WM Industrials

Waste Management, Inc.

$234.67-1.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Industrials
Industry: Waste Management
Country: United States
Market cap: 93.8B USD
Enterprise value: 113.5B USD
Full-time employees: 60,500

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.91 vs a peer median of 1.62) and more debt relative to equity (2.35× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 0.91 vs peers 1.62) and more debt vs equity (2.35× vs peers 0.40×)
About average: growth and valuation

Ranks #1,360 of 2,308 industrials companies (bottom 42%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.4× equity vs a peer median of 0.4×.Debt is 2.4× equity vs peers 0.4×.
Debt is 2.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 2.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $15.2B in 2020 to $25.2B in 2025.
Waste Management's fiscal-year revenue rose in each of the five years to 2025, from $15.2B to $25.2B.
Profit is backed by cash. Free cash flow is 125% of reported profit.
Waste Management's free cash flow is 125% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.
Waste Management keeps 18% of revenue as operating profit, more than 84% of peers (median 7.7%).

StockQuotient Score

47/ 100

Oct 5 49 → Nov 4 47 (-2)

Valuation

Is the price right?

43/100

Moderate

3/3 inputs reported · High confidence

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

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

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

Earnings yield3.0%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.25Sector median: 0.0377 · MAD: 0.0294

EBITDA yield6.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.13Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield3.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.03Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield10.6%

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

Growth

Is it growing?

59/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ 3-yr revenue

Compare with peers

Behind the score

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

Earnings per share growth5.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.06Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth8.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.71Sector median: 0.0421 · MAD: 0.0625

Revenue growth7.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.36Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

77/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

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

Operating margin17.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.94Sector median: 0.0773 · MAD: 0.0507

Return on assets6.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.26Sector median: 0.0311 · MAD: 0.0241

Return on invested capital10.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.67Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin40.6%

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

Return on equity28.7%

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:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

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

Beta0.43

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.78Sector median: 0.6440 · MAD: 0.2745

Current ratio0.91×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.33Sector median: 1.6180 · MAD: 0.5360

Debt / equity2.35×

SEC filings · latest balance sheetReported value33% base weight · Z-score -5.78Sector 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 Waste Management

Is Waste Management getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Waste Management valued vs its peers?: Priced about in line with its peers. Valuation scores 43/100 against 2,459 industrials peers.
Is Waste Management growing?: At about the same pace as its peers. Growth scores 59/100 against 2,459 industrials peers. 3-year revenue growth 8.6% vs a peer median of 4.2% (stronger than 68% of peers).3-year revenue growth 8.6% vs peers 4.2% (stronger than 68% of peers).
How profitable is Waste Management?: More profitable than most of its peers. Profitability scores 77/100 against 2,459 industrials peers. Operating margin 17.6% vs a peer median of 7.7% (stronger than 84% of peers).Operating margin 17.6% vs peers 7.7% (stronger than 84% of peers).
How risky is Waste Management?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 0.43 vs a peer median of 0.64 (stronger than 74% of peers).Beta 0.43 vs peers 0.64 (stronger than 74% of peers). Debt / equity 2.35× vs a peer median of 0.40× (weaker than 92% of peers).Debt / equity 2.35× vs peers 0.40× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	25.4B USD	25.7B USD	+1.0%
Net income (12 months)	2.8B USD	2.9B USD	+2.1%
Operating margin	17.3%	17.6%	+0.2 pts
Free cash flow (12 months)	3.3B USD	3.6B USD	+8.6%
Debt	22.9B USD	23.4B USD	+2.0%
Cash	158.0M USD	557.0M USD	+252.5%
Shares outstanding	401.6M	399.7M	−0.5%

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	38.0%	37.6%	38.3%	39.3%	40.4%	▲ 1.1 pts
Operating margin	16.5%	17.1%	17.5%	18.4%	17.1%	▼ 1.3 pts
Net margin	10.1%	11.4%	11.3%	12.4%	10.7%	▼ 1.7 pts
Return on assets (ROA)	6.2%	7.1%	7.0%	6.2%	5.9%	▼ 0.3 pts
Return on equity (ROE)	25.5%	32.7%	33.4%	33.3%	27.1%	▼ 6.2 pts
Free cash flow margin	12.8%	8.8%	8.9%	9.8%	11.2%	▲ 1.4 pts
Current ratio	0.75×	0.81×	0.90×	0.76×	0.89×	▲ 17%
Debt to equity	1.88×	2.19×	2.35×	2.90×	2.29×	▼ 21%

WM 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

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.91 vs a peer median of 1.62) and more debt relative to equity (2.35× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 0.91 vs peers 1.62) and more debt vs equity (2.35× vs peers 0.40×)

About average: growth and valuation

Ranks #1,360 of 2,308 industrials companies (bottom 42%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.4× equity vs a peer median of 0.4×.Debt is 2.4× equity vs peers 0.4×.

Debt is 2.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 2.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $15.2B in 2020 to $25.2B in 2025.

Waste Management's fiscal-year revenue rose in each of the five years to 2025, from $15.2B to $25.2B.

Profit is backed by cash. Free cash flow is 125% of reported profit.

Waste Management's free cash flow is 125% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.

Waste Management keeps 18% of revenue as operating profit, more than 84% of peers (median 7.7%).

Questions investors ask about Waste Management

Is Waste Management getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is Waste Management valued vs its peers?

Priced about in line with its peers. Valuation scores 43/100 against 2,459 industrials peers.

Is Waste Management growing?

At about the same pace as its peers. Growth scores 59/100 against 2,459 industrials peers. 3-year revenue growth 8.6% vs a peer median of 4.2% (stronger than 68% of peers).3-year revenue growth 8.6% vs peers 4.2% (stronger than 68% of peers).

How profitable is Waste Management?

More profitable than most of its peers. Profitability scores 77/100 against 2,459 industrials peers. Operating margin 17.6% vs a peer median of 7.7% (stronger than 84% of peers).Operating margin 17.6% vs peers 7.7% (stronger than 84% of peers).

How risky is Waste Management?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 0.43 vs a peer median of 0.64 (stronger than 74% of peers).Beta 0.43 vs peers 0.64 (stronger than 74% of peers). Debt / equity 2.35× vs a peer median of 0.40× (weaker than 92% of peers).Debt / equity 2.35× vs peers 0.40× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

25.4B USD

25.7B USD

+1.0%

Net income (12 months)

2.8B USD

2.9B USD

+2.1%

Operating margin

17.3%

17.6%

+0.2 pts

Free cash flow (12 months)

3.3B USD

3.6B USD

+8.6%

Debt

22.9B USD

23.4B USD

+2.0%

Cash

158.0M USD

557.0M USD

+252.5%

Shares outstanding

401.6M

399.7M

−0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

38.0%

37.6%

38.3%

39.3%

40.4%

▲ 1.1 pts

Operating margin

16.5%

17.1%

17.5%

18.4%

17.1%

▼ 1.3 pts

Net margin

10.1%

11.4%

11.3%

12.4%

10.7%

▼ 1.7 pts

Return on assets (ROA)

6.2%

7.1%

7.0%

6.2%

5.9%

▼ 0.3 pts

Return on equity (ROE)

25.5%

32.7%

33.4%

33.3%

27.1%

▼ 6.2 pts

Free cash flow margin

12.8%

8.8%

8.9%

9.8%

11.2%

▲ 1.4 pts

Current ratio

0.75×

0.81×

0.90×

0.76×

0.89×

▲ 17%

Debt to equity

1.88×

2.19×

2.35×

2.90×

2.29×

▼ 21%