Industrials · Environmental & Facilities Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$231.54
52-week range
$195.20 – $232.02
Market cap
$71.2B
P/E (trailing)
32.9×
EV / EBITDA
16.3×
Free-cash-flow yield
3.7%
Dividend yield
1.1%
Revenue (last 12 months)
$19.3B
Revenue growth (3y a year)
6.7%
Operating margin
17.4%
Return on invested capital
11.0%
Net debt / EBITDA
2.7×
Fair value
Blended fair value$196.32 range $185 – $210
Versus priceFair−15% to fair value
Peer multiples
$198.26
Fundamentals-adjusted multiple
$208.38
10-year DCF (market-scaled)
$182.34
Earnings power value (floor, not blended)
$57.52
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 30% of sector peers
Valuation38
Growth56
Profitability58
Financial health24
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Waste is the business of Republic Services, which collects, transfers, recycles and disposes of non-hazardous solid waste in the United States. Households, businesses, industrial sites and local governments are its customers, and the company runs collection fleets, transfer stations, recycling centres and landfills. It also operates landfill gas and recycling facilities that produce energy and recovered materials.
Revenue comes mainly from collection and disposal fees under municipal contracts, commercial agreements and residential subscriptions. It reached $19.3 billion in the last twelve months and has grown at 6.7% a year across the last three years. The operating margin is 17.4%, and the business earns a profit of 11% on the capital invested in it. It carries net debt of 2.7 times EBITDA. The company pays a dividend with a yield of 1.1%.
StocksXray gives Republic Services, Inc. an X-Ray Score of 46 out of 100 (high confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is profitability (58) and its weakest is financial health (24).
Our fair value blend is $196.32 (range $185.24 to $209.60). At $231.54 the stock trades 18% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Republic Services, Inc. (RSG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$131.45
$123.35
$159.90
$196.73
$209.41
$231.54
Market cap
$42.0B
$39.1B
$50.6B
$61.9B
$65.4B
$71.2B
P/E
32.5×
26.3×
29.2×
30.3×
30.6×
32.9×
EV / revenue
3.9×
3.2×
3.7×
4.0×
4.1×
4.4×
EV / EBITDA
15.8×
13.6×
14.8×
15.3×
15.4×
16.3×
Price / free cash flow
28.6×
22.5×
25.5×
29.8×
27.1×
26.8×
Free-cash-flow yield
3.5%
4.4%
3.9%
3.4%
3.7%
3.7%
Price / book
4.7×
4.0×
4.8×
5.4×
5.5×
5.9×
Dividend yield
1.35%
1.55%
1.29%
1.13%
1.15%
1.10%
Fundamentals checklist ● 3 Good · ● 6 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−6.7%Good
Free-cash-flow yield3.7%Average
Risk models
Altman Z score2.0×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)13.5%Good
Free-cash-flow growth (3y)11.5%Bad
Revenue growth (3y)6.7%Average
Growth consistency100%Good
Balance sheet
Current ratio0.6×Bad
Net debt / EBITDA2.7×Bad
Interest cover5.7×Bad
Valuation
Fair value vs price0.8×Average
EBIT / EV yield4.0%Bad
Profitability
Return on invested capital11.0%Bad
Operating margin17.4%Average
Gross profitability27.1%Average
XStocksXray
Republic Services, Inc. (RSG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
13,321
15,645
17,279
18,418
19,027
19,329
Gross profit
6,583
7,440
8,336
9,068
9,397
9,533
Operating income
2,076
2,392
2,780
3,196
3,302
3,367
Net income
1,290
1,488
1,731
2,043
2,139
2,186
Diluted EPS ($)
4.04
4.69
5.47
6.49
6.85
7.04
Free cash flow
1,470
1,736
1,987
2,081
2,409
2,653
Gross margin
49.4%
47.6%
48.2%
49.2%
49.4%
49.3%
Operating margin
15.6%
15.3%
16.1%
17.4%
17.4%
17.4%
Net margin
9.7%
9.5%
10.0%
11.1%
11.2%
11.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
24,955
29,053
31,410
32,402
34,366
35,159
Cash
29
143
140
74
76
107
Total debt
9,554
11,786
12,819
12,713
13,581
14,069
Equity
8,979
9,686
10,542
11,405
11,968
12,032
Dividend per share ($)
1.77
1.91
2.06
2.23
2.41
2.50
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.