Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 17.3x · ROE 52.1%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.7B | $16.3B | $17.0B | $12.8B | $10.7B | $13.7B | $10.4B | — | — | — |
| Enterprise Value | $20.2B | $24.1B | $27.4B | $21.9B | $20.3B | $23.1B | $16.9B | — | — | — |
| P/E Ratio → | 5.99 | 4.30 | — | 265.46 | — | — | — | — | — | — |
| P/S Ratio | 3.16 | 2.46 | 2.76 | 1.70 | 1.59 | 2.66 | 2.47 | — | — | — |
| P/B Ratio | 3.03 | 2.17 | 2.35 | 1.73 | 1.78 | 2.37 | 1.86 | — | — | — |
| P/FCF | 119.59 | 93.15 | 48.86 | — | 33.94 | 54.59 | 140.30 | — | — | — |
| P/OCF | 15.87 | 12.36 | 11.01 | 13.01 | 9.79 | 15.24 | 20.65 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.64 | 4.46 | 2.92 | 3.01 | 4.50 | 4.02 | — | — | — |
| EV / EBITDA | 17.28 | 14.51 | 15.29 | 12.51 | 12.99 | 17.93 | 66.35 | — | — | — |
| EV / EBIT | 83.03 | 35.30 | — | 30.23 | 299.84 | — | — | — | — | — |
| EV / FCF | — | 138.10 | 78.85 | — | 64.29 | 92.24 | 228.22 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.7% | 20.7% | 18.4% | 16.9% | 11.8% | 9.2% | 4.5% | 8.2% | 8.0% | 14.1% |
| Operating Margin | 5.2% | 5.2% | 3.6% | 3.5% | 0.6% | -2.0% | — | -0.9% | -10.5% | 2.3% |
| Net Profit Margin | 58.0% | 58.0% | -11.8% | 0.6% | -4.6% | -11.8% | -26.3% | -13.5% | -26.1% | -7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 52.1% | 52.1% | -9.9% | 0.7% | -5.3% | -10.7% | -26.4% | -15.2% | -26.1% | -19.8% |
| ROA | 18.9% | 18.9% | -3.5% | 0.2% | -1.6% | -3.6% | -7.9% | -3.9% | -6.7% | -2.9% |
| ROIC | 1.6% | 1.6% | 1.0% | 1.2% | 0.2% | -0.6% | — | -0.2% | -2.4% | 0.8% |
| ROCE | 2.0% | 2.0% | 1.2% | 1.5% | 0.2% | -0.7% | — | -0.3% | -2.9% | 1.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.06 | 1.06 | 1.46 | 1.26 | 1.60 | 1.67 | 1.17 | 2.82 | 1.97 | 4.84 |
| Debt / EBITDA | 4.77 | 4.77 | 5.89 | 5.31 | 6.18 | 7.47 | 25.67 | 10.18 | 28.87 | 9.12 |
| Net Debt / Equity | — | 1.05 | 1.44 | 1.24 | 1.59 | 1.63 | 1.17 | 2.62 | 1.97 | 4.84 |
| Net Debt / EBITDA | 4.72 | 4.72 | 5.82 | 5.23 | 6.13 | 7.32 | 25.56 | 9.43 | 28.83 | 9.12 |
| Debt / FCF | — | 44.95 | 30.00 | — | 30.35 | 37.65 | 87.92 | — | — | — |
| Interest Coverage | 1.50 | 1.50 | -0.91 | 1.24 | 0.16 | -1.27 | -2.97 | -0.33 | -0.69 | 0.34 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.58 | 0.58 | 0.54 | 0.82 | 0.51 | 0.98 | 0.86 | 1.64 | 1.00 | 1.18 |
| Quick Ratio | 0.58 | 0.58 | 0.50 | 0.77 | 0.48 | 0.93 | 0.86 | 1.58 | 0.94 | 1.11 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.07 | 0.03 | 0.13 | 0.02 | 0.66 | 0.01 | 0.00 |
| Asset Turnover | — | 0.34 | 0.29 | 0.38 | 0.34 | 0.28 | 0.27 | 0.27 | 0.17 | 0.39 |
| Inventory Turnover | — | — | 46.52 | 63.61 | 70.83 | 56.86 | — | 60.85 | 40.18 | 47.83 |
| Days Sales Outstanding | — | 44.25 | 74.98 | 54.77 | 59.64 | 80.63 | 68.40 | 77.80 | 113.23 | 87.25 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | — | — | — |
| Payout Ratio | 0.8% | 0.8% | — | 55.1% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.7% | 23.3% | — | 0.4% | — | — | — | — | — | — |
| FCF Yield | 0.8% | 1.1% | 2.0% | — | 2.9% | 1.8% | 0.7% | — | — | — |
| Buyback Yield | 14.2% | 18.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 14.3% | 18.4% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | — | — | — |
| Shares Outstanding | — | $379M | $381M | $370M | $367M | $362M | $355M | $181M | $314M | $326M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying GFL stock.
GFL Environmental Inc.'s current P/E ratio is 6.0x. The historical average is 4.3x. This places it at the 100th percentile of its historical range.
GFL Environmental Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.3x.
GFL Environmental Inc.'s return on equity (ROE) is 52.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -6.7%.
Based on historical data, GFL Environmental Inc. is trading at a P/E of 6.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GFL Environmental Inc.'s current dividend yield is 0.14% with a payout ratio of 0.8%.
GFL Environmental Inc. has 20.7% gross margin and 5.2% operating margin.
GFL Environmental Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage constrains flexibility
Valuation Reflects Growth Premium, Not Current Earnings
GFL's forward EV/EBITDA of 8.27x appears attractive relative to peers like WM (14.80x) and WCN (17.12x), but the massive gap between its TTM P/E of 5.77x and forward P/E of 50.63x suggests the market is pricing in a significant earnings recovery that has yet to materialize.
The valuation disconnect is stark: the low TTM P/E is distorted by a one-time gain, likely from the infrastructure divestiture, while the high forward P/E indicates analysts expect minimal near-term profitability. The EV/EBITDA discount to peers may reflect the market's concern over GFL's higher leverage and lower margin profile, rather than a pure growth discount. Investors are essentially paying for future margin expansion and deleveraging, not for current cash flow generation.
Gross Margin Gap Signals Structural Disadvantage
GFL's gross margin of 19.8% in 2026Q2 remains significantly below the 29-42% range of peers like WM and RSG, suggesting a structural disadvantage likely tied to a lower internalization rate and higher third-party disposal costs.
The persistent gross margin gap is the most critical profitability metric, as it indicates GFL collects waste but must pay more to dispose of it compared to vertically integrated peers. While the operating margin of 5.6% shows some operational leverage, it is heavily burdened by depreciation from acquisition-driven asset growth. The net margin's extreme volatility, from -13.1% to +16.5% in recent quarters, confirms that reported earnings are unreliable for assessing true earning power, which appears structurally weaker than the peer group.
ROIC Fails to Cover Cost of Capital
GFL's ROIC has averaged just 0.4% over the last ten quarters, a level that appears to be well below its weighted average cost of capital, indicating the company is destroying value with its current capital base.
The persistently low ROIC, coupled with a negative ROE in most recent quarters, suggests that the aggressive acquisition strategy has not yet translated into efficient capital deployment. The drivers are clear: low operating margins and a bloated asset base from acquisitions are suppressing returns. For a company with a Debt/EBITDA ratio of 20.37x in 2026Q2, this failure to generate adequate returns on invested capital is a significant red flag for long-term value creation.
Debt Burden Overshadows Operational Progress
With a Debt/EBITDA ratio of 20.37x in 2026Q2 and interest coverage of just 0.67x, GFL's leverage profile appears highly strained, suggesting debt service is consuming a substantial portion of operating earnings.
The leverage metrics are alarming when compared to the peer group, where RSG operates with a D/E of 0.05 and even the more leveraged WM has a D/E of 2.29. GFL's interest coverage below 1.0x indicates that operating income is insufficient to cover interest payments, a situation that is unsustainable without either significant EBITDA growth or asset sales. The high Debt/EBITDA multiple, while partly a function of the company's acquisition accounting, points to a capital structure that severely limits financial flexibility and increases refinancing risk.
Thin Liquidity Buffer Amid Volatile Cash Flows
GFL's current ratio of 0.75 in 2026Q2, combined with a volatile cash position that has swung from $70M to $1.4B over ten quarters, suggests a tight liquidity position that could be vulnerable under operational stress.
The sub-1.0 current ratio indicates that current liabilities exceed current assets, a position that relies on consistent cash flow generation to meet near-term obligations. The quick ratio mirrors the current ratio, highlighting a lack of meaningful inventory to cushion the position. Given the company's history of negative free cash flow quarters and its reliance on acquisition-driven growth, this thin liquidity buffer warrants monitoring, especially if the anticipated margin expansion from the strategic pivot is delayed.
The Misleading Power of the P/E Ratio
The most commonly misapplied ratio to GFL is the P/E, as the TTM figure of 5.77x is artificially depressed by a massive non-recurring gain, while the forward P/E of 50.63x better reflects the market's expectation of minimal near-term profitability.
Using the TTM P/E for valuation would incorrectly suggest GFL is deeply undervalued, when in reality, the low multiple is an artifact of a one-time divestiture gain that inflated net income. The forward P/E, while high, is a more honest reflection of the earnings power analysts expect from the core business. A more appropriate metric for this capital-intensive, acquisition-heavy model is EV/EBITDA, which strips out the effects of financing and non-cash charges, though even this must be viewed in the context of the company's high leverage and lower margin profile relative to peers.