Clean Harbors (CLH)
Market Price (4/23/2026): $304.35 | Market Cap: $16.1 BilSector: Industrials | Industry: Environmental & Facilities Services
Clean Harbors (CLH)
Market Price (4/23/2026): $304.35Market Cap: $16.1 BilSector: IndustrialsIndustry: Environmental & Facilities Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Circular Economy & Recycling, and Sustainable Resource Management. Themes include Waste Management Solutions, Show more. | Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% | Key risksCLH key risks include [1] increased compliance costs and operational adjustments from evolving environmental regulations on hazardous substances and [2] margin compression within its Safety-Kleen Sustainability Solutions segment due to global oil price volatility. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Circular Economy & Recycling, and Sustainable Resource Management. Themes include Waste Management Solutions, Show more. |
| Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% |
| Key risksCLH key risks include [1] increased compliance costs and operational adjustments from evolving environmental regulations on hazardous substances and [2] margin compression within its Safety-Kleen Sustainability Solutions segment due to global oil price volatility. |
Qualitative Assessment
AI Analysis | Feedback
Clean Harbors (CLH) stock has gained about 30% since 12/31/2025 because of the following key factors:
1. Strong Q4 2025 Financial Performance Exceeded Expectations.
Clean Harbors reported robust financial results for the fourth quarter of 2025, surpassing analyst estimates. The company announced earnings per share (EPS) of $1.62, exceeding the consensus estimate of $1.59 by $0.03. Additionally, quarterly revenue grew 4.8% year-over-year to $1.50 billion, outperforming the consensus estimate of $1.46 billion. This strong performance, particularly driven by its Environmental Services segment, significantly boosted investor confidence.
2. Upgraded Analyst Ratings and Increased Price Targets.
Analyst sentiment for Clean Harbors turned increasingly positive during the period, contributing to the stock's upward momentum. The company received a "Moderate Buy" consensus rating from analysts, with the average price target being revised upward by 18.43% in the past three months to $304.05. Notably, Citigroup upgraded Clean Harbors from a "neutral" to a "buy" rating, setting an ambitious new price target of $346.00, reflecting strong growth expectations.
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1. Strong Q4 2025 Financial Performance Exceeded Expectations.
Clean Harbors reported robust financial results for the fourth quarter of 2025, surpassing analyst estimates. The company announced earnings per share (EPS) of $1.62, exceeding the consensus estimate of $1.59 by $0.03. Additionally, quarterly revenue grew 4.8% year-over-year to $1.50 billion, outperforming the consensus estimate of $1.46 billion. This strong performance, particularly driven by its Environmental Services segment, significantly boosted investor confidence.
2. Upgraded Analyst Ratings and Increased Price Targets.
Analyst sentiment for Clean Harbors turned increasingly positive during the period, contributing to the stock's upward momentum. The company received a "Moderate Buy" consensus rating from analysts, with the average price target being revised upward by 18.43% in the past three months to $304.05. Notably, Citigroup upgraded Clean Harbors from a "neutral" to a "buy" rating, setting an ambitious new price target of $346.00, reflecting strong growth expectations.
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Stock Movement Drivers
Fundamental Drivers
The 29.8% change in CLH stock from 12/31/2025 to 4/22/2026 was primarily driven by a 27.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 234.48 | 304.40 | 29.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,962 | 6,031 | 1.2% |
| Net Income Margin (%) | 6.5% | 6.5% | -0.5% |
| P/E Multiple | 32.3 | 41.3 | 27.8% |
| Shares Outstanding (Mil) | 54 | 53 | 0.9% |
| Cumulative Contribution | 29.8% |
Market Drivers
12/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CLH | 29.8% | |
| Market (SPY) | -5.4% | 57.3% |
| Sector (XLI) | 10.3% | 59.4% |
Fundamental Drivers
The 31.1% change in CLH stock from 9/30/2025 to 4/22/2026 was primarily driven by a 27.7% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 232.22 | 304.40 | 31.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,942 | 6,031 | 1.5% |
| Net Income Margin (%) | 6.5% | 6.5% | 0.1% |
| P/E Multiple | 32.3 | 41.3 | 27.7% |
| Shares Outstanding (Mil) | 54 | 53 | 1.0% |
| Cumulative Contribution | 31.1% |
Market Drivers
9/30/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CLH | 31.1% | |
| Market (SPY) | -2.9% | 34.7% |
| Sector (XLI) | 11.3% | 43.3% |
Fundamental Drivers
The 54.4% change in CLH stock from 3/31/2025 to 4/22/2026 was primarily driven by a 56.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 197.10 | 304.40 | 54.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,890 | 6,031 | 2.4% |
| Net Income Margin (%) | 6.8% | 6.5% | -5.1% |
| P/E Multiple | 26.4 | 41.3 | 56.7% |
| Shares Outstanding (Mil) | 54 | 53 | 1.4% |
| Cumulative Contribution | 54.4% |
Market Drivers
3/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CLH | 54.4% | |
| Market (SPY) | 16.3% | 52.7% |
| Sector (XLI) | 31.9% | 58.1% |
Fundamental Drivers
The 113.5% change in CLH stock from 3/31/2023 to 4/22/2026 was primarily driven by a 120.7% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.56 | 304.40 | 113.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,167 | 6,031 | 16.7% |
| Net Income Margin (%) | 8.0% | 6.5% | -18.7% |
| P/E Multiple | 18.7 | 41.3 | 120.7% |
| Shares Outstanding (Mil) | 54 | 53 | 1.9% |
| Cumulative Contribution | 113.5% |
Market Drivers
3/31/2023 to 4/22/2026| Return | Correlation | |
|---|---|---|
| CLH | 113.5% | |
| Market (SPY) | 63.3% | 49.5% |
| Sector (XLI) | 76.3% | 57.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLH Return | 31% | 14% | 53% | 32% | 2% | 30% | 301% |
| Peers Return | 32% | -16% | 40% | 25% | 6% | -4% | 98% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 88% |
Monthly Win Rates [3] | |||||||
| CLH Win Rate | 75% | 42% | 75% | 58% | 67% | 75% | |
| Peers Win Rate | 62% | 38% | 53% | 60% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLH Max Drawdown | -2% | -17% | -3% | -7% | -21% | 0% | |
| Peers Max Drawdown | -6% | -26% | -4% | -4% | -10% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RSG, WM, WCN, GFL, PESI. See CLH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)
How Low Can It Go
| Event | CLH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -29.3% | -25.4% |
| % Gain to Breakeven | 41.4% | 34.1% |
| Time to Breakeven | 57 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.5% | -33.9% |
| % Gain to Breakeven | 181.8% | 51.3% |
| Time to Breakeven | 343 days | 148 days |
| 2018 Correction | ||
| % Loss | -35.0% | -19.8% |
| % Gain to Breakeven | 53.8% | 24.7% |
| Time to Breakeven | 92 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -50.4% | -56.8% |
| % Gain to Breakeven | 101.6% | 131.3% |
| Time to Breakeven | 644 days | 1,480 days |
Compare to RSG, WM, WCN, GFL, PESI
In The Past
Clean Harbors's stock fell -29.3% during the 2022 Inflation Shock from a high on 11/2/2021. A -29.3% loss requires a 41.4% gain to breakeven.
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About Clean Harbors (CLH)
Clean Harbors, Inc. provides environmental and industrial services in North America. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste. This segment also provides industrial maintenance and specialty industrial services, and utilizes specialty equipment and resources that performs field services. The Safety-Kleen Sustainability Solutions segment offers specially designed parts washers; automotive and industrial cleaning products, such as antifreeze, windshield washer fluid, degreasers, glass and floor cleaners, hand cleaners, absorbents, mats, and spill kits; pickup and transportation services for hazardous and non-hazardous containerized waste for recycling or disposal; and vacuum services to remove solids, residual oily water and sludge, and other fluids from customers oil/water separators, sumps, and collection tanks, as well as remove and collect waste fluids found at metal fabricators, auto maintenance providers, and general manufacturers. This segment also manufactures, formulates, packages, distributes, and markets lubricants; and provides containerized waste, vacuum services, used motor oil collection, and contract blending and packaging services. Clean Harbors, Inc. was incorporated in 1980 and is headquartered in Norwell, Massachusetts.
AI Analysis | Feedback
Here are a few brief analogies for Clean Harbors (CLH):Clean Harbors is like:
- Waste Management (WM) for industrial and hazardous waste.
- Stericycle (SRCL) for industrial and chemical waste.
AI Analysis | Feedback
Clean Harbors (CLH) provides a comprehensive range of environmental and industrial services and products:
- Hazardous & Non-Hazardous Waste Management: Services for the collection, transport, treatment, and disposal of various wastes, including incineration, landfill, and wastewater treatment.
- CleanPack Services: Specialized management of laboratory chemicals and household hazardous waste, covering identification, packaging, transportation, and disposal.
- Industrial Maintenance & Field Services: Provides industrial cleaning, maintenance, and emergency response services utilizing specialty equipment and skilled personnel.
- Parts Washers & Cleaning Products: Offers specially designed parts washers along with a variety of automotive and industrial cleaning chemicals and supplies.
- Containerized Waste & Vacuum Services: Provides pickup, transportation, and vacuum removal services for containerized wastes, used motor oil, and various industrial fluids.
- Lubricant Manufacturing & Distribution: Involves the formulation, manufacturing, packaging, and distribution of lubricants for automotive and industrial applications.
- Contract Blending & Packaging: Services that provide custom blending and packaging solutions for various materials according to client specifications.
AI Analysis | Feedback
Clean Harbors (CLH) primarily sells its services and products to other companies, rather than individuals.
Based on the provided company description, Clean Harbors serves a broad range of industrial and commercial customers who require environmental and industrial services, hazardous waste management, and industrial cleaning solutions. While specific major customer company names are not disclosed in the description, the types of companies that utilize Clean Harbors' services include:
- Metal fabricators
- Auto maintenance providers
- General manufacturers
- Other industrial and commercial entities requiring hazardous and non-hazardous waste disposal, resource recovery, industrial maintenance, and field services.
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Michael L. Battles, Co-Chief Executive Officer and Co-President
- Mr. Battles was appointed Co-Chief Executive Officer and Co-President of Clean Harbors in March 2023.
- He joined Clean Harbors in September 2013 as Chief Accounting Officer, becoming Chief Financial Officer in 2016.
- Prior to Clean Harbors, he had a long career in public accounting at Deloitte & Touche LLP (1990-2001) and held various senior financial positions at PerkinElmer Inc. (2001-2013), including Chief Accounting Officer and acting Chief Financial Officer of its Human Health business.
- Mr. Battles serves on the Board of Directors of Casella Waste Systems Inc.
- He holds a Bachelor of Science degree in Business Administration with a concentration in Accounting from the University of Vermont and is a Certified Public Accountant.
Eric W. Gerstenberg, Co-Chief Executive Officer and Co-President
- Mr. Gerstenberg was named Co-Chief Executive Officer and Co-President of Clean Harbors in March 2023.
- He joined the company in 1989 as a frontline worker and has since held various positions of increasing responsibility, including Chief Operating Officer from 2015 to 2023.
- He completed the Advanced Management Program (AMP) at Harvard Business School and holds a Bachelor of Science degree in Engineering from Syracuse University.
Eric J. Dugas, Executive Vice President and Chief Financial Officer
- Mr. Dugas was appointed Executive Vice President and Chief Financial Officer of Clean Harbors in March 2023, succeeding Michael Battles.
- He joined Clean Harbors in March 2014 as the Director of External Reporting and Technical Accounting and previously served as Senior Vice President, Finance and Chief Accounting Officer.
- Prior to joining Clean Harbors, he spent 13 years with Deloitte & Touche LLP in various management roles.
- He holds a Bachelor of Science in Accounting from Boston College and is a Certified Public Accountant.
- Mr. Dugas also completed the Advanced Management Program at Harvard Business School in 2019.
Alan S. McKim, Founder, Executive Chairman, and Chief Technology Officer
- Mr. McKim founded Clean Harbors in 1980 at the age of 24, starting it as a four-person tank-cleaning business.
- He served as Chairman of the Board of Directors and Chief Executive Officer since the company's inception until March 2023.
- As part of a planned transition, he became Executive Chairman and Chief Technology Officer in March 2023.
- Before founding Clean Harbors, he worked for a small oil cleanup company.
- Clean Harbors went public in 1987.
- Mr. McKim holds an MBA from Northeastern University's D'Amore - McKim School of Business and an honorary doctorate from the Massachusetts Maritime Academy.
Brian P. Weber, Executive Vice President and President, Safety-Kleen Sustainability Solutions
- Mr. Weber was appointed Executive Vice President and President of Safety-Kleen Sustainability Solutions in March 2023.
- He joined Clean Harbors in 1990 and previously served as the Executive Vice President, Corporate Planning and Development from 2010 to 2023.
- During his tenure, he has held various senior management positions, including Senior Vice President of Transportation, Vice President of CleanPack Services, and Vice President, Technical Services.
- Mr. Weber received a Bachelor of Science degree in Business Management from Westfield State College.
AI Analysis | Feedback
The key risks to Clean Harbors (CLH) business are primarily centered around stringent environmental regulations, economic cyclicality impacting industrial activity, and the inherent volatility within its Safety-Kleen Sustainability Solutions segment.
- Regulatory Risks and Environmental Liabilities: Clean Harbors operates within a highly regulated industry, meaning that increasingly strict environmental laws and regulations pose a significant risk. These regulations, particularly concerning substances such as Per- and Polyfluorofluoroalkyl Substances (PFAS), can lead to higher compliance costs for its operations and facilities, as well as potential environmental liabilities and operational challenges. For example, the company's Safety-Kleen division has faced settlements with the U.S. Environmental Protection Agency (EPA) over environmental compliance issues, highlighting the ongoing risk of non-compliance and associated penalties.
- Economic Cyclicality and Industrial Activity: The demand for Clean Harbors' environmental and industrial services, particularly within its Environmental Services segment, is closely tied to the level of industrial activity. Economic downturns or slowdowns in sectors like chemical, refining, or manufacturing can lead to reduced waste volumes and lower demand for the company's high-margin project work, consequently pressuring revenue and unit margins.
- Volatility in the Safety-Kleen Sustainability Solutions Segment: The profitability and revenue of the Safety-Kleen Sustainability Solutions (SKSS) segment are highly sensitive to global oil prices and the demand for lubricants. Fluctuations in base oil prices and the overall market for re-refined products can lead to significant margin pressure and has contributed to declining revenues and profits in this segment in recent years.
AI Analysis | Feedback
The increasing adoption of electric vehicles (EVs) poses an emerging threat to Clean Harbors' Safety-Kleen Sustainability Solutions segment, specifically impacting its used motor oil collection services. As the automotive industry shifts away from internal combustion engine (ICE) vehicles, the demand for traditional motor oil changes will significantly decline, thereby reducing the volume of used motor oil available for collection and processing.
AI Analysis | Feedback
Clean Harbors (symbol: CLH) operates within several significant addressable markets across North America for its environmental and industrial services.
Environmental Services Segment
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Industrial Waste Management (Hazardous and Non-Hazardous): The addressable market for industrial waste management in North America is estimated to be approximately USD 30.33 billion in 2024 and is projected to grow to USD 41.35 billion by 2029. Another estimate places the North American industrial waste management market at USD 32.26 billion in 2025, with a projection to reach USD 43.88 billion by 2030. Furthermore, the broader North American industrial waste management market is projected to reach USD 50.6 billion by 2033. For hazardous waste specifically, North America holds a substantial share of the global market. In 2025, the global hazardous waste management market was valued at USD 18.94 billion, with North America accounting for 34% of this share. The global market is projected to reach USD 31.68 billion by 2034.
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Industrial Maintenance and Specialty Industrial Services (Industrial Cleaning Services): The North America cleaning services market, which encompasses industrial cleaning, generated a revenue of approximately USD 121.88 billion in 2022. This market is expected to reach USD 185.83 billion by 2030. North America dominated the global cleaning services market in 2025, holding a 31.85% revenue share, with the global market estimated at USD 442.09 billion in 2025.
Safety-Kleen Sustainability Solutions Segment
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Lubricants (Manufacturing, Formulation, Packaging, Distribution, and Marketing): The North America Fluids and Lubricants market was valued at approximately USD 66.33 billion in 2024, representing over 40% of the global revenue. The U.S. alone is expected to see its lubricants market reach USD 37.26 billion in 2026. Other estimates for the North America lubricants market in 2025 are USD 26.7 billion and USD 8.96 billion.
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Used Motor Oil Collection: The North America waste oil market is estimated to be approximately USD 13.38 billion in 2025, accounting for 38.7% of the global waste oil market, which was estimated at USD 34.55 billion in the same year. For a broader region, the North America and Latin America waste oil market was valued at USD 4.9 billion in 2022 and is projected to reach USD 7.6 billion by 2032. In Canada, 253.3 million liters of used oil were collected in 2023.
AI Analysis | Feedback
Clean Harbors (CLH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:- Continued Expansion of the Environmental Services Segment: The company anticipates ongoing strong performance in its core Environmental Services segment, specifically citing growth in Technical Services, driven by robust demand for disposal and recycling services, and Field Services, which includes industrial maintenance and emergency response activities. This segment has consistently contributed to the company's overall revenue growth.
- Growing Demand for PFAS Remediation Services: Clean Harbors has identified the remediation of Per- and Polyfluoroalkyl Substances (PFAS) as a significant growth area, with a projected 20% growth rate factored into its 2026 guidance. Increased regulatory focus and legislative action surrounding "forever chemicals" are expected to fuel substantial demand in this specialized service offering.
- Strategic Acquisitions and Fleet Expansion: Recent corporate actions, such as the agreement to acquire environmental businesses from Depot Connect International for approximately $130 million (expected to add $40 million in annual revenue), and a $50 million strategic investment in fleet expansion, are poised to directly contribute to revenue growth by increasing capacity and expanding service offerings.
- High Utilization of Disposal Network and Remediation Project Pipeline: The company anticipates sustained high demand for its extensive network of disposal and recycling facilities, including its incinerators, which have demonstrated pricing power. Furthermore, a growing pipeline of large-scale remediation and project work, including potential opportunities arising from "reshoring" trends, is expected to be a significant driver of revenue.
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Share Repurchases
- Clean Harbors repurchased $250 million of its shares in 2025.
- In February 2026, the board approved a $350 million expansion of the share repurchase authorization, bringing the total remaining capacity to $600 million.
- In December 2023, the Board of Directors authorized a $500 million expansion of the existing share repurchase program, with approximately $54 million remaining from the prior authorization as of December 1, 2023.
Share Issuance
- Shares under the Employee Stock Purchase Plan (ESPP), which began in 2024, are included in the weighted-average shares outstanding upon their issuance at year-end.
Outbound Investments
- Clean Harbors entered into a definitive agreement to acquire the Industrial Services and Rail Services business from Depot Connect International (DCI) for approximately $130 million, with the transaction expected to close in the first half of 2026.
- In February 2024, Clean Harbors completed the acquisition of HEPACO, an environmental services provider, for $400 million in cash.
- Clean Harbors acquired HydroChemPSC for $1.25 billion in August 2021.
Capital Expenditures
- Capital expenditures increased from $196.26 million in Q4 2020 to $424.92 million in Q4 2025.
- The company announced a $50 million strategic investment in fleet expansion, specifically vacuum trucks, over the next two years to support growth.
- Clean Harbors plans a $210 million to $220 million investment in a new facility with solvent de-asphalting (SDA) technology to convert re-refining byproduct into base oil, with commercial launch anticipated in 2028.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Clean Harbors Earnings Notes | 12/28/2026 | |
| Clean Harbors vs GEO: Which Stock Could Rally? | 12/16/2025 | |
| Clean Harbors Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 | |
| Clean Harbors vs United Rentals: Which Is A Better Investment? | 08/18/2025 | |
| How Does Clean Harbors Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than CLH Stock: Pay Less Than Clean Harbors To Get More From UNH, MU | 08/12/2025 | |
| Better Bet Than CLH Stock: Pay Less Than Clean Harbors To Get More From ALLE, BAH | 08/12/2025 | |
| CLH Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 04/21/2026 |
Trade Ideas
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 180.90 |
| Mkt Cap | 28.1 |
| Rev LTM | 8,041 |
| Op Inc LTM | 1,247 |
| FCF LTM | 829 |
| FCF 3Y Avg | 778 |
| CFO LTM | 1,865 |
| CFO 3Y Avg | 1,768 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 9.7% |
| Op Inc Chg 3Y Avg | 10.9% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 14.9% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 21.9% |
| CFO/Rev 3Y Avg | 21.6% |
| FCF/Rev LTM | 9.2% |
| FCF/Rev 3Y Avg | 8.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 28.1 |
| P/S | 3.7 |
| P/Op Inc | 20.8 |
| P/EBIT | 20.4 |
| P/E | 31.5 |
| P/CFO | 14.9 |
| Total Yield | 4.0% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.9% |
| 3M Rtn | -4.9% |
| 6M Rtn | -8.2% |
| 12M Rtn | -7.8% |
| 3Y Rtn | 47.7% |
| 1M Excs Rtn | -10.3% |
| 3M Excs Rtn | -8.7% |
| 6M Excs Rtn | -12.0% |
| 12M Excs Rtn | -44.9% |
| 3Y Excs Rtn | -26.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Environmental Services | 5,005 | 4,511 | 4,172 | 3,032 | 2,638 |
| Safety-Kleen Sustainability Solutions | 885 | 897 | 994 | 773 | 506 |
| Corporate | 0 | 0 | 1 | 0 | 0 |
| Total | 5,890 | 5,409 | 5,167 | 3,806 | 3,144 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Environmental Services | 1,267 | 1,102 | 953 | 660 | 666 |
| Safety-Kleen Sustainability Solutions | 147 | 173 | 306 | 227 | 83 |
| Third-party transaction related costs | 0 | ||||
| Kimball startup costs | -4 | 0 | |||
| Accretion of environmental liabilities | -13 | -14 | -13 | -12 | -11 |
| Stock-based compensation | -28 | -21 | -27 | -19 | -19 |
| Corporate Costs | -298 | -262 | |||
| Depreciation and amortization | -401 | -366 | -348 | -298 | -293 |
| Corporate | -237 | -210 | -175 | ||
| Total | 670 | 612 | 635 | 348 | 251 |
Price Behavior
Price Behavior
| Market Price | $304.40 | |
| Market Cap ($ Bil) | 16.2 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -0.1% | |
| 50 Days | 200 Days | |
| DMA Price | $289.25 | $250.01 |
| DMA Trend | up | up |
| Distance from DMA | 5.2% | 21.8% |
| 3M | 1YR | |
| Volatility | 22.8% | 24.5% |
| Downside Capture | -0.01 | 0.22 |
| Upside Capture | 125.60 | 83.18 |
| Correlation (SPY) | 50.7% | 35.0% |
CLH Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.22 | 1.08 | 1.16 | 0.81 | 0.75 | 0.88 |
| Up Beta | 0.80 | 0.47 | 0.37 | 0.97 | 0.82 | 0.95 |
| Down Beta | 1.51 | 1.97 | 1.58 | 0.86 | 0.69 | 0.73 |
| Up Capture | 139% | 150% | 188% | 105% | 80% | 90% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 28 | 39 | 73 | 140 | 409 |
| Down Capture | 92% | 37% | 54% | 53% | 68% | 95% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 14 | 24 | 53 | 111 | 340 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLH | |
|---|---|---|---|---|
| CLH | 46.4% | 24.5% | 1.51 | - |
| Sector ETF (XLI) | 41.3% | 15.2% | 2.06 | 46.2% |
| Equity (SPY) | 26.7% | 12.5% | 1.77 | 36.6% |
| Gold (GLD) | 38.9% | 27.4% | 1.19 | 6.9% |
| Commodities (DBC) | 23.5% | 16.2% | 1.32 | 0.7% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 40.6% |
| Bitcoin (BTCUSD) | -12.8% | 42.6% | -0.21 | 20.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLH | |
|---|---|---|---|---|
| CLH | 27.7% | 28.4% | 0.88 | - |
| Sector ETF (XLI) | 12.8% | 17.3% | 0.58 | 60.0% |
| Equity (SPY) | 10.5% | 17.1% | 0.48 | 54.4% |
| Gold (GLD) | 21.5% | 17.8% | 0.99 | 10.8% |
| Commodities (DBC) | 10.7% | 18.8% | 0.47 | 16.6% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 46.6% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 22.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLH | |
|---|---|---|---|---|
| CLH | 19.8% | 34.6% | 0.62 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 62.8% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 57.1% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 4.8% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 26.6% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 53.2% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | 2.7% | 5.8% | 8.1% |
| 10/29/2025 | -11.5% | -15.2% | -7.8% |
| 7/30/2025 | -3.1% | 1.5% | 3.1% |
| 4/30/2025 | -0.1% | 3.7% | 5.4% |
| 2/19/2025 | -3.0% | -5.5% | -13.2% |
| 10/30/2024 | -10.7% | -8.4% | -2.2% |
| 7/31/2024 | 6.4% | 2.5% | 7.6% |
| 5/1/2024 | 6.8% | 12.7% | 13.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 10 | 8 | 7 |
| Median Positive | 2.9% | 3.7% | 6.5% |
| Median Negative | -3.6% | -6.9% | -6.9% |
| Max Positive | 10.1% | 32.6% | 33.5% |
| Max Negative | -11.5% | -15.2% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EBITDA Growth (ES Segment) | 4.0% | 5.5% | 7.0% | Higher New | |||
| Q1 2026 Adjusted EBITDA Growth (Consolidated) | 1.0% | 2.0% | 3.0% | Higher New | |||
| 2026 Adjusted EBITDA | 1.20 Bil | 1.23 Bil | 1.26 Bil | 5.6% | Raised | Guidance: 1.17 Bil for 2025 | |
| 2026 Net Income | 410.00 Mil | 435.50 Mil | 461.00 Mil | 11.8% | Raised | Guidance: 389.50 Mil for 2025 | |
| 2026 Adjusted Free Cash Flow | 480.00 Mil | 510.00 Mil | 540.00 Mil | 7.4% | Raised | Guidance: 475.00 Mil for 2025 | |
Prior: Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted EBITDA Growth | 6.0% | 7.0% | 8.0% | ||||
| 2025 Adjusted EBITDA | 1.16 Bil | 1.17 Bil | 1.18 Bil | -1.3% | Lowered | Guidance: 1.18 Bil for 2025 | |
| 2025 Adjusted Free Cash Flow | 455.00 Mil | 475.00 Mil | 495.00 Mil | 3.3% | Raised | Guidance: 460.00 Mil for 2025 | |
| 2025 GAAP Net Income | 379.00 Mil | 389.50 Mil | 400.00 Mil | ||||
| 2025 Net Cash from Operating Activities | 795.00 Mil | 830.00 Mil | 865.00 Mil | ||||
| 2028 SDA Unit Investment | 210.00 Mil | 215.00 Mil | 220.00 Mil | ||||
| 2028 SDA Unit Annual EBITDA | 30.00 Mil | 35.00 Mil | 40.00 Mil | ||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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