Waste Connections Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Waste Connections Inc (WCN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Waste Connections Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 9,944M vs 51,163M combined for its competitors (16.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+6.1% annualized vs trailing 12 months), vs accelerating (+8.8%) for its tracked peer group.
- Growth: Waste Connections Inc generated 7.3% revenue growth year over year in Q3 2026, vs 14.1% for its competitors combined.
- Profitability: Its 13.6% net margin compares with 11.6% for the peer group.
- Scale: Waste Connections Inc ranks #3 of 17 companies by market capitalization in the Environmental Services industry, holding 18.7% of industry market cap.
- Peer revenue share: Waste Connections Inc accounted for 15.9% of combined revenue among its tracked peer group, down from 16.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.41M compares with $0.41M for the peer group (1.0x).
- Structure: Waste Connections Inc operates in the following segments: Solid Waste Collection, Southern, Western, Eastern, Central, Canada, Mid South.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
WCN Sales vs. its Competitors, Q3 2026
Waste Connections Inc reported revenue growth of 7.31 % year on year in Q3 2026, below its competitors' combined revenue growth of 14.06 %.
With a net margin of 13.62 %, Waste Connections Inc achieved higher profitability than its competitors (11.64 %).
Waste Connections Inc generated 15.93 % of the combined sales of its peer group, down from 16.77 % a year earlier.
API endpoints for this dataset
Waste Connections Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Waste Connections Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Waste Connections Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Waste Connections Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Waste Connections Inc's competitor groups requires a Commercial License.
For context: the Environmental Services industry grew revenue 6.4% year over year, combined, vs 7.3% for Waste Connections Inc. Waste Connections Inc's share of combined industry revenue moved from 10.53% to 10.63%, a gain of 0.09 percentage points.
Waste Connections Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Waste Connections Inc | Yes | Yes | Yes | Yes |
| Competitors combined (4) | ||||
| High-Confidence Competitors (5) | ||||
| Similar-Size Competitors (7) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 50.00 % (4 of 8) | 50.00 % (4 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
WCN Stock Performance relative to its Competitors
WCN Stock Performance relative to High-Confidence Competitors
WCN Stock Performance relative to Similar-Size Competitors
WCN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Clean Harbors inc | 282.9% | Outperformed |
| 2 | Republic Services Inc | 282.9% | Outperformed |
| 3 | Waste Management Inc | 282.9% | Outperformed |
| 4 | Casella Waste Systems Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Waste Connections Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Waste Connections Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Waste Connections Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Waste Connections Inc |
47,621.65 | 9,943.63 |
 Waste Management Inc |
94,456.75 | 26,070.00 |
 Republic Services Inc |
75,654.34 | 18,529.00 |
 Clean Harbors inc |
15,028.04 | 6,563.69 |
 Casella Waste Systems Inc |
6,254.50 | 1,955.48 |
| SUBTOTAL | 239,015.28 | 63,061.79 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Waste Connections Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Waste Connections Inc's Competitors Named by the Company
Competitive relationships identified from Waste Connections Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Casella Waste Systems Inc | Company report | 85% |
| GFL Environmental, Inc. | Company report | 85% |
| Republic Services, Inc. | Company report | 85% |
| Waste Management, Inc. | Company report | 85% |
| Deep Green Waste and Recycling Inc | Company report | 85% |
| Stericycle Inc | Company report | 85% |
| Clean Harbors inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Waste Connections Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Waste Connections Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Waste Connections Inc | Solid Waste Collection 69.20 % |
| Waste Management Inc | East Tier 45.15 % |
| Republic Services Inc | Group 1 45.96 % |
| Clean Harbors inc | Environmental Services 82.29 % |
| Casella Waste Systems Inc | Western Region 47.02 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Waste Connections Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Waste Connections Inc | 47,622 | 410,656 | 46,810 |
| Waste Management Inc | 94,457 | 430,909 | 50,760 |
| Republic Services Inc | 75,654 | 441,167 | 53,013 |
| Clean Harbors inc | 15,028 | 290,544 | 23,388 |
| Casella Waste Systems Inc | 6,255 | 349,193 | 1,019 |
| PEERS TOTAL | 191,394 | 406,441 | 44,621 |
Waste Connections Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Clean Harbors inc | United States 91.38 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Waste Connections Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 14 companies in Waste Connections Inc's industry classification, broader than the peer set above. Market cap in millions of $.Waste Connections Inc ranks #3 of 14 companies by market capitalization in its industry, holding 18.74 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,670, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Waste Management Inc | 95,071 | 36.97 % |
| 2 | Republic Services Inc | 75,938 | 29.53 % |
| 3 | Waste Connections Inc | 48,187 | 18.74 % |
| 4 | Gfl Environmental Inc | 16,176 | 6.29 % |
| 5 | Clean Harbors inc | 1,234 | 5.2% |
| 6 | Casella Waste Systems Inc | 1,234 | 5.2% |
| 7 | Perma Fix Environmental Services Inc | 1,234 | 5.2% |
| 8 | Athena Technology Acquisition Corp Ii | 1,234 | 5.2% |
| 9 | Oio Group | 1,234 | 5.2% |
| 10 | Quest Resource Holding Corporation | 1,234 | 5.2% |
Market cap and industry share for the rest of Waste Connections Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Waste Connections Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Waste Management Inc | 95,071 | 17.30 % |
| 2 | Republic Services Inc | 75,938 | 18.26 % |
| 3 | Waste Connections Inc | 48,187 | 12.28 % |
| 4 | Gfl Environmental Inc | 1,234 | 12.3% |
| 5 | Clean Harbors inc | 1,234 | 12.3% |
| 6 | Casella Waste Systems Inc | 1,234 | 12.3% |
| 7 | Perma Fix Environmental Services Inc | 1,234 | 12.3% |
| 8 | Athena Technology Acquisition Corp Ii | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Waste Connections Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Waste Connections Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Environmental Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (38 companies). See the full Environmental Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.43 % | 18.31 % (avg) | -17.9 pp |
| Operating Margin | 0.18 % | industry median | -15.6 pp |
| EBITDA Margin | 0.33 % | -3.36 % (avg) | +3.7 pp |
| Capital Intensity (Capex / Revenue) | 12.85 % | 4.84 % (avg) | +8.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Waste Connections Inc's Valuation vs Competitive Position
Valuation multiples vs the Environmental Services industry average (38 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Environmental Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 31.1x | 19.0x | +12.1x |
| EV / EBITDA | 17.7x | 12.3x | +5.4x |
| P/B | 5.2x | 3.6x | +1.5x |
| Return on Equity | 0.14 % | industry aggregate | -21.00 % |
| Return on Invested Capital | 0.07 % | -4.52 % (avg) | 4.59 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Waste Connections Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 7.04 % | 8.72 % | 1.06 % | 12.95 % | 17.24 % | 11.23 % | 11.19 % | 6.14 % |
| Operating Margin | 16.63 % | 15.55 % | 7.57 % | 16.90 % | 17.22 % | 15.41 % | 11.97 % | 18.06 % |
| Return on Invested Capital | 4.63 % | 4.39 % | 2.11 % | 5.18 % | 5.61 % | 3.87 % | 3.00 % | 4.54 % |
| P/E | 36.3x | 42.9x | 133.1x | 55.8x | 41.9x | 46.4x | 75.9x | 34.0x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Waste Connections Inc's Strategic Group Map
Waste Connections Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Waste Connections Inc's trailing-12-month revenue growth of 6.3% and operating margin of 0.2% compares with an average of 3.0% growth and 1.6% margin across its 8 closest peers by combined growth, margin and ROIC -- Waste Connections Inc sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Waste Connections Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Waste Connections Inc falls in the Dog quadrant: relative market share of 0.51x vs its largest competitor, in an industry growing revenue 0.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Waste Management Inc alone holds 37% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Waste Connections Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 2,670 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 12.85 % vs industry average 4.84 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Waste Connections Inc's dedicated Suppliers and Customers pages, not here.
Waste Connections Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Waste Connections Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Waste Connections Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+6.1% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 15.6 points below the industry median.
- Return on equity 21.0 points below the industry aggregate.
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
- Industry dominated by Waste Management Inc, holding 36.97 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Waste Connections Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Waste Connections Inc | 0.04 | 0.66 | 2.29 |
| Waste Management Inc | 0.05 | 0.89 | 3.50 |
| Republic Services Inc | 0.03 | 0.67 | 1.74 |
| Clean Harbors inc | - | 2.18 | 0.97 |
| Casella Waste Systems Inc | 0.40 | 1.28 | 0.98 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Waste Connections Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Waste Connections Inc | Q3 2026 | +7.3 % | +25.5 % |
| Waste Management Inc | Q3 2026 | +6.3 % | +36.0 % |
| Republic Services Inc | Q3 2026 | +23.6 % | +7.6 % |
| Clean Harbors inc | Q3 2026 | +20.7 % | +75.2 % |
| Casella Waste Systems Inc | Q2 2026 | +16.9 % | -27.6 % |
| PEERS TOTAL | +13.1 % | +26.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Waste Connections Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Waste Connections Inc | Q3 2026 | +6.7 % | -0.8 % |
| Waste Management Inc | Q3 2026 | +6.8 % | -15.3 % |
| Republic Services Inc | Q3 2026 | +8.1 % | +11.5 % |
| Clean Harbors inc | Q3 2026 | +15.2 % | +83.5 % |
| Casella Waste Systems Inc | Q2 2026 | +18.5 % | +8.9 % |
Waste Connections Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Waste Connections Inc | 5.32% | 3.76% | 14.12% |
| Waste Management Inc | 6.66% | 5.79% | 30.86% |
| Republic Services Inc | 6.38% | 5.96% | 18.47% |
| Clean Harbors inc | 6.75% | 8.47% | 18.27% |
| Casella Waste Systems Inc | 0.17% | 0.17% | 0.36% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Waste Connections Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Waste Connections Inc | 35.61 | 4.79 |
| Waste Management Inc | 30.96 | 3.62 |
| Republic Services Inc | 34.24 | 4.08 |
| Clean Harbors inc | 28.55 | 2.29 |
| Casella Waste Systems Inc | 1,052.81 | 3.20 |
| PEERS AVERAGE | 34.32 | 3.79 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.