Waste Management, Inc.
- Open
- 219.07
- Day high
- 220.49
- Day low
- 216.30
- Prev close
- 219.77
- Volume
- 2.3M
- Mkt cap
- $87.6B
- P/E (TTM)
- 30.9
- EPS (TTM)
- $7.09
- P/B
- 8.8
- P/S
- 3.4
- Yield
- 0.86%
- Per share
- $1.89
- ▼Insiders net selling -$585K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Waste Management, Inc. (WM) is a Industrials company listed on NYSE. The stock is down 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering WM.
Waste Management, Inc. (WM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $1.98 | $2.02 | +2.0% | $6.7B | -0.4% |
| Apr 29, 2026 | $1.75 | $1.81 | +3.4% | $6.2B | -0.8% |
| Jan 28, 2026 | $1.95 | $1.93 | -1.0% | $6.3B | -1.2% |
| Jan 29, 2025 | $1.80 | $1.70 | -5.6% | $5.9B | +1.0% |
| Jul 24, 2024 | $1.83 | $1.82 | -0.5% | $5.4B | -0.5% |
| Feb 12, 2024 | $1.53 | $1.74 | +13.7% | $5.2B | +0.4% |
| Jul 25, 2023 | $1.54 | $1.51 | -1.9% | $5.1B | -3.8% |
| Jan 31, 2023 | $1.41 | $1.30 | -7.8% | $4.9B | -0.6% |
| Oct 26, 2022 | $1.51 | $1.56 | +3.3% | $5.1B | +0.4% |
| Jul 27, 2022 | $1.40 | $1.44 | +2.9% | $5.0B | +3.8% |
| Feb 2, 2022 | $1.26 | $1.26 | +0.0% | $4.7B | +1.3% |
| Feb 18, 2021 | $1.09 | $1.13 | +3.7% | $4.1B | +2.5% |
WM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Carrasco Rafaelofficer: SVP of Enterprise Strategy | Sell | 2,655 | $220.47 |
| Jun 8, 2026 | Carrasco Rafaelofficer: SVP of Enterprise Strategy | Option | 2,655 | $126.00 |
| May 21, 2026 | Morris John Jofficer: President | Tax | 566 | $220.49 |
| May 21, 2026 | Hemmer Tara J.officer: EVP & Chief Operating Officer | Grant | 2,544 | — |
| May 21, 2026 | Dalby Marcelofficer: SVP Bus Optimiz & Collection | Grant | 2,257 | — |
| May 18, 2026 | HOLT VICTORIA Mdirector | Grant | 861 | $220.71 |
| May 18, 2026 | Sylvester Maryrosedirector | Grant | 861 | $220.71 |
| May 18, 2026 | PLUMMER WILLIAM Bdirector | Grant | 861 | $220.71 |
| May 18, 2026 | Chinn Bruce E.director | Grant | 861 | $220.71 |
| May 18, 2026 | Bene Thomasdirector | Grant | 861 | $220.71 |
| May 18, 2026 | Gluski Andresdirector | Grant | 861 | $220.71 |
| May 18, 2026 | MENKE SEAN Edirector | Grant | 861 | $220.71 |
| May 18, 2026 | MAZZARELLA KATHLEEN Mdirector | Grant | 1,314 | $220.71 |
| Apr 7, 2026 | Varkey Johnsonofficer: SVP-Chief Information Officer | Tax | 192 | $233.94 |
| Mar 10, 2026 | Varkey Johnsonofficer: SVP-Chief Information Officer | Tax | 193 | $246.31 |
Source: WM SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full WM insider & 13F page →Waste Management, Inc. company profile
Overview
Waste Management, Inc. (NYSE:WM) is North America's leading comprehensive waste management company, founded in 1987 and incorporated under its current name in 1998. Originally known as USA Waste Services, the company has grown through strategic acquisitions and organic expansion to become the dominant player in the waste collection, disposal, and recycling industry. Headquartered in Houston, Texas, Waste Management operates across the United States and parts of Canada, serving residential, commercial, industrial, and municipal customers with a comprehensive suite of environmental services.
Business
Waste Management operates in the essential services sector of waste collection, disposal, and environmental management. The waste management industry involves the systematic collection, transportation, processing, recycling, and disposal of waste materials generated by human activities. This is a critical infrastructure service that communities and businesses depend on regardless of economic conditions. The company's operations are organized into several key business segments: 1. **Collection and Disposal Business** (approximately 85% of revenue): This core segment involves picking up waste and recyclable materials from residential homes, commercial businesses, and industrial facilities, then transporting these materials to transfer stations, recycling facilities, or landfills. The company owns and operates 255 solid waste landfills and 340 transfer stations across North America. Transfer stations serve as intermediate collection points where waste is consolidated before being transported to final disposal sites. 2. **Sustainability Services** (approximately 10% of revenue): This growing segment includes recycling operations through 96 Material Recovery Facilities (MRFs) that sort and process recyclable materials, and renewable energy generation through landfill gas-to-energy facilities that capture methane from decomposing waste and convert it into electricity or renewable natural gas (RNG). 3. **Healthcare Solutions** (approximately 5% of revenue): Following the 2024 acquisition of Stericycle, this segment provides specialized medical waste disposal, pharmaceutical destruction, and secure information destruction services to healthcare facilities, pharmacies, and other organizations handling sensitive materials. The company also provides specialized services including hazardous waste disposal through five secure hazardous waste landfills, construction and demolition debris management, and consulting services for industrial clients in the oil and gas sector.
Revenue model
Waste Management generates revenue through multiple complementary business models centered around essential waste services. The primary revenue driver is **service fees** from collection contracts, where customers pay recurring monthly or quarterly fees for regular waste pickup services. These contracts typically include automatic price escalation clauses tied to inflation indices, providing built-in revenue growth protection. The company also earns **disposal fees** when waste is brought to their landfills and transfer stations, creating a dual revenue stream where they collect waste and charge for its disposal. **Recycling operations** generate revenue through the sale of processed recyclable commodities like paper, cardboard, metals, and plastics, though this revenue stream experiences volatility based on commodity market prices. **Renewable energy operations** produce revenue through the sale of electricity and renewable natural gas generated from landfill gas capture systems. The company benefits from various environmental credits and incentives, including Renewable Identification Numbers (RINs) that can be sold to fuel refiners to meet regulatory requirements. Several factors influence the company's margins and profitability. **Positive margin drivers** include the essential nature of waste services that supports consistent pricing power, economies of scale from route density and large-scale operations, automation and technology investments that reduce labor costs, and growing environmental regulations that favor established operators with proper infrastructure. **Margin pressures** come from volatile recycling commodity prices, labor cost inflation particularly for drivers and technicians, fuel price fluctuations affecting collection vehicle operations, and the capital-intensive nature of landfill development and environmental compliance requirements. The company has demonstrated strong pricing discipline, typically achieving annual price increases of 6-7% that exceed inflation and drive margin expansion.
Competitive moat
Waste Management possesses a substantial economic moat built on multiple defensive characteristics that create high barriers to entry and sustainable competitive advantages. The company's **regulatory moat** is particularly strong, as waste management operations require extensive environmental permits, landfill development approvals, and compliance with complex federal, state, and local regulations. These regulatory requirements can take years to navigate and require significant capital investment, effectively preventing new competitors from easily entering established markets. The **infrastructure moat** is equally compelling, as the company owns irreplaceable assets including strategically located landfills near major population centers, an extensive network of transfer stations, and specialized facilities for recycling and hazardous waste processing. Developing new landfills has become increasingly difficult due to environmental concerns and community opposition, making existing permitted capacity extremely valuable. **Route density advantages** create powerful network effects where the company can serve multiple customers in concentrated geographic areas, reducing per-customer collection costs and making it difficult for competitors to profitably serve scattered customers. This density also enables the company to offer competitive pricing while maintaining strong margins. The **customer switching costs** are moderate but meaningful, as businesses and municipalities face disruption and administrative burden when changing waste service providers. Long-term municipal contracts, often spanning 5-10 years, provide revenue stability and limit competitive threats. However, the moat faces some challenges. **Regional competition** exists from smaller local operators who may offer lower prices in specific markets, though they typically lack the scale and comprehensive service offerings of Waste Management. **Regulatory changes** around environmental standards or recycling requirements could create compliance costs, though the company's scale and expertise typically provide advantages in adapting to new regulations. The **commodity price sensitivity** in recycling operations creates some earnings volatility, though this represents a relatively small portion of total revenue.
Risks & safety
The company demonstrates a moderate margin of safety with some areas of concern requiring monitoring. • **Liquidity concerns**: Current ratio of 0.83 indicates potential short-term liquidity pressure, though this is partially offset by strong operating cash flow generation of $1.2 billion quarterly • **Debt burden**: High debt-to-equity ratio of 2.76 reflects significant leverage, primarily from the Stericycle acquisition, with management targeting reduction to 3.1x EBITDA by end of 2025 • **Cash position**: Relatively low cash balance of $216 million given the company's size and capital requirements • **Valuation metrics**: Trading at elevated multiples with P/E of 36.6 and EV/EBITDA of 17.4, suggesting limited valuation cushion • **Operational strength**: Strong EBITDA generation of $1.7 billion quarterly and consistent free cash flow of $377 million provide fundamental support • **Essential services**: Recession-resistant business model with predictable cash flows from essential waste services • **Debt service**: Interest coverage appears adequate given strong EBITDA generation, though leverage levels warrant monitoring
Recent development
Over the past few years, Waste Management has executed a comprehensive transformation strategy focused on **sustainability investments** and **strategic acquisitions** to diversify revenue streams beyond traditional waste collection. The company has invested heavily in renewable natural gas (RNG) facilities, bringing five new facilities online in 2024 and targeting 20 total projects to generate significant EBITDA contributions. Simultaneously, they have automated 10 recycling facilities and added new capacity, reducing labor costs by approximately 30% per ton processed while increasing throughput. The **2024 acquisition of Stericycle** represents the company's largest strategic move, expanding into healthcare waste management and secure information destruction services. Management initially projected $125 million in synergies but has increased expectations to $250 million annually by 2027, driven by operational improvements and cross-selling opportunities. **Technology and automation initiatives** have been central to recent developments, with the company automating over 500 residential collection routes and implementing advanced routing optimization software. These investments have contributed to reducing driver turnover to historic lows of 15% while improving operational efficiency. The company has also reduced its workforce by approximately 2,600 positions through natural attrition and automation, targeting further reductions to optimize cost structure. **Operational excellence programs** have focused on margin expansion in the core collection and disposal business, achieving record EBITDA margins of 30% through pricing discipline, route optimization, and cost management. The company has maintained strong pricing power with annual increases of 6-7%, while managing volume softness in industrial and construction segments through diversification into more resilient waste streams.
WM company profile · for informational purposes only — not investment advice.
Track WM with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free