— Know what they know.
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Not Investment Advice

WM

NYSE · USD
Waste Management, Inc.
Industrials · Waste Management
CEO James C. Fish Jr. Employees 60,500 R&D / revenue 0.0%
Last price
$226.86+1.19%last session
Market cap
$90.7B
P/E (TTM)
32.0x
From 52w high
−8.6%
From 52w low
+16.9%
1-year return
+6.8%
RSI 14 · vs SMA200
73.0 · +1.1%
IS score
56.8/ 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

WM   SPY   XLI (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111WM 107

Score DNA

Each bar is a 0-100 score within the scored universe
59
Profitability
50
Growth
39
Value
77
Momentum
65
Risk (safety)
70
Quality
29
Balance sheet
68
Earnings quality

Flags

Strengths
✓ Piotroski 8+
Warnings
None of the computed warning flags fires for WM (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 2.9Beta 0.432 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
0
2 open-market sales, $885,498
Form 144 notices (12m): 29, $23.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+13
154 new holders, 111 closed
2,368 filers hold 82.9% · 944 added, 916 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+275
1,179 funds adding shares
904 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
34.4%
20-day avg 47.4%, 50-day avg 42.1%
Latest 13.0 pp under 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$25.2B
Revenue growth YoY+14.2%
Gross margin29.1%
Operating income$4.6B
Operating margin18.3%
Net income$2.7B
Net margin10.7%
EPS (diluted)$6.70
Cash flow
Operating cash flow$6.0B
Capital expenditure$3.2B
Free cash flow$2.8B
FCF conversion (FCF / OCF)46.6%
Stock-based compensation$0
FCF less SBC$2.8B
Buybacks$0
Dividends$1.3B
Balance sheet & returns
Cash & short-term investments$201.0M
Total debt$22.9B
Net debt$22.7B
Shareholders' equity$10.0B
Goodwill & intangibles$17.6B
Debt / equity2.35
ROE (TTM)28.9%
ROIC (TTM)9.0%
Operating margin by fiscal year
16.5%FY202117.4%FY202218.7%FY202318.8%FY202418.3%FY2025
Revenue $17.9B (FY2021) to $25.2B (FY2025), a 8.9% CAGR.

Valuation

P/E (TTM)32.0x
EV / EBITDA14.9x
Price / sales3.53x
Price / FCF25.4x
FCF yield3.94%
Buyback yield0.00%
SBC / revenue0.0%
Price / book9.19x
Forward P/E FY202628.0x
Forward P/E FY202725.1x
Forward P/E FY202823.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $225.00 across 1 analysts last quarter is theirs, not ours.

WM vs industry median

84 companies in Waste Management
Gross margin 35.0% 27.9% Operating margin 18.5% -1.3% Net margin 11.1% -2.4% ROIC 9.0% 5.6%
WM (TTM)Industry median Asset turnover 0.55 vs industry 0.58 · financial leverage 4.68

Earnings delivery

Next report 2026-10-27 · consensus EPS $2.18
67%
beat rate, 8 of 12 quarters
+1.8%
median EPS surprise
3
longest beat streak
+1+14+16-1+4-6+5+2-1-1+3+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-24 to 2026-07-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WM Waste Management, Inc. $90.7B32.0x28.9%11.1%+14.2% +6.8%
RSG Republic Services, Inc. $70.9B32.8x18.1%12.8%+3.2% +7.4%
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%
CSX CSX Corporation $90.2B28.1x24.4%25.5%+2.5% +35.8%
EMR Emerson Electric Co. $90.1B35.2x12.8%14.7%+4.8% —
GD General Dynamics Corporation $93.1B20.7x17.8%8.2%+9.1% —
HWM Howmet Aerospace Inc. $88.1B47.3x34.7%21.0%+18.1% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-26Officer/Director Change; Regulation FD; Exhibits
2026-07-28Earnings Release; Exhibits
2026-05-14Shareholder Vote; Exhibits
2026-05-13Officer/Director Change; Exhibits
2026-04-28Earnings Release; Exhibits
2026-03-25Material Agreement; Exhibits

Context

Shares outstanding399,715,184
Free float99.8%
Institutional ownership82.9%
Beta0.43
Dividend yield1.61%
Last dividend$0.94 on 2026-09-11
50 / 200-day average$216.31 / $224.48
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 WM 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

MeasureWMIndustry medianIndustry percentileSector median
P/E (TTM) 31.8x 38.5x
0th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 3.95 — 1.42
Price / sales 3.5x 3.2x
60th		 2.0x
Price / book 9.1x 5.6x
100th		 2.9x
Price / tangible book —
Price / free cash flow 25.4x 25.4x
50th		 20.8x
Price / operating cash flow 13.9x 15.7x
25th		 14.5x
Enterprise value $113.5B $35.6B
100th		 $4.8B
EV / sales 4.4x 4.0x
60th		 2.4x
EV / EBITDA 15.1x 15.9x
0th		 13.6x
EV / EBIT 25.1x 27.0x
0th		 19.9x
EV / free cash flow 31.8x 31.8x
50th		 24.3x
Earnings yield 3.1% 2.6%
100th		 3.3%
FCF yield 3.9% 2.9%
60th		 3.8%
Operating cash flow yield 7.2% 6.2%
80th		 6.2%
Graham number (per share) $62.59 $62.59
50th		 $38.21

Profitability (TTM)

MeasureWMIndustry medianIndustry percentileSector median
Gross margin 35.0% 30.8%
60th		 30.5%
EBITDA margin 29.4% 25.4%
60th		 14.3%
Operating margin 18.5% 14.5%
80th		 9.8%
EBIT margin 17.6% 14.9%
60th		 9.9%
Net margin 11.1% 8.9%
80th		 6.0%
NOPAT margin 14.6% 10.9%
80th		 7.8%
FCF margin 13.9% 9.7%
60th		 7.0%
Operating cash flow margin 25.4% 21.7%
60th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 10.6% 10.4%
60th		 14.1%
Stock comp / revenue 0.0% 0.8%
0th		 0.6%
Effective tax rate 21.3% 22.3%
40th		 21.0%

Returns on capital

MeasureWMIndustry medianIndustry percentileSector median
ROE (on average equity) 29.8% 14.3%
100th		 11.9%
ROA 6.2% 5.4%
80th		 4.8%
ROIC 11.4% 8.7%
100th		 8.7%
ROCE 11.2% 9.8%
80th		 9.4%
Return on tangible assets 9.8% 8.9%
80th		 7.9%
Cash ROIC (OCF / invested capital) 19.9% 13.1%
80th		 12.8%
Gross profitability (GP / assets) 19.4% 17.7%
80th		 19.2%
ROIC, 3-yr average 9.3% 6.5%
100th		 7.8%
ROIC, 5-yr average 11.0% 7.5%
100th		 8.6%
ROE, 5-yr average 31.1% 13.6%
100th		 12.5%
Incremental ROIC —

Growth

MeasureWMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.2% 5.6%
80th		 8.6%
Revenue growth (QoQ) 7.3% 7.9%
20th		 9.9%
Revenue CAGR, 3 yr 8.6% 6.9%
80th		 5.0%
Revenue CAGR, 5 yr 9.2% 10.6%
20th		 8.3%
Gross profit CAGR, 3 yr 18.3% 10.8%
80th		 6.5%
Operating income CAGR, 3 yr 10.5% 8.8%
100th		 6.4%
Net income growth (TTM YoY) 4.9% 4.9%
50th		 11.3%
Net income CAGR, 3 yr 7.7% 7.7%
50th		 6.6%
EPS growth (TTM YoY) 5.1% 5.1%
50th		 13.3%
EPS CAGR, 3 yr 8.1% 8.1%
50th		 5.6%
EPS CAGR, 5 yr 13.4% 13.4%
50th		 8.3%
FCF growth (TTM YoY) 65.2% 44.5%
75th		 14.7%
FCF CAGR, 3 yr 33.4% 22.1%
100th		 12.2%
Operating cash flow CAGR, 3 yr 14.8% 14.8%
50th		 8.8%
Book value CAGR, 3 yr 13.2% 10.9%
80th		 7.3%
Dividend CAGR, 3 yr 4.4% — 2.7%
Sustainable growth rate 14.9% 10.2%
75th		 11.0%

Margin history & stability

MeasureWMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 31.0% 30.3%
60th		 30.6%
Operating margin, 3-yr average 18.7% 13.3%
80th		 10.0%
Net margin, 3-yr average 11.5% 8.1%
80th		 6.2%
FCF margin, 3-yr average 11.0% 7.9%
60th		 7.1%
Revenue stability (0-1) 0.98 0.96
80th		 0.81
Earnings stability (0-1) 0.94 0.80
80th		 0.47
Margin stability (0-1) 0.89 0.90
20th		 0.90

Liquidity (latest quarter)

MeasureWMIndustry medianIndustry percentileSector median
Cash & short-term investments $557.0M $180.2M
100th		 $249.6M
Net cash (− = net debt) −$22.8B −$6.0B
0th		 −$666.5M
Working capital −$551.0M −$276.7M
40th		 $376.4M
Current ratio 0.91 0.95
40th		 1.79
Quick ratio 0.87 0.93
40th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.09 0.09
60th		 0.32
Defensive interval (days) 411 days 359 days
60th		 614 days

Leverage & solvency (latest quarter)

MeasureWMIndustry medianIndustry percentileSector median
Total debt $23.4B $6.3B
100th		 $919.8M
Debt / equity 2.35 1.11
100th		 0.65
Net debt / equity 2.30 1.04
100th		 0.46
Debt / assets 50.3% 40.6%
100th		 29.3%
Debt / capital 70.2% 52.6%
100th		 39.5%
Debt / EBITDA 3.10 3.10
50th		 2.44
Net debt / EBITDA 3.03 3.03
50th		 1.86
Interest coverage (EBIT / interest) 5.0x 4.8x
60th		 5.0x
Cash interest coverage 7.2x 6.4x
80th		 6.1x
Debt payback (years of OCF) 3.6 yrs 3.8 yrs
25th		 3.2 yrs
Liabilities / assets 78.6% 62.8%
100th		 56.7%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 312
60th		 200

Efficiency

MeasureWMIndustry medianIndustry percentileSector median
Asset turnover 0.56 0.57
40th		 0.75
Fixed asset turnover 1.26 1.30
20th		 5.14
Inventory turnover 73.1 73.1
50th		 5.0
Receivables turnover 7.4 8.0
40th		 6.7
Days sales outstanding 49 days 46 days
60th		 54 days
Days inventory outstanding 5 days 5 days
50th		 72 days
Days payables outstanding 44 days 43 days
60th		 41 days
Cash conversion cycle (days) 10 days 11 days
40th		 63 days
Capex / revenue 11.5% 11.5%
50th		 3.0%
Capex / depreciation 0.98 0.96
100th		 0.76
Operating expense ratio 22.1% 23.6%
40th		 17.7%

Cash flow & earnings quality

MeasureWMIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.28 2.36
25th		 1.50
FCF / net income 1.25 1.56
25th		 1.15
FCF / operating cash flow 54.8% — 74.0%
Capex / operating cash flow 45.2% — 26.1%
Accruals ratio -8.0% -9.0%
60th		 -4.0%
Sloan accruals ratio -5.9% -7.0%
80th		 -2.4%
Earnings quality score (0-1) 0.75 0.75
0th		 1.00

Dividends & buybacks

MeasureWMIndustry medianIndustry percentileSector median
Dividend yield 1.6% 0.4%
100th		 0.6%
Dividend per share (TTM) $3.66 $0.70
100th		 $0.44
Payout ratio (dividends / net income) 50.1% 32.7%
100th		 22.5%
Dividends / FCF 40.0% 13.3%
100th		 19.6%
Dividend growth (YoY) 12.7% — 5.6%
Buyback yield 1.1% 1.5%
20th		 0.5%
Shareholder yield (dividends + buybacks) 2.7% 2.6%
60th		 2.0%
Share count change (YoY) -0.2% -1.3%
80th		 0.0%
Buybacks, last 5 years $1.4B $1.0B
80th		 $76.0M

Scores & forensic checks

MeasureWMIndustry medianIndustry percentileSector median
IS score 57 55
60th		 53
IS profitability 59 46
100th		 37
IS growth 50 47
60th		 54
IS value 39 40
20th		 47
IS momentum 77 75
60th		 76
IS risk (safety) 65 65
40th		 80
IS quality 70 70
40th		 67
IS balance sheet 29 39
0th		 56
IS earnings quality 68 68
40th		 70
IS cash flow 66 57
60th		 54
Piotroski F-score (0-9) 9 7
100th		 6
Altman Z-score 2.9 2.9
40th		 3.3
Beneish M-score −2.93 −2.86
40th		 −2.52
Ohlson O-score −6.96 −7.21
80th		 −7.49
IS credit score 52 54
40th		 65

Per share

MeasureWMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.07 $5.62
60th		 $2.21
Book value per share $24.61 $27.88
0th		 $18.38
Tangible book per share −$19.18 −$5.83
0th		 $4.39
Revenue per share $63.64 $59.28
60th		 $36.64
FCF per share $8.86 $6.26
60th		 $2.70
Operating cash flow per share $16.16 $10.92
80th		 $4.28
Cash per share $1.38 $0.89
60th		 $3.02

Size (TTM)

MeasureWMIndustry medianIndustry percentileSector median
Market cap $90.7B $29.6B
100th		 $3.9B
Revenue $25.7B $8.0B
100th		 $2.7B
EBITDA $7.5B $2.2B
100th		 $394.8M
Net income $2.9B $751.8M
100th		 $136.3M
Free cash flow $3.6B $1.4B
100th		 $162.9M
Total assets $46.4B $14.6B
100th		 $3.5B
Shareholders' equity $9.9B $5.4B
80th		 $1.4B
Employees 60,500 23,184
100th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-04Carroll John A.
VP & Chief Accounting Officer
 Open-market sale 1,365$219.90$300,1643,509
2026-09-03Stith Kimberly G.
SVP - Chief HR Officer
 Tax withholding 356$220.13$78,3664,480
2026-08-28Carroll John A.
VP & Chief Accounting Officer
 Gift 4,874——4,109
2026-08-28Carroll John A.
VP & Chief Accounting Officer
 Gift 4,874——4,874
2026-08-07Reed David L.
EVP & CFO
 Gift 5,357——3,137
2026-08-07Reed David L.
EVP & CFO
 Gift 5,357——5,357
2026-06-05Carrasco Rafael
SVP of Enterprise Strategy
 Option exercise 2,655$126.00$334,54318,195
2026-06-05Carrasco Rafael
SVP of Enterprise Strategy
 Open-market sale 2,655$220.47$585,33515,540
2026-06-05Carrasco Rafael
SVP of Enterprise Strategy
 Option exercise 2,655$126.00$334,5430
2026-05-20Dalby Marcel
SVP Bus Optimiz & Collection
 Award / grant 2,257——5,867
2026-05-20Hemmer Tara J.
EVP & Chief Operating Officer
 Award / grant 2,544——81,462
2026-05-20Morris John J
President
 Tax withholding 566$220.49$124,79799,363

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1012,142$1.6M
GiftDisposed210,231—
GiftAcquired210,231—
Open-market saleDisposed24,020$885,498
Option exerciseDisposed12,655$334,543
Option exerciseAcquired12,655$334,543
Tax withholdingDisposed2922$203,164
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 29 notices · 99,619 shares · $23.3M
FiledFilerShares proposedEst. proceeds
2026-09-04Carroll John A.1,365$300,198
2026-06-05Carrasco Rafael2,655$585,335
2026-03-06Morris John J7,979$2.0M
2026-03-03Varkey Johnson617$150,628
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (8 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-01-29Ro KhannaHouseSale$15,001 - $50,0002026-02-10
2026-01-13Ro KhannaHousePurchase$1,001 - $15,0002026-02-10
2023-02-21Thomas R. CarperSenatePurchase$1,001 - $15,0002023-03-01
2023-02-21Thomas R. CarperSenatePurchase$1,001 - $15,0002023-02-28
2023-02-21Thomas Richard CarperSenatePurchase$1,001 - $15,0002023-02-28
2020-02-13Sheldon WhitehouseSenateSale (Full)$15,001 - $50,0002020-03-31
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.30,733,944$6.8B7.69%
VANGUARD CAPITAL MANAGEMENT LLC25,179,716$5.6B6.30%
STATE STREET CORP18,008,931$4.0B4.51%
Capital Research Global Investors10,438,136$2.3B2.61%
VANGUARD PORTFOLIO MANAGEMENT LLC10,121,428$2.3B2.53%
GEODE CAPITAL MANAGEMENT, LLC9,068,808$2.0B2.27%
AMERIPRISE FINANCIAL INC7,086,113$1.6B1.77%
PARNASSUS INVESTMENTS, LLC4,792,005$1.1B1.20%
NORGES BANK4,771,642$1.1B1.19%
ROYAL BANK OF CANADA4,663,031$1.0B1.17%
WELLS FARGO & COMPANY/MN4,335,084$966.2M1.08%
GOLDMAN SACHS GROUP INC3,598,308$802.0M0.90%
BANK OF AMERICA CORP /DE/3,124,403$696.4M0.78%
NORDEA INVESTMENT MANAGEMENT AB2,957,041$657.2M0.74%
NORTHERN TRUST CORP2,906,383$647.8M0.73%

Institutional ownership by quarter

2023-092026-0682.9%
% of shares held by 13F filers
2023-092026-062,368
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,36882.9%154944916111
2026-03-312,35581.9%201958822124
2025-12-312,30881.3%305892775108
2025-09-302,15479.5%117899782144
2025-06-302,21081.0%160920770105
2025-03-312,18581.0%215839799104
2024-12-312,10881.1%277870642101
2024-09-301,97480.2%129784705107
2024-06-301,98080.4%14379669687
2024-03-311,95380.9%21667177086
2023-12-311,85380.7%23662270583
2023-09-301,72780.3%106661664113

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.2%28,904,129
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-14SCHEDULE 13G/AWilliam H. Gates III7.2%28,934,344
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.11%$2.6B
VTI0.11%$2.6B
VTSAX0.11%$2.6B
VSMPX0.11%$2.6B
VOO0.12%$2.0B
VFFSX0.12%$2.0B

Share structure

Shares outstanding399,715,184
Float398,755,284
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.9B$19.7B$20.4B$22.1B$25.2B
Cost of revenue$13.1B$14.3B$14.7B$15.7B$17.9B
Gross profit$4.8B$5.4B$5.7B$6.4B$7.3B
R&D$0$0$0$0$0
SG&A$1.8B$1.9B$1.9B$2.3B$2.7B
Operating income$3.0B$3.4B$3.8B$4.1B$4.6B
EBITDA$4.8B$5.4B$5.7B$6.5B$7.2B
Pretax income$2.3B$2.9B$3.0B$3.5B$3.4B
Income tax$532.0M$678.0M$745.0M$713.0M$717.0M
Net income$1.8B$2.2B$2.3B$2.7B$2.7B
EPS, diluted$4.29$5.39$5.66$6.81$6.70
Diluted shares422.9M415.0M406.9M403.4M404.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$118.0M$351.0M$458.0M$414.0M$201.0M
Receivables$2.5B$2.8B$2.9B$3.7B$4.1B
Inventory$135.0M$164.0M$173.0M$206.0M$0
Total current assets$3.1B$3.6B$3.8B$4.8B$4.9B
PP&E, net$14.4B$15.7B$17.0B$19.3B$20.4B
Goodwill & intangibles$9.9B$10.2B$10.0B$17.6B$17.6B
Total assets$29.1B$31.4B$32.8B$44.6B$45.8B
Accounts payable$1.4B$1.8B$1.7B$2.0B$0
Total current liabilities$4.1B$4.4B$4.2B$6.3B$5.5B
Long-term debt$12.7B$14.6B$15.9B$22.5B$22.2B
Total liabilities$22.0B$24.5B$25.9B$36.3B$35.8B
Shareholders' equity$7.1B$6.9B$6.9B$8.3B$10.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.8B$2.2B$2.3B$2.7B$2.7B
Depreciation & amortization$2.0B$1.3B$1.3B$1.5B$3.0B
Stock-based compensation$108.0M$84.0M$93.0M$118.0M$0
Change in working capital$126.0M−$145.0M−$251.0M−$31.0M−$513.0M
Operating cash flow$4.3B$4.5B$4.7B$5.4B$6.0B
Capital expenditure−$1.9B−$2.6B−$2.9B−$3.2B−$3.2B
Free cash flow$2.4B$1.9B$1.8B$2.2B$2.8B
Investing cash flow−$1.9B−$3.1B−$3.1B−$10.6B−$3.6B
Net debt issued / repaid−$456.0M$1.4B$912.0M$6.7B−$1.3B
Buybacks−$1.4B−$1.5B−$1.3B−$262.0M$0
Dividends paid−$970.0M−$1.1B−$1.1B−$1.2B−$1.3B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin26.9%27.2%28.1%29.1%29.1%
Operating margin16.5%17.4%18.7%18.8%18.3%
Net margin10.1%11.4%11.3%12.4%10.7%
FCF margin13.6%9.9%8.9%9.8%11.2%
ROE24.9%32.0%33.5%36.2%29.7%
ROIC11.2%12.2%12.7%10.4%11.1%
ROA6.2%7.4%7.2%7.1%6.0%
Debt / equity1.882.192.352.902.29
Interest coverage7.4x8.7x7.0x6.8x4.8x
Current ratio0.750.810.900.760.89
Revenue growth+17.8%+9.9%+3.7%+8.0%+14.2%
EPS growth+22.7%+26.0%+4.8%+19.4%−1.6%
P/E at year end36.3x27.5x30.5x29.2x32.8x
EV / EBITDA at year end16.4x14.0x15.0x16.1x15.3x
FCF yield at year end3.69%3.16%2.59%2.69%3.17%
Dividend payout53.4%48.1%49.3%44.1%49.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Commercial$4.8B$5.5B$5.1B$5.4B$5.6B
Landfill$4.2B$4.6B$3.3B$3.4B$3.8B
Industrial$3.2B$3.7B$3.1B$3.1B$3.1B
Residential$3.2B$3.3B$3.4B$3.5B$3.5B
Other Collection$533.0M$699.0M$2.8B$3.0B$3.2B
Healthcare Solutions———$403.0M$2.5B
Transfer$2.1B$2.1B$1.3B$1.4B$1.5B
Recycling Processing and Sales$1.7B$1.7B$1.3B$1.6B$1.5B
Renewable Energy————$478.0M
WM Renewable Energy——$273.0M$318.0M—
Corporate and Other————$22.0M

Revenue by region · FY2025

C [A]$967.0M · 100%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $2.18 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$26.4B$26.0B – $26.6B$8.11$7.96 – $8.471728.0x
2027$27.8B$27.5B – $28.2B$9.04$8.68 – $9.501825.1x
2028$29.1B$28.4B – $29.8B$9.87$9.25 – $11.001223.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-28$1.98$2.02+2.0%$6.7B$6.7B−0.4%
2026-04-28$1.75$1.81+3.4%$6.3B$6.2B−0.8%
2026-01-28$1.95$1.93−1.0%$6.4B$6.3B−1.2%
2025-10-27$2.01$1.98−1.5%$6.5B$6.4B−0.8%
2025-07-28$1.89$1.92+1.6%$6.4B$6.4B+1.1%
2025-04-28$1.59$1.67+5.0%$6.1B$6.0B−1.5%
2025-01-29$1.80$1.70−5.6%$5.8B$5.9B+1.0%
2024-10-28$1.89$1.96+3.7%$5.5B$5.6B+1.7%
2024-07-24$1.83$1.82−0.5%$5.4B$5.4B−0.5%
2024-04-24$1.51$1.75+15.9%$5.2B$5.2B−1.1%
2024-02-12$1.53$1.74+13.7%$5.2B$5.2B+0.4%
2023-10-24$1.61$1.63+1.2%$5.3B$5.2B−1.4%
2023-07-25$1.54$1.51−1.9%$5.3B$5.1B−3.8%
2023-04-26$1.29$1.31+1.6%$5.2B$4.9B−6.6%
2023-01-31$1.41$1.30−7.8%$5.0B$4.9B−0.6%
2022-10-26$1.51$1.56+3.3%$5.1B$5.1B+0.4%
2022-07-27$1.40$1.44+2.9%$4.8B$5.0B+3.8%
2022-04-26$1.14$1.29+13.2%$4.4B$4.7B+4.8%
2022-02-02$1.26$1.260.0%$4.6B$4.7B+1.3%
2021-10-26$1.36$1.26−7.4%$4.5B$4.7B+2.8%
2021-07-27$1.18$1.27+7.6%$4.5B$4.5B−1.3%
2021-04-27$1.01$1.06+5.0%$3.9B$4.1B+5.2%
2021-02-18$1.09$1.13+3.7%$4.0B$4.1B+2.5%
2020-11-02$1.02$1.09+6.9%$3.6B$3.9B+6.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.706-220.406-290.607-060.507-130.507-200.807-270.808-030.408-100.508-170.608-240.608-31
Week ofNotionalSharesTrades
2026-08-31$587.0M2,671,91367,818
2026-08-24$634.3M2,860,59164,596
2026-08-17$480.4M2,133,56056,933
2026-08-10$426.4M1,884,88260,186
2026-08-03$797.1M3,531,68874,053
2026-07-27$784.8M3,350,63484,093

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1534.4%
DateShort shareShort volumeTotal volume
2026-10-1534.4%1,054,1173,063,508
2026-10-1448.7%416,722855,430
2026-10-1350.8%230,399453,646
2026-10-1247.9%323,583675,133
2026-10-0952.7%377,978716,715
2026-10-0864.0%658,2001,029,074
2026-10-0755.3%588,5131,064,188
2026-10-0645.4%540,9561,191,605
2026-10-0557.3%619,8051,082,136
2026-10-0248.6%511,4701,052,316
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.9Jan+0.3Feb+2.1Mar+2.6Apr+1.0May+0.1Jun+0.9Jul+1.0Aug-0.6Sep+1.6Oct+2.9Nov+1.9Dec
MonthAvg returnUp yearsYears
Jan+0.9%60%20
Feb+0.3%50%20
Mar+2.1%71%21
Apr+2.6%70%20
May+1.0%60%20
Jun+0.1%45%20
Jul+0.9%65%20
Aug+1.0%60%20
Sep−0.6%50%20
Oct+1.6%65%20
Nov+2.9%70%20
Dec+1.9%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1473.0
MFI75.2
ADX21.7
Stochastic %K / %D99.2 / 96.8
Williams %R-0.9
CCI286
TSI / signal8.4 / -17.2
Chaikin money flow0.14
ATR$3.76
Bollinger width11.5%
Volume vs 20-day avg0.76x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$209.67 (+8.2%)
SMA 50$216.11 (+5.0%)
SMA 200$224.37 (+1.1%)
EMA 21$213.16 (+6.4%)
EMA 50$215.70 (+5.2%)
EMA 200$221.15 (+2.6%)
Bollinger upper$221.74 (+2.3%)
Bollinger lower$197.60 (+14.8%)
Parabolic SAR$208.14 (+9.0%)
Open the live chart, 110+ indicators

About Waste Management, Inc.

Waste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The company's core operations involve comprehensive collection services, which include gathering and transporting both waste materials and recyclables from their initial point of generation to designated transfer stations, material recovery facilities (MRFs), or final disposal sites. Waste Management maintains an extensive network of facilities, owning, developing, and operating landfill gas-to-energy plants within the United States, in addition to managing numerous transfer stations. As of December 31, 2021, its substantial infrastructure consisted of 255 solid waste landfills, 5 secure hazardous waste landfills, 96 material recovery facilities, and 340 transfer stations. Beyond primary collection and disposal, WM offers services in materials processing and commodities recycling. This extends to recycling brokerage, where they handle the marketing of recyclable goods for third-party entities, alongside providing various other strategic business solutions. Its service portfolio also encompasses construction and remediation projects, the responsible management of fly ash and other residues generated from coal and fuel combustion, and specialized in-plant services offering full-spectrum waste management consulting. Furthermore, the company delivers tailored disposal solutions for oil and gas exploration and production activities. Originally incorporated in 1987 as USA Waste Services, Inc., the company rebranded to Waste Management, Inc. in 1998. Its corporate headquarters are situated in Houston, Texas.

https://www.wm.com

Key executives

NameTitlePayBorn
James C. Fish Jr.CEO & Director$4.2M1962
John J. Morris Jr.President$2.3M1970
Tara J. HemmerExecutive Vice President & Chief Operating Officer$1.5M1973
Charles C. BoettcherExecutive Vice President of Corporate Development & Chief Legal Officer$1.4M1974
David L. ReedChief Financial Officer & Executive Vice President$973,8491978
Edward A. EglDirector of Investor Relations——
John A. CarrollVice President & Chief Accounting Officer—1973
Johnson VarkeySenior Vice President & Chief Information Officer—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
James C. Fish, Jr. Chief Executive Officer ​ David L. Reed EVP and Chief Financial Officer ​2025$1.5M$12.4M$2.5M$19.0M
Tara J. Hemmer SVP and Chief Sustainability Officer ​ Rafael E. Carrasco SVP — Enterprise Strategy; President — WM Healthcare Solutions ​2025$930,882$4.3M$1.3M$7.2M
Devina A. Rankin Former EVP and Chief Financial Officer ​ John J. Morris, Jr. President and Chief Operating Officer ​ Tara J. Hemmer SVP and Chief Sustainability Officer ​ Rafael E. Carrasco SVP — Enterprise Strategy; President — WM Healthcare Solutions ​2025$809,967$2.8M$870,687$5.1M
Devina A. Rankin Former EVP and Chief Financial Officer ​ John J. Morris, Jr. President and Chief Operating Officer ​2025$461,354$994,991$474,569$2.0M

Employees

44k201845k201948k202048k202150k202248k202362k202460k2025

Dividends

Ex-dateAmountPaid
2026-09-11$0.9452026-09-25
2026-06-05$0.9452026-06-18
2026-03-13$0.9452026-03-27
2025-12-05$0.8252025-12-19
2025-09-12$0.8252025-09-26
2025-06-06$0.8252025-06-20
2025-03-14$0.8252025-03-28
2024-12-06$0.752024-12-20

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage54
Intangibles61
Switching costs65
Network effect65
Efficient scale90
Our component scores (0-100) and overall 65.6; 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

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