Waste Connections (WCN) Financials

$198.37 +0.45 (+0.23%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$197.34 -1.03 (-0.52%)

As of 08:02 AM Eastern

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

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

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

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

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

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

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%

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%

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections's 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'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%.

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This page (NYSE:WCN) was last updated on 5/7/2025 by MarketBeat.com Staff

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Waste Connections (WCN) Financials

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Waste Connections (WCN) Financials

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