4,903 4,085 4,003 3,800 3,446 3,422 2,114
Capital Expenditures (CapEx)
1,048 902 882 702 645 663 541 451 340 236
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-647 -503 -407 -279 -186 -176 -100 -32 -80 -2.48
Debt-free Net Working Capital (DFNWC)
-585 -425 -328 -131 431 150 219 402 74 8.50
Net Working Capital (NWC)
-652 -546 -395 -200 380 123 206 374 51 -16
Net Nonoperating Expense (NNE)
246 196 154 216 127 106 97 135 62 49
Net Nonoperating Obligations (NNO)
7,864 6,592 6,708 4,831 3,988 3,907 3,715 3,314 3,385 2,114
Total Depreciation and Amortization (D&A)
1,174 1,010 924 818 760 749 685 637 469 273
Debt-free, Cash-free Net Working Capital to Revenue
-7.26% -6.27% -5.64% -4.53% -3.42% -3.27% -2.03% -0.69% -2.37% -0.12%
Debt-free Net Working Capital to Revenue
-6.56% -5.29% -4.55% -2.13% 7.92% 2.79% 4.46% 8.68% 2.20% 0.40%
Net Working Capital to Revenue
-7.31% -6.81% -5.48% -3.25% 6.97% 2.29% 4.19% 8.08% 1.52% -0.75%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$2.39 $2.96 $3.25 $2.37 $0.78 $2.15 $2.07 $2.19 $1.07 ($0.52)
Adjusted Weighted Average Basic Shares Outstanding
257.97M 257.55M 257.38M 261.17M 263.19M 263.79M 263.65M 263.68M 230.33M 185.24M
Adjusted Diluted Earnings per Share
$2.39 $2.95 $3.24 $2.36 $0.78 $2.14 $2.07 $2.18 $1.07 ($0.52)
Adjusted Weighted Average Diluted Shares Outstanding
258.66M 258.15M 258.04M 261.73M 263.69M 264.53M 264.40M 264.30M 231.08M 185.24M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.52)
Adjusted Weighted Average Basic & Diluted Shares Outstanding
258.09M 257.68M 257.22M 257.33M 262.23M 263.69M 263.28M 263.67M 263.14M 184.20M
Normalized Net Operating Profit after Tax (NOPAT)
1,358 1,144 1,005 860 706 722 660 549 328 325
Normalized NOPAT Margin
15.23% 14.26% 13.93% 13.98% 12.97% 13.40% 13.40% 11.85% 9.73% 15.33%
Pre Tax Income Margin
8.55% 12.26% 14.55% 12.53% 4.66% 13.10% 14.36% 10.98% 10.70% -5.96%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
3.30 4.55 6.16 3.76 2.53 5.72 6.30 5.02 4.89 -0.97
NOPAT to Interest Expense
2.64 3.49 4.89 3.00 2.04 4.56 4.87 5.68 3.34 -0.72
EBIT Less CapEx to Interest Expense
0.09 1.26 1.80 1.24 -1.44 1.23 2.21 1.42 1.22 -4.65
NOPAT Less CapEx to Interest Expense
-0.57 0.21 0.53 0.48 -1.93 0.07 0.78 2.08 -0.33 -4.39
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
49.02% 35.47% 29.07% 35.60% 97.99% 30.99% 27.90% 22.86% 37.42% -69.69%
Augmented Payout Ratio
49.02% 35.47% 79.91% 90.41% 149.78% 30.99% 38.67% 22.86% 37.42% -165.96%

Quarterly Metrics And Ratios for Waste Connections

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

Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics
- - - - - - - - - - -
Revenue Growth
7.50% 11.04% 13.26% 11.24% 9.06% 8.90% 9.83% 11.27% 15.44% 15.08% 17.70%
EBITDA Growth
8.24% -74.68% 26.30% 20.69% 12.29% -13.24% 8.01% 7.81% 15.06% 19.69% 14.50%
EBIT Growth
7.43% -188.10% 34.02% 26.29% 14.82% -26.89% 6.89% 5.20% 17.56% 25.03% 16.29%
NOPAT Growth
3.38% -179.15% 32.19% 26.77% 18.01% -26.95% 2.16% -0.91% 14.54% 23.27% 10.32%
Net Income Growth
5.40% -254.79% 34.41% 31.66% 15.82% -34.83% -3.35% -6.71% 9.68% 16.75% 106.82%
EPS Growth
4.49% -258.33% 33.71% 32.10% 15.58% -36.84% -3.26% -6.90% 11.59% 20.63% 109.09%
Operating Cash Flow Growth
10.45% 2.34% 0.75% 6.45% 10.84% 6.43% 5.26% 7.80% 0.33% 21.97% 24.91%
Free Cash Flow Firm Growth
64.35% -438.46% -37.76% 16.88% 21.80% 83.35% 13.45% -31.13% -34.76% -126.02% -107.86%
Invested Capital Growth
4.72% 10.04% 13.43% 11.28% 10.67% 3.39% 10.90% 14.42% 14.61% 16.89% 13.91%
Revenue Q/Q Growth
-1.42% -3.34% 4.02% 8.47% 1.82% -1.41% 2.16% 6.35% 1.67% -0.56% 3.49%
EBITDA Q/Q Growth
458.97% -84.23% 7.52% 14.18% 30.74% -21.31% 2.75% 6.24% 1.02% -2.05% 2.55%
EBIT Q/Q Growth
294.63% -141.95% 10.57% 19.01% 59.62% -36.19% 4.19% 8.20% 1.63% -6.71% 2.54%
NOPAT Q/Q Growth
315.95% -138.09% 11.40% 12.80% 65.34% -36.38% 6.83% 5.01% 2.36% -11.03% 3.62%
Net Income Q/Q Growth
223.22% -163.63% 11.85% 20.20% 80.94% -44.75% 9.57% 5.73% 1.82% -18.06% 5.76%
EPS Q/Q Growth
222.37% -163.87% 11.22% 20.22% 85.42% -46.07% 9.88% 5.19% 1.32% -17.39% 5.75%
Operating Cash Flow Q/Q Growth
-4.81% 1.90% -8.68% 24.69% -11.81% 0.32% -3.52% 29.84% -15.31% -0.78% -1.19%
Free Cash Flow Firm Q/Q Growth
72.94% -1.66% -24.33% -4.23% -308.73% 73.99% 24.98% 1.95% 13.00% -35.23% -13.66%
Invested Capital Q/Q Growth
2.61% -2.74% 4.18% 0.73% 7.82% 0.25% 2.21% 0.17% 0.72% 7.54% 5.45%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
42.04% 41.39% 42.52% 42.13% 41.05% 41.26% 41.66% 40.76% 39.65% 39.12% 40.39%
EBITDA Margin
30.70% 5.41% 33.18% 32.10% 30.49% 23.75% 29.75% 29.58% 29.61% 29.81% 30.26%
Operating Margin
17.51% -8.81% 20.33% 18.89% 17.70% 11.03% 17.10% 17.03% 16.56% 16.69% 17.38%
EBIT Margin
17.60% -8.91% 20.54% 19.32% 17.61% 11.23% 17.36% 17.02% 16.73% 16.73% 17.83%
Profit (Net Income) Margin
10.84% -8.67% 13.17% 12.25% 11.05% 6.22% 11.10% 10.35% 10.41% 10.39% 12.61%
Tax Burden Percent
77.17% 69.59% 77.00% 77.36% 79.41% 78.46% 78.45% 75.32% 78.44% 77.30% 82.95%
Interest Burden Percent
79.82% 139.81% 83.30% 81.96% 79.06% 70.58% 81.53% 80.75% 79.35% 80.37% 85.27%
Effective Tax Rate
22.83% 0.00% 23.00% 22.64% 20.59% 21.54% 21.55% 24.68% 21.56% 22.70% 17.05%
Return on Invested Capital (ROIC)
7.78% -3.67% 8.95% 8.35% 7.85% 4.94% 7.77% 7.53% 7.44% 7.26% 8.32%
ROIC Less NNEP Spread (ROIC-NNEP)
7.02% -4.45% 8.15% 7.60% 6.98% 4.19% 7.01% 6.68% 6.63% 6.44% 7.67%
Return on Net Nonoperating Assets (RNNOA)
6.99% -4.13% 7.49% 6.90% 6.64% 3.77% 6.07% 5.50% 5.71% 5.27% 5.72%
Return on Equity (ROE)
14.76% -7.80% 16.44% 15.25% 14.50% 8.71% 13.84% 13.03% 13.15% 12.53% 14.04%
Cash Return on Invested Capital (CROIC)
0.92% -3.81% -4.95% -3.40% -3.29% 3.49% -2.78% -5.65% -5.78% -7.85% -5.18%
Operating Return on Assets (OROA)
8.12% -4.21% 9.44% 8.88% 7.95% 5.14% 8.05% 7.97% 7.65% 7.58% 8.17%
Return on Assets (ROA)
5.00% -4.10% 6.06% 5.63% 4.99% 2.85% 5.15% 4.84% 4.76% 4.71% 5.78%
Return on Common Equity (ROCE)
14.76% -7.80% 16.43% 15.25% 14.49% 8.70% 13.83% 13.02% 13.15% 12.52% 14.03%
Return on Equity Simple (ROE_SIMPLE)
7.85% 0.00% 11.37% 10.78% 10.20% 0.00% 10.95% 11.25% 11.80% 0.00% 11.65%
Net Operating Profit after Tax (NOPAT)
301 -139 366 329 291 176 277 259 247 241 271
NOPAT Margin
13.51% -6.17% 15.65% 14.61% 14.05% 8.65% 13.41% 12.82% 12.99% 12.90% 14.42%
Net Nonoperating Expense Percent (NNEP)
0.76% 0.78% 0.80% 0.76% 0.87% 0.74% 0.76% 0.85% 0.81% 0.81% 0.66%
Return On Investment Capital (ROIC_SIMPLE)
1.83% -0.87% - - - 1.21% - - - 1.71% -
Cost of Revenue to Revenue
57.96% 58.61% 57.48% 57.87% 58.95% 58.74% 58.34% 59.24% 60.35% 60.88% 59.61%
SG&A Expenses to Revenue
11.23% 9.35% 9.52% 10.18% 10.65% 9.47% 9.51% 10.71% 10.19% 9.51% 9.94%
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
24.53% 50.20% 22.20% 23.24% 23.36% 30.24% 24.56% 23.73% 23.09% 22.43% 23.01%
Earnings before Interest and Taxes (EBIT)
392 -201 480 434 365 229 358 344 318 313 335
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
684 122 776 722 632 483 614 598 563 557 569
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
6.29 5.63 5.59 5.67 5.69 4.97 4.53 4.90 4.91 4.73 4.95
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
5.55 4.96 5.31 5.37 5.41 4.76 4.37 4.76 4.76 4.66 4.93
Price to Earnings (P/E)
80.08 71.70 49.07 52.53 55.74 50.08 41.37 43.59 41.62 40.22 42.55
Dividend Yield
0.61% 0.68% 0.64% 0.63% 0.63% 0.88% 0.76% 0.86% 0.70% 0.72% 0.69%
Earnings Yield
1.25% 1.39% 2.04% 1.90% 1.79% 2.00% 2.42% 2.29% 2.40% 2.49% 2.35%
Enterprise Value to Invested Capital (EV/IC)
3.63 3.32 3.35 3.41 3.38 3.14 2.89 3.09 3.04 2.92 3.14
Enterprise Value to Revenue (EV/Rev)
6.46 5.86 6.23 6.28 6.35 5.60 5.23 5.62 5.67 5.61 5.80
Enterprise Value to EBITDA (EV/EBITDA)
25.45 23.22 20.73 21.58 22.36 19.88 17.63 18.87 18.86 18.63 19.44
Enterprise Value to EBIT (EV/EBIT)
53.05 48.49 35.92 38.16 40.16 35.96 30.85 32.94 32.72 32.46 34.15
Enterprise Value to NOPAT (EV/NOPAT)
67.28 60.59 46.64 49.32 51.87 46.83 40.15 42.32 41.41 40.83 42.78
Enterprise Value to Operating Cash Flow (EV/OCF)
25.71 23.45 24.45 23.92 23.93 21.11 19.65 20.89 20.90 19.99 20.94
Enterprise Value to Free Cash Flow (EV/FCFF)
405.64 0.00 0.00 0.00 0.00 91.55 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.05 1.04 1.00 0.98 1.02 0.89 0.91 0.91 0.97 0.98 0.90
Long-Term Debt to Equity
1.05 1.03 0.99 0.96 1.00 0.87 0.90 0.90 0.96 0.97 0.89
Financial Leverage
1.00 0.93 0.92 0.91 0.95 0.90 0.86 0.82 0.86 0.82 0.75
Leverage Ratio
2.49 2.43 2.39 2.37 2.42 2.37 2.33 2.29 2.33 2.26 2.20
Compound Leverage Factor
1.99 3.39 1.99 1.95 1.91 1.67 1.90 1.85 1.85 1.81 1.88
Debt to Total Capital
51.30% 50.87% 49.89% 49.43% 50.37% 47.07% 47.75% 47.55% 49.15% 49.44% 47.47%
Short-Term Debt to Total Capital
0.33% 0.42% 0.38% 0.68% 0.72% 0.84% 0.92% 0.57% 0.53% 0.48% 0.47%
Long-Term Debt to Total Capital
50.97% 50.45% 49.50% 48.75% 49.65% 46.24% 46.83% 46.98% 48.62% 48.97% 47.00%
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% 0.03% 0.03% 0.04% 0.03% 0.03% 0.04% 0.04%
Common Equity to Total Capital
48.70% 49.13% 50.11% 50.57% 49.60% 52.89% 52.22% 52.41% 50.82% 50.52% 52.50%
Debt to EBITDA
3.66 3.61 3.15 3.18 3.40 3.03 2.97 2.96 3.12 3.21 3.02
Net Debt to EBITDA
3.58 3.55 3.07 3.12 3.32 2.97 2.90 2.89 3.03 3.14 2.90
Long-Term Debt to EBITDA
3.64 3.58 3.12 3.14 3.35 2.98 2.92 2.92 3.09 3.18 2.99
Debt to NOPAT
9.69 9.43 7.08 7.28 7.88 7.14 6.77 6.63 6.85 7.03 6.65
Net Debt to NOPAT
9.48 9.27 6.91 7.13 7.70 6.98 6.61 6.47 6.65 6.88 6.37
Long-Term Debt to NOPAT
9.62 9.36 7.03 7.18 7.77 7.01 6.64 6.55 6.78 6.96 6.58
Altman Z-Score
3.27 2.91 3.16 3.20 3.14 3.02 2.84 3.01 2.92 2.76 3.04
Noncontrolling Interest Sharing Ratio
0.03% 0.03% 0.03% 0.03% 0.06% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.70 0.65 0.77 0.70 0.75 0.68 0.73 0.76 0.82 0.74 0.89
Quick Ratio
0.58 0.53 0.63 0.59 0.62 0.55 0.61 0.65 0.69 0.60 0.73
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-426 -1,574 -1,548 -1,245 -1,195 -292 -1,124 -1,498 -1,528 -1,756 -1,298
Operating Cash Flow to CapEx
256.06% 144.25% 207.17% 283.96% 290.35% 188.11% 255.90% 266.15% 253.46% 181.99% 218.96%
Free Cash Flow to Firm to Interest Expense
-5.27 -19.10 -18.54 -15.11 -15.22 -4.19 -16.28 -22.18 -22.35 -27.11 -25.38
Operating Cash Flow to Interest Expense
6.70 6.90 6.68 7.42 6.25 7.97 8.03 8.50 6.47 8.07 10.29
Operating Cash Flow Less CapEx to Interest Expense
4.08 2.12 3.46 4.81 4.10 3.73 4.89 5.31 3.92 3.63 5.59
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.46 0.47 0.46 0.46 0.45 0.46 0.46 0.47 0.46 0.45 0.46
Accounts Receivable Turnover
9.82 9.96 9.35 9.27 9.58 9.49 9.36 9.28 9.68 9.35 9.27
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
1.13 1.17 1.13 1.13 1.11 1.13 1.17 1.19 1.17 1.14 1.18
Accounts Payable Turnover
8.66 8.11 7.72 8.19 8.64 7.41 8.43 8.89 9.47 8.41 9.84
Days Sales Outstanding (DSO)
37.18 36.66 39.02 39.38 38.12 38.47 39.01 39.34 37.70 39.06 39.37
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
42.16 44.99 47.25 44.57 42.26 49.28 43.32 41.07 38.56 43.42 37.08
Cash Conversion Cycle (CCC)
-4.98 -8.32 -8.24 -5.20 -4.15 -10.82 -4.31 -1.73 -0.86 -4.36 2.29
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
16,134 15,724 16,167 15,519 15,407 14,290 14,253 13,945 13,921 13,821 12,853
Invested Capital Turnover
0.58 0.59 0.57 0.57 0.56 0.57 0.58 0.59 0.57 0.56 0.58
Increase / (Decrease) in Invested Capital
727 1,434 1,914 1,574 1,486 468 1,401 1,757 1,774 1,997 1,569
Enterprise Value (EV)
58,634 52,278 54,171 52,896 52,043 44,902 41,123 43,146 42,300 40,423 40,388
Market Capitalization
50,376 44,278 46,142 45,247 44,317 38,200 34,353 36,543 35,507 33,608 34,366
Book Value per Share
$31.05 $30.46 $32.02 $30.94 $30.21 $29.86 $29.45 $28.94 $28.12 $27.64 $26.98
Tangible Book Value per Share
($8.17) ($8.07) ($6.37) ($6.26) ($6.55) ($5.10) ($5.22) ($4.65) ($5.46) ($5.71) ($4.38)
Total Capital
16,457 16,000 16,485 15,787 15,699 14,544 14,528 14,223 14,236 14,071 13,217
Total Debt
8,443 8,140 8,224 7,804 7,908 6,846 6,937 6,763 6,997 6,957 6,274
Total Long-Term Debt
8,388 8,073 8,161 7,696 7,795 6,725 6,803 6,681 6,922 6,890 6,212
Net Debt
8,258 7,999 8,029 7,649 7,722 6,697 6,765 6,598 6,789 6,810 6,017
Capital Expenditures (CapEx)
211 394 269 215 169 296 217 216 175 287 240
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-605 -647 -451 -506 -413 -503 -387 -362 -308 -407 -287
Debt-free Net Working Capital (DFNWC)
-494 -585 -336 -427 -301 -425 -290 -270 -174 -328 -87
Net Working Capital (NWC)
-548 -652 -399 -535 -414 -546 -424 -352 -249 -395 -148
Net Nonoperating Expense (NNE)
60 57 58 53 62 50 48 50 49 47 34
Net Nonoperating Obligations (NNO)
8,120 7,864 7,906 7,536 7,616 6,592 6,662 6,486 6,682 6,708 5,909
Total Depreciation and Amortization (D&A)
292 324 296 287 267 255 256 254 245 244 234
Debt-free, Cash-free Net Working Capital to Revenue
-6.66% -7.26% -5.18% -6.01% -5.05% -6.27% -4.92% -4.72% -4.12% -5.64% -4.12%
Debt-free Net Working Capital to Revenue
-5.44% -6.56% -3.86% -5.08% -3.68% -5.29% -3.70% -3.52% -2.33% -4.55% -1.25%
Net Working Capital to Revenue
-6.04% -7.31% -4.59% -6.35% -5.06% -6.81% -5.40% -4.59% -3.33% -5.48% -2.13%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.94 ($0.76) $1.19 $1.07 $0.89 $0.49 $0.89 $0.81 $0.77 $0.76 $0.92
Adjusted Weighted Average Basic Shares Outstanding
258.19M 257.97M 258.02M 257.99M 257.80M 257.55M 257.63M 257.60M 257.37M 257.38M 257.20M
Adjusted Diluted Earnings per Share
$0.93 ($0.76) $1.19 $1.07 $0.89 $0.48 $0.89 $0.81 $0.77 $0.76 $0.92
Adjusted Weighted Average Diluted Shares Outstanding
258.90M 258.66M 258.76M 258.57M 258.48M 258.15M 258.23M 258.11M 257.99M 258.04M 257.89M
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
258.39M 258.09M 258.06M 258.04M 258.02M 257.68M 257.64M 257.63M 257.56M 257.22M 257.20M
Normalized Net Operating Profit after Tax (NOPAT)
306 282 368 335 292 309 321 267 248 240 282
Normalized NOPAT Margin
13.74% 12.46% 15.75% 14.90% 14.07% 15.19% 15.56% 13.23% 13.06% 12.85% 15.01%
Pre Tax Income Margin
14.05% -12.46% 17.11% 15.83% 13.92% 7.93% 14.15% 13.74% 13.27% 13.45% 15.21%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
4.85 -2.44 5.75 5.27 4.65 3.28 5.19 5.09 4.65 4.83 6.55
NOPAT to Interest Expense
3.72 -1.69 4.38 3.99 3.71 2.53 4.01 3.84 3.61 3.72 5.30
EBIT Less CapEx to Interest Expense
2.23 -7.23 2.52 2.66 2.50 -0.96 2.05 1.90 2.10 0.40 1.85
NOPAT Less CapEx to Interest Expense
1.11 -6.48 1.16 1.37 1.56 -1.71 0.87 0.64 1.06 -0.71 0.60
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
49.31% 49.02% 31.41% 33.33% 35.06% 35.47% 31.56% 30.45% 29.22% 29.07% 29.35%
Augmented Payout Ratio
49.31% 49.02% 31.41% 33.33% 35.06% 35.47% 31.56% 30.45% 29.22% 79.91% 86.06%

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections's fiscal year end?

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

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

Waste Connections' net income appears to be on an upward trend, with a most recent value of $616.57 million in 2024, falling from -$94.69 million in 2015. The previous period was $762.83 million in 2023. See Waste Connections' forecast for analyst expectations on what’s next for the company.

What is Waste Connections's operating income?
Waste Connections's total operating income in 2024 was $1.07 billion, based on the following breakdown:
  • Total Gross Profit: $3.73 billion
  • Total Operating Expenses: $2.66 billion
How has Waste Connections revenue changed over the last 9 years?

Over the last 9 years, Waste Connections' total revenue changed from $2.12 billion in 2015 to $8.92 billion in 2024, a change of 321.3%.

How much debt does Waste Connections have?

Waste Connections' total liabilities were at $11.96 billion at the end of 2024, a 17.0% increase from 2023, and a 282.0% increase since 2015.

How much cash does Waste Connections have?

In the past 9 years, Waste Connections' cash and equivalents has ranged from $10.97 million in 2015 to $617.29 million in 2020, and is currently $62.37 million as of their latest financial filing in 2024.

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

Over the last 9 years, Waste Connections' book value per share changed from 10.72 in 2015 to 30.46 in 2024, a change of 184.2%.



This page (NYSE:WCN) was last updated on 5/28/2025 by MarketBeat.com Staff
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