RSG Stock: Insider Activity, Filings & Research

Republic Services, Inc. (RSG) — Drillr’s hub for RSG insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, RSG insiders filed 21 open-market buys and 2 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$202.3M

Insiders buying

Context3-month price -11.8%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
May 20, 2026	Carlsen Elyseofficer: CAO	Sell	139	$216.30
May 20, 2026	Carlsen Elyseofficer: CAO	Sell	221	$216.34
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	8,900	$213.18
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	7,108	$215.11
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	8,084	$212.28
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	28,406	$208.00
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	50,723	$208.55
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	9,200	$211.48
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	22,828	$214.52
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	4,200	$210.38
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	380	$208.28
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	23,067	$209.65
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	97,111	$208.52
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	17,599	$210.58
May 18, 2026	CASCADE INVESTMENT, L.L.C.10 percent owner	Buy	58,840	$206.71

Source: RSG SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.

Overview

Republic Services, Inc. (NYSE:RSG) is one of the largest waste management companies in the United States, founded in 1996 and headquartered in Phoenix, Arizona. The company went public in 1998 and has grown through strategic acquisitions and organic expansion to become a leading provider of environmental services across 41 states. Republic Services operates a comprehensive waste management infrastructure including collection operations, transfer stations, landfills, and recycling facilities, serving millions of residential, commercial, and industrial customers nationwide.

Business

Republic Services operates in the waste management industry, providing essential environmental services that handle the collection, processing, and disposal of solid waste and recyclable materials. The company's core business revolves around managing the entire waste stream from collection to final disposal or recycling. The company operates through several integrated business segments. Collection services represent the largest portion of revenue, involving curbside pickup of waste and recyclables from residential customers, as well as commercial and industrial waste collection using various container sizes. This segment includes providing waste containers, compactor rentals, and transportation services to move materials to processing facilities. Recycling operations process collected recyclable materials including old corrugated containers, newsprint, aluminum, glass, and plastics. The company operates 71 recycling processing centers that sort, process, and sell these commodities to manufacturers. Recycling commodity prices fluctuate based on market demand and can significantly impact revenue. The Environmental Solutions segment, which has been growing rapidly, provides specialized services including hazardous and non-hazardous waste treatment, disposal of liquid materials, and in-plant logistics services. This higher-margin business serves industrial customers requiring specialized waste handling capabilities. Landfill operations provide final disposal services for non-recyclable waste. Republic operates 198 active landfills and has developed innovative programs to capture landfill gas for renewable energy generation, operating 77 landfill gas-to-energy projects. The company also operates transfer stations that serve as intermediate collection points to optimize transportation efficiency.

Revenue model

Republic Services generates revenue through multiple complementary streams within the waste management value chain. The primary revenue model is service-based subscriptions and contracts where customers pay regular fees for waste collection, processing, and disposal services. Residential customers typically pay monthly fees for curbside collection, while commercial and industrial customers have contracts based on service frequency, container sizes, and waste volumes. The company's pricing strategy has been particularly effective, with management consistently achieving price increases that exceed cost inflation. Recent quarters show average yield increases of 4-5% annually, driven by the essential nature of waste services and limited competition in many markets. Commodity sales from recycling operations provide additional revenue, though this stream is more volatile due to fluctuating market prices for materials like cardboard, aluminum, and plastics. Recycling commodity prices averaged $155-177 per ton in recent quarters, compared to historical lows of around $90 per ton. The Environmental Solutions segment operates on higher margins through specialized services including hazardous waste treatment, industrial cleaning, and regulatory compliance services. This segment has grown significantly and contributes disproportionately to profitability. Several factors influence the company's margins and profitability. Positive margin drivers include the company's ability to implement price increases above inflation, operational efficiency improvements through digital technologies and route optimization, and cross-selling opportunities between business segments. The essential nature of waste services provides pricing power during economic downturns. Margin pressures come from labor cost inflation (particularly driver wages), fuel price volatility, equipment and vehicle costs, and regulatory compliance expenses. Construction and industrial activity levels affect commercial waste volumes, while recycling commodity price fluctuations create revenue volatility. The company has demonstrated ability to offset most cost pressures through pricing discipline and operational improvements.

Competitive moat

Republic Services possesses a strong economic moat built on several sustainable competitive advantages. The company benefits from significant regulatory barriers to entry, as waste management operations require extensive permitting, environmental compliance, and substantial capital investments for landfills and processing facilities. These regulatory hurdles make it extremely difficult for new competitors to enter local markets. The business exhibits strong network effects and operational scale advantages. Republic's dense route networks create cost efficiencies that smaller competitors cannot match, as the company can optimize collection routes and leverage fixed costs across larger customer bases. The integrated nature of the business - from collection through disposal - provides cost advantages and customer stickiness. Switching costs for customers are meaningful, particularly for commercial accounts where waste management is integrated into daily operations. The hassle and potential service disruption of changing providers, combined with the relatively small portion of total costs that waste services represent for most businesses, creates customer inertia. The company's local market positions often approach oligopoly or duopoly status, as waste management naturally consolidates due to the capital-intensive nature and regulatory requirements. This market structure supports pricing discipline and reduces competitive pressure. However, the moat faces some challenges. Municipal contract competition can be intense, and large commercial customers may have more negotiating power. Environmental regulations, while creating barriers to entry, also impose ongoing compliance costs. The rise of waste-to-energy technologies and changing recycling economics could potentially disrupt traditional business models, though Republic has been proactive in developing sustainability solutions to address these trends.

Risks & safety

Republic Services demonstrates a moderate margin of safety with solid financial fundamentals but elevated valuation metrics and significant debt levels. • Liquidity and Solvency: Cash position of $83 million is relatively low, but strong operating cash flow of $1.025 billion provides adequate liquidity. Current ratio of 0.66 indicates working capital constraints, though this is typical for the industry given the predictable cash flow nature of the business. • Debt Profile: Debt-to-equity ratio of 1.16 represents moderate leverage. The company's stable cash flows support this debt level, but it limits financial flexibility during economic downturns. • Valuation Metrics: Trading at 38.3x P/E ratio and 17.6x EV/EBITDA, indicating premium valuation that leaves limited margin for error. Price-to-book ratio of 6.5x suggests the market values the company's competitive position highly. • Cash Generation: Strong free cash flow of $566 million quarterly provides good coverage for dividends and capital investments, though this represents a decline from prior periods. • Other Considerations: The essential nature of waste services provides recession-resistant cash flows, but premium valuation assumes continued execution of growth strategy and margin expansion.

Recent development

Over the past few years, Republic Services has pursued an ambitious transformation strategy focused on sustainability initiatives and digital modernization. The company has made substantial investments in developing a circular economy for plastics, constructing polymer centers in Las Vegas and Indianapolis that convert waste plastics into recycled materials for manufacturing. These facilities represent a strategic pivot toward higher-value recycling services beyond traditional commodity processing. The company has significantly expanded its Environmental Solutions segment through strategic acquisitions, including the major US Ecology acquisition that added hazardous waste treatment capabilities. This segment now contributes meaningfully to revenue growth and margin expansion, with management targeting 25% EBITDA margins in the medium term. Renewable energy initiatives have accelerated, with Republic developing renewable natural gas projects at landfill sites and expanding landfill gas-to-energy operations. The company expects seven RNG projects to come online in 2025, representing a significant scaling of these sustainability-focused revenue streams. Fleet electrification has become a key operational priority, with the company operating 80 electric collection vehicles and targeting over 150 by year-end 2025. This initiative addresses both environmental goals and long-term operational cost reduction, though it requires substantial upfront capital investment. The company has implemented comprehensive digital transformation programs including the RISE tablet system for drivers and the MPower fleet management platform. These technologies aim to improve operational efficiency, customer service, and employee satisfaction while providing better data analytics for route optimization and predictive maintenance.

RSG company profile · for informational purposes only — not investment advice.

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