Latest Ratios: P/E Ratio 31.1x · EV/EBITDA 12.6x · ROE 18.3%. (1998–2025 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 | $65.4B | $66.1B | $63.3B | $52.2B | $40.9B | $44.5B | $30.8B | $28.9B | $23.7B | $22.9B | $19.6B |
| Enterprise Value | $66.0B | $66.6B | $76.2B | $65.2B | $52.8B | $54.3B | $39.9B | $37.8B | $31.9B | $31.0B | $27.2B |
| P/E Ratio → | 31.05 | 30.94 | 31.00 | 30.15 | 27.50 | 34.52 | 31.89 | 26.92 | 22.81 | 17.93 | 32.05 |
| P/S Ratio | 3.94 | 3.98 | 3.95 | 3.49 | 3.03 | 3.94 | 3.03 | 2.80 | 2.36 | 2.28 | 2.09 |
| P/B Ratio | 5.54 | 5.52 | 5.55 | 4.95 | 4.22 | 4.96 | 3.63 | 3.55 | 2.99 | 2.88 | 2.55 |
| P/FCF | 27.17 | 27.44 | 30.43 | 26.29 | 23.56 | 30.29 | 24.12 | 25.21 | 20.22 | 24.89 | 21.36 |
| P/OCF | 15.23 | 15.39 | 16.09 | 14.43 | 12.82 | 15.98 | 12.46 | 12.27 | 10.56 | 12.00 | 10.63 |
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 | — | 4.02 | 4.75 | 4.35 | 3.91 | 4.81 | 3.93 | 3.67 | 3.18 | 3.09 | 2.90 |
| EV / EBITDA | 12.56 | 12.69 | 15.22 | 14.66 | 13.71 | 16.17 | 13.93 | 12.77 | 11.10 | 11.18 | 10.15 |
| EV / EBIT | 19.86 | 21.03 | 25.56 | 23.94 | 23.82 | 28.93 | 26.73 | 22.39 | 18.72 | 18.85 | 20.13 |
| EV / FCF | — | 27.66 | 36.62 | 32.79 | 30.44 | 36.96 | 31.27 | 32.98 | 27.28 | 33.69 | 29.61 |
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 | 42.0% | 42.0% | 30.6% | 29.6% | 28.6% | 29.1% | 39.9% | 28.3% | 28.0% | 27.0% | 27.6% |
| Operating Margin | 20.0% | 20.0% | 20.1% | 19.0% | 17.9% | 18.5% | 16.8% | 17.8% | 17.6% | 16.5% | 17.2% |
| Net Profit Margin | 12.9% | 12.9% | 12.7% | 11.6% | 11.0% | 11.4% | 9.5% | 10.4% | 10.3% | 12.7% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.3% | 18.3% | 18.6% | 17.1% | 15.9% | 14.8% | 11.6% | 13.4% | 13.1% | 16.3% | 7.9% |
| ROA | 6.4% | 6.4% | 6.4% | 5.7% | 5.5% | 5.3% | 4.2% | 4.8% | 4.8% | 6.1% | 3.0% |
| ROIC | 13.5% | 13.5% | 10.1% | 9.5% | 9.0% | 8.6% | 7.4% | 8.3% | 8.2% | 7.9% | 7.9% |
| ROCE | 11.3% | 11.3% | 11.6% | 10.8% | 10.0% | 9.6% | 8.4% | 9.5% | 9.4% | 8.9% | 8.6% |
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 | 0.05 | 0.05 | 1.14 | 1.24 | 1.25 | 1.09 | 1.08 | 1.10 | 1.05 | 1.03 | 1.00 |
| Debt / EBITDA | 0.11 | 0.11 | 2.59 | 2.94 | 3.14 | 2.92 | 3.20 | 3.03 | 2.90 | 2.95 | 2.86 |
| Net Debt / Equity | — | 0.04 | 1.13 | 1.23 | 1.23 | 1.09 | 1.08 | 1.10 | 1.04 | 1.02 | 0.99 |
| Net Debt / EBITDA | 0.10 | 0.10 | 2.57 | 2.91 | 3.10 | 2.92 | 3.19 | 3.01 | 2.87 | 2.92 | 2.83 |
| Debt / FCF | — | 0.22 | 6.19 | 6.51 | 6.88 | 6.67 | 7.15 | 7.78 | 7.06 | 8.80 | 8.25 |
| Interest Coverage | 5.52 | 5.52 | 5.42 | 5.14 | 5.74 | 6.19 | 4.25 | 4.32 | 4.43 | 4.52 | 3.49 |
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 | 0.64 | 0.64 | 0.58 | 0.56 | 0.70 | 0.71 | 0.67 | 0.53 | 0.58 | 0.55 | 0.71 |
| Quick Ratio | 0.64 | 0.64 | 0.56 | 0.54 | 0.67 | 0.68 | 0.64 | 0.51 | 0.56 | 0.53 | 0.68 |
| Cash Ratio | 0.09 | 0.09 | 0.02 | 0.03 | 0.04 | 0.01 | 0.02 | 0.02 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.48 | 0.49 | 0.48 | 0.47 | 0.45 | 0.43 | 0.45 | 0.46 | 0.47 | 0.46 |
| Inventory Turnover | — | — | 113.61 | 107.57 | 99.86 | 110.89 | 103.22 | 130.09 | 136.13 | 143.11 | 154.55 |
| Days Sales Outstanding | — | 41.73 | 47.15 | 48.59 | 53.57 | 48.74 | 47.75 | 49.71 | 49.10 | 44.24 | 42.48 |
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 | 1.1% | 1.1% | 1.1% | 1.2% | 1.4% | 1.2% | 1.7% | 1.7% | 2.0% | 1.9% | 2.1% |
| Payout Ratio | 34.5% | 34.5% | 33.6% | 36.9% | 39.9% | 42.8% | 54.0% | 45.8% | 44.5% | 34.5% | 68.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.2% | 3.2% | 3.3% | 3.6% | 2.9% | 3.1% | 3.7% | 4.4% | 5.6% | 3.1% |
| FCF Yield | 3.7% | 3.6% | 3.3% | 3.8% | 4.2% | 3.3% | 4.1% | 4.0% | 4.9% | 4.0% | 4.7% |
| Buyback Yield | 1.3% | 1.3% | 0.8% | 0.5% | 0.5% | 0.6% | 0.3% | 1.4% | 3.1% | 2.7% | 2.1% |
| Total Shareholder Yield | 2.4% | 2.4% | 1.8% | 1.7% | 1.9% | 1.8% | 2.0% | 3.1% | 5.1% | 4.6% | 4.2% |
| Shares Outstanding | — | $312M | $315M | $317M | $317M | $319M | $320M | $322M | $328M | $339M | $344M |
Includes 30+ ratios · 28 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RSG stock.
Republic Services, Inc.'s current P/E ratio is 31.1x. The historical average is 24.6x. This places it at the 86th percentile of its historical range.
Republic Services, Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Republic Services, Inc.'s return on equity (ROE) is 18.3%. The historical average is 12.1%.
Based on historical data, Republic Services, Inc. is trading at a P/E of 31.1x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Republic Services, Inc.'s current dividend yield is 1.11% with a payout ratio of 34.5%.
Republic Services, Inc. has 42.0% gross margin and 20.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Republic Services, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage data discrepancy and rising costs
Metrics are mathematically derived from official filings.
Margin Stability Amid Cost Pressures
Operating margin held near 20% over ten quarters, per reported figures, despite gross margin volatility, indicating pricing power offsetting labor and fuel inflation.
Gross margin swung between 29.8% and 42.3%, but operating margin remained tightly clustered between 19.1% and 21.0%, suggesting that management's price-over-volume strategy and fuel surcharges have effectively absorbed cost increases. The 2026Q2 EPS miss, however, hints that this stability may be tested if cost inflation persists. Net margin of 12.8% in 2026Q2 is slightly below the 13.9% peak in 2024Q3, reflecting modest compression from rising operational expenses.
Stable Returns on Heavy Capital Base
ROIC has hovered between 2.3% and 2.7% quarterly, per financial statements, reflecting a capital-intensive model where returns are modest but consistent.
The low ROIC is typical for waste infrastructure, where massive PPE and goodwill (86% of assets) dilute returns. ROE, at 4.7% in 2026Q2, is similarly modest, but the stability across ten quarters suggests the company is not decaying or compounding returns. The 2024Q1 to 2026Q2 period shows no significant trend, indicating that acquisitions like US Ecology have not yet materially improved or eroded capital efficiency.
Working Capital Efficiency with Seasonal Swings
Cash conversion cycle averaged near zero over ten quarters, per reported data, with DSO around 44 days and DPO near 45 days, indicating balanced working capital management.
The near-zero CCC reflects a business where receivables and payables are closely matched, reducing the need for external working capital financing. DSO has been stable between 43 and 47 days, suggesting consistent collection practices, while DPO fluctuates with vendor terms. The 2026Q1 CCC spike to 10 days appears seasonal, not structural, as it reverted to 2 days in 2026Q2. Asset turnover remains low at 0.13, consistent with the heavy capital base.
Leverage Creep Despite Low Reported D/E
Debt-to-equity rose from 1.21 to 1.19 over ten quarters, per balance sheet data, while D/EBITDA improved to 7.48 in 2026Q2 from 11.22 in 2024Q1.
The D/EBITDA improvement is notable, but the absolute level remains high, indicating significant debt service obligations. Interest coverage of 5.63 in 2026Q2 is adequate but has not improved materially, suggesting that EBITDA growth is being offset by higher interest costs. The reported 0.05% D/E in the company intelligence appears to be a data anomaly, as the quarterly data consistently shows D/E above 1.1, warranting verification before relying on it.
Thin Liquidity Relies on Cash Flow
Current ratio has remained below 0.67 for ten quarters, per reported figures, with cash under $500M, indicating reliance on operating cash flow rather than liquid reserves.
The sub-1.0 current ratio is common in waste services, where steady cash generation covers short-term obligations. However, the thin buffer means that a sudden disruption in collections or a major capex requirement could strain liquidity. The 34.1% FCF margin in 2026Q2 provides a cushion, but the seasonal volatility in FCF (ranging from 7.7% to 34.1%) suggests that liquidity could tighten in low-cash quarters.
Valuation Discount to Waste Management
RSG trades at 13.05 EV/EBITDA versus WM's 15.08 and WCN's 17.53, per peer data, suggesting a relative value opportunity despite similar margins.
RSG's P/E of 32.27 is below WM's 33.59 and WCN's 40.37, while its ROE of 18.8% (annualized from quarterly) exceeds WCN's 13.2% but trails WM's 28.9%. The discount may reflect RSG's smaller scale and higher leverage (D/E 1.19 vs. WM's 2.29, but D/EBITDA higher at 7.48 vs. WM's likely lower). The market appears to price RSG as a defensive growth play, with a PEG of 1.81 indicating that growth expectations are moderate.
Misapplied Metric: Debt-to-Equity
Debt-to-equity is commonly misapplied to waste firms, per industry practice, because it ignores the asset-heavy nature and stable cash flows that support higher leverage.
For RSG, D/E of 1.19 appears high, but the company's predictable, contract-based revenue and strong FCF margins (34.1% in 2026Q2) make debt service manageable. A more appropriate metric is D/EBITDA, which at 7.48 is elevated but improving, or interest coverage, which at 5.63 indicates adequate cushion. Investors should focus on cash flow-based leverage ratios rather than book value, as the latter is distorted by large goodwill and PPE.