📈 Price History

Ratio Health

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📊 Peer Medians

About

Casella Waste Systems, Inc., together with its subsidiaries, operates as a vertically integrated solid waste services company in the United States. The company offers resource management expertise and services primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services to residential, commercial, municipal, institutional, and industrial customers. It also provides non-hazardous solid waste services, including collections, transfer stations, recycling, and disposal operations. In addition, the company markets various materials, including fibers, such as corrugated cardboard and newsprint, plastics, glass, ferrous, and aluminum metals. Casella Waste Systems, Inc. was founded in 1975 and is headquartered in Rutland, Vermont.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding CWST

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	463.9K	$36.8M	0.05%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses phrases like 'strong performance', 'record first-half adjusted free cash flow', and 'pricing remains healthy' to convey confidence, while openly acknowledging 'growing pains in the Mid-Atlantic' and describing them as 'transitory' with a concrete remediation plan.

Q3 2025

Confident Specific

Management repeatedly used phrases like 'strong quarter', 'quarterly records', 'reinforces our improved outlook', and 'confidence in achieving guidance'. They gave specific numbers (revenue $485M, adjusted EBITDA $120M, 4.6% solid waste pricing) and laid out concrete 2026 targets (4-5% organic growth, 25-50bps margin expansion). The tone was optimistic and forward-looking, with no hedging or defensiveness.

Q4 2025

Confident Specific

The call uses precise numbers (18% revenue growth, 17% Adj EBITDA, 14% Adj FCF, 55bps margin expansion) and details on Mid-Atlantic integration, Hakes/Highland permits, and McKean rail project. The new CEO expresses enthusiasm but grounds it in concrete operational milestones.

Q1 2026 latest

Confident Specific

Management used emphatic positive language ('very pleased', 'strong start', 'exceeded our budget', 'momentum broad-based'), provided concrete metrics (revenue up 9.6%, EBITDA up 12.3%, pricing up 5.1%), and articulated clear strategic initiatives with quantified targets (e.g., $15M G&A savings, $5M Mid-Atlantic synergies).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management not only beat budget and raised full-year guidance but also demonstrated margin expansion despite acquisition dilution and tough weather. The robust acquisition pipeline, especially the Star Waste deal, adds scale and density in core markets. The cost synergy program in both the Mid-Atlantic and G&A is quantified and on track, providing a clear line of sight to above-trend margin expansion through 2028. Key areas to watch next quarter: (1) pace of Mid-Atlantic operational synergies post-system migration, (2) trajectory of landfill pricing (4.3% in Q1 vs. 5% guidance), (3) any incremental impact from fuel cost trends on margins, and (4) further M&A announcements given strong pipeline and moderate leverage.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Casella Waste Systems: Q1 revenue $457.3M, up 9.6% YoY; Adj. EBITDA $97.1M.

Revenue & Profitability

Q1 2026 revenues were $457.3 million, up 9.6% year-over-year. Adjusted EBITDA was $97.1 million, up 12.3%. Adjusted net income was $12.8 million ($0.20 per diluted share). Net cash from operations was $62.3 million, up 24%, and adjusted free cash flow was $30.7 million, up 5%. Guidance was raised to $2.06-$2.08 billion revenue, $473-$483 million adjusted EBITDA, and $200-$210 million adjusted free cash flow.

Outlook

Management sees broad-based momentum and expects a strong year. Demand is supported by supply-demand imbalance in Northeast waste disposal, with landfill capacity closing and rail options limited. Pricing discipline remains a core driver. The company is confident in mid-single-digit landfill pricing longer term and expects above-trend margin improvement over next two to three years from synergy realization.

Growth Drivers

Key growth levers include acquisitions (four in 2026, adding ~$150M annualized revenue, notably Star Waste), strong pricing (solid waste up 5.1%, collection up 5.3%), national accounts (volume up 11.2%, price up 4.4%), landfill permit expansions (Hakes and Highland in New York), and operational synergies in the Mid-Atlantic region expected to cut $5M in costs in 2026 and $10M over two years.

Balance Sheet & CapEx

Capital expenditures were $50 million in Q1, down $5.5 million year-over-year, including $9.2 million for upfront acquisition investments. The company is investing in Lytx in-cab AI technology across its fleet in 2026, a new payment portal, a customer app, and e-commerce capabilities. A new rail transfer station at the McKean Landfill was completed, enabling acceptance of gondolas and intermodal containers.

Margins

Q1 adjusted EBITDA margin was 21.2%, up 50 basis points year-over-year, with base business margin expanding 65 basis points. Acquisitions diluted margins by 15 basis points initially. Guidance assumes approximately 20% EBITDA margins. Management expects recurring 50 basis points margin expansion over time, with above-trend improvement over the next two to three years driven by Mid-Atlantic synergies and G&A savings.

Key Risks

Key risks include fuel cost volatility (fully mitigated in Q1 via floating fees), weather impacts (negative collection volumes in a cold winter), acquisition integration (initial margin dilution), permitting delays for landfill expansions, and economic cyclicality (roll-off volumes down ~3%, but attributed to weather). The closure of the Brookhaven ash landfill on Long Island over the next two years was noted as a factor that could affect disposal capacity.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-07

Q2 2026 saw 16.9% revenue growth, strong pricing, and higher landfill volumes, with adjusted EBITDA up 12.5%. Integration and efficiency initiatives are progressing, and guidance was raised on revenue but lowered for GAAP net income due to amortization and tax.

Q1 2026 Q1 2026 2026-05-01

Q1 2026 saw 9.6% revenue growth and 12.3% adjusted EBITDA growth, driven by pricing, acquisitions, and operational execution. Guidance for 2026 was raised, with strong margin expansion expected from synergies and G&A savings.

Q4 2025 Q4 2025 2026-02-20

Delivered double-digit growth in revenue, Adjusted EBITDA, and free cash flow for 2025, driven by organic growth, acquisitions, and operational improvements. 2026 guidance calls for continued growth, with margin expansion from integration and pricing, despite regulatory and weather headwinds.

Q3 2025 Q3 2025 2025-10-31

Q3 2025 saw record revenue and EBITDA, driven by strong pricing, landfill volumes, and acquisitions. Guidance for 2025 and 2026 was raised, with margin expansion and cash flow growth expected. Mid-Atlantic integration and landfill expansions are progressing, supporting long-term growth.

Q2 2025 Q2 2025 2025-08-01

Q2 saw strong revenue and EBITDA growth, driven by acquisitions and solid waste pricing. Integration delays in the Mid-Atlantic impacted margins, but guidance was raised on revenue and reaffirmed for EBITDA and cash flow. Robust M&A and capital position support future growth.

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