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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteCompare Waste Management (WM), Republic Services (RSG), and Waste Connections (WCN) on the same valuation date and earnings period, then read valuation alongside margins, cash generation, and debt—not as a stand-alone ranking. Their overlapping solid-waste businesses make them useful peers, but different business mixes and company-specific definitions can make headline ratios misleading.
Choose peers whose businesses are genuinely comparable
WM, RSG, and WCN are a practical starting set for comparing large, North American-listed waste operators. Before comparing their financial ratios, read each company’s business and segment disclosures to identify differences in collection, transfer, disposal, landfill ownership, recycling, energy, and special-waste exposure.
WCN, for example, describes collection, transfer and disposal alongside rail-based intermodal operations, resource recovery, and exploration-and-production waste treatment and disposal. Those activities can affect growth, margins, and risk differently from a more narrowly defined solid-waste operation. The companies’ annual reports provide the relevant business descriptions: WM’s 2025 Form 10-K, Republic Services’ 2025 Form 10-K, and Waste Connections’ 2025 Form 10-K.
Compare valuation on one date and one earnings basis
Enterprise value (EV) is generally equity market value plus debt and other debt-like claims, less cash and cash equivalents. Apply the same convention to every company for leases, minority interests, and preferred securities where relevant. Then divide by an EBITDA measure calculated on the same basis for all peers.
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Label both the market date and the denominator period: trailing twelve months (LTM), last fiscal year, or next twelve months (NTM). Also say whether EBITDA is reported or adjusted. EV/EBITDA moves with share prices, debt, cash, and the earnings period chosen, so a multiple without those labels is difficult to interpret.
A Truist market update published in July 2024 shows historical LTM and NTM EV/EBITDA values and LTM margin figures for a selected group of waste companies. It is useful as a dated example of how peer multiples can differ, but it is not a current valuation quote: Truist’s July 2024 Waste & Environmental Services Market Update.
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A lower multiple does not automatically mean a stock is cheap. It may reflect slower growth, greater leverage, less attractive assets, more exposure to volatile business lines, or differences in accounting and EBITDA adjustments. A premium multiple likewise needs a company-specific explanation supported by evidence, such as stronger pricing, durable growth, margins, or cash generation.
Separate operating margin from adjusted EBITDA margin
Start with GAAP operating margin, then examine each company’s adjusted EBITDA definition and reconciliation. These are different measures; adjusted EBITDA can exclude items that remain in reported operating results. Do not rank adjusted EBITDA margins until you have checked that the companies treat adjustments, acquisitions, and segment effects comparably.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchA useful margin analysis traces revenue growth through pricing and volume where disclosed, operating costs, depreciation and amortization, corporate or segment allocations, and the adjustments used to reach EBITDA. Looking across several years and the latest quarter can help distinguish ongoing operating improvement from acquisition effects, unusual items, accounting changes, or commodity exposure.
Recent company-reported figures illustrate why labels matter. Waste Connections reported a 33.0% adjusted EBITDA margin for 2025, up 250 basis points from the prior year; that is a company-defined adjusted measure. WM reported a 30.1% operating EBITDA margin for 2025 and cited operating factors as well as headwinds related to the Healthcare Solutions acquisition and the expiration of alternative-fuel tax credits. The figures are not a like-for-like peer ranking: the labels and adjustments must be checked against each company’s definitions and reconciliations. See Waste Connections’ 2025 annual report and WM’s 2025 annual results material. Republic Services’ 2025 Form 10-K is the primary source for its disclosures; a directly harmonized margin figure for all three companies is not established here.
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Put debt ratios in context
Debt/EBITDA can be useful for an initial comparison, but companies may define leverage differently. Keep each issuer’s reported definition alongside any normalized calculation you make. At minimum, line up gross debt, cash and net debt, maturities, interest expense, liquidity, capital expenditures, and fixed- or floating-rate exposure where disclosed.
Waste Connections reported year-end 2025 debt-to-EBITDA leverage of 2.75x, a company-defined ratio. WM reported a 3.1x leverage ratio in its 2025 annual results material. Those two figures should not be treated as directly comparable until their definitions and periods have been checked in the supporting disclosures. The sources are Waste Connections’ 2025 annual report and WM’s 2025 annual results material.
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Leverage also needs a cash-flow test. Compare operating cash flow less capital expenditures, and account for the working-capital needs and acquisition spending that affect cash available. Waste businesses require investment in assets such as landfills, fleets, and facilities; EBITDA is not cash available for debt repayment.
WM’s 2025 Form 10-K warns that its free-cash-flow measure excludes required or committed expenditures, including declared dividends and debt service requirements. The company says the measure can provide insight into how it views liquidity, but has material limitations as a liquidity measure. That distinction matters: free cash flow, like EBITDA, should not be mistaken for cash freely available to shareholders or debt holders. Read the qualification in WM’s 2025 Form 10-K.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use a comparison checklist before drawing a conclusion
| Comparison area | What to line up | Why it matters |
|---|---|---|
| Valuation | EV/EBITDA on the same date and trailing or forward basis | Share price, debt, cash, and denominator choices change the multiple. |
| Margins | GAAP operating margin plus reconciled adjusted EBITDA margin | Adjustments and segment mix can distort a headline comparison. |
| Debt | Gross and net debt, leverage definitions, maturities, and interest burden | Similar leverage ratios can conceal different debt costs or refinancing needs. |
| Cash conversion | Operating cash flow less capital expenditure, with working capital and acquisition spending considered | Capital-intensive assets and cash commitments determine how much cash remains after operations. |
| Business mix and growth | Collection and disposal, recycling, energy, special waste, acquisitions, pricing, and volume | Different revenue streams and growth sources can change both risk and valuation. |
Use the resulting comparison to understand trade-offs, not to turn one ratio into an investment verdict. Separate organic growth from acquisition-driven growth where the companies disclose it, and weigh capital intensity and operating trends alongside valuation and leverage.
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