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Clean Harbors Inc (CLH) stock

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NYSE: CLH NYSE Environmental & Facilities Services Next results ~February 17, 2027

B Fundamentals grade

Clean Harbors Inc is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$85–$180 across our lower- and higher-growth cases (3.6%–13.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 57% below it.

Price used: $296.07, November 2, 2026

Clean Harbors Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Clean Harbors files

10-Q filed October 28: Clean Harbors

Model value +41.8%

Revenue for the twelve months to September 2026 was $6.56bn, up 10.1% on a year earlier, faster than the 5.1% growth a quarter earlier. Free-cash-flow margin held at 7.6%. Operating margin widened to 13.2% from 10.9%. Its fundamentals grade moves from C+ to B. Our model value rises from $90.19 to $128 a share, against a share price of $309. The rating stays Sell. At that price, our model says the market is pricing in about 20.7% a year of cash-flow growth for five years, faster than the 11.5% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Clean Harbors

Revenue for the twelve months to June 2026 reached $6.56bn, up 10.1% on a year earlier and faster than the 5.1% growth recorded a quarter before. That pace ranks 2 of 8 among the environmental and facilities services companies we cover. Free-cash-flow margin held at 7.6%, while operating margin widened to 13.2% from 10.9%. On the back of this, the fundamentals grade moves from C to C+. Our model value slips from $91.78 to $90.19 a share, against a share price of $313, and the rating stays Sell. At that price, the model implies the market is pricing in about 23.6% a year of cash-flow growth over five years. That assumption sits well ahead of the 11.5% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Clean Harbors stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.24bn, up 5.1% on a year earlier, faster than 1.9% a quarter earlier. Free-cash-flow margin held at 7.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $86.65 a share, against a share price of $315. At that price, our model says the market is pricing in about 23.6% a year of cash-flow growth for five years, faster than the 10.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 17, 2027 (estimated)

Clean Harbors Inc's trailing-twelve-month revenue grew 10.1% year on year, with a free-cash-flow margin of 7.6%. Where it stands out: revenue growth of 10.1% ranks 4 of 17 environmental & facilities services companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$85–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 12.3% while net income grew 36.0%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.0 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.1% over 90 days.

Things to watch

  • Priced above our value. The share price of $296.07 is 57% above our value per share of $130.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$3.93 against an average estimate of $3.22: beat by 22.0%
Revenue
$1.87bn, up 20.7% on a year earlier
Share reaction
-1.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
adjusted EBITDA growth 23% to 26% (fourth quarter of 2026); adjusted EBITDA $1.44bn to $1.48bn (full year)
Next report
October 28, 2026; average EPS estimate $2.38

Clean Harbors' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week-6.6%
  • 1 month-7.0%
  • This year+26.3%
  • 1 year+40.6%
  • 5 years+176.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.6B
Operating margin
13.2%
Net margin
8.0%
EPS (TTM, diluted)
$9.96

Growth

Revenue growth
+10.1%
Change in growth rate
+5.0 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$496M
FCF margin
7.6%
Stock pay % of revenue
0.7%

Earnings

Last results
October 28, 2026
Next results (est.)
February 17, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Agreement
  4. Announcement
  5. Announcement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Clean Harbors Inc valuation models and calculator

What the price is pricing in

The share price implies about 20.2% a year of cash-flow growth for five years.That is faster than the 11.5% a year revenue growth Clean Harbors has delivered.

  • Priced in20.2%
  • Last 12 months10.1%
  • 3 years a year7.1%
  • 5 years a year11.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($298.60, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$298.60close November 3, 2026
Implied change
▼ 57%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Clean Harbors Inc's free cash flow after stock-based pay with after-tax interest added back ($395M, FY2026 Q3 TTM), growing 6.6% and 7.2% in the next two years (forecasts, guidance and its record), then back to 8.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$85–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Clean Harbors Inc's free cash flow after stock-based pay ( $395M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Clean Harbors Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$85–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$230 ~$230–$310 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$120–$270 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$130–$180 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$160 ~$130–$230 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Clean Harbors Inc with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▲ +2%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$102$153$220$308$422
8.5% $38$66$102$151$214$294
10% $22$44$72$109$157$218

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$41.65$55.65$54.20$49.35$85.75$76.10$99.77$114.12$174.51$230.14$234.48$296.07
Market value$2.4bn$3.2bn$3.1bn$2.8bn$4.8bn$4.2bn$5.5bn$6.2bn$9.5bn$12.5bn$12.6bn$15.7bn
+ Net debt (− = net cash)$1.2bn$1.3bn$1.3bn$1.4bn$1.2bn$1.0bn$2.1bn$1.9bn$1.9bn$2.1bn$2.0bn$2.5bn
Enterprise value$3.6bn$4.5bn$4.4bn$4.1bn$6.0bn$5.3bn$7.6bn$8.2bn$11.4bn$14.6bn$14.6bn$18.2bn
Multiples
Price / sales 0.7x1.2x1.1x0.8x1.4x1.3x1.4x1.2x1.8x2.1x2.1x2.4x
Price / earnings 55.2x—30.8x42.4x49.2x31.4x26.9x15.1x25.1x31.0x32.2x29.7x
Price / free cash flow 17.5x79.6x26.1x15.5x24.4x18.1x18.0x22.1x30.4x36.1x28.5x31.4x
EV / EBITDA 7.9x12.7x10.6x8.6x11.3x9.7x11.7x8.3x11.6x13.6x13.0x13.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard Clean Harbors's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.8% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 31.2%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 10.2%; its worst year was 4.2%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.7% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.04 +36% $6.7bn +11%
Next $10.25 +2% $7.0bn +5%

Next year's EPS estimate has moved +5.1% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.3% on 90 days ago. In the last 30 days, 4 analysts raised Clean Harbors Inc's forecast and 0 cut it.

Consensus EPS forecast Clean Harbors Inc, last 90 days
$9.60 $9.80 $10.00 $10.20 $10.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.72 Current fiscal year, 60 days ago: $9.79 Current fiscal year, 30 days ago: $9.79 Current fiscal year, 7 days ago: $9.98 Current fiscal year, Now: $10.04 $10.04 Next fiscal year, 90 days ago: $9.75 Next fiscal year, 60 days ago: $9.94 Next fiscal year, 30 days ago: $9.93 Next fiscal year, 7 days ago: $10.16 Next fiscal year, Now: $10.25 $10.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.72$9.75
60 days ago $9.79$9.94
30 days ago $9.79$9.93
7 days ago $9.98$10.16
Now $10.04$10.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.22 $3.93 +22.0%
Jun 2026 $2.82 $3.22 +14.0%
Mar 2026 $1.15 $1.19 +3.4%
Dec 2025 $1.60 $1.73 +8.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Adjusted EBITDA full year $1.44bn to $1.48bn Non-GAAP Raised
    “Adjusted EBITDA in the range of $1.44 billion to $1.48 billion, with a midpoint of $1.46 billion.” source
  • GAAP net income full year $528m to $563m GAAP Raised vs 481m to 531m
    “This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $528 million to $563 million.” source
  • Adjusted free cash flow full year $600m to $660m Non-GAAP Raised
    “Adjusted free cash flow in the range of $600 million to $660 million, with a midpoint of $630 million.” source
  • Net cash from operating activities full year $970m to $1,090m GAAP Raised vs 840m to 960m
    “This range is based on anticipated net cash from operating activities in the range of $970 million to $1,090 million.” source
  • Adjusted EBITDA fourth quarter of 2026 23% growth to 26% growth Non-GAAP
    “In the fourth quarter of 2026, Clean Harbors expects Adjusted EBITDA to grow 23% to 26% year over year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Clean Harbors Inc's revenue by +6.6% next year and +7.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.7%, weight 67%) and the company's own record (+8.6%, weight 33%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1482%
Hold318%
Sell00%

Monthly trend

  1. Oct 2026212317
  2. Sep 2026211417
  3. Aug 2026210416
  4. Jul 2026210416

Counts of recommendations published by analysts covering Clean Harbors Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
2.98
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
4.9%
of shares
Employees
22,155
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +40.6%

$210.51 on October 31, 2025 to $296.07

ThenNowEffect
Revenue (last 12 months) $5.9bn $6.2bn +5.1%
Net margin 6.5% 7.0% +8.6%
P/E multiple 29.6x 35.9x +21.5%
Share count 54m 53m +1.5%

Biggest factor: p/e multiple.

Last 3 years +91.5%

$154.60 on November 3, 2023 to $296.07

ThenNowEffect
Revenue (last 12 months) $5.3bn $6.2bn +16.8%
Net margin 7.6% 7.0% −7.5%
P/E multiple 20.7x 35.9x +73.6%
Share count 54m 53m +2.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CLH+31%+14%+53%+32%+2%+26%
Industry peers (median)+34%−7%+20%+15%−12%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CLH75%42%75%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CLH−21%−27%−17%−13%−26%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from February 20, 2020 to March 18, 2020. Getting back needed a 182% gain, reached on February 24, 2021, 343 days after the low.

Price behaviour

52-week range
$201.73 – $326.34
From 52-week high
−9.3%
vs 50-day average
−6.1%
vs 200-day average
−0.8%
Volatility (1 year)
25%
Beta vs S&P 500
0.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.1%
After a week
6 up, 5 down
typical move ±5.1%
After a month
7 up, 4 down
typical move ±7.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.1% 0.0% — —
July 29, 2026 +4.4% +0.1% +1.8% +2.7%
May 6, 2026 −10.0% +1.1% −3.4% −9.8%
February 18, 2026 +4.6% +0.2% +6.3% +7.6%
October 29, 2025 −12.5% −1.1% −15.9% −7.6%
July 30, 2025 −1.0% −0.5% +1.7% +2.3%
April 30, 2025 +1.5% +0.7% +4.0% +5.9%
February 19, 2025 −6.4% −0.2% −5.8% −12.7%
October 30, 2024 −12.2% −2.3% −1.4% −1.3%
July 31, 2024 +8.0% +0.2% +1.6% +7.9%
May 1, 2024 +8.5% +0.6% +10.9% +14.3%
February 21, 2024 −2.6% +2.2% −3.4% +4.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Clean Harbors Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Clean Harbors Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Clean Harbors Inc
$5B $5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.4B Revenue (TTM), FY24 Q1: $5.5B Revenue (TTM), FY24 Q2: $5.6B Revenue (TTM), FY24 Q3: $5.8B Revenue (TTM), FY24 Q4: $5.9B Revenue (TTM), FY25 Q1: $5.9B Revenue (TTM), FY25 Q2: $5.9B Revenue (TTM), FY25 Q3: $6B Revenue (TTM), FY25 Q4: $6B Revenue (TTM), FY26 Q1: $6.1B Revenue (TTM), FY26 Q2: $6.2B Revenue (TTM), FY26 Q3: $6.6B $6.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.4B
FY24 Q1 $5.5B
FY24 Q2 $5.6B
FY24 Q3 $5.8B
FY24 Q4 $5.9B
FY25 Q1 $5.9B
FY25 Q2 $5.9B
FY25 Q3 $6B
FY25 Q4 $6B
FY26 Q1 $6.1B
FY26 Q2 $6.2B
FY26 Q3 $6.6B
Revenue growth, TTM YoY Clean Harbors Inc
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.7% Revenue growth, TTM YoY, FY24 Q1: 3.3% Revenue growth, TTM YoY, FY24 Q2: 5.4% Revenue growth, TTM YoY, FY24 Q3: 8.4% Revenue growth, TTM YoY, FY24 Q4: 8.9% Revenue growth, TTM YoY, FY25 Q1: 8.5% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 2.9% Revenue growth, TTM YoY, FY25 Q4: 2.4% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: 5.1% Revenue growth, TTM YoY, FY26 Q3: 10.1% 10.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.7%
FY24 Q1 3.3%
FY24 Q2 5.4%
FY24 Q3 8.4%
FY24 Q4 8.9%
FY25 Q1 8.5%
FY25 Q2 5.5%
FY25 Q3 2.9%
FY25 Q4 2.4%
FY26 Q1 1.9%
FY26 Q2 5.1%
FY26 Q3 10.1%
Operating margin (TTM) Clean Harbors Inc
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.3% Operating margin (TTM), FY24 Q1: 11.3% Operating margin (TTM), FY24 Q2: 11.4% Operating margin (TTM), FY24 Q3: 11.7% Operating margin (TTM), FY24 Q4: 11.4% Operating margin (TTM), FY25 Q1: 11.0% Operating margin (TTM), FY25 Q2: 11.0% Operating margin (TTM), FY25 Q3: 10.9% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 11.2% Operating margin (TTM), FY26 Q2: 11.8% Operating margin (TTM), FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.3%
FY24 Q1 11.3%
FY24 Q2 11.4%
FY24 Q3 11.7%
FY24 Q4 11.4%
FY25 Q1 11.0%
FY25 Q2 11.0%
FY25 Q3 10.9%
FY25 Q4 11.2%
FY26 Q1 11.2%
FY26 Q2 11.8%
FY26 Q3 13.2%
FCF margin (TTM) Clean Harbors Inc
4% 5% 6% 7% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.7% FCF margin (TTM), FY24 Q1: 4.4% FCF margin (TTM), FY24 Q2: 4.2% FCF margin (TTM), FY24 Q3: 4.6% FCF margin (TTM), FY24 Q4: 5.7% FCF margin (TTM), FY25 Q1: 5.7% FCF margin (TTM), FY25 Q2: 6.3% FCF margin (TTM), FY25 Q3: 7.4% FCF margin (TTM), FY25 Q4: 7.3% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 7.3% FCF margin (TTM), FY26 Q3: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.7%
FY24 Q1 4.4%
FY24 Q2 4.2%
FY24 Q3 4.6%
FY24 Q4 5.7%
FY25 Q1 5.7%
FY25 Q2 6.3%
FY25 Q3 7.4%
FY25 Q4 7.3%
FY26 Q1 7.6%
FY26 Q2 7.3%
FY26 Q3 7.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Clean Harbors took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6B
  2. Cost of revenue $4.1B · 68.7%
  3. Gross profit $1.9B · 31.3%
  4. Selling, general and admin $753M · 12.5%
  5. Other operating costs $460M · 7.6%
  6. Operating income $673M · 11.2%
  7. Income tax $137M · 2.3%
  8. Interest and other $145M · 2.4%
  9. Net income $391M · 6.5%

Shares of revenue. Source: Clean Harbors's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,074 1,731 1,984 2,188 3,510 3,402 3,275 2,755 2,945 3,300 3,412 3,144 3,806 5,167 5,409 5,890 6,031 6,564
Gross profit — — 604 647 967 960 918 822 882 995 1,024 1,006 1,196 1,623 1,663 1,824 1,886 2,175
EBITDA 147 304 340 364 485 388 462 356 416 481 530 544 646 982 978 1,071 1,119 1,328
Operating income 82 212 218 202 221 112 188 69 128 183 229 251 348 635 612 670 673 864
Net income 37 131 127 130 96 −28 44 −40 101 66 98 135 203 412 378 402 391 528
Diluted EPS $0.74 $2.47 $2.39 $2.40 $1.57 −$0.47 $0.76 −$0.69 $1.76 $1.16 $1.74 $2.42 $3.71 $7.56 $6.95 $7.42 $7.28 $9.96
Growth (year on year)
Revenue +4.2% +61.2% +14.6% +10.3% +60.4% −3.1% −3.7% −15.9% +6.9% +12.1% +3.4% −7.9% +21.0% +35.8% +4.7% +8.9% +2.4% +10.1%
EBITDA −3.6% +107.1% +11.8% +6.9% +33.3% −20.0% +19.0% −22.9% +16.9% +15.6% +10.2% +2.7% +18.7% +52.1% −0.4% +9.5% +4.5% +20.7%
Operating income −24.0% +158.2% +2.7% −7.1% +9.1% −49.3% +67.8% −63.1% +84.7% +42.9% +25.7% +9.5% +38.4% +82.5% −3.5% +9.4% +0.5% +32.6%
Net income −36.2% +255.8% −2.5% +1.9% −26.3% −129.6% — — — −34.8% — +38.0% +50.7% +102.6% −8.2% +6.5% −2.8% +36.0%
Diluted EPS −41.0% +233.8% −3.2% +0.4% −34.6% −129.9% — — — −34.1% — +39.1% +53.3% +103.8% −8.1% +6.8% −1.9% +38.2%
Margins
Gross margin — — 30.4% 29.6% 27.6% 28.2% 28.0% 29.8% 30.0% 30.1% 30.0% 32.0% 31.4% 31.4% 30.7% 31.0% 31.3% 33.1%
EBITDA margin 13.7% 17.6% 17.2% 16.6% 13.8% 11.4% 14.1% 12.9% 14.1% 14.6% 15.5% 17.3% 17.0% 19.0% 18.1% 18.2% 18.6% 20.2%
Operating margin 7.6% 12.2% 11.0% 9.2% 6.3% 3.3% 5.7% 2.5% 4.3% 5.5% 6.7% 8.0% 9.1% 12.3% 11.3% 11.4% 11.2% 13.2%
Net margin 3.4% 7.5% 6.4% 5.9% 2.7% −0.8% 1.3% −1.4% 3.4% 2.0% 2.9% 4.3% 5.3% 8.0% 7.0% 6.8% 6.5% 8.0%
Free-cash-flow margin 2.9% 6.2% 1.6% 5.8% 3.9% 1.2% 4.2% 1.5% 4.0% 5.5% 5.8% 7.5% 8.0% 5.4% 5.8% 5.9% 7.3% 7.6%
Cash flow
Cash from operations 93 224 180 324 416 297 396 260 286 373 413 431 546 626 735 778 867 1,020
Capital spending 62 116 149 197 280 258 257 219 167 193 216 196 242 345 422 432 425 519
Free cash flow 31 108 31 127 136 40 139 40 119 180 197 234 304 281 312 346 442 501
Stock-based pay 1 7 8 7 9 9 9 10 13 17 18 19 19 27 21 28 33 46
Free cash flow after stock pay 30 100 23 119 127 31 131 30 106 163 179 216 285 254 292 318 409 454
Balance sheet
Cash 234 302 261 230 310 247 185 307 319 227 372 519 453 493 445 687 826 424
Total debt 292 264 524 1,400 1,400 1,395 1,395 1,645 1,639 1,580 1,572 1,565 2,547 2,439 2,315 2,795 2,792 2,903
Net debt (negative = net cash) 59 −38 263 1,170 1,090 1,148 1,210 1,338 1,320 1,353 1,200 1,046 2,095 1,946 1,870 2,108 1,966 2,479
Diluted shares 50m 53m 53m 54m 61m 60m 58m 58m 57m 56m 56m 56m 55m 54m 54m 54m 54m 53m
Returned to shareholders
Buybacks 0 0 4 0 0 104 73 22 49 45 21 75 54 50 51 55 250 210
Total returned 0 0 4 0 0 104 73 22 49 45 21 75 54 50 51 55 250 210

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · September 30, 2026
What it owns · $8.3bn
Short-term assets $2.5bnLonger-term assets $5.8bn
What it owes, and who funded it · $4.4bn
Short-term liabilities $1.3bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $424m of cash against $2.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 93% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 158% to 93% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $2.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Clean Harbors Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$210M
Returned to shareholders
42%
of free cash flow
Buybacks, last 3 fiscal years
$356M
Diluted share count
−1.6%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
Sales & admin spending
12.7%
of revenue
Days sales outstanding
71 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in environmental & facilities services
Last 12 months unless stated CLH VLTO ABM WCN ROL BV Median
Revenue, last 12 months $6.6bn $5.8bn $9.1bn $9.9bn $4.0bn $2.7bn $2.0bn
Revenue growth, last 12 months 10.1% 6.4% 6.0% 6.3% 8.3% 1.5% 6.0%
Revenue growth, 3-year average 7.1% 5.2% 4.5% 8.2% 10.2% −0.7% 4.8%
Revenue growth, latest quarter 20.7% 7.5% 4.2% 7.3% 6.2% 1.3% 7.4%
Gross margin 33.1% 60.2% 12.0% 42.6% 52.1% 21.2% 33.4%
Operating margin 13.2% 21.8% 3.5% 17.7% 18.3% 3.5% 3.5%
Operating margin, 3-year average 11.9% 22.7% 3.4% 15.5% 19.1% 4.7% 4.4%
Net margin 8.0% 17.3% 1.8% 11.4% 13.2% 0.7% 0.7%
Cash from operations / revenue 15.5% 19.9% 4.5% 25.4% 17.5% 7.8% 5.4%
Free-cash-flow margin 7.6% 18.8% 3.4% 12.6% 16.8% −0.9% 3.4%
Free-cash-flow margin, 3-year average 6.5% 17.5% 2.5% 13.3% 17.1% 1.7% 3.6%
Stock pay / revenue 0.7% 1.3% 0.4% 0.8% 1.0% 0.6% 0.7%
Change in share count −1.6% −1.0% −4.5% −1.6% −0.7% −1.8% −0.3%

Median of all 17 companies we cover in environmental & facilities services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 environmental & facilities services companies
Measure Company Peer median Rank
Revenue growth Growth 10.1% 6.0% 4 of 17
Change in growth rate Growth +5.0pp +0.6pp 4 of 17
Gross margin Profitability 33.1% 33.1% 8 of 15
Operating margin Profitability 13.2% 3.5% 6 of 16
Net margin Profitability 8.0% 0.7% 6 of 17
Free-cash-flow margin Cash generation 7.6% 3.4% 6 of 17
Stock pay as % of revenue Cash generation 0.7% 0.7% 9 of 17
Long-term debt as % of assets Balance sheet 34.7% 32.5% 9 of 15
Change in share count Balance sheet -1.6% -0.3% 4 of 16
Days sales outstanding Balance sheet 71 days 64 days 10 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segments $6B 100.0% ▲ 2.4%
Environmental Services $5.2B 86.1% ▲ 3.8%
Safety Kleen Sustainability Solutions $837M 13.9% ▼ 5.4%
Products and services
Line of business Revenue YoY
Services $5.2B ▲ 4.6%
Technical Services $1.9B ▲ 7.3%
Industrial Services and Other $1.3B ▼ 3.6%
Safetly Kleen Environmental Services $1.3B ▲ 10.8%
Field and Emergency Response $937M ▲ 4.7%
Products $876M ▼ 8.9%
Safety Kleen Oil $594M ▼ 15.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $5.5B 91.0% ▲ 2.6%
Canada $540M 9.0% ▲ 0.5%

From Clean Harbors Inc's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.8B
Institutions reporting
657
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
85 / 53

Top buyers and sellers, Q2 2026: 290 institutions bought and 302 sold ; the biggest buyer was FMR LLC (+901K shares) and the biggest seller Lone Pine Capital LLC (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.5B 5.1M 10.3% ▲ 5.7%
Wellington Management Group LLP $943M 3.2M 6.4% ▼ 11.8%
FMR LLC $897M 3.0M 6.1% ▲ 42.9%
Vanguard Capital Management LLC $652M 2.2M 4.4% ▲ 0.6%
Vanguard Portfolio Management LLC $593M 2.0M 4.0% ▲ 1.0%
Jupiter Topco LLC $478M 1.6M 3.2% —
State Street Corp $473M 1.6M 3.2% ▲ 2.9%
D1 Capital Partners L.P. $393M 1.3M 2.7% ▼ 1.7%
Geode Capital Management, LLC $337M 1.1M 2.3% ▲ 19.4%
Clearbridge Investments, LLC $337M 1.1M 2.3% ▼ 6.3%
First Trust Advisors LP $297M 993K 2.0% ▲ 27.6%
Snyder Capital Management L P $276M 922K 1.9% ▼ 0.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Clean Harbors Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $175,114 2 trades by 1 insider, last 12 months Insider sales History → $65.2M 16 trades by 9 insiders · 0% under pre-set plans
Net ▼ $65M net selling
Insider Date Trade Shares Price Value
Polito Karyn Director October 29, 2026 Buy 125 $314.83 $39,354
Gerstenberg Eric W CO-CEO August 14, 2026 Sell 2,500 $321.34 $803,350
Robertson Andrea Director August 3, 2026 Sell 789 $314.01 $247,754
States Lauren Director May 26, 2026 Sell 789 $286.19 $225,804
Polito Karyn Director May 11, 2026 Buy 460 $295.13 $135,760
Gerstenberg Eric W CO-CEO March 18, 2026 Sell 1,000 $293.00 $293,000
Reed Marcy L. Director March 18, 2026 Sell 836 $287.94 $240,718
Gerstenberg Eric W CO-CEO March 18, 2026 Sell 1,000 $293.00 $293,000
Weber Brian P EVP (CHESI) March 17, 2026 Sell 4,683 $293.39 $1.4M
Mckim Alan S EXEC CHAIR, CTO. March 4, 2026 Sell 100,000 $292.65 $29.3M
Gerstenberg Eric W CO-CEO February 23, 2026 Sell 2,500 $279.86 $699,650
Gerstenberg Eric W CO-CEO February 23, 2026 Sell 2,500 $279.86 $699,650

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 6 sales of Clean Harbors Inc shares.

  • April McClain Delaney(D-MD 6):Sale (full), $50,001 - $100,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded July 28, 2026, filed August 3, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded July 27, 2026, filed August 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 17, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 6, 2026
  • February 18, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Clean Harbors Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Clean Harbors Inc in brief

What does Clean Harbors Inc do?
Clean Harbors Inc is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.
What is Clean Harbors Inc's stock ticker?
Clean Harbors Inc trades under the ticker CLH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Clean Harbors Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Clean Harbors Inc reported revenue of $6.6B, 10.1% higher than a year earlier, according to its SEC filings.
What is Clean Harbors Inc's free cash flow?
Clean Harbors Inc's free-cash-flow margin is 7.6% of revenue over the trailing twelve months, ranking 6 of the 17 environmental & facilities services companies we cover.
What is Clean Harbors Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Clean Harbors Inc's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$85–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Clean Harbors Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wellington Management Group LLP and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Clean Harbors Inc buying back stock, and does it pay a dividend?
Clean Harbors Inc spent $210M on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Clean Harbors Inc's market cap?
On November 2, 2026, Clean Harbors Inc's market capitalisation was about $15.7B, with a price-to-earnings ratio of 29.7 and net debt of $2.5B. Market figures come from third-party market data and may be delayed.
How much debt does Clean Harbors Inc have?
Clean Harbors Inc's debt-to-equity ratio is 92.7%, from its latest balance sheet (157.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Clean Harbors Inc's competitors?
In our Environmental & Facilities Services peer group, the companies closest to Clean Harbors Inc are Veralto, ABM Industries Inc, Waste Connections, Inc., Rollins, Inc. and Brightview Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Clean Harbors Inc's.
Are insiders buying or selling Clean Harbors Inc stock?
Over the last 12 months, Clean Harbors Inc's directors and officers reported 2 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Clean Harbors Inc's next earnings date?
Around February 17, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Clean Harbors Inc announces its own schedule.