Waste Connections - Public Comps and Valuation Multiples

Waste Connections Overview

About Waste Connections

Waste Connections is the third-largest integrated provider of traditional solid waste and recycling services in the North America, operating 113 active landfills (20 are exploration and production waste landfills and 16 are nonmunicipal waste landfills), 163 transfer stations, and 89 recycling operations. The firm serves residential, commercial, industrial, and energy end markets. Waste Connections entered the Canadian market with its 2016 merger with Progressive Waste. In 2024, 14% of consolidated revenue was generated from the firm's Canadian segment.

Founded

2016

HQ

Employees

23.9K+

Website

wasteconnections.com

Sectors

Environmental & Facilities Services
Service Providers
ClimateTech

Financials

LTM Revenue $9.3B

LTM EBITDA $3.1B

EV

$52.9B

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Waste Connections Financials

As of September 2025, Waste Connections reported last 12-month revenue of $9.3B and EBITDA of $3.1B.

In the same period, Waste Connections generated $3.9B in LTM gross profit and $1.3B in net income.

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Waste Connections P&L

In the most recent fiscal year, Waste Connections reported revenue of $8.9B and EBITDA of $2.3B.

Waste Connections expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$9.3B	XXX	$8.9B	XXX	XXX	XXX
Gross Profit	$3.9B	XXX	$3.7B	XXX	XXX	XXX
Gross Margin	42%	XXX	42%	XXX	XXX	XXX
EBITDA	$3.1B	XXX	$2.3B	XXX	XXX	XXX
EBITDA Margin	33%	XXX	25%	XXX	XXX	XXX
EBIT	$1.9B	XXX	$1.7B	XXX	XXX	XXX
EBIT Margin	20%	XXX	19%	XXX	XXX	XXX
Net Profit	$1.3B	XXX	$618M	XXX	XXX	XXX
Net Margin	14%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	$8.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Waste Connections including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $9.3B. EBITDA for the last twelve months was $3.1B. In the most recent fiscal year, Waste Connections achieved $8.9B in revenue and $2.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$9.3B	Analyst estimates available to subscribers	$8.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.9B	Analyst estimates available to subscribers	$3.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	41.8% gross margin	Analyst estimates available to subscribers	41.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.1B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	32.9% EBITDA margin	Analyst estimates available to subscribers	25.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.9B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	20.0% EBIT margin	Analyst estimates available to subscribers	18.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.3B	Analyst estimates available to subscribers	$618M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.9% net profit margin	Analyst estimates available to subscribers	6.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$8.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Waste Connections

This financial data table provides comprehensive performance metrics for Waste Connections, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Waste Connections generated $9.3B in revenue over the last twelve months.
The company achieved $3.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.9B.
Net income over the last twelve months reached $1.3B.

Fiscal Year Performance

In the most recent fiscal year, Waste Connections reported $8.9B in total revenue.
Fiscal year EBITDA was $2.3B.
The company maintained a gross profit margin of 41.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 25.3%.
Net profit margin reached 6.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Waste Connections. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Waste Connections Stock Performance

Waste Connections has current market cap of $44.4B, and EV of $52.9B.

Market Cap Evolution

Waste Connections Stock Data

As of October 15, 2025, Waste Connections's stock price is $173.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$52.9B	$44.4B	XXX	XXX	XXX	XXX	$5.04

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Waste Connections Valuation Multiples

Waste Connections's trades at 5.9x EV/Revenue multiple, and 23.5x EV/EBITDA.

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Waste Connections Financial Valuation Multiples

As of October 15, 2025, Waste Connections has market cap of $44.4B and EV of $52.9B.

Equity research analysts estimate Waste Connections's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Waste Connections has a P/E ratio of 34.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$44.4B	XXX	$44.4B	XXX	XXX	XXX
EV (current)	$52.9B	XXX	$52.9B	XXX	XXX	XXX
EV/Revenue	5.7x	XXX	5.9x	XXX	XXX	XXX
EV/EBITDA	17.2x	XXX	23.5x	XXX	XXX	XXX
EV/EBIT	28.3x	XXX	31.5x	XXX	XXX	XXX
EV/Gross Profit	13.5x	XXX	n/a	XXX	XXX	XXX
P/E	34.1x	XXX	71.8x	XXX	XXX	XXX
EV/FCF	41.5x	XXX	45.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Waste Connections Margins & Growth Rates

Waste Connections's last 12 month revenue growth is 6%

Waste Connections's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Waste Connections's rule of 40 is 34% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Waste Connections's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Waste Connections Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	33%	XXX	25%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	17%	XXX	XXX	XXX
Rule of 40	34%	XXX	31%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	23%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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