— Know what they know.
/
Not Investment Advice

RSG

NYSE · USD
Republic Services, Inc.
Industrials · Waste Management
CEO Jon Vander Ark Employees 42,000 R&D / revenue 0.0%
Last price
$231.54+0.82%last session
Market cap
$70.9B
P/E (TTM)
32.8x
From 52w high
−0.8%
From 52w low
+17.9%
1-year return
+7.4%
RSI 14 · vs SMA200
74.6 · +8.1%
IS score
57.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

RSG   SPY   XLI (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111RSG 107

Score DNA

Each bar is a 0-100 score within the scored universe
56
Profitability
44
Growth
45
Value
74
Momentum
65
Risk (safety)
73
Quality
39
Balance sheet
66
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for RSG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 2.9Beta 0.404 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
107
$1,582.69M bought
Form 144 notices (12m): 3, $452,366 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-08-06
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−18
113 new holders, 114 closed
1,313 filers hold 59.7% · 511 added, 494 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+115
1,050 funds adding shares
935 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
71.4%
20-day avg 66.2%, 50-day avg 62.5%
Latest 5.2 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$16.6B
Revenue growth YoY+3.5%
Gross margin30.3%
Operating income$3.3B
Operating margin20.0%
Net income$2.1B
Net margin12.9%
EPS (diluted)$6.85
Cash flow
Operating cash flow$4.3B
Capital expenditure$1.9B
Free cash flow$2.4B
FCF conversion (FCF / OCF)56.1%
Stock-based compensation$0
FCF less SBC$2.4B
Buybacks$870.0M
Dividends$738.0M
Balance sheet & returns
Cash & short-term investments$335.0M
Total debt$596.0M
Net debt$261.0M
Shareholders' equity$12.0B
Goodwill & intangibles$17.4B
Debt / equity1.19
ROE (TTM)18.3%
ROIC (TTM)9.1%
Operating margin by fiscal year
18.5%FY202117.8%FY202218.9%FY202320.1%FY202420.0%FY2025
Revenue $11.3B (FY2021) to $16.6B (FY2025), a 10.1% CAGR.

Valuation

P/E (TTM)32.8x
EV / EBITDA15.1x
Price / sales4.20x
Price / FCF20.8x
FCF yield4.80%
Buyback yield1.23%
SBC / revenue0.1%
Price / book5.92x
Forward P/E FY202631.8x
Forward P/E FY202728.6x
Forward P/E FY202825.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $234.43 across 7 analysts last quarter is theirs, not ours.

RSG vs industry median

84 companies in Waste Management
Gross margin 39.1% 27.9% Operating margin 20.0% -1.3% Net margin 12.9% -2.4% ROIC 9.1% 5.6%
RSG (TTM)Industry median Asset turnover 0.48 vs industry 0.58 · financial leverage 2.92

Earnings delivery

Next report 2026-10-29 · consensus EPS $1.93
92%
beat rate, 11 of 12 quarters
+6.3%
median EPS surprise
7
longest beat streak
+8+9+7+5+12+13+3+0+4+9+4+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-08-06. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
RSG Republic Services, Inc. $70.9B32.8x18.3%12.9%+3.5% +7.4%
WM Waste Management, Inc. $90.7B32.0x29.8%11.7%+7.2% +6.8%
WCN Waste Connections, Inc. $42.3B40.6x13.1%11.6%+6.1% −1.5%
CLH Clean Harbors, Inc. $16.9B38.7x15.6%9.8%+5.1% +37.9%
FDX FedEx Corporation $69.5B16.0x14.8%6.4%+7.7% +55.9%
UPS United Parcel Service, Inc. $73.1B18.1x29.7%2.6%−0.3% —
CMI Cummins Inc. $73.1B27.0x22.0%9.9%+2.9% —
NSC Norfolk Southern Corporation $73.4B27.9x17.0%21.2%+3.0% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-07-30Other Events
2026-06-24Other Events; Exhibits
2026-05-07Earnings Release; Other Events; Exhibits
2026-02-17Amendments to Articles of Incorporation or Bylaws
2026-02-17Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2026-02-12Departure/Election of Directors; Appointment of Officers; Other Events; Financial Statements and Exhibits

Context

Shares outstanding306,213,000
Free float61.6%
Institutional ownership59.7%
Beta0.40
Dividend yield1.10%
Last dividend$0.67 on 2026-10-02
50 / 200-day average$217.91 / $215.42
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where RSG sits among 6 scored companies in Waste Management (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureRSGIndustry medianIndustry percentileSector median
P/E (TTM) 32.4x 38.5x
25th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 2.56 — 1.42
Price / sales 4.2x 3.2x
80th		 2.0x
Price / book 5.9x 5.6x
80th		 2.9x
Price / tangible book —
Price / free cash flow 20.8x 25.4x
25th		 20.8x
Price / operating cash flow 12.3x 15.7x
0th		 14.5x
Enterprise value $85.1B $35.6B
80th		 $4.8B
EV / sales 5.0x 4.0x
80th		 2.4x
EV / EBITDA 15.1x 15.9x
25th		 13.6x
EV / EBIT 27.0x 27.0x
50th		 19.9x
EV / free cash flow 25.0x 31.8x
25th		 24.3x
Earnings yield 3.1% 2.6%
80th		 3.3%
FCF yield 4.8% 2.9%
80th		 3.8%
Operating cash flow yield 8.1% 6.2%
100th		 6.2%
Graham number (per share) $79.07 $62.59
75th		 $38.21

Profitability (TTM)

MeasureRSGIndustry medianIndustry percentileSector median
Gross margin 39.1% 30.8%
80th		 30.5%
EBITDA margin 33.3% 25.4%
100th		 14.3%
Operating margin 20.0% 14.5%
100th		 9.8%
EBIT margin 18.7% 14.9%
100th		 9.9%
Net margin 12.9% 8.9%
100th		 6.0%
NOPAT margin 17.0% 10.9%
100th		 7.8%
FCF margin 20.2% 9.7%
80th		 7.0%
Operating cash flow margin 34.2% 21.7%
100th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 10.1% 10.4%
40th		 14.1%
Stock comp / revenue 0.1% 0.8%
20th		 0.6%
Effective tax rate 14.8% 22.3%
0th		 21.0%

Returns on capital

MeasureRSGIndustry medianIndustry percentileSector median
ROE (on average equity) 18.1% 14.3%
80th		 11.9%
ROA 6.4% 5.4%
100th		 4.8%
ROIC 11.0% 8.7%
80th		 8.7%
ROCE 10.1% 9.8%
60th		 9.4%
Return on tangible assets 9.2% 8.9%
60th		 7.9%
Cash ROIC (OCF / invested capital) 22.0% 13.1%
100th		 12.8%
Gross profitability (GP / assets) 17.4% 17.7%
40th		 19.2%
ROIC, 3-yr average 8.7% 6.5%
80th		 7.8%
ROIC, 5-yr average 8.9% 7.5%
60th		 8.6%
ROE, 5-yr average 16.7% 13.6%
80th		 12.5%
Incremental ROIC 100.6% 100.6%
50th		 20.5%

Growth

MeasureRSGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.2% 5.6%
20th		 8.6%
Revenue growth (QoQ) 7.7% 7.9%
40th		 9.9%
Revenue CAGR, 3 yr 5.4% 6.9%
40th		 5.0%
Revenue CAGR, 5 yr 9.9% 10.6%
40th		 8.3%
Gross profit CAGR, 3 yr 13.8% 10.8%
60th		 6.5%
Operating income CAGR, 3 yr 8.8% 8.8%
50th		 6.4%
Net income growth (TTM YoY) 2.9% 4.9%
25th		 11.3%
Net income CAGR, 3 yr 11.5% 7.7%
100th		 6.6%
EPS growth (TTM YoY) 4.8% 5.1%
25th		 13.3%
EPS CAGR, 3 yr 12.7% 8.1%
100th		 5.6%
EPS CAGR, 5 yr 15.2% 13.4%
75th		 8.3%
FCF growth (TTM YoY) 44.5% 44.5%
50th		 14.7%
FCF CAGR, 3 yr 22.1% 22.1%
50th		 12.2%
Operating cash flow CAGR, 3 yr 19.4% 14.8%
100th		 8.8%
Book value CAGR, 3 yr 6.7% 10.9%
20th		 7.3%
Dividend CAGR, 3 yr 11.4% — 2.7%
Sustainable growth rate 10.2% 10.2%
50th		 11.0%

Margin history & stability

MeasureRSGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 32.3% 30.3%
80th		 30.6%
Operating margin, 3-yr average 19.9% 13.3%
100th		 10.0%
Net margin, 3-yr average 12.7% 8.1%
100th		 6.2%
FCF margin, 3-yr average 15.6% 7.9%
80th		 7.1%
Revenue stability (0-1) 0.94 0.96
40th		 0.81
Earnings stability (0-1) 0.98 0.80
100th		 0.47
Margin stability (0-1) 0.90 0.90
40th		 0.90

Liquidity (latest quarter)

MeasureRSGIndustry medianIndustry percentileSector median
Cash & short-term investments $107.0M $180.2M
40th		 $249.6M
Net cash (− = net debt) −$14.2B −$6.0B
20th		 −$666.5M
Working capital −$1.4B −$276.7M
0th		 $376.4M
Current ratio 0.64 0.95
0th		 1.79
Quick ratio 0.62 0.93
0th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.03 0.09
0th		 0.32
Defensive interval (days) 308 days 359 days
40th		 614 days

Leverage & solvency (latest quarter)

MeasureRSGIndustry medianIndustry percentileSector median
Total debt $14.3B $6.3B
80th		 $919.8M
Debt / equity 1.19 1.11
60th		 0.65
Net debt / equity 1.18 1.04
60th		 0.46
Debt / assets 40.7% 40.6%
60th		 29.3%
Debt / capital 54.3% 52.6%
60th		 39.5%
Debt / EBITDA 2.54 3.10
25th		 2.44
Net debt / EBITDA 2.52 3.03
25th		 1.86
Interest coverage (EBIT / interest) 5.3x 4.8x
100th		 5.0x
Cash interest coverage 9.8x 6.4x
100th		 6.1x
Debt payback (years of OCF) 2.5 yrs 3.8 yrs
0th		 3.2 yrs
Liabilities / assets 65.8% 62.8%
80th		 56.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 312
20th		 200

Efficiency

MeasureRSGIndustry medianIndustry percentileSector median
Asset turnover 0.49 0.57
20th		 0.75
Fixed asset turnover 1.29 1.30
40th		 5.14
Inventory turnover 98.4 73.1
75th		 5.0
Receivables turnover 8.6 8.0
60th		 6.7
Days sales outstanding 42 days 46 days
40th		 54 days
Days inventory outstanding 4 days 5 days
25th		 72 days
Days payables outstanding 45 days 43 days
80th		 41 days
Cash conversion cycle (days) 1 days 11 days
20th		 63 days
Capex / revenue 14.0% 11.5%
100th		 3.0%
Capex / depreciation 0.96 0.96
50th		 0.76
Operating expense ratio 21.8% 23.6%
20th		 17.7%

Cash flow & earnings quality

MeasureRSGIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.64 2.36
75th		 1.50
FCF / net income 1.56 1.56
50th		 1.15
FCF / operating cash flow 59.0% — 74.0%
Capex / operating cash flow 41.0% — 26.1%
Accruals ratio -10.5% -9.0%
20th		 -4.0%
Sloan accruals ratio -7.8% -7.0%
40th		 -2.4%
Earnings quality score (0-1) 0.75 0.75
0th		 1.00

Dividends & buybacks

MeasureRSGIndustry medianIndustry percentileSector median
Dividend yield 1.1% 0.4%
80th		 0.6%
Dividend per share (TTM) $2.54 $0.70
80th		 $0.44
Payout ratio (dividends / net income) 43.7% 32.7%
75th		 22.5%
Dividends / FCF 28.0% 13.3%
75th		 19.6%
Dividend growth (YoY) 36.3% — 5.6%
Buyback yield 2.5% 1.5%
80th		 0.5%
Shareholder yield (dividends + buybacks) 3.8% 2.6%
80th		 2.0%
Share count change (YoY) -1.8% -1.3%
20th		 0.0%
Buybacks, last 5 years $4.9B $1.0B
100th		 $76.0M

Scores & forensic checks

MeasureRSGIndustry medianIndustry percentileSector median
IS score 58 55
80th		 53
IS profitability 56 46
80th		 37
IS growth 44 47
40th		 54
IS value 45 40
100th		 47
IS momentum 74 75
40th		 76
IS risk (safety) 65 65
40th		 80
IS quality 73 70
100th		 67
IS balance sheet 39 39
60th		 56
IS earnings quality 66 68
20th		 70
IS cash flow 72 57
80th		 54
Piotroski F-score (0-9) 7 7
40th		 6
Altman Z-score 2.9 2.9
60th		 3.3
Beneish M-score −3.03 −2.86
20th		 −2.52
Ohlson O-score −7.67 −7.21
0th		 −7.49
IS credit score 61 54
80th		 65

Per share

MeasureRSGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.10 $5.62
80th		 $2.21
Book value per share $39.12 $27.88
80th		 $18.38
Tangible book per share −$19.06 −$5.83
20th		 $4.39
Revenue per share $54.91 $59.28
40th		 $36.64
FCF per share $11.07 $6.26
100th		 $2.70
Operating cash flow per share $18.75 $10.92
100th		 $4.28
Cash per share $0.35 $0.89
0th		 $3.02

Size (TTM)

MeasureRSGIndustry medianIndustry percentileSector median
Market cap $70.9B $29.6B
80th		 $3.9B
Revenue $16.9B $8.0B
80th		 $2.7B
EBITDA $5.6B $2.2B
80th		 $394.8M
Net income $2.2B $751.8M
80th		 $136.3M
Free cash flow $3.4B $1.4B
80th		 $162.9M
Total assets $35.2B $14.6B
80th		 $3.5B
Shareholders' equity $12.0B $5.4B
100th		 $1.4B
Employees 42,000 23,184
80th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-11Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 7,596$221.52$1.7M116,741,230
2026-09-11Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 135,482$222.59$30.2M116,876,712
2026-09-11Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 176,547$223.15$39.4M117,053,259
2026-09-11Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 5,185$223.84$1.2M117,058,444
2026-09-10Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 108,147$221.57$24.0M116,585,781
2026-09-10Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 97,992$222.52$21.8M116,683,773
2026-09-10Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 47,819$223.44$10.7M116,731,592
2026-09-10Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 2,042$224.11$457,624116,733,634
2026-09-09Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 32,765$220.37$7.2M116,199,095
2026-09-09Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 213,574$221.13$47.2M116,412,669
2026-09-09Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 64,965$222.38$14.4M116,477,634
2026-09-08Cascade Investment, L.L.C.
10 percent owner
 Open-market buy 141,819$220.77$31.3M115,898,649

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired347,169—
Open-market buyAcquired1077,241,612$1.6B
Open-market saleDisposed32,160$458,181
Option exerciseAcquired72,804—
Option exerciseDisposed52,068—
Tax withholdingDisposed6909$191,949
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 2,160 shares · $452,366
FiledFilerShares proposedEst. proceeds
2026-06-11Sandra M. Volpe1,800$374,490
2026-05-19Carlsen Elyse221$47,810
2026-05-19Elyse Carlsen139$30,066
2025-08-22Brummer Gregg7,338$1.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (3 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-06Josh GottheimerHousePurchase$1,001 - $15,0002026-09-15
2026-06-02Ro KhannaHousePurchase$1,001 - $15,0002026-07-08
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-01-13Ro KhannaHousePurchase$1,001 - $15,0002026-02-10
2025-12-18Julie JohnsonHouseSale$1,001 - $15,0002026-01-16
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.17,824,725$3.8B5.82%
VANGUARD CAPITAL MANAGEMENT LLC13,061,578$2.8B4.27%
STATE STREET CORP9,953,507$2.1B3.25%
VANGUARD PORTFOLIO MANAGEMENT LLC7,116,030$1.5B2.32%
PRICE T ROWE ASSOCIATES INC /MD/6,492,467$1.4B2.12%
GEODE CAPITAL MANAGEMENT, LLC4,896,109$1.0B1.60%
FMR LLC4,544,104$968.3M1.48%
MORGAN STANLEY3,664,628$780.9M1.20%
BANK OF AMERICA CORP /DE/3,203,365$682.6M1.05%
NORGES BANK3,162,965$674.0M1.03%
JPMORGAN CHASE & CO2,987,458$641.3M0.98%
Allspring Global Investments Holdings, LLC2,507,179$538.3M0.82%
Pictet Asset Management Holding SA2,469,106$526.1M0.81%
Invesco Ltd.2,350,340$500.8M0.77%
TWO SIGMA INVESTMENTS, LP2,280,285$485.9M0.74%

Institutional ownership by quarter

2023-092026-0659.7%
% of shares held by 13F filers
2023-092026-061,313
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,31359.7%113511494114
2026-03-311,33158.6%133540445107
2025-12-311,32360.0%17645149399
2025-09-301,27058.8%87495471138
2025-06-301,33959.4%15848747067
2025-03-311,26559.6%15346743297
2024-12-311,23359.4%15545542583
2024-09-301,18459.1%10445742865
2024-06-301,15859.7%11342141176
2024-03-311,13759.6%12738543865
2023-12-311,09259.4%18734440348
2023-09-3096659.4%9035435265

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-09-09SCHEDULE 13D/ACascade Investment, L.L.C.37.9%116,166,330
2026-09-09SCHEDULE 13D/AWilliam H. Gates III37.9%116,166,330
2026-08-20SCHEDULE 13D/ACascade Investment, L.L.C.36.7%112,403,625
2026-08-20SCHEDULE 13D/AWilliam H. Gates III36.7%112,403,625
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VSMPX0.06%$1.3B
VTI0.06%$1.3B
VTSAX0.06%$1.3B
VFIAX0.06%$1.1B
VFFSX0.06%$1.1B

Share structure

Shares outstanding306,213,000
Float188,717,541
Free float61.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.3B$13.5B$15.0B$16.0B$16.6B
Cost of revenue$8.0B$9.6B$10.5B$11.1B$11.6B
Gross profit$3.3B$3.9B$4.4B$4.9B$5.0B
R&D$0$0$0$0$0
SG&A$1.2B$1.5B$1.5B$1.6B$1.7B
Operating income$2.1B$2.4B$2.8B$3.2B$3.3B
EBITDA$3.1B$3.7B$4.3B$4.8B$5.2B
Pretax income$1.6B$1.8B$2.2B$2.4B$2.6B
Income tax$282.8M$343.9M$460.1M$388.0M$455.0M
Net income$1.3B$1.5B$1.7B$2.0B$2.1B
EPS, diluted$4.04$4.69$5.47$6.49$6.85
Diluted shares319.4M317.1M316.7M314.8M311.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$29.0M$143.4M$140.0M$74.0M$335.0M
Receivables$1.5B$2.0B$2.0B$2.1B$1.9B
Inventory$72.2M$96.6M$98.0M$98.0M$0
Total current assets$1.7B$2.4B$2.4B$2.4B$2.5B
PP&E, net$9.5B$11.0B$11.6B$12.1B$12.6B
Goodwill & intangibles$13.1B$14.8B$16.3B$16.5B$17.4B
Total assets$25.0B$29.1B$31.4B$32.4B$34.4B
Accounts payable$910.0M$1.2B$1.4B$1.3B$1.4B
Total current liabilities$2.4B$3.4B$4.2B$4.1B$3.9B
Long-term debt$9.5B$11.3B$11.9B$11.9B$0
Total liabilities$16.0B$19.4B$20.9B$21.0B$22.4B
Shareholders' equity$9.0B$9.7B$10.5B$11.4B$12.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.3B$1.5B$1.7B$2.0B$2.1B
Depreciation & amortization$1.3B$1.4B$1.6B$1.8B$1.9B
Stock-based compensation$57.0M$38.8M$40.9M$42.0M$0
Change in working capital$22.7M−$111.7M$25.1M−$260.0M−$359.0M
Operating cash flow$2.8B$3.2B$3.6B$3.9B$4.3B
Capital expenditure−$1.3B−$1.5B−$1.6B−$1.9B−$1.9B
Free cash flow$1.5B$1.7B$2.0B$2.1B$2.4B
Investing cash flow−$2.5B−$4.4B−$3.7B−$2.6B−$3.3B
Net debt issued / repaid$542.1M$2.2B$982.6M−$200.0M$692.0M
Buybacks−$252.2M−$203.5M−$261.8M−$482.0M−$870.0M
Dividends paid−$552.6M−$592.9M−$638.1M−$687.0M−$738.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin29.1%31.3%29.6%30.6%33.3%
Operating margin18.5%17.8%18.9%20.1%20.0%
Net margin11.4%11.0%11.6%12.7%12.9%
FCF margin13.0%12.8%13.3%13.0%14.5%
ROE14.8%15.9%17.1%18.6%18.3%
ROIC9.1%9.0%9.5%11.2%22.4%
ROA5.3%5.5%5.7%6.4%6.4%
Debt / equity1.091.251.241.140.05
Interest coverage6.2x5.7x5.2x5.5x5.5x
Current ratio0.710.700.560.580.64
Revenue growth+11.3%+19.6%+10.8%+7.1%+3.5%
EPS growth+34.0%+15.8%+16.9%+18.5%+6.3%
P/E at year end32.8x26.6x29.5x30.6x30.6x
EV / EBITDA at year end16.6x14.1x14.9x15.9x12.9x
FCF yield at year end3.47%4.39%3.89%3.32%3.68%
Dividend payout42.8%39.9%36.9%33.6%34.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Collection Service Line$8.3B$9.3B——$11.2B
Collection Service Line - Small-container$3.4B$3.9B$4.4B$4.8B$5.1B
Collection Service Line - Large-container$2.4B$2.7B$2.9B$3.0B$3.1B
Collection Service Line - Residential$2.5B$2.6B$2.8B$2.9B$3.0B
Environmental Solutions Service Line$202.5M$1.3B$1.7B$1.9B$1.8B
Other Service Line - Sale Of Recycled Commodities——$312.3M$409.0M$433.0M
Other Service Line - Other Non-core——$329.6M$379.0M$391.0M
Collection Service Line - Other$59.6M$53.9M$69.4M$72.0M$70.0M

Revenue by region · FY2025

CANADA$188.0M · 100%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $1.93 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$17.3B$17.0B – $17.5B$7.27$7.20 – $7.391631.8x
2027$18.2B$18.0B – $18.4B$8.09$7.95 – $8.351628.6x
2028$19.0B$18.7B – $19.3B$8.96$8.54 – $9.851025.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-06$1.81$1.85+2.2%$4.4B$4.4B+1.5%
2026-05-07$1.64$1.70+3.7%$4.1B$4.1B+0.4%
2026-02-17$1.62$1.76+8.6%$4.2B$4.1B−1.7%
2025-10-30$1.83$1.90+3.8%$4.2B$4.2B−0.6%
2025-07-29$1.77$1.770.0%$4.3B$4.2B−0.5%
2025-04-24$1.53$1.58+3.3%$4.0B$4.0B−0.9%
2025-02-13$1.40$1.58+12.9%$4.1B$4.0B−0.7%
2024-10-29$1.61$1.81+12.4%$4.1B$4.1B−1.1%
2024-07-24$1.53$1.61+5.2%$4.0B$4.0B+0.2%
2024-04-30$1.35$1.45+7.4%$3.9B$3.9B−0.8%
2024-02-27$1.29$1.41+9.3%$3.7B$3.8B+2.7%
2023-10-26$1.42$1.54+8.5%$3.8B$3.8B+0.5%
2023-07-31$1.32$1.41+6.8%$3.7B$3.7B−0.1%
2023-04-27$1.13$1.24+9.7%$3.7B$3.6B−3.7%
2023-02-15$1.02$1.13+10.8%$3.5B$3.5B+1.5%
2022-10-27$1.22$1.34+9.8%$3.5B$3.6B+1.6%
2022-08-04$1.18$1.32+11.9%$3.3B$3.4B+3.6%
2022-05-05$1.05$1.14+8.6%$2.9B$3.0B+2.9%
2022-02-10$1.01$1.02+1.0%$2.9B$3.0B+2.8%
2021-10-28$1.05$1.11+5.7%$2.8B$2.9B+3.6%
2021-07-29$0.96$1.09+13.5%$2.8B$2.8B0.0%
2021-05-05$0.86$0.93+8.1%$2.6B$2.6B−0.7%
2021-02-22$0.80$1.00+25.0%$2.6B$2.6B+0.3%
2020-11-05$0.82$1.00+22.0%$2.1B$2.6B+22.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.206-290.407-060.507-130.407-200.607-270.508-030.508-100.508-170.508-240.508-31
Week ofNotionalSharesTrades
2026-08-31$534.1M2,394,68262,650
2026-08-24$523.3M2,364,32455,986
2026-08-17$531.5M2,423,07666,000
2026-08-10$491.7M2,281,73262,052
2026-08-03$450.2M2,141,29271,372
2026-07-27$550.3M2,552,72264,294

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1571.4%
DateShort shareShort volumeTotal volume
2026-10-1571.4%481,848674,808
2026-10-1464.7%288,392445,425
2026-10-1353.6%158,502295,822
2026-10-1259.4%181,926306,276
2026-10-0960.8%277,633456,980
2026-10-0839.4%250,112634,388
2026-10-0778.5%359,571458,034
2026-10-0667.0%209,421312,694
2026-10-0578.7%351,199446,305
2026-10-0255.7%219,668394,155
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+0.5Feb+1.1Mar+3.4Apr+0.9May+0.9Jun+3.1Jul-0.1Aug-0.3Sep+0.1Oct+3.1Nov+0.8Dec
MonthAvg returnUp yearsYears
Jan+1.6%65%20
Feb+0.5%55%20
Mar+1.1%71%21
Apr+3.4%85%20
May+0.9%65%20
Jun+0.9%55%20
Jul+3.1%65%20
Aug−0.1%60%20
Sep−0.3%55%20
Oct+0.1%60%20
Nov+3.1%70%20
Dec+0.8%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1474.6
MFI71.8
ADX23.2
Stochastic %K / %D97.5 / 94.8
Williams %R-1.8
CCI214
TSI / signal19.1 / -0.3
Chaikin money flow-0.11
ATR$3.85
Bollinger width11.9%
Volume vs 20-day avg0.82x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$215.68 (+7.4%)
SMA 50$217.80 (+6.3%)
SMA 200$214.26 (+8.1%)
EMA 21$218.91 (+5.8%)
EMA 50$217.25 (+6.6%)
EMA 200$215.56 (+7.4%)
Bollinger upper$228.51 (+1.3%)
Bollinger lower$202.85 (+14.1%)
Parabolic SAR$214.95 (+7.7%)
Open the live chart, 110+ indicators

About Republic Services, Inc.

Republic Services, Inc., along with its subsidiaries, delivers comprehensive environmental services across the United States. The company specializes in the collection and processing of recyclable materials, alongside the gathering, transfer, and responsible disposal of non-hazardous solid waste, in addition to other environmental solutions. Its collection activities encompass curbside pickups, facilitating transport to transfer stations, landfills, or recycling facilities; the provision of waste and recycling containers; and compactor rentals. Beyond collection, Republic Services engages in the processing and sale of commodities such as old corrugated containers, newsprint, aluminum, and glass. The company also operates landfill and transfer services, manages the disposal of non-hazardous solid and liquid industrial waste, and provides on-site logistics and transportation. Serving a broad customer base, including residential, small-container, and large-container clients, Republic Services maintains a vast operational footprint. As of December 31, 2021, this included 356 collection operations, 239 transfer stations, 198 active landfills, 71 recycling processing centers, 6 saltwater disposal wells, 7 deep injection wells, and 3 treatment, recovery, and disposal facilities across 41 states. Furthermore, it oversees 77 landfill gas-to-energy and renewable energy projects and manages 124 closed landfills. The company, founded in 1996, is headquartered in Phoenix, Arizona.

https://www.republicservices.com

Key executives

NameTitlePayBorn
Jon Vander ArkPresident, Chief Executive Officer & Director$3.7M1975
Brian DelGhiaccioExecutive Vice President & Chief Financial Officer$1.5M1974
Gregg BrummerExecutive Vice President & Chief Operating Officer$1.4M1967
Catharine D. EllingsenExecutive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary$1.2M1964
Brian A. BalesExecutive Vice President & Chief Development Officer$1.1M1963
Elyse CarlsenVice President & Chief Accounting Officer—1987
Jeni BellExecutive Vice President & Chief Marketing Officer—1977
John WeeksVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jon Vander Ark President and Chief Executive Officer2025$1.3M$11.1M$2.0M$14.9M
Brian M. DelGhiaccio Executive Vice President, Chief Financial Officer2025$687,046$2.6M$684,294$4.1M
Gregg K. Brummer Executive Vice President, Chief Operating Officer2025$676,923$2.2M$642,530$3.6M
Catharine D. Ellingsen Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary2025$605,385$2.0M$487,634$3.2M
Brian A. Bales Executive Vice President, Chief Development Officer2025$551,535$1.4M$444,723$2.6M

Employees

36k201836k201935k202035k202140k202241k202342k202442k2025

Dividends

Ex-dateAmountPaid
2026-10-02$0.672026-10-15
2026-07-02$0.6252026-07-15
2026-04-02$0.6252026-04-15
2026-01-02$0.6252026-01-15
2025-10-02$0.6252025-10-15
2025-07-02$0.582025-07-15
2025-04-02$0.582025-04-15
2025-01-02$0.582025-01-15

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage61
Intangibles69
Switching costs64
Network effect50
Efficient scale85
Our component scores (0-100) and overall 65.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms