Last 48 quarters of trend data · Industrials · Waste Management
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Waste Connections, Inc.'s quarterly P/E stands at 47.2x, down 10.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 29.7% YoY to 28.2x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 36.83 | 47.22 | 42.98 | 39.59 | 41.68 | 52.47 | — | 37.57 | 40.97 | 48.32 | 74.64 | 38.15 | 43.58 |
| — | -10.0% | — | +5.4% | +1.7% | +8.6% | — | -1.5% | -6.0% | +7.0% | +68.9% | +3.9% | +22.3% | |
| P/S Ratio | 4.13 | 4.38 | 4.67 | 4.60 | 5.02 | 5.67 | 4.91 | 4.95 | 5.04 | 5.36 | 4.74 | 4.20 | 4.56 |
| — | -22.7% | -5.0% | -6.9% | -0.4% | +5.7% | +3.7% | +17.8% | +10.5% | +13.6% | +3.5% | -9.4% | +3.8% | |
| P/B Ratio | 4.80 | 5.16 | 5.46 | 5.60 | 5.78 | 6.31 | 5.65 | 5.60 | 5.68 | 5.71 | 5.01 | 4.57 | 4.95 |
| — | -18.2% | -3.3% | -0.1% | +1.7% | +10.4% | +12.8% | +22.6% | +14.9% | +15.3% | +4.2% | -9.0% | +6.3% | |
| P/FCF | 31.62 | 19.05 | 71.41 | 9.63 | 34.26 | 38.39 | 64.44 | 40.42 | 28.76 | 34.70 | 40.59 | 26.06 | 25.91 |
| — | -50.4% | +10.8% | -76.2% | +19.1% | +10.6% | +58.8% | +55.1% | +11.0% | +3.1% | +8.2% | -16.4% | +1.7% | |
| EV / EBITDA | 16.42 | 28.19 | 17.93 | 17.92 | 18.55 | 21.73 | 107.52 | 17.76 | 18.76 | 20.82 | 23.82 | 17.16 | 18.34 |
| — | +29.7% | -83.3% | +0.9% | -1.1% | +4.4% | +351.5% | +3.5% | +2.3% | +8.4% | +28.2% | -6.6% | +8.6% | |
| EV / EBIT | 28.21 | 28.19 | 31.34 | 29.46 | 30.15 | 36.23 | — | 28.13 | 30.42 | 34.83 | 47.50 | 25.09 | 28.94 |
| — | -22.2% | — | +4.7% | -0.9% | +4.0% | — | +12.1% | +5.1% | +3.5% | +46.9% | -14.2% | +4.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Waste Connections, Inc.'s operating margin was 15.4% in Q1 2026, down 2.6 pp QoQ and down 2.2 pp YoY. The trailing four-quarter average of 17.6% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.0% | 42.6% | 29.1% | 42.8% | 42.1% | 42.0% | 41.4% | 42.5% | 42.1% | 41.1% | 41.3% | 41.7% | 40.8% |
| — | +1.3% | -29.8% | +0.6% | +0.0% | +2.4% | +0.3% | +2.1% | +3.4% | +3.5% | +5.5% | +3.1% | +1.6% | |
| Operating Margin | 18.1% | 15.4% | 18.0% | 17.9% | 19.1% | 17.5% | -8.8% | 20.3% | 18.9% | 17.7% | 11.0% | 17.1% | 17.0% |
| — | -12.3% | +304.0% | -12.0% | +1.1% | -1.0% | -179.9% | +18.9% | +10.9% | +6.9% | -33.9% | -1.7% | -6.2% | |
| Net Margin | 11.4% | 9.3% | 10.9% | 11.6% | 12.1% | 10.8% | -8.7% | 13.2% | 12.3% | 11.1% | 6.2% | 11.1% | 10.4% |
| — | -14.6% | +225.6% | -11.6% | -1.6% | -2.3% | -239.3% | +18.8% | +18.4% | +6.6% | -40.1% | -12.0% | -16.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.4% | 2.7% | 3.2% | 3.5% | 3.5% | 3.0% | -2.4% | 3.8% | 3.5% | 3.0% | 1.7% | 3.0% | 2.8% |
| — | -11.5% | +232.3% | -8.3% | +1.4% | +2.4% | -246.6% | +24.6% | +22.8% | +7.8% | -40.0% | -11.3% | -13.4% | |
| ROA | 5.3% | 1.0% | 1.2% | 1.4% | 1.4% | 1.2% | -1.0% | 1.6% | 1.4% | 1.2% | 0.7% | 1.3% | 1.2% |
| — | -14.2% | +227.2% | -11.7% | -1.2% | -3.1% | -238.1% | +19.8% | +18.6% | +8.0% | -39.1% | -13.1% | -16.8% | |
| ROIC | 7.7% | 1.6% | 1.9% | 1.9% | 2.1% | 1.8% | -0.9% | 2.2% | 2.0% | 1.8% | 1.2% | 1.8% | 1.8% |
| — | -12.5% | +307.0% | -11.1% | +2.2% | -1.4% | -179.0% | +19.7% | +11.2% | +8.8% | -32.8% | -4.3% | -9.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Waste Connections, Inc.'s Debt/EBITDA ratio is 20.9x, up from 12.4x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.17 | 1.14 | 1.10 | 1.04 | 1.09 | 1.07 | 1.03 | 1.00 | 1.04 | 0.91 | 0.94 | 0.93 |
| — | +7.7% | +6.9% | +7.6% | +3.1% | +4.4% | +17.1% | +9.7% | +7.8% | +5.5% | -8.6% | +1.3% | +10.1% | |
| Debt / EBITDA | 3.17 | 20.89 | 12.41 | 11.85 | 11.30 | 12.79 | 68.46 | 11.03 | 11.29 | 12.86 | 14.70 | 11.70 | 11.65 |
| — | +63.3% | -81.9% | +7.4% | +0.1% | -0.5% | +365.7% | -5.7% | -3.1% | +0.5% | +14.9% | +1.9% | +11.4% | |
| Current Ratio | 0.62 | 0.69 | 0.62 | 0.67 | 0.67 | 0.70 | 0.65 | 0.77 | 0.70 | 0.75 | 0.68 | 0.73 | 0.76 |
| — | -2.1% | -5.5% | -13.0% | -3.4% | -6.1% | -3.5% | +5.7% | -8.1% | -9.0% | -8.4% | -18.1% | -19.2% | |
| Quick Ratio | 0.58 | 0.69 | 0.58 | 0.67 | 0.67 | 0.70 | 0.62 | 0.77 | 0.70 | 0.75 | 0.64 | 0.73 | 0.76 |
| — | -2.1% | -5.7% | -13.0% | -3.4% | -6.1% | -3.9% | +5.7% | -8.1% | -9.0% | -8.9% | -18.1% | -19.2% | |
| Interest Coverage | 5.34 | 5.14 | 4.97 | 5.44 | 5.70 | 5.28 | -0.89 | 6.17 | 5.69 | 4.80 | 3.63 | 6.60 | 5.94 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying WCN stock.
Waste Connections, Inc.'s current P/E is 36.8x. The average P/E over the last 4 quarters is 42.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Waste Connections, Inc.'s current operating margin is 18.1%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Waste Connections, Inc.'s business trajectory between earnings reports.