Waste Connections vs Waste Management
Waste Management is the larger business, with $25.20bn of revenue in fiscal 2025 against $9.47bn for Waste Connections (2.7 times as much). Waste Management grew faster (14.2% against 6.1%). Waste Connections kept more of each dollar of sales as profit: a net margin of 11.4% against 10.7%.
| Latest fiscal year | Waste ConnectionsWCN, 2025 | Waste ManagementWM, 2025 |
|---|---|---|
| Revenue | $9.47bn | $25.20bn |
| Revenue growth | 6.1% | 14.2% |
| Net income | $1.08bn | $2.71bn |
| Operating margin | 18.1% | — |
| Net margin | 11.4% | 10.7% |
| Return on equity | 13.4% | 29.7% |
| Free cash flow | $1.23bn | $2.82bn |
| Cash | $46.0m | $201m |
| Total debt | $8.89bn | $22.91bn |
| Debt to equity | 107.8% | — |
| Dividend per share | $1.29 | $3.30 |
| Dividend yield | 0.8% | 1.6% |
| Share buybacks | $506m | — |
| Employees | 24,214 | 60,500 |
| Market value | $46.78bn | $93.34bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 78 (Strong) | 83 (Strong) |
| Insider trades, 12 months | 1 buys, 19 sales | 1 buys, 35 sales |