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Waste Management
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S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$84.7B
Market Cap
32.7
P/E
2.54
PEG
11.2%
ROCE
29.7%
ROE
2.39
D/E
18.6%
OPM
-14.2%
% from 52W High
39
α RS
🔍 WM is showing a multi-screen setup because it matches 7 of 39 tracked screener presets, it's within 14.2% of its 52-week high, and it's hugging the 21 EMA. The main caution: the Magic Formula preset's Backtest win rate is only 44%. Net: Mixed signal stack, not a recommendation. ? Conviction 52W High Technicals Backtest
Sources
Conviction 7/39 · 14.2% from 52W high · hugging 21 EMA · Backtest win rate 44%
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🌏 Global Investor Returns
Currency-adjusted total returns for WM including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

Waste Management, Inc., through its subsidiaries, provides environmental solutions to residential, commercial, industrial, and municipal customers in the United States, Canada, Western Europe, and internationally. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, recovery facility, or disposal site; owns and operates transfer stations; and owns, develops, and operates landfill gas-to-energy facilities that produce renewable electricity and renewable natural gas. It also operates materials processing and commodities recycling services, including cardboard, paper, glass, metals, plastics, construction and demolition materials, and other recycling commodities are recovered for resale or redirected for other purposes; markets and resells recycling commodities; recycling brokerage services, such as managing the marketing of recyclable materials for third parties; and other strategic business solutions. In addition, the company collects recyclable food and yard waste, as well as markets and sells mulch, compost, soil amendments, and renewable energy; offers remediation and construction, and industrial waste services; and manages and markets fly ash. Further, it provides Regulated Waste and Compliance Services (RWCS), which offers compliance programs, as well as collection, processing, and disposal of regulated and specialized waste, including medical, pharmaceutical, and hazardous waste; and Secure Information Destruction (SID) services that include the collection of personal and confidential information for secure destruction and recycling of sorted office paper. The company was formerly known as USA Waste Services, Inc. and changed its name to Waste Management, Inc. in 1998. Waste Management, Inc. was founded in 1968 and is based in Houston, Texas.

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📈 Growth Pattern
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⭐ Superinvestors Holding WM
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 26.7K $6.1M 0.01% Mar 2026

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

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$6.7B
+4.0% YoY
Operating Income
$1.29B
+6.2% YoY
Operating Margin
30.9%
+0.4pp YoY
Net Income
$0.81B
+4.6% YoY
What Went Right
  • Adjusted operating EBITDA grew 5.5% (9.1% ex-wildfire cleanup) and FCF rose 35% in Q2
  • Healthcare Solutions EBITDA margin expanded 200bps to 19%, with SG&A down 15%
  • Recycling and renewable energy EBITDA grew ~33%, helped by 12% more recyclables processed
  • SG&A improved 60bps to 9.9% of revenue, back below 10%
What to Watch
  • Collection & Disposal volume declined 0.4% ex-wildfire; full-year C&D volumes now expected to decline ~1% (about 50bps ex-wildfire)
  • Two RNG plants built but unable to push gas into pipelines due to third-party interconnect delays
  • Residential volume losses improved but were still -2.9% in Q2; commercial national account losses pressured volumes
  • Higher fuel/energy surcharges created a 40bps margin headwind in Q2
Management Guidance
  • Full-year 2026 revenue guidance narrowed to $26.275B-$26.475B (down ~1.5% from prior outlook)
  • Full-year operating EBITDA and free cash flow guidance maintained
  • Full-year 2026 margin expectations raised 20bps to 31.0%-31.2%
  • C&D volumes expected to be relatively flat in H2, with full-year C&D volume decline approaching ~1%
  • Healthcare core price expected to exit 2026 above 5.5%
Investor Lens
The thesis is stronger after this quarter. Despite softer volumes and wildfire/fuel headwinds, WM grew adjusted EBITDA 5.5%, expanded margins, and delivered 35% free cash flow growth. Raising full-year margin guidance while maintaining EBITDA and FCF guidance shows management confidence in the integrated cost and pricing model. With leverage back to 2.96x, expect higher tuck-in M&A activity, supporting long-term compounding.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 EBITDA grows 5.5%; margin expands 40bps despite 60bps wildfire headwind
Revenue
Q2 revenue was $6.684B, up 4.0% YoY, driven by core price of 5.7%, C&D yield of 3.6%, and higher energy surcharges. Recycling volumes rose 12% and renewable energy production added growth, though C&D volumes declined 1.8% (down 0.4% ex-wildfire).
Profitability
Adjusted net income was $813M, up 4.6% YoY, with adjusted diluted EPS of $2.02 versus $1.92. Adjusted operating income rose 6.2% to $1.29B, reflecting strong price-to-cost spread and productivity gains.
Margins
Adjusted operating EBITDA margin expanded 40bps to 30.9%, overcoming 60bps from prior-year wildfire volumes and 40bps from higher energy surcharges. Operating expenses were 59.2% of revenue and adjusted SG&A improved 60bps to 9.9% of revenue.
Balance Sheet
Free cash flow grew 35% in Q2 to $1.10B, driving first-half FCF to $2.02B, up 56%. Operating cash flow in H1 rose 17% to $3.23B; leverage finished Q2 at 2.96x, within the 2.5x-3.0x target, and is expected to decline in H2.
Key Risks
Management flagged softer-than-anticipated volumes, particularly in commercial/national accounts and residential, with full-year C&D volumes now expected to decline ~1%. RNG production timing was impacted by third-party pipeline interconnects, and lower recycling brokerage activity added a modest top-line headwind.
Outlook
Management narrowed full-year revenue to $26.275B-$26.475B but maintained operating EBITDA and free cash flow guidance. Full-year margin guidance was raised to 31.0%-31.2%, with C&D volumes expected to be relatively flat in the second half.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Q2 2026 saw strong earnings, margin expansion, and robust free cash flow, with operating EBITDA up 5.5% (9.1% excluding wildfire impacts) and margin up 40 bps. Healthcare Solutions and recycling drove significant growth, while disciplined cost management and capital allocation supported shareholder returns.
Q1 2026 Q1 2026 2026-04-29
Q1 2026 delivered strong EBITDA and cash flow growth, with margin expansion across core and sustainability segments despite weather-related volume headwinds. Free cash flow nearly doubled, supporting robust shareholder returns, and the company remains on track to meet full-year guidance.
Q4 2025 Q4 2025 2026-01-29
Record 2025 results featured margin expansion, strong cash flow, and successful Healthcare Solutions integration. 2026 guidance calls for continued EBITDA and free cash flow growth, increased shareholder returns, and further gains from sustainability and technology investments.
Q3 2025 Q3 2025 2025-10-28
Record Q3 results featured 15%+ EBITDA growth and 33% higher free cash flow, driven by strong collection, disposal, and sustainability businesses. Healthcare solutions integration is ahead of plan, with synergy capture and cross-selling offsetting moderated revenue growth. Margin guidance was raised, and 2026 free cash flow is projected near $3.8 billion.
Q2 2025 Q2 2025 2025-07-29
Q2 saw 19% EBITDA growth, margin expansion, and strong cash flow, driven by robust landfill and sustainability performance. Healthcare Solutions integration is ahead of plan, synergy targets were raised, and 2025 guidance for EBITDA and free cash flow was increased despite revenue headwinds.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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