Waste Management (WM)


Market Price (11/6/2026): $241.12 | Market Cap: $95.9 BilInvestor Relations Sector: Industrials | Industry: Environmental & Facilities Services

Waste Management (WM)


Market Price (11/6/2026): $241.12
Market Cap: $95.9 Bil
Sector: Industrials
Industry: Environmental & Facilities Services

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

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Attractive cash flow generation
CFO/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 14%, CFO LTM is 6.6 Bil, FCF LTM is 3.7 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.2 Bil

Low stock price volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Circular Economy & Recycling, Sustainable Resource Management, and Energy Transition & Decarbonization. Show more.

Trading close to highs
Dist 52W High is -0.9%, Dist 3Y High is -0.9%

Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -30%

Key risks
WM key risks include [1] increased operating and capital costs driven by evolving environmental regulations for contaminants like PFAS and [2] revenue volatility from fluctuating market prices for recyclable commodities.

0 Attractive cash flow generation
CFO/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 14%, CFO LTM is 6.6 Bil, FCF LTM is 3.7 Bil
1 Stock buyback support
Stock Buyback 3Y Total is 2.2 Bil
2 Low stock price volatility
Vol 12M is 21%
3 Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Circular Economy & Recycling, Sustainable Resource Management, and Energy Transition & Decarbonization. Show more.
4 Trading close to highs
Dist 52W High is -0.9%, Dist 3Y High is -0.9%
5 Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -30%
6 Key risks
WM key risks include [1] increased operating and capital costs driven by evolving environmental regulations for contaminants like PFAS and [2] revenue volatility from fluctuating market prices for recyclable commodities.

WM in ETFs

Weight = WM's share of each fund

SPY0.14%
VOO0.12%
IVV0.13%
VTI0.11%
ITOT0.12%
IWB0.12%
RSP0.21%
VTV0.31%
+26 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Waste Management (WM) stock has gained about 5% since 7/31/2026 because of the following key factors:

1. Waste Management reported robust fiscal Q3 2026 revenue growth and significantly increased free cash flow, instilling investor confidence despite a slight earnings per share miss. The company's revenue rose 6.3% year-over-year to $6.85 billion, surpassing analyst expectations of $6.81 billion. Furthermore, free cash flow surged over 42% through the first nine months of fiscal 2026 to $3.01 billion, with the company returning $957 million to shareholders in the quarter through buybacks and dividends. Management also reaffirmed its full-year 2026 guidance, projecting revenue and free cash flow to be at the high end of their respective ranges.

2. The company demonstrated strong pricing power and effective cost management strategies, enabling it to protect margins amid inflationary pressures. Waste Management achieved a core price increase of 5.8% and a collection and disposal yield of 3.4% in fiscal Q3 2026. These measures helped to largely offset challenges from higher fuel and risk management costs, which increased operating expenses to 59.8% of revenue from 58.9% in the prior year.

Show more
Updated on 11/1/2026

Waste Management (WM) stock has gained about 5% since 7/31/2026 because of the following key factors:

1. Waste Management reported robust fiscal Q3 2026 revenue growth and significantly increased free cash flow, instilling investor confidence despite a slight earnings per share miss. The company's revenue rose 6.3% year-over-year to $6.85 billion, surpassing analyst expectations of $6.81 billion. Furthermore, free cash flow surged over 42% through the first nine months of fiscal 2026 to $3.01 billion, with the company returning $957 million to shareholders in the quarter through buybacks and dividends. Management also reaffirmed its full-year 2026 guidance, projecting revenue and free cash flow to be at the high end of their respective ranges.

2. The company demonstrated strong pricing power and effective cost management strategies, enabling it to protect margins amid inflationary pressures. Waste Management achieved a core price increase of 5.8% and a collection and disposal yield of 3.4% in fiscal Q3 2026. These measures helped to largely offset challenges from higher fuel and risk management costs, which increased operating expenses to 59.8% of revenue from 58.9% in the prior year.

3. Strong performance from the Healthcare Solutions segment significantly contributed to operating profitability. The integration of the Healthcare Solutions business exceeded financial and operational targets ahead of schedule, with the segment's operating EBITDA growing an impressive 33% year-over-year in fiscal Q3 2026. This segment also saw a 3.7% increase in revenue.

4. Positive sentiment and upward revisions to price targets by several financial analysts following the earnings report buoyed the stock. JPMorgan Chase & Co. raised its price target for Waste Management from $235 to $260, indicating a potential upside of 12.71%, while Barclays increased its target from $277 to $283. The consensus analyst rating for WM remained a "Moderate Buy" with an average price target ranging from $257.37 to $257.89.

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Stock Movement Drivers

Fundamental Drivers

The 7.0% change in WM stock from 7/31/2026 to 11/5/2026 was primarily driven by a 5.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611052026Change
Stock Price ($)225.55241.277.0%
Change Contribution By: 
Total Revenues ($ Mil)25,66726,0701.6%
Net Income Margin (%)11.1%11.8%5.9%
P/E Multiple31.731.3-1.2%
Shares Outstanding (Mil)4023990.7%
Cumulative Contribution7.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
WM7.0% 
Market (SPY)-1.9%-24.7%
Sector (XLI)-9.7%-14.0%

Fundamental Drivers

The 4.7% change in WM stock from 4/30/2026 to 11/5/2026 was primarily driven by a 7.1% change in the company's Net Income Margin (%).
(LTM values as of)430202611052026Change
Stock Price ($)230.53241.274.7%
Change Contribution By: 
Total Revenues ($ Mil)25,41326,0702.6%
Net Income Margin (%)11.0%11.8%7.1%
P/E Multiple33.331.3-5.8%
Shares Outstanding (Mil)4033991.1%
Cumulative Contribution4.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
WM4.7% 
Market (SPY)2.3%-38.2%
Sector (XLI)-6.7%-21.2%

Fundamental Drivers

The 22.8% change in WM stock from 10/31/2025 to 11/5/2026 was primarily driven by a 13.8% change in the company's Net Income Margin (%).
(LTM values as of)1031202511052026Change
Stock Price ($)196.49241.2722.8%
Change Contribution By: 
Total Revenues ($ Mil)24,78426,0705.2%
Net Income Margin (%)10.3%11.8%13.8%
P/E Multiple30.931.31.5%
Shares Outstanding (Mil)4033991.0%
Cumulative Contribution22.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
WM22.8% 
Market (SPY)8.4%-25.2%
Sector (XLI)5.7%-7.7%

Fundamental Drivers

The 53.7% change in WM stock from 10/31/2023 to 11/5/2026 was primarily driven by a 29.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311052026Change
Stock Price ($)156.97241.2753.7%
Change Contribution By: 
Total Revenues ($ Mil)20,14426,07029.4%
Net Income Margin (%)11.5%11.8%2.7%
P/E Multiple27.531.314.2%
Shares Outstanding (Mil)4043991.3%
Cumulative Contribution53.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
WM53.7% 
Market (SPY)81.3%7.3%
Sector (XLI)71.8%15.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WM Return44%-4%16%14%11%11%124%
Peers Return43%1%23%22%0%4%128%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
WM Win Rate75%42%50%67%58%64% 
Peers Win Rate72%45%58%62%57%56% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
WM Max Drawdown-7%-17%-12%-12%-18%-17% 
Peers Max Drawdown-13%-22%-16%-12%-25%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: RSG, CLH, ACM, CWST, WM. See WM 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 11/5/2026 (YTD)

How Low Can It Go

EventWMS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-11.6%-9.5%
  % Gain to Breakeven13.1%10.5%
  Time to Breakeven39 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-13.6%-24.5%
  % Gain to Breakeven15.7%32.4%
  Time to Breakeven43 days427 days
2020 COVID-19 Crash
  % Loss-29.5%-33.7%
  % Gain to Breakeven41.9%50.9%
  Time to Breakeven357 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.7%-17.9%
  % Gain to Breakeven27.7%21.8%
  Time to Breakeven179 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-11.4%-15.4%
  % Gain to Breakeven12.9%18.2%
  Time to Breakeven79 days125 days
2008-2009 Global Financial Crisis
  % Loss-31.1%-53.4%
  % Gain to Breakeven45.0%114.4%
  Time to Breakeven220 days1085 days

Compare to RSG, CLH, ACM, CWST, WM

In The Past

Waste Management's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% 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.

EventWMS&P 500
2020 COVID-19 Crash
  % Loss-29.5%-33.7%
  % Gain to Breakeven41.9%50.9%
  Time to Breakeven357 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.7%-17.9%
  % Gain to Breakeven27.7%21.8%
  Time to Breakeven179 days123 days
2008-2009 Global Financial Crisis
  % Loss-31.1%-53.4%
  % Gain to Breakeven45.0%114.4%
  Time to Breakeven220 days1085 days

Compare to RSG, CLH, ACM, CWST, WM

In The Past

Waste Management's stock fell -4.9% during the 2025 US Tariff Shock. Such a loss loss requires a 5.2% 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 Waste Management (WM)

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Waste Management, Inc. (WM) is a prominent environmental services company operating across North America. Its core business revolves around providing comprehensive waste management solutions, encompassing the entire lifecycle of waste and recyclable materials—from initial collection to processing, recycling, and final disposal. The company plays a crucial role in maintaining environmental health by managing various waste streams effectively.

WM's main services include the collection and transportation of waste and recyclable materials. It operates a vast network of essential infrastructure, including numerous solid waste and hazardous waste landfills, transfer stations, and material recovery facilities (MRFs) for processing recyclables. Beyond traditional waste services, WM also develops and operates landfill gas-to-energy facilities, converting waste into renewable energy. Additionally, it offers specialized solutions such as materials processing and recycling brokerage, construction and remediation services, disposal of industrial by-products like fly ash, in-plant waste management consulting, and specific disposal services for oil and gas exploration and production operations.

The company serves a broad and diverse customer base throughout North America. Its primary markets include residential households, commercial businesses, industrial facilities, and municipal entities. This extensive customer reach underscores Waste Management's position as a vital partner for communities and industries seeking reliable, integrated, and environmentally responsible waste and recycling solutions.

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Here are 1-3 brief analogies for Waste Management (WM):

  • A utility company, but for waste and recycling services.

  • The UPS or FedEx for trash and recyclables.

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  • Waste Collection and Transportation: Services for picking up and transporting various waste and recyclable materials from customer sites to processing or disposal facilities.
  • Waste Disposal and Landfill Management: Operation of solid waste, hazardous waste, and specialized landfills for the secure and environmentally compliant disposal of diverse waste streams.
  • Recycling and Materials Processing: Services including operating Material Recovery Facilities (MRFs) to sort and process recyclable materials, and providing recycling brokerage.
  • Landfill Gas-to-Energy: Development and operation of facilities that convert landfill gas, a byproduct of landfills, into renewable energy.
  • Environmental Consulting and Specialized Services: Offers construction and remediation, in-plant waste management solutions, and specialized disposal services for industrial byproducts like fly ash and oil & gas operations.
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Waste Management (WM) serves a broad range of customers, encompassing individuals, businesses, and governmental entities. The company's major customers can be categorized as follows:
  • Residential Customers: These include individual households and homeowners who receive waste collection and recycling services.
  • Commercial Customers: This category comprises various businesses, such as offices, retail stores, restaurants, and other commercial establishments that require waste management and recycling solutions.
  • Industrial and Municipal Customers: This segment includes large-scale industrial operations, manufacturing facilities, construction sites, and municipal governments (cities, towns, and other local authorities) often under long-term contracts for waste disposal, recycling, and specialized environmental services.

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Key Risks to Waste Management (WM)

  • High Debt Load and Acquisition Integration Risks: Waste Management carries a significant debt load, which increased substantially following the acquisition of Stericycle, Inc.. This presents a major financial risk, particularly in an environment of higher interest rates, and has elevated the company's debt-to-equity ratio above that of its industry peers. The integration of an acquisition of Stericycle's size is also complex, with a specific risk that if Selling, General, and Administrative (SG&A) expenses for the Healthcare Solutions segment do not decline towards targeted synergy levels, the anticipated financial benefits and margin expansion may not be realized.
  • Commodity Price Volatility in Recycling Operations: The financial performance of Waste Management's recycling segment is highly vulnerable to the volatile market prices and demand for recycled commodities. Fluctuations in these prices can negatively impact the company's operating income and cash flows, as demonstrated by past instances where lower recycled commodity prices directly led to a reduction in revenue guidance.
  • Extensive and Evolving Regulatory and Environmental Compliance: Waste Management's diverse operations are subject to extensive and complex environmental, health, and safety laws and regulations across federal, state, provincial, and local levels. Changes in these regulations, including those pertaining to emerging contaminants or extended producer responsibility, have the potential to restrict operations, increase operating costs, raise tax liabilities, decrease revenues, or necessitate substantial additional capital expenditures. The company also faces the risk of incurring significant environmental liabilities if its operations are alleged to cause environmental damage.

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The increasing global adoption of circular economy principles and zero-waste initiatives represents a clear emerging threat. This movement aims to drastically reduce the generation of waste materials, promote extensive reuse, repair, and advanced recycling, thereby diminishing the fundamental need for traditional waste collection, transfer, and landfill disposal services that constitute a significant portion of Waste Management's core business model and asset base.

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Waste Management, Inc. (symbol: WM) operates in several substantial addressable markets across North America.

The overall North America waste management market was valued at approximately USD 196.4 billion in 2024 and is estimated to reach USD 207.21 billion in 2025. It is projected to grow to USD 319.14 billion by 2033, with a compound annual growth rate (CAGR) of 5.5% from 2025 to 2033. Another source indicates the North America waste management market generated revenue of USD 495.1 billion in 2025 and is expected to reach USD 760.2 billion by 2033, growing at a CAGR of 5.6% from 2026 to 2033. This market is segmented by waste type, including municipal solid waste, industrial waste, hazardous waste, e-waste, and organic waste.

For hazardous waste management, North America held the largest revenue share, accounting for approximately 33.1% of the global hazardous waste management market in 2025. The North America hazardous waste management market is projected to reach USD 29,779.5 million by 2033. The global hazardous waste management market size was valued at USD 18.94 billion in 2025 and is projected to grow to USD 31.68 billion by 2034, with North America holding 34% of this global market share. The U.S. hazardous waste management market alone generated USD 4,660.1 million in revenue in 2025 and is expected to reach USD 7,257.5 million by 2033.

The North America waste recycling services market size was valued at USD 17.13 billion in 2025 and is expected to reach USD 20.19 billion by 2030, growing at a CAGR of 3.34% during this period. The U.S. dominates North America's waste recycling services market, accounting for about 80% of the share, with a market size valued at USD 13.8 billion in 2024 and projected to reach USD 21.92 billion by 2032.

The North America recycled plastics market was valued at USD 8,162.8 million in 2024 and is expected to reach USD 11,287.2 million by 2033, demonstrating a CAGR of 3.48% from 2025 to 2033. Another report indicates the North America recycled plastics market size was USD 17.48 billion in 2025 and is expected to reach USD 25.98 billion by 2034, with a CAGR of 4.50% from 2026 to 2034.

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Expected Drivers of Future Revenue Growth for Waste Management (WM)

Over the next 2-3 years, Waste Management (WM) is anticipated to drive revenue growth through several strategic initiatives and market dynamics:

  • Disciplined Pricing and Core Business Growth: Waste Management expects continued revenue growth from its core collection and disposal business, driven by disciplined pricing strategies and sustained, albeit sometimes modest, volume increases. The company has projected core price growth in the range of 5.4% to 6.5% for 2025 and 2026, alongside expected positive collection and disposal volume growth.
  • Integration and Expansion of WM Healthcare Solutions (Stericycle Acquisition): The acquisition of Stericycle in 2024, with full integration expected in 2025, is a significant driver. This expansion into regulated medical waste and secure information destruction services is projected to diversify revenue streams, contribute substantial revenue growth (estimated to be about 40% of WM's projected revenue growth for 2025), and generate significant synergies (up to $250 million by 2027).
  • Investments in Renewable Natural Gas (RNG) Facilities: Waste Management is aggressively investing in renewable natural gas (RNG) infrastructure, aiming to have 20 RNG facilities operational by the end of 2026. These projects convert organic waste into clean energy, creating new, high-margin revenue streams and aligning with the company's sustainability goals.
  • Recycling Automation and Infrastructure Modernization: The company is investing over $1 billion through 2026 to enhance its recycling capabilities, including the addition of 20 new or fully automated Material Recovery Facilities (MRFs). This investment is aimed at improving operational efficiency, increasing resource recovery rates, and boosting revenue from its recycling processing and sales segments.
  • Expansion into High-Margin Niche Services and Cross-Selling: Waste Management is focused on expanding into higher-margin niche services beyond traditional solid waste. This includes leveraging existing relationships with municipal and industrial customers to cross-sell a broader range of specialized services, thereby reducing dependence on conventional disposal volumes and capturing new growth opportunities.
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Share Repurchases

  • In December 2025, Waste Management announced a new $3 billion share repurchase authorization, superseding the prior $1.5 billion authorization from 2023.
  • The company plans to repurchase approximately $2 billion of its shares during 2026, with repurchases expected to resume after its fourth quarter 2025 financial results.
  • Share repurchases amounted to $262 million in 2024, a decrease from $1.30 billion in 2023, as the company prioritized debt reduction following a major acquisition.

Outbound Investments

  • Waste Management completed the acquisition of Stericycle for approximately $7.2 billion to $7.7 billion in November 2024, significantly expanding its presence in regulated medical waste and secure information destruction.
  • In 2025, the company invested about $400 million in tuck-in acquisitions for solid waste and recycling businesses.
  • For 2026, Waste Management expects to return to its typical range of $100 million to $200 million for tuck-in acquisitions.

Capital Expenditures

  • Capital expenditures were $3.23 billion in 2024, an increase from $2.90 billion in 2023.
  • In 2025, the company spent just under $2.6 billion on capital to support the business, along with an additional $633 million on sustainability growth investments.
  • Projected capital expenditures for 2026 are between $2.65 billion and $2.75 billion, including approximately $200 million directed towards high-return sustainability projects such as renewable natural gas facilities and recycling growth initiatives.

Better Bets vs. Waste Management (WM)

Peer Outperformance in Environmental & Facilities Services

WM has outperformed 79% of its 28 Environmental & Facilities Services peers over 5Y. Among the peers that beat it are GEO, CLH and RSG. 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 WM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 32 industry peers · 22.3% return
3Y
67%
of 30 industry peers · 49.3% return
5Y
79%
of 28 industry peers · 63.3% return
Environmental & Facilities Services peers with revenue growth within 4pp of WM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
WM Waste Management 9.1% 31.3x 22.3%49.3%63.3% —
GEO GEO 5.3% 11.3x 49.7%181.2%163.3% +100pp
CLH Clean Harbors 7.1% 27.7x 34.2%79.9%161.7% +98pp
RSG Republic Services 5.6% 34.3x 22.3%66.9%100.0% +37pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is WM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Marine Transportation 5 25.1%30.2%102.9% MATX 155% · KEX 103%
Construction Machinery & Heavy Transportation Equipment 13 6.3%55.5%95.0% ALSN 255% · WAB 204% · CAT 192%
Construction & Engineering 29 -21.3%79.9%94.8% FIX 895% · STRL 799% · AGX 526%
Aerospace & Defense 54 -12.6%55.7%49.5% ATI 849% · FTAI 756% · HWM 509%
Trading Companies & Distributors 19 5.6%30.7%33.8% DXPE 276% · AIT 184% · URI 177%
Industrial Machinery & Supplies & Components 71 0.3%46.1%29.7% CRS 797% · MLI 298% · SYM 249%
Rail Transportation 7 34.9%53.7%27.8% CSX 54% · UNP 40% · NSC 28%
Diversified Support Services 33 14.8%36.8%21.3% CXW 195% · OPLN 143% · CTAS 115%
Building Products 34 -6.6%9.3%10.6% MOD 714% · GFF 345% · TT 126%
Cargo Ground Transportation 16 27.9%14.6%4.8% XPO 269% · R 250% · ARCB 25%
Industrial Conglomerates 17 14.8%-1.6%-1.3% CSW 103% · CSL 72% · DD 65%
Office Services & Supplies 10 20.8%22.5%-2.6% PBI 158% · TILE 140% · HNI 40%
Electrical Components & Equipment 39 -14.2%56.2%-12.1% POWL 1360% · VRT 543% · BE 424%
Data Processing & Outsourced Services 6 -11.8%5.0%-12.7% EXLS 59% · BR 22% · G -12%
Research & Consulting Services 13 4.9%-15.5%-22.6% HURN 227% · FCN 36% · BAH 14%
Agricultural & Farm Machinery 16 7.2%-7.4%-27.4% BLBD 171% · DE 99% · TTC 15%
Security & Alarm Services 9 -51.2%10.7%-28.0% BCO 65%
Environmental & Facilities Services ← 29 -31.2%25.5%-28.1% GEO 163% · CLH 162% · RSG 100%
Passenger Airlines 11 2.6%64.1%-34.8% LTM 3100% · UAL 110% · DAL 100%
Air Freight & Logistics 12 -28.8%-7.3%-39.1% FDX 80% · EXPD 60% · CHRW 54%
Human Resource & Employment Services 22 19.2%-6.0%-42.4% ADP 50% · FA 22% · PAYX 13%
Passenger Ground Transportation 3 -14.1%42.9%-57.4% UBER 46% · CAR -57% · LYFT -67%
Airport Services 4 -49.1%-62.8%-86.2% JOBY -47%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WMRSGCLHACMCWSTMedian
NameWaste Ma.Republic.Clean Ha.AECOM Casella . 
Mkt Price241.12245.93277.6966.7499.44241.12
Mkt Cap96.275.314.68.66.314.6
Rev LTM26,07017,2376,56415,3931,95515,393
Op Inc LTM4,8423,46886471594864
FCF LTM3,7402,560496203105496
FCF 3Y Avg2,7482,33240257582575
CFO LTM6,5654,5001,0203653511,020
CFO 3Y Avg5,8944,217863701307863

Growth & Margins

WMRSGCLHACMCWSTMedian
NameWaste Ma.Republic.Clean Ha.AECOM Casella . 
Rev Chg LTM5.2%4.5%10.1%-4.2%13.6%5.2%
Rev Chg 3Y Avg9.1%5.6%7.1%3.6%20.6%7.1%
Rev Chg Q6.3%8.2%20.7%-14.2%16.9%8.2%
QoQ Delta Rev Chg LTM1.6%2.1%5.1%-3.7%4.2%2.1%
Op Inc Chg LTM10.8%4.2%32.6%-29.7%-3.5%4.2%
Op Inc Chg 3Y Avg10.5%9.6%14.4%0.7%-2.6%9.6%
Op Mgn LTM18.6%20.1%13.2%4.6%4.8%13.2%
Op Mgn 3Y Avg18.7%19.9%11.9%5.5%5.8%11.9%
QoQ Delta Op Mgn LTM0.1%0.1%1.3%-2.1%-0.1%0.1%
CFO/Rev LTM25.2%26.1%15.5%2.4%18.0%18.0%
CFO/Rev 3Y Avg24.5%25.5%14.1%4.4%17.9%17.9%
FCF/Rev LTM14.3%14.9%7.6%1.3%5.4%7.6%
FCF/Rev 3Y Avg11.3%14.1%6.5%3.6%4.7%6.5%

Valuation

WMRSGCLHACMCWSTMedian
NameWaste Ma.Republic.Clean Ha.AECOM Casella . 
Mkt Cap96.275.314.68.66.314.6
P/S3.74.42.20.63.23.2
P/Op Inc19.921.716.912.067.119.9
P/EBIT20.023.216.611.989.120.0
P/E31.333.827.729.81,109.031.3
P/CFO14.716.714.423.518.016.7
Total Yield4.7%3.9%3.6%5.1%0.1%3.9%
Dividend Yield1.5%1.0%0.0%1.7%0.0%1.0%
FCF Yield 3Y Avg3.3%3.5%2.9%4.1%1.5%3.3%
D/E0.20.20.20.40.20.2
Net D/E0.20.20.20.30.20.2

Returns

WMRSGCLHACMCWSTMedian
NameWaste Ma.Republic.Clean Ha.AECOM Casella . 
1M Rtn16.0%14.5%-12.7%11.5%21.2%14.5%
3M Rtn5.8%17.7%-9.7%-10.5%9.9%5.8%
6M Rtn9.8%22.8%-1.7%-17.3%16.4%9.8%
12M Rtn22.2%20.6%34.2%-48.7%10.5%20.6%
3Y Rtn49.2%64.5%79.9%-12.4%24.7%49.2%
1M Excs Rtn16.9%15.2%-10.5%16.6%20.2%16.6%
3M Excs Rtn7.3%15.9%-9.0%-10.6%12.1%7.3%
6M Excs Rtn5.0%18.0%-6.4%-22.1%11.6%5.0%
12M Excs Rtn8.6%6.5%19.5%-61.7%-2.9%6.5%
3Y Excs Rtn-29.7%-10.8%-2.6%-93.0%-51.0%-29.7%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
East Tier11,48210,95510,5339,9208,922
West Tier10,90010,3379,8979,4798,703
Other Ancillary3,1632,9152,7112,4132,041
Healthcare Solutions2,951471   
Recycling Processing and Sales1,8661,8901,5761,7601,760
Renewable Energy481321276315220
Corporate and Other5248464947
Intercompany Elimination-5,691-4,874-4,613-4,238-3,762
Total25,20422,06320,42619,69817,931


Operating Income by Segment
$ Mil20252024202320222021
East Tier2,9042,7602,4462,1781,955
West Tier2,8892,6932,3832,1821,939
Renewable Energy1359979132108
Other Ancillary-16-9-80-18
Recycling Processing and Sales-8086-44128217
Healthcare Solutions-88-69   
Corporate and Other-1,436-1,497-1,281-1,255-1,236
Total4,3084,0633,5753,3652,965


Assets by Segment
$ Mil20252024202320222021
East Tier16,09915,32814,32814,74114,269
West Tier12,24511,78611,32211,91611,476
Healthcare Solutions9,0029,406   
Corporate and Other3,8883,7853,3923,0482,372
Recycling Processing and Sales2,7182,6862,282  
Renewable Energy1,9761,5441,077  
Other Ancillary801779783  
Elimination of intercompany investments and advances-894-747-361-310-295
Other   1,9721,275
Total45,83544,56732,82331,36729,097


Price Behavior

Price Behavior
Market Price$241.27 
Market Cap ($ Bil)96.2 
First Trading Date09/30/1991 
Distance from 52W High-0.9% 
   50 Days200 Days
DMA Price$218.81$224.14
DMA Trenddownindeterminate
Distance from DMA10.3%7.6%
 3M1YR
Volatility22.2%21.2%
Downside Capture-71.36-60.52
Upside Capture-43.26-28.71
Correlation (S&P 500)-23.7%-24.0%
WM Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.98-0.60-0.57-0.78-0.430.10
Up Beta0.73-0.59-0.23-0.90-0.560.17
Down Beta-0.84-1.29-1.03-0.26-0.090.19
Up Capture4%-15%-39%-58%-20%2%
Bmk +ve Days12182862130427
Stock +ve Days16232958128404
Down Capture-216%-75%-78%-149%-116%-21%
Bmk -ve Days10253664121325
Stock -ve Days6203568123345

[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 WM
WM22.3%21.2%0.84-
Sector ETF (XLI)7.4%17.8%0.24-7.4%
Equity (SPY)9.5%13.6%0.41-24.6%
Gold (GLD)3.6%28.7%0.11-10.4%
Commodities (DBC)37.7%21.2%1.402.5%
Real Estate (VNQ)12.0%14.2%0.5533.4%
Bitcoin (BTCUSD)-20.8%43.3%-0.42-19.4%

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 WM
WM10.6%19.3%0.42-
Sector ETF (XLI)10.8%17.7%0.4530.3%
Equity (SPY)11.3%17.3%0.4824.9%
Gold (GLD)17.5%19.1%0.745.0%
Commodities (DBC)8.0%19.6%0.296.0%
Real Estate (VNQ)1.2%18.9%-0.0540.3%
Bitcoin (BTCUSD)5.9%51.5%0.294.2%

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 WM
WM16.3%19.9%0.71-
Sector ETF (XLI)12.9%20.1%0.5651.3%
Equity (SPY)14.9%18.0%0.7047.7%
Gold (GLD)12.0%16.5%0.594.1%
Commodities (DBC)7.6%18.1%0.3312.3%
Real Estate (VNQ)5.7%20.7%0.2354.7%
Bitcoin (BTCUSD)61.3%66.2%1.019.3%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity7.5 Mil
Short Interest: % Change Since 9302026-3.7%
Average Daily Volume2.4 Mil
Days-to-Cover Short Interest3.1 days
Basic Shares Quantity398.9 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-4.5%-0.5% 
7/28/2026-1.2%-5.9%-7.6%
4/28/20261.3%-1.3%-5.7%
1/28/2026-3.7%-2.2%4.0%
10/27/2025-4.5%-8.0%1.2%
7/28/20253.4%1.2%-1.2%
4/28/2025-0.1%2.5%3.5%
1/30/20256.1%7.3%11.1%
...
SUMMARY STATS   
# Positive121215
# Negative13139
Median Positive2.8%3.3%5.0%
Median Negative-1.2%-2.6%-3.1%
Max Positive6.1%10.5%11.9%
Max Negative-8.0%-8.0%-7.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-4.5%-0.5% 
7/28/2026-1.2%-5.9%-7.6%
4/28/20261.3%-1.3%-5.7%
1/28/2026-3.7%-2.2%4.0%
10/27/2025-4.5%-8.0%1.2%
7/28/20253.4%1.2%-1.2%
4/28/2025-0.1%2.5%3.5%
1/30/20256.1%7.3%11.1%
10/28/20245.2%2.9%9.2%
7/24/2024-8.0%-6.8%-3.3%
4/25/2024-1.2%-2.6%-1.8%
2/13/2024-0.2%2.4%5.8%
10/24/20236.1%6.3%11.1%
7/25/2023-4.0%-5.4%-7.8%
4/27/20232.7%3.8%-0.2%
2/1/2023-0.2%-2.2%-3.1%
10/26/2022-3.1%-5.2%-0.6%
7/27/20222.8%5.4%11.9%
4/26/20225.3%2.0%1.1%
2/2/2022-1.1%-3.1%2.0%
10/26/2021-1.2%-1.2%2.3%
7/27/20210.2%0.4%3.9%
4/27/20210.8%4.8%5.0%
2/18/20211.1%-0.3%9.2%
11/2/20202.6%10.5%10.9%
SUMMARY STATS   
# Positive121215
# Negative13139
Median Positive2.8%3.3%5.0%
Median Negative-1.2%-2.6%-3.1%
Max Positive6.1%10.5%11.9%
Max Negative-8.0%-8.0%-7.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/09/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/19/202510-K
09/30/202410/28/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/13/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/27/202310-Q
12/31/202202/07/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/28/202610-Q
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/09/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/19/202510-K
09/30/202410/28/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/13/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/27/202310-Q
12/31/202202/07/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q
03/31/202204/26/202210-Q
12/31/202102/15/202210-K
09/30/202110/26/202110-Q
06/30/202107/27/202110-Q
03/31/202104/27/202110-Q
12/31/202002/22/202110-K
09/30/202011/02/202010-Q
06/30/202007/30/202010-Q
03/31/202005/06/202010-Q
12/31/201902/13/202010-K

Recent Forward Guidance

Updated 10/28/2026

Latest: Q3 2026 Earnings Reported 10/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Net cash provided by operating activitiesReported 6.50 Bil    
2026 Proceeds from divestitures of businesses and other assets, net of cash divestedReported 100.00 Mil    
2026 RevenueReported26.27 Bil26.38 Bil26.48 Bil0.0% AffirmedGuidance: 26.38 Bil for 2026
2026 Adjusted Operating EBITDAReported8.15 Bil8.20 Bil8.25 Bil0.0% AffirmedGuidance: 8.20 Bil for 2026
2026 Capital expenditures to support the businessReported 2.50 Bil    
2026 Capital expenditures - sustainability growth investmentsReported 2.5E10%    
2026 Free Cash FlowReported3.75 Bil3.80 Bil3.85 Bil0.0% AffirmedGuidance: 3.80 Bil for 2026
2026 Free cash flow without sustainability growth investmentsReported 4.1E11%    
2026 Free cash flowReported 3.85 Bil    
2026 Share RepurchasesReported 2.00 Bil    


Prior: Q2 2026 Earnings Reported 7/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported26.27 Bil26.38 Bil26.48 Bil   
2026 Adjusted Operating EBITDA MarginReported31.0%31.1%31.2%   
2026 Adjusted Operating EBITDAReported8.15 Bil8.20 Bil8.25 Bil   
2026 Free Cash FlowReported3.75 Bil3.80 Bil3.85 Bil0 AffirmedGuidance: 3.80 Bil for 2026

Q1 2026 Earnings Reported 4/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Free Cash FlowReported3.75 Bil3.80 Bil3.85 Bil0 AffirmedGuidance: 3.80 Bil for 2026

Q4 2025 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported26.43 Bil26.52 Bil26.62 Bil   
2026 Adjusted operating EBITDA marginReported30.8%30.9%31.0%   
2026 Adjusted operating EBITDAReported8.15 Bil8.20 Bil8.25 Bil   
2026 Free cash flowReported3.75 Bil3.80 Bil3.85 Bil0 AffirmedGuidance: 3.80 Bil for 2026
2026 Dividends and share repurchasesReported 3.50 Bil    
2026 Share repurchasesReported 2.00 Bil    

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Carroll, John AVP & Chief Accounting OfficerJjc Cache LlcSell9082026219.901,365300,164771,616Form
2Carrasco, RafaelSVP of Enterprise StrategyDirectSell6082026220.472,655585,3353,425,969Form
3Morris, John JPresident & COODirectSell3092026245.077,9791,955,41424,177,626Form
4Reed, David LEVP & CFODirectSell3032026242.65215,0962,109,503Form
5Stith, Kimberly GSVP - Chief HR OfficerDirectSell3032026243.13215,1061,148,469Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Carroll, John AVP & Chief Accounting OfficerJjc Cache LlcSell9082026219.901,365300,164771,616Form
2Carrasco, RafaelSVP of Enterprise StrategyDirectSell6082026220.472,655585,3353,425,969Form
3Morris, John JPresident & COODirectSell3092026245.077,9791,955,41424,177,626Form
4Reed, David LEVP & CFODirectSell3032026242.65215,0962,109,503Form
5Stith, Kimberly GSVP - Chief HR OfficerDirectSell3032026243.13215,1061,148,469Form
6Watson, Michael JSr. VP-Chief Customer OfficerDirectSell3032026241.8117,2514,171,51110,675,135Form
7Hemmer, Tara JSVP & Chief Sustainability OffDirectSell3032026241.834,8181,165,13719,084,638Form
8Reed, David LEVP & CFODirectSell2272026229.67378,4982,008,628Form
9Carroll, John AVP & Chief Accounting OfficerDirectSell2272026229.47378,4911,884,518Form
10Smith, Donald JSr. VP - OperationsDirectSell2172026233.4812,1942,847,0551,406,484Form
11Carrasco, RafaelSVP of Enterprise StrategyDirectSell2162026234.507,3521,724,0523,644,087Form
12Carroll, John AVP & Chief Accounting OfficerDirectSell2112026234.711,021239,6341,950,237Form
13Fish, James C JRChief Executive OfficerDirectSell2102026230.875,7061,317,31650,810,385Form
14Fish, James C JRChief Executive OfficerDirectSell2102026230.3630,3907,000,73252,014,353Form
15Fish, James C JRChief Executive OfficerDirectSell2102026230.00657151,11058,922,090Form
16Desantis, Christopher PSVP Operations - EastDirectSell2022026218.8521547,0532,092,397Form
17Hemmer, Tara JSVP & Chief Sustainability OffDirectSell2022026219.71690151,59618,397,125Form
18Watson, Michael JSr. VP-Chief Customer OfficerDirectSell2022026219.79687150,99610,715,926Form
19Smith, Donald JSr. VP - OperationsDirectSell2022026219.59690151,5142,937,169Form
20Stith, Kimberly GSVP - Chief HR OfficerDirectSell2022026219.6515734,4851,048,995Form
21Morris, John JPresident & COODirectSell2022026219.49690151,44523,404,783Form
22Carrasco, RafaelSVP of Enterprise StrategyDirectSell2022026219.01690151,1145,013,415Form
23Boettcher, Charles CEVP, Chief Legal OfficerDirectSell2022026219.32689151,11112,316,880Form
24Reed, David LEVP & CFODirectSell2022026218.6227059,0281,933,200Form
25Carroll, John AVP & Chief Accounting OfficerDirectSell2022026219.5722048,3062,048,664Form
26Varkey, JohnsonSVP-Chief Information OfficerDirectSell2022026219.6342894,0042,245,501Form
27Carrasco, RafaelSVP of Enterprise StrategyDirectSell11202025217.061,380299,5433,373,056Form
28Menke, Sean E ASM Assets, LPBuy11042025196.422,000392,8401,436,617Form
29Stith, Kimberly GSVP - Chief HR OfficerDirectSell9042025225.1910022,520920,926Form

Investor Activity (13F)

Updated Nov 6, 2026
13F 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Gates Foundation Trust$6.4 Bil20.1%22Hold13F
Ycg, LLC$50.7 Mil4.6%42TRIM -10.1%13F
Westchester Capital Management, Inc.$20.8 Mil4.2%45Hold13F
Mirova US LLC$313.0 Mil3.6%42Hold13F
HFR Wealth Management, LLC$13.1 Mil3.2%49Hold13F
Partners Group Holding AG$40.0 Mil3.0%50Hold13F
Locust Wood Capital Advisers, LLC$94.6 Mil2.6%27TRIM -8.1%13F
TSP Capital Management Group, LLC$9.5 Mil2.3%45Hold13F
Blue Whale Capital LLP$46.8 Mil2.2%26New13F
Fundsmith Investment Services LTD.$16.2 Mil0.4%24Hold13F
Skye Global Management LP$13.1 Mil0.3%44New13F
Woodbridge Co Ltd$19.0 Mil0.1%46New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Blue Whale Capital LLP$46.8 Mil2.2%26New13F
Woodbridge Co Ltd$19.0 Mil0.1%46New13F
Skye Global Management LP$13.1 Mil0.3%44New13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
KADENSA CAPITAL Ltd$20.4 Mil2.1%43ExitedDec 31, 202513F
Ycg, LLC$50.7 Mil4.6%42TRIM -10.1%Mar 31, 202613F
Locust Wood Capital Advisers, LLC$94.6 Mil2.6%27TRIM -8.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Gates Foundation Trust$6.4 Bil20.1%22Hold13F
Mirova US LLC$313.0 Mil3.6%42Hold13F
Locust Wood Capital Advisers, LLC$94.6 Mil2.6%27TRIM -8.1%13F
Ycg, LLC$50.7 Mil4.6%42TRIM -10.1%13F
Blue Whale Capital LLP$46.8 Mil2.2%26New13F
Partners Group Holding AG$40.0 Mil3.0%50Hold13F
Westchester Capital Management, Inc.$20.8 Mil4.2%45Hold13F
Woodbridge Co Ltd$19.0 Mil0.1%46New13F
Fundsmith Investment Services LTD.$16.2 Mil0.4%24Hold13F
HFR Wealth Management, LLC$13.1 Mil3.2%49Hold13F
Skye Global Management LP$13.1 Mil0.3%44New13F
TSP Capital Management Group, LLC$9.5 Mil2.3%45Hold13F

WM Trade Sentinel


Stock Conviction

Constructive

CONVICTION RATIONALE

WM is using pricing power in its core business (5.8% core price) to fund a pivot into higher-growth areas. Early signs are positive, with the new Healthcare segment growing operating EBITDA 33% in Q3. While negative core volumes are a key watch item, robust free cash flow growth of 42% year-to-date supports the strategic investments.

STOCK ARCHETYPE
Structurally Protected Recurrent Revenue

Volume of waste managed x Price per unit/service (Yield) Pricing power exceeding cost inflation (price-cost spread), operational leverage from technology and automation, and internalization of waste into its own disposal network.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Can a utility-like core fund a profitable growth pivot?

Evidence suggests the transition is succeeding, with strong cash flow funding new ventures that are showing early signs of margin improvement and growth.

Mechanism: WM's pricing power (5.8% core price) in its moated landfill business generates strong free cash flow, up 42% year-to-date. This cash funds the scaling of its new Healthcare and Renewable Energy segments. As these units achieve profitability, the market may re-rate the stock from a slow-growth utility to a durable compounder with higher growth.
Supporting Evidence:
  • Core price in the Collection & Disposal business was strong at 5.8% in Q3 2026.
  • The Healthcare Solutions segment grew operating EBITDA by 33% in Q3 2026.
  • Free cash flow grew over 42% through the first nine months of 2026.
  • Management affirmed 2026 guidance and expects revenue to finish at the high end of the range.
PRIMARY RISK
Execution Failure in New Segments

The multi-billion dollar investments in Healthcare and Sustainability are not yet profitable, posting operating losses in 2025. If management fails to achieve its synergy and margin targets, the significant capital outlay could destroy shareholder value, leaving only the mature, slower-growing core business.

Mechanism: Stagnating or declining margins in the Healthcare Solutions segment would signal the integration is failing.
Supporting Evidence:
  • The Healthcare Solutions segment posted an operating loss of $88 million in 2025.
  • The Recycling segment posted an operating loss of $80 million in 2025.
  • Collection and Disposal volume was 'modestly negative' in Q3 2026.
Key KPI Watchlist
KPI Status Rationale
Collection & Disposal (C&D) Average Yield3.4% for the three months ended September 30, 2026 - DeceleratingThe rate of price increases in the core Collection and Disposal business has moderated as the year has progressed, indicating a slowdown in pricing momentum from the start of the year.
Collection & Disposal (C&D) VolumeModestly negative in Q3 2026 - Turning aroundCore business volumes have been negative year-over-year, which management attributes to a strategic choice to shed lower-margin residential contracts. While still negative, the rate of decline has been improving sequentially through the year.
Core Price (Collection & Disposal)5.8% (Q3 2026)Measures the effectiveness of pricing activities, indicating the company's ability to raise prices on its core services.
Operating EBITDA Margin31% (Q3 2026)Indicates core operational profitability before depreciation, depletion, amortization, and accretion.
Core Investment Debate

Strategic 'Good Shrink' vs. Demand Erosion?

BULL VIEW

Bulls see negative volumes as a deliberate strategy to shed low-margin contracts. This focus on profitability is validated by expanding operating margins and strong free cash flow growth of 42% year-to-date.

CORE TENSION

Can strong pricing and new segment growth offset negative core volumes, which have contributed to two consecutive -5% post-earnings stock declines?


PREVAILING SENTIMENT
CAUTIOUSLY BULLISH

The latest evidence favors the bulls. Management is delivering on synergy targets ahead of schedule and affirmed its full-year guidance, expecting to finish at the high end.

BEAR VIEW

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
1/26/2027
Negative Earnings Reaction
Watch: Guidance for 2027, commentary on volume trends, Healthcare segment profitability, and persistence of higher risk management costs.
1/26/2027
Quarterly Earnings Report
Watch: The company will report its next quarterly earnings.
2/15/2027
Peer Volume Weakness
Watch: RSG's commentary on commercial, industrial, and residential volumes could provide a read-through on broader industry demand trends.
early Q1 of 2027
Final RNG Plant Commissioning
Watch: The final renewable natural gas facility is scheduled to come online.
No set date
Commodity Price Headwinds
Watch: Market prices for recycled paper and plastics (OCC), and prices for D3 RINs, which impact Renewable Energy profitability.
Key Events in Last 6 Months
Date Event Stock Impact
2026-10-27
Third Quarter Earnings Reported
Details: The company announced Q3 results with revenue of $6.846 billion. The stock had a two-day reaction of -5.0% around the earnings call.
-6.6%
$241.02 -> $225.15
2026-08-26
CEO Retirement Announced
Details: CEO Jim Fish announced his plan to retire. The Board of Directors appointed President John Morris to the position of President and Chief Executive Officer.
-2.0%
$221.15 -> $216.80
2026-08-24
Quarterly Dividend Declared
Details: The company declared a quarterly cash dividend of $0.945 per share, payable September 25, 2026, to stockholders of record on September 11, 2026.
-0.9%
$223.07 -> $221.15
2026-07-28
Second Quarter Earnings Reported
Details: The company announced its Q2 2026 financial results. The stock had a two-day reaction of -5.0% around the earnings call.
-0.5%
$236.85 -> $235.56
2026-05-13
Tara Hemmer Named COO
Details: The Board of Directors appointed Tara Hemmer to the position of Executive Vice President and Chief Operating Officer, reporting to the company's President.
+0.5%
$215.76 -> $216.92
2026-04-28
First Quarter Earnings Reported
Details: The company reported Q1 revenue growth slowed to 3.5% year-over-year, but operating cash flow surged 24.3% and free cash flow jumped 93.7%.
+1.8%
$224.23 -> $228.31
Risk Management
Position Sizing

5% - 7%

NORMAL POSITION

Sizing is volatility-based: WM trades at roughly 21% annualized realized (three-month) volatility versus about 11% for the S&P 500 (2.0x the market). A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives
RSG - Republic Services
Pure-Play Efficiency

Republic Services currently demonstrates a superior cost structure, with a trailing-twelve-month operating margin of 20% versus 18.6% for Waste Management.

Core Thesis: An investment in a highly efficient waste services operator with a strong, consistent record of profitability and capital returns.
CLH - a business partner
Specialized Waste Focus

a business partner provides more specialized, higher-margin environmental and industrial services, offering different end-market exposure than WM's residential and commercial solid waste focus.

Core Thesis: A play on specialized industrial and hazardous waste services, which are subject to different economic and regulatory drivers.
How Is The Market Pricing WM?

A resilient infrastructure utility using its cash-generative core to fund a strategic pivot into higher-growth sustainability and healthcare services.

WM's foundation is its irreplaceable network of landfills, which provides a wide moat and significant pricing power for its essential waste services. The company is leveraging the stable, high-margin cash flow from this core business to make substantial investments in three key growth areas: recycling automation, renewable energy (RNG), and the newly acquired Healthcare Solutions business. The central thesis is that these investments will create new, profitable revenue streams, adding a growth dimension to the company's defensive, utility-like profile.

What will confirm the thesis

Sustained margin expansion in the core Collection & Disposal business, a clear path to profitability in the Healthcare Solutions and Recycling segments, and successful commissioning and contracting of new RNG plants.

What will damage the thesis

Erosion of core business margins, failure to achieve targeted synergies and profitability in the Healthcare segment, or significant cost overruns and poor returns on sustainability investments.

Noise: Real but irrelevant to thesis

Quarterly volume fluctuations due to weather or one-time events, and short-term volatility in recycling or RIN commodity prices.

Repricing Catalyst

Demonstrating a clear and accelerated path to profitability and margin expansion in the Healthcare Solutions segment, which showed 33% operating EBITDA growth in Q3 2026, signaling the integration is gaining traction.

What WM Makes & Who Pays
TTM figures based on the twelve months through fiscal Q2 2026
East Tier
$11.7B TTM (46% of Total) · 44% Margin
What It Is

Provides collection, transfer, and disposal services to residential, commercial, and industrial customers in the Eastern U.S., the Great Lakes region, and most of Canada.

Who Pays & How

Municipalities, businesses, and households pay for essential waste collection and disposal. They choose WM for its extensive and efficient local network of collection routes, transfer stations, and landfills.

Fees are based on service agreements, collection frequency, waste type and volume, and distance to disposal sites. Landfill access is charged via tipping fees.
Competition
Large national waste management companies, counties, municipalities, and regional/local companies. Republic Services (RSG) is a key peer.
Competitors compete intensely on pricing and quality of service.
WM's extensive and unique network of assets, particularly its industry-leading number of owned or operated landfills, which are difficult and expensive to permit and replicate.
West Tier
$11.1B TTM (43% of Total) · 46% Margin
What It Is

Provides collection, transfer, and disposal services to residential, commercial, and industrial customers in the Western, Southern, and Central U.S., including the upper Midwest and British Columbia, Canada.

Who Pays & How

Municipalities, businesses, and households pay for essential waste collection and disposal. They choose WM for its extensive and efficient local network of collection routes, transfer stations, and landfills.

Fees are based on service agreements, collection frequency, waste type and volume, and distance to disposal sites. Landfill access is charged via tipping fees.
Competition
Large national waste management companies, counties, municipalities, and regional/local companies. Republic Services (RSG) is a key peer.
Competitors compete intensely on pricing and quality of service.
WM's extensive and unique network of assets, particularly its industry-leading number of owned or operated landfills, which are difficult and expensive to permit and replicate.
Healthcare Solutions
$2.9B TTM (11% of Total) · -4% Margin
What It Is

Provides regulated waste and compliance services (e.g., medical, pharmaceutical waste) and secure information destruction services to customers in the U.S., Canada, and Western Europe, following the 2024 acquisition of Stericycle.

Who Pays & How

Business-to-business customers, including healthcare providers, pay for specialized services to safely manage regulated materials and protect confidential information, ensuring compliance and safeguarding public health.

Contract-based fees, set at monthly, quarterly, or annual rates, or based on the type and volume/weight of waste collected.
Competition
Leveraging WM's existing scale, customer relationships, and operational discipline to create a comprehensive service offering.
Recycling Processing and Sales
$1.9B TTM (7% of Total) · 0% Margin
What It Is

Processes and sells recyclable materials (paper, cardboard, glass, plastic, metal) collected from residential, commercial, and industrial customers. It also provides recycling brokerage services.

Who Pays & How

Manufacturers purchase processed commodities to use as feedstock. Customers pay tipping fees for processing, with pricing models shifting to a fee-for-service to cover costs regardless of commodity prices.

A mix of commodity sales, which are subject to market price fluctuations, and a fee-for-service model where customers pay a processing fee that may be offset by a rebate if commodity prices are high.
Competition
North America's leading recycler of post-consumer materials, leveraging its vast collection network and investing in advanced processing technology.
Renewable Energy
$592M TTM (2% of Total) · 47% Margin
What It Is

Develops and operates landfill gas-to-energy facilities, selling renewable natural gas (RNG), electricity, and associated environmental credits (RINs, RECs) to public utilities, municipal utilities, power cooperatives, and natural gas suppliers.

Who Pays & How

Utilities and energy companies pay for renewable energy to meet regulatory requirements and customer demand for clean energy. Obligated parties under programs like the Renewable Fuel Standard (RFS) purchase credits to offset fossil fuel production.

Revenue is generated through the sale of captured methane gas, energy (electricity and capacity), and environmental credits like RINs, which have market-based pricing.
Competition
As a leading developer and operator of landfill gas-to-energy facilities, WM leverages its unique access to feedstock from its own extensive landfill network.
Other Ancillary
$3.3B TTM (13% of Total) · 0% Margin
What It Is

Provides specialized services supporting collection and disposal operations, including services for large industrial or geographically dispersed customers through its Strategic Business Solutions (WMSBS) and Sustainability and Environmental Solutions (SES) businesses.

Who Pays & How

Large, multi-location customers pay for streamlined service, enhanced reporting, and centralized billing. Other customers pay for solutions to meet sustainability and waste diversion goals.

Contract-based service fees.
Competition
Leverages the company's entire network and service portfolio to offer comprehensive, tailored solutions that smaller competitors cannot match.
WM Evolution: Price Return by Era
Through 2023 · Core Collection & Disposal Dominance
+16%
The business was overwhelmingly dominated by the highly profitable East and West Tier segments, which provided integrated collection and disposal services. Recycling and Renewable Energy were smaller, with Recycling showing volatile profitability.
2024 - Present · Strategic Expansion into Healthcare and Sustainability
+38%
Marked by the major acquisition of Stericycle in 2024, creating the large-scale Healthcare Solutions segment. This era also involves a significant capital investment cycle to expand the Renewable Energy (RNG) and automated Recycling businesses, shifting the company's long-term growth profile beyond traditional waste disposal.
Market Appears To Be Cautiously Supportive
Price structure is neutral. The price is in a holding pattern with no clear directional commitment from the moving average stack. Relative to SPY: Decisively outperforming and improving. Potential evidence of active institutional rotation. Volume and momentum are strongly confirming. The institutional accumulation is evident and momentum is accelerating. Earnings history is strongly validating. The market rewarded the print and institutional follow-through confirms thesis re-rating is underway.
① Structure
0
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
+3
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
+3
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
6 / 12
1 Price Structure & Trend Potential Bottoming · Death Cross ▾
2 Momentum Accelerating ▾
3 Relative Strength vs. SPY Strong Outperformance ▾
4 Institutional Footprint & Volume Mild Accumulation ▾
5 Volatility Expanded ▾
6 Key Price Levels Range · Vol Falling ▾
7 Earnings Reaction History Emerging Resilience ▾
8 How the Verdict Is Derived Three Pillars ▾
Core Cache Last Updated: 11/5/2026