Casella Waste Systems (CWST)
Market Price (11/5/2026): $98.82 | Market Cap: $6.3 BilSector: Industrials | Industry: Environmental & Facilities Services
Casella Waste Systems (CWST)
Market Price (11/5/2026): $98.82Market Cap: $6.3 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 18% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, and Circular Economy & Recycling. Themes include Waste Management Solutions, Advanced Recycling Technologies, Show more. | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -49% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 89x, P/EPrice/Earnings or Price/(Net Income) is 1,103x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% Key risksCWST key risks include [1] persistent integration challenges and [2] high leverage stemming from its aggressive acquisition-driven growth strategy. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, and Circular Economy & Recycling. Themes include Waste Management Solutions, Advanced Recycling Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -49% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 89x, P/EPrice/Earnings or Price/(Net Income) is 1,103x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.5% |
| Key risksCWST key risks include [1] persistent integration challenges and [2] high leverage stemming from its aggressive acquisition-driven growth strategy. |
Qualitative Assessment
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Updated on 11/2/2026
Casella Waste Systems (CWST) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Financial Performance.
Casella Waste Systems reported robust results for fiscal Q2 2026 (period ending June 30, 2026), exceeding analyst expectations. The company announced adjusted earnings per share of $0.40, surpassing the consensus estimate of $0.36 by $0.04. Revenue reached $543.75 million, outperforming analyst projections of $526.43 million, marking a 16.9% increase year-over-year. This significant earnings beat and revenue growth likely provided a strong positive impetus for the stock's appreciation.
2. Upward Revision of Fiscal Year Revenue Guidance and Maintained Financial Targets.
Following the solid fiscal Q2 2026 results, Casella Waste Systems raised its full-year revenue guidance and reaffirmed its targets for adjusted EBITDA and cash flow. This move signals management's confidence in the company's operational strength and future profitability, which typically instills investor optimism.
Show more
Casella Waste Systems (CWST) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Financial Performance.
Casella Waste Systems reported robust results for fiscal Q2 2026 (period ending June 30, 2026), exceeding analyst expectations. The company announced adjusted earnings per share of $0.40, surpassing the consensus estimate of $0.36 by $0.04. Revenue reached $543.75 million, outperforming analyst projections of $526.43 million, marking a 16.9% increase year-over-year. This significant earnings beat and revenue growth likely provided a strong positive impetus for the stock's appreciation.
2. Upward Revision of Fiscal Year Revenue Guidance and Maintained Financial Targets.
Following the solid fiscal Q2 2026 results, Casella Waste Systems raised its full-year revenue guidance and reaffirmed its targets for adjusted EBITDA and cash flow. This move signals management's confidence in the company's operational strength and future profitability, which typically instills investor optimism.
Show more
Updated on 11/2/2026
Casella Waste Systems (CWST) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Financial Performance.
Casella Waste Systems reported robust results for fiscal Q2 2026 (period ending June 30, 2026), exceeding analyst expectations. The company announced adjusted earnings per share of $0.40, surpassing the consensus estimate of $0.36 by $0.04. Revenue reached $543.75 million, outperforming analyst projections of $526.43 million, marking a 16.9% increase year-over-year. This significant earnings beat and revenue growth likely provided a strong positive impetus for the stock's appreciation.
2. Upward Revision of Fiscal Year Revenue Guidance and Maintained Financial Targets.
Following the solid fiscal Q2 2026 results, Casella Waste Systems raised its full-year revenue guidance and reaffirmed its targets for adjusted EBITDA and cash flow. This move signals management's confidence in the company's operational strength and future profitability, which typically instills investor optimism.
3. Strategic Expansion in Renewable Natural Gas (RNG) and Landfill Capacity.
Casella Waste Systems continued its strategic growth initiatives, including the commissioning of a third Renewable Natural Gas (RNG) facility with Waga Energy at the McKean Landfill on September 3, 2026. Additionally, the company secured a permit expansion at its Hakes Construction & Demolition (C&D) Landfill in New York on September 29, 2026. These developments highlight the company's commitment to sustainable solutions and expanding infrastructure, aligning with positive industry trends in resource management and waste-to-energy.
4. Favorable Industry Growth and Stable Pricing in the Waste Management Sector.
The broader waste management market is experiencing growth driven by factors such as urbanization and increased environmental awareness, with the U.S. market projected to grow from $119.25 billion in 2025 to $123.43 billion in 2026, exhibiting a CAGR of 3.50%. Furthermore, the waste-to-energy segment is specifically forecasted to grow from $40.7 billion in 2025 to $43.85 billion in 2026 at a CAGR of 7.8%. Within this positive macroeconomic environment, Casella reported strong disposal pricing of 4.7% in fiscal Q2 2026, indicating a stable and healthy pricing landscape for its services.
Show less
Casella Waste Systems (CWST) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Second Quarter 2026 Financial Performance.
Casella Waste Systems reported robust results for fiscal Q2 2026 (period ending June 30, 2026), exceeding analyst expectations. The company announced adjusted earnings per share of $0.40, surpassing the consensus estimate of $0.36 by $0.04. Revenue reached $543.75 million, outperforming analyst projections of $526.43 million, marking a 16.9% increase year-over-year. This significant earnings beat and revenue growth likely provided a strong positive impetus for the stock's appreciation.
2. Upward Revision of Fiscal Year Revenue Guidance and Maintained Financial Targets.
Following the solid fiscal Q2 2026 results, Casella Waste Systems raised its full-year revenue guidance and reaffirmed its targets for adjusted EBITDA and cash flow. This move signals management's confidence in the company's operational strength and future profitability, which typically instills investor optimism.
3. Strategic Expansion in Renewable Natural Gas (RNG) and Landfill Capacity.
Casella Waste Systems continued its strategic growth initiatives, including the commissioning of a third Renewable Natural Gas (RNG) facility with Waga Energy at the McKean Landfill on September 3, 2026. Additionally, the company secured a permit expansion at its Hakes Construction & Demolition (C&D) Landfill in New York on September 29, 2026. These developments highlight the company's commitment to sustainable solutions and expanding infrastructure, aligning with positive industry trends in resource management and waste-to-energy.
4. Favorable Industry Growth and Stable Pricing in the Waste Management Sector.
The broader waste management market is experiencing growth driven by factors such as urbanization and increased environmental awareness, with the U.S. market projected to grow from $119.25 billion in 2025 to $123.43 billion in 2026, exhibiting a CAGR of 3.50%. Furthermore, the waste-to-energy segment is specifically forecasted to grow from $40.7 billion in 2025 to $43.85 billion in 2026 at a CAGR of 7.8%. Within this positive macroeconomic environment, Casella reported strong disposal pricing of 4.7% in fiscal Q2 2026, indicating a stable and healthy pricing landscape for its services.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 10.2% change in CWST stock from 7/31/2026 to 11/4/2026 was primarily driven by a 38.2% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.71 | 98.88 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,877 | 1,955 | 4.2% |
| Net Income Margin (%) | 0.4% | 0.3% | -23.3% |
| P/E Multiple | 798.2 | 1,102.7 | 38.2% |
| Shares Outstanding (Mil) | 64 | 64 | -0.1% |
| Cumulative Contribution | 10.2% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CWST | 10.2% | |
| Market (SPY) | 2.6% | -9.4% |
| Sector (XLI) | -5.8% | -6.7% |
Fundamental Drivers
The 24.8% change in CWST stock from 4/30/2026 to 11/4/2026 was primarily driven by a 72.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.25 | 98.88 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,837 | 1,955 | 6.5% |
| Net Income Margin (%) | 0.4% | 0.3% | -31.9% |
| P/E Multiple | 639.3 | 1,102.7 | 72.5% |
| Shares Outstanding (Mil) | 63 | 64 | -0.2% |
| Cumulative Contribution | 24.8% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CWST | 24.8% | |
| Market (SPY) | 7.0% | -14.4% |
| Sector (XLI) | -2.7% | -13.6% |
Fundamental Drivers
The 11.6% change in CWST stock from 10/31/2025 to 11/4/2026 was primarily driven by a 199.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.57 | 98.88 | 11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,795 | 1,955 | 8.9% |
| Net Income Margin (%) | 0.8% | 0.3% | -65.7% |
| P/E Multiple | 368.6 | 1,102.7 | 199.2% |
| Shares Outstanding (Mil) | 63 | 64 | -0.2% |
| Cumulative Contribution | 11.6% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CWST | 11.6% | |
| Market (SPY) | 13.4% | -0.0% |
| Sector (XLI) | 10.2% | 3.7% |
Fundamental Drivers
The 31.1% change in CWST stock from 10/31/2023 to 11/4/2026 was primarily driven by a 1009.1% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.45 | 98.88 | 31.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,120 | 1,955 | 74.7% |
| Net Income Margin (%) | 3.6% | 0.3% | -91.9% |
| P/E Multiple | 99.4 | 1,102.7 | 1009.1% |
| Shares Outstanding (Mil) | 53 | 64 | -16.9% |
| Cumulative Contribution | 31.1% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CWST | 31.1% | |
| Market (SPY) | 89.7% | 22.3% |
| Sector (XLI) | 79.2% | 26.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CWST Return | 38% | -7% | 8% | 24% | -7% | 1% | 60% |
| Peers Return | 37% | -4% | 26% | 23% | 4% | 13% | 139% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CWST Win Rate | 75% | 50% | 58% | 50% | 42% | 55% | |
| Peers Win Rate | 65% | 43% | 57% | 60% | 55% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| CWST Max Drawdown | -13% | -28% | -23% | -10% | -31% | -30% | |
| Peers Max Drawdown | -12% | -23% | -16% | -12% | -20% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WM, RSG, WCN, GFL, CLH. See CWST 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 11/4/2026 (YTD)
How Low Can It Go
| Event | CWST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.4% | -18.8% |
| % Gain to Breakeven | 11.6% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.1% | -9.5% |
| % Gain to Breakeven | 16.4% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.8% | -19.2% |
| % Gain to Breakeven | 20.2% | 23.8% |
| Time to Breakeven | 17 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.5% | -12.2% |
| % Gain to Breakeven | 25.7% | 13.9% |
| Time to Breakeven | 27 days | 62 days |
In The Past
Casella Waste Systems's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.
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Asset Allocation
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| Event | CWST | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.5% | -12.2% |
| % Gain to Breakeven | 25.7% | 13.9% |
| Time to Breakeven | 27 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.4% | -6.8% |
| % Gain to Breakeven | 25.6% | 7.3% |
| Time to Breakeven | 77 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.2% | -17.9% |
| % Gain to Breakeven | 41.3% | 21.8% |
| Time to Breakeven | 76 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -31.3% | -15.4% |
| % Gain to Breakeven | 45.7% | 18.2% |
| Time to Breakeven | 176 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -96.0% | -53.4% |
| % Gain to Breakeven | 2383.6% | 114.4% |
| Time to Breakeven | 2933 days | 1085 days |
In The Past
Casella Waste Systems's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% 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 Casella Waste Systems (CWST)
Casella Waste Systems (CWST) is a vertically integrated solid waste services company operating across the northeastern United States. The company specializes in comprehensive resource management, providing essential services for the collection, transfer, disposal, recycling, and organics processing of solid waste materials.
CWST's primary services include non-hazardous solid waste collection from various sources, transport to its network of transfer stations, and final disposal in its Subtitle D landfills. Beyond disposal, the company is a significant player in recycling, processing and marketing a wide array of materials such as recyclable metals, aluminum, plastics, and paper products. It also operates landfill gas-to-energy facilities, further demonstrating its commitment to resource recovery.
The company serves a broad and diverse customer base, encompassing residential, commercial, municipal, institutional, and industrial clients. With an extensive infrastructure that includes numerous collection operations, transfer stations, recycling facilities, and landfills, Casella Waste Systems provides a full spectrum of integrated waste management solutions across its target market.
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Casella Waste Systems is:
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- Solid Waste Collection: Gathering non-hazardous solid waste from residential, commercial, municipal, institutional, and industrial customers.
- Solid Waste Disposal: Managing and operating disposal facilities, primarily Subtitle D landfills, for non-hazardous solid waste.
- Transfer Station Operations: Facilitating the efficient consolidation and movement of solid waste from collection vehicles to larger transport vehicles.
- Recycling Services: Processing and marketing a variety of recyclable materials such as metals, plastics, and paper, both from its facilities and third parties.
- Organics Services: Providing services related to the management and processing of organic waste materials.
- Commodity Brokerage: Engaging in the brokerage of recyclable commodities.
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Casella Waste Systems serves a diverse range of customers, including individuals, businesses, and governmental entities. Based on the company description, its major customer categories are:
- Residential customers: These are individual households that require solid waste collection and disposal services.
- Commercial customers: This category includes various businesses and organizations that need waste management services.
- Municipal customers: These are local governments (cities and towns) that contract with Casella for services such as waste collection, transfer, and disposal for their residents and public facilities.
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Edmond "Ned" R. Coletta, President and Chief Executive Officer
Ned Coletta assumed the role of President and Chief Executive Officer of Casella Waste Systems on January 1, 2026. He joined Casella in December 2004, and prior to his appointment as CEO, he served as President since July 2022, and as Senior Vice President, Chief Financial Officer, and Treasurer from December 2012 to July 2022. Before joining Casella, Mr. Coletta co-founded and served as Chief Financial Officer of Avedro, Inc. (formerly ThermalVision, Inc.), an early-stage medical device company. He also worked as a research and development engineer at Lockheed Martin Michoud Space Systems from 1997 to 2001.
Bradford J. Helgeson, Executive Vice President & Chief Financial Officer
Bradford J. Helgeson has served as Casella Waste Systems' Executive Vice President and Chief Financial Officer since November 2023. Before joining Casella, Mr. Helgeson was the Executive Vice President and Chief Financial Officer for Covanta Holding Corporation, a materials management and energy services company, from November 2013 to June 2022. During his tenure at Covanta, the company was sold to EQT Infrastructure in 2021. He also served as Vice President and Treasurer of Covanta from 2007 to 2013. Mr. Helgeson began his career in the environmental services industry as the Vice President of Finance and Treasurer at Waste Services, Inc. from 2004 to 2007, which was later acquired by IESI. Earlier in his career, he worked in investment banking at Lehman Brothers and Donaldson, Lufkin & Jenrette from 1998 to 2004.
John W. Casella, Executive Chairman of the Board
John W. Casella co-founded Casella Waste Systems in 1975 with his brother, Douglas R. Casella. He transitioned to the role of Executive Chairman of the Board on January 1, 2026, after serving as Chief Executive Officer since 1993 and Chairman of the Board since 2001. Prior to founding Casella, Mr. Casella worked in business development and real estate at Killington/Pico Ski Resort Partners, LLC from 1971 to 1976. He also serves as an executive officer and director of Casella Construction, Inc., a company specializing in general contracting and heavy equipment work, which is jointly owned with his brother.
Sean M. Steves, Senior Vice President & Chief Operating Officer of Solid Waste Operations
Sean M. Steves has served as Casella Waste Systems' Senior Vice President and Chief Operating Officer of Solid Waste Operations since July 2022. He joined the company in April 2018 as Vice President of Operational Initiatives. Before joining Casella, Mr. Steves was the Director of Operations Support for Republic Services, Inc. from 2016 to 2018. He possesses extensive operational experience in the waste industry, having started his career as a transfer station scale operator and progressing through various roles of increasing responsibility. Mr. Steves' resignation from this role is effective March 20, 2026.
Shelley E. Sayward, Senior Vice President, General Counsel and Secretary
Shelley E. Sayward serves as the Senior Vice President, General Counsel and Secretary for Casella Waste Systems. Ms. Sayward holds a Bachelor of Arts degree from Middlebury College and is licensed to practice law in the State of Vermont, having completed a four-year law clerkship program.
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Here are the key risks to Casella Waste Systems (CWST):
- Macroeconomic Factors and Cost Volatility: Casella Waste Systems is significantly exposed to macroeconomic factors such as inflation, fuel price volatility, labor shortages, and rising interest rates. High energy costs, particularly for fuel, directly impact the company's operational expenses for its collection fleet and other logistics. Wage inflation and labor shortages also affect operating costs. Recent concerns about stagflation and global energy supply shocks highlight the immediate and broad impact of these external economic pressures on the company's profitability and consumer spending power.
- Acquisition and Integration Risks with Associated Leverage: The company's aggressive growth strategy relies heavily on acquisitions to expand its footprint and scale operations. This strategy introduces significant risks, including challenges in integrating newly acquired businesses, potential cost overruns, and increased debt or leverage. Recent financial results have shown pressure on net income and a net loss in the fourth quarter of 2025, which has been partly attributed to these integration costs and margin pressures associated with rapid expansion.
- Regulatory and Environmental Compliance Risks: Operating in the waste management sector, Casella Waste Systems faces inherent risks associated with stringent and evolving environmental regulations, especially concerning landfills and emissions (such as PFAS). The company's ability to obtain and maintain permits for the expansion or construction of solid waste facilities is crucial, and it often encounters opposition from local communities and officials due to public health and environmental concerns. Failure to meet environmental goals, such as greenhouse gas emissions targets, also presents a compliance and reputational risk.
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Casella Waste Systems (CWST) operates within several addressable markets in the United States, primarily focused on solid waste management, recycling, and organics services.
Solid Waste Management
The U.S. solid waste management market, which includes collection, transfer, and disposal services, was estimated at approximately USD 156.3 billion in 2024. This market is projected to grow to USD 247.5 billion by 2033, with a compound annual growth rate (CAGR) of 5.3% from 2025 to 2033.
Recycling Services
The waste recycling services market in the U.S. was valued at USD 13.8 billion in 2024 and is projected to reach USD 21.92 billion by 2032.
Organics Services (Organic Waste Management Solutions)
The U.S. market for organic waste management solutions was valued at USD 5.15 billion in 2024. It is projected to grow to approximately USD 11.24 billion by 2034, demonstrating a CAGR of 8.11% from 2025 to 2034.
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Casella Waste Systems (CWST) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives. These include disciplined pricing, strategic acquisitions, expansion and optimization of landfill capacity, and organic growth in core services and resource solutions.
One key driver of revenue growth for Casella is its **disciplined pricing strategies**. The company aims to maintain a price-cost spread of at least 50 basis points, translating to an expected price increase of approximately 5% for 2026, directly contributing to higher revenues. This approach has historically supported organic revenue growth and margin expansion.
**Strategic acquisitions** represent another significant growth engine. Casella has a track record of numerous acquisitions, completing around 80 over the past six years. The company anticipates converting $150 million to $200 million in revenue from its acquisition pipeline by 2026, including the integration of recently acquired businesses. These acquisitions expand market presence and create synergy opportunities.
The **expansion and optimization of landfill capacity** are crucial for sustaining disposal revenue. Casella is actively managing its landfill portfolio, including planning for expansions in key regions like New York and New Hampshire, to ensure sufficient capacity to meet long-term customer needs and increase disposal volumes. This focus on a well-positioned disposal footprint in the capacity-constrained Northeast directly supports revenue generation from waste disposal.
Finally, **organic growth in core services and resource solutions** is expected to contribute to revenue expansion. This includes growth in volumes within its solid waste collection and disposal operations, as well as strong performance in the Resource Solutions operating segment, particularly in National Accounts. Investments in operational efficiencies and technology also aim to enhance scalability and customer experience, indirectly supporting organic growth.
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Capital Allocation Decisions for Casella Waste Systems (CWST)
Share Issuance
- In September 2024, Casella Waste Systems announced a public offering of 4,500,000 shares of its Class A common stock at $100.00 per share, generating approximately $450.0 million in gross proceeds.
- The company's shares outstanding increased by 6.51% in 2025, 7.97% in 2024, and 6.77% in 2023.
Outbound Investments
- In April 2023, Casella acquired collection, transfer, and recycling operations from GFL Environmental Inc. for $525 million, adding approximately $185 million in annualized revenues and expanding its presence into the Mid-Atlantic region.
- Casella completed 14 acquisitions in 2022, contributing roughly $51 million in annualized revenues. In 2023, acquired revenues exceeded $300 million, and in 2024, they were around $250 million. The company completed nine acquisitions in 2025, adding over $115 million in annualized revenues, and closed the acquisition of Mountain State Waste in January 2026, contributing approximately $30 million in annualized revenue.
- Casella projects converting $150 million to $200 million in revenue from its acquisition pipeline in 2026.
Capital Expenditures
- Capital expenditures totaled $245.1 million in 2025, an increase of $41.8 million year-over-year, including $66 million invested upfront in recent acquisitions.
- For fiscal year 2026, the company forecasts capital spending of $260 million.
- Primary focuses of capital expenditures include expanding landfill capacity, such as the Highland landfill (expected to add 60 years of capacity), and investing in technology for operational efficiencies like fleet automation and upgraded ERP systems.
Peer Outperformance in Environmental & Facilities Services
CWST has outperformed 61% of its 28 Environmental & Facilities Services peers over 5Y. Environmental & Facilities Services ranks 18th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Environmental & Facilities Services constituents that CWST has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
69%
of 32 industry peers · 9.9% return
3Y
50%
of 30 industry peers · 25.0% return
5Y
61%
of 28 industry peers · 13.3% return
No Environmental & Facilities Services peer with a comparable growth profile has beaten CWST by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is CWST's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 29 | -12.8% | 78.4% | 144.7% | FIX 1084% · STRL 944% · AGX 620% |
| Marine Transportation | 5 | 28.7% | 38.5% | 123.2% | MATX 149% · KEX 123% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.2% | 58.9% | 107.9% | ALSN 278% · WAB 230% · CAT 216% |
| Aerospace & Defense | 54 | -7.4% | 61.7% | 59.6% | ATI 980% · FTAI 885% · HWM 598% |
| Industrial Machinery & Supplies & Components | 71 | 6.3% | 50.5% | 38.7% | CRS 887% · MLI 333% · SYM 274% |
| Trading Companies & Distributors | 19 | 17.2% | 41.9% | 38.4% | DXPE 356% · AIT 215% · URI 202% |
| Rail Transportation | 7 | 37.9% | 59.1% | 33.8% | CSX 57% · UNP 46% · NSC 34% |
| Diversified Support Services | 33 | 21.0% | 37.1% | 28.3% | CXW 235% · OPLN 162% · CACI 120% |
| Building Products | 34 | -3.2% | 12.5% | 21.7% | MOD 793% · GFF 380% · TT 142% |
| Cargo Ground Transportation | 16 | 33.7% | 17.8% | 7.7% | XPO 276% · R 265% · ARCB 26% |
| Office Services & Supplies | 10 | 29.7% | 26.2% | 3.1% | TILE 170% · PBI 166% · HNI 48% |
| Industrial Conglomerates | 17 | 23.0% | -3.6% | 1.0% | CSW 125% · CSL 83% · DD 74% |
| Electrical Components & Equipment | 39 | -5.2% | 68.2% | -2.8% | POWL 1633% · VRT 667% · BE 564% |
| Data Processing & Outsourced Services | 6 | -14.9% | 3.1% | -12.6% | EXLS 60% · BR 21% · MMS -12% |
| Security & Alarm Services | 9 | -49.8% | 13.7% | -19.8% | BCO 70% |
| Research & Consulting Services | 13 | 4.9% | -16.9% | -20.8% | HURN 224% · FCN 35% · BAH 11% |
| Agricultural & Farm Machinery | 16 | 17.3% | -6.1% | -21.8% | BLBD 184% · DE 106% · TTC 19% |
| Environmental & Facilities Services ← | 29 | -29.1% | 25.0% | -25.8% | GEO 210% · CLH 173% · RSG 96% |
| Passenger Airlines | 11 | 10.5% | 55.1% | -28.2% | LTM 3048% · UAL 136% · DAL 126% |
| Air Freight & Logistics | 12 | -23.0% | -5.0% | -37.3% | FDX 86% · EXPD 60% · CHRW 57% |
| Human Resource & Employment Services | 22 | 21.6% | -6.2% | -42.7% | ADP 50% · FA 22% · PAYX 13% |
| Passenger Ground Transportation | 3 | -13.2% | 46.3% | -53.7% | UBER 54% · CAR -54% · LYFT -62% |
| Airport Services | 4 | -48.6% | -62.5% | -86.1% | JOBY -48% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 215.13 |
| Mkt Cap | 32.8 |
| Rev LTM | 8,688 |
| Op Inc LTM | 1,404 |
| FCF LTM | 837 |
| FCF 3Y Avg | 809 |
| CFO LTM | 1,962 |
| CFO 3Y Avg | 1,896 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 7.6% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 7.3% |
| Op Inc Chg 3Y Avg | 11.2% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 15.3% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 22.0% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 32.8 |
| P/S | 3.4 |
| P/Op Inc | 23.3 |
| P/EBIT | 24.9 |
| P/E | 32.5 |
| P/CFO | 15.9 |
| Total Yield | 3.3% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.8% |
| 3M Rtn | 9.8% |
| 6M Rtn | 20.6% |
| 12M Rtn | 17.4% |
| 3Y Rtn | 50.2% |
| 1M Excs Rtn | 18.1% |
| 3M Excs Rtn | 10.9% |
| 6M Excs Rtn | 17.9% |
| 12M Excs Rtn | 8.7% |
| 3Y Excs Rtn | -26.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Collection | 1,196 | 962 | 711 | 540 | 443 |
| National Accounts | 226 | 199 | 187 | 181 | 142 |
| Processing | 144 | 141 | 116 | 129 | 103 |
| Transfer station | 143 | 131 | 123 | 111 | 91 |
| Landfill | 98 | 95 | 101 | 98 | 92 |
| Transportation | 23 | 21 | 21 | 20 | 14 |
| Landfill gas-to-energy | 8 | 8 | 7 | 8 | 5 |
| Total | 1,837 | 1,557 | 1,265 | 1,085 | 889 |
| $ Mil | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|
| Western | 26 | 13 | 20 | 30 |
| Eastern | 7 | -1 | -4 | -43 |
| Other | 1 | 2 | -4 | -4 |
| Recycling | -2 | -2 | -0 | 5 |
| Total | 32 | 12 | 12 | -12 |
| $ Mil | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|
| Western | 319 | 331 | 348 | 342 |
| Eastern | 213 | 200 | 211 | 172 |
| Other | 69 | 69 | 49 | 65 |
| Recycling | 49 | 50 | 51 | 55 |
| Total | 650 | 650 | 660 | 634 |
Price Behavior
Price Behavior
| Market Price | $98.88 | |
| Market Cap ($ Bil) | 6.3 | |
| First Trading Date | 10/29/1997 | |
| Distance from 52W High | -7.9% | |
| 50 Days | 200 Days | |
| DMA Price | $89.01 | $89.98 |
| DMA Trend | down | down |
| Distance from DMA | 11.1% | 9.9% |
| 3M | 1YR | |
| Volatility | 40.5% | 37.1% |
| Downside Capture | -74.58 | -13.82 |
| Upside Capture | -42.32 | -2.33 |
| Correlation (S&P 500) | -17.8% | -0.3% |
CWST Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.17 | -0.59 | -0.42 | -0.52 | 0.00 | 0.43 |
| Up Beta | 1.02 | -0.75 | -0.02 | -0.29 | -0.23 | 0.51 |
| Down Beta | -1.24 | -1.81 | -1.46 | -0.57 | 0.18 | 0.28 |
| Up Capture | 1% | -18% | -14% | -33% | 6% | 17% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 19 | 30 | 55 | 122 | 375 |
| Down Capture | -244% | -28% | -46% | -96% | -8% | 73% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 24 | 34 | 71 | 129 | 373 |
[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 CWST | |
|---|---|---|---|---|
| CWST | 11.5% | 37.1% | 0.36 | - |
| Sector ETF (XLI) | 10.8% | 17.4% | 0.42 | 3.7% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | -0.0% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | -7.9% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -13.0% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | 33.0% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | -8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CWST | |
|---|---|---|---|---|
| CWST | 3.3% | 28.6% | 0.12 | - |
| Sector ETF (XLI) | 12.1% | 17.6% | 0.51 | 36.3% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 33.6% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 4.1% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.2% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 42.6% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 13.7% |
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 CWST | |
|---|---|---|---|---|
| CWST | 24.1% | 31.2% | 0.76 | - |
| Sector ETF (XLI) | 13.4% | 20.1% | 0.58 | 43.1% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 42.5% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 5.9% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 9.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 46.7% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.2% | 0.6% | 3.4% |
| 4/30/2026 | 9.6% | 7.8% | 7.4% |
| 2/19/2026 | -5.7% | -9.0% | -23.3% |
| 10/30/2025 | 6.9% | 6.6% | 15.4% |
| 7/31/2025 | -5.3% | -8.6% | -9.4% |
| 5/1/2025 | -0.5% | 1.0% | -0.3% |
| 2/12/2025 | 0.1% | 8.4% | 0.7% |
| 10/30/2024 | -3.4% | 5.5% | 11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 17 | 18 |
| # Negative | 12 | 7 | 6 |
| Median Positive | 3.7% | 4.9% | 5.8% |
| Median Negative | -3.1% | -3.5% | -6.0% |
| Max Positive | 9.6% | 8.4% | 15.4% |
| Max Negative | -5.7% | -12.9% | -23.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -1.2% | 0.6% | 3.4% |
| 4/30/2026 | 9.6% | 7.8% | 7.4% |
| 2/19/2026 | -5.7% | -9.0% | -23.3% |
| 10/30/2025 | 6.9% | 6.6% | 15.4% |
| 7/31/2025 | -5.3% | -8.6% | -9.4% |
| 5/1/2025 | -0.5% | 1.0% | -0.3% |
| 2/12/2025 | 0.1% | 8.4% | 0.7% |
| 10/30/2024 | -3.4% | 5.5% | 11.8% |
| 8/1/2024 | 3.1% | 1.5% | 5.4% |
| 4/25/2024 | -4.5% | -2.9% | 5.8% |
| 2/15/2024 | -1.0% | -0.5% | 3.9% |
| 11/1/2023 | 5.4% | 4.0% | 12.1% |
| 7/27/2023 | -2.8% | -1.3% | -2.6% |
| 4/27/2023 | 1.8% | 1.9% | 5.7% |
| 2/16/2023 | -3.7% | -3.5% | -0.3% |
| 10/27/2022 | 4.4% | 6.7% | 10.5% |
| 7/28/2022 | 1.4% | 5.1% | 2.9% |
| 4/28/2022 | -5.4% | -12.9% | -16.2% |
| 2/17/2022 | 0.8% | 1.2% | 15.1% |
| 10/28/2021 | 4.3% | 4.9% | 5.0% |
| 7/29/2021 | 5.1% | 4.9% | 12.0% |
| 4/29/2021 | -0.1% | 0.4% | 0.4% |
| 2/18/2021 | 0.0% | 0.6% | 5.9% |
| 10/29/2020 | -2.2% | 5.8% | 9.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 17 | 18 |
| # Negative | 12 | 7 | 6 |
| Median Positive | 3.7% | 4.9% | 5.8% |
| Median Negative | -3.1% | -3.5% | -6.0% |
| Max Positive | 9.6% | 8.4% | 15.4% |
| Max Negative | -5.7% | -12.9% | -23.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net cash provided by operating activities | Reported | 370.00 Mil | 375.00 Mil | 380.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2026 | |
| 2026 Revenue | Reported | 2.09 Bil | 2.10 Bil | 2.11 Bil | 1.4% | Raised | Guidance: 2.07 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 473.00 Mil | 478.00 Mil | 483.00 Mil | 0 | Affirmed | Guidance: 478.00 Mil for 2026 | |
| 2026 Net Income | Reported | 0 | 3.00 Mil | 6.00 Mil | -57.1% | Lowered | Guidance: 7.00 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 200.00 Mil | 205.00 Mil | 210.00 Mil | 0 | Affirmed | Guidance: 205.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net cash provided by operating activities | Reported | 370.00 Mil | 375.00 Mil | 380.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2026 | |
| 2026 Revenue | Reported | 2.06 Bil | 2.07 Bil | 2.08 Bil | 4.5% | Raised | Guidance: 1.98 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 473.00 Mil | 478.00 Mil | 483.00 Mil | 3.9% | Raised | Guidance: 460.00 Mil for 2026 | |
| 2026 Net Income | Reported | 4.00 Mil | 7.00 Mil | 10.00 Mil | -63.2% | Lowered | Guidance: 19.00 Mil for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 200.00 Mil | 205.00 Mil | 210.00 Mil | 2.5% | Raised | Guidance: 200.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net cash provided by operating activities | Reported | 370.00 Mil | 375.00 Mil | 380.00 Mil | 13.6% | Higher New | Guidance: 330.00 Mil for 2025 | |
| 2026 Revenue | Reported | 1.97 Bil | 1.98 Bil | 1.99 Bil | 7.9% | Higher New | Guidance: 1.83 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 455.00 Mil | 460.00 Mil | 465.00 Mil | 9.5% | Higher New | Guidance: 420.00 Mil for 2025 | |
| 2026 Net Income | Reported | 16.00 Mil | 19.00 Mil | 22.00 Mil | 46.2% | Higher New | Guidance: 13.00 Mil for 2025 | |
| 2026 Adjusted Free Cash Flow | Reported | 195.00 Mil | 200.00 Mil | 205.00 Mil | 14.3% | Higher New | Guidance: 175.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net cash provided by operating activities | Reported | 325.00 Mil | 330.00 Mil | 335.00 Mil | 0 | Affirmed | Guidance: 330.00 Mil for 2025 | |
| 2025 Revenue | Reported | 1.83 Bil | 1.83 Bil | 1.84 Bil | 0.5% | Raised | Guidance: 1.83 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 415.00 Mil | 420.00 Mil | 425.00 Mil | 1.2% | Raised | Guidance: 417.50 Mil for 2025 | |
| 2025 Net income | Reported | 8.00 Mil | 13.00 Mil | 18.00 Mil | 0 | Affirmed | Guidance: 13.00 Mil for 2025 | |
| 2025 Adjusted Free Cash Flow | Reported | 170.00 Mil | 175.00 Mil | 180.00 Mil | 0 | Affirmed | Guidance: 175.00 Mil for 2025 | |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Burke, Michael K | Direct | Sell | 9032026 | 95.26 | 1,100 | 104,786 | 1,299,442 | Form | |
| 2 | Burke, Michael K | Direct | Sell | 8262026 | 92.99 | 1,100 | 102,289 | 1,370,766 | Form | |
| 3 | Casella, Douglas R | VICE CHAIRMAN, BD OF DIRECTORS | Direct | Sell | 8142026 | 91.12 | 1,343 | 122,374 | 8,213,648 | Form |
| 4 | Casella, Douglas R | VICE CHAIRMAN, BD OF DIRECTORS | Direct | Sell | 8142026 | 91.05 | 15,157 | 1,380,017 | 8,329,451 | Form |
| 5 | Burke, Michael K | Direct | Sell | 5272026 | 87.56 | 2,305 | 201,826 | 1,230,043 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Burke, Michael K | Direct | Sell | 9032026 | 95.26 | 1,100 | 104,786 | 1,299,442 | Form | |
| 2 | Burke, Michael K | Direct | Sell | 8262026 | 92.99 | 1,100 | 102,289 | 1,370,766 | Form | |
| 3 | Casella, Douglas R | VICE CHAIRMAN, BD OF DIRECTORS | Direct | Sell | 8142026 | 91.12 | 1,343 | 122,374 | 8,213,648 | Form |
| 4 | Casella, Douglas R | VICE CHAIRMAN, BD OF DIRECTORS | Direct | Sell | 8142026 | 91.05 | 15,157 | 1,380,017 | 8,329,451 | Form |
| 5 | Burke, Michael K | Direct | Sell | 5272026 | 87.56 | 2,305 | 201,826 | 1,230,043 | Form | |
| 6 | Coletta, Edmond | PRESIDENT & CEO | Direct | Sell | 5222026 | 89.56 | 12,500 | 1,119,523 | 12,549,231 | Form |
| 7 | Casella, John W | Direct | Sell | 3162026 | 87.77 | 1,744 | 153,071 | 2,702,877 | Form | |
| 8 | Coletta, Edmond | PRESIDENT & CEO | Direct | Sell | 3162026 | 87.81 | 988 | 86,756 | 13,401,387 | Form |
| 9 | Drohan, Kevin | VP & CHIEF ACCOUNTING OFFICER | Direct | Sell | 3162026 | 87.73 | 85 | 7,457 | 690,698 | Form |
| 10 | Steves, Sean | Sr VP & COO of SW Ops | Direct | Sell | 3162026 | 87.80 | 197 | 17,297 | 823,125 | Form |
| 11 | Sayward, Shelley E | SENIOR VP & GENERAL COUNSEL | Direct | Sell | 3162026 | 87.73 | 362 | 31,758 | 2,488,812 | Form |
| 12 | Helgeson, Bradford John | Executive VP and CFO | Direct | Sell | 3162026 | 87.73 | 405 | 35,531 | 644,114 | Form |
| 13 | Casella, John W | Direct | Sell | 3162026 | 90.06 | 963 | 86,728 | 2,930,462 | Form | |
| 14 | Coletta, Edmond | PRESIDENT & CEO | Direct | Sell | 3162026 | 89.80 | 377 | 33,855 | 13,793,819 | Form |
| 15 | Drohan, Kevin | VP & CHIEF ACCOUNTING OFFICER | Direct | Sell | 3162026 | 89.52 | 55 | 4,924 | 712,400 | Form |
| 16 | Steves, Sean | Sr VP & COO of SW Ops | Direct | Sell | 3162026 | 89.71 | 97 | 8,702 | 858,704 | Form |
| 17 | Sayward, Shelley E | SENIOR VP & GENERAL COUNSEL | Direct | Sell | 3162026 | 89.71 | 129 | 11,573 | 2,577,458 | Form |
| 18 | Steves, Sean | Sr VP & COO of SW Ops | Direct | Sell | 3022026 | 92.89 | 1,199 | 111,375 | 898,153 | Form |
| 19 | Drohan, Kevin | VP & CHIEF ACCOUNTING OFFICER | Direct | Sell | 3022026 | 92.61 | 675 | 62,512 | 691,056 | Form |
| 20 | Coletta, Edmond | PRESIDENT | Direct | Sell | 3022026 | 93.70 | 3,812 | 357,184 | 13,782,427 | Form |
| 21 | Casella, John W | CHIEF EXECUTIVE OFFICER | Direct | Sell | 3022026 | 93.10 | 6,726 | 626,191 | 2,605,776 | Form |
| 22 | Sayward, Shelley E | SENIOR VP & GENERAL COUNSEL | Direct | Sell | 3022026 | 92.91 | 1,591 | 147,820 | 2,527,709 | Form |
| 23 | Coletta, Edmond | PRESIDENT | Direct | Sell | 12092025 | 100.07 | 7,000 | 700,490 | 14,119,177 | Form |
| 24 | Helgeson, Bradford John | Executive VP and CFO | Direct | Sell | 11102025 | 87.65 | 262 | 22,964 | 437,461 | Form |
| 25 | Green, Emily Nagle | See Footnote | Sell | 11062025 | 89.38 | 1,116 | 99,748 | 504,729 | Form |
Investor Activity (13F)
Updated Nov 5, 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 |
|---|
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Core Cache Last Updated: 11/4/2026