Waste Management, Inc. (WM) 10-Year Financial Performance & Capital Metrics

WM • • Industrial / General

IndustrialsWaste ManagementSolid Waste ManagementIntegrated Solid Waste Services

AboutWaste Management, Inc., through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations. As of December 31, 2021, the company owned or operated 255 solid waste landfills; 5 secure hazardous waste landfills; 96 MRFs; and 340 transfer stations. It also provides materials processing and commodities recycling services; recycling brokerage services, such as managing the marketing of recyclable materials for third parties; and other strategic business solutions. In addition, the company offers construction and remediation services; services related with the disposal of fly ash, and residue generated from the combustion of coal and other fuel stocks; in-plant services comprising full-service waste management solutions and consulting services; and specialized disposal services for oil and gas exploration and production operations. The company was formerly known as USA Waste Services, Inc. and changed its name to Waste Management, Inc. in 1998. Waste Management, Inc. was incorporated in 1987 and is headquartered in Houston, Texas.Show more

Revenue $22.06B +8.0%
EBITDA $6.55B +8.7%
Net Income $2.75B +19.2%
EPS (Diluted) 6.81 +20.3%
Gross Margin 29.07% +3.3%
EBITDA Margin 29.68% +0.6%
Operating Margin 18.81% +0.5%
Net Margin 12.45% +10.3%
ROE 36.25% +8.2%
ROIC 11.44% -11.9%
Debt/Equity 2.90 +23.0%
Interest Coverage 6.94 -9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.9%
✓23 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 11.0%

✗Weaknesses

✗High debt to equity ratio of 2.9x
✗Expensive at 10.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.66%

5Y7.38%

3Y7.16%

TTM15.88%

Profit (Net Income) CAGR

10Y7.78%

5Y10.46%

3Y14.78%

TTM-2.92%

EPS CAGR

10Y9.33%

5Y11.74%

3Y16.65%

TTM-2.91%

ROCE

10Y Avg12.76%

5Y Avg12.21%

3Y Avg13.13%

Latest12.4%

Peer Comparison

Integrated Solid Waste Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WCNWaste Connections, Inc.	42.92B	167.63	70.14	11.19%	5.89%	7.75%	2.73%	1.07
RSGRepublic Services, Inc.	65.25B	210.79	32.48	7.13%	12.77%	17.75%	3.19%	1.14
WMWaste Management, Inc.	88.57B	219.86	32.28	8.01%	10.35%	26.93%	2.44%	2.90
GFLGFL Environmental Inc.	14.86B	42.72	-20.25	4.61%	52.22%	64.43%	2.34%	1.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.96B	13.61B	14.48B	14.91B	15.46B	15.22B	17.93B	19.7B	20.43B	22.06B
Revenue Growth %	-0.07%	0.05%	0.06%	0.03%	0.04%	-0.02%	0.18%	0.1%	0.04%	0.08%
Cost of Goods Sold+	9.48B	9.79B	10.4B	10.73B	11.07B	11.01B	13.11B	14.33B	14.68B	15.65B
COGS % of Revenue	0.73%	0.72%	0.72%	0.72%	0.72%	0.72%	0.73%	0.73%	0.72%	0.71%
Gross Profit+	3.48B	3.82B	4.09B	4.19B	4.38B	4.21B	4.82B	5.37B	5.75B	6.41B
Gross Margin %	0.27%	0.28%	0.28%	0.28%	0.28%	0.28%	0.27%	0.27%	0.28%	0.29%
Gross Profit Growth %	-0.06%	0.1%	0.07%	0.02%	0.05%	-0.04%	0.15%	0.11%	0.07%	0.12%
Operating Expenses+	1.34B	1.41B	1.47B	1.45B	1.63B	1.73B	1.81B	1.93B	1.93B	2.26B
OpEx % of Revenue	0.1%	0.1%	0.1%	0.1%	0.11%	0.11%	0.1%	0.1%	0.09%	0.1%
Selling, General & Admin	1.34B	1.41B	1.47B	1.45B	1.63B	1.73B	1.81B	1.93B	1.93B	2.26B
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.11%	0.11%	0.1%	0.1%	0.09%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	2.14B	2.41B	2.62B	2.73B	2.75B	2.48B	3.01B	3.44B	3.82B	4.15B
Operating Margin %	0.17%	0.18%	0.18%	0.18%	0.18%	0.16%	0.17%	0.17%	0.19%	0.19%
Operating Income Growth %	-0.05%	0.13%	0.09%	0.04%	0.01%	-0.1%	0.21%	0.14%	0.11%	0.09%
EBITDA+	3.48B	3.8B	4.09B	4.31B	4.43B	4.25B	5.12B	5.59B	6.02B	6.55B
EBITDA Margin %	0.27%	0.28%	0.28%	0.29%	0.29%	0.28%	0.29%	0.28%	0.29%	0.3%
EBITDA Growth %	-0.05%	0.09%	0.07%	0.05%	0.03%	-0.04%	0.2%	0.09%	0.08%	0.09%
D&A (Non-Cash Add-back)	1.33B	1.39B	1.47B	1.57B	1.67B	1.77B	2.11B	2.15B	2.2B	2.4B
EBIT	1.43B	2.19B	2.54B	2.74B	2.52B	2.32B	2.71B	3.3B	3.52B	4.06B
Net Interest Income+	-369M	-365M	-351M	-363M	-411M	-425M	-365M	-378M	-500M	-598M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	369M	365M	351M	363M	411M	425M	365M	378M	500M	598M
Other Income/Expense	-1.08B	-590M	-429M	-359M	-649M	-585M	-659M	-520M	-802M	-691M
Pretax Income+	1.06B	1.82B	2.19B	2.38B	2.1B	1.89B	2.35B	2.92B	3.02B	3.46B
Pretax Margin %	0.08%	0.13%	0.15%	0.16%	0.14%	0.12%	0.13%	0.15%	0.15%	0.16%
Income Tax+	308M	642M	242M	453M	434M	397M	532M	678M	745M	713M
Effective Tax Rate %	0.71%	0.65%	0.89%	0.81%	0.79%	0.79%	0.77%	0.77%	0.76%	0.79%
Net Income+	753M	1.18B	1.95B	1.93B	1.67B	1.5B	1.82B	2.24B	2.3B	2.75B
Net Margin %	0.06%	0.09%	0.13%	0.13%	0.11%	0.1%	0.1%	0.11%	0.11%	0.12%
Net Income Growth %	-0.42%	0.57%	0.65%	-0.01%	-0.13%	-0.1%	0.21%	0.23%	0.03%	0.19%
Net Income (Continuing)	752M	1.18B	1.95B	1.92B	1.67B	1.5B	1.82B	2.24B	2.28B	2.75B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	22M	23M	23M	1M	2M	2M	2M	15M	-7M	2M
EPS (Diluted)+	1.65	2.65	4.41	4.45	3.91	3.52	4.29	5.39	5.66	6.81
EPS Growth %	-0.41%	0.61%	0.66%	0.01%	-0.12%	-0.1%	0.22%	0.26%	0.05%	0.2%
EPS (Basic)	1.66	2.66	4.44	4.49	3.93	3.54	4.32	5.42	5.69	6.84
Diluted Shares Outstanding	455.9M	446.5M	441.9M	432.2M	427.5M	425.1M	422.9M	415M	406.9M	403.4M
Basic Shares Outstanding	452.7M	443.5M	438.8M	429.1M	424.6M	423M	420.4M	412.8M	404.9M	401.5M
Dividend Payout Ratio	0.92%	0.61%	0.38%	0.42%	0.52%	0.62%	0.53%	0.48%	0.49%	0.44%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.35B	2.38B	2.62B	2.65B	6.21B	3.54B	3.07B	3.55B	3.8B	4.77B
Cash & Short-Term Investments	39M	32M	22M	61M	3.56B	553M	118M	351M	458M	414M
Cash Only	39M	32M	22M	61M	3.56B	553M	118M	351M	458M	414M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.09B	2.13B	2.37B	2.27B	2.32B	2.62B	2.55B	2.75B	2.87B	3.69B
Days Sales Outstanding	58.97	57.18	59.82	55.68	54.77	62.94	51.83	50.99	51.29	61
Inventory	92M	90M	96M	102M	106M	124M	135M	164M	173M	206M
Days Inventory Outstanding	3.54	3.36	3.37	3.47	3.5	4.11	3.76	4.18	4.3	4.8
Other Current Assets	120M	122M	132M	207M	223M	239M	270M	284M	303M	467M
Total Non-Current Assets+	18.07B	18.48B	19.2B	20B	21.53B	25.8B	26.03B	27.82B	29.02B	39.79B
Property, Plant & Equipment	10.66B	10.95B	11.56B	11.94B	12.89B	14.15B	14.42B	15.72B	16.97B	19.34B
Fixed Asset Turnover	1.22x	1.24x	1.25x	1.25x	1.20x	1.08x	1.24x	1.25x	1.20x	1.14x
Goodwill	5.98B	6.21B	6.25B	6.43B	6.53B	8.99B	9.03B	9.32B	9.25B	13.44B
Intangible Assets	477M	591M	547M	572M	521M	1.02B	898M	827M	759M	4.19B
Long-Term Investments	360M	320M	269M	406M	483M	426M	432M	578M	606M	846M
Other Non-Current Assets	-803M	-1.07B	852M	-636M	1.59B	1.64B	1.68B	-364M	1.43B	1.98B
Total Assets+	20.42B	20.86B	21.83B	22.65B	27.74B	29.34B	29.1B	31.37B	32.82B	44.57B
Asset Turnover	0.63x	0.65x	0.66x	0.66x	0.56x	0.52x	0.62x	0.63x	0.62x	0.50x
Asset Growth %	-0.05%	0.02%	0.05%	0.04%	0.22%	0.06%	-0.01%	0.08%	0.05%	0.36%
Total Current Liabilities+	2.51B	2.79B	3.26B	3.11B	3.14B	3.55B	4.08B	4.39B	4.23B	6.26B
Accounts Payable	721M	799M	1.04B	1.04B	1.06B	1.12B	1.38B	1.77B	1.71B	2.05B
Days Payables Outstanding	27.77	29.8	36.51	35.29	35.12	37.16	38.28	44.98	42.5	47.72
Short-Term Debt	253M	417M	739M	432M	218M	551M	708M	414M	334M	1.36B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	0.93x	0.85x	0.80x	0.85x	1.97x	1.00x	0.75x	0.81x	0.90x	0.76x
Quick Ratio	0.90x	0.82x	0.77x	0.82x	1.94x	0.96x	0.72x	0.77x	0.86x	0.73x
Cash Conversion Cycle	34.74	30.74	26.68	23.86	23.15	29.89	17.3	10.2	13.09	18.08
Total Non-Current Liabilities+	12.54B	12.74B	12.53B	13.27B	17.53B	18.34B	17.89B	20.11B	21.7B	30.05B
Long-Term Debt	8.68B	8.89B	8.75B	9.59B	13.28B	13.26B	12.7B	14.57B	15.89B	22.54B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	1.39B	1.48B	1.25B	1.29B	1.41B	1.81B	1.69B	1.73B	1.83B	2.81B
Other Non-Current Liabilities	2.42B	2.37B	2.52B	2.38B	2.84B	3.27B	3.5B	3.81B	3.98B	4.7B
Total Liabilities	15.05B	15.54B	15.79B	16.37B	20.67B	21.89B	21.97B	24.5B	25.93B	36.31B
Total Debt+	8.98B	9.31B	9.49B	10.03B	13.5B	13.81B	13.4B	14.98B	16.23B	23.9B
Net Debt	8.94B	9.28B	9.47B	9.96B	9.94B	13.26B	13.29B	14.63B	15.77B	23.49B
Debt / Equity	1.67x	1.75x	1.57x	1.60x	1.91x	1.85x	1.88x	2.18x	2.35x	2.90x
Debt / EBITDA	2.58x	2.45x	2.32x	2.33x	3.05x	3.25x	2.62x	2.68x	2.69x	3.65x
Net Debt / EBITDA	2.57x	2.44x	2.32x	2.31x	2.25x	3.12x	2.60x	2.62x	2.62x	3.59x
Interest Coverage	5.80x	6.61x	7.46x	7.53x	6.70x	5.83x	8.24x	9.10x	7.65x	6.94x
Total Equity+	5.37B	5.32B	6.04B	6.28B	7.07B	7.45B	7.13B	6.86B	6.9B	8.25B
Equity Growth %	-0.09%	-0.01%	0.14%	0.04%	0.13%	0.05%	-0.04%	-0.04%	0%	0.2%
Book Value per Share	11.77	11.91	13.67	14.52	16.54	17.53	16.85	16.54	16.95	20.46
Total Shareholders' Equity	5.34B	5.3B	6.02B	6.28B	7.07B	7.45B	7.12B	6.85B	6.9B	8.25B
Common Stock	6M	6M	6M	6M	6M	6M	6M	6M	6M	6M
Retained Earnings	6.94B	7.39B	8.59B	9.8B	10.59B	11.16B	12B	13.17B	14.33B	15.86B
Treasury Stock	-6.3B	-6.87B	-7.52B	-8.43B	-8.57B	-8.88B	-10.07B	-11.57B	-12.75B	-12.99B
Accumulated OCI	-127M	-80M	8M	-87M	-8M	39M	17M	-69M	-37M	-115M
Minority Interest	22M	23M	23M	1M	2M	2M	2M	15M	-7M	2M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.5B	3B	3.18B	3.57B	3.87B	3.4B	4.34B	4.54B	4.72B	5.39B
Operating CF Margin %	0.19%	0.22%	0.22%	0.24%	0.25%	0.22%	0.24%	0.23%	0.23%	0.24%
Operating CF Growth %	0.07%	0.2%	0.06%	0.12%	0.09%	-0.12%	0.27%	0.05%	0.04%	0.14%
Net Income	752M	1.18B	1.95B	1.92B	1.67B	1.5B	1.82B	2.24B	2.28B	2.75B
Depreciation & Amortization	1.25B	1.3B	1.38B	1.48B	1.57B	1.67B	2B	1.28B	1.33B	1.47B
Stock-Based Compensation	72M	90M	101M	89M	86M	94M	108M	84M	93M	118M
Deferred Taxes	30M	73M	-251M	25M	100M	165M	-77M	49M	83M	124M
Other Non-Cash Items	777M	282M	206M	85M	363M	304M	365M	1.02B	1.19B	962M
Working Capital Changes	-378M	77M	-201M	-29M	80M	-327M	126M	-145M	-251M	-31M
Change in Receivables	-178M	-78M	-271M	-16M	-53M	-179M	28M	-329M	-161M	-313M
Change in Inventory	9M	352M	-16M	-30M	-243M	216M	-234M	0	59M	0
Change in Payables	-112M	-112M	126M	203M	243M	-37M	206M	393M	90M	281M
Cash from Investing+	-1.61B	-1.93B	-1.62B	-2.17B	-2.38B	-4.85B	-1.89B	-3.06B	-3.09B	-10.6B
Capital Expenditures	-1.23B	-1.34B	-1.51B	-1.69B	-1.82B	-1.63B	-1.9B	-2.59B	-2.9B	-3.23B
CapEx % of Revenue	0.1%	0.1%	0.1%	0.11%	0.12%	0.11%	0.11%	0.13%	0.14%	0.15%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34M	-4M	87M	-223M	-86M	-15M	-11M	-126M	-104M	118M
Cash from Financing+	-2.15B	-1.08B	-1.36B	-1.51B	1.96B	-1.56B	-2.9B	-1.22B	-1.52B	5.16B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-695M	-726M	-750M	-802M	-876M	-927M	-970M	-1.08B	-1.14B	-1.21B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-510M	-71M	54M	-67M	-128M	-84M	-190M	40M	33M	-81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.26B	1.62B	1.67B	1.88B	2.06B	1.77B	2.43B	1.95B	1.82B	2.16B
FCF Margin %	0.1%	0.12%	0.12%	0.13%	0.13%	0.12%	0.14%	0.1%	0.09%	0.1%
FCF Growth %	0.07%	0.28%	0.03%	0.12%	0.1%	-0.14%	0.37%	-0.2%	-0.06%	0.18%
FCF per Share	2.77	3.63	3.78	4.34	4.81	4.17	5.76	4.70	4.48	5.35
FCF Conversion (FCF/Net Income)	3.32x	2.54x	1.63x	1.85x	2.32x	2.27x	2.39x	2.03x	2.05x	1.96x
Interest Paid	0	0	0	0	0	0	387M	348M	447M	530M
Taxes Paid	0	0	0	0	0	0	370M	736M	636M	656M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.38%	22.12%	34.31%	31.26%	25.03%	20.6%	24.91%	31.99%	33.49%	36.25%
Return on Invested Capital (ROIC)	11.34%	12.52%	13.05%	12.92%	12.42%	9.85%	10.97%	12.3%	12.98%	11.44%
Gross Margin	26.89%	28.08%	28.22%	28.08%	28.37%	27.64%	26.89%	27.24%	28.15%	29.07%
Net Margin	5.81%	8.69%	13.46%	12.91%	10.81%	9.83%	10.13%	11.36%	11.28%	12.45%
Debt / Equity	1.67x	1.75x	1.57x	1.60x	1.91x	1.85x	1.88x	2.18x	2.35x	2.90x
Interest Coverage	5.80x	6.61x	7.46x	7.53x	6.70x	5.83x	8.24x	9.10x	7.65x	6.94x
FCF Conversion	3.32x	2.54x	1.63x	1.85x	2.32x	2.27x	2.39x	2.03x	2.05x	1.96x
Revenue Growth	-7.4%	5%	6.44%	2.96%	3.63%	-1.53%	17.83%	9.85%	3.7%	8.01%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commercial	-	-	3.71B	3.97B	4.23B	4.1B	4.76B	5.45B	5.11B	5.37B
Commercial Growth	-	-	-	6.95%	6.47%	-3.00%	16.04%	14.50%	-6.26%	5.13%
Residential	-	-	2.53B	2.53B	2.61B	2.72B	3.17B	3.34B	3.38B	3.47B
Residential Growth	-	-	-	0.04%	3.32%	3.94%	16.79%	5.26%	1.17%	2.61%
Landfill	-	-	-	-	-	-	4.15B	4.6B	3.25B	3.44B
Landfill Growth	-	-	-	-	-	-	-	10.76%	-29.30%	5.93%
Industrial	-	-	2.58B	2.77B	2.92B	2.77B	3.21B	3.68B	3.08B	3.09B
Industrial Growth	-	-	-	7.36%	5.16%	-5.01%	15.88%	14.67%	-16.25%	0.19%
Other Collection	-	-	439M	450M	482M	465M	533M	699M	2.79B	2.96B
Other Collection Growth	-	-	-	2.51%	7.11%	-3.53%	14.62%	31.14%	298.57%	6.39%
Recycling Processing and Sales	-	-	-	-	-	-	1.68B	1.7B	1.26B	1.6B
Recycling Processing and Sales Growth	-	-	-	-	-	-	-	1.19%	-25.69%	26.82%
Transfer	-	-	1.59B	1.71B	1.82B	1.85B	2.07B	2.14B	1.26B	1.38B
Transfer Growth	-	-	-	7.54%	6.37%	1.92%	11.70%	3.43%	-41.34%	9.86%
Healthcare Solutions	-	-	-	-	-	-	-	-	-	403M
Healthcare Solutions Growth	-	-	-	-	-	-	-	-	-	-
WM Renewable Energy	-	-	-	-	-	-	-	-	273M	318M
WM Renewable Energy Growth	-	-	-	-	-	-	-	-	-	16.48%
Collection	-	-	9.26B	9.72B	10.24B	10.05B	-	-	-	-
Collection Growth	-	-	-	4.97%	5.31%	-1.83%	-	-	-	-
Landfill Line Of Business	-	-	3.37B	3.56B	3.85B	3.67B	-	-	-	-
Landfill Line Of Business Growth	-	-	-	5.64%	8.03%	-4.65%	-	-	-	-
All Others	2.06B	2.28B	1.71B	1.74B	1.76B	1.78B	-	-	-	-
All Others Growth	-	10.31%	-24.80%	1.34%	1.27%	1.02%	-	-	-	-
Recycling	-	-	1.43B	1.29B	1.04B	1.13B	-	-	-	-
Recycling Growth	-	-	-	-9.71%	-19.57%	8.37%	-	-	-	-
Operating Group	15.35B	16.25B	-	-	-	-	-	-	-	-
Operating Group Growth	-	5.84%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U [S]	12.2B	12.91B	13.77B	14.17B	14.7B	14.51B	17.14B	18.86B	19.59B	21.11B
U [S] Growth	-	5.90%	6.60%	2.90%	3.77%	-1.33%	18.14%	10.06%	3.90%	7.72%
C [A]	765M	694M	717M	747M	754M	713M	795M	838M	813M	852M
C [A] Growth	-	-9.28%	3.31%	4.18%	0.94%	-5.44%	11.50%	5.41%	-2.98%	4.80%

Frequently Asked Questions

Valuation & Price

Waste Management, Inc. (WM) has a price-to-earnings (P/E) ratio of 32.3x. This suggests investors expect higher future growth.

Growth & Financials

Waste Management, Inc. (WM) reported $24.78B in revenue for fiscal year 2024. This represents a 85% increase from $13.38B in 2011.

Waste Management, Inc. (WM) grew revenue by 8.0% over the past year. This is steady growth.

Yes, Waste Management, Inc. (WM) is profitable, generating $2.56B in net income for fiscal year 2024 (12.4% net margin).

Dividend & Returns

Yes, Waste Management, Inc. (WM) pays a dividend with a yield of 1.36%. This makes it attractive for income-focused investors.

Waste Management, Inc. (WM) has a return on equity (ROE) of 36.3%. This is excellent, indicating efficient use of shareholder capital.

Waste Management, Inc. (WM) generated $2.40B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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