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XStocksXray
Research report · 16 October 2026

Waste Management Inc (WM)

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 / EBITDA15.2×
Free-cash-flow yield3.9%
Dividend yield1.6%
Revenue (last 12 months)$25.7B
Revenue growth (3y a year)8.6%
Operating margin17.6%
Return on invested capital10.9%
Net debt / EBITDA3.0×

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 uncertaintyMedium

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

124155187219250Fair value $1862021-102023-012024-042025-072026-10

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.

stocksxray.com · page 1
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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

FY2021FY2022FY2023FY2024FY2025Now
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/E36.1×27.4×30.3×28.8×32.4×32.1×
EV / revenue4.4×3.9×4.2×4.7×4.4×4.4×
EV / EBITDA15.9×14.1×15.2×16.2×15.4×15.2×
Price / free cash flow28.5×35.5×38.3×36.7×31.1×25.5×
Free-cash-flow yield3.5%2.8%2.6%2.7%3.2%3.9%
Price / book9.2×9.0×10.1×9.6×8.8×9.2×
Dividend yield1.49%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
stocksxray.com · page 2
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Waste Management Inc (WM)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statementFY21FY22FY23FY24FY25LTM
Revenue17,93119,69820,42622,06325,20425,667
Gross profit6,8207,4047,8208,68010,19210,492
Operating income2,9653,3653,5754,0634,3084,510
Net income1,8162,2382,3042,7462,7082,853
Diluted EPS ($)4.295.395.666.816.707.06
Free cash flow2,2991,7271,8242,1592,8163,573
Gross margin38.0%37.6%38.3%39.3%40.4%40.9%
Operating margin16.5%17.1%17.5%18.4%17.1%17.6%
Net margin10.1%11.4%11.3%12.4%10.7%11.1%
Balance sheetFY21FY22FY23FY24FY25LTM
Total assets29,09731,36732,82344,56745,83546,441
Cash118351458414201557
Total debt13,40514,98416,22923,90022,90723,356
Equity7,1246,8496,9038,2529,9909,925
Dividend per share ($)2.302.602.803.003.303.54

Revenue and net income US$ billions: navy revenue, teal net income

FY21FY22FY23FY24FY25

Margins blue gross, teal operating, brown net

0%13%27%40%FY21FY22FY23FY24FY25

Latest quarters

Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue ($M)6,0186,4306,4436,3136,2276,684
Growth vs a year earlier+16.7%+19.0%+14.9%+7.1%+3.5%+4.0%
Net income ($M)637726603742723785
Diluted EPS ($)1.581.801.49–1.791.95
stocksxray.com · page 3
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Waste Management Inc (WM)

Peers in Environmental & Facilities Services

CompanyX-Ray
WM · Waste Management Inc52
ROL · Rollins Inc59
VLTO · Veralto Corp55
RSG · Republic Services, Inc.46

Market Compass outlook for Industrials: Neutral (45/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week+8.6%
1 month+6.3%
3 months−4.7%
6 months+2.2%
1 year+7.9%
3 years+51.6%
5 years+58.7%

Technical summary

DailyBullish12 bullish · 0 neutral · 4 bearish
WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish
MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish
50-day / 200-day average$215.79 / $222.89
52-week low / high$190.92 / $246.06
Classic pivot, support and resistanceS2 222.41 · S1 224.63 · P – · R1 228.12 · R2 229.39

Recent dividends

Ex-dividend dateAmount per share
11 Sep 2026$0.9450
5 Jun 2026$0.9450
13 Mar 2026$0.9450
5 Dec 2025$0.8250
12 Sep 2025$0.8250
6 Jun 2025$0.8250
stocksxray.com · page 4
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Waste Management Inc (WM)

Strengths

  • Revenue growth of 8.6% a year over three years is ahead of 71% of its sector peers.
  • Interest cover of no interest cost is ahead of 76% of its sector peers.
  • Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
  • Has raised its dividend for 7 years in a row.

Risks and weak spots

  • Altman Z score is weak against Industrials peers (2.1×).
  • Current ratio is weak against Industrials peers (0.9×).
  • Net debt / EBITDA is weak against Industrials peers (3.0×).
  • Fair value vs price is weak against Industrials peers (0.8×).
  • Return on invested capital is weak against Industrials peers (10.9%).

Latest SEC filings

DateFormItems
26 Aug 20268-K5.02,7.01,9.01
29 Jul 202610-Q
28 Jul 20268-K2.02,9.01
14 May 20268-K5.07,9.01
13 May 20268-K5.02,9.01
29 Apr 202610-Q
28 Apr 20268-K2.02,9.01
31 Mar 2026DEF 14A

How to read this report

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.

stocksxray.com · page 5 · generated 19 Oct 2026