If you’re looking for publicly traded waste-management companies beyond Waste Connections, start with WM (NYSE: WM) and Republic Services (NYSE: RSG) as large, integrated North American operators. Add GFL Environmental (NYSE/TSX: GFL) for another scaled waste-services comparison and Clean Harbors (NYSE: CLH) for a more specialized environmental-services business. Casella Waste Systems (Nasdaq: CWST) is another name to investigate, though comparable recent financial details are not included here. This is a research shortlist, not a ranking of stocks to buy.
Waste-management stocks to put on a research list
| Company | How it fits the comparison | FY 2025 revenue |
|---|---|---|
| WM (NYSE: WM) | Large integrated North American operator | $25.2 billion |
| Republic Services (NYSE: RSG) | Diversified environmental-services operator with solid-waste and environmental-solutions businesses | $16.6 billion |
| GFL Environmental (NYSE/TSX: GFL) | Scaled waste-services peer; review its filings for a closer look at its business mix | $4.7 billion |
| Clean Harbors (NYSE: CLH) | Environmental and industrial-services company with a different mix from a traditional solid-waste operator | $6.0 billion |
| Casella Waste Systems (Nasdaq: CWST) | Regional solid-waste, recycling and resource-management company | Not stated in the cited comparison |
The revenue figures for WM, Republic, GFL and Clean Harbors come from WM’s June 17, 2026 investor presentation and cover fiscal 2025. Waste Connections, the comparison baseline, reported $9.5 billion in FY 2025 revenue in that same presentation. These figures orient you to company scale; they do not establish comparable profitability, valuation or potential returns. WM’s investor presentation is the source for the peer figures.
How the companies differ
WM and Republic Services: large integrated peers
Republic’s 2025 Form 10-K describes a business spanning solid-waste collection, transfer, recycling and landfill operations, as well as environmental solutions in the United States and Canada. The filing reported $16.6 billion in 2025 revenue, up 3.5% from 2024. It also notes that collection and disposal markets are local, making local asset density and access to disposal facilities important questions for investors. Republic’s 2025 Form 10-K
WM is the largest company in this comparison by FY 2025 revenue, according to its June 2026 investor presentation. For details on its operating segments and how they contribute to results, consult its annual reports and proxy materials.
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GFL Environmental: a scaled peer to investigate
GFL appears alongside WM, Republic, Waste Connections and Clean Harbors in WM’s FY 2025 revenue comparison. Its $4.7 billion in presentation-reported revenue makes it a meaningful name to research, but revenue alone says little about its margins, debt or cash generation. Review GFL’s latest filings and earnings materials to understand the company’s business mix and recent performance before comparing it with the other operators.
Clean Harbors: a different business mix
Clean Harbors combines environmental and industrial services with waste-related operations. Its 2025 annual report says no single competitor directly competes across its full service suite and names Veolia North America, Enviri, Republic, WM, GFL and Crystal Clean among its principal national competitors for 2025. Its service breadth and local competitive environment make it less of a like-for-like substitute for a solid-waste operator. Clean Harbors’ 2025 annual report
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Casella: a regional operator to research separately
Casella is a regional solid-waste, recycling and resource-management company. Its latest financial profile and scale are not established by the cited comparison, so consult the company’s current filings rather than inferring a direct financial comparison from its inclusion on this list.
What recent reported results can—and can’t—tell you
Quarterly figures provide a snapshot of operating performance, but they use different measures and do not create a clean peer ranking.
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| Company and period | Reported figures | How to read them |
|---|---|---|
| Waste Connections, Q2 2026 | $2.562 billion revenue; $296.4 million net income; $381.7 million adjusted net income; $840.1 million adjusted EBITDA; 32.8% adjusted EBITDA margin | The company said it raised its full-year 2026 outlook after better-than-expected quarterly results. |
| Republic Services, Q2 2026 | 4.6% total revenue growth; $566 million net income; $1.85 adjusted EPS | Reported figures from Republic’s August 6, 2026 release. |
| Clean Harbors, Q2 2026 | $1.74 billion revenue; $170.5 million net income; $409.0 million adjusted EBITDA; 23.6% adjusted EBITDA margin | The company also raised full-year adjusted EBITDA and adjusted free-cash-flow guidance. |
Waste Connections’ figures were reported July 22, 2026; Republic’s August 6, 2026; and Clean Harbors’ July 29, 2026. Adjusted net income, adjusted EBITDA, adjusted EPS and guidance are company-defined measures. Compare definitions and underlying filings rather than treating any one margin or growth rate as evidence that one stock is superior. See the companies’ releases for Waste Connections, Republic Services and Clean Harbors.
A framework for comparing waste-services stocks
Before deciding whether a company merits more research, compare it with peers on the business characteristics that can shape its results:
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- Business mix and geography: Separate collection, transfer, recycling, landfill, environmental and industrial-service exposure. Consider whether the company operates in concentrated local markets or across a broader footprint.
- Scale and asset network: Revenue is a starting point, not a measure of efficiency. Look at the facilities, routes and disposal access that support each company’s business.
- Organic growth: Examine pricing or yield, volume trends and acquisitions separately where the company reports them. A revenue increase does not by itself show what drove growth.
- Margins and cash conversion: Compare EBITDA and free cash flow only after checking definitions, adjustments and periods. Review how much reported earnings converts to cash after capital spending.
- Debt and investment needs: Assess leverage alongside capital expenditures and acquisition spending. Those demands can affect financial flexibility and cash available for other uses.
- Valuation: Check current share price, enterprise value and relevant earnings or cash-flow multiples against growth and risk. The figures in this article do not establish current valuation multiples.
- Shareholder returns: Review dividend policy and its coverage by cash flow rather than treating a dividend as a stand-alone measure of investment quality.
What this shortlist does not establish
It does not identify a best stock or show that the companies are interchangeable. Current share prices, market capitalizations, valuation multiples, a cross-company leverage comparison and a full recent-period review for WM and GFL are not provided. The available Casella information also does not support a quantitative peer comparison. Check current primary filings and investor materials for those details before forming an investment view.
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