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Waste Connections Valuation Multiples
Discover revenue and EBITDA valuation multiples for Waste Connections and similar public comparables like Veolia, Veralto, Republic Services, Clean Harbors and more.
Waste Connections Overview
About Waste Connections
Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.
Founded
2016
HQ
Employees
24.2K
Website
Financials (LTM)
EV
$50B
Waste Connections Financials
Waste Connections reported last 12-month revenue of $10B and EBITDA of $3B.
In the same LTM period, Waste Connections generated $4B in gross profit, $3B in EBITDA, and $1B in net income.
Revenue (LTM)
Waste Connections P&L
In the most recent fiscal year, Waste Connections reported revenue of $9B and EBITDA of $3B.
Waste Connections expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $10B | XXX | $9B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | 43% | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 33% | XXX | 33% | XXX | XXX | XXX |
| EBIT Margin | 19% | XXX | 19% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 14% | XXX | XXX | XXX |
| Net Debt | — | — | $9B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Waste Connections Stock Performance
Waste Connections has current market cap of $41B, and enterprise value of $50B.
Market Cap Evolution
Waste Connections' stock price is $159.63.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $50B | $41B | 0.0% | XXX | XXX | XXX | $5.21 |
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Start Free TrialWaste Connections Valuation Multiples
Waste Connections trades at 5.2x EV/Revenue multiple, and 15.6x EV/EBITDA.
EV / Revenue (LTM)
Waste Connections Financial Valuation Multiples
As of April 19, 2026, Waste Connections has market cap of $41B and EV of $50B.
Equity research analysts estimate Waste Connections' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Waste Connections has a P/E ratio of 30.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $41B | XXX | $41B | XXX | XXX | XXX |
| EV (current) | $50B | XXX | $50B | XXX | XXX | XXX |
| EV/Revenue | 5.2x | XXX | 5.3x | XXX | XXX | XXX |
| EV/EBITDA | 15.6x | XXX | 15.9x | XXX | XXX | XXX |
| EV/EBIT | 26.9x | XXX | 27.3x | XXX | XXX | XXX |
| EV/Gross Profit | 12.1x | XXX | 12.4x | XXX | XXX | XXX |
| P/E | 30.1x | XXX | 30.6x | XXX | XXX | XXX |
| EV/FCF | 38.0x | XXX | 39.5x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Waste Connections Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Waste Connections Margins & Growth Rates
Waste Connections' revenue in the last 12 month grew by 6%.
Waste Connections' revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Waste Connections' rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Waste Connections' rule of X is 47% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Waste Connections Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 6% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 33% | XXX | 33% | XXX | XXX | XXX |
| EBITDA Growth | 7% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 39% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 47% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 10% | XXX | 10% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 23% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Waste Connections Public Comps
See public comps and valuation multiples for other Waste & Environmental Services comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Waste Connections | XXX | XXX | XXX | XXX | XXX | XXX |
| Veolia | XXX | XXX | XXX | XXX | XXX | XXX |
| Veralto | XXX | XXX | XXX | XXX | XXX | XXX |
| Republic Services | XXX | XXX | XXX | XXX | XXX | XXX |
| Clean Harbors | XXX | XXX | XXX | XXX | XXX | XXX |
| GFL Environmental | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Waste Connections M&A Activity
Waste Connections acquired XXX companies to date.
Last acquisition by Waste Connections was on XXXXXXXX, XXXXX. Waste Connections acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Waste Connections
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialWaste Connections Investment Activity
Waste Connections invested in XXX companies to date.
Waste Connections made its latest investment on XXXXXXXX, XXXXX. Waste Connections invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Waste Connections
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Waste Connections
| When was Waste Connections founded? | Waste Connections was founded in 2016. |
| Where is Waste Connections headquartered? | Waste Connections is headquartered in Canada. |
| How many employees does Waste Connections have? | As of today, Waste Connections has over 24K employees. |
| Who is the CEO of Waste Connections? | Waste Connections' CEO is Ronald J. Mittelstaedt. |
| Is Waste Connections publicly listed? | Yes, Waste Connections is a public company listed on NYSE. |
| What is the stock symbol of Waste Connections? | Waste Connections trades under WCN ticker. |
| When did Waste Connections go public? | Waste Connections went public in 1987. |
| Who are competitors of Waste Connections? | Waste Connections main competitors are Veolia, Veralto, Republic Services, Clean Harbors. |
| What is the current market cap of Waste Connections? | Waste Connections' current market cap is $41B. |
| What is the current revenue of Waste Connections? | Waste Connections' last 12 months revenue is $10B. |
| What is the current revenue growth of Waste Connections? | Waste Connections revenue growth (NTM/LTM) is 6%. |
| What is the current EV/Revenue multiple of Waste Connections? | Current revenue multiple of Waste Connections is 5.2x. |
| Is Waste Connections profitable? | Yes, Waste Connections is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Waste Connections? | Waste Connections' last 12 months EBITDA is $3B. |
| What is Waste Connections' EBITDA margin? | Waste Connections' last 12 months EBITDA margin is 33%. |
| What is the current EV/EBITDA multiple of Waste Connections? | Current EBITDA multiple of Waste Connections is 15.6x. |
| What is the current FCF of Waste Connections? | Waste Connections' last 12 months FCF is $1B. |
| What is Waste Connections' FCF margin? | Waste Connections' last 12 months FCF margin is 14%. |
| What is the current EV/FCF multiple of Waste Connections? | Current FCF multiple of Waste Connections is 38.0x. |
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