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Waste Connections, Inc. WCN

NYSE · stock · Refuse Systems · website · IPO 2002-04-25 · LEI

Waste Connections, Inc. statistics & valuation

Market cap$55.8B
P / E51.8×
P / S5.9×
P / B6.8×
P / FCF45.2×
Dividend yield0.60%
Net margin11.4%
Return on equity13.1%
FCF margin13.0%
Return on capital9%
Graham number -66.9%$54.76

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($54.76); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
7.30% 12.50% 11.10% 10.50% 3.80% 10.00% 11.60% 9.50% 6.90% 11.40% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
13.40% 13.50% 16.90% 15.50% 7.60% 16.90% 17.20% 15.40% 12.00% 18.10% 2016201720182019202020212022202320242025
Return on equity (%)
4.40% 9.20% 8.50% 8.20% 3.00% 8.80% 11.70% 9.90% 7.90% 13.10% 2016201720182019202020212022202320242025
Shares outstanding
262.8M 264.3M 264.4M 264.5M 263.7M 261.7M 258.0M 258.1M 258.7M 258.0M 2016201720182019202020212022202320242025
Net debt ($)
$3.48B $3.49B $3.86B $4.05B $4.13B $4.89B $6.81B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
2.20% 4.80% 4.30% 4.10% 1.50% 4.20% 4.90% 4.30% 3.10% 5.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
15.30% 17.60% 16.80% 14.90% 15.50% 15.40% 14.90% 13.20% 13.00% 2016201720182019202020212022202320242025
Debt / equity (×)
0.64× 0.63× 0.65× 0.63× 0.69× 0.72× 0.97× 2016201720182019202020212022202320242025
EPS ($)
$1.07 $2.18 $2.07 $2.14 $0.78 $2.36 $3.24 $2.95 $2.39 $4.17 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Waste Connections, Inc. trades at about 39.6× earnings — below its 10-year norm (10-year range 32.9×–126.3×, median 50×).

32.9× 126.3×

Shaded band = 10-year range (32.9×–126.3×); dot = today's 39.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin18.1%12.0%15.4%17.2%16.9%7.6%15.5%16.9%13.5%13.4%
Net margin11.4%6.9%9.5%11.6%10.0%3.8%10.5%11.1%12.5%7.3%
FCF margin13.0%13.2%14.9%15.4%15.5%14.9%16.8%17.6%15.3%—
Return on assets5.1%3.1%4.3%4.9%4.2%1.5%4.1%4.3%4.8%2.2%
Return on equity13.1%7.9%9.9%11.7%8.8%3.0%8.2%8.5%9.2%4.4%
Debt / equity———0.97×0.72×0.69×0.63×0.65×0.63×0.64×
Current ratio0.620.650.680.740.841.371.121.231.471.07

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.