An industry chapter · Waste Management

Waste Management

7 members, CLH to WM, A to Z by ticker.

Gross profitability: median 18% — gross profit as a share of total assets, each member's median across its readable years; read on 6 of 7 members
Capital intensity: median 11.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 7 of 7 members
Net cash: 1 of the 7 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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CLH Clean Harbors Inc.

Clean Harbors, Inc. is a leading provider of environmental and industrial services throughout North America.

Owner earnings 2016–2025 $40M$119M$180M$197M$234M$304M$281M$312M$346M$442M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $254M, $0.17 per $1 retained.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $110

CWST Casella Waste Systems Inc.

Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company.

Owner earnings 2016–2025 $26M$43M$48M$37M$32M$59M$86M$78M$78M$85M

Retained capital Retained $242M of earnings over 2016–2025; annual owner earnings grew $42M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $1.0B

GFL GFL Environmental Inc.

We are the fourth largest diversified environmental services company in North America, as measured by revenue and North American operating footprint.

Owner earnings 2019–2025 (C$207M)C$74MC$251MC$331M(C$75M)C$347MC$175M

Retained capital Paid out C$2.4B more than it earned over 2019–2025; annual owner earnings grew C$110M.

Balance sheet Modest net debt, C$7.3B · dividend paid 6 of 7 yrs, never cut

OIO OIO Group

OIO Group OIO Group is a holding company incorporated as an exempted company under the laws of the Cayman Islands.

Owner earnings 2022–2024 $1M$5M($3M)

Retained capital not read

Balance sheet Net cash, +$29K

RSG Republic Services Inc.

Republic Services is one of the largest providers of environmental services in North America, as measured by revenue.

Owner earnings 2016–2025 $920M$921M$1.2B$1.1B$1.3B$1.5B$1.7B$2.0B$2.1B$2.4B

Retained capital Retained $3.8B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.30 per $1 retained.

Balance sheet Heavy net debt, $13.6B · dividend paid 10 of 10 yrs, never cut

WCN Waste Connections Inc.

Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada.

Owner earnings 2016–2025 $451M$708M$865M$906M$811M$954M$1.1B$1.2B$1.2B$1.2B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $526M, $0.21 per $1 retained.

Balance sheet Heavy net debt, $8.8B · buybacks at an average near $127 · dividend paid 10 of 10 yrs, never cut

WM Waste Management Inc.

Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries.

Owner earnings 2016–2025 $1.7B$1.6B$1.9B$2.1B$1.8B$2.3B$2.5B$2.6B$3.1B$2.8B

Retained capital Retained $2.7B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.42 per $1 retained.

Balance sheet Heavy net debt, $22.5B · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.