CWST Industrials

Casella Waste Systems, Inc.

$96.23-1.70%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Waste Management
Country: United States
Market cap: 6.1B USD
Enterprise value: 6.9B USD
Full-time employees: 5,600

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.99 vs a peer median of 1.62) and more debt relative to equity (0.86× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 0.99 vs peers 1.62) and more debt vs equity (0.86× vs peers 0.40×)

Ranks #1,851 of 2,308 industrials companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 3.5% in 2025, the weakest of the last 6 years.
Casella Waste Systems's operating margin fell to 3.5% in 2025, its lowest in the 6 years of filings we have.
Borrowing rising faster than profit. Since 2022: debt +94%, operating profit −33%.
Casella Waste Systems's debt grew 94% since 2022 while operating profit changed −33%.
Sales growing faster than profits. Since 2022: revenue +69%, operating profit −33%.
Since 2022, Casella Waste Systems's revenue changed +69% while operating profit fell 33%: costs rose faster than sales.
Cash flow well above reported profit. Free cash flow is 18.5× reported profit.
Free cash flow is 18.5× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

34/ 100

Oct 5 35 → Nov 4 34 (-1)

Valuation

Is the price right?

27/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 28 → 27

Share price +2.7%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.25Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.40Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield1.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.53Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield25.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

64/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.2%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-48.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.24Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth20.4%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.59Sector median: 0.0421 · MAD: 0.0625

Revenue growth13.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.20Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin3.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.86Sector median: 0.0773 · MAD: 0.0507

Return on assets0.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.22Sector median: 0.0311 · MAD: 0.0241

Return on invested capital1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.96Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin33.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity0.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.78

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.50Sector median: 0.6440 · MAD: 0.2745

Current ratio0.99×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.17Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.86×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Casella Waste Systems

Is Casella Waste Systems getting weaker?: Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is Casella Waste Systems valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 2,459 industrials peers. Earnings yield 0.1% vs a peer median of 3.8% (weaker than 80% of peers).Earnings yield 0.1% vs peers 3.8% (weaker than 80% of peers).
Is Casella Waste Systems growing?: Yes, faster than most of its peers. Growth scores 64/100 against 2,459 industrials peers. 3-year revenue growth 20.4% vs a peer median of 4.2% (stronger than 91% of peers).3-year revenue growth 20.4% vs peers 4.2% (stronger than 91% of peers). Earnings per share growth -48.5% vs a peer median of 7.1% (weaker than 91% of peers).Earnings per share growth -48.5% vs peers 7.1% (weaker than 91% of peers).
How profitable is Casella Waste Systems?: Less profitable than most of its peers. Profitability scores 21/100 against 2,459 industrials peers. Return on assets 0.2% vs a peer median of 3.1% (weaker than 81% of peers).Return on assets 0.2% vs peers 3.1% (weaker than 81% of peers).
How risky is Casella Waste Systems?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.99× vs a peer median of 1.62× (weaker than 85% of peers).Current ratio 0.99× vs peers 1.62× (weaker than 85% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.9B USD	2.0B USD	+4.2%
Net income (12 months)	7.1M USD	5.7M USD	−20.1%
Operating margin	3.5%	3.4%	−0.1 pts
Free cash flow (12 months)	102.3M USD	105.7M USD	+3.3%
Debt	1.2B USD	1.4B USD	+17.1%
Cash	126.9M USD	25.5M USD	−79.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Waste Management companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	34.5%	33.4%	34.2%	34.0%	33.8%	▼ 0.3 pts
Operating margin	8.7%	8.8%	6.4%	4.7%	3.5%	▼ 1.2 pts
Net margin	4.6%	4.9%	2.0%	0.9%	0.4%	▼ 0.4 pts
Return on assets (ROA)	3.2%	3.7%	1.0%	0.4%	0.2%	▼ 0.2 pts
Return on equity (ROE)	9.7%	10.7%	2.5%	0.9%	0.5%	▼ 0.4 pts
Free cash flow margin	6.7%	8.0%	6.2%	5.0%	4.6%	▼ 0.4 pts
Current ratio	0.96×	1.17×	1.53×	2.00×	1.26×	▼ 37%
Debt to equity	1.33×	1.21×	1.03×	0.74×	0.74×	▲ 0.6%
Interest coverage	3.66×	4.02×	1.69×	1.17×	1.02×	▼ 13%

CWST price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.99 vs a peer median of 1.62) and more debt relative to equity (0.86× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 0.99 vs peers 1.62) and more debt vs equity (0.86× vs peers 0.40×)

Ranks #1,851 of 2,308 industrials companies (bottom 20%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 3.5% in 2025, the weakest of the last 6 years.

Casella Waste Systems's operating margin fell to 3.5% in 2025, its lowest in the 6 years of filings we have.

Borrowing rising faster than profit. Since 2022: debt +94%, operating profit −33%.

Casella Waste Systems's debt grew 94% since 2022 while operating profit changed −33%.

Sales growing faster than profits. Since 2022: revenue +69%, operating profit −33%.

Since 2022, Casella Waste Systems's revenue changed +69% while operating profit fell 33%: costs rose faster than sales.

Cash flow well above reported profit. Free cash flow is 18.5× reported profit.

Free cash flow is 18.5× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Casella Waste Systems

Is Casella Waste Systems getting weaker?

Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 34/100 since Oct 28, 2026.

How is Casella Waste Systems valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 2,459 industrials peers. Earnings yield 0.1% vs a peer median of 3.8% (weaker than 80% of peers).Earnings yield 0.1% vs peers 3.8% (weaker than 80% of peers).

Is Casella Waste Systems growing?

Yes, faster than most of its peers. Growth scores 64/100 against 2,459 industrials peers. 3-year revenue growth 20.4% vs a peer median of 4.2% (stronger than 91% of peers).3-year revenue growth 20.4% vs peers 4.2% (stronger than 91% of peers). Earnings per share growth -48.5% vs a peer median of 7.1% (weaker than 91% of peers).Earnings per share growth -48.5% vs peers 7.1% (weaker than 91% of peers).

How profitable is Casella Waste Systems?

Less profitable than most of its peers. Profitability scores 21/100 against 2,459 industrials peers. Return on assets 0.2% vs a peer median of 3.1% (weaker than 81% of peers).Return on assets 0.2% vs peers 3.1% (weaker than 81% of peers).

How risky is Casella Waste Systems?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.99× vs a peer median of 1.62× (weaker than 85% of peers).Current ratio 0.99× vs peers 1.62× (weaker than 85% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.9B USD

2.0B USD

+4.2%

Net income (12 months)

7.1M USD

5.7M USD

−20.1%

Operating margin

3.5%

3.4%

−0.1 pts

Free cash flow (12 months)

102.3M USD

105.7M USD

+3.3%

Debt

1.2B USD

1.4B USD

+17.1%

Cash

126.9M USD

25.5M USD

−79.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

34.5%

33.4%

34.2%

34.0%

33.8%

▼ 0.3 pts

Operating margin

8.7%

8.8%

6.4%

4.7%

3.5%

▼ 1.2 pts

Net margin

4.6%

4.9%

2.0%

0.9%

0.4%

▼ 0.4 pts

Return on assets (ROA)

3.2%

3.7%

1.0%

0.4%

0.2%

▼ 0.2 pts

Return on equity (ROE)

9.7%

10.7%

2.5%

0.9%

0.5%

▼ 0.4 pts

Free cash flow margin

6.7%

8.0%

6.2%

5.0%

4.6%

▼ 0.4 pts

Current ratio

0.96×

1.17×

1.53×

2.00×

1.26×

▼ 37%

Debt to equity

1.33×

1.21×

1.03×

0.74×

▲ 0.6%

Interest coverage

3.66×

4.02×

1.69×

1.17×

1.02×

▼ 13%