Clean Harbors (CLH)
Market Price (8/3/2026): $312.9 | Market Cap: $16.5 BilSector: Industrials | Industry: Environmental & Facilities Services
Clean Harbors (CLH)
Market Price (8/3/2026): $312.9Market Cap: $16.5 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 28% 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 -4.1%, Dist 3Y High is -4.1% | 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 28% |
| 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 -4.1%, Dist 3Y High is -4.1% |
| 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
Updated on 8/1/2026
Clean Harbors (CLH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q1 2026 results led to an initial stock decline.
Clean Harbors announced its fiscal Q1 2026 results on May 6, 2026, reporting diluted earnings per share (EPS) of $1.19, which surpassed the analyst consensus of $1.15. However, revenue came in at $1.46 billion, slightly missing the forecast of $1.47 billion. Despite achieving the highest Q1 revenue in the company's history, the stock fell 8.62% to close at $286.65 on May 6, 2026, primarily due to modest revenue growth and broader market concerns.
2. Record fiscal Q2 2026 performance and raised full-year guidance fueled a recovery.
The stock rebounded following the announcement of record fiscal Q2 2026 results on July 29, 2026, which saw EPS of $3.22, significantly beating the consensus estimate of $2.81. Quarterly revenue rose 11.9% year-over-year to $1.74 billion, exceeding analysts' expectations of $1.64 billion. Clean Harbors also raised its full-year 2026 adjusted EBITDA guidance to a midpoint of $1.38 billion (up $110 million from prior guidance) and its adjusted free cash flow guidance to a midpoint of $550 million (up $30 million). This strong operational and financial performance, coupled with an increased outlook, led the stock to trade up, reaching $326.34 on July 29, 2026, near its 52-week high.
Show more
Clean Harbors (CLH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q1 2026 results led to an initial stock decline.
Clean Harbors announced its fiscal Q1 2026 results on May 6, 2026, reporting diluted earnings per share (EPS) of $1.19, which surpassed the analyst consensus of $1.15. However, revenue came in at $1.46 billion, slightly missing the forecast of $1.47 billion. Despite achieving the highest Q1 revenue in the company's history, the stock fell 8.62% to close at $286.65 on May 6, 2026, primarily due to modest revenue growth and broader market concerns.
2. Record fiscal Q2 2026 performance and raised full-year guidance fueled a recovery.
The stock rebounded following the announcement of record fiscal Q2 2026 results on July 29, 2026, which saw EPS of $3.22, significantly beating the consensus estimate of $2.81. Quarterly revenue rose 11.9% year-over-year to $1.74 billion, exceeding analysts' expectations of $1.64 billion. Clean Harbors also raised its full-year 2026 adjusted EBITDA guidance to a midpoint of $1.38 billion (up $110 million from prior guidance) and its adjusted free cash flow guidance to a midpoint of $550 million (up $30 million). This strong operational and financial performance, coupled with an increased outlook, led the stock to trade up, reaching $326.34 on July 29, 2026, near its 52-week high.
Show more
Updated on 8/1/2026
Clean Harbors (CLH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q1 2026 results led to an initial stock decline.
Clean Harbors announced its fiscal Q1 2026 results on May 6, 2026, reporting diluted earnings per share (EPS) of $1.19, which surpassed the analyst consensus of $1.15. However, revenue came in at $1.46 billion, slightly missing the forecast of $1.47 billion. Despite achieving the highest Q1 revenue in the company's history, the stock fell 8.62% to close at $286.65 on May 6, 2026, primarily due to modest revenue growth and broader market concerns.
2. Record fiscal Q2 2026 performance and raised full-year guidance fueled a recovery.
The stock rebounded following the announcement of record fiscal Q2 2026 results on July 29, 2026, which saw EPS of $3.22, significantly beating the consensus estimate of $2.81. Quarterly revenue rose 11.9% year-over-year to $1.74 billion, exceeding analysts' expectations of $1.64 billion. Clean Harbors also raised its full-year 2026 adjusted EBITDA guidance to a midpoint of $1.38 billion (up $110 million from prior guidance) and its adjusted free cash flow guidance to a midpoint of $550 million (up $30 million). This strong operational and financial performance, coupled with an increased outlook, led the stock to trade up, reaching $326.34 on July 29, 2026, near its 52-week high.
3. Strategic growth initiatives provided long-term revenue visibility.
Clean Harbors announced several strategic moves alongside its Q2 2026 results, contributing to investor confidence. These included a definitive agreement to acquire ES&H for $305 million in cash, which is expected to expand its Field Services business in the Gulf region and add approximately $90 million in annual base revenue and $30 million in annual Adjusted EBITDA. Additionally, the company secured a significant 10-year disposal contract with an estimated value of $600 million for incineration waste and complex wastewater services, set to begin in fiscal Q4 2026. The company is also expanding into the data center services market, with plans to invest $50 million over the next three years to achieve $200 million in annual revenue by 2028.
4. Favorable industry dynamics and increased demand for specialized services supported stability.
The company benefited from positive demand trends across its Environmental Services (ES) and Safety-Kleen Sustainability Solutions (SKSS) segments. The U.S. Manufacturing PMI remained above 50, indicating nationwide expansion for the first six months of 2026, which supported greater volumes into Clean Harbors' network. The SKSS segment experienced a sharp uptick in market pricing for its re-refined products, driving revenue growth of over 40% year-over-year in Q2 2026. Furthermore, growth in PFAS-related work and remediation projects accelerated to over 30% year-over-year, partly due to the Department of Defense lifting its moratorium on incineration, further bolstering the company's performance.
Show less
Clean Harbors (CLH) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q1 2026 results led to an initial stock decline.
Clean Harbors announced its fiscal Q1 2026 results on May 6, 2026, reporting diluted earnings per share (EPS) of $1.19, which surpassed the analyst consensus of $1.15. However, revenue came in at $1.46 billion, slightly missing the forecast of $1.47 billion. Despite achieving the highest Q1 revenue in the company's history, the stock fell 8.62% to close at $286.65 on May 6, 2026, primarily due to modest revenue growth and broader market concerns.
2. Record fiscal Q2 2026 performance and raised full-year guidance fueled a recovery.
The stock rebounded following the announcement of record fiscal Q2 2026 results on July 29, 2026, which saw EPS of $3.22, significantly beating the consensus estimate of $2.81. Quarterly revenue rose 11.9% year-over-year to $1.74 billion, exceeding analysts' expectations of $1.64 billion. Clean Harbors also raised its full-year 2026 adjusted EBITDA guidance to a midpoint of $1.38 billion (up $110 million from prior guidance) and its adjusted free cash flow guidance to a midpoint of $550 million (up $30 million). This strong operational and financial performance, coupled with an increased outlook, led the stock to trade up, reaching $326.34 on July 29, 2026, near its 52-week high.
3. Strategic growth initiatives provided long-term revenue visibility.
Clean Harbors announced several strategic moves alongside its Q2 2026 results, contributing to investor confidence. These included a definitive agreement to acquire ES&H for $305 million in cash, which is expected to expand its Field Services business in the Gulf region and add approximately $90 million in annual base revenue and $30 million in annual Adjusted EBITDA. Additionally, the company secured a significant 10-year disposal contract with an estimated value of $600 million for incineration waste and complex wastewater services, set to begin in fiscal Q4 2026. The company is also expanding into the data center services market, with plans to invest $50 million over the next three years to achieve $200 million in annual revenue by 2028.
4. Favorable industry dynamics and increased demand for specialized services supported stability.
The company benefited from positive demand trends across its Environmental Services (ES) and Safety-Kleen Sustainability Solutions (SKSS) segments. The U.S. Manufacturing PMI remained above 50, indicating nationwide expansion for the first six months of 2026, which supported greater volumes into Clean Harbors' network. The SKSS segment experienced a sharp uptick in market pricing for its re-refined products, driving revenue growth of over 40% year-over-year in Q2 2026. Furthermore, growth in PFAS-related work and remediation projects accelerated to over 30% year-over-year, partly due to the Department of Defense lifting its moratorium on incineration, further bolstering the company's performance.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 0.1% change in CLH stock from 4/30/2026 to 8/2/2026 was primarily driven by a 8.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8022026 | Change |
|---|---|---|---|
| Stock Price ($) | 312.68 | 312.88 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,031 | 6,244 | 3.5% |
| Net Income Margin (%) | 6.5% | 7.0% | 8.5% |
| P/E Multiple | 42.4 | 37.6 | -11.3% |
| Shares Outstanding (Mil) | 53 | 53 | 0.5% |
| Cumulative Contribution | 0.1% |
Market Drivers
4/30/2026 to 8/2/2026| Return | Correlation | |
|---|---|---|
| CLH | 0.1% | |
| Market (SPY) | 3.9% | -24.2% |
| Sector (XLI) | 3.0% | -21.7% |
Fundamental Drivers
The 20.4% change in CLH stock from 1/31/2026 to 8/2/2026 was primarily driven by a 8.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8022026 | Change |
|---|---|---|---|
| Stock Price ($) | 259.91 | 312.88 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,962 | 6,244 | 4.7% |
| Net Income Margin (%) | 6.5% | 7.0% | 8.0% |
| P/E Multiple | 35.8 | 37.6 | 5.1% |
| Shares Outstanding (Mil) | 54 | 53 | 1.3% |
| Cumulative Contribution | 20.4% |
Market Drivers
1/31/2026 to 8/2/2026| Return | Correlation | |
|---|---|---|
| CLH | 20.4% | |
| Market (SPY) | 8.3% | 7.8% |
| Sector (XLI) | 9.0% | 12.9% |
Fundamental Drivers
The 32.7% change in CLH stock from 7/31/2025 to 8/2/2026 was primarily driven by a 14.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8022026 | Change |
|---|---|---|---|
| Stock Price ($) | 235.81 | 312.88 | 32.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,942 | 6,244 | 5.1% |
| Net Income Margin (%) | 6.5% | 7.0% | 8.6% |
| P/E Multiple | 32.8 | 37.6 | 14.6% |
| Shares Outstanding (Mil) | 54 | 53 | 1.5% |
| Cumulative Contribution | 32.7% |
Market Drivers
7/31/2025 to 8/2/2026| Return | Correlation | |
|---|---|---|
| CLH | 32.7% | |
| Market (SPY) | 19.2% | 16.6% |
| Sector (XLI) | 19.5% | 23.7% |
Fundamental Drivers
The 88.2% change in CLH stock from 7/31/2023 to 8/2/2026 was primarily driven by a 83.7% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8022026 | Change |
|---|---|---|---|
| Stock Price ($) | 166.26 | 312.88 | 88.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,305 | 6,244 | 17.7% |
| Net Income Margin (%) | 8.3% | 7.0% | -15.0% |
| P/E Multiple | 20.5 | 37.6 | 83.7% |
| Shares Outstanding (Mil) | 54 | 53 | 2.4% |
| Cumulative Contribution | 88.2% |
Market Drivers
7/31/2023 to 8/2/2026| Return | Correlation | |
|---|---|---|
| CLH | 88.2% | |
| Market (SPY) | 68.9% | 44.5% |
| Sector (XLI) | 69.6% | 49.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLH Return | 31% | 14% | 53% | 32% | 2% | 35% | 317% |
| Peers Return | 32% | -16% | 40% | 25% | 6% | 6% | 118% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| CLH Win Rate | 75% | 42% | 75% | 58% | 67% | 71% | |
| Peers Win Rate | 62% | 38% | 53% | 60% | 52% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| CLH Max Drawdown | -21% | -27% | -17% | -13% | -26% | -12% | |
| Peers Max Drawdown | -14% | -28% | -23% | -18% | -23% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 7/31/2026 (YTD)
How Low Can It Go
| Event | CLH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.2% | -18.8% |
| % Gain to Breakeven | 20.7% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.3% | -9.5% |
| % Gain to Breakeven | 15.4% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.9% | -24.5% |
| % Gain to Breakeven | 17.5% | 32.4% |
| Time to Breakeven | 43 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.2% | -33.7% |
| % Gain to Breakeven | 179.7% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.8% | -19.2% |
| % Gain to Breakeven | 51.1% | 23.8% |
| Time to Breakeven | 87 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.8% | -12.2% |
| % Gain to Breakeven | 36.6% | 13.9% |
| Time to Breakeven | 147 days | 62 days |
In The Past
Clean Harbors's stock fell -17.2% during the 2025 US Tariff Shock. Such a loss loss requires a 20.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CLH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -64.2% | -33.7% |
| % Gain to Breakeven | 179.7% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.8% | -19.2% |
| % Gain to Breakeven | 51.1% | 23.8% |
| Time to Breakeven | 87 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.8% | -12.2% |
| % Gain to Breakeven | 36.6% | 13.9% |
| Time to Breakeven | 147 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -35.0% | -6.8% |
| % Gain to Breakeven | 53.9% | 7.3% |
| Time to Breakeven | 478 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.2% | -53.4% |
| % Gain to Breakeven | 31.9% | 114.4% |
| Time to Breakeven | 51 days | 1085 days |
In The Past
Clean Harbors's stock fell -17.2% during the 2025 US Tariff Shock. Such a loss loss requires a 20.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clean Harbors (CLH)
Clean Harbors, Inc. (CLH) is a prominent North American provider of environmental and industrial services, primarily focusing on hazardous and non-hazardous waste management. The company offers a comprehensive suite of services that include the collection, transportation, treatment, and disposal of various waste streams through methods like resource recovery, incineration, landfill, and wastewater treatment. Additionally, they provide specialized industrial maintenance and field services, often involving complex operations and equipment.
Through its Safety-Kleen Sustainability Solutions segment, Clean Harbors also offers recurring industrial cleaning and maintenance products and services. This includes supplying specially designed parts washers and a range of automotive and industrial cleaning products like degreasers and spill kits. They are a significant provider of containerized waste pickup, vacuum services for removing industrial fluids and sludge, and a leading collector of used motor oil for re-refining, effectively closing the loop on valuable resources. They also manufacture and distribute lubricants.
Clean Harbors primarily serves a broad base of industrial, commercial, and governmental customers across North America. These clients span various sectors such as manufacturing, automotive maintenance, chemical processing, and other industries that generate waste or require specialized industrial cleaning and environmental compliance solutions. The company positions itself as a critical partner for businesses seeking sustainable and compliant management of their waste and industrial operations.
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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.
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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.
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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.
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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 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 188.97 |
| Mkt Cap | 29.5 |
| Rev LTM | 8,368 |
| Op Inc LTM | 1,319 |
| FCF LTM | 812 |
| FCF 3Y Avg | 778 |
| CFO LTM | 1,967 |
| CFO 3Y Avg | 1,833 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 10.0% |
| Op Inc Chg 3Y Avg | 10.5% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 15.1% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 22.1% |
| FCF/Rev LTM | 9.6% |
| FCF/Rev 3Y Avg | 8.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 29.5 |
| P/S | 4.1 |
| P/Op Inc | 22.3 |
| P/EBIT | 23.1 |
| P/E | 33.8 |
| P/CFO | 15.7 |
| Total Yield | 1.6% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.3% |
| 3M Rtn | 3.1% |
| 6M Rtn | 1.5% |
| 12M Rtn | -3.7% |
| 3Y Rtn | 46.8% |
| 1M Excs Rtn | 4.5% |
| 3M Excs Rtn | -2.5% |
| 6M Excs Rtn | -6.0% |
| 12M Excs Rtn | -22.2% |
| 3Y Excs Rtn | -20.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Environmental Services | 5,193 | 5,005 | 4,511 | 4,172 | 3,032 |
| Safety-Kleen Sustainability Solutions | 837 | 885 | 897 | 994 | 773 |
| Corporate | 0 | 0 | 0 | 1 | 0 |
| Total | 6,031 | 5,890 | 5,409 | 5,167 | 3,806 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Environmental Services | 1,344 | 1,267 | 1,102 | 953 | 660 |
| Safety-Kleen Sustainability Solutions | 137 | 147 | 173 | 306 | 227 |
| Kimball startup costs | 0 | -4 | 0 | 0 | |
| Third-party transaction related costs | -4 | 0 | 0 | ||
| Accretion of environmental liabilities | -14 | -13 | -14 | -13 | -12 |
| Stock-based compensation | -33 | -28 | -21 | -27 | -19 |
| Corporate Costs | -311 | -298 | -262 | -237 | |
| Depreciation and amortization | -446 | -401 | -366 | -348 | -298 |
| Corporate | -210 | ||||
| Total | 673 | 670 | 612 | 635 | 348 |
| $ Mil | 2024 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|
| Environmental Services | 3,711 | ||||
| Accounts receivable, net of all allowances | 1,015 | ||||
| Safety-Kleen Sustainability Solutions | 797 | ||||
| Cash and cash equivalents | 687 | ||||
| Inventories and supplies | 385 | ||||
| Operating lease right-of-use assets | 251 | ||||
| Unbilled accounts receivable | 162 | ||||
| Corporate | 119 | 539 | 692 | 806 | 657 |
| Short-term marketable securities | 103 | ||||
| Prepaid expenses and other current assets | 82 | ||||
| Other long-term assets | 66 | ||||
| Industrial and Field Services | 369 | 393 | 635 | ||
| Kleen Performance Products | 492 | ||||
| Lodging Services | 181 | 232 | |||
| Oil and Gas Field Services | 244 | 361 | 396 | 370 | |
| SK Environmental Services | 805 | 731 | 774 | ||
| Technical Services | 800 | 756 | 700 | 611 | |
| Oil Re-refining and Recycling | 539 | 643 | |||
| Field services | 50 | ||||
| Industrial services | 469 | ||||
| Safety-Kleen | 1,669 | ||||
| Total | 7,377 | 3,431 | 3,704 | 3,954 | 3,826 |
Price Behavior
Price Behavior
| Market Price | $312.88 | |
| Market Cap ($ Bil) | 16.5 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -4.1% | |
| 50 Days | 200 Days | |
| DMA Price | $293.76 | $270.63 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 6.5% | 15.6% |
| 3M | 1YR | |
| Volatility | 33.1% | 28.4% |
| Downside Capture | -67.04 | 17.89 |
| Upside Capture | -53.64 | 47.31 |
| Correlation (SPY) | -23.5% | 17.1% |
CLH Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.54 | -0.67 | -0.58 | 0.15 | 0.36 | 0.79 |
| Up Beta | -1.25 | -0.54 | -1.03 | 0.03 | 0.35 | 0.87 |
| Down Beta | -3.16 | 0.15 | -0.14 | 0.74 | 0.46 | 0.67 |
| Up Capture | -68% | -59% | -46% | 19% | 37% | 62% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 25 | 33 | 75 | 142 | 412 |
| Down Capture | -156% | -155% | -78% | -26% | 20% | 91% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 18 | 30 | 51 | 110 | 339 |
[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 | 35.7% | 28.3% | 1.07 | - |
| Sector ETF (XLI) | 19.6% | 16.9% | 0.89 | 23.6% |
| Equity (SPY) | 18.8% | 12.9% | 1.07 | 16.3% |
| Gold (GLD) | 23.6% | 28.1% | 0.74 | 3.9% |
| Commodities (DBC) | 30.2% | 19.7% | 1.22 | 3.0% |
| Real Estate (VNQ) | 13.7% | 13.9% | 0.69 | 29.1% |
| Bitcoin (BTCUSD) | -46.8% | 43.0% | -1.34 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLH | |
|---|---|---|---|---|
| CLH | 27.1% | 28.7% | 0.85 | - |
| Sector ETF (XLI) | 13.3% | 17.6% | 0.59 | 54.7% |
| Equity (SPY) | 12.6% | 17.1% | 0.56 | 50.5% |
| Gold (GLD) | 17.1% | 18.5% | 0.75 | 8.1% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 14.9% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 45.2% |
| Bitcoin (BTCUSD) | 13.4% | 53.3% | 0.43 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLH | |
|---|---|---|---|---|
| CLH | 19.2% | 34.8% | 0.60 | - |
| Sector ETF (XLI) | 13.9% | 20.0% | 0.61 | 60.7% |
| Equity (SPY) | 15.0% | 17.9% | 0.71 | 55.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 4.4% |
| Commodities (DBC) | 7.3% | 18.0% | 0.32 | 25.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 52.7% |
| Bitcoin (BTCUSD) | 57.6% | 66.2% | 0.98 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 7.5% | ||
| 5/6/2026 | -8.2% | -5.5% | -8.5% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 10 | 9 |
| Median Positive | 4.2% | 3.7% | 6.5% |
| Median Negative | -4.2% | -5.5% | -6.9% |
| Max Positive | 10.1% | 32.6% | 33.5% |
| Max Negative | -11.5% | -15.2% | -13.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 7.5% | ||
| 5/6/2026 | -8.2% | -5.5% | -8.5% |
| 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% |
| 2/21/2024 | -3.2% | -2.5% | 3.2% |
| 11/1/2023 | -4.1% | 0.7% | 5.2% |
| 8/2/2023 | 0.6% | 2.4% | 1.6% |
| 5/3/2023 | -5.9% | -4.8% | -1.8% |
| 3/1/2023 | 0.9% | 3.0% | 2.3% |
| 11/2/2022 | -1.9% | -5.6% | -0.6% |
| 8/3/2022 | 10.1% | 11.7% | 19.5% |
| 5/4/2022 | -4.4% | -11.5% | -6.9% |
| 2/23/2022 | 0.0% | 1.3% | 13.5% |
| 11/3/2021 | -8.5% | -8.3% | -12.4% |
| 8/4/2021 | 2.8% | 5.8% | 7.9% |
| 2/24/2021 | 2.9% | -2.7% | -4.5% |
| 11/4/2020 | 9.7% | 32.6% | 33.5% |
| 8/5/2020 | 5.5% | 7.3% | 0.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 10 | 9 |
| Median Positive | 4.2% | 3.7% | 6.5% |
| Median Negative | -4.2% | -5.5% | -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 |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted EBITDA Growth | 24.0% | 26.0% | 28.0% | ||||
| 2026 Adjusted EBITDA | 1.35 Bil | 1.38 Bil | 1.41 Bil | 8.7% | Raised | Guidance: 1.27 Bil for 2026 | |
| 2026 GAAP Net Income | 481.00 Mil | 506.00 Mil | 531.00 Mil | 13.3% | Raised | Guidance: 446.50 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | 520.00 Mil | 550.00 Mil | 580.00 Mil | 5.8% | Raised | Guidance: 520.00 Mil for 2026 | |
| 2026 Net Cash from Operating Activities | 890.00 Mil | 950.00 Mil | 1.01 Bil | 5.6% | Raised | Guidance: 900.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted EBITDA Growth | 5.0% | 7.0% | 9.0% | ||||
| 2026 Adjusted EBITDA | 1.24 Bil | 1.27 Bil | 1.30 Bil | 3.3% | Raised | Guidance: 1.23 Bil for 2026 | |
| 2026 GAAP Net Income | 421.00 Mil | 446.50 Mil | 472.00 Mil | 2.5% | Raised | Guidance: 435.50 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | 490.00 Mil | 520.00 Mil | 550.00 Mil | 2.0% | Raised | Guidance: 510.00 Mil for 2026 | |
| 2026 Net Cash from Operating Activities | 840.00 Mil | 900.00 Mil | 960.00 Mil | ||||
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% | ||||
| Q1 2026 Adjusted EBITDA Growth (Consolidated) | 1.0% | 2.0% | 3.0% | ||||
| 2026 Adjusted EBITDA | 1.20 Bil | 1.23 Bil | 1.26 Bil | 5.6% | Higher New | Actual: 1.17 Bil for 2025 | |
| 2026 Net Income | 410.00 Mil | 435.50 Mil | 461.00 Mil | 11.8% | Higher New | Actual: 389.50 Mil for 2025 | |
| 2026 Adjusted Free Cash Flow | 480.00 Mil | 510.00 Mil | 540.00 Mil | 7.4% | Higher New | Actual: 475.00 Mil for 2025 | |
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 | ||||
Insider Activity
Updated 7/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | States, Lauren | Direct | Sell | 5272026 | 286.19 | 789 | 225,804 | 3,250,832 | Form | |
| 2 | Weber, Brian P | EVP (CHESI) | Direct | Sell | 3172026 | 293.39 | 4,683 | 1,373,945 | 14,296,308 | Form |
| 3 | McKim, Alan S | EXEC CHAIR, CTO. | McKim 2007 Trust | Sell | 3052026 | 292.65 | 100,000 | 29,265,000 | 604,429,945 | Form |
| 4 | Gerstenberg, Eric W | CO-CEO | Direct | Sell | 2242026 | 279.86 | 2,500 | 699,650 | 12,039,577 | Form |
| 5 | McKim, Alan S | EXEC CHAIR, CTO. | McKim 2007 Trust | Sell | 2232026 | 281.14 | 100,000 | 28,114,000 | 639,696,960 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | States, Lauren | Direct | Sell | 5272026 | 286.19 | 789 | 225,804 | 3,250,832 | Form | |
| 2 | Weber, Brian P | EVP (CHESI) | Direct | Sell | 3172026 | 293.39 | 4,683 | 1,373,945 | 14,296,308 | Form |
| 3 | McKim, Alan S | EXEC CHAIR, CTO. | McKim 2007 Trust | Sell | 3052026 | 292.65 | 100,000 | 29,265,000 | 604,429,945 | Form |
| 4 | Gerstenberg, Eric W | CO-CEO | Direct | Sell | 2242026 | 279.86 | 2,500 | 699,650 | 12,039,577 | Form |
| 5 | McKim, Alan S | EXEC CHAIR, CTO. | McKim 2007 Trust | Sell | 2232026 | 281.14 | 100,000 | 28,114,000 | 639,696,960 | Form |
| 6 | Gabriel, Sharon M | EVP/CIO (CHESI) | Direct | Sell | 2202026 | 282.07 | 3,540 | 998,528 | 6,542,050 | Form |
| 7 | Dugas, Eric J | EVP CHIEF FINANCIAL OFFICER | Direct | Sell | 2202026 | 281.31 | 2,788 | 784,292 | 4,482,112 | Form |
| 8 | Welch, John R | Direct | Sell | 2202026 | 273.07 | 750 | 204,802 | 2,795,418 | Form | |
| 9 | Gerstenberg, Eric W | CO-CEO | Direct | Sell | 12172025 | 240.90 | 601 | 144,781 | 12,154,369 | Form |
| 10 | Battles, Michael Louis | CO-CEO | Direct | Buy | 8042025 | 233.50 | 2,000 | 467,000 | 19,359,718 | Form |
| 11 | Robertson, Andrea | Direct | Sell | 8042025 | 233.64 | 836 | 195,323 | 2,310,232 | Form |
Investor Activity (13F)
Updated Aug 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| 12th Street Asset Management Company, LLC | $58.7 Mil | 9.6% | 32 | Hold | 13F |
| M.D. Sass, LLC | $72.4 Mil | 5.5% | 36 | TRIM -24.4% | 13F |
| Bayberry Capital Partners LP | $13.2 Mil | 4.4% | 28 | Hold | 13F |
| Lone Pine Capital LLC | $503.2 Mil | 4.0% | 36 | ADD +27.3% | 13F |
| D1 Capital Partners L.P. | $383.7 Mil | 3.4% | 44 | TRIM -51.9% | 13F |
| Durable Capital Partners LP | $301.3 Mil | 3.1% | 37 | ADD +25.9% | 13F |
| Trinity Street Asset Management LLP | $31.4 Mil | 2.2% | 22 | TRIM -6.6% | 13F |
| GCM Grosvenor Holdings, LLC | $15.4 Mil | 1.7% | 22 | TRIM -26.9% | 13F |
| One Madison Group LLC | $6.9 Mil | 0.8% | 28 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Palestra Capital Management LLC | $133.7 Mil | 4.8% | 28 | Exited | Dec 31, 2025 | 13F |
| Rivermont Capital Management LP | $10.4 Mil | 2.5% | 22 | Exited | Dec 31, 2025 | 13F |
| Cooper Investors PTY LTD | $6.1 Mil | 2.0% | 41 | Exited | Dec 31, 2025 | 13F |
| D1 Capital Partners L.P. | $383.7 Mil | 3.4% | 44 | TRIM -51.9% | Mar 31, 2026 | 13F |
| GCM Grosvenor Holdings, LLC | $15.4 Mil | 1.7% | 22 | TRIM -26.9% | Mar 31, 2026 | 13F |
| M.D. Sass, LLC | $72.4 Mil | 5.5% | 36 | TRIM -24.4% | Mar 31, 2026 | 13F |
| Trinity Street Asset Management LLP | $31.4 Mil | 2.2% | 22 | TRIM -6.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $503.2 Mil | 4.0% | 36 | ADD +27.3% | 13F |
| D1 Capital Partners L.P. | $383.7 Mil | 3.4% | 44 | TRIM -51.9% | 13F |
| Durable Capital Partners LP | $301.3 Mil | 3.1% | 37 | ADD +25.9% | 13F |
| M.D. Sass, LLC | $72.4 Mil | 5.5% | 36 | TRIM -24.4% | 13F |
| 12th Street Asset Management Company, LLC | $58.7 Mil | 9.6% | 32 | Hold | 13F |
| Trinity Street Asset Management LLP | $31.4 Mil | 2.2% | 22 | TRIM -6.6% | 13F |
| GCM Grosvenor Holdings, LLC | $15.4 Mil | 1.7% | 22 | TRIM -26.9% | 13F |
| Bayberry Capital Partners LP | $13.2 Mil | 4.4% | 28 | Hold | 13F |
| One Madison Group LLC | $6.9 Mil | 0.8% | 28 | New | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Environmental & Facilities Services Resources |
| Waste360 |
| Waste Dive |
| FacilitiesNet |
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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Core Cache Last Updated: 8/2/2026