Clean Harbors vs Waste Connections
Waste Connections is the larger business, with $9.47bn of revenue in fiscal 2025 against $6.03bn for Clean Harbors (1.6 times as much). Waste Connections grew faster (6.1% against 2.4%). Waste Connections kept more of each dollar of sales as profit: a net margin of 11.4% against 6.5%.
| Latest fiscal year | Clean HarborsCLH, 2025 | Waste ConnectionsWCN, 2025 |
|---|---|---|
| Revenue | $6.03bn | $9.47bn |
| Revenue growth | 2.4% | 6.1% |
| Net income | $391m | $1.08bn |
| Operating margin | — | 18.1% |
| Net margin | 6.5% | 11.4% |
| Return on equity | 14.7% | 13.4% |
| Free cash flow | $442m | $1.23bn |
| Cash | $826m | $46.0m |
| Total debt | $2.79bn | $8.89bn |
| Debt to equity | — | 107.8% |
| Dividend per share | — | $1.29 |
| Dividend yield | — | 0.8% |
| Share buybacks | $250m | $506m |
| Employees | — | 24,214 |
| Market value | $15.62bn | $46.78bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 68 (Moderate) | 78 (Strong) |
| Insider trades, 12 months | 2 buys, 16 sales | 1 buys, 19 sales |