Industrials · Environmental & Facilities Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$226.86
52-week range
$190.92 – $246.06
Market cap
$91.3B
P/E (trailing)
32.1×
EV / EBITDA
15.2×
Free-cash-flow yield
3.9%
Dividend yield
1.6%
Revenue (last 12 months)
$25.7B
Revenue growth (3y a year)
8.6%
Operating margin
17.6%
Return on invested capital
10.9%
Net debt / EBITDA
3.0×
Fair value
Blended fair value$186.26 range $175 – $200
Versus priceFair−18% to fair value
Peer multiples
$197.84
Fundamentals-adjusted multiple
$209.37
10-year DCF (market-scaled)
$151.57
Earnings power value (floor, not blended)
$46.22
Model uncertainty
Medium
X-Ray Score
52/ 100 · High confidence · ahead of 56% of sector peers
Valuation38
Growth70
Profitability56
Financial health45
Dividends52
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Waste Management collects, transfers, recycles and disposes of waste for residential, commercial and industrial customers in North America. It operates landfills, transfer stations and recycling facilities, and it captures landfill gas for use as energy. Revenue comes from collection contracts, disposal fees and the sale of recycled materials, and landfill ownership gives it a hard-to-replicate asset base in many of its local markets.
The company reported trailing revenue of $25.7 billion and three-year growth of 8.6% a year. Profitability figures show an operating margin of 17.6% and a return on invested capital of 11%. Its net debt to EBITDA ratio stands at 3.0 times. The dividend yield is 1.6%.
StocksXray gives Waste Management Inc an X-Ray Score of 52 out of 100 (high confidence), ahead of 56% of the S&P 500 stocks in its sector. Its strongest lens is growth (70) and its weakest is valuation (38).
Our fair value blend is $186.26 (range $174.75 to $199.87). At $226.86 the stock trades 22% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Waste Management Inc (WM)
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
$154.79
$147.84
$171.78
$196.32
$216.94
$226.86
Market cap
$65.5B
$61.4B
$69.9B
$79.2B
$87.7B
$91.3B
P/E
36.1×
27.4×
30.3×
28.8×
32.4×
32.1×
EV / revenue
4.4×
3.9×
4.2×
4.7×
4.4×
4.4×
EV / EBITDA
15.9×
14.1×
15.2×
16.2×
15.4×
15.2×
Price / free cash flow
28.5×
35.5×
38.3×
36.7×
31.1×
25.5×
Free-cash-flow yield
3.5%
2.8%
2.6%
2.7%
3.2%
3.9%
Price / book
9.2×
9.0×
10.1×
9.6×
8.8×
9.2×
Dividend yield
1.49%
1.76%
1.63%
1.53%
1.52%
1.61%
Fundamentals checklist ● 5 Good · ● 6 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.9%Good
Free-cash-flow yield3.9%Average
Risk models
Altman Z score2.1×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)7.5%Average
Free-cash-flow growth (3y)17.7%Average
Revenue growth (3y)8.6%Good
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA3.0×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.0%Average
Profitability
Return on invested capital10.9%Bad
Operating margin17.6%Average
Gross profitability22.6%Average
XStocksXray
Waste Management Inc (WM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
17,931
19,698
20,426
22,063
25,204
25,667
Gross profit
6,820
7,404
7,820
8,680
10,192
10,492
Operating income
2,965
3,365
3,575
4,063
4,308
4,510
Net income
1,816
2,238
2,304
2,746
2,708
2,853
Diluted EPS ($)
4.29
5.39
5.66
6.81
6.70
7.06
Free cash flow
2,299
1,727
1,824
2,159
2,816
3,573
Gross margin
38.0%
37.6%
38.3%
39.3%
40.4%
40.9%
Operating margin
16.5%
17.1%
17.5%
18.4%
17.1%
17.6%
Net margin
10.1%
11.4%
11.3%
12.4%
10.7%
11.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
29,097
31,367
32,823
44,567
45,835
46,441
Cash
118
351
458
414
201
557
Total debt
13,405
14,984
16,229
23,900
22,907
23,356
Equity
7,124
6,849
6,903
8,252
9,990
9,925
Dividend per share ($)
2.30
2.60
2.80
3.00
3.30
3.54
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.