Waste Management Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Waste Management Inc (WM) 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 Management Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 26,070M vs 35,037M combined for its competitors (42.7% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+5.0% annualized vs trailing 12 months), vs accelerating (+10.9%) for its tracked peer group.
- Growth: Waste Management Inc generated 6.3% revenue growth year over year in Q3 2026, vs 18.2% for its competitors combined.
- Profitability: Its 12.0% net margin compares with 11.9% for the peer group.
- Scale: Waste Management Inc ranks #1 of 17 companies by market capitalization in the Environmental Services industry, holding 37.2% of industry market cap.
- Peer revenue share: Waste Management Inc accounted for 41.3% of combined revenue among its tracked peer group, down from 43.9% a year earlier.
- Peer differentiation: Revenue per employee of $0.43M compares with $0.41M for the peer group (1.0x).
- Structure: Waste Management Inc operates in the following segments: East Tier, West Tier, Other Operating, Healthcare Solutions, Recycling Processing and Sales, Renewable Energy, Corporate Segment and Other Operating.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
WM Sales vs. its Competitors, Q3 2026
Waste Management Inc reported revenue growth of 6.25 % year on year in Q3 2026, below its competitors' combined revenue growth of 18.16 %.
With a net margin of 11.98 %, Waste Management Inc achieved higher profitability than its competitors (11.90 %).
Waste Management Inc generated 41.34 % of the combined sales of its peer group, down from 43.94 % a year earlier.
Waste Management 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 Management 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 Management Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Waste Management 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 (3) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Waste Management Inc's competitor groups requires a Commercial License.
For context: the Environmental Services industry grew revenue 6.4% year over year, combined, vs 6.3% for Waste Management Inc. Waste Management Inc's share of combined industry revenue moved from 27.60% to 27.57%, a loss of 0.03 percentage points.
Waste Management Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Waste Management Inc | Yes | Yes | Yes | No |
| Competitors combined (18) | ||||
| High-Confidence Competitors (7) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 75.00 % (6 of 8) | 75.00 % (6 of 8) | 0.00 % (0 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.
WM Stock Performance relative to its Competitors
WM Stock Performance relative to High-Confidence Competitors
WM Stock Performance relative to Similar-Size Competitors
WM 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 | Enviri Corp | 282.9% | Outperformed |
| 2 | Concrete Pumping Holdings Inc | 282.9% | Outperformed |
| 3 | Darling Ingredients Inc | 282.9% | Outperformed |
| 4 | Clean Harbors inc | 282.9% | Outperformed |
| 5 | Envela Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Waste Management Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Waste Management Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Waste Management Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Waste Management Inc |
97,105.42 | 26,070.00 |
 Republic Services Inc |
76,570.71 | 18,529.00 |
 Waste Connections Inc |
48,649.30 | 9,943.63 |
 Gfl Environmental Inc |
17,200.06 | 4,707.96 |
 Clean Harbors inc |
15,324.79 | 6,563.69 |
 Darling Ingredients Inc |
8,378.30 | 6,548.66 |
| SUBTOTAL | 272,465.82 | 79,303.02 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Waste Management Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Waste Management Inc's Competitors Named by the Company
Competitive relationships identified from Waste Management Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Clean Harbors inc | Company report | 85% |
| Casella Waste Systems Inc | Company report | 85% |
| Deep Green Waste and Recycling Inc | Company report | 85% |
| Waste Connections Inc | Company report | 85% |
| Quest Resource Holding Corporation | Company report | 85% |
| Montauk Renewables Inc | Company report | 85% |
| Purebase Corporation | Company report | 85% |
| Aptargroup inc | Company report | 85% |
| Biolargo Inc | Company report | 85% |
| Rubicon Technologies Inc | Company report | 85% |
| Darling Ingredients Inc | Company report | 85% |
| Concrete Pumping Holdings Inc | Company report | 85% |
| Susglobal Energy Corp | Company report | 85% |
| Perma Fix Environmental Services Inc | Company report | 85% |
| Heritage crystal Clean Inc | Company report | 85% |
| Gfl Environmental Inc | Company report | 85% |
| Avalon Holdings Corporation | Company report | 85% |
| Republic Services Inc | Company report | 85% |
| Sector 10 Inc | Company report | 85% |
| Vivakor Inc | Company report | 85% |
| Envela Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Waste Management Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Waste Management 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 Management Inc | East Tier 45.15 % |
| Republic Services Inc | Group 1 45.96 % |
| Waste Connections Inc | Solid Waste Collection 69.20 % |
| Clean Harbors inc | Environmental Services 82.29 % |
| Darling Ingredients Inc | Feed Ingredients 66.67 % |
| 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).
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Waste Management 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 Management Inc | 97,105 | 430,909 | 50,760 |
| Republic Services Inc | 76,571 | 441,167 | 53,013 |
| Waste Connections Inc | 48,649 | 410,656 | 46,810 |
| Gfl Environmental Inc | 17,200 | 1,238,936 | 718,442 |
| Clean Harbors inc | 15,325 | 290,544 | 23,388 |
| Darling Ingredients Inc | 8,378 | 436,578 | 40,417 |
| PEERS TOTAL | 175,360 | 411,492 | 51,223 |
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Waste Management 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 % |
| Darling Ingredients Inc | North America 58.21 % |
| Ameresco Inc | United States 61.89 % |
| Enviri Corp | North America 59.02 % |
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 Management Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 14 companies in Waste Management Inc's industry classification, broader than the peer set above. Market cap in millions of $.Waste Management Inc ranks #1 of 14 companies by market capitalization in its industry, holding 37.17 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,674, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Waste Management Inc | 95,968 | 37.17 % |
| 2 | Republic Services Inc | 75,495 | 29.24 % |
| 3 | Waste Connections Inc | 48,885 | 18.94 % |
| 4 | Gfl Environmental Inc | 15,817 | 6.13 % |
| 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 Management Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-04.
Waste Management 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 | 95,968 | 19.95 % |
| 2 | Republic Services Inc | 75,495 | 17.50 % |
| 3 | Waste Connections Inc | 1,234 | 12.3% |
| 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% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Waste Management Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-04. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Waste Management 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 | 40.79 % | 18.38 % (avg) | +22.4 pp |
| Operating Margin | 18.41 % | industry median | +5.2 pp |
| EBITDA Margin | 28.34 % | -2.57 % (avg) | +30.9 pp |
| Capital Intensity (Capex / Revenue) | 10.84 % | 4.41 % (avg) | +6.4 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 Management 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 | 29.3x | 19.0x | +10.3x |
| EV / EBITDA | 16.8x | 12.3x | +4.5x |
| P/B | 9.0x | 3.6x | +5.4x |
| Return on Equity | 30.86 % | industry aggregate | 8.18 % |
| Return on Invested Capital | 7.62 % | -3.90 % (avg) | 11.52 % |
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 Management 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 | 3.12 % | 3.47 % | -1.53 % | 17.83 % | 9.85 % | 3.70 % | 8.01 % | 14.24 % |
| Operating Margin | 18.77 % | 17.51 % | 15.99 % | 16.54 % | 17.08 % | 17.50 % | 18.42 % | 17.09 % |
| Return on Invested Capital | 11.08 % | 9.14 % | 8.05 % | 9.12 % | 10.12 % | 10.31 % | 10.31 % | 8.16 % |
| P/E | 19.2x | 29.3x | 33.3x | 37.4x | 29.5x | 29.4x | 31.6x | 31.8x |
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 Management Inc's Strategic Group Map
Waste Management 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 Management Inc's trailing-12-month revenue growth of 5.2% and operating margin of 18.4% compares with an average of 7.1% growth and 11.6% margin across its 8 closest peers by combined growth, margin and ROIC -- Waste Management Inc sits below that peer average on growth and above 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 Management Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Waste Management Inc falls in the Cash Cow quadrant: relative market share of 1.27x 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.
Waste Management 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 2,674 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 10.84 % vs industry average 4.41 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Waste Management Inc's dedicated Suppliers and Customers pages, not here.
Waste Management Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Waste Management 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 Management 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
- Market leader by capitalization in its industry (#1 of 14, 37.17 % share).
- Operating margin 5.2 points above the industry median.
- Return on equity 8.2 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+5.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
- A meaningful share of competitors (44.40 %) show financial-distress signals, a possible opening to gain share.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Waste Management 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 Management Inc | 0.05 | 0.89 | 3.50 |
| Republic Services Inc | 0.03 | 0.67 | 1.74 |
| Waste Connections Inc | 0.04 | 0.66 | 2.29 |
| Gfl Environmental Inc | 0.04 | 0.58 | 1.00 |
| Clean Harbors inc | - | 2.18 | 0.97 |
| Darling Ingredients Inc | 0.13 | 1.54 | 1.01 |
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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 Management 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 Management Inc | Q3 2026 | +6.3 % | +36.0 % |
| Republic Services Inc | Q3 2026 | +23.6 % | +7.6 % |
| Waste Connections Inc | Q3 2026 | +7.3 % | +25.5 % |
| Gfl Environmental Inc | Q4 2025 | +4.7 % | - |
| Clean Harbors inc | Q3 2026 | +20.7 % | +75.2 % |
| Darling Ingredients Inc | Q2 2026 | +16.4 % | +2,628.8 % |
| PEERS TOTAL | +10.0 % | +385.5 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Waste Management 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 Management Inc | Q3 2026 | +6.8 % | -15.3 % |
| Republic Services Inc | Q3 2026 | +8.1 % | +11.5 % |
| Waste Connections Inc | Q3 2026 | +6.7 % | -0.8 % |
| Gfl Environmental Inc | Q4 2025 | +2.7 % | - |
| Clean Harbors inc | Q3 2026 | +15.2 % | +83.5 % |
| Darling Ingredients Inc | Q2 2026 | +7.5 % | - |
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Waste Management Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Waste Management Inc | 6.66% | 5.79% | 30.86% |
| Republic Services Inc | 6.38% | 5.96% | 18.47% |
| Waste Connections Inc | 5.32% | 3.76% | 14.12% |
| Gfl Environmental Inc | 19.40% | 30.97% | 50.01% |
| Clean Harbors inc | 6.75% | 8.47% | 18.27% |
| Darling Ingredients Inc | 5.72% | 5.72% | 12.23% |
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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 Management 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 Management Inc | 31.83 | 3.72 |
| Republic Services Inc | 34.65 | 4.13 |
| Waste Connections Inc | 36.37 | 4.89 |
| Gfl Environmental Inc | 4.55 | 3.65 |
| Clean Harbors inc | 29.12 | 2.33 |
| Darling Ingredients Inc | 14.02 | 1.28 |
| PEERS AVERAGE | 28.10 | 3.44 |
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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.