Upside case
Bull case
$455+57.9%
CLH would need investors to value it at roughly 54x earnings — about 20x more generous than today's 34x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Clean Harbors, Inc. (CLH) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
27
analysts
17 bullish · 0 bearish · 27 covering CLH
Strong Buy
1
Buy
16
Hold
10
Sell
0
Strong Sell
0
Consensus Target
$299
+3.9% vs today
Scenario Range
$83 – $455
Model bear to bull value window
Coverage
27
Published analyst ratings
Valuation Context
34.1x
Forward P/E · Market cap $15.4B
CLH price targets
Three scenarios for where CLH stock could go
Current
~$288
Confidence
59 / 100
Updated
May 1, 2026
Where we are now
Current · $288
Bear
$83
Base
$339
Bull
$455
Market caseClosest to today
Base case
$339+17.8%
At 40x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$83-71.3%
If investor confidence fades or macro conditions deteriorate, a 24x multiple contraction could push CLH down roughly 71% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Clean Harbors, Inc.
CLH · NYSEIndustrialsWaste ManagementDecember year-end
Clean Harbors is a North American environmental services company that handles hazardous and non-hazardous waste management. It generates revenue primarily through its Environmental Services segment — which provides waste collection, treatment, and disposal — and its Safety-Kleen Sustainability Solutions segment offering parts cleaning and industrial products. The company's competitive advantage lies in its comprehensive network of treatment facilities and specialized equipment that creates significant barriers to entry in the heavily regulated hazardous waste industry.
Market Cap
$15.4B
Revenue TTM
$6.1B
Net Income TTM
$395M
Net Margin
6.5%
CLH Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+3.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$1.09/$1.02
Revenue
$1.4B/$1.6B
Q3 2025
EPS
$2.36/$2.33
Revenue
$1.5B/$1.6B
Q4 2025
EPS
$2.21/$2.37
Revenue
$1.5B/$1.5B
Q1 2026
EPS
$1.62/$1.60
Revenue
$1.5B/$1.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $1.09/$1.02 | +6.9% | $1.4B/$1.6B | -10.0% |
| Q3 2025 | $2.36/$2.33 | +1.3% | $1.5B/$1.6B | -2.3% |
| Q4 2025 | $2.21/$2.37 | -6.8% | $1.5B/$1.5B | +5.8% |
| Q1 2026 | $1.62/$1.60 | +1.3% | $1.5B/$1.5B | +2.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$6.3B
+5.4% YoY
FY2
$6.6B
+5.3% YoY
EPS Outlook
FY1
$7.96
+10.1% YoY
FY2
$8.57
+7.7% YoY
Trailing FCF (TTM)$467M
FCF Margin: 7.7%
Next Earnings
May 6, 2026
Expected EPS
$1.15
Expected Revenue
$1.5B
CLH beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
CLH Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $6.0B
Product Mix
Latest annual revenue by segment or product family
Technical Services
30.8%
+7.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
91.0%
+2.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Technical Services is the largest disclosed segment at 30.8% of FY 2025 revenue, up 7.3% YoY.
UNITED STATES is the largest reported region at 91.0%, up 2.6% YoY.
CLH Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $300 — implies -3.5% from today's price.
Premium to Fair Value
3.5%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
CLH
39.6x
vs
S&P 500
25.2x
+57% premium
vs Industrials Trailing P/E
CLH
39.6x
vs
Industrials
25.9x
+53% premium
vs CLH 5Y Avg P/E
Today
39.6x
vs
5Y Average
26.1x
+52% premium
Forward PE
34.1x
S&P 500
19.1x
+79%
Industrials
20.8x
+64%
5Y Avg
—
—
Trailing PE
39.6x
S&P 500
25.2x
+57%
Industrials
25.9x
+53%
5Y Avg
26.1x
+52%
PEG Ratio
1.61x
S&P 500
1.75x
-8%
Industrials
1.59x
+1%
5Y Avg
—
—
EV/EBITDA
16.0x
S&P 500
15.3x
+5%
Industrials
13.9x
+15%
5Y Avg
11.9x
+34%
Price/FCF
34.8x
S&P 500
21.3x
+63%
Industrials
20.6x
+68%
5Y Avg
27.1x
+28%
Price/Sales
2.5x
S&P 500
3.1x
-19%
Industrials
1.6x
+60%
5Y Avg
1.7x
+48%
Dividend Yield
—
S&P 500
1.88%
—
Industrials
1.24%
—
5Y Avg
—
—
| Metric | CLH | S&P 500 | Industrials | 5Y Avg CLH |
|---|---|---|---|---|
| Forward PE | 34.1x | 19.1x+79% | 20.8x+64% | — |
| Trailing PE | 39.6x | 25.2x+57% | 25.9x+53% | 26.1x+52% |
| PEG Ratio | 1.61x | 1.75x | 1.59x | — |
| EV/EBITDA | 16.0x | 15.3x | 13.9x+15% | 11.9x+34% |
| Price/FCF | 34.8x | 21.3x+63% | 20.6x+68% | 27.1x+28% |
| Price/Sales | 2.5x | 3.1x-19% | 1.6x+60% | 1.7x+48% |
| Dividend Yield | — | 1.88% | 1.24% | — |
CLH trades above S&P 500 benchmarks on 3 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCLH Financial Health
Verdict
Strong
CLH returns 1.6% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$6.1B
Revenue Growth
TTM vs prior year
+1.9%
Gross Margin
Gross profit as a share of revenue
30.0%
Operating Margin
Operating income divided by revenue
11.2%
Net Margin
Net income divided by revenue
6.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$7.46
Free Cash Flow (TTM)
Cash generation after capex
$467M
FCF Margin
FCF as share of revenue — the primary cash quality signal
7.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
9.8%
ROA
Return on assets, trailing twelve months
5.2%
Cash & Equivalents
Liquid assets on the balance sheet
$826M
Net Debt
Total debt minus cash
$2.6B
Debt Serviceability
Net debt as a multiple of annual free cash flow
5.6× FCF
~5.6 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
14.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
1.6%
Dividend
—
Buyback
1.6%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$250M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
53M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageCLH Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
High Leverage
Clean Harbors carries a substantial amount of debt, elevating its Debt-to-Equity ratio. This high leverage increases financial risk, particularly in economic downturns when servicing this debt may become challenging.
High Risk
Industrial Cycle Dependence
The company's performance is closely tied to the health of the industrial economy, including sectors like manufacturing and energy. A downturn in these sectors could significantly reduce waste volumes and project work, impacting revenues.
High Risk
Regulatory Changes
Stricter environmental regulations, especially regarding emerging contaminants like PFAS, could lead to increased compliance costs for Clean Harbors. While these regulations may create new demand, the financial burden of compliance could adversely affect profitability.
Medium
Valuation Sensitivity
Clean Harbors' valuation is sensitive to fluctuations in the industrial economy, which can affect waste volumes and project work. A downturn could lead to a significant decline in revenue and profitability.
Medium
Competition
Despite having a strong competitive position due to its specialized focus on hazardous waste, Clean Harbors operates in a highly competitive sector. Increased competition could pressure margins and market share.
Lower
Stock Volatility
With a stock beta of 1.31, Clean Harbors exhibits higher volatility compared to the broader market. This could lead to significant price fluctuations, impacting investor sentiment and stock performance.
Lower
Capital Allocation
The company's Return on Invested Capital (ROIC) of 8.36% is below its weighted average cost of capital, indicating potential inefficiencies in capital allocation. This could hinder growth and shareholder returns.
Lower
Emerging Contaminants
While Clean Harbors leads in PFAS management, the evolving nature of these contaminants presents ongoing challenges. The need for new technologies to manage them could require significant investment.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why CLH Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Historical Shareholder Returns
Clean Harbors has delivered impressive total shareholder returns, achieving a 1-year return of 45.3% and a remarkable 5-year return of 245.2%. This strong performance underscores the company's ability to generate value for its investors over time.
Growth in Environmental Services Segment
The Environmental Services segment reported a 3% year-over-year revenue increase, reaching $1.331 billion. Additionally, adjusted EBITDA for this segment is projected to grow by 5%, indicating continued operational strength.
Robust Technical Services Performance
The Technical Services segment experienced a significant 12% year-over-year revenue increase, primarily driven by higher incineration utilization and a notable 40% growth in landfill volumes. This growth reflects the company's effective management of industrial waste.
Positive Short-Term Price Momentum
CLH shares have shown positive momentum, with a 2.76% increase over the past week and a 10.75% rise over the past month. This outperformance relative to its industry suggests strong investor interest and confidence.
High Institutional Ownership
With institutional ownership at 90.43%, Clean Harbors enjoys a strong level of market trust. This high ownership can be a positive signal for potential investors, indicating confidence from large institutional investors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
CLH Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$288.00
52W Range Position
75%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$201.34
+43.0% from the low
52-Week High
$316.98
-9.1% from the high
1 Month
-3.88%
3 Month
+8.28%
YTD
+18.3%
1 Year
+29.7%
3Y CAGR
+28.2%
5Y CAGR
+25.2%
10Y CAGR
+19.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
CLH vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
34.1x
vs 39.7x median
-14% below peer median
Revenue Growth
+5.4%
vs +7.3% median
-26% below peer median
Net Margin
6.5%
vs 2.1% median
+210% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
CLH CLH Clean Harbors, Inc. | $15.4B | 34.1x | +5.4% | 6.5% | Buy | +3.9% |
CEC CECO CECO Environmental Corp. | $3.1B | 51.7x | +28.2% | 2.1% | Buy | -0.1% |
NVR NVRI Enviri Corporation | $1.6B | — | -2.0% | -7.6% | Buy | +29.9% |
WM WM Waste Management, Inc. | $88.9B | 26.9x | +7.3% | 11.0% | Buy | +14.7% |
RSG RSG Republic Services, Inc. | $61.8B | 27.6x | +4.6% | 12.9% | Buy | +20.1% |
CWS CWST Casella Waste Systems, Inc. | $5.3B | 63.3x | +16.9% | 0.4% | Buy | +40.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
CLH Dividend and Capital Return
CLH returns 1.5% annually — null% through dividends and 1.5% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
1.5%
Dividend + buyback return per year
Buyback Yield
1.5%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$250M
Estimated Shares Retired
868.0K
Approx. Share Reduction
1.6%
Shares Outstanding
Current diluted share count from the screening snapshot
53M
At 1.6%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsCLH Investor Questions
Common questions answered from live analyst data and company financials.
01Is Clean Harbors, Inc. (CLH) stock a buy or sell in 2026?
Clean Harbors, Inc. (CLH) is rated Buy by Wall Street analysts as of 2026. Of 27 analysts covering the stock, 17 rate it Buy or Strong Buy, 10 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $299, implying +3.9% from the current price of $288. The bear case scenario is $83 and the bull case is $455.
02What is the CLH stock price target for 2026?
The Wall Street consensus price target for CLH is $299 based on 27 analyst estimates. The high-end target is $350 (+21.5% from today), and the low-end target is $248 (-13.9%). The base case model target is $339.
03Is Clean Harbors, Inc. (CLH) stock overvalued in 2026?
CLH trades at 34.1x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Clean Harbors, Inc. (CLH) stock in 2026?
The primary risks for CLH in 2026 are: (1) High Leverage — Clean Harbors carries a substantial amount of debt, elevating its Debt-to-Equity ratio. (2) Industrial Cycle Dependence — The company's performance is closely tied to the health of the industrial economy, including sectors like manufacturing and energy. (3) Regulatory Changes — Stricter environmental regulations, especially regarding emerging contaminants like PFAS, could lead to increased compliance costs for Clean Harbors. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Clean Harbors, Inc.'s revenue and earnings forecast?
Analyst consensus estimates CLH will report consensus revenue of $6.3B (+5.4% year-over-year) and EPS of $7.96 (+10.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $6.6B in revenue.
06When does Clean Harbors, Inc. (CLH) report its next earnings?
Clean Harbors, Inc. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $1.15 and revenue of $1.5B. Over recent quarters, CLH has beaten EPS estimates 75% of the time.
07How much free cash flow does Clean Harbors, Inc. generate?
Clean Harbors, Inc. (CLH) generated $467M in free cash flow over the trailing twelve months — a free cash flow margin of 7.7%. CLH returns capital to shareholders through and share repurchases ($250M TTM).