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Waste Connections, Inc. (WCN) 10-Year Financial Performance & Capital Metrics

WCN • • Industrial / General
IndustrialsWaste ManagementSolid Waste ManagementIntegrated Solid Waste Services
AboutWaste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. As of December 31, 2021, it owned 334 solid waste collection operations; 142 transfer stations; 61 municipal solid waste (MSW) landfills; 12 E&P waste landfills; 14 non-MSW landfills; 71 recycling operations; 4 intermodal operations; 23 E&P liquid waste injection wells; and 19 E&P waste treatment and oil recovery facilities. The company also operates an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.Show more
  • Revenue $8.92B +11.2%
  • EBITDA $2.23B -0.4%
  • Net Income $618M -19.0%
  • EPS (Diluted) 2.39 -19.0%
  • Gross Margin 41.79% +2.3%
  • EBITDA Margin 25.02% -10.4%
  • Operating Margin 11.97% -22.3%
  • Net Margin 6.92% -27.2%
  • ROE 7.94% -22.9%
  • ROIC 5.19% -19.4%
  • Debt/Equity 1.07 +17.1%
  • Interest Coverage 3.66 -23.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓14 consecutive years of dividend growth
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 10.6%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.68%
5Y10.6%
3Y13.19%
TTM22.41%

Profit (Net Income) CAGR

10Y10.26%
5Y1.73%
3Y-0.03%
TTM-33.34%

EPS CAGR

10Y6.78%
5Y1.76%
3Y0.71%
TTM-34.25%

ROCE

10Y Avg5.82%
5Y Avg6.73%
3Y Avg7.52%
Latest6.25%

Peer Comparison

Integrated Solid Waste Services
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WCNWaste Connections, Inc.42.92B167.6370.1411.19%5.89%7.75%2.73%1.07
RSGRepublic Services, Inc.65.25B210.7932.487.13%12.77%17.75%3.19%1.14
WMWaste Management, Inc.88.57B219.8632.288.01%10.35%26.93%2.44%2.90
GFLGFL Environmental Inc.14.86B42.72-20.254.61%52.22%64.43%2.34%1.46

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.12B3.38B4.63B4.92B5.39B5.45B6.15B7.21B8.02B8.92B
Revenue Growth %0.02%0.59%0.37%0.06%0.09%0.01%0.13%0.17%0.11%0.11%
Cost of Goods Sold+1.18B1.96B2.7B2.87B3.2B3.28B3.65B4.34B4.74B5.19B
COGS % of Revenue0.56%0.58%0.58%0.58%0.59%0.6%0.59%0.6%0.59%0.58%
Gross Profit+939.88M1.42B1.93B2.06B2.19B2.17B2.5B2.88B3.28B3.73B
Gross Margin %0.44%0.42%0.42%0.42%0.41%0.4%0.41%0.4%0.41%0.42%
Gross Profit Growth %-0%0.51%0.36%0.07%0.06%-0.01%0.15%0.15%0.14%0.14%
Operating Expenses+1B965.85M1.3B1.22B1.35B1.76B1.46B1.63B2.04B2.66B
OpEx % of Revenue0.47%0.29%0.28%0.25%0.25%0.32%0.24%0.23%0.25%0.3%
Selling, General & Admin233.25M382.26M476.97M503.82M530.84M522.29M592.63M671.45M774.09M855.79M
SG&A % of Revenue0.11%0.11%0.1%0.1%0.1%0.1%0.1%0.09%0.1%0.1%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses768.16M583.59M821.65M721.18M821.3M1.23B865.04M962.21M1.27B1.8B
Operating Income+-61.53M452.3M627.1M832.24M837.78M412.43M1.04B1.24B1.24B1.07B
Operating Margin %-0.03%0.13%0.14%0.17%0.16%0.08%0.17%0.17%0.15%0.12%
Operating Income Growth %-1.14%8.35%0.39%0.33%0.01%-0.51%1.52%0.19%-0%-0.14%
EBITDA+207.9M916.21M1.26B1.51B1.58B1.16B1.85B2.16B2.24B2.23B
EBITDA Margin %0.1%0.27%0.27%0.31%0.29%0.21%0.3%0.3%0.28%0.25%
EBITDA Growth %-0.71%3.41%0.37%0.2%0.05%-0.26%0.59%0.17%0.04%-0%
D&A (Non-Cash Add-back)269.43M463.91M632.48M680.49M743.92M752.4M813.01M918.96M1B1.16B
EBIT439.89M571.01M748.15M872.93M861.22M845.15M1.08B1.27B1.34B1.23B
Net Interest Income+-59.16M-84.43M-121.54M-118.56M-132.58M-175.72M-178.62M-194.89M-250.19M-280.58M
Interest Income0594.76K5.36M6.8M10M5.53M2.89M5.71M9.52M11.05M
Interest Expense59.16M85.02M126.9M125.37M142.58M181.25M181.51M200.61M259.71M291.63M
Other Income/Expense-64.75M-90.93M-118.59M-125.1M-131.89M-158.51M-268.88M-193.23M-252.81M-304.73M
Pretax Income+-126.29M361.37M508.51M707.14M705.89M253.91M770.74M1.05B983.5M762.93M
Pretax Margin %-0.06%0.11%0.11%0.14%0.13%0.05%0.13%0.15%0.12%0.09%
Income Tax+-31.59M114.04M-68.91M159.99M139.21M49.92M152.25M212.96M220.68M146.36M
Effective Tax Rate %0.76%0.68%1.13%0.77%0.8%0.81%0.8%0.8%0.78%0.81%
Net Income+-95.76M246.54M576.82M546.87M566.84M204.68M618.05M835.66M762.8M617.57M
Net Margin %-0.05%0.07%0.12%0.11%0.11%0.04%0.1%0.12%0.1%0.07%
Net Income Growth %-1.41%3.57%1.34%-0.05%0.04%-0.64%2.02%0.35%-0.09%-0.19%
Net Income (Continuing)-94.69M247.32M577.42M547.15M566.68M203.99M618.49M836M762.83M616.57M
Discontinued Operations0000000000
Minority Interest6.58M7.36M5.4M5.58M4.85M4.17M4.61M4.95M4.97M0
EPS (Diluted)+-0.521.072.182.072.190.782.343.112.952.39
EPS Growth %-1.42%3.06%1.04%-0.05%0.06%-0.64%2%0.33%-0.05%-0.19%
EPS (Basic)-0.521.072.192.072.200.782.353.122.962.39
Diluted Shares Outstanding185.24M231.08M264.3M264.4M264.53M263.69M261.73M258.04M258.15M258.66M
Basic Shares Outstanding184.16M230.33M263.68M263.65M263.79M263.19M261.17M257.38M257.55M257.97M
Dividend Payout Ratio-0.38%0.23%0.28%0.31%0.98%0.36%0.29%0.35%0.49%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+362.43M743.39M1.18B1.09B1.13B1.41B1.03B1.12B1.14B1.23B
Cash & Short-Term Investments10.97M154.38M433.81M319.31M326.74M617.29M147.44M78.64M78.4M62.37M
Cash Only10.97M154.38M433.81M319.31M326.74M617.29M147.44M78.64M78.4M62.37M
Short-Term Investments0000000000
Accounts Receivable255.19M485.14M554.46M609.54M662.81M680.33M770.92M876.92M885.08M972.63M
Days Sales Outstanding43.9952.4543.7145.1944.945.645.7444.3840.2739.8
Inventory0000036.73M44.26M55.19M61.67M71.16M
Days Inventory Outstanding-----4.094.424.654.745
Other Current Assets49.73M6.34M1.6M0046.52M37.01M63.2M76.13M66.61M
Total Non-Current Assets+4.76B10.36B10.84B11.53B12.61B12.58B13.67B16.02B16.77B18.59B
Property, Plant & Equipment2.74B4.74B4.82B5.17B5.7B5.46B5.88B7.14B7.49B8.34B
Fixed Asset Turnover0.77x0.71x0.96x0.95x0.95x1.00x1.05x1.01x1.07x1.07x
Goodwill1.42B4.39B4.68B5.03B5.51B5.73B6.19B6.9B7.4B7.95B
Intangible Assets511.29M1.07B1.09B1.13B1.16B1.16B1.35B1.67B1.6B1.99B
Long-Term Investments000000000227.73M
Other Non-Current Assets86.96M165.06M247.67M205.12M233.62M246.93M246.39M297.32M276.04M77.02M
Total Assets+5.12B11.1B12.01B12.63B13.74B13.99B14.7B17.13B17.92B19.82B
Asset Turnover0.41x0.30x0.39x0.39x0.39x0.39x0.42x0.42x0.45x0.45x
Asset Growth %-0.02%1.17%0.08%0.05%0.09%0.02%0.05%0.17%0.05%0.11%
Total Current Liabilities+378.27M692.18M802.6M886.84M1.01B1.03B1.23B1.51B1.69B1.88B
Accounts Payable115.21M251.25M330.52M359.97M436.97M290.82M392.87M638.73M642.46M637.37M
Days Payables Outstanding35.7146.8444.645.8549.8632.3939.2453.7749.4244.81
Short-Term Debt2.13M1.65M11.66M1.79M465K8.27M6.02M6.76M26.46M7.85M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities41.23M41.56M28.57M24.25M37.1M69.83M89.57M68.54M109.1M70.13M
Current Ratio0.96x1.07x1.47x1.23x1.12x1.37x0.84x0.74x0.68x0.65x
Quick Ratio0.96x1.07x1.47x1.23x1.12x1.33x0.80x0.70x0.64x0.62x
Cash Conversion Cycle-----17.2910.92-4.74-4.41-0.01
Total Non-Current Liabilities+2.75B4.76B4.94B5.28B5.79B6.1B6.47B8.51B8.53B10.08B
Long-Term Debt2.15B3.62B3.9B4.15B4.35B4.71B5.04B6.89B6.72B8.07B
Capital Lease Obligations0000160.03M147.22M129.63M165.46M238.44M272.11M
Deferred Tax Liabilities452.49M778.66M690.77M760.03M818.62M760.04M850.92M1.01B1.02B958.34M
Other Non-Current Liabilities152.12M361.45M347.67M366.81M459.68M484.33M452.58M438.96M544.47M775.25M
Total Liabilities3.13B5.54B5.74B6.17B6.8B7.13B7.71B10.02B10.22B11.96B
Total Debt+2.15B3.62B3.91B4.16B4.54B4.89B5.21B7.1B7.02B8.39B
Net Debt2.14B3.46B3.48B3.84B4.22B4.28B5.07B7.02B6.94B8.33B
Debt / Equity1.08x0.64x0.62x0.64x0.65x0.71x0.75x1.00x0.91x1.07x
Debt / EBITDA10.34x3.95x3.11x2.75x2.87x4.20x2.81x3.28x3.14x3.76x
Net Debt / EBITDA10.29x3.78x2.76x2.54x2.67x3.67x2.73x3.25x3.10x3.73x
Interest Coverage-1.04x5.32x4.94x6.64x5.88x2.28x5.73x6.19x4.76x3.66x
Total Equity+1.99B5.65B6.27B6.46B6.94B6.86B6.99B7.11B7.7B7.86B
Equity Growth %-0.11%1.84%0.11%0.03%0.07%-0.01%0.02%0.02%0.08%0.02%
Book Value per Share10.7524.4723.7424.4326.2326.0326.7227.5729.8230.39
Total Shareholders' Equity1.99B5.65B6.27B6.45B6.93B6.86B6.99B7.11B7.69B7.86B
Common Stock1.22M4.17B4.19B4.13B4.14B4.03B3.69B3.27B3.28B3.28B
Retained Earnings1.26B1.41B1.86B2.26B2.65B2.66B3.06B3.65B4.14B4.46B
Treasury Stock0000000000
Accumulated OCI-12.17M-43M108.41M-74.79M-10.96M-651K39.58M-56.83M-9.83M-205.74M
Minority Interest6.58M7.36M5.4M5.58M4.85M4.17M4.61M4.95M4.97M0

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+577M795.31M1.19B1.41B1.54B1.41B1.7B2.02B2.13B2.23B
Operating CF Margin %0.27%0.24%0.26%0.29%0.29%0.26%0.28%0.28%0.27%0.25%
Operating CF Growth %0.06%0.38%0.49%0.19%0.09%-0.09%0.21%0.19%0.05%0.05%
Net Income-94.69M247.32M577.42M547.15M566.68M203.99M618.49M836M762.83M616.57M
Depreciation & Amortization269.43M463.91M632.48M680.49M743.92M752.4M813.01M918.96M1B1.16B
Stock-Based Compensation20.32M44.77M39.36M43.8M42.67M45.75M58.22M63.48M70.44M77.89M
Deferred Taxes-132.45M42.3M-153.28M77.86M54.64M-50.49M14.56M93.48M6.33M-57.28M
Other Non-Cash Items503.84M32.18M162.01M30.49M105.38M480.83M174.93M37.77M271.48M637.3M
Working Capital Changes10.56M-35.17M-70.73M31.44M27.26M-23.97M19.01M72.8M12.53M-209.31M
Change in Receivables17.35M-5.25M-38.93M-37.72M-22.93M46.84M-54.69M-100.55M-20.63M-10.65M
Change in Inventory5.44M-91.69M-66.46M41.07M-14.9M70.86M-4.38M000
Change in Payables-16.67M54.22M50.01M16.14M71.15M-148.36M66.75M192.85M32.33M-33.32M
Cash from Investing+-470.53M-296.39M-966.23M-1.37B-1.43B-1.05B-1.69B-3.09B-1.58B-3.16B
Capital Expenditures-238.83M-344.72M-479.29M-546.14M-666.09M-664.56M-744.32M-912.68M-934M-1.06B
CapEx % of Revenue0.11%0.1%0.1%0.11%0.12%0.12%0.12%0.13%0.12%0.12%
Acquisitions----------
Investments----------
Other Investing-1.18M-309K-76.25M4.42M1.69M7.31M36.28M32.41M29.71M-19.31M
Cash from Financing+-109.84M-354.87M56.76M-187.58M-95.89M-78.22M-499.5M1.03B-544.4M944.95M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-65.99M-92.55M-131.97M-152.55M-175.07M-199.88M-220.2M-243.01M-270.6M-302.26M
Share Repurchases----------
Other Financing-12.99M-37.44M-919K-13.03M-29.95M-46.03M-159.82M-46.35M-41.21M-73.86M
Net Change in Cash----------
Free Cash Flow+338.17M450.59M707.97M865.09M874.46M743.96M953.91M1.11B1.19B1.17B
FCF Margin %0.16%0.13%0.15%0.18%0.16%0.14%0.16%0.15%0.15%0.13%
FCF Growth %0.11%0.33%0.57%0.22%0.01%-0.15%0.28%0.16%0.07%-0.02%
FCF per Share1.831.952.683.273.312.823.644.304.624.53
FCF Conversion (FCF/Net Income)-6.03x3.23x2.06x2.58x2.72x6.88x2.75x2.42x2.79x3.61x
Interest Paid55.67M87.65M115.64M124.34M139.69M142.31M157.49M177.42M260.92M298.93M
Taxes Paid102.28M69.59M155.53M52.46M81.05M104.62M146.2M100.16M207.02M216M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-4.53%6.45%9.67%8.59%8.46%2.97%8.92%11.85%10.3%7.94%
Return on Invested Capital (ROIC)-1.11%5.12%4.98%6.23%5.86%2.77%6.72%7.11%6.44%5.19%
Gross Margin44.39%42.01%41.59%41.79%40.64%39.83%40.6%39.88%40.86%41.79%
Net Margin-4.52%7.3%12.46%11.11%10.52%3.76%10.05%11.59%9.51%6.92%
Debt / Equity1.08x0.64x0.62x0.64x0.65x0.71x0.75x1.00x0.91x1.07x
Interest Coverage-1.04x5.32x4.94x6.64x5.88x2.28x5.73x6.19x4.76x3.66x
FCF Conversion-6.03x3.23x2.06x2.58x2.72x6.88x2.75x2.42x2.79x3.61x
Revenue Growth1.83%59.44%37.16%6.32%9.46%1.06%12.95%17.24%11.23%11.19%

Revenue by Segment

2015201620172018201920202021202220232024
Solid Waste Collection1.37B2.35B3.17B3.41B3.82B3.97B4.44B5.25B5.93B6.33B
Solid Waste Collection Growth-71.18%34.86%7.52%11.86%4.10%11.83%18.23%13.03%6.70%
Landfill----1.13B1.15B1.23B1.33B1.48B1.56B
Landfill Growth-----1.22%7.57%7.74%11.62%5.02%
Transfer---670.13M771.32M777.75M859.11M1.03B1.2B1.35B
Transfer Growth----15.10%0.83%10.46%19.43%16.80%12.57%
Exploration And Production Waste Treatment Recovery And Disposal215.37M120.2M192M256.26M271.89M159.44M138.71M210.56M232.21M521.5M
Exploration And Production Waste Treatment Recovery And Disposal Growth--44.19%59.74%33.47%6.10%-41.36%-13.00%51.80%10.28%124.58%
Solid Waste Recycling46.37M85.52M152.77M92.63M64.25M86.39M205.08M204.88M147.04M241.87M
Solid Waste Recycling Growth-84.43%78.65%-39.36%-30.65%34.47%137.39%-0.10%-28.23%64.50%
Intermodal and Other-----118.4M152.19M188.47M171.72M191.89M
Intermodal and Other Growth------28.55%23.84%-8.89%11.74%
Intersegment Eliminations------814.4M-878.65M-998.07M-1.15B-1.28B
Intersegment Eliminations Growth-------7.89%-13.59%-14.80%-11.31%
Intermodal And Other66.32M105.71M145.33M139.9M121.14M-----
Intermodal And Other Growth-59.40%37.48%-3.74%-13.41%-----
Landfills---1.06B------
Landfills Growth----------
Solid Waste Disposal And Transfer415.17M712.39M968.41M-------
Solid Waste Disposal And Transfer Growth-71.59%35.94%-------

Revenue by Geography

2015201620172018201920202021202220232024
Western880.39M935.32M1.01B1.04B1.1B1.29B1.43B1.66B1.88B2.03B
Western Growth-6.24%7.69%3.64%5.26%17.57%11.07%15.86%13.02%8.28%
Southern-713.38M1.12B1.12B1.19B1.55B1.63B1.86B1.85B1.98B
Southern Growth--56.42%0.60%6.27%30.16%5.20%14.11%-0.92%7.44%
Eastern433.46M636.65M959.21M1.09B1.27B1.6B1.81B2.25B1.64B1.88B
Eastern Growth-46.88%50.67%13.64%16.42%26.24%12.83%24.41%-27.10%14.41%
Central589.67M561.54M628.17M693.52M838.58M1.01B1.19B1.39B1.62B1.7B
Central Growth--4.77%11.86%10.40%20.92%20.21%17.90%16.73%16.84%4.67%
Canada-407.86M728.78M727.21M733.28M--1.05B1.11B1.39B
Canada Growth--78.68%-0.21%0.83%---5.87%24.95%
Canada-----805.76M965.71M---
Canada Growth------19.85%---

Frequently Asked Questions

Valuation & Price

Waste Connections, Inc. (WCN) has a price-to-earnings (P/E) ratio of 70.1x. This suggests investors expect higher future growth.

Growth & Financials

Waste Connections, Inc. (WCN) reported $10.64B in revenue for fiscal year 2024. This represents a 628% increase from $1.46B in 2011.

Waste Connections, Inc. (WCN) grew revenue by 11.2% over the past year. This is steady growth.

Yes, Waste Connections, Inc. (WCN) is profitable, generating $626.8M in net income for fiscal year 2024 (6.9% net margin).

Dividend & Returns

Yes, Waste Connections, Inc. (WCN) pays a dividend with a yield of 0.70%. This makes it attractive for income-focused investors.

Waste Connections, Inc. (WCN) has a return on equity (ROE) of 7.9%. This is below average, suggesting room for improvement.

Waste Connections, Inc. (WCN) generated $2.03B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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