Start with Republic Services (NYSE: RSG) and WM (NYSE: WM) for large, integrated North American waste operators. Add GFL Environmental (NYSE/TSX: GFL) as another scaled peer and Clean Harbors (NYSE: CLH) for a more industrial and environmental-services mix. Casella Waste Systems (Nasdaq: CWST) is a smaller regional name to investigate, but its latest financial results are not covered here. These are research candidates, not buy recommendations; Waste Connections (NYSE: WCN) is the baseline for comparison.
Which waste management stocks are worth researching?
The clearest starting points are WM and Republic Services, which operate broad waste-management networks, followed by GFL and Clean Harbors, whose business mixes differ in useful ways. Company size and sector labels do not make these stocks interchangeable: collection, disposal, recycling and industrial services can have different local markets, growth drivers and risks.
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WM (NYSE: WM)
WM is the largest company in this comparison by FY 2025 revenue, based on figures in its June 17, 2026 investor presentation. Its annual report is available through its investor-relations page; review that filing for the operating mix, capital requirements and risks rather than assuming the scale figure tells the full story.
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Republic’s 2025 Form 10-K describes solid-waste collection, transfer, recycling and landfill operations, alongside environmental-solutions businesses in the United States and Canada. It reported $16.6 billion in 2025 revenue, up 3.5% from 2024. The filing also emphasizes that collection and disposal markets are local, making asset density and access to disposal capacity important questions when assessing its competitive position.
GFL Environmental (NYSE/TSX: GFL)
GFL appears in WM’s FY 2025 peer revenue comparison and is a scaled operator worth adding to a North American peer list. The available figures establish its revenue scale, but do not support a detailed comparison of its latest quarterly performance or business mix here. Check GFL’s latest filing and earnings release before weighing it against the other companies.
Clean Harbors (NYSE: CLH)
Clean Harbors is not simply another municipal waste hauler. Its environmental and industrial-services profile makes it a distinct comparison. Its 2025 annual report says no single competitor directly matches its full service suite and names Veolia North America, Enviri, Republic, WM, GFL and Crystal Clean among its principal national competitors for 2025. Its competitive set can vary by service and locality.
Casella Waste Systems (Nasdaq: CWST)
Casella is a regional solid-waste, recycling and resource-management operator that may broaden a shortlist beyond the largest national names. Its latest scale and performance have not been established here, so examine its current filing before making a quantitative comparison.
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The revenue figures below provide orientation, not a valuation, profitability or expected-return ranking. FY 2025 figures come from WM’s June 17, 2026 investor presentation; the quarterly measures are company-reported and use different definitions.
| Company | FY 2025 revenue | Reported Q2 2026 figure |
|---|---|---|
| WM | $25.2 billion | not stated (WM’s June 17, 2026 investor presentation and annual report link) |
| Republic Services | $16.6 billion | 4.6% total revenue growth; $566 million net income; $1.85 adjusted EPS (Republic Services, Aug. 6, 2026) |
| Waste Connections (baseline) | $9.5 billion | $2.562 billion revenue; $296.4 million net income; $840.1 million adjusted EBITDA; 32.8% adjusted EBITDA margin (Waste Connections, July 22, 2026) |
| GFL Environmental | $4.7 billion | not stated (WM’s June 17, 2026 investor presentation) |
| Clean Harbors | $6.0 billion | $1.74 billion revenue; $170.5 million net income; $409.0 million adjusted EBITDA; 23.6% adjusted EBITDA margin (Clean Harbors, July 29, 2026) |
Revenue scale is not a measure of value for shareholders. Nor should the reported Q2 figures be treated as a margin league table: Waste Connections and Clean Harbors’ adjusted EBITDA margins are company-defined measures, while Republic’s figures above include revenue growth, net income and adjusted EPS. Waste Connections said it raised its full-year 2026 outlook after better-than-expected quarterly results; Clean Harbors also raised full-year adjusted EBITDA and adjusted free-cash-flow guidance. Those outlook changes are management guidance, not realized results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to compare before forming an investment view
Business mix and geography
Separate recurring collection and disposal activity from recycling, environmental solutions and industrial services. A company with multiple lines may not share the same drivers or competitors across all of them. Consider where it operates and how concentrated its assets are in the markets it serves.
Pricing, volumes and organic growth
Look at reported pricing or yield, volume changes and growth from existing operations. Distinguish those drivers from revenue added through acquisitions; the same headline growth rate can reflect very different underlying performance.
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Margins and cash conversion
Compare operating margins, adjusted EBITDA and free cash flow only after checking each company’s definitions and reconciliation to standard financial statements. Assess whether earnings convert to cash after maintenance and growth capital spending; a single quarterly margin does not answer that question.
Leverage, capital spending and acquisitions
Review debt, interest costs, capital expenditures and acquisition spending together. Waste networks require substantial assets, while acquisitions can change both scale and balance-sheet risk. The figures presented here do not establish a comparable leverage ranking.
Valuation and shareholder returns
Check current share price, enterprise value and valuation measures against growth, cash flow and risk. Also review dividend policy and any changes to it. Current prices and valuation multiples are not established here, so no conclusion about which stock is cheaper or offers better potential follows from the revenue comparison.
Quick Recap
Where to verify the figures
- Republic Services 2025 Form 10-K for business lines, geography and market structure.
- WM investor relations for its annual report and company filings.
- WM’s June 17, 2026 investor presentation for the FY 2025 peer revenue figures.
- Waste Connections’ July 22, 2026 Q2 results for its reported quarterly figures and updated outlook.
- Republic Services’ Aug. 6, 2026 Q2 results for its reported growth, net income and adjusted EPS.
- Clean Harbors’ July 29, 2026 Q2 results and 2025 annual report and filings for financial and competitive context.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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