Waste Connections, Inc. (WCN) Financial Ratios
29 years of historical data (1997–2025) · Industrials · Waste Management
EV/EBITDA
↓
16.42
↓-21% vs avg
5yr avg: 20.67
30Y Low9.0·High40.8
P/FCF
↓
31.62
-9% vs avg
5yr avg: 34.92
30Y Low14.3·High37.8
P/B Ratio
↑
4.80
-8% vs avg
5yr avg: 5.20
30Y Low1.3·High5.6
ROE
↑
13.4%
↓+28% vs avg
5yr avg: 10.5%
30Y Low-74%·High14%
Debt/EBITDA
↑
3.17
↓-2% vs avg
5yr avg: 3.23
30Y Low2.1·High10.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WCN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Waste Connections, Inc. trades at 36.8x earnings, 30% below its 5-year average of 52.6x, sitting at the 63rd percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a premium of 44%. On a free-cash-flow basis, the stock trades at 31.6x P/FCF, 9% below the 5-year average of 34.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $39.2B | $45.0B | $44.4B | $38.5B | $34.2B | $35.7B | $27.0B | $24.0B | $19.6B | $18.7B | $12.1B |
| Enterprise Value | $48.6B | $54.3B | $52.7B | $45.5B | $41.2B | $40.7B | $31.3B | $28.2B | $23.5B | $22.2B | $15.6B |
| P/E Ratio → | 36.83 | 41.95 | 71.79 | 50.60 | 40.91 | 57.74 | 131.50 | 41.46 | 35.87 | 32.54 | 48.96 |
| P/S Ratio | 4.13 | 4.73 | 4.98 | 4.80 | 4.74 | 5.80 | 4.97 | 4.46 | 3.99 | 4.05 | 3.59 |
| P/B Ratio | 4.80 | 5.46 | 5.65 | 5.01 | 4.81 | 5.10 | 3.94 | 3.46 | 3.04 | 2.99 | 2.14 |
| P/FCF | 31.62 | 36.24 | 37.84 | 32.30 | 30.82 | 37.39 | 36.35 | 27.46 | 22.69 | 26.48 | 26.87 |
| P/OCF | 15.97 | 18.31 | 19.91 | 18.12 | 16.91 | 21.00 | 19.20 | 15.59 | 13.91 | 15.79 | 15.22 |
P/E links to full P/E history page with 30-year chart
WCN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Waste Connections, Inc.'s enterprise value stands at 16.4x EBITDA, 21% below its 5-year average of 20.7x. The Industrials sector median is 13.9x, placing the stock at a 18% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.72 | 5.91 | 5.67 | 5.72 | 6.62 | 5.75 | 5.24 | 4.77 | 4.80 | 4.61 |
| EV / EBITDA | 16.42 | 18.35 | 23.62 | 20.31 | 19.08 | 21.99 | 26.89 | 17.85 | 15.51 | 17.65 | 16.99 |
| EV / EBIT | 28.21 | 30.65 | 42.99 | 33.88 | 32.53 | 37.79 | 37.06 | 32.78 | 26.88 | 29.71 | 27.27 |
| EV / FCF | — | 43.77 | 44.94 | 38.13 | 37.15 | 42.70 | 42.10 | 32.29 | 27.13 | 31.40 | 34.56 |
WCN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Waste Connections, Inc. earns an operating margin of 18.1%, above the Industrials sector average of 4.3%. Operating margins have expanded from 15.4% to 18.1% over the past 3 years, signaling improving operational efficiency. ROE of 13.4% is modest. ROIC of 7.7% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
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 | 39.0% | 39.0% | 41.8% | 40.9% | 39.9% | 40.6% | 39.8% | 40.6% | 41.8% | 41.6% | 42.0% |
| Operating Margin | 18.1% | 18.1% | 12.0% | 15.4% | 17.2% | 16.9% | 7.6% | 15.5% | 16.9% | 13.5% | 13.4% |
| Net Profit Margin | 11.4% | 11.4% | 6.9% | 9.5% | 11.6% | 10.0% | 3.8% | 10.5% | 11.1% | 12.5% | 7.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.4% | 13.4% | 7.9% | 10.3% | 11.8% | 8.9% | 3.0% | 8.5% | 8.6% | 9.7% | 6.4% |
| ROA | 5.3% | 5.3% | 3.3% | 4.4% | 5.3% | 4.3% | 1.5% | 4.3% | 4.4% | 5.0% | 3.0% |
| ROIC | 7.7% | 7.7% | 5.2% | 6.4% | 7.1% | 6.7% | 2.8% | 5.9% | 6.2% | 5.0% | 5.1% |
| ROCE | 9.3% | 9.3% | 6.2% | 7.8% | 8.5% | 7.9% | 3.2% | 6.8% | 7.3% | 5.8% | 6.0% |
WCN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Waste Connections, Inc. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (roughly in line with the sector average of 3.2x). Net debt stands at $9.3B ($9.4B total debt minus $46M cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.07 | 0.91 | 1.00 | 0.75 | 0.71 | 0.65 | 0.64 | 0.62 | 0.64 |
| Debt / EBITDA | 3.17 | 3.17 | 3.76 | 3.14 | 3.28 | 2.81 | 4.20 | 2.87 | 2.75 | 3.11 | 3.95 |
| Net Debt / Equity | — | 1.14 | 1.06 | 0.90 | 0.99 | 0.72 | 0.62 | 0.61 | 0.59 | 0.55 | 0.61 |
| Net Debt / EBITDA | 3.16 | 3.16 | 3.73 | 3.10 | 3.25 | 2.73 | 3.67 | 2.67 | 2.54 | 2.76 | 3.78 |
| Debt / FCF | — | 7.53 | 7.10 | 5.82 | 6.32 | 5.31 | 5.75 | 4.82 | 4.43 | 4.91 | 7.69 |
| Interest Coverage | 5.34 | 5.34 | 4.20 | 5.17 | 6.32 | 5.94 | 4.66 | 6.04 | 6.96 | 5.90 | 6.72 |
WCN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.62x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.68x to 0.62x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.62 | 0.62 | 0.65 | 0.68 | 0.74 | 0.84 | 1.37 | 1.12 | 1.23 | 1.47 | 1.07 |
| Quick Ratio | 0.58 | 0.58 | 0.62 | 0.64 | 0.70 | 0.80 | 1.33 | 1.12 | 1.23 | 1.47 | 1.07 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.05 | 0.05 | 0.12 | 0.60 | 0.32 | 0.36 | 0.54 | 0.22 |
| Asset Turnover | — | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.39 | 0.39 | 0.39 | 0.39 | 0.30 |
| Inventory Turnover | 73.68 | 73.68 | 72.96 | 76.93 | 78.57 | 82.56 | 89.22 | — | — | — | — |
| Days Sales Outstanding | — | 41.00 | 39.80 | 40.27 | 44.38 | 45.74 | 45.60 | 44.90 | 45.19 | 43.71 | 52.45 |
WCN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Waste Connections, Inc. returns 2.2% to shareholders annually — split between a 0.9% dividend yield and 1.3% buyback yield. The payout ratio of 31.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 0.9% | 0.8% | 0.7% | 0.7% | 0.7% | 0.6% | 0.7% | 0.7% | 0.8% | 0.7% | 0.8% |
| Payout Ratio | 31.4% | 31.4% | 48.9% | 35.5% | 29.1% | 35.6% | 97.7% | 30.9% | 27.9% | 22.9% | 37.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.4% | 1.4% | 2.0% | 2.4% | 1.7% | 0.8% | 2.4% | 2.8% | 3.1% | 2.0% |
| FCF Yield | 3.2% | 2.8% | 2.6% | 3.1% | 3.2% | 2.7% | 2.8% | 3.6% | 4.4% | 3.8% | 3.7% |
| Buyback Yield | 1.3% | 1.1% | 0.0% | 0.0% | 1.2% | 1.0% | 0.4% | 0.0% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 1.9% | 0.7% | 0.7% | 2.0% | 1.6% | 1.1% | 0.7% | 1.1% | 0.7% | 0.8% |
| Shares Outstanding | — | $256M | $259M | $258M | $258M | $262M | $264M | $265M | $264M | $264M | $231M |
Peer Comparison
Compare WCN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WCNYou | $39B | 36.8 | 16.4 | 31.6 | 39.0% | 18.1% | 13.4% | 7.7% | 3.2 |
 WM | $87B | 32.0 | 14.6 | 30.7 | 29.1% | 18.3% | 29.7% | 10.7% | 3.1 |
 RSG | $63B | 29.9 | 12.1 | 26.2 | 42.0% | 20.0% | 18.3% | 13.5% | 0.1 |
 CWST | $5B | 724.8 | 16.0 | 64.3 | 17.1% | 4.9% | 0.5% | 2.6% | 3.0 |
 CLH | $15B | 39.6 | 16.0 | 34.8 | 29.5% | 11.2% | 14.7% | 9.8% | 3.1 |
 CEVA | $1B | -113.0 | — | 2684.4 | 87.1% | -10.4% | -3.5% | -2.9% | — |
 PESI | $204M | -14.7 | — | — | 9.6% | -19.0% | -24.5% | -21.7% | — |
 ERII | $486M | 22.4 | 15.8 | 27.8 | 65.2% | 18.2% | 11.0% | 10.3% | 0.3 |
 CVNA | $72B | 39.4 | 32.7 | 81.1 | 20.6% | 9.3% | 50.4% | 34.3% | 0.3 |
 CAT | $459B | 52.4 | 36.5 | 44.6 | 32.3% | 16.6% | 43.5% | 15.9% | 3.2 |
 DKNG | $13B | -3258.0 | 51.7 | 20.2 | 41.3% | -0.3% | 0.5% | -0.9% | 7.4 |
| Industrials Median | — | 25.6 | 13.9 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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WCN — Frequently Asked Questions
Quick answers to the most common questions about buying WCN stock.
What is Waste Connections, Inc.'s P/E ratio?
Waste Connections, Inc.'s current P/E ratio is 36.8x. The historical average is 42.7x. This places it at the 63th percentile of its historical range.
What is Waste Connections, Inc.'s EV/EBITDA?
Waste Connections, Inc.'s current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
What is Waste Connections, Inc.'s ROE?
Waste Connections, Inc.'s return on equity (ROE) is 13.4%. The historical average is 6.0%.
Is WCN stock overvalued?
Based on historical data, Waste Connections, Inc. is trading at a P/E of 36.8x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Waste Connections, Inc.'s dividend yield?
Waste Connections, Inc.'s current dividend yield is 0.86% with a payout ratio of 31.4%.
What are Waste Connections, Inc.'s profit margins?
Waste Connections, Inc. has 39.0% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Waste Connections, Inc. have?
Waste Connections, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.