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Casella Waste Systems (CWST)

Market Price (4/30/2026): $78.11 | Market Cap: $5.0 Bil
Sector: Industrials | Industry: Environmental & Facilities Services

Casella Waste Systems (CWST)

Market Price (4/30/2026): $78.11
Market Cap: $5.0 Bil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, and Circular Economy & Recycling. Themes include Waste Management Solutions, Advanced Recycling Technologies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -84%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/EPrice/Earnings or Price/(Net Income) is 630x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7%

Key risks
CWST key risks include [1] persistent integration challenges and [2] high leverage stemming from its aggressive acquisition-driven growth strategy.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Low stock price volatility
Vol 12M is 31%
3 Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, and Circular Economy & Recycling. Themes include Waste Management Solutions, Advanced Recycling Technologies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -84%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/EPrice/Earnings or Price/(Net Income) is 630x
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7%
7 Key risks
CWST key risks include [1] persistent integration challenges and [2] high leverage stemming from its aggressive acquisition-driven growth strategy.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Casella Waste Systems (CWST) stock has lost about 20% since 12/31/2025 because of the following key factors:

1. Q4 2025 Net Loss and Decreased Operating Income. Casella Waste Systems reported a net loss of $2.5 million for the fourth quarter of 2025, a decrease from a net income of $4.9 million in the same period of 2024. Operating income also declined by 35.9% year-over-year to $11.9 million, primarily driven by higher operating costs and increased depreciation and amortization expenses associated with the company's acquisition-driven growth strategy.

2. Q4 2025 Revenue Miss. While Casella Waste Systems' Q4 2025 revenue grew 9.7% year-over-year to $469.06 million, it fell short of analysts' consensus estimates, which ranged from $471.32 million to $480.32 million. This revenue shortfall, despite beating EPS expectations, likely contributed to investor caution regarding the company's growth trajectory.

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Stock Movement Drivers

Fundamental Drivers

The -20.2% change in CWST stock from 12/31/2025 to 4/29/2026 was primarily driven by a -49.6% change in the company's Net Income Margin (%).
(LTM values as of)123120254292026Change
Stock Price ($)97.9478.11-20.2%
Change Contribution By: 
Total Revenues ($ Mil)1,7951,8372.3%
Net Income Margin (%)0.8%0.4%-49.6%
P/E Multiple407.6630.154.6%
Shares Outstanding (Mil)63630.0%
Cumulative Contribution-20.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/29/2026
ReturnCorrelation
CWST-20.2% 
Market (SPY)5.2%19.7%
Sector (XLI)9.9%24.9%

Fundamental Drivers

The -17.7% change in CWST stock from 9/30/2025 to 4/29/2026 was primarily driven by a -33.2% change in the company's Net Income Margin (%).
(LTM values as of)93020254292026Change
Stock Price ($)94.8878.11-17.7%
Change Contribution By: 
Total Revenues ($ Mil)1,7221,8376.7%
Net Income Margin (%)0.6%0.4%-33.2%
P/E Multiple545.1630.115.6%
Shares Outstanding (Mil)6363-0.1%
Cumulative Contribution-17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/29/2026
ReturnCorrelation
CWST-17.7% 
Market (SPY)8.0%12.7%
Sector (XLI)10.9%22.0%

Fundamental Drivers

The -30.0% change in CWST stock from 3/31/2025 to 4/29/2026 was primarily driven by a -50.7% change in the company's Net Income Margin (%).
(LTM values as of)33120254292026Change
Stock Price ($)111.5178.11-30.0%
Change Contribution By: 
Total Revenues ($ Mil)1,5571,83718.0%
Net Income Margin (%)0.9%0.4%-50.7%
P/E Multiple521.9630.120.7%
Shares Outstanding (Mil)6363-0.2%
Cumulative Contribution-30.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/29/2026
ReturnCorrelation
CWST-30.0% 
Market (SPY)29.3%23.4%
Sector (XLI)31.4%30.7%

Fundamental Drivers

The -5.5% change in CWST stock from 3/31/2023 to 4/29/2026 was primarily driven by a -91.2% change in the company's Net Income Margin (%).
(LTM values as of)33120234292026Change
Stock Price ($)82.6678.11-5.5%
Change Contribution By: 
Total Revenues ($ Mil)1,0851,83769.3%
Net Income Margin (%)4.9%0.4%-91.2%
P/E Multiple80.5630.1683.0%
Shares Outstanding (Mil)5263-18.6%
Cumulative Contribution-5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/29/2026
ReturnCorrelation
CWST-5.5% 
Market (SPY)81.5%30.8%
Sector (XLI)75.6%37.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CWST Return38%-7%8%24%-7%-21%26%
Peers Return37%-4%26%23%4%4%119%
S&P 500 Return27%-19%24%23%16%4%90%

Monthly Win Rates [3]
CWST Win Rate75%50%58%50%42%25% 
Peers Win Rate65%43%57%60%55%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CWST Max Drawdown-13%-23%-8%-5%-22%-23% 
Peers Max Drawdown-5%-20%-5%-4%-6%-5% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 4/29/2026 (YTD)

How Low Can It Go

Unique KeyEventCWSTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-28.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven39.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven327 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-35.0%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven53.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven121 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-26.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven36.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven50 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-96.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven2790.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven3,021 days1,480 days

Compare to WM, RSG, WCN, GFL, CLH

In The Past

Casella Waste Systems's stock fell -28.1% during the 2022 Inflation Shock from a high on 3/10/2022. A -28.1% loss requires a 39.0% gain to breakeven.

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About Casella Waste Systems (CWST)

Casella Waste Systems, Inc., together with its subsidiaries, operates as a vertically integrated solid waste services company in the northeastern United States. It offers resource management services primarily in the areas of solid waste collection and disposal, transfer, recycling, and organics services to residential, commercial, municipal, institutional, and industrial customers. The company provides a range of non-hazardous solid waste services, including collections, transfer stations, and disposal facilities. It also markets recyclable metals, aluminum, plastics, and paper and corrugated cardboard that are processed at its facilities, as well as recyclables purchased from third parties. In addition, the company is involved in commodity brokerage operations. As of January 31, 2022, it owned and/or operated 50 solid waste collection operations, 65 transfer stations, 23 recycling facilities, 8 Subtitle D landfills, 3 landfill gas-to-energy facilities, and 1 landfill permitted to accept construction and demolition materials. Casella Waste Systems, Inc. was founded in 1975 and is headquartered in Rutland, Vermont.

AI Analysis | Feedback

Casella Waste Systems is:

  • The Waste Management (WM) of the Northeastern U.S.

    • AI Analysis | Feedback

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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.
    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Here are the key risks to Casella Waste Systems (CWST):

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    Better Bets vs. Casella Waste Systems (CWST)

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Casella Waste Systems Earnings Notes12/28/2026
    2Casella Waste Systems Stock Jump Looks Great, But How Secure Is That Gain?10/17/2025
    3Casella Waste Systems vs Eli Lilly: Which Is A Better Investment?08/18/2025
    4Casella Waste Systems vs Comfort Systems USA: Which Is A Better Investment?08/18/2025
    5How Does Casella Waste Systems Stock Stack Up Against Its Peers?08/13/2025
    6Better Bet Than CWST Stock: Pay Less Than Casella Waste Systems To Get More From NVDA, ANET 08/12/2025
    7Better Bet Than CWST Stock: Pay Less Than Casella Waste Systems To Get More From VRT, FIX 08/12/2025
    8CWST Dip Buy Analysis07/10/2025
    9Casella Waste Systems Total Shareholder Return (TSR): 23.8% in 2024 and 7.4% 3-yr compounded annual returns (below peer average)03/07/2025
    10ARTICLES 
    11Stocks Trading At 52-Week Low09/22/2025

    Trade Ideas

    Select ideas related to CWST.

    Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
    NSP_3312026_Insider_Buying_45D_2Buy_200K03312026NSPInsperityInsiderInsider Buys 45DStrong Insider Buying
    Companies with multiple insider buys in the last 45 days    		0.0%0.0%0.0%
    TNC_3312026_Insider_Buying_45D_2Buy_200K03312026TNCTennantInsiderInsider Buys 45DStrong Insider Buying
    Companies with multiple insider buys in the last 45 days    		0.0%0.0%0.0%
    ADP_3272026_Dip_Buyer_FCFYield03272026ADPAutomatic Data ProcessingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
    Buying dips for companies with high FCF yield and meaningfully high operating margin    		1.0%1.0%0.0%
    HURN_3272026_Dip_Buyer_FCFYield03272026HURNHuron ConsultingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
    Buying dips for companies with high FCF yield and meaningfully high operating margin    		4.0%4.0%0.0%
    TRU_3272026_Dip_Buyer_FCFYield03272026TRUTransUnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
    Buying dips for companies with high FCF yield and meaningfully high operating margin    		5.2%5.2%0.0%

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    Peer Comparisons

    Peers to compare with:

    Financials

    CWSTWMRSGWCNGFLCLHMedian
    NameCasella .Waste Ma.Republic.Waste Co.GFL Envi.Clean Ha. 
    Mkt Price78.11230.31208.31163.7540.34306.44186.03
    Mkt Cap5.092.964.541.814.516.329.0
    Rev LTM1,83725,41316,5919,6096,7006,0318,154
    Op Inc LTM894,6703,3231,8673706731,270
    FCF LTM843,2902,4091,14097438789
    FCF 3Y Avg802,4222,1591,189102361775
    CFO LTM3306,3364,2962,4181,3108671,864
    CFO 3Y Avg2815,5363,9502,2911,2717931,781

    Growth & Margins

    CWSTWMRSGWCNGFLCLHMedian
    NameCasella .Waste Ma.Republic.Waste Co.GFL Envi.Clean Ha. 
    Rev Chg LTM18.0%10.9%3.5%5.9%6.9%2.4%6.4%
    Rev Chg 3Y Avg19.2%8.5%7.1%8.8%-1.9%5.3%7.8%
    Rev Chg Q9.7%3.5%2.2%6.4%5.4%4.8%5.1%
    QoQ Delta Rev Chg LTM2.3%0.8%0.5%1.5%1.3%1.2%1.2%
    Op Inc Chg LTM-16.0%12.2%3.1%9.2%70.5%0.5%6.1%
    Op Inc Chg 3Y Avg-3.9%10.5%11.4%12.8%69.8%2.1%11.0%
    Op Mgn LTM4.8%18.4%20.0%19.4%5.5%11.2%14.8%
    Op Mgn 3Y Avg6.6%18.6%19.6%19.0%4.2%11.3%15.0%
    QoQ Delta Op Mgn LTM-0.3%0.1%-0.1%0.2%0.4%0.2%0.2%
    CFO/Rev LTM18.0%24.9%25.9%25.2%19.6%14.4%22.2%
    CFO/Rev 3Y Avg18.2%24.0%24.9%25.6%19.1%13.7%21.6%
    FCF/Rev LTM4.6%12.9%14.5%11.9%1.5%7.3%9.6%
    FCF/Rev 3Y Avg5.3%10.4%13.6%13.4%1.6%6.2%8.3%

    Valuation

    CWSTWMRSGWCNGFLCLHMedian
    NameCasella .Waste Ma.Republic.Waste Co.GFL Envi.Clean Ha. 
    Mkt Cap5.092.964.541.814.516.329.0
    P/S2.73.73.94.42.22.73.2
    P/Op Inc55.719.919.422.439.124.123.3
    P/EBIT68.320.920.424.221.423.322.4
    P/E630.133.230.239.769.341.640.6
    P/CFO15.014.715.017.311.018.815.0
    Total Yield0.2%4.5%4.5%3.3%1.4%2.4%2.9%
    Dividend Yield0.0%1.5%1.1%0.8%0.0%0.0%0.4%
    FCF Yield 3Y Avg1.4%2.7%3.6%2.6%0.6%3.2%2.7%
    D/E0.20.20.20.20.70.20.2
    Net D/E0.20.20.20.20.60.10.2

    Returns

    CWSTWMRSGWCNGFLCLHMedian
    NameCasella .Waste Ma.Republic.Waste Co.GFL Envi.Clean Ha. 
    1M Rtn-0.3%0.2%-6.0%1.2%-0.1%9.5%0.0%
    3M Rtn-25.2%-0.2%-4.0%-3.1%-7.4%18.5%-3.6%
    6M Rtn-7.2%17.5%-0.5%-2.4%-8.1%40.6%-1.4%
    12M Rtn-33.4%2.2%-15.0%-15.6%-19.1%43.1%-15.3%
    3Y Rtn-12.2%45.2%49.2%20.3%11.6%111.1%32.7%
    1M Excs Rtn-12.8%-12.3%-18.5%-11.3%-12.6%-3.0%-12.5%
    3M Excs Rtn-27.4%-2.4%-6.3%-5.4%-9.7%16.2%-5.8%
    6M Excs Rtn-15.9%4.8%-9.0%-9.7%-14.8%22.7%-9.4%
    12M Excs Rtn-61.8%-27.0%-43.5%-44.1%-45.9%15.0%-43.8%
    3Y Excs Rtn-84.0%-26.9%-17.4%-54.8%-57.0%39.9%-40.8%

    Comparison Analyses

    Financials

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Collection962711540443391
    National Accounts199187181 134
    Processing14111612910370
    Transfer station1311231119179
    Landfill95101989286
    Transportation2121201411
    Landfill gas-to-energy87854
    Customer solutions   142 
    Total1,5571,2651,085889775


    Price Behavior

    Price Behavior
    Market Price$78.11 
    Market Cap ($ Bil)5.0 
    First Trading Date10/29/1997 
    Distance from 52W High-35.1% 
       50 Days200 Days
    DMA Price$85.85$94.33
    DMA Trenddowndown
    Distance from DMA-9.0%-17.2%
     3M1YR
    Volatility43.1%31.4%
    Downside Capture0.660.39
    Upside Capture-31.942.37
    Correlation (SPY)14.9%10.9%
    CWST Betas & Captures as of 3/31/2026

     1M2M3M6M1Y3Y
    Beta1.220.600.850.440.420.56
    Up Beta1.87-0.05-0.030.220.490.61
    Down Beta-0.121.151.000.540.320.36
    Up Capture84%-51%28%18%12%25%
    Bmk +ve Days7162765139424
    Stock +ve Days10203166126384
    Down Capture206%132%142%68%77%89%
    Bmk -ve Days12233358110323
    Stock -ve Days12223260125362

    [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-33.9%31.4%-1.30-
    Sector ETF (XLI)33.2%15.2%1.6821.7%
    Equity (SPY)31.5%12.5%1.9311.7%
    Gold (GLD)35.2%27.2%1.095.2%
    Commodities (DBC)46.7%18.1%1.99-5.9%
    Real Estate (VNQ)12.8%13.4%0.6534.3%
    Bitcoin (BTCUSD)-19.6%42.1%-0.401.8%

    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 CWST
    CWST2.7%26.6%0.10-
    Sector ETF (XLI)12.8%17.3%0.5845.0%
    Equity (SPY)13.1%17.1%0.6040.6%
    Gold (GLD)20.1%17.8%0.9210.3%
    Commodities (DBC)14.6%19.1%0.634.7%
    Real Estate (VNQ)3.4%18.8%0.0844.4%
    Bitcoin (BTCUSD)8.1%56.2%0.3617.0%

    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
    CWST26.7%30.7%0.83-
    Sector ETF (XLI)13.6%19.9%0.6046.1%
    Equity (SPY)14.9%17.9%0.7145.0%
    Gold (GLD)13.4%15.9%0.707.8%
    Commodities (DBC)9.6%17.7%0.4511.0%
    Real Estate (VNQ)5.5%20.7%0.2346.8%
    Bitcoin (BTCUSD)67.5%66.9%1.0710.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date4152026
    Short Interest: Shares Quantity4.2 Mil
    Short Interest: % Change Since 33120261.4%
    Average Daily Volume0.9 Mil
    Days-to-Cover Short Interest4.8 days
    Basic Shares Quantity63.5 Mil
    Short % of Basic Shares6.6%

    Returns Analyses

    Earnings Returns History

    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    2/19/2026-5.7%-9.0%-23.3%
    10/30/20256.9%6.6%15.4%
    7/31/2025-5.3%-8.6%-9.4%
    5/1/2025-0.5%1.0%-0.3%
    2/12/20250.1%8.4%0.7%
    10/30/2024-3.4%5.5%11.8%
    8/1/20243.1%1.5%5.4%
    4/25/2024-4.5%-2.9%5.8%
    ...
    SUMMARY STATS   
    # Positive121617
    # Negative1287
    Median Positive3.0%3.0%5.8%
    Median Negative-3.6%-4.1%-2.6%
    Max Positive6.9%8.4%15.4%
    Max Negative-5.7%-12.9%-23.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    12/31/202502/20/202610-K
    09/30/202510/31/202510-Q
    06/30/202507/31/202510-Q
    03/31/202505/02/202510-Q
    12/31/202402/18/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/02/202410-Q
    03/31/202404/26/202410-Q
    12/31/202302/16/202410-K
    09/30/202311/02/202310-Q
    06/30/202307/28/202310-Q
    03/31/202304/28/202310-Q
    12/31/202202/17/202310-K
    09/30/202210/28/202210-Q
    06/30/202207/29/202210-Q
    03/31/202204/29/202210-Q

    Recent Forward Guidance [BETA]

    Latest: Q4 2025 Earnings Reported 2/19/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2026 Revenue1.97 Bil1.98 Bil1.99 Bil7.9% Higher NewActual: 1.83 Bil for 2025
    2026 Net Income16.00 Mil19.00 Mil22.00 Mil46.2% Higher NewActual: 13.00 Mil for 2025
    2026 Adjusted EBITDA455.00 Mil460.00 Mil465.00 Mil9.5% Higher NewActual: 420.00 Mil for 2025
    2026 Net cash provided by operating activities370.00 Mil375.00 Mil380.00 Mil13.6% Higher NewActual: 330.00 Mil for 2025
    2026 Adjusted Free Cash Flow195.00 Mil200.00 Mil205.00 Mil14.3% Higher NewActual: 175.00 Mil for 2025

    Prior: Q3 2025 Earnings Reported 10/30/2025

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2025 Revenue1.83 Bil1.83 Bil1.84 Bil0.3% RaisedGuidance: 1.83 Bil for 2025
    2025 Adjusted EBITDA415.00 Mil420.00 Mil425.00 Mil0.6% RaisedGuidance: 417.50 Mil for 2025
    2025 Net income8.00 Mil13.00 Mil18.00 Mil0 AffirmedGuidance: 13.00 Mil for 2025
    2025 Net cash provided by operating activities325.00 Mil330.00 Mil335.00 Mil0 AffirmedGuidance: 330.00 Mil for 2025
    2025 Adjusted Free Cash Flow170.00 Mil175.00 Mil180.00 Mil0 AffirmedGuidance: 175.00 Mil for 2025

    Insider Activity

    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Casella, John W DirectSell316202687.771,744153,0712,702,877Form
    2Coletta, EdmondPRESIDENT & CEODirectSell316202687.8198886,75613,401,387Form
    3Drohan, KevinVP & CHIEF ACCOUNTING OFFICERDirectSell316202687.73857,457690,698Form
    4Steves, SeanSr VP & COO of SW OpsDirectSell316202687.8019717,297823,125Form
    5Sayward, Shelley ESENIOR VP & GENERAL COUNSELDirectSell316202687.7336231,7582,488,812Form

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