Republic Services vs Waste Connections
Republic Services is the larger business, with $19.03bn of revenue in fiscal 2025 against $9.47bn for Waste Connections (2.0 times as much). Waste Connections grew faster (6.1% against 3.3%). Waste Connections kept more of each dollar of sales as profit: a net margin of 11.4% against 11.2%. Waste Connections carries less debt relative to equity (107.8% against 114.6%).
| Latest fiscal year | Republic ServicesRSG, 2025 | Waste ConnectionsWCN, 2025 |
|---|---|---|
| Revenue | $19.03bn | $9.47bn |
| Revenue growth | 3.3% | 6.1% |
| Net income | $2.14bn | $1.08bn |
| Operating margin | 17.4% | 18.1% |
| Net margin | 11.2% | 11.4% |
| Return on equity | 18.3% | 13.4% |
| Free cash flow | $2.41bn | $1.23bn |
| Cash | $76.0m | $46.0m |
| Total debt | $13.71bn | $8.89bn |
| Debt to equity | 114.6% | 107.8% |
| Dividend per share | $2.41 | $1.29 |
| Dividend yield | 1.0% | 0.8% |
| Share buybacks | $870m | $506m |
| Employees | 42,000 | 24,214 |
| Market value | $74.42bn | $46.78bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 84 (Strong) | 78 (Strong) |
| Insider trades, 12 months | 108 buys, 3 sales | 1 buys, 19 sales |