# Waste Management — company-by-company sector analysis

> Waste Management: Waste Management, Inc. owns the largest revenue base; American Battery Technology Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Waste Management has underperformed S&P 500 by 2.7% over 52 weeks and 7.8% over 13 weeks. 3 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself. Waste Management, Inc. leads with revenue of $25,413 million, based on 9 of 12 comparable companies through Mar 2026.

### Is the Waste Management sector outperforming S&P 500?

Waste Management has underperformed S&P 500 by 2.7% over 52 weeks and 7.8% over 13 weeks. 3 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself.

### Which Waste Management company is largest by revenue?

Waste Management, Inc. leads with revenue of $25,413 million, based on 9 of 12 comparable companies through Mar 2026.

### Which Waste Management company is growing fastest?

American Battery Technology Company has the fastest current revenue growth at 100%, across 9 of 12 comparable companies.

### Which Waste Management company has the strongest 4-Factor Sector Score?

Waste Connections, Inc. ranks first at 50.2/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Waste Management company reports the most CAPEX?

Waste Management, Inc. reports the largest latest CAPEX at $650 million, with 11 of 12 companies comparable.

### Which Waste Management company has the least gross debt?

American Battery Technology Company has the lowest comparable gross debt at $0 million. Waste Management, Inc. has the highest at $22,891 million.

### Which Waste Management company has the lowest comparable PEG?

Casella Waste Systems, Inc. has the lowest comparable Guarded PEG at 3.12, among 4 of 12 companies that pass the metric’s comparability rules.

### How much history does this Waste Management comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Waste Management has underperformed S&P 500 by 2.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.8%. 3 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Enviri Corporation is the strongest against the sector itself at +45.6%.

13-week sector return versus NIFTY 500: -7.8%
52-week sector return versus NIFTY 500: -2.7%
Stocks leading NIFTY: 3/10
Stocks leading sector: 5/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 12
Combined market value: ₹2.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Waste Connections, Inc. (WCN): 50/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.4/35 | Capital efficiency 12.4/25 | Valuation 10.2/20 | Relative strength 12.2/20
   - Exact sum: 15.4 + 12.4 + 10.2 + 12.2 = 50.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Waste Management, Inc. (WM): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.7/35 | Capital efficiency 12.7/25 | Valuation 5.8/20 | Relative strength 13.4/20
   - Exact sum: 16.7 + 12.7 + 5.8 + 13.4 = 48.6
   - Decision use: Price leads the evidence: RS versus the benchmark is -0.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Casella Waste Systems, Inc. (CWST): 45/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 20.1/35 | Capital efficiency 11.1/25 | Valuation 3.5/20 | Relative strength 10.4/20
   - Exact sum: 20.1 + 11.1 + 3.5 + 10.4 = 45.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Clean Harbors, Inc. (CLH): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.0/35 | Capital efficiency 12.6/25 | Valuation 5.5/20 | Relative strength 12.9/20
   - Exact sum: 14 + 12.6 + 5.5 + 12.9 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Republic Services, Inc. (RSG): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.9/35 | Capital efficiency 14.6/25 | Valuation 6.2/20 | Relative strength 10.3/20
   - Exact sum: 13.9 + 14.6 + 6.2 + 10.3 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. GFL Environmental Inc. (GFL): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.3/35 | Capital efficiency 8.1/25 | Valuation 9.5/20 | Relative strength 6.1/20
   - Exact sum: 20.3 + 8.1 + 9.5 + 6.1 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Onterris, Inc. (ONT): 42/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 21.9/35 | Capital efficiency 8.0/25 | Valuation 8.8/20 | Relative strength 3.4/20
   - Exact sum: 21.9 + 8 + 8.8 + 3.4 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Perma-Fix Environmental Services, Inc. (PESI): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.8/35 | Capital efficiency 8.6/25 | Valuation 9.2/20 | Relative strength 16.4/20
   - Exact sum: 7.8 + 8.6 + 9.2 + 16.4 = 42
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Enviri Corporation (NVRI): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.4/35 | Capital efficiency 5.1/25 | Valuation 9.8/20 | Relative strength 16.6/20
   - Exact sum: 9.4 + 5.1 + 9.8 + 16.6 = 40.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. American Battery Technology Company (ABAT): 40/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.3/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 18.3 + 8.2 + 10 + 3 = 39.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Seahawk Recycling Holdings, Inc. (SEAH): 54/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 16.8 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. One and one Green Technologies. Inc (YDDL): 52/100 — Thin evidence · provisional; evidence 15%
   - Growth & earnings 16.7/35 | Capital efficiency 13.6/25 | Valuation 11.5/20 | Relative strength 10.0/20
   - Exact sum: 16.7 + 13.6 + 11.5 + 10 = 51.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Waste Management, Inc. is the scale leader at $25,413 million, 52.2% ahead of Republic Services, Inc.. American Battery Technology Company's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1600% from a $17 million base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Waste Management, Inc. is the scale benchmark; American Battery Technology Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Waste Management, Inc.'s growth falls below American Battery Technology Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: Waste Management, Inc. · $25,413 million | 52.2% versus #2 · Republic Services, Inc. | 8/8 recent comparable periods | 9/12 companies · 185 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Waste Management, Inc. (WM): ₹25.4K Cr
2. Republic Services, Inc. (RSG): ₹16.7K Cr
3. GFL Environmental Inc. (GFL): ₹6.7K Cr
4. Clean Harbors, Inc. (CLH): ₹6.1K Cr
5. Enviri Corporation (NVRI): ₹2.2K Cr

### Revenue growth — fastest growers
1. American Battery Technology Company (ABAT): 100%
2. Casella Waste Systems, Inc. (CWST): 15%
3. Onterris, Inc. (ONT): 14%
4. Waste Management, Inc. (WM): 11%
5. GFL Environmental Inc. (GFL): 6.9%

### 20-quarter Revenue history
- WM: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- RSG: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- WCN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- CLH: Sep 2021 ₹951 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- GFL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- CWST: Sep 2021 ₹242 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹234 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹263 Cr | Jun 2023 ₹290 Cr | Sep 2023 ₹353 Cr | Dec 2023 ₹360 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹377 Cr | Sep 2024 ₹412 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹485 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹457 Cr | Jun 2026 —
- ONT: Sep 2021 ₹133 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹140 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- NVRI: Sep 2021 ₹470 Cr | Dec 2021 ₹462 Cr | Mar 2022 ₹453 Cr | Jun 2022 ₹481 Cr | Sep 2022 ₹487 Cr | Dec 2022 ₹468 Cr | Mar 2023 ₹561 Cr | Jun 2023 ₹609 Cr | Sep 2023 ₹597 Cr | Dec 2023 ₹599 Cr | Mar 2024 ₹600 Cr | Jun 2024 ₹610 Cr | Sep 2024 ₹574 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹575 Cr | Dec 2025 ₹555 Cr | Mar 2026 ₹550 Cr | Jun 2026 —
- PESI: Sep 2021 ₹16 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 — | Dec 2023 ₹10 Cr | Mar 2024 — | Jun 2024 ₹19 Cr | Sep 2024 — | Dec 2024 ₹35 Cr | Mar 2025 — | Jun 2025 ₹28 Cr | Sep 2025 — | Dec 2025 ₹38 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- WM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 8.8% | Dec 2022 5.5% | Mar 2023 5.0% | Jun 2023 1.8% | Sep 2023 2.4% | Dec 2023 5.7% | Mar 2024 5.5% | Jun 2024 5.5% | Sep 2024 7.9% | Dec 2024 13% | Mar 2025 17% | Jun 2025 19% | Sep 2025 15% | Dec 2025 7.1% | Mar 2026 3.5% | Jun 2026 —
- RSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 23% | Dec 2022 20% | Mar 2023 21% | Jun 2023 9.1% | Sep 2023 6.3% | Dec 2023 8.6% | Mar 2024 7.9% | Jun 2024 8.6% | Sep 2024 6.5% | Dec 2024 5.6% | Mar 2025 3.8% | Jun 2025 4.6% | Sep 2025 3.3% | Dec 2025 2.2% | Mar 2026 2.6% | Jun 2026 —
- WCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 18% | Dec 2022 15% | Mar 2023 15% | Jun 2023 11% | Sep 2023 9.8% | Dec 2023 8.9% | Mar 2024 9.1% | Jun 2024 11% | Sep 2024 13% | Dec 2024 11% | Mar 2025 7.5% | Jun 2025 7.1% | Sep 2025 5.1% | Dec 2025 5.0% | Mar 2026 6.4% | Jun 2026 —
- CLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 43% | Dec 2022 14% | Mar 2023 12% | Jun 2023 3.1% | Sep 2023 0.2% | Dec 2023 4.7% | Mar 2024 5.4% | Jun 2024 11% | Sep 2024 12% | Dec 2024 7.0% | Mar 2025 4.0% | Jun 2025 -0.2% | Sep 2025 1.3% | Dec 2025 4.8% | Mar 2026 2.0% | Jun 2026 —
- GFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 33% | Dec 2022 26% | Mar 2023 28% | Jun 2023 14% | Sep 2023 3.2% | Dec 2023 3.4% | Mar 2024 -20% | Jun 2024 -19% | Sep 2024 -18% | Dec 2024 -17% | Mar 2025 8.9% | Jun 2025 5.9% | Sep 2025 9.0% | Dec 2025 7.3% | Mar 2026 5.4% | Jun 2026 —
- CWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 22% | Dec 2022 12% | Mar 2023 12% | Jun 2023 2.1% | Sep 2023 20% | Dec 2023 32% | Mar 2024 30% | Jun 2024 30% | Sep 2024 17% | Dec 2024 19% | Mar 2025 22% | Jun 2025 23% | Sep 2025 18% | Dec 2025 9.8% | Mar 2026 9.6% | Jun 2026 —
- ONT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 -2.3% | Dec 2022 -2.8% | Mar 2023 -3.0% | Jun 2023 14% | Sep 2023 29% | Dec 2023 19% | Mar 2024 18% | Jun 2024 8.8% | Sep 2024 6.6% | Dec 2024 14% | Mar 2025 15% | Jun 2025 36% | Sep 2025 26% | Dec 2025 2.1% | Mar 2026 -5.1% | Jun 2026 —
- NVRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.6% | Sep 2022 3.6% | Dec 2022 1.3% | Mar 2023 24% | Jun 2023 27% | Sep 2023 23% | Dec 2023 28% | Mar 2024 7.0% | Jun 2024 0.2% | Sep 2024 -3.9% | Dec 2024 -6.7% | Mar 2025 -8.7% | Jun 2025 -7.9% | Sep 2025 0.2% | Dec 2025 -0.7% | Mar 2026 0.4% | Jun 2026 —
- PESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 6.3% | Dec 2022 0.0% | Mar 2023 25% | Jun 2023 32% | Sep 2023 0.0% | Dec 2023 35% | Mar 2024 -30% | Jun 2024 -44% | Sep 2024 0.0% | Dec 2024 -35% | Mar 2025 0.0% | Jun 2025 7.1% | Sep 2025 0.0% | Dec 2025 6.7% | Mar 2026 -21% | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 700% | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -39% | Sep 2024 — | Dec 2024 250% | Mar 2025 — | Jun 2025 47% | Sep 2025 — | Dec 2025 8.6% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Republic Services, Inc. leads opm at 20.2%; American Battery Technology Company leads margin change at +645.8 percentage points.

Investor read: Republic Services, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Republic Services, Inc. · 20.2% | 12.8% versus #2 · Waste Management, Inc. | 6/8 recent comparable periods | 10/12 companies · 174 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Republic Services, Inc. (RSG): 20%
2. Waste Management, Inc. (WM): 18%
3. Waste Connections, Inc. (WCN): 15%
4. Clean Harbors, Inc. (CLH): 8.1%
5. GFL Environmental Inc. (GFL): 2.3%

### Margin change — fastest expanders
1. American Battery Technology Company (ABAT): +645.8 pp
2. GFL Environmental Inc. (GFL): +2.4 pp
3. Onterris, Inc. (ONT): +2.3 pp
4. Waste Management, Inc. (WM): +1.1 pp
5. Clean Harbors, Inc. (CLH): +0.3 pp

### 20-quarter OPM history
- WM: Sep 2021 17% | Dec 2021 15% | Mar 2022 17% | Jun 2022 18% | Sep 2022 19% | Dec 2022 16% | Mar 2023 17% | Jun 2023 18% | Sep 2023 20% | Dec 2023 15% | Mar 2024 20% | Jun 2024 19% | Sep 2024 20% | Dec 2024 16% | Mar 2025 17% | Jun 2025 18% | Sep 2025 15% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- RSG: Sep 2021 19% | Dec 2021 17% | Mar 2022 19% | Jun 2022 17% | Sep 2022 19% | Dec 2022 16% | Mar 2023 18% | Jun 2023 19% | Sep 2023 19% | Dec 2023 18% | Mar 2024 19% | Jun 2024 20% | Sep 2024 21% | Dec 2024 20% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 19% | Mar 2026 20% | Jun 2026 —
- WCN: Sep 2021 18% | Dec 2021 15% | Mar 2022 17% | Jun 2022 18% | Sep 2022 17% | Dec 2022 17% | Mar 2023 17% | Jun 2023 17% | Sep 2023 17% | Dec 2023 11% | Mar 2024 18% | Jun 2024 19% | Sep 2024 20% | Dec 2024 -8.8% | Mar 2025 18% | Jun 2025 19% | Sep 2025 18% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- CLH: Sep 2021 11% | Dec 2021 7.3% | Mar 2022 7.4% | Jun 2022 16% | Sep 2022 15% | Dec 2022 10% | Mar 2023 9.3% | Jun 2023 14% | Sep 2023 11% | Dec 2023 11% | Mar 2024 9.1% | Jun 2024 14% | Sep 2024 13% | Dec 2024 9.6% | Mar 2025 7.8% | Jun 2025 14% | Sep 2025 13% | Dec 2025 11% | Mar 2026 8.1% | Jun 2026 —
- GFL: Sep 2021 2.2% | Dec 2021 -4.6% | Mar 2022 -1.8% | Jun 2022 2.9% | Sep 2022 3.1% | Dec 2022 -1.1% | Mar 2023 1.7% | Jun 2023 6.4% | Sep 2023 7.2% | Dec 2023 1.0% | Mar 2024 0.9% | Jun 2024 5.1% | Sep 2024 6.4% | Dec 2024 4.6% | Mar 2025 -0.1% | Jun 2025 9.0% | Sep 2025 9.6% | Dec 2025 11% | Mar 2026 2.3% | Jun 2026 —
- CWST: Sep 2021 11% | Dec 2021 6.7% | Mar 2022 4.3% | Jun 2022 11% | Sep 2022 12% | Dec 2022 6.3% | Mar 2023 3.9% | Jun 2023 7.8% | Sep 2023 9.7% | Dec 2023 3.7% | Mar 2024 2.0% | Jun 2024 6.1% | Sep 2024 5.9% | Dec 2024 4.3% | Mar 2025 0.8% | Jun 2025 4.1% | Sep 2025 6.1% | Dec 2025 2.5% | Mar 2026 1.1% | Jun 2026 —
- ONT: Sep 2021 4.0% | Dec 2021 0.4% | Mar 2022 -5.7% | Jun 2022 -4.1% | Sep 2022 -4.9% | Dec 2022 -5.9% | Mar 2023 -7.6% | Jun 2023 -3.8% | Sep 2023 -2.0% | Dec 2023 -5.4% | Mar 2024 -6.5% | Jun 2024 -1.5% | Sep 2024 -0.6% | Dec 2024 -12% | Mar 2025 -5.9% | Jun 2025 6.4% | Sep 2025 4.4% | Dec 2025 -1.3% | Mar 2026 -3.6% | Jun 2026 —
- NVRI: Sep 2021 5.7% | Dec 2021 3.5% | Mar 2022 1.7% | Jun 2022 -20% | Sep 2022 6.2% | Dec 2022 0.4% | Mar 2023 5.7% | Jun 2023 5.5% | Sep 2023 4.8% | Dec 2023 -1.1% | Mar 2024 4.3% | Jun 2024 5.1% | Sep 2024 6.5% | Dec 2024 -11% | Mar 2025 5.3% | Jun 2025 -1.3% | Sep 2025 2.9% | Dec 2025 -6.4% | Mar 2026 0.1% | Jun 2026 —
- PESI: Sep 2021 -8.7% | Dec 2021 -13% | Mar 2022 -12% | Jun 2022 -4.5% | Sep 2022 -16% | Dec 2022 -10% | Mar 2023 -2.9% | Jun 2023 3.4% | Sep 2023 -11% | Dec 2023 1.1% | Mar 2024 -33% | Jun 2024 -36% | Sep 2024 -16% | Dec 2024 -24% | Mar 2025 -27% | Jun 2025 -20% | Sep 2025 -11% | Dec 2025 -21% | Mar 2026 -67% | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -280% | Sep 2025 — | Dec 2025 -208% | Mar 2026 -441% | Jun 2026 —

### 20-quarter Margin change history
- WM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 +1.3 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 +0.7 pp | Sep 2023 +1.0 pp | Dec 2023 −0.5 pp | Mar 2024 +2.8 pp | Jun 2024 +0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +0.6 pp | Mar 2025 −2.9 pp | Jun 2025 −0.8 pp | Sep 2025 −4.7 pp | Dec 2025 +2.7 pp | Mar 2026 +1.1 pp | Jun 2026 —
- RSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 −0.7 pp | Dec 2022 −0.6 pp | Mar 2023 −0.9 pp | Jun 2023 +1.7 pp | Sep 2023 +0.5 pp | Dec 2023 +1.9 pp | Mar 2024 +1.0 pp | Jun 2024 +1.1 pp | Sep 2024 +1.8 pp | Dec 2024 +1.5 pp | Mar 2025 +1.1 pp | Jun 2025 +0.2 pp | Sep 2025 −1.0 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- WCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.7 pp | Sep 2022 −0.5 pp | Dec 2022 +1.4 pp | Mar 2023 0.0 pp | Jun 2023 −1.1 pp | Sep 2023 −0.3 pp | Dec 2023 −5.7 pp | Mar 2024 +1.1 pp | Jun 2024 +1.9 pp | Sep 2024 +3.2 pp | Dec 2024 −19.8 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −2.4 pp | Dec 2025 +26.5 pp | Mar 2026 −2.1 pp | Jun 2026 —
- CLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.7 pp | Sep 2022 +4.3 pp | Dec 2022 +2.7 pp | Mar 2023 +1.9 pp | Jun 2023 −2.0 pp | Sep 2023 −4.0 pp | Dec 2023 +1.0 pp | Mar 2024 −0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +1.3 pp | Dec 2024 −1.4 pp | Mar 2025 −1.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +1.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- GFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.4 pp | Sep 2022 +0.9 pp | Dec 2022 +3.5 pp | Mar 2023 +3.5 pp | Jun 2023 +3.5 pp | Sep 2023 +4.1 pp | Dec 2023 +2.1 pp | Mar 2024 −0.8 pp | Jun 2024 −1.3 pp | Sep 2024 −0.8 pp | Dec 2024 +3.6 pp | Mar 2025 −1.0 pp | Jun 2025 +3.9 pp | Sep 2025 +3.2 pp | Dec 2025 +6.0 pp | Mar 2026 +2.4 pp | Jun 2026 —
- CWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 +1.0 pp | Dec 2022 −0.4 pp | Mar 2023 −0.4 pp | Jun 2023 −3.4 pp | Sep 2023 −2.6 pp | Dec 2023 −2.6 pp | Mar 2024 −1.9 pp | Jun 2024 −1.7 pp | Sep 2024 −3.8 pp | Dec 2024 +0.6 pp | Mar 2025 −1.2 pp | Jun 2025 −2.0 pp | Sep 2025 +0.2 pp | Dec 2025 −1.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ONT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −8.9 pp | Dec 2022 −6.3 pp | Mar 2023 −1.9 pp | Jun 2023 +0.3 pp | Sep 2023 +2.9 pp | Dec 2023 +0.5 pp | Mar 2024 +1.1 pp | Jun 2024 +2.3 pp | Sep 2024 +1.4 pp | Dec 2024 −6.7 pp | Mar 2025 +0.6 pp | Jun 2025 +7.9 pp | Sep 2025 +5.0 pp | Dec 2025 +10.8 pp | Mar 2026 +2.3 pp | Jun 2026 —
- NVRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.8 pp | Sep 2022 +0.5 pp | Dec 2022 −3.1 pp | Mar 2023 +4.0 pp | Jun 2023 +25.7 pp | Sep 2023 −1.4 pp | Dec 2023 −1.5 pp | Mar 2024 −1.4 pp | Jun 2024 −0.4 pp | Sep 2024 +1.7 pp | Dec 2024 −10.1 pp | Mar 2025 +1.0 pp | Jun 2025 −6.4 pp | Sep 2025 −3.6 pp | Dec 2025 +4.8 pp | Mar 2026 −5.2 pp | Jun 2026 —
- PESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.0 pp | Sep 2022 −6.8 pp | Dec 2022 +3.0 pp | Mar 2023 +8.9 pp | Jun 2023 +7.9 pp | Sep 2023 +4.8 pp | Dec 2023 +11.1 pp | Mar 2024 −29.9 pp | Jun 2024 −39.4 pp | Sep 2024 −4.8 pp | Dec 2024 −25.2 pp | Mar 2025 +6.0 pp | Jun 2025 +16.2 pp | Sep 2025 +4.8 pp | Dec 2025 +3.5 pp | Mar 2026 −40.5 pp | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +6,222.3 pp | Sep 2025 +3,773.2 pp | Dec 2025 +3,943.9 pp | Mar 2026 +645.8 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Waste Management, Inc. leads with $2,795 million of TTM profit, 28.8% above Republic Services, Inc.. Waste Management, Inc. shows 4.5% growth from a $2,795 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Waste Management, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Waste Management, Inc. · $2,795 million | 28.8% versus #2 · Republic Services, Inc. | 6/8 recent comparable periods | 9/12 companies · 196 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Waste Management, Inc. (WM): ₹2.8K Cr
2. Republic Services, Inc. (RSG): ₹2.2K Cr
3. Clean Harbors, Inc. (CLH): ₹396 Cr
4. GFL Environmental Inc. (GFL): ₹236 Cr
5. Casella Waste Systems, Inc. (CWST): ₹6 Cr

### Profit growth — fastest growers
1. Waste Management, Inc. (WM): 4.5%
2. Republic Services, Inc. (RSG): 4.0%
3. Clean Harbors, Inc. (CLH): 1.3%

### 20-quarter Net profit history
- WM: Sep 2021 ₹539 Cr | Dec 2021 ₹506 Cr | Mar 2022 ₹514 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹639 Cr | Dec 2022 ₹500 Cr | Mar 2023 ₹532 Cr | Jun 2023 ₹613 Cr | Sep 2023 ₹662 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹707 Cr | Jun 2024 ₹680 Cr | Sep 2024 ₹760 Cr | Dec 2024 ₹598 Cr | Mar 2025 ₹637 Cr | Jun 2025 ₹727 Cr | Sep 2025 ₹603 Cr | Dec 2025 ₹742 Cr | Mar 2026 ₹723 Cr | Jun 2026 —
- RSG: Sep 2021 ₹351 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹372 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹347 Cr | Mar 2023 ₹384 Cr | Jun 2023 ₹428 Cr | Sep 2023 ₹480 Cr | Dec 2023 ₹439 Cr | Mar 2024 ₹454 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹566 Cr | Dec 2024 ₹513 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹550 Cr | Dec 2025 ₹545 Cr | Mar 2026 ₹525 Cr | Jun 2026 —
- WCN: Sep 2021 ₹115 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹180 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹-196 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹259 Cr | Mar 2026 ₹219 Cr | Jun 2026 —
- CLH: Sep 2021 ₹65 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- GFL: Sep 2021 ₹-316 Cr | Dec 2021 ₹-82 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹-184 Cr | Dec 2022 ₹-219 Cr | Mar 2023 ₹-176 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-196 Cr | Jun 2024 ₹-532 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹-211 Cr | Mar 2025 ₹-214 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹-219 Cr | Jun 2026 —
- CWST: Sep 2021 ₹16 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- ONT: Sep 2021 ₹2 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- NVRI: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-105 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-83 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-46 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-83 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —
- PESI: Sep 2021 ₹1 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- ABAT: Sep 2021 ₹-20 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-34 Cr | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 ₹4 Cr | Sep 2025 — | Dec 2025 ₹8 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- WM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 19% | Dec 2022 -1.2% | Mar 2023 3.5% | Jun 2023 4.4% | Sep 2023 3.6% | Dec 2023 -6.2% | Mar 2024 33% | Jun 2024 11% | Sep 2024 15% | Dec 2024 28% | Mar 2025 -9.9% | Jun 2025 6.9% | Sep 2025 -21% | Dec 2025 24% | Mar 2026 14% | Jun 2026 —
- RSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 19% | Dec 2022 11% | Mar 2023 9.1% | Jun 2023 15% | Sep 2023 15% | Dec 2023 27% | Mar 2024 18% | Jun 2024 20% | Sep 2024 18% | Dec 2024 17% | Mar 2025 9.0% | Jun 2025 7.4% | Sep 2025 -2.8% | Dec 2025 6.2% | Mar 2026 6.1% | Jun 2026 —
- WCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 106% | Dec 2022 17% | Mar 2023 10% | Jun 2023 -6.7% | Sep 2023 -3.4% | Dec 2023 -35% | Mar 2024 16% | Jun 2024 32% | Sep 2024 35% | Dec 2024 -254% | Mar 2025 5.7% | Jun 2025 5.5% | Sep 2025 -7.1% | Dec 2025 — | Mar 2026 -9.5% | Jun 2026 —
- CLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 109% | Dec 2022 67% | Mar 2023 60% | Jun 2023 -22% | Sep 2023 -33% | Dec 2023 20% | Mar 2024 -2.8% | Jun 2024 15% | Sep 2024 26% | Dec 2024 -14% | Mar 2025 -16% | Jun 2025 -4.5% | Sep 2025 3.5% | Dec 2025 3.6% | Mar 2026 6.8% | Jun 2026 —
- GFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 — | Dec 2022 — | Mar 2023 -228% | Jun 2023 254% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -281% | Sep 2024 133% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 157% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 44% | Dec 2022 -11% | Mar 2023 0.0% | Jun 2023 -72% | Sep 2023 -22% | Dec 2023 -125% | Mar 2024 -200% | Jun 2024 40% | Sep 2024 -67% | Dec 2024 — | Mar 2025 — | Jun 2025 -29% | Sep 2025 67% | Dec 2025 -160% | Mar 2026 — | Jun 2026 —
- ONT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -400% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NVRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,150% | Sep 2022 -75% | Dec 2022 -309% | Mar 2023 — | Jun 2023 — | Sep 2023 -550% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -133% | Sep 2022 -1,000% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -500% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -60% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 100% | Sep 2025 — | Dec 2025 100% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Waste Management, Inc. reports $650 million of CAPEX; GFL Environmental Inc. has the highest covered intensity at 23.5%. Coverage is only 11 of 12 companies and 188 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Waste Management, Inc. · $650 million | 36.6% versus #2 · Republic Services, Inc. | 8/8 recent comparable periods | 11/12 companies · 188 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Waste Management, Inc. (WM): ₹650 Cr
2. Republic Services, Inc. (RSG): ₹476 Cr
3. GFL Environmental Inc. (GFL): ₹386 Cr
4. Waste Connections, Inc. (WCN): ₹302 Cr
5. Clean Harbors, Inc. (CLH): ₹98 Cr

### CAPEX intensity — highest reinvestment intensity
1. GFL Environmental Inc. (GFL): 24%
2. American Battery Technology Company (ABAT): 20%
3. One and one Green Technologies. Inc (YDDL): 20% — older report
4. Waste Connections, Inc. (WCN): 13%
5. Republic Services, Inc. (RSG): 12%

### 20-quarter CAPEX history
- WM: Sep 2021 ₹464 Cr | Dec 2021 ₹774 Cr | Mar 2022 ₹418 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹757 Cr | Dec 2022 ₹862 Cr | Mar 2023 ₹660 Cr | Jun 2023 ₹520 Cr | Sep 2023 ₹673 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹668 Cr | Jun 2024 ₹667 Cr | Sep 2024 ₹781 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹831 Cr | Jun 2025 ₹732 Cr | Sep 2025 ₹776 Cr | Dec 2025 ₹888 Cr | Mar 2026 ₹650 Cr | Jun 2026 —
- RSG: Sep 2021 ₹296 Cr | Dec 2021 ₹412 Cr | Mar 2022 ₹334 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹529 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹336 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹548 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹439 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹459 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹444 Cr | Dec 2025 ₹577 Cr | Mar 2026 ₹476 Cr | Jun 2026 —
- WCN: Sep 2021 ₹208 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹219 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹218 Cr | Sep 2023 ₹221 Cr | Dec 2023 ₹318 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹272 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹285 Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹297 Cr | Jun 2026 ₹302 Cr
- CLH: Sep 2021 ₹55 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹138 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- GFL: Sep 2021 ₹135 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹208 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹574 Cr | Mar 2024 ₹296 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹317 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹290 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹386 Cr | Jun 2026 —
- CWST: Sep 2021 ₹26 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- ONT: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- NVRI: Sep 2021 ₹41 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- PESI: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- ABAT: Sep 2021 ₹6 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- WM: Sep 2021 9.9% | Dec 2021 17% | Mar 2022 9.0% | Jun 2022 11% | Sep 2022 15% | Dec 2022 18% | Mar 2023 14% | Jun 2023 10% | Sep 2023 13% | Dec 2023 20% | Mar 2024 13% | Jun 2024 12% | Sep 2024 14% | Dec 2024 19% | Mar 2025 14% | Jun 2025 11% | Sep 2025 12% | Dec 2025 14% | Mar 2026 10% | Jun 2026 —
- RSG: Sep 2021 10% | Dec 2021 14% | Mar 2022 11% | Jun 2022 9.2% | Sep 2022 7.7% | Dec 2022 15% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 9.6% | Dec 2023 14% | Mar 2024 13% | Jun 2024 10% | Sep 2024 11% | Dec 2024 12% | Mar 2025 11% | Jun 2025 9.6% | Sep 2025 11% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- WCN: Sep 2021 13% | Dec 2021 16% | Mar 2022 9.2% | Jun 2022 12% | Sep 2022 13% | Dec 2022 16% | Mar 2023 9.3% | Jun 2023 11% | Sep 2023 11% | Dec 2023 16% | Mar 2024 8.2% | Jun 2024 9.7% | Sep 2024 12% | Dec 2024 18% | Mar 2025 9.5% | Jun 2025 12% | Sep 2025 12% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —
- CLH: Sep 2021 5.8% | Dec 2021 8.5% | Mar 2022 6.0% | Jun 2022 5.8% | Sep 2022 7.1% | Dec 2022 7.9% | Mar 2023 6.3% | Jun 2023 8.8% | Sep 2023 7.9% | Dec 2023 8.2% | Mar 2024 10% | Jun 2024 8.7% | Sep 2024 6.3% | Dec 2024 4.3% | Mar 2025 8.3% | Jun 2025 5.8% | Sep 2025 6.1% | Dec 2025 8.1% | Mar 2026 6.7% | Jun 2026 —
- GFL: Sep 2021 9.8% | Dec 2021 16% | Mar 2022 15% | Jun 2022 7.6% | Sep 2022 11% | Dec 2022 13% | Mar 2023 15% | Jun 2023 14% | Sep 2023 15% | Dec 2023 31% | Mar 2024 21% | Jun 2024 19% | Sep 2024 18% | Dec 2024 20% | Mar 2025 20% | Jun 2025 17% | Sep 2025 17% | Dec 2025 15% | Mar 2026 24% | Jun 2026 —
- CWST: Sep 2021 11% | Dec 2021 17% | Mar 2022 5.6% | Jun 2022 15% | Sep 2022 11% | Dec 2022 16% | Mar 2023 6.8% | Jun 2023 11% | Sep 2023 11% | Dec 2023 18% | Mar 2024 8.8% | Jun 2024 12% | Sep 2024 12% | Dec 2024 18% | Mar 2025 13% | Jun 2025 14% | Sep 2025 14% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- ONT: Sep 2021 2.3% | Dec 2021 0.7% | Mar 2022 0.0% | Jun 2022 2.1% | Sep 2022 1.5% | Dec 2022 2.9% | Mar 2023 3.1% | Jun 2023 11% | Sep 2023 2.4% | Dec 2023 3.0% | Mar 2024 4.5% | Jun 2024 — | Sep 2024 0.6% | Dec 2024 1.1% | Mar 2025 1.7% | Jun 2025 0.9% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 3.6% | Jun 2026 —
- NVRI: Sep 2021 8.7% | Dec 2021 11% | Mar 2022 7.3% | Jun 2022 6.0% | Sep 2022 8.2% | Dec 2022 7.7% | Mar 2023 3.9% | Jun 2023 7.2% | Sep 2023 4.5% | Dec 2023 7.5% | Mar 2024 4.5% | Jun 2024 5.6% | Sep 2024 7.3% | Dec 2024 6.1% | Mar 2025 4.0% | Jun 2025 6.9% | Sep 2025 5.6% | Dec 2025 8.8% | Mar 2026 6.2% | Jun 2026 —
- PESI: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 5.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 7.1% | Sep 2024 5.9% | Dec 2024 6.7% | Mar 2025 7.1% | Jun 2025 6.7% | Sep 2025 5.9% | Dec 2025 13% | Mar 2026 9.1% | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 100% | Jun 2025 33% | Sep 2025 100% | Dec 2025 20% | Mar 2026 — | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.5% | Sep 2023 — | Dec 2023 20% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: American Battery Technology Company has the clearest covered balance-sheet capacity with $38 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: American Battery Technology Company · $0 million | 100% versus #2 · Perma-Fix Environmental Services, Inc. | 7/8 recent comparable periods | 10/12 companies · 191 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. American Battery Technology Company (ABAT): ₹0 Cr
2. Perma-Fix Environmental Services, Inc. (PESI): ₹4 Cr
3. Onterris, Inc. (ONT): ₹389 Cr
4. Casella Waste Systems, Inc. (CWST): ₹1.2K Cr
5. Enviri Corporation (NVRI): ₹1.7K Cr

### Net debt — lowest net debt
1. American Battery Technology Company (ABAT): ₹-38 Cr
2. Perma-Fix Environmental Services, Inc. (PESI): ₹-3 Cr
3. Onterris, Inc. (ONT): ₹379 Cr
4. Casella Waste Systems, Inc. (CWST): ₹1.1K Cr
5. Enviri Corporation (NVRI): ₹1.6K Cr

### 20-quarter Gross debt history
- WM: Sep 2021 ₹13.0K Cr | Dec 2021 ₹13.4K Cr | Mar 2022 ₹13.5K Cr | Jun 2022 ₹14.3K Cr | Sep 2022 ₹14.1K Cr | Dec 2022 ₹15.0K Cr | Mar 2023 ₹15.4K Cr | Jun 2023 ₹15.4K Cr | Sep 2023 ₹15.4K Cr | Dec 2023 ₹16.2K Cr | Mar 2024 ₹16.1K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹16.7K Cr | Dec 2024 ₹23.9K Cr | Mar 2025 ₹23.8K Cr | Jun 2025 ₹24.0K Cr | Sep 2025 ₹23.4K Cr | Dec 2025 ₹22.9K Cr | Mar 2026 ₹22.9K Cr | Jun 2026 —
- RSG: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.8K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹12.1K Cr | Sep 2023 ₹11.9K Cr | Dec 2023 ₹12.8K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹13.0K Cr | Sep 2024 ₹12.6K Cr | Dec 2024 ₹12.7K Cr | Mar 2025 ₹13.3K Cr | Jun 2025 ₹13.0K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹13.6K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 —
- WCN: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹8.7K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.1K Cr | Mar 2026 ₹9.4K Cr | Jun 2026 ₹9.6K Cr
- CLH: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- GFL: Sep 2021 ₹8.7K Cr | Dec 2021 ₹8.3K Cr | Mar 2022 ₹8.3K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹9.8K Cr | Dec 2022 ₹9.6K Cr | Mar 2023 ₹10.0K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹10.1K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹9.9K Cr | Jun 2026 —
- CWST: Sep 2021 ₹618 Cr | Dec 2021 ₹616 Cr | Mar 2022 ₹636 Cr | Jun 2022 ₹649 Cr | Sep 2022 ₹652 Cr | Dec 2022 ₹658 Cr | Mar 2023 ₹656 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ONT: Sep 2021 ₹241 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹208 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹346 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹301 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹369 Cr | Dec 2025 ₹359 Cr | Mar 2026 ₹389 Cr | Jun 2026 —
- NVRI: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- PESI: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ABAT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- WM: Sep 2021 ₹12.9K Cr | Dec 2021 ₹13.3K Cr | Mar 2022 ₹13.3K Cr | Jun 2022 ₹13.4K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.6K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹15.2K Cr | Sep 2023 ₹15.3K Cr | Dec 2023 ₹15.8K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹16.6K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹23.5K Cr | Mar 2025 ₹23.6K Cr | Jun 2025 ₹23.6K Cr | Sep 2025 ₹23.2K Cr | Dec 2025 ₹22.7K Cr | Mar 2026 ₹22.7K Cr | Jun 2026 —
- RSG: Sep 2021 ₹9.2K Cr | Dec 2021 ₹9.5K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹11.8K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹11.8K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹11.8K Cr | Dec 2023 ₹12.7K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹12.5K Cr | Dec 2024 ₹12.6K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 —
- WCN: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.3K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹9.1K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 ₹9.5K Cr
- CLH: Sep 2021 ₹980 Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- GFL: Sep 2021 ₹7.6K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹9.6K Cr | Mar 2023 ₹9.9K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹9.1K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹10.0K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹10.4K Cr | Mar 2025 ₹6.9K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.8K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 —
- CWST: Sep 2021 ₹572 Cr | Dec 2021 ₹582 Cr | Mar 2022 ₹623 Cr | Jun 2022 ₹610 Cr | Sep 2022 ₹604 Cr | Dec 2022 ₹587 Cr | Mar 2023 ₹596 Cr | Jun 2023 ₹630 Cr | Sep 2023 ₹904 Cr | Dec 2023 ₹898 Cr | Mar 2024 ₹931 Cr | Jun 2024 ₹908 Cr | Sep 2024 ₹644 Cr | Dec 2024 ₹825 Cr | Mar 2025 ₹952 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ONT: Sep 2021 ₹225 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹268 Cr | Mar 2025 ₹271 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹348 Cr | Mar 2026 ₹379 Cr | Jun 2026 —
- NVRI: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- PESI: Sep 2021 ₹-2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-19 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- ABAT: Sep 2021 ₹-46 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹-36 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹-49 Cr | Mar 2026 ₹-38 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Seahawk Recycling Holdings, Inc. leads ROCE at 29.8%, 20.5 percentage points above One and one Green Technologies. Inc. Seahawk Recycling Holdings, Inc. has the strongest latest improvement at +37 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Seahawk Recycling Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Seahawk Recycling Holdings, Inc. · 29.8% | 220.4% versus #2 · One and one Green Technologies. Inc | Not enough history | 12/12 companies · 203 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Seahawk Recycling Holdings, Inc. (SEAH): 30%
2. One and one Green Technologies. Inc (YDDL): 9.3% — older report
3. Waste Management, Inc. (WM): 2.8%
4. Republic Services, Inc. (RSG): 2.7%
5. Waste Connections, Inc. (WCN): 2.3%

### ROCE change — fastest improvers
1. Seahawk Recycling Holdings, Inc. (SEAH): +37.0 pp
2. Onterris, Inc. (ONT): +0.6 pp
3. GFL Environmental Inc. (GFL): +0.2 pp
4. Clean Harbors, Inc. (CLH): +0.1 pp
5. Casella Waste Systems, Inc. (CWST): +0.1 pp

### 20-quarter ROCE history
- WM: Sep 2021 3.5% | Dec 2021 2.8% | Mar 2022 3.0% | Jun 2022 3.4% | Sep 2022 3.7% | Dec 2022 2.9% | Mar 2023 3.1% | Jun 2023 3.5% | Sep 2023 3.8% | Dec 2023 2.8% | Mar 2024 3.6% | Jun 2024 3.5% | Sep 2024 3.9% | Dec 2024 2.7% | Mar 2025 3.0% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 —
- RSG: Sep 2021 2.6% | Dec 2021 2.3% | Mar 2022 2.6% | Jun 2022 2.5% | Sep 2022 2.8% | Dec 2022 2.4% | Mar 2023 2.6% | Jun 2023 2.7% | Sep 2023 2.8% | Dec 2023 2.7% | Mar 2024 2.8% | Jun 2024 3.0% | Sep 2024 3.1% | Dec 2024 2.9% | Mar 2025 2.8% | Jun 2025 3.0% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 2.7% | Jun 2026 —
- WCN: Sep 2021 2.2% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 2.4% | Sep 2022 2.3% | Dec 2022 2.1% | Mar 2023 2.1% | Jun 2023 2.3% | Sep 2023 2.3% | Dec 2023 1.4% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 -1.2% | Mar 2025 2.2% | Jun 2025 2.5% | Sep 2025 2.4% | Dec 2025 2.3% | Mar 2026 1.9% | Jun 2026 2.3%
- CLH: Sep 2021 3.0% | Dec 2021 2.0% | Mar 2022 2.1% | Jun 2022 5.0% | Sep 2022 4.8% | Dec 2022 2.6% | Mar 2023 2.4% | Jun 2023 3.8% | Sep 2023 3.0% | Dec 2023 2.8% | Mar 2024 2.3% | Jun 2024 3.8% | Sep 2024 3.4% | Dec 2024 2.4% | Mar 2025 1.8% | Jun 2025 3.4% | Sep 2025 3.0% | Dec 2025 2.5% | Mar 2026 1.9% | Jun 2026 —
- GFL: Sep 2021 0.2% | Dec 2021 -0.4% | Mar 2022 -0.2% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 -0.1% | Mar 2023 0.2% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.4% | Mar 2025 0.0% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 0.2% | Jun 2026 —
- CWST: Sep 2021 2.8% | Dec 2021 1.5% | Mar 2022 0.9% | Jun 2022 2.8% | Sep 2022 3.1% | Dec 2022 1.4% | Mar 2023 0.8% | Jun 2023 1.3% | Sep 2023 2.0% | Dec 2023 0.8% | Mar 2024 0.4% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 0.7% | Mar 2025 0.1% | Jun 2025 0.7% | Sep 2025 1.0% | Dec 2025 0.4% | Mar 2026 0.2% | Jun 2026 —
- ONT: Sep 2021 1.0% | Dec 2021 0.1% | Mar 2022 -1.3% | Jun 2022 -0.9% | Sep 2022 -1.0% | Dec 2022 -1.2% | Mar 2023 -1.5% | Jun 2023 -0.9% | Sep 2023 -0.5% | Dec 2023 -1.3% | Mar 2024 -1.4% | Jun 2024 -0.4% | Sep 2024 -0.1% | Dec 2024 -3.0% | Mar 2025 -1.3% | Jun 2025 1.8% | Sep 2025 1.2% | Dec 2025 -0.3% | Mar 2026 -0.7% | Jun 2026 —
- NVRI: Sep 2021 1.1% | Dec 2021 0.7% | Mar 2022 0.3% | Jun 2022 -4.2% | Sep 2022 1.3% | Dec 2022 0.1% | Mar 2023 1.4% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 -0.3% | Mar 2024 1.2% | Jun 2024 1.4% | Sep 2024 1.7% | Dec 2024 -2.9% | Mar 2025 1.4% | Jun 2025 -0.3% | Sep 2025 0.8% | Dec 2025 -1.7% | Mar 2026 0.0% | Jun 2026 —
- PESI: Sep 2021 -2.7% | Dec 2021 -4.6% | Mar 2022 -4.0% | Jun 2022 -1.9% | Sep 2022 -5.1% | Dec 2022 -3.4% | Mar 2023 -1.2% | Jun 2023 1.7% | Sep 2023 -3.7% | Dec 2023 0.3% | Mar 2024 -9.2% | Jun 2024 -8.9% | Sep 2024 -4.8% | Dec 2024 -5.5% | Mar 2025 -6.2% | Jun 2025 -4.3% | Sep 2025 -3.0% | Dec 2025 -4.6% | Mar 2026 -12% | Jun 2026 —
- ABAT: Sep 2021 -73% | Dec 2021 -17% | Mar 2022 -9.2% | Jun 2022 -20% | Sep 2022 -4.9% | Dec 2022 -12% | Mar 2023 -11% | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -16% | Mar 2024 -14% | Jun 2024 -36% | Sep 2024 -16% | Dec 2024 -20% | Mar 2025 -15% | Jun 2025 -12% | Sep 2025 -13% | Dec 2025 -10% | Mar 2026 -39% | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -0.7% | Dec 2023 -0.7% | Mar 2024 18% | Jun 2024 18% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 9.3% | Dec 2025 9.3% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- WM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 +0.5 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −0.1 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 −1.1 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- RSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 +0.2 pp | Sep 2023 0.0 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- WCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.7 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.5 pp | Dec 2024 −2.6 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 +3.5 pp | Mar 2026 −0.3 pp | Jun 2026 −0.2 pp
- CLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +0.6 pp | Mar 2023 +0.3 pp | Jun 2023 −1.2 pp | Sep 2023 −1.8 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.5 pp | Jun 2025 −0.4 pp | Sep 2025 −0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- GFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +0.5 pp | Sep 2023 +0.5 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 −0.2 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −1.5 pp | Sep 2023 −1.1 pp | Dec 2023 −0.6 pp | Mar 2024 −0.4 pp | Jun 2024 −0.3 pp | Sep 2024 −1.0 pp | Dec 2024 −0.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ONT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −1.3 pp | Mar 2023 −0.2 pp | Jun 2023 0.0 pp | Sep 2023 +0.5 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 +0.4 pp | Dec 2024 −1.7 pp | Mar 2025 +0.1 pp | Jun 2025 +2.2 pp | Sep 2025 +1.3 pp | Dec 2025 +2.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- NVRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.6 pp | Mar 2023 +1.1 pp | Jun 2023 +5.7 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 −2.6 pp | Mar 2025 +0.2 pp | Jun 2025 −1.7 pp | Sep 2025 −0.9 pp | Dec 2025 +1.2 pp | Mar 2026 −1.4 pp | Jun 2026 —
- PESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 +1.2 pp | Mar 2023 +2.8 pp | Jun 2023 +3.6 pp | Sep 2023 +1.4 pp | Dec 2023 +3.7 pp | Mar 2024 −8.0 pp | Jun 2024 −10.6 pp | Sep 2024 −1.1 pp | Dec 2024 −5.8 pp | Mar 2025 +3.0 pp | Jun 2025 +4.6 pp | Sep 2025 +1.8 pp | Dec 2025 +0.9 pp | Mar 2026 −5.3 pp | Jun 2026 —
- ABAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +68.2 pp | Dec 2022 +4.5 pp | Mar 2023 −1.3 pp | Jun 2023 +6.7 pp | Sep 2023 −9.9 pp | Dec 2023 −3.4 pp | Mar 2024 −3.1 pp | Jun 2024 −23.4 pp | Sep 2024 −0.9 pp | Dec 2024 −4.5 pp | Mar 2025 −1.8 pp | Jun 2025 +24.7 pp | Sep 2025 +3.0 pp | Dec 2025 +9.7 pp | Mar 2026 −23.1 pp | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 −0.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +14.8 pp | Dec 2024 +14.8 pp | Mar 2025 −4.1 pp | Jun 2025 −4.1 pp | Sep 2025 −4.8 pp | Dec 2025 −4.8 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Casella Waste Systems, Inc. has the lowest comparable Guarded PEG at 3.12×, 32% below Clean Harbors, Inc.. Only 4 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Casella Waste Systems, Inc. · 3.12× | 32% versus #2 · Clean Harbors, Inc. | 0/8 recent comparable periods | 4/12 companies · 30 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Casella Waste Systems, Inc. (CWST): 3.1
2. Clean Harbors, Inc. (CLH): 4.6
3. Waste Management, Inc. (WM): 4.8
4. Republic Services, Inc. (RSG): 6.1

### P/E — lowest P/E
1. One and one Green Technologies. Inc (YDDL): 23.0 — older report
2. Republic Services, Inc. (RSG): 31.4
3. Waste Management, Inc. (WM): 33.3
4. Clean Harbors, Inc. (CLH): 38.9
5. Waste Connections, Inc. (WCN): 40.2

### 20-quarter Guarded PEG history
- WM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 3.6 | Sep 2023 5.4 | Dec 2023 6.3 | Mar 2024 2.9 | Jun 2024 2.6 | Sep 2024 2.0 | Dec 2024 1.5 | Mar 2025 4.1 | Jun 2025 4.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.1 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 1.7 | Mar 2025 2.2 | Jun 2025 2.8 | Sep 2025 4.5 | Dec 2025 5.6 | Mar 2026 6.1 | Jun 2026 —
- WCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.1 | Dec 2024 4.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- WM: Sep 2021 36.2 | Dec 2021 38.9 | Mar 2022 34.9 | Jun 2022 29.9 | Sep 2022 29.8 | Dec 2022 29.1 | Mar 2023 29.9 | Jun 2023 31.2 | Sep 2023 27.0 | Dec 2023 31.6 | Mar 2024 34.9 | Jun 2024 33.9 | Sep 2024 31.7 | Dec 2024 29.6 | Mar 2025 34.9 | Jun 2025 34.0 | Sep 2025 34.8 | Dec 2025 32.8 | Mar 2026 33.3 | Jun 2026 —
- RSG: Sep 2021 31.6 | Dec 2021 34.5 | Mar 2022 31.4 | Jun 2022 30.0 | Sep 2022 29.7 | Dec 2022 27.5 | Mar 2023 28.2 | Jun 2023 30.8 | Sep 2023 27.6 | Dec 2023 30.2 | Mar 2024 33.6 | Jun 2024 32.6 | Sep 2024 32.1 | Dec 2024 31.0 | Mar 2025 36.5 | Jun 2025 36.5 | Sep 2025 34.2 | Dec 2025 30.9 | Mar 2026 31.4 | Jun 2026 —
- WCN: Sep 2021 56.5 | Dec 2021 57.7 | Mar 2022 57.0 | Jun 2022 47.0 | Sep 2022 43.3 | Dec 2022 40.9 | Mar 2023 42.0 | Jun 2023 44.0 | Sep 2023 41.7 | Dec 2023 50.6 | Mar 2024 55.9 | Jun 2024 52.5 | Sep 2024 49.1 | Dec 2024 71.8 | Mar 2025 80.3 | Jun 2025 75.3 | Sep 2025 73.3 | Dec 2025 42.1 | Mar 2026 39.6 | Jun 2026 40.2
- CLH: Sep 2021 29.5 | Dec 2021 26.9 | Mar 2022 26.9 | Jun 2022 15.5 | Sep 2022 15.9 | Dec 2022 15.1 | Mar 2023 17.7 | Jun 2023 22.0 | Sep 2023 25.1 | Dec 2023 25.1 | Mar 2024 29.1 | Jun 2024 31.2 | Sep 2024 31.5 | Dec 2024 31.0 | Mar 2025 27.3 | Jun 2025 32.5 | Sep 2025 32.2 | Dec 2025 32.2 | Mar 2026 38.9 | Jun 2026 —
- GFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 192.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.8 | Jun 2025 7.6 | Sep 2025 7.2 | Dec 2025 4.3 | Mar 2026 141.7 | Jun 2026 —
- CWST: Sep 2021 40.8 | Dec 2021 106.8 | Mar 2022 109.6 | Jun 2022 79.9 | Sep 2022 73.5 | Dec 2022 77.0 | Mar 2023 81.8 | Jun 2023 117.5 | Sep 2023 119.2 | Dec 2023 185.8 | Mar 2024 318.9 | Jun 2024 300.7 | Sep 2024 829.1 | Dec 2024 460.0 | Mar 2025 506.9 | Jun 2025 641.0 | Sep 2025 395.3 | Dec 2025 816.2 | Mar 2026 721.3 | Jun 2026 —
- ONT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 437.8 | Jun 2026 —
- NVRI: Sep 2021 282.5 | Dec 2021 59.7 | Mar 2022 58.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PESI: Sep 2021 25.6 | Dec 2021 90.4 | Mar 2022 92.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 196.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 23.0 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Republic Services, Inc. leads ev/ebitda at 15.4×; Onterris, Inc. leads p/bv at 1.8×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Republic Services, Inc. · 15.4× | 0.6% versus #2 · Clean Harbors, Inc. | 0/8 recent comparable periods | 10/12 companies · 155 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Republic Services, Inc. (RSG): 15.4
2. Clean Harbors, Inc. (CLH): 15.5
3. GFL Environmental Inc. (GFL): 15.7
4. Casella Waste Systems, Inc. (CWST): 16.3
5. Onterris, Inc. (ONT): 16.9

### P/BV — lowest P/BV
1. Onterris, Inc. (ONT): 1.8
2. GFL Environmental Inc. (GFL): 2.9
3. Casella Waste Systems, Inc. (CWST): 3.2
4. American Battery Technology Company (ABAT): 3.3
5. Perma-Fix Environmental Services, Inc. (PESI): 4.6

### 20-quarter EV/EBITDA history
- WM: Sep 2021 15.6 | Dec 2021 16.7 | Mar 2022 15.5 | Jun 2022 14.7 | Sep 2022 15.0 | Dec 2022 14.6 | Mar 2023 14.9 | Jun 2023 15.4 | Sep 2023 13.6 | Dec 2023 15.5 | Mar 2024 17.3 | Jun 2024 17.2 | Sep 2024 16.4 | Dec 2024 16.5 | Mar 2025 18.0 | Jun 2025 27.5 | Sep 2025 16.5 | Dec 2025 14.2 | Mar 2026 22.4 | Jun 2026 —
- RSG: Sep 2021 14.6 | Dec 2021 16.1 | Mar 2022 14.9 | Jun 2022 15.0 | Sep 2022 14.7 | Dec 2022 13.7 | Mar 2023 13.8 | Jun 2023 14.7 | Sep 2023 13.5 | Dec 2023 14.7 | Mar 2024 16.2 | Jun 2024 15.7 | Sep 2024 15.6 | Dec 2024 15.1 | Mar 2025 17.5 | Jun 2025 17.3 | Sep 2025 16.2 | Dec 2025 15.1 | Mar 2026 15.4 | Jun 2026 —
- WCN: Sep 2021 21.0 | Dec 2021 21.9 | Mar 2022 21.7 | Jun 2022 18.7 | Sep 2022 19.8 | Dec 2022 19.0 | Mar 2023 19.2 | Jun 2023 19.3 | Sep 2023 18.0 | Dec 2023 20.3 | Mar 2024 22.7 | Jun 2024 21.9 | Sep 2024 21.1 | Dec 2024 23.6 | Mar 2025 25.9 | Jun 2025 24.3 | Sep 2025 23.2 | Dec 2025 18.3 | Mar 2026 17.2 | Jun 2026 17.6
- CLH: Sep 2021 10.8 | Dec 2021 11.8 | Mar 2022 12.0 | Jun 2022 8.6 | Sep 2022 8.7 | Dec 2022 8.4 | Mar 2023 9.8 | Jun 2023 11.1 | Sep 2023 11.8 | Dec 2023 11.6 | Mar 2024 13.5 | Jun 2024 14.3 | Sep 2024 14.4 | Dec 2024 13.7 | Mar 2025 12.1 | Jun 2025 13.6 | Sep 2025 13.3 | Dec 2025 12.9 | Mar 2026 15.5 | Jun 2026 —
- GFL: Sep 2021 18.8 | Dec 2021 18.7 | Mar 2022 16.2 | Jun 2022 13.8 | Sep 2022 14.0 | Dec 2022 10.9 | Mar 2023 16.3 | Jun 2023 15.7 | Sep 2023 14.2 | Dec 2023 14.6 | Mar 2024 12.1 | Jun 2024 13.6 | Sep 2024 14.0 | Dec 2024 19.6 | Mar 2025 18.4 | Jun 2025 18.2 | Sep 2025 17.9 | Dec 2025 16.1 | Mar 2026 15.7 | Jun 2026 —
- CWST: Sep 2021 25.8 | Dec 2021 27.4 | Mar 2022 27.7 | Jun 2022 21.5 | Sep 2022 21.0 | Dec 2022 21.1 | Mar 2023 21.6 | Jun 2023 26.6 | Sep 2023 22.8 | Dec 2023 23.3 | Mar 2024 24.9 | Jun 2024 23.1 | Sep 2024 23.9 | Dec 2024 24.5 | Mar 2025 25.0 | Jun 2025 24.6 | Sep 2025 19.4 | Dec 2025 19.8 | Mar 2026 16.3 | Jun 2026 —
- ONT: Sep 2021 47.8 | Dec 2021 52.9 | Mar 2022 40.0 | Jun 2022 25.8 | Sep 2022 33.6 | Dec 2022 55.1 | Mar 2023 54.0 | Jun 2023 67.5 | Sep 2023 44.7 | Dec 2023 47.5 | Mar 2024 88.7 | Jun 2024 81.3 | Sep 2024 48.5 | Dec 2024 27.7 | Mar 2025 37.6 | Jun 2025 29.7 | Sep 2025 27.4 | Dec 2025 16.1 | Mar 2026 16.9 | Jun 2026 —
- NVRI: Sep 2021 11.1 | Dec 2021 10.9 | Mar 2022 10.2 | Jun 2022 16.1 | Sep 2022 14.0 | Dec 2022 30.6 | Mar 2023 15.2 | Jun 2023 8.6 | Sep 2023 7.8 | Dec 2023 8.4 | Mar 2024 8.7 | Jun 2024 8.5 | Sep 2024 8.7 | Dec 2024 10.0 | Mar 2025 9.6 | Jun 2025 12.9 | Sep 2025 16.6 | Dec 2025 16.4 | Mar 2026 19.9 | Jun 2026 —
- PESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 120.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 22.2 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- WM: Sep 2021 8.7 | Dec 2021 9.8 | Mar 2022 9.2 | Jun 2022 8.8 | Sep 2022 9.4 | Dec 2022 9.3 | Mar 2023 9.8 | Jun 2023 10.2 | Sep 2023 8.8 | Dec 2023 10.4 | Mar 2024 12.1 | Jun 2024 11.5 | Sep 2024 10.4 | Dec 2024 9.8 | Mar 2025 10.8 | Jun 2025 10.0 | Sep 2025 9.4 | Dec 2025 8.9 | Mar 2026 9.2 | Jun 2026 —
- RSG: Sep 2021 4.3 | Dec 2021 4.9 | Mar 2022 4.7 | Jun 2022 4.5 | Sep 2022 4.5 | Dec 2022 4.2 | Mar 2023 4.3 | Jun 2023 4.8 | Sep 2023 4.4 | Dec 2023 4.9 | Mar 2024 5.6 | Jun 2024 5.5 | Sep 2024 5.6 | Dec 2024 5.5 | Mar 2025 6.5 | Jun 2025 6.4 | Sep 2025 6.0 | Dec 2025 5.5 | Mar 2026 5.6 | Jun 2026 —
- WCN: Sep 2021 8.4 | Dec 2021 5.1 | Mar 2022 5.3 | Jun 2022 4.6 | Sep 2022 5.0 | Dec 2022 4.8 | Mar 2023 5.0 | Jun 2023 4.9 | Sep 2023 4.6 | Dec 2023 5.0 | Mar 2024 5.7 | Jun 2024 5.7 | Sep 2024 5.6 | Dec 2024 5.6 | Mar 2025 6.3 | Jun 2025 5.8 | Sep 2025 5.6 | Dec 2025 5.4 | Mar 2026 5.1 | Jun 2026 5.3
- CLH: Sep 2021 3.9 | Dec 2021 3.6 | Mar 2022 3.8 | Jun 2022 2.8 | Sep 2022 3.2 | Dec 2022 3.2 | Mar 2023 3.9 | Jun 2023 4.2 | Sep 2023 4.1 | Dec 2023 4.2 | Mar 2024 4.7 | Jun 2024 5.0 | Sep 2024 5.2 | Dec 2024 4.8 | Mar 2025 4.1 | Jun 2025 4.6 | Sep 2025 4.5 | Dec 2025 4.5 | Mar 2026 5.5 | Jun 2026 —
- GFL: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 1.9 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.5 | Jun 2024 3.0 | Sep 2024 3.1 | Dec 2024 3.6 | Mar 2025 3.2 | Jun 2025 3.3 | Sep 2025 3.1 | Dec 2025 2.9 | Mar 2026 2.9 | Jun 2026 —
- CWST: Sep 2021 9.6 | Dec 2021 10.4 | Mar 2022 10.4 | Jun 2022 8.2 | Sep 2022 8.1 | Dec 2022 8.2 | Mar 2023 8.6 | Jun 2023 5.2 | Sep 2023 4.3 | Dec 2023 4.9 | Mar 2024 5.6 | Jun 2024 5.6 | Sep 2024 4.1 | Dec 2024 4.3 | Mar 2025 4.6 | Jun 2025 4.7 | Sep 2025 3.8 | Dec 2025 4.0 | Mar 2026 3.2 | Jun 2026 —
- ONT: Sep 2021 11.2 | Dec 2021 6.6 | Mar 2022 5.0 | Jun 2022 3.2 | Sep 2022 3.2 | Dec 2022 4.2 | Mar 2023 3.5 | Jun 2023 4.1 | Sep 2023 2.8 | Dec 2023 3.0 | Mar 2024 3.7 | Jun 2024 3.4 | Sep 2024 2.0 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.6 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- NVRI: Sep 2021 1.9 | Dec 2021 1.8 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 0.5 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.4 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.9 | Sep 2025 2.8 | Dec 2025 5.7 | Mar 2026 6.9 | Jun 2026 —
- PESI: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.5 | Dec 2022 1.3 | Mar 2023 4.2 | Jun 2023 3.9 | Sep 2023 3.7 | Dec 2023 2.7 | Mar 2024 4.5 | Jun 2024 3.1 | Sep 2024 4.6 | Dec 2024 3.3 | Mar 2025 2.3 | Jun 2025 3.4 | Sep 2025 3.4 | Dec 2025 4.7 | Mar 2026 4.6 | Jun 2026 —
- ABAT: Sep 2021 16.6 | Dec 2021 12.2 | Mar 2022 16.7 | Jun 2022 9.1 | Sep 2022 7.4 | Dec 2022 5.8 | Mar 2023 11.7 | Jun 2023 8.7 | Sep 2023 6.7 | Dec 2023 3.5 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 2.9 | Mar 2025 1.4 | Jun 2025 2.2 | Sep 2025 6.1 | Dec 2025 3.7 | Mar 2026 3.3 | Jun 2026 —
- YDDL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.7 | Mar 2026 — | Jun 2026 —

## Market action

Enviri Corporation has the strongest one-year price move in Waste Management at +154.6%. Perma-Fix Environmental Services, Inc. leads on Mansfield relative strength against the S&P 500 at +23.7%. 3 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Enviri Corporation (NVRI): 155%
2. Perma-Fix Environmental Services, Inc. (PESI): 57%
3. Clean Harbors, Inc. (CLH): 30%
4. Waste Management, Inc. (WM): 4.6%
5. Onterris, Inc. (ONT): -0.4%

### Strongest relative strength versus NIFTY 500
1. Perma-Fix Environmental Services, Inc. (PESI): 24%
2. Enviri Corporation (NVRI): 23%
3. Clean Harbors, Inc. (CLH): 7.1%
4. Waste Management, Inc. (WM): -0.4%
5. Waste Connections, Inc. (WCN): -6.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Waste Management, Inc. (WM) — market value ₹96.1K Cr; latest fundamentals Mar 2026
- Republic Services, Inc. (RSG) — market value ₹66.6K Cr; latest fundamentals Mar 2026
- Waste Connections, Inc. (WCN) — market value ₹42.7K Cr; latest fundamentals Jun 2026
- Clean Harbors, Inc. (CLH) — market value ₹16.0K Cr; latest fundamentals Mar 2026
- GFL Environmental Inc. (GFL) — market value ₹14.2K Cr; latest fundamentals Mar 2026
- Casella Waste Systems, Inc. (CWST) — market value ₹5.8K Cr; latest fundamentals Mar 2026
- Onterris, Inc. (ONT) — market value ₹740 Cr; latest fundamentals Mar 2026
- Enviri Corporation (NVRI) — market value ₹623 Cr; latest fundamentals Mar 2026
- Perma-Fix Environmental Services, Inc. (PESI) — market value ₹353 Cr; latest fundamentals Mar 2026
- American Battery Technology Company (ABAT) — market value ₹297 Cr; latest fundamentals Mar 2026
- Seahawk Recycling Holdings, Inc. (SEAH) — market value ₹149 Cr; latest fundamentals unavailable
- One and one Green Technologies. Inc (YDDL) — market value ₹98 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Waste Management company is the biggest?

Waste Management, Inc. is the largest, with trailing-twelve-month revenue of $25,413 million, ahead of Republic Services, Inc. at $16,696 million. That covers 9 of 12 companies with comparable reporting through Mar 2026.

### Which Waste Management company is growing fastest?

American Battery Technology Company has the fastest revenue growth at 100% year on year, across 9 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Waste Management company has the best profit margins?

Republic Services, Inc. has the highest operating margin at 20.2%, from 10 of 12 comparable companies. American Battery Technology Company shows the biggest recent improvement, at +645.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Waste Management company makes the most profit?

Waste Management, Inc. earns the most, at $2,795 million of trailing-twelve-month net profit, from 9 of 12 comparable companies. Waste Management, Inc. has the fastest profit growth at 4.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Waste Management company earns the highest return on capital?

Seahawk Recycling Holdings, Inc. leads on return on capital employed at 29.8%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Waste Management stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Casella Waste Systems, Inc. screens cheapest at 3.12×. Only 4 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Waste Management company has the strongest balance sheet?

American Battery Technology Company carries the lowest comparable gross debt at $0 million, from 10 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Waste Management company is investing most in new capacity?

Waste Management, Inc. reports the largest capital spending at $650 million, across 11 of 12 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Waste Management sector beating the market?

Waste Management has underperformed S&P 500 by 2.7% over the last 52 weeks and 7.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Waste Management stock has the strongest price momentum?

Perma-Fix Environmental Services, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Waste Management company scores highest for research priority?

Waste Connections, Inc. scores 50.2 out of 100 with 58.7% evidence confidence, from 15.4 points on growth and earnings, 12.4 on capital efficiency, 10.2 on valuation and 12.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Waste Management companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Waste Management sector?

The 12 Waste Management companies on this page carry $243,713 million of combined market value. Waste Management, Inc. is the largest at $96,141 million, about 39% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Waste Management sector's P/E ratio?

The median price-to-earnings ratio across the 12 Waste Management companies on this page is 58.3×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Waste Management sector performing?

3 of the 10 covered Waste Management companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Waste Management stocks are listed in the US?

This comparison covers 12 listed Waste Management companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/waste-management