Waste Connections (WCN)
Market Price (4/25/2026): $166.75 | Market Cap: $42.6 BilSector: Industrials | Industry: Environmental & Facilities Services
Waste Connections (WCN)
Market Price (4/25/2026): $166.75Market Cap: $42.6 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 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.4 Bil Low stock price volatilityVol 12M is 21% 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 -42%, 3Y Excs Rtn is -54% | Key risksWCN key risks include [1] significant remediation costs from the ongoing Elevated Temperature Landfill event at its Chiquita Canyon Landfill, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.4 Bil |
| Low stock price volatilityVol 12M is 21% |
| 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 -42%, 3Y Excs Rtn is -54% |
| Key risksWCN key risks include [1] significant remediation costs from the ongoing Elevated Temperature Landfill event at its Chiquita Canyon Landfill, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Waste Connections (WCN) stock has lost about 5% since 12/31/2025 because of the following key factors:
1. Concerns surrounding 2026 volume growth and commodity pricing in the company's outlook.
Waste Connections' 2026 guidance anticipates solid waste organic growth of 3.5% to 4% primarily driven by core pricing, but projects volumes to be roughly flat to down approximately 0.5%. This expectation of subdued volume growth, exacerbated by ongoing cyclical softness in construction and demolition debris that saw a 4% decline in Q4 2025 and 5% for the full year 2025, has introduced investor caution. Furthermore, declining recycled commodity prices are expected to negatively impact revenue, with an estimated impact of approximately $30 million in the second half of 2026.
2. Persistent premium valuation of the stock compared to its industry and peers.
Waste Connections has been trading at a notably higher valuation, with a Price-to-Earnings (P/E) ratio of 37.32x as of March 26, 2026. This is significantly above the Commercial Services industry average of 22.97x and the peer average of 34.06x. This premium valuation, combined with a "weak technical setup" and "financial trajectory concerns" noted by an AI analyst, suggests that the stock may have been perceived as overvalued, contributing to its price correction.
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1. Concerns surrounding 2026 volume growth and commodity pricing in the company's outlook.
Waste Connections' 2026 guidance anticipates solid waste organic growth of 3.5% to 4% primarily driven by core pricing, but projects volumes to be roughly flat to down approximately 0.5%. This expectation of subdued volume growth, exacerbated by ongoing cyclical softness in construction and demolition debris that saw a 4% decline in Q4 2025 and 5% for the full year 2025, has introduced investor caution. Furthermore, declining recycled commodity prices are expected to negatively impact revenue, with an estimated impact of approximately $30 million in the second half of 2026.
2. Persistent premium valuation of the stock compared to its industry and peers.
Waste Connections has been trading at a notably higher valuation, with a Price-to-Earnings (P/E) ratio of 37.32x as of March 26, 2026. This is significantly above the Commercial Services industry average of 22.97x and the peer average of 34.06x. This premium valuation, combined with a "weak technical setup" and "financial trajectory concerns" noted by an AI analyst, suggests that the stock may have been perceived as overvalued, contributing to its price correction.
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Stock Movement Drivers
Fundamental Drivers
The -5.1% change in WCN stock from 12/31/2025 to 4/24/2026 was primarily driven by a -44.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 174.99 | 166.07 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,354 | 9,609 | 2.7% |
| Net Income Margin (%) | 6.7% | 11.0% | 65.0% |
| P/E Multiple | 72.3 | 40.2 | -44.4% |
| Shares Outstanding (Mil) | 257 | 255 | 0.6% |
| Cumulative Contribution | -5.1% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| WCN | -5.1% | |
| Market (SPY) | 4.2% | 17.3% |
| Sector (XLI) | 11.2% | 21.7% |
Fundamental Drivers
The -5.1% change in WCN stock from 9/30/2025 to 4/24/2026 was primarily driven by a -42.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.06 | 166.07 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,234 | 9,609 | 4.1% |
| Net Income Margin (%) | 7.0% | 11.0% | 57.4% |
| P/E Multiple | 70.3 | 40.2 | -42.8% |
| Shares Outstanding (Mil) | 258 | 255 | 1.2% |
| Cumulative Contribution | -5.1% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| WCN | -5.1% | |
| Market (SPY) | 7.0% | 7.3% |
| Sector (XLI) | 12.2% | 17.5% |
Fundamental Drivers
The -14.3% change in WCN stock from 3/31/2025 to 4/24/2026 was primarily driven by a -50.3% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 193.74 | 166.07 | -14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,920 | 9,609 | 7.7% |
| Net Income Margin (%) | 6.9% | 11.0% | 58.5% |
| P/E Multiple | 81.0 | 40.2 | -50.3% |
| Shares Outstanding (Mil) | 258 | 255 | 1.1% |
| Cumulative Contribution | -14.3% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| WCN | -14.3% | |
| Market (SPY) | 28.1% | 21.0% |
| Sector (XLI) | 33.0% | 26.3% |
Fundamental Drivers
The 22.0% change in WCN stock from 3/31/2023 to 4/24/2026 was primarily driven by a 33.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.09 | 166.07 | 22.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,212 | 9,609 | 33.2% |
| Net Income Margin (%) | 11.6% | 11.0% | -5.3% |
| P/E Multiple | 41.9 | 40.2 | -4.0% |
| Shares Outstanding (Mil) | 257 | 255 | 0.7% |
| Cumulative Contribution | 22.0% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| WCN | 22.0% | |
| Market (SPY) | 79.8% | 28.8% |
| Sector (XLI) | 77.8% | 32.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WCN Return | 34% | -2% | 13% | 16% | 3% | -3% | 71% |
| Peers Return | 38% | -5% | 25% | 24% | 2% | 4% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| WCN Win Rate | 58% | 33% | 58% | 67% | 42% | 50% | |
| Peers Win Rate | 68% | 47% | 57% | 57% | 55% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WCN Max Drawdown | -5% | -15% | -4% | -2% | -3% | -11% | |
| Peers Max Drawdown | -7% | -22% | -5% | -5% | -10% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WM, RSG, GFL, CLH, CWST. See WCN 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 4/24/2026 (YTD)
How Low Can It Go
| Event | WCN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -20.8% | -25.4% |
| % Gain to Breakeven | 26.2% | 34.1% |
| Time to Breakeven | 83 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.7% | -33.9% |
| % Gain to Breakeven | 46.5% | 51.3% |
| Time to Breakeven | 187 days | 148 days |
| 2018 Correction | ||
| % Loss | -12.4% | -19.8% |
| % Gain to Breakeven | 14.2% | 24.7% |
| Time to Breakeven | 32 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -45.8% | -56.8% |
| % Gain to Breakeven | 84.5% | 131.3% |
| Time to Breakeven | 504 days | 1,480 days |
Compare to WM, RSG, GFL, CLH, CWST
In The Past
Waste Connections's stock fell -20.8% during the 2022 Inflation Shock from a high on 4/8/2022. A -20.8% loss requires a 26.2% gain to breakeven.
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About Waste Connections (WCN)
Waste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. As of December 31, 2021, it owned 334 solid waste collection operations; 142 transfer stations; 61 municipal solid waste (MSW) landfills; 12 E&P waste landfills; 14 non-MSW landfills; 71 recycling operations; 4 intermodal operations; 23 E&P liquid waste injection wells; and 19 E&P waste treatment and oil recovery facilities. The company also operates an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Waste Connections (WCN):
- The FedEx or UPS for trash and recycling across North America.
- A utility company for waste, handling everything from household trash to industrial disposal and recycling.
AI Analysis | Feedback
```html- Non-Hazardous Waste Collection: Gathers non-hazardous waste from residential, commercial, municipal, industrial, and E&P customers.
- Waste Transfer Services: Operates transfer stations to compact and load waste for transportation to disposal or treatment facilities.
- Waste Disposal Services: Manages and operates municipal solid waste (MSW) and non-MSW landfills for the final disposal of waste.
- Recycling and Resource Recovery: Processes and recovers various recyclable materials like paper, plastics, glass, and metals for reuse.
- Exploration & Production (E&P) Waste Management: Provides specialized treatment, recovery, and disposal services for waste generated by oil and natural gas exploration and production activities.
- Intermodal Services: Offers rail haul movement of cargo and solid waste containers through a network of intermodal facilities.
- Equipment Leasing: Provides leasing services for equipment to its customers.
AI Analysis | Feedback
Waste Connections (WCN) serves a broad range of customers across various sectors. The company does not identify specific major customer companies by name in its description but rather categorizes its diverse client base. As it provides services to individuals (residential customers) as well as businesses and governmental entities, the most appropriate way to describe its major customers is through these categories.
The up to three categories of customers that Waste Connections primarily serves include:
- Residential customers: Individuals and households that receive non-hazardous waste collection and recycling services.
- Commercial customers: Businesses and organizations that require waste collection, transfer, disposal, and recycling services.
- Municipal customers: Cities, towns, and local governments for whom Waste Connections provides waste collection, transfer, and disposal services.
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Ronald J. Mittelstaedt, President and Chief Executive Officer
Mr. Mittelstaedt is a founder of Waste Connections, Inc., established in 1997. He served as the Chief Executive Officer from the company's formation in 1997 until July 2019, at which point he transitioned to the role of Executive Chairman. In April 2023, Mr. Mittelstaedt was reappointed as President and Chief Executive Officer. He has over 35 years of experience in the solid waste industry and also served as President of Waste Connections from its formation through August 2004. Mr. Mittelstaedt also serves as a director of SkyWest, Inc.
Mary Anne Whitney, Executive Vice President and Chief Financial Officer
Ms. Whitney has been the Executive Vice President and Chief Financial Officer of Waste Connections since February 2021. She previously held various finance positions for Wheelabrator Technologies from 1990 to 2001. Prior to her current role, Ms. Whitney served in several financial leadership capacities at Waste Connections, including Director of Finance, Vice President - Finance, and Senior Vice President and Chief Financial Officer. She is also a member of the Board of Directors of Vestis Corp.
Jason J. Craft, Executive Vice President and Chief Operating Officer
Mr. Craft has served as Executive Vice President and Chief Operating Officer of Waste Connections since August 2025. He has a long history with the company, having held various operational roles since November 2003, including Regional Vice President, Senior Vice President – Operations, Divisional Vice President, and District Manager. Additionally, Mr. Craft worked in Waste Connections' Operations Analysis and Integrations department and Internal Audit department. Before joining Waste Connections, he held various accounting positions with The Newark Group Inc. from June 2000 to April 2003.
Derek Tan, Senior Vice President and Chief Accounting Officer
Mr. Tan was appointed Senior Vice President and Chief Accounting Officer of Waste Connections in May 2025. His previous roles at Waste Connections include Vice President – Financial Reporting and Region Controller - Canada. From June 2015 to April 2016, Mr. Tan served as Accounting Director for Quidsi, a subsidiary of Amazon. He also held various District Controller positions within Waste Connections.
James M. Little, Executive Vice President – Engineering and Disposal
Mr. Little has been Executive Vice President – Engineering and Disposal of Waste Connections since July 2019. He previously served as Senior Vice President – Engineering and Disposal and Vice President – Engineering for the company. Prior to his tenure at Waste Connections, Mr. Little held various management positions with Waste Management, Inc. (formerly USA Waste Services, Inc., which acquired Waste Management, Inc. and Chambers Development Co. Inc.).
AI Analysis | Feedback
Here are the key risks to Waste Connections (WCN):- Elevated Temperature Landfill (ETLF) Events and Associated Costs: Waste Connections faces significant financial and operational risks due to unpredictable Elevated Temperature Landfill (ETLF) events. Specifically, the Chiquita Canyon Landfill in California has required substantial remediation spending, which began in 2023 and is expected to continue, posing a considerable drain on company resources and impacting financial results.
- Rising Fuel and Labor Costs: The company's operational efficiency and margin sustainability are significantly challenged by rising fuel and labor costs. As a waste collection and disposal company, Waste Connections' operations are inherently fuel-intensive and rely heavily on a stable workforce.
- Volume Declines and Volatile Commodity Prices: Waste Connections is exposed to risks from potential declines in solid waste volumes, which can be exacerbated by macroeconomic uncertainties. Additionally, the company's recycling services are vulnerable to weak and fluctuating commodity prices for recycled materials, such as cardboard and plastics, which can negatively impact revenue.
AI Analysis | Feedback
- The global transition towards a circular economy and zero-waste initiatives, which aim to significantly reduce overall waste generation and divert materials from traditional landfill disposal.
- The ongoing decarbonization and global shift away from fossil fuels, which directly threatens the demand for Waste Connections' specialized exploration and production (E&P) waste treatment, recovery, and disposal services.
AI Analysis | Feedback
Waste Connections (WCN) operates in several addressable markets across the United States and Canada. The addressable market sizes for their main products and services are: * Solid Waste Management Market (North America): The North America solid waste management market was valued at approximately USD 77.40 billion in 2025. This market is projected to reach USD 101.25 billion by 2034. * Solid Waste Management Market (United States): The U.S. solid waste management market size was estimated at USD 156.3 billion in 2024. It is projected to reach USD 247.5 billion by 2033. * Waste Management Market (Canada): The waste management market in Canada generated a revenue of USD 74.7 billion in 2025. This market is expected to reach USD 120.8 billion by 2033. * Industrial Waste Management Market (North America), including E&P Waste: The North America Industrial Waste Management Market, which includes waste from the oil and gas sector, is estimated at USD 32.26 billion in 2025. This market is expected to reach USD 43.88 billion by 2030.AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Waste Connections (WCN) over the next 2-3 years:- Price-Led Organic Growth: Waste Connections anticipates continued revenue growth driven by core pricing increases in its solid waste services. For example, in 2026, the company targets core solid waste pricing growth of 5% to 5.5%. This strategy has consistently contributed to the company's performance, with solid waste core pricing rising 6.5% in 2025.
- Strategic Acquisitions: The company actively pursues and completes acquisitions, which add significant annualized revenue. Waste Connections closed 19 acquisitions in 2025, adding approximately $330 million in annualized revenue, and expects $125 million in rollover revenue in 2026 from deals already completed. The company maintains a strong acquisition pipeline, focusing on internalizing waste streams and expanding into new markets.
- Investments in Renewable Natural Gas (RNG) Projects: Waste Connections is investing in RNG facilities, with capital expenditures including $100 million for RNG projects in 2025 and an estimated $100 million for 2026. These projects are expected to contribute to EBITDA and cash flow, indicating a future revenue stream from clean energy generation.
- Expansion into Secondary and Rural Markets: Waste Connections' growth strategy includes expanding its presence in less-competitive secondary and rural markets. This approach enables the company to gain higher local market share and establish a more dominant operational position.
- Operational Improvements and Technology Investments (including AI): While primarily enhancing margins, investments in operational efficiency and technology, such as AI-driven initiatives for dynamic real-time routing and mobile connectivity, are expected to reduce customer calls and improve service. These improvements can support revenue growth by allowing for competitive pricing and improved customer retention.
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Share Repurchases
- Waste Connections returned over $830 million to shareholders in 2025 through share repurchases and dividends, with over $500 million attributed to share repurchases.
- In 2022, the company repurchased shares valued at $425 million.
- The company renewed its normal course issuer bid (NCIB) in August 2025, authorizing share purchases from August 12, 2025, to August 11, 2026.
Share Issuance
- The number of shares outstanding has remained relatively stable over the last few years, with 257.89 million in 2025, 258.06 million in 2024, and 257.64 million in 2023.
Outbound Investments
- In 2025, Waste Connections closed 19 acquisitions, which are expected to add approximately $330 million in annualized revenue.
- The company completed acquisitions totaling approximately $750 million in annualized revenue during 2024.
- Waste Connections' acquisition strategy focuses on bolstering its presence, expanding services, and growing its customer base through "tuck-in" acquisitions in new or adjacent markets.
Capital Expenditures
- For 2026, estimated capital expenditures are approximately $1.25 billion, with about $100 million allocated to Renewable Natural Gas (RNG) and recycling projects.
- Capital expenditures totaled $1.194 billion in 2025, including approximately $100 million for RNG projects.
- The company is making significant investments in sustainability, ESG, and AI-driven initiatives, particularly in RNG facilities, which are projected to generate around $200 million of annual EBITDA by 2026.
Latest Trefis Analyses
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| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 187.93 |
| Mkt Cap | 29.4 |
| Rev LTM | 8,113 |
| Op Inc LTM | 1,270 |
| FCF LTM | 789 |
| FCF 3Y Avg | 775 |
| CFO LTM | 1,867 |
| CFO 3Y Avg | 1,785 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 6.1% |
| Op Inc Chg 3Y Avg | 10.9% |
| Op Mgn LTM | 14.7% |
| Op Mgn 3Y Avg | 14.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 21.9% |
| CFO/Rev 3Y Avg | 21.6% |
| FCF/Rev LTM | 9.2% |
| FCF/Rev 3Y Avg | 8.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 29.4 |
| P/S | 3.2 |
| P/Op Inc | 23.5 |
| P/EBIT | 22.4 |
| P/E | 37.2 |
| P/CFO | 15.4 |
| Total Yield | 3.8% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.5% |
| 3M Rtn | -2.8% |
| 6M Rtn | -5.6% |
| 12M Rtn | -13.4% |
| 3Y Rtn | 32.6% |
| 1M Excs Rtn | -5.2% |
| 3M Excs Rtn | -6.4% |
| 6M Excs Rtn | -13.0% |
| 12M Excs Rtn | -46.6% |
| 3Y Excs Rtn | -40.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 2,671 | 2,477 | 2,176 | 1,813 | 1,610 |
| Residential | 2,259 | 2,125 | 1,891 | 1,674 | 1,528 |
| Landfill | 1,558 | 1,483 | 1,329 | 1,233 | 1,147 |
| Industrial and construction roll off | 1,403 | 1,333 | 1,184 | 954 | 833 |
| Transfer | 1,349 | 1,198 | 1,026 | 859 | 778 |
| Exploration and Production (E&P) | 522 | 232 | 211 | 139 | 159 |
| Recycling | 242 | 147 | 205 | 205 | 86 |
| Intermodal and other | 192 | 172 | 188 | 152 | 118 |
| Intercompany | -1,275 | -1,146 | -998 | -879 | -814 |
| Total | 8,920 | 8,022 | 7,212 | 6,151 | 5,446 |
Price Behavior
Price Behavior
| Market Price | $166.07 | |
| Market Cap ($ Bil) | 42.5 | |
| First Trading Date | 05/22/1998 | |
| Distance from 52W High | -15.8% | |
| 50 Days | 200 Days | |
| DMA Price | $163.92 | $172.24 |
| DMA Trend | down | down |
| Distance from DMA | 1.3% | -3.6% |
| 3M | 1YR | |
| Volatility | 30.0% | 21.5% |
| Downside Capture | 0.20 | 0.09 |
| Upside Capture | 17.83 | -6.77 |
| Correlation (SPY) | 13.4% | -1.4% |
WCN Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.30 | 0.67 | 0.71 | 0.24 | 0.28 | 0.38 |
| Up Beta | -0.07 | -0.51 | -0.17 | 0.05 | 0.32 | 0.40 |
| Down Beta | -0.22 | 1.33 | 0.90 | 0.29 | 0.36 | 0.31 |
| Up Capture | -8% | 53% | 54% | 11% | 4% | 14% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 24 | 31 | 62 | 122 | 390 |
| Down Capture | 82% | 67% | 97% | 42% | 41% | 67% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 18 | 32 | 64 | 130 | 358 |
[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 WCN | |
|---|---|---|---|---|
| WCN | -14.5% | 21.4% | -0.82 | - |
| Sector ETF (XLI) | 38.3% | 15.2% | 1.92 | 10.5% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | -1.2% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | 8.7% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -0.9% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 27.2% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | -5.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WCN | |
|---|---|---|---|---|
| WCN | 8.1% | 19.1% | 0.32 | - |
| Sector ETF (XLI) | 13.0% | 17.3% | 0.59 | 43.9% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 41.7% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 13.4% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 9.7% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 45.2% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 11.9% |
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 WCN | |
|---|---|---|---|---|
| WCN | 15.4% | 19.8% | 0.68 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 51.2% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 54.1% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 9.6% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 15.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 52.3% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | 7.9% | ||
| 2/11/2026 | -8.2% | -3.3% | -2.8% |
| 10/21/2025 | 2.7% | 0.2% | 0.7% |
| 7/23/2025 | 2.1% | 2.6% | 1.3% |
| 4/23/2025 | 0.5% | 1.0% | -0.2% |
| 2/12/2025 | -0.6% | -1.1% | -2.3% |
| 10/23/2024 | -1.0% | -1.5% | 5.0% |
| 7/24/2024 | -2.4% | -1.1% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 12 | 11 | 10 |
| Median Positive | 2.1% | 2.8% | 5.4% |
| Median Negative | -1.1% | -1.5% | -2.4% |
| Max Positive | 7.9% | 6.9% | 15.8% |
| Max Negative | -8.2% | -7.9% | -3.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
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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