Latest Ratios: P/E Ratio 825.1x · EV/EBITDA 17.8x · ROE 0.5%. (1997–2025 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 | $6.2B | $6.2B | $6.3B | $4.7B | $4.1B | $4.4B | $3.0B | $2.2B | $1.3B | $963M | $512M |
| Enterprise Value | $7.3B | $7.3B | $7.1B | $5.6B | $4.7B | $5.0B | $3.5B | $2.8B | $1.8B | $1.4B | $1.0B |
| P/E Ratio → | 825.08 | 816.17 | 460.04 | 185.78 | 77.00 | 106.77 | 33.31 | 69.74 | 189.93 | — | — |
| P/S Ratio | 3.38 | 3.39 | 4.05 | 3.74 | 3.78 | 4.95 | 3.92 | 2.97 | 1.90 | 1.61 | 0.91 |
| P/B Ratio | 4.01 | 3.97 | 4.06 | 4.62 | 8.25 | 10.42 | 8.39 | 17.99 | — | — | — |
| P/FCF | 73.20 | 73.50 | 80.68 | 60.42 | 47.54 | 74.03 | 95.50 | 161.58 | 31.31 | 27.18 | 27.01 |
| P/OCF | 18.80 | 18.88 | 22.40 | 20.27 | 18.89 | 24.08 | 21.71 | 18.90 | 10.41 | 8.96 | 6.36 |
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 | — | 4.00 | 4.58 | 4.45 | 4.33 | 5.60 | 4.52 | 3.76 | 2.72 | 2.41 | 1.80 |
| EV / EBITDA | 17.81 | 17.87 | 20.32 | 18.62 | 18.77 | 23.83 | 21.40 | 18.07 | 13.03 | 11.19 | 8.38 |
| EV / EBIT | 82.03 | 101.89 | 95.02 | 71.83 | 46.94 | 59.29 | 61.44 | 51.50 | 55.02 | — | 30.40 |
| EV / FCF | — | 86.66 | 91.24 | 71.90 | 54.43 | 83.82 | 110.07 | 204.76 | 44.76 | 40.74 | 53.72 |
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 | 17.1% | 17.1% | 18.9% | 20.7% | 21.7% | 22.9% | 21.7% | 20.8% | 20.7% | 22.0% | 21.5% |
| Operating Margin | 4.9% | 4.9% | 6.7% | 8.4% | 9.4% | 9.5% | 8.5% | 7.9% | 7.9% | 8.8% | 8.1% |
| Net Profit Margin | 0.4% | 0.4% | 0.9% | 2.0% | 4.9% | 4.6% | 11.8% | 4.3% | 1.0% | -3.6% | -1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 1.1% | 3.3% | 11.5% | 10.5% | 37.6% | 59.2% | — | — | — |
| ROA | 0.2% | 0.2% | 0.5% | 1.3% | 3.9% | 3.3% | 8.6% | 3.8% | 1.0% | -3.5% | -1.1% |
| ROIC | 2.6% | 2.6% | 3.6% | 5.3% | 7.3% | 6.9% | 6.4% | 7.1% | 8.1% | 8.6% | 7.1% |
| ROCE | 2.9% | 2.9% | 4.0% | 6.0% | 8.5% | 7.7% | 7.1% | 8.2% | 9.1% | 9.8% | 8.4% |
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 | 0.79 | 0.79 | 0.78 | 1.09 | 1.34 | 1.46 | 1.71 | 4.83 | — | — | — |
| Debt / EBITDA | 3.02 | 3.02 | 3.44 | 3.71 | 2.66 | 2.95 | 3.78 | 3.83 | 3.94 | 3.74 | 4.19 |
| Net Debt / Equity | — | 0.71 | 0.53 | 0.88 | 1.19 | 1.38 | 1.28 | 4.81 | — | — | — |
| Net Debt / EBITDA | 2.72 | 2.72 | 2.35 | 2.97 | 2.37 | 2.78 | 2.83 | 3.81 | 3.91 | 3.72 | 4.17 |
| Debt / FCF | — | 13.17 | 10.56 | 11.48 | 6.88 | 9.80 | 14.57 | 43.17 | 13.44 | 13.56 | 26.71 |
| Interest Coverage | 1.22 | 1.22 | 1.39 | 1.90 | 3.98 | 3.23 | 3.05 | 2.21 | 1.23 | -0.45 | 0.86 |
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 | 1.26 | 1.26 | 2.00 | 1.53 | 1.17 | 0.96 | 1.88 | 0.79 | 0.87 | 0.95 | 0.95 |
| Quick Ratio | 1.17 | 1.17 | 1.93 | 1.46 | 1.09 | 0.90 | 1.82 | 0.73 | 0.81 | 0.88 | 0.89 |
| Cash Ratio | 0.42 | 0.42 | 1.25 | 0.79 | 0.40 | 0.22 | 1.18 | 0.03 | 0.04 | 0.02 | 0.03 |
| Asset Turnover | — | 0.54 | 0.47 | 0.50 | 0.75 | 0.69 | 0.65 | 0.80 | 0.90 | 0.97 | 0.89 |
| Inventory Turnover | 62.55 | 62.55 | 58.60 | 56.15 | 63.05 | 70.51 | 77.08 | 76.63 | 80.07 | 71.52 | 90.30 |
| Days Sales Outstanding | — | 35.38 | 41.06 | 46.30 | 33.94 | 35.70 | 35.07 | 40.00 | 42.65 | 40.49 | 39.95 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.1% | 0.1% | 0.2% | 0.5% | 1.3% | 0.9% | 3.0% | 1.4% | 0.5% | — | — |
| FCF Yield | 1.4% | 1.4% | 1.2% | 1.7% | 2.1% | 1.4% | 1.0% | 0.6% | 3.2% | 3.7% | 3.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $64M | $60M | $55M | $52M | $52M | $49M | $48M | $44M | $42M | $41M |
Acquisition-driven margin dilution
According to current market data, Casella trades at a forward P/E of 69.67, a multiple that appears significantly detached from its historical profitability and suggests investors are pricing in aggressive future margin expansion that has yet to materialize in the company's reported quarterly financial statements.
The current valuation premium relative to national peers like Waste Management, which trades at a significantly lower P/E, implies that the market is assigning a scarcity value to Casella's Northeast landfill assets. However, given the persistent volatility in net margins, this valuation appears vulnerable to any slowdown in the company's ability to execute its tuck-in acquisition strategy.
Based on reported figures, Casella's ROIC has remained consistently low, hovering near 0.2% to 1.4% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital in this high-rate environment.
The inability to drive ROIC above low single digits suggests that the capital deployed for recent acquisitions is not yet contributing to meaningful value creation. Investors should monitor whether the integration of these assets can eventually drive the efficiency gains necessary to align returns with the broader waste management sector.
As reported in recent financial statements, Casella's cash conversion cycle has shown significant instability, fluctuating between 10 and 18 days, which reflects the operational challenges of managing a complex, acquisition-heavy business model across diverse regional markets in the Northeast and Mid-Atlantic corridors.
The variability in DSO and DPO suggests that the company's working capital management is highly sensitive to the timing of large-scale integration projects. This lack of consistency in the cash conversion cycle may indicate that the company lacks the standardized operational processes found in larger, more mature industry peers.
The P/E ratio is the most commonly misapplied metric for Casella, as it obscures the company's true earning power by failing to account for the heavy non-cash depreciation and amortization charges inherent in landfill ownership and the significant costs associated with ongoing inorganic growth strategies.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the underlying cash-generating potential of the landfill assets. Relying on P/E in this context risks misinterpreting the company's financial health, as the metric is heavily distorted by the accounting treatment of long-lived disposal infrastructure.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CWST stock.
Casella Waste Systems, Inc.'s current P/E ratio is 825.1x. The historical average is 71.1x. This places it at the 100th percentile of its historical range.
Casella Waste Systems, Inc.'s current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.9x.
Casella Waste Systems, Inc.'s return on equity (ROE) is 0.5%. The historical average is -34.3%.
Based on historical data, Casella Waste Systems, Inc. is trading at a P/E of 825.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Casella Waste Systems, Inc. has 17.1% gross margin and 4.9% operating margin.
Casella Waste Systems, Inc.'s Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.