Waste Connections Inc Stock Research

Market Summary

USD136.08+1.04

Market Closed

0.77%

WCN Alerts

4 major insider sales recently.

WCN Stock Price

WCN RSI Chart

WCN Valuation

Market Cap

35.0B

Price/Earnings (Trailing)

41.87

Price/Sales (Trailing)

4.85

EV/EBITDA

17.33

Price/Free Cashflow

31.53

WCN Price/Sales (Trailing)

WCN Profitability

EBT Margin

14.55%

Return on Equity

11.76%

Return on Assets

4.88%

Free Cashflow Yield

3.17%

WCN Fundamentals

WCN Revenue

Revenue (TTM)

7.2B

Revenue Y/Y

15.08%

Revenue Q/Q

-0.56%

WCN Earnings

Earnings (TTM)

835.7M

Earnings Y/Y

16.86%

Earnings Q/Q

-17.96%

Price Action

52 Week Range

113.10147.92

(Low)(High)

Last 7 days

1.4%

Last 30 days

0.3%

Last 90 days

-1.7%

Trailing 12 Months

-0.1%

WCN Financial Health

Current Ratio

0.74

WCN Investor Care

Dividend Yield

0.69%

Dividend/Share (TTM)

0.95

Buy Backs (1Y)

1.18%

Diluted EPS (TTM)

3.24

Peers (Alternatives to Waste Connections)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
WM	63.5B	19.7B	1.49%	0.35%	28.36	3.22	9.85%	23.24%
CTAS	44.3B	8.4B	-3.25%	14.04%	34.42	5.28	12.71%	11.63%
RSG	42.3B	13.5B	5.36%	3.62%	28.42	3.13	19.62%	15.28%
WCN	35.0B	7.2B	0.28%	-0.13%	41.87	4.85	17.24%	35.21%
CPRT	33.4B	3.7B	-1.08%	13.23%	30.84	9.08	16.24%	-0.79%
MID-CAP
TTEK	7.5B	3.5B	-5.58%	-12.85%	23.96	2.11	7.06%	25.10%
CLH	7.4B	5.2B	-0.89%	25.81%	17.86	1.42	35.76%	102.58%
CWST	4.2B	1.1B	1.42%	-7.26%	78.44	3.84	22.03%	29.15%
SRCL	3.9B	2.7B	-22.61%	-24.77%	69.76	1.46	2.18%	310.82%
SMALL-CAP
HCCI	823.0M	709.3M	-11.36%	20.19%	10.93	1.16	37.64%	56.34%
PESI	116.8M	71.0M	33.68%	49.74%	-25.43	1.65	-14.94%	-242.00%
CHRA	13.7M	318.1M	-30.17%	-15.52%	-0.41	0.04	19.84%	22.30%
AWX	11.1M	77.1M	-2.68%	-11.59%	-158.76	0.14	14.38%	-102.40%

Financials for Waste Connections

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.5%	7,212	6,967	6,684	6,402	6,151
S&GA Expenses	3.0%	696	676	645	634	612
EBITDA	4.8%	2,015	1,923	1,738	1,657	-
EBITDA Margin	1.2%	0.28*	0.28*	0.26*	0.26*	-
Earnings Before Taxes	3.9%	1,049	1,010	857	799	771
EBT Margin	0.4%	0.15*	0.14*	0.13*	0.12*	-
Interest Expenses	14.8%	202	176	165	162	163
Net Income	3.4%	836	808	685	638	618
Net Income Margin	-0.1%	0.12*	0.12*	0.10*	0.10*	-
Free Cahsflow	6.2%	1,110	1,045	979	939	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	6.2%	17,135	16,131	15,416	15,414	14,700
Current Assets	-9.2%	1,118	1,230	1,258	1,413	1,033
Cash Equivalents	-60.7%	79.00	200	218	391	147
Net PPE	9.4%	6,951	6,353	5,858	5,771	5,722
Goodwill	5.0%	6,902	6,575	6,458	6,428	6,188
Liabilities	9.1%	10,021	9,187	8,547	8,655	7,706
Current Liabilities	9.7%	1,513	1,379	1,338	1,258	1,233
LT Debt, Current	0.6%	7.00	7.00	6.00	28.00	6.00
LT Debt, Non Current	10.9%	6,890	6,212	5,634	5,818	5,041
Shareholder's Equity	2.5%	7,109	6,938	6,870	6,759	6,989
Retained Earnings	3.7%	3,649	3,520	3,342	3,178	3,057
Additional Paid-In Capital	6.4%	244	229	211	196	199
Shares Outstanding	0.0%	257	257	257	257	260
Minority Interest	-1.0%	5.00	5.00	5.00	5.00	5.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	4.9%	2,022	1,928	1,823	1,739	1,698
Share Based Compensation	-0.7%	63.00	64.00	57.00	63.00	58.00
Cashflow From Investing	-22.6%	-3,087	-2,517	-2,252	-2,082	-1,693
Cashflow From Financing	132.4%	1,028	443	-81.17	-41.96	-499
Dividend Payments	2.5%	243	237	232	226	220
Buy Backs	-7.3%	425	458	458	698	339

Risks for WCN

What is the probability of a big loss on WCN?

34.6%

Probability that Waste Connections stock will be more than 20% underwater in next one year

Probability that Waste Connections stock will be more than 30% underwater in next one year.

Probability that Waste Connections stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WCN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Waste Connections was unfortunately bought at previous high price.

Drawdowns

Returns for WCN

Cumulative Returns on WCN

20.1%

10-Year Cumulative Returns

18.5%

7-Year Cumulative Returns

13.7%

5-Year Cumulative Returns

15.8%

3-Year Cumulative Returns

What are the long-term rolling returns for WCN?

FIve years rolling returns for Waste Connections.

Annualized Returns

Which funds bought or sold WCN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-06	Rockefeller Capital Management L.P.	added	37.00	85,000	334,000	-%
2023-03-03	TIAA, FSB	reduced	-2.87	-519,804	10,491,200	0.04%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	reduced	-39.56	-259,090	376,910	0.21%
2023-02-28	Voya Investment Management LLC	reduced	-93.75	-163,353,000	10,663,800	0.01%
2023-02-24	National Pension Service	added	3.64	129,807	51,026,600	0.10%
2023-02-24	NATIXIS	reduced	-65.36	-2,379,630	1,216,370	0.01%
2023-02-24	SRS Capital Advisors, Inc.	added	18.06	53,384	387,384	0.05%
2023-02-22	CVA Family Office, LLC	unchanged	-	279	9,279	-%
2023-02-21	SECURITY NATIONAL BANK OF SO DAK	unchanged	-	-12,000	617,000	0.45%
2023-02-21	MACQUARIE GROUP LTD	reduced	-0.55	-23,216	903,784	-%

Latest Funds Activity

Are funds buying WCN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WCN

No. of Funds

WCN Alerts

4 major insider sales recently.

Waste Connections News

Schedule 13G FIlings of Waste Connections

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	10.76%	27,667,266	SC 13G/A
Feb 07, 2023	blackrock inc.	5.1%	13,214,486	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	10.0%	26,244,971	SC 13G/A
Feb 04, 2022	blackrock inc.	5.1%	13,319,325	SC 13G
Jun 10, 2021	vanguard group inc	10.01%	26,183,959	SC 13G/A
Feb 10, 2021	vanguard group inc	9.92%	26,074,347	SC 13G/A
Feb 10, 2021	price t rowe associates inc /md/	10.7%	28,255,228	SC 13G/A
Feb 10, 2021	price t rowe associates inc /md/	9.5%	24,982,516	SC 13G/A
Mar 10, 2020	price t rowe associates inc /md/	10.5%	27,860,569	SC 13G/A
Mar 10, 2020	price t rowe associates inc /md/	10.5%	27,860,569	SC 13G/A

WCN Fair Value

Waste Connections fair value in different scenarios

The table shows the Fair Value estimates for Waste Connections for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	55.90 -58.92%	74.25 -45.44%	105.93 -22.16%	151.08 11.02%	191.62 40.81%
Current Inflation	51.14 -62.42%	66.70 -50.98%	93.00 -31.66%	130.36 -4.20%	164.14 20.62%
Very High Inflation	45.35 -66.67%	57.71 -57.59%	78.00 -42.68%	106.76 -21.55%	133.02 -2.25%

Historical Waste Connections Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Waste Connections

View All Filings

Date Filed	Form Type	Document
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading

Latest Insider Trading transactions for WCN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-06	LITTLE JAMES	sold	-611,408	135	-4,500	executive vp engineering
2023-03-06	RAZZOUK WILLIAM J	sold	-135,610	135	-1,000	-
2023-03-06	RAZZOUK WILLIAM J	sold	-271,140	135	-2,000	-
2023-03-06	EDDIE DAVID	sold	-230,607	135	-1,700	sr vp performance optimization
2023-03-02	Cloninger Robert Michael	sold	-200,325	133	-1,500	sr vp, deputy general counsel
2023-02-27	CHAMBLISS DARRELL W	gifted	-	-	-4,500	evp & coo
2023-02-21	Cloninger Robert Michael	gifted	-	-	-753	sr vp, deputy general counsel
2023-02-19	Netherton Susan	acquired	-	-	729	sr vp people, training & dev
2023-02-19	HANSEN ERIC	acquired	-	-	895	senior vice president and cio
2023-02-19	CHAMBLISS DARRELL W	sold (taxes)	-85,749	136	-630	evp & coo

About Waste Connections

Worthing F. Jackman

www.wasteconnections.com

20000

Waste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. As of December 31, 2021, it owned 334 solid waste collection operations; 142 transfer stations; 61 municipal solid waste (MSW) landfills; 12 E&P waste landfills; 14 non-MSW landfills; 71 recycling operations; 4 intermodal operations; 23 E&P liquid waste injection wells; and 19 E&P waste treatment and oil recovery facilities. The company also operates an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.

WCN Income Statement

2022-12-31

Consolidated Statements of Net Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 7,211,859	$ 6,151,361	$ 5,445,990
Operating expenses:
Cost of operations	4,336,012	3,654,074	3,276,808
Selling, general and administrative	696,467	612,337	537,632
Depreciation	763,285	673,730	621,102
Amortization of intangibles	155,675	139,279	131,302
Impairments and other operating items	18,230	32,316	466,718
Operating income	1,242,190	1,039,625	412,428
Interest expense	(202,331)	(162,796)	(162,375)
Interest income	5,950	2,916	5,253
Other income (expense), net	3,154	6,285	(1,392)
Loss on early extinguishment of debt	0	(115,288)	0
Income before income tax provision	1,048,963	770,742	253,914
Income tax provision	(212,962)	(152,253)	(49,922)
Net income	836,001	618,489	203,992
Plus (less): Net loss (income) attributable to noncontrolling interests	(339)	(442)	685
Net income attributable to Waste Connections	$ 835,662	$ 618,047	$ 204,677
Earnings per common share attributable to Waste Connections' common shareholders:
Basic	$ 3.25	$ 2.37	$ 0.78
Diluted	$ 3.24	$ 2.36	$ 0.78
Shares used in the per share calculations:
Basic	257,383,578	261,166,723	263,189,699
Diluted	258,038,801	261,728,470	263,687,539
Cash dividends per common share	$ 0.945	$ 0.845	$ 0.760

WCN Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents	$ 78,637	$ 147,441
Accounts receivable, net of allowance for credit losses of $20,512 and $18,480 at December 31, 2022 and 2021, respectively	833,862	709,614
Prepaid expenses and other current assets	205,146	175,722
Total current assets	1,117,645	1,032,777
Restricted cash	102,727	72,174
Restricted investments	68,099	59,014
Property and equipment, net	6,950,915	5,721,949
Operating lease right-of-use assets	192,506	160,567
Goodwill	6,902,297	6,187,643
Intangible assets, net	1,673,917	1,350,597
Other assets, net	126,497	115,203
Total assets	17,134,603	14,699,924
Current liabilities:
Accounts payable	638,728	392,868
Book overdraft	15,645	16,721
Deferred revenue	325,002	273,720
Accrued liabilities	431,247	442,596
Current portion of operating lease liabilities	35,170	38,017
Current portion of contingent consideration	60,092	62,804
Current portion of long-term debt and notes payable	6,759	6,020
Total current liabilities	1,512,643	1,232,746
Long-term debt and notes payable	6,890,149	5,040,500
Long-term portion of operating lease liabilities	165,462	129,628
Long-term portion of contingent consideration	21,323	31,504
Deferred income taxes	1,013,742	850,921
Other long-term liabilities	417,640	421,080
Total liabilities	10,020,959	7,706,379
Commitments and contingencies (Note 13)
Equity:
Common shares: 257,211,175 shares issued and 257,145,716 shares outstanding at December 31, 2022; 260,283,158 shares issued and 260,212,496 shares outstanding at December 31, 2021	3,271,958	3,693,027
Additional paid-in capital	244,076	199,482
Accumulated other comprehensive income	(56,830)	39,584
Treasury shares: 65,459 and 70,662 shares at December 31, 2022 and 2021, respectively
Retained earnings	3,649,494	3,056,845
Total Waste Connections' equity	7,108,698	6,988,938
Noncontrolling interest in subsidiaries	4,946	4,607
Total equity	7,113,644	6,993,545
Total liabilities and shareholders' equity	$ 17,134,603	$ 14,699,924