Latest Ratios: P/E Ratio 43.0x · EV/EBITDA 17.1x · ROE 14.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.5B | $12.5B | $12.5B | $9.5B | $6.2B | $5.5B | $4.2B | $4.8B | $2.8B | $3.1B | $3.2B |
| Enterprise Value | $19.2B | $15.1B | $14.8B | $11.5B | $8.3B | $7.7B | $5.4B | $6.2B | $4.1B | $4.4B | $4.5B |
| P/E Ratio → | 43.02 | 32.21 | 31.02 | 25.11 | 15.10 | 26.89 | 31.45 | 49.28 | 42.54 | 30.80 | — |
| P/S Ratio | 2.74 | 2.08 | 2.12 | 1.75 | 1.20 | 1.44 | 1.35 | 1.41 | 0.84 | 1.05 | 1.16 |
| P/B Ratio | 6.09 | 4.56 | 4.85 | 4.22 | 3.23 | 3.61 | 3.16 | 3.79 | 2.38 | 2.61 | 2.95 |
| P/FCF | 37.73 | 28.57 | 36.10 | 30.65 | 22.27 | 18.19 | 18.24 | 24.94 | 15.87 | 26.48 | 85.59 |
| P/OCF | 19.07 | 14.44 | 16.04 | 12.92 | 9.93 | 10.01 | 9.84 | 11.65 | 7.45 | 10.85 | 12.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.51 | 2.52 | 2.13 | 1.61 | 2.03 | 1.73 | 1.81 | 1.25 | 1.50 | 1.65 |
| EV / EBITDA | 17.06 | 13.48 | 13.84 | 11.79 | 8.47 | 11.94 | 9.97 | 11.63 | 8.58 | 10.60 | 12.77 |
| EV / EBIT | 28.44 | 22.07 | 21.56 | 18.49 | 12.79 | 22.06 | 21.61 | 26.67 | 23.11 | 30.13 | 48.89 |
| EV / FCF | — | 34.55 | 42.91 | 37.26 | 29.80 | 25.68 | 23.36 | 31.95 | 23.56 | 37.67 | 121.57 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.5% | 29.5% | 31.0% | 30.7% | 31.4% | 31.4% | 32.0% | 30.0% | 30.1% | 30.0% | 29.8% |
| Operating Margin | 11.2% | 11.2% | 11.4% | 11.3% | 12.3% | 9.1% | 8.0% | 6.7% | 5.5% | 4.3% | 2.5% |
| Net Profit Margin | 6.5% | 6.5% | 6.8% | 7.0% | 8.0% | 5.3% | 4.3% | 2.9% | 2.0% | 3.4% | -1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.7% | 14.7% | 16.7% | 18.1% | 24.0% | 14.2% | 10.3% | 8.0% | 5.6% | 8.9% | -3.7% |
| ROA | 5.2% | 5.2% | 5.8% | 6.0% | 7.0% | 4.2% | 3.3% | 2.5% | 1.8% | 2.7% | -1.1% |
| ROIC | 9.8% | 9.8% | 10.9% | 11.0% | 12.2% | 8.3% | 7.3% | 6.7% | 5.5% | 3.9% | 2.2% |
| ROCE | 10.6% | 10.6% | 11.5% | 11.7% | 12.9% | 8.5% | 7.3% | 7.0% | 5.8% | 4.0% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.26 | 1.26 | 1.18 | 1.11 | 1.35 | 1.78 | 1.27 | 1.36 | 1.34 | 1.37 | 1.52 |
| Debt / EBITDA | 3.07 | 3.07 | 2.84 | 2.55 | 2.64 | 4.18 | 3.14 | 3.25 | 3.27 | 3.92 | 4.64 |
| Net Debt / Equity | — | 0.96 | 0.91 | 0.91 | 1.09 | 1.48 | 0.89 | 1.06 | 1.15 | 1.10 | 1.24 |
| Net Debt / EBITDA | 2.34 | 2.34 | 2.20 | 2.09 | 2.14 | 3.48 | 2.18 | 2.55 | 2.80 | 3.15 | 3.78 |
| Debt / FCF | — | 5.99 | 6.81 | 6.61 | 7.53 | 7.48 | 5.12 | 7.00 | 7.68 | 11.19 | 35.99 |
| Interest Coverage | 4.06 | 4.06 | 4.45 | 5.18 | 5.79 | 4.38 | 3.28 | 2.79 | 2.12 | 1.67 | 1.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.33 | 2.33 | 2.21 | 1.98 | 1.99 | 1.88 | 2.40 | 1.95 | 2.00 | 2.29 | 2.17 |
| Quick Ratio | 2.00 | 2.00 | 1.86 | 1.66 | 1.68 | 1.61 | 2.05 | 1.65 | 1.66 | 1.94 | 1.81 |
| Cash Ratio | 0.84 | 0.84 | 0.72 | 0.53 | 0.54 | 0.58 | 0.90 | 0.58 | 0.46 | 0.71 | 0.61 |
| Asset Turnover | — | 0.79 | 0.80 | 0.85 | 0.84 | 0.67 | 0.76 | 0.83 | 0.88 | 0.79 | 0.75 |
| Inventory Turnover | 11.43 | 11.43 | 10.57 | 11.44 | 10.90 | 10.41 | 9.70 | 11.12 | 11.56 | 11.72 | 10.83 |
| Days Sales Outstanding | — | 72.93 | 72.97 | 73.62 | 75.71 | 85.14 | 77.46 | 74.99 | 73.19 | 70.01 | 70.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 3.1% | 3.2% | 4.0% | 6.6% | 3.7% | 3.2% | 2.0% | 2.4% | 3.2% | — |
| FCF Yield | 2.7% | 3.5% | 2.8% | 3.3% | 4.5% | 5.5% | 5.5% | 4.0% | 6.3% | 3.8% | 1.2% |
| Buyback Yield | 1.5% | 2.0% | 0.4% | 0.5% | 0.8% | 1.0% | 1.8% | 0.4% | 1.6% | 1.6% | 0.7% |
| Total Shareholder Yield | 1.5% | 2.0% | 0.4% | 0.5% | 0.8% | 1.0% | 1.8% | 0.4% | 1.6% | 1.6% | 0.7% |
| Shares Outstanding | — | $53M | $54M | $54M | $54M | $55M | $56M | $56M | $56M | $57M | $58M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLH stock.
Clean Harbors, Inc.'s current P/E ratio is 43.0x. The historical average is 27.9x. This places it at the 90th percentile of its historical range.
Clean Harbors, Inc.'s current EV/EBITDA is 17.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.1x.
Clean Harbors, Inc.'s return on equity (ROE) is 14.7%. The historical average is 3.3%.
Based on historical data, Clean Harbors, Inc. is trading at a P/E of 43.0x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Clean Harbors, Inc. has 29.5% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Clean Harbors, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Debt spike and margin cyclicality
Metrics are mathematically derived from official filings.
Premium Pricing for Cyclical Recovery
According to the latest market data, CLH trades at 42.6x trailing earnings and 16.9x EV/EBITDA, a premium to its own history and the broader industrials sector, implying expectations of sustained margin expansion.
The forward P/E of 32.1x suggests the market is pricing in a significant earnings rebound from the depressed 2026Q1 levels, but the PEG of 1.73 indicates that the growth embedded in the multiple is not cheap. The EV/EBITDA of 16.9x is elevated relative to the peer group, where Enviri trades at 13.0x, and it appears to be discounting a return to peak margins. Given the historical volatility in quarterly profitability, investors should monitor whether the 2026Q2 operating margin of 15.5% is sustainable or a cyclical peak.
Margin Cyclicality Masks Underlying Earning Power
As reported in the quarterly data, CLH's gross margin swung from 22.3% in 2026Q1 to 33.3% in 2025Q2, a spread of over 1100 basis points, indicating that quarterly profitability is highly sensitive to mix and pricing.
The operating margin of 15.5% in 2026Q2 is the highest in the series, but it follows a quarter where it was just 8.1%, suggesting that the company's cost structure is not stable. Net margin of 9.8% in 2026Q2 is above the trailing average, but the wide range (4.1% to 8.6% in prior quarters) implies that investors should focus on normalized margins rather than a single quarter. The sharp rebound in 2026Q2 may reflect one-time gains or favorable project mix, and the sustainability of this margin level warrants further investigation.
Return on Capital Remains Subdued
Based on the latest balance sheet data, CLH's ROIC was 3.7% in 2026Q2, up from 1.7% in the prior quarter, but still below the cost of capital, suggesting that recent acquisitions have not yet generated adequate returns.
ROE of 6.0% in 2026Q2 is modest for a company trading at 6.0x book value, and the return on assets of 2.2% reflects the capital-intensive nature of the waste management business. The improvement in ROIC from 1.7% to 3.7% is encouraging, but it remains well below the levels seen in 2024 (around 3.2%), indicating that the company is not compounding returns at an accelerating pace. The increase in leverage to fund acquisitions may boost ROE in the short term, but it also raises the risk of value destruction if integration fails.
Working Capital Drag Intensifies
According to the quarterly data, CLH's cash conversion cycle lengthened to 64 days in 2026Q2 from 65 days a year earlier, with DSO at 73 days and DPO at 36 days, indicating that the company is not improving its working capital efficiency.
The CCC has remained in the mid-60s over the past year, with DSO stable around 73-80 days, suggesting that receivables collection is not a source of cash. DPO has declined from 45 days in 2024Q4 to 36 days in 2026Q2, which may indicate that the company is paying suppliers faster, possibly to secure supply or due to tighter credit terms. The negative FCF margin in 2026Q2 (-8.8%) is partly attributable to working capital outflows, and the company's ability to manage these swings will be critical to cash generation.
Debt Spike Elevates Refinancing Risk
As reported in the balance sheet, CLH's D/E ratio jumped from 0.09 in 2025Q3 to 1.04 in 2026Q2, with D/EBITDA at 7.77x, a level that could strain interest coverage if earnings falter.
The debt increase to $3.0B appears to be acquisition-related, and the interest coverage ratio of 6.57x in 2026Q2 is still comfortable, but it is down from 13.6x in 2025Q3. The D/EBITDA of 7.77x is high for an industrial company and may limit financial flexibility, especially if the integration of acquired businesses takes longer than expected. Investors should monitor the company's ability to deleverage through free cash flow, as the current leverage is a departure from the historically conservative balance sheet.
Liquidity Cushion Thins Despite Healthy Ratios
Based on the latest balance sheet data, CLH's current ratio stands at 2.13 and quick ratio at 1.80, but cash has fallen to $408.4M from $826.3M in 2025Q4, indicating a tighter cash buffer.
The current and quick ratios remain above 2.0 and 1.8, respectively, suggesting that the company can cover short-term obligations, but the decline in cash is notable. The negative FCF in 2026Q2 and the heavy acquisition spend have reduced the cash cushion, and if working capital swings continue, the company may need to rely on credit lines. The liquidity position appears adequate for now, but the trend warrants monitoring, especially if the debt markets tighten.
EV/EBITDA Misleads in Capital-Intensive Model
The most commonly misapplied ratio for CLH is EV/EBITDA, which ignores the significant depreciation and amortization from its asset-heavy operations and acquisition-related intangibles, overstating cash generation.
EBITDA does not capture the $126.2M quarterly CapEx or the working capital swings that have caused FCF to be negative in two of the last four quarters. A more appropriate metric is EV/EBIT or EV/operating cash flow, which better reflects the true cash earnings power. Investors should also consider the high D/EBITDA of 7.77x, which may be understated because EBITDA is inflated by non-cash charges, and instead focus on net debt to operating cash flow to assess leverage.