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Waste Connections Financial Ratios 2025-2009 | WCN
Brief overview of Waste Connections's multiples and efficiency
Current figures are compared with the company's own five-year history for 2021–2025.
The current valuation set is P/E 37.65x (median 52.51x), EV/EBITDA 21.56x (median 18.18x), P/S 4.28x (median 5.26x). On average, this basket is 12.1% below its own five-year medians. The market values the business at a discount to recent history.
At the current P/E, inverse earnings yield is 2.7%, a useful bridge between price and business earnings.
End-period return metrics are ROE 13.1%, ROA 5.1%, ROCE 20.7%. Capital returns look adequate and support overall financial resilience.
The PEG ratio is 1.66x; investors pay a high price per unit of expected growth.
The time from paying for inputs to receiving cash fell from 5.6 days to -9.1 days. Cash turnover improved.
Valuation takeaway
Waste Connections combines solid capital returns with a discount to its own history. The main question is whether earnings and growth are sustainable.
Annual Financial Ratios Waste Connections
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
P/E |
37.6 | 78.5 | 55.3 | 42.2 | 52.5 | 125.3 | 45.6 | 39.9 | 32.9 | 49.9 | -77.3 | 23.1 | 25.7 | 27.2 | 22.1 | 20.5 | - |
P/S |
4.3 | 5.4 | 5.3 | 4.9 | 5.3 | 4.7 | 4.8 | 4.4 | 4.1 | 3.6 | 3.5 | 2.6 | 2.6 | 2.6 | 2.4 | 1.1 | - |
EPS |
4.2 | 2.4 | 3.0 | 3.2 | 2.4 | 0.8 | 2.1 | 2.1 | 2.2 | 1.1 | -0.5 | 1.9 | 1.0 | 0.8 | -1.6 | 0.8 | - |
EV (Enterprise Value) |
53.4 B | 60.4 B | 52.3 B | 45.2 B | 39.9 B | 32.1 B | 32.3 B | 27.7 B | 24.3 B | 17.7 B | 10.5 B | 8.37 B | 8.01 B | 7.49 B | 5.56 B | 3.25 B | -4.99 M |
EBITDA per Share |
11.4 | 8.65 | 8.7 | 8.4 | 7.09 | 4.43 | 6.23 | 5.81 | 5.37 | 4.1 | 3.79 | 3.82 | 3.46 | 2.79 | 2.87 | 4.07 | - |
EV/EBITDA |
18.1 | 27.0 | 23.4 | 20.9 | 21.6 | 24.5 | 18.2 | 16.8 | 15.9 | 16.7 | 13.6 | 10.3 | 11.0 | 12.8 | 9.9 | 8.3 | - |
PEG |
1.66 | 7.46 | 4.58 | 3.24 | 3.38 | 24.43 | 12.48 | -7.55 | 0.32 | 0.16 | 0.55 | 1.26 | 1.25 | -2.5 | 0.86 | - | - |
P/B |
4.9 | 6.2 | 5.5 | 5.0 | 4.6 | 3.7 | 3.7 | 3.4 | 3.0 | 2.2 | 3.7 | 2.4 | 2.5 | 2.3 | 2.6 | 0.9 | - |
P/CF |
16.8 | 21.7 | 19.8 | 17.4 | 19.1 | 18.2 | 29.5 | 25.2 | 26.8 | 27.3 | 21.9 | 17.7 | 18.3 | 16.5 | 14.8 | 5.2 | - |
ROE % |
13.06 | 7.86 | 9.92 | 11.76 | 8.84 | 2.98 | 8.17 | 8.47 | 9.19 | 4.36 | -4.81 | 10.41 | 9.55 | 8.45 | 11.81 | 4.50 | - |
ROA % |
5.10 | 3.12 | 4.26 | 4.88 | 4.20 | 1.46 | 4.13 | 4.33 | 4.80 | 2.20 | -1.87 | 4.43 | 3.86 | 3.13 | 4.97 | 2.19 | - |
ROCE % |
20.74 | 13.58 | 16.07 | 17.47 | 14.87 | 6.01 | 7.07 | 7.24 | 6.99 | 4.57 | 9.13 | 9.27 | 8.42 | 6.75 | 10.47 | 11.20 | - |
Current Ratio |
1.6 | 1.7 | 1.8 | 1.7 | 1.9 | 2.0 | 1.1 | 1.3 | 1.5 | 1.2 | 1.0 | 1.0 | 1.0 | 0.9 | 0.9 | 1.9 | - |
DSO |
37.8 | 36.7 | 38.5 | 39.1 | 39.8 | 43.3 | 44.9 | 45.2 | 43.7 | 52.5 | 44.0 | 45.6 | 44.3 | 51.8 | 42.7 | 26.4 | - |
DPO |
46.9 | 45.0 | 49.3 | 43.4 | 34.1 | 40.5 | 49.9 | 45.8 | 44.6 | 46.8 | 35.7 | 38.7 | 36.1 | 49.7 | 40.5 | - | - |
Operating Cycle |
37.8 | 36.7 | 38.5 | 39.1 | 39.8 | 43.3 | 44.9 | 45.2 | 43.7 | 52.5 | 44.0 | 45.6 | 44.3 | 51.8 | 42.7 | 26.4 | - |
Cash Conversion Cycle |
-9.1 | -8.3 | -10.8 | -4.4 | 5.6 | 2.8 | -5.0 | -0.7 | -0.9 | 5.6 | 8.3 | 6.9 | 8.2 | 2.1 | 2.3 | 26.4 | - |
All numbers in USD currency
Quarterly Financial Ratios Waste Connections
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPS |
1.17 | 0.86 | - | 1.11 | 1.12 | 0.94 | - | 1.19 | 1.07 | 0.89 | - | 0.89 | 0.81 | 0.77 | - | 0.92 | 0.87 | 0.7 | - | 0.44 | 0.68 | 0.61 | 0.5 | 0.6 | -0.86 | 0.54 | 0.51 | 0.6 | 0.56 | 0.48 | 0.5 | 0.57 | 0.53 | 0.47 | 1.2 | 0.47 | 0.47 | 0.06 | 0.33 | 0.34 | 0.13 | 0.24 | 0.42 | -2.08 | 0.46 | 0.42 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.77 | - |
EBITDA per Share |
3.01 | 2.66 | - | 2.94 | 2.97 | 2.63 | - | 2.98 | 2.75 | 2.44 | - | 2.2 | 2.16 | 2.02 | - | 2.02 | 2.02 | 1.75 | - | 1.75 | 1.67 | 1.51 | 0.75 | 1.48 | -0.31 | 1.39 | 0.74 | 1.5 | 1.44 | 1.26 | 0.76 | 1.45 | 1.34 | 1.22 | 0.66 | 1.35 | 1.29 | 0.58 | 0.53 | 1.08 | 0.7 | 1.24 | 0.83 | -2.55 | 1.37 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.07 | - |
ROE % |
13.48 | 12.75 | 10.03 | 13.75 | 13.67 | 13.15 | 10.13 | 13.15 | 12.23 | 11.51 | 8.55 | 11.97 | 12.21 | 12.07 | 9.34 | 11.00 | 10.17 | 9.22 | 6.55 | 8.45 | 9.10 | 3.21 | 2.98 | 3.00 | 2.99 | 8.45 | 8.18 | 8.31 | 8.35 | 8.35 | 8.47 | 11.45 | 11.08 | 10.90 | 9.20 | 5.69 | 5.29 | 3.81 | 4.37 | 5.47 | -9.04 | -6.64 | -2.93 | -12.95 | 2.89 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.50 | - |
ROA % |
5.20 | 5.01 | 3.97 | 5.51 | 5.56 | 5.36 | 4.17 | 5.46 | 5.13 | 4.85 | 3.65 | 5.11 | 4.99 | 4.59 | 3.44 | 4.70 | 3.23 | 4.37 | 3.20 | 4.13 | 4.46 | 1.58 | 1.46 | 1.50 | 1.53 | 4.23 | 4.13 | 4.21 | 4.24 | 4.26 | 4.33 | 5.90 | 5.74 | 5.67 | 4.80 | 2.95 | 2.72 | 1.94 | 2.22 | 2.48 | -3.34 | -2.47 | -0.69 | -5.02 | 1.12 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.19 | - |
ROCE % |
20.97 | 20.32 | 15.80 | 21.56 | 21.44 | 20.65 | 15.78 | 20.43 | 19.29 | 18.32 | 13.61 | 18.32 | 18.46 | 17.90 | 13.56 | 17.70 | 16.88 | 15.51 | 11.46 | 14.33 | 13.56 | 6.28 | 6.01 | 5.94 | 5.99 | 12.58 | 12.08 | 12.38 | 12.58 | 12.64 | 12.89 | 12.59 | 12.47 | 12.51 | 10.00 | 9.68 | 9.00 | 6.82 | 8.01 | 10.67 | -11.04 | -6.62 | 2.97 | -18.90 | 5.54 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.20 | - |
Current Ratio |
1.6 | 1.6 | 1.6 | 1.6 | 1.7 | 1.6 | 1.7 | 1.7 | 1.7 | 1.7 | 1.8 | 1.8 | 1.8 | 1.7 | 1.7 | 1.8 | - | 1.8 | 1.9 | 1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.1 | 2.1 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | 2.0 | 1.6 | 1.6 | 1.6 | - | 2.4 | - | - | - | 1.6 | - | - | - | 1.6 | - | - | - | 1.7 | - | - | - | 1.9 | - |
DSO |
37.5 | 39.6 | - | 39.0 | 37.6 | 38.6 | - | 38.1 | 37.7 | 38.6 | - | 38.1 | 37.7 | 39.6 | - | 19.7 | 18.3 | 39.8 | - | 38.3 | 37.4 | 40.5 | 41.1 | 41.4 | 44.0 | 43.6 | 44.4 | 42.8 | 44.2 | 46.6 | 44.1 | 43.4 | 44.9 | 46.6 | 43.7 | 41.9 | 43.0 | 43.5 | 42.2 | 40.8 | 60.8 | 65.6 | 43.8 | 42.5 | 21.9 | 19.5 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.6 | - |
DPO |
45.8 | 49.5 | - | 48.3 | 44.4 | 44.6 | - | 46.5 | 43.9 | 46.0 | - | 43.3 | 40.6 | 46.3 | - | 20.7 | 17.8 | 37.6 | - | 32.2 | 30.7 | 31.5 | - | 32.0 | 33.8 | 40.7 | - | 47.8 | 48.9 | 49.6 | - | 44.6 | 45.3 | 47.8 | - | 43.4 | 44.0 | 41.3 | - | 36.0 | 55.1 | 58.2 | - | 34.9 | 17.7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Cycle |
- | 39.6 | - | 39.0 | 37.6 | 38.6 | - | 38.1 | 37.7 | 38.6 | - | 38.1 | 37.7 | 39.6 | - | 19.7 | 18.3 | 39.8 | - | 38.3 | 37.4 | 40.5 | 41.1 | 41.4 | 44.0 | 43.6 | 44.4 | 42.8 | 44.2 | 46.6 | 44.1 | 43.4 | 44.9 | 46.6 | 43.7 | 41.9 | 43.0 | 43.5 | 42.2 | 40.8 | 60.8 | 65.6 | 43.8 | 42.5 | 21.9 | 19.5 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash Conversion Cycle |
- | -9.9 | - | -9.3 | -6.8 | -6.0 | - | -8.4 | -6.2 | -7.4 | - | -5.2 | -2.9 | -6.8 | - | -1.0 | 0.5 | 2.2 | - | 6.1 | 6.7 | 9.0 | 41.1 | 9.4 | 10.3 | 2.9 | 44.4 | -4.9 | -4.7 | -2.9 | 44.1 | -1.2 | -0.4 | -1.2 | 43.7 | -1.4 | -0.9 | 2.2 | 42.2 | 4.8 | 5.8 | 7.4 | 43.8 | 7.6 | 4.2 | 19.5 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Multiples are an important financial analysis tool for the company Waste Connections, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.
Advantages of Using Financial Ratios- Simplified Data Analysis
Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition. - Comparability Between Companies
Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations. - Identification of Trends and Issues
Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks. - Decision Support
Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions. - Accelerated Assessment of Investment Attractiveness
Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.
Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.
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