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Waste Connections (WCN) Financials

Waste Connections logo
$186.64 -0.03 (-0.02%)
Closing price 08/1/2025 03:59 PM Eastern
Extended Trading
$186.50 -0.13 (-0.07%)
As of 08/1/2025 04:47 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.
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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 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		 -96 247 577 547 567 205 618 836 763 618
Consolidated Net Income / (Loss)		 -95 247 577 547 567 204 618 836 763 617
Net Income / (Loss) Continuing Operations		 -95 247 577 547 567 204 618 836 763 617
Total Pre-Tax Income 		-126 361 509 707 706 254 771 1,049 984 763
Total Operating Income		 -62 452 627 832 838 412 1,040 1,242 1,236 1,068
Total Gross Profit		 940 1,418 1,926 2,057 2,190 2,169 2,497 2,876 3,277 3,728
Total Revenue		 2,117 3,376 4,630 4,923 5,389 5,446 6,151 7,212 8,022 8,920
Operating Revenue		 2,117 3,376 4,630 4,923 5,389 5,446 6,151 7,212 8,022 8,920
Total Cost of Revenue		 1,177 1,958 2,705 2,866 3,199 3,277 3,654 4,336 4,745 5,192
Operating Cost of Revenue		 1,177 1,958 2,705 2,866 3,199 3,277 3,654 4,336 4,745 5,192
Total Operating Expenses		 1,001 966 1,299 1,225 1,352 1,757 1,458 1,634 2,041 2,660
Selling, General & Admin Expense		 237 474 510 524 546 538 612 696 799 883
Depreciation Expense		 240 394 530 573 618 621 674 763 846 974
Amortization Expense		 29 70 102 108 126 131 139 156 158 190
Impairment Charge		 494 28 156 20 62 467 32 18 239 613
Total Other Income / (Expense), net		 -65 -91 -119 -125 -132 -159 -269 -193 -253 -305
Interest Expense		 64 93 125 132 147 162 278 202 275 327
Interest & Investment Income		 0.49 0.60 5.17 7.17 9.78 5.25 2.92 5.95 9.35 12
Other Income / (Expense), net		 -1.01 1.17 1.54 -0.17 5.70 -1.39 6.29 3.15 12 10
Income Tax Expense		 -32 114 -69 160 139 50 152 213 221 146
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.07 0.78 0.60 0.28 -0.16 -0.69 0.44 0.34 0.03 -1.00
Basic Earnings per Share		 ($0.52) $1.07 $2.19 $2.07 $2.15 $0.78 $2.37 $3.25 $2.96 $2.39
Weighted Average Basic Shares Outstanding		 185.24M 230.33M 263.68M 263.65M 263.79M 263.19M 261.17M 257.38M 257.55M 257.97M
Diluted Earnings per Share		 ($0.52) $1.07 $2.18 $2.07 $2.14 $0.78 $2.36 $3.24 $2.95 $2.39
Weighted Average Diluted Shares Outstanding		 185.24M 231.08M 264.30M 264.40M 264.53M 263.69M 261.73M 258.04M 258.15M 258.66M
Weighted Average Basic & Diluted Shares Outstanding		 122.80M 230.40M 263.40M 264.20M 263.69M 262.23M 257.33M 257.22M 257.68M 258.09M
Cash Dividends to Common per Share		 $0.36 $0.41 $0.50 $0.58 $0.67 $0.76 $0.85 $0.95 $1.05 $1.17

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

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

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

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

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

Annual Metrics And Ratios for Waste Connections

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

Quarterly Metrics And Ratios for Waste Connections

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

Key Financial Trends

Waste Connections (NYSE: WCN) has demonstrated solid financial performance and operational stability over the past four years, with some fluctuations worth noting.

Positive Trends:

  • Consistent revenue growth: Operating revenue increased from approximately $1.87 billion in Q3 2022 to $2.23 billion in Q1 2025, indicating steady top-line expansion.
  • Strong gross profit: Despite rising costs, gross profit margins remained healthy with gross profit around $936 million in Q1 2025 compared to $759 million in Q3 2022.
  • Robust net income recovery: The company rebounded from a net loss of about $196 million in Q4 2024 to a net income of $242 million in Q1 2025, showing resilience.
  • Stable earnings per share: Diluted EPS improved to $0.93 in Q1 2025 from negative $0.76 in Q4 2024, indicating improved profitability on a per-share basis.
  • Strong cash flow generation: Operating cash flow was $541.5 million in Q1 2025, reflecting solid operational cash generation capacity.
  • Active debt management: Despite new debt issuances, the company has been actively repaying debt, with long-term debt around $8.4 billion in Q1 2025.
  • Healthy equity base: Total common equity increased to approximately $8.0 billion in Q1 2025 from about $6.9 billion in Q3 2022, supporting financial stability.
  • Regular dividend payments: The company consistently paid dividends, with $0.315 per share in Q1 2025, supporting shareholder returns.

Neutral Observations:

  • Operating expenses show some fluctuations, with impairment charges spiking notably in Q4 2024 but returning to moderate levels thereafter.
  • Fluctuations in acquisitions and capital expenditures affect investing cash flows, with large acquisitions impacting cash flow notably in early 2024 and 2023.

Negative Factors:

  • Significant loss in Q4 2024: Waste Connections reported a substantial net loss (~$196 million) in Q4 2024, driven by a high impairment charge (~$601 million), which substantially impacted profitability.
  • High debt levels: The long-term debt exceeds $8 billion, which, although managed, represents a substantial leverage position that bears monitoring regarding interest expenses (~$80 million quarterly).
  • Volatility in acquisitions spending: Large, irregular acquisition outlays (e.g., over $1 billion in early 2024 and near $933 million in Q4 2022) lead to volatility in investing cash flows and increase financial risk.
  • Rising operating costs: The cost of revenue and operating expenses have generally increased over the period, which could pressure margins if revenue growth slows.
  • Decline in cash and equivalents: Despite recent improvements, cash balances have fluctuated over time, with some quarters showing significant declines in cash reserves.

Summary: Waste Connections has shown strong revenue and profit growth with consistent cash flow generation, supporting its operational capabilities and dividend payments. However, investors should be aware of the sizeable impairment charges impacting recent quarterly results, the substantial and growing debt load, and volatility from acquisitions and capital expenditures. The company’s ability to manage leverage while sustaining earnings growth will be crucial going forward.

08/03/25 07:26 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections' financial year end?

According to the most recent income statement we have on file, Waste Connections' fiscal year ends in December. Their fiscal 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. Check out Waste Connections' forecast to explore projected trends and price targets.

What is Waste Connections' operating income?
Waste Connections' 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%.


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This page (NYSE:WCN) was last updated on 8/3/2025 by MarketBeat.com Staff
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