Latest Ratios: P/E Ratio 41.4x · EV/EBITDA 18.0x · ROE 13.4%. (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 | $44.1B | $45.0B | $44.4B | $38.5B | $34.2B | $35.7B | $27.0B | $24.0B | $19.6B | $18.7B | $12.1B |
| Enterprise Value | $53.4B | $54.3B | $52.7B | $45.5B | $41.2B | $40.7B | $31.3B | $28.2B | $23.5B | $22.2B | $15.6B |
| P/E Ratio → | 41.37 | 41.95 | 71.79 | 50.60 | 40.91 | 57.74 | 131.50 | 41.46 | 35.87 | 32.54 | 48.96 |
| P/S Ratio | 4.64 | 4.73 | 4.98 | 4.80 | 4.74 | 5.80 | 4.97 | 4.46 | 3.99 | 4.05 | 3.59 |
| P/B Ratio | 5.39 | 5.46 | 5.65 | 5.01 | 4.81 | 5.10 | 3.94 | 3.46 | 3.04 | 2.99 | 2.14 |
| P/FCF | 35.51 | 36.24 | 37.84 | 32.30 | 30.82 | 37.39 | 36.35 | 27.46 | 22.69 | 26.48 | 26.87 |
| P/OCF | 17.94 | 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
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 | — | 5.72 | 5.91 | 5.67 | 5.72 | 6.62 | 5.75 | 5.24 | 4.77 | 4.80 | 4.61 |
| EV / EBITDA | 18.05 | 18.35 | 23.62 | 20.31 | 19.08 | 21.99 | 26.89 | 17.85 | 15.51 | 17.65 | 16.99 |
| EV / EBIT | 31.01 | 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 |
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 | 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% |
| 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% |
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 | 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 |
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 | 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 |
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 | 0.8% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.4% | 1.4% | 2.0% | 2.4% | 1.7% | 0.8% | 2.4% | 2.8% | 3.1% | 2.0% |
| FCF Yield | 2.8% | 2.8% | 2.6% | 3.1% | 3.2% | 2.7% | 2.8% | 3.6% | 4.4% | 3.8% | 3.7% |
| Buyback Yield | 1.2% | 1.1% | 0.0% | 0.0% | 1.2% | 1.0% | 0.4% | 0.0% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.9% | 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 |
Acquisition integration and leverage
Based on current market data, WCN trades at a forward P/E of 31.55, which suggests investors are pricing in superior organic growth compared to peers like Waste Management, despite the company's recent deceleration in revenue expansion and the inherent risks associated with its aggressive acquisition-led business model.
The current P/E multiple of 40.17 TTM indicates a significant premium that may be difficult to justify if the company fails to maintain its price-over-inflation strategy in secondary markets. Investors should monitor whether the PEG ratio of 1.01 remains sustainable as the company transitions from rapid inorganic scaling to a more mature operational phase.
According to reported financial statements, WCN's ROIC has remained consistently low, hovering around 1.6% to 2.2% over the last ten quarters, which suggests that the company's heavy reliance on goodwill-heavy acquisitions is diluting the efficiency of its invested capital relative to industry peers like Republic Services.
The persistent gap between WCN's ROIC and its peers indicates that while the company is successful at capturing market share, the cost of these acquisitions may be eroding long-term shareholder value creation. This trend warrants further investigation into whether the company can improve its return profile once the integration of recent tuck-in acquisitions is fully realized.
As evidenced by the quarterly balance sheet data, WCN maintains a current ratio consistently below 1.0, ranging from 0.62 to 0.77, which suggests a lean liquidity position that relies heavily on the predictable, recurring nature of municipal waste contracts to meet short-term operational and debt obligations.
The asset turnover ratio of 0.11 reflects the capital-intensive nature of the waste management industry, where significant investment in landfills and fleet is required to generate revenue. The lack of significant improvement in these efficiency metrics suggests that the company's decentralized operational model may be limiting the potential for centralized cost synergies.
Based on reported figures, the commonly cited debt-to-equity ratio of 1.14 may obscure the true extent of WCN's financial leverage, as it fails to account for the significant long-term environmental remediation liabilities and lease obligations inherent in the landfill-centric business model of the waste industry.
Analysts often misapply standard D/E ratios to WCN, ignoring the fact that landfill closure and post-closure obligations represent substantial off-balance-sheet commitments that function similarly to debt. A more accurate assessment of the company's risk profile would require adjusting for these environmental liabilities to better reflect the actual burden on future cash flows.
Includes 30+ ratios · 29 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 ratio is 41.4x. The historical average is 42.7x. This places it at the 67th percentile of its historical range.
Waste Connections, Inc.'s current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
Waste Connections, Inc.'s return on equity (ROE) is 13.4%. The historical average is 6.0%.
Based on historical data, Waste Connections, Inc. is trading at a P/E of 41.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Waste Connections, Inc.'s current dividend yield is 0.77% with a payout ratio of 31.4%.
Waste Connections, Inc. has 39.0% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
Waste Connections, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.