# Clean Harbors, Inc. (CLH)

> Source: Nexqual · https://nexqual.com/CLH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Clean Harbors, Inc. (CLH), nexqual.com/CLH" · informational, not investment advice.

**Price:** USD 320.96 (+0.53% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 319.26 · day 315.88–321.87 · 52w 201.34–335.94 · market cap $16.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.24B, net income $439M (7.0% margin), free cash flow $462M (SEC filings).
- Valuation: P/E 38.6x (avg 29.4x at the last 3 fiscal year-ends), EV/EBITDA 16.1x, net debt $2.26B.
- 2 of 80 tracked superinvestors hold CLH (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.3M; 3 not under a Rule 10b5-1 plan ($1.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 364.67 (range 332–390).
- Total return with dividends: 1Y +31.8% vs S&P 500 +14.9%; 5Y +179.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 3.22, revenue estimate $1.73B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.81B | $5.17B | $5.41B | $5.89B | $6.03B | $6.24B |
| Gross profit | $1.20B | $1.62B | $1.66B | $1.82B | $1.89B | — |
| Operating income | $348M | $635M | $612M | $670M | $673M | $739M |
| Net income | $203M | $412M | $378M | $402M | $391M | $439M |
| EPS (diluted) | $3.71 | $7.56 | $6.95 | $7.42 | $7.28 | — |
| Free cash flow | $304M | $281M | $312M | $346M | $442M | $462M |
| Gross margin | 31.4% | 31.4% | 30.7% | 31.0% | 31.3% | — |
| Operating margin | 9.1% | 12.3% | 11.3% | 11.4% | 11.2% | 11.8% |
| Net margin | 5.3% | 8.0% | 7.0% | 6.8% | 6.5% | 7.0% |
| Revenue growth | +21.0% | +35.8% | +4.7% | +8.9% | +2.4% | — |
| Cash + short-term investments | $534M | $555M | $551M | $790M | $954M | — |
| Total debt | $2.53B | $2.42B | $2.30B | $2.79B | $2.78B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 38.6x · P/S 2.7x · EV/EBITDA 16.1x · EV/Sales 3.1x · P/FCF 36.7x · P/B 5.8x · FCF yield 2.73% · Earnings yield 2.59% · Buyback yield (TTM) 1.39% · Net debt $2.26B · EV $19.2B
P/E at fiscal year-ends: Dec 2025 32.2x, Dec 2024 31.0x, Dec 2023 25.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CLH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 2.59% | $267M | Reduced -15.1% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.2M | Added +1.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Gerstenberg Eric W | CO-CEO | 2,500 | $803K | 4.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Robertson Andrea | Director | 789 | $248K | 8.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | States Lauren | Director | 789 | $226K | 6.5% | No | Routine (sold in May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 364.67 (low 332, high 390).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Baird | Target raised | Outperform | $360 → $365 |
| 2026-10-21 | UBS | Upgrade | Neutral → Buy | $325 → $375 |
| 2026-10-15 | Citigroup | Target raised | Buy | $376 → $378 |
| 2026-10-14 | TD Cowen | Target raised | Buy | $380 → $390 |
| 2026-10-08 | Barclays | Target raised | Equal-Weight | $325 → $335 |
| 2026-09-10 | William Blair | Initiated | Outperform |  |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $313 → $349 |
| 2026-07-30 | Citigroup | Target raised | Buy | $349 → $376 |
| 2026-07-30 | Stifel | Target raised | Buy | $337 → $364 |
| 2026-07-30 | TD Cowen | Target raised | Buy | $335 → $380 |
| 2026-07-30 | Truist Securities | Target raised | Buy | $350 → $365 |
| 2026-07-30 | Barclays | Target raised | Equal-Weight | $305 → $325 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +31.8% | +179.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.9% | +22.8% |
| Volatility (annualized) | 27.7% | 25.8% |
| Max drawdown | -18.1% (Oct 2025→Nov 2025) | -27.6% (Oct 2021→Jun 2022) |

## Peers (Waste Management)
GFL (GFL Environmental Inc. Subordin) USD 44.14 +1.52% · WCN (Waste Connections, Inc.) USD 184.88 +9.86% · CWST (Casella Waste Systems, Inc.) USD 96.89 +7.39% · RSG (Republic Services, Inc.) USD 241.9 +5.03% · WM (Waste Management, Inc.) USD 239.1 +4.15% · OIO (OIO Group) USD 1.87 +1.08%

## More
Full page: https://nexqual.com/CLH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CLH's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Safety-Kleen | "General manufacturing customers account for more than thirty percent of the revenues for our Safety-Kleen Environmental revenues, with automotive customers making up less than twenty-five percent." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Segment Revenues | $1.74B | 100.0% | +12.0% |
| — Environmental Services (part of Total Segment Revenues) | $1.44B | 83.3% | +8.6% |
| — Safety-Kleen Sustainability Solutions (part of Total Segment Revenues) | $290.5M | 16.7% | +32.2% |
| Total revenue | $1.74B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service revenues | $1.43B | 82.6% | +7.2% |
| Technical Services | $544.9M | 31.4% | +17.6% |
| Industrial Services and Other | $358.9M | 20.7% | -0.7% |
| Product revenues | $302.1M | 17.4% | +41.9% |
| Safety-Kleen Environmental Services | $291.7M | 16.8% | +11.2% |
| Field and Emergency Response Services | $249.0M | 14.4% | +2.6% |
| Total revenue | $1.74B | 100% | — |
The lines above cover 183.3% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.57B | 90.5% | +12.0% |
| Canada | $164.2M | 9.5% | +11.8% |
| Total revenue | $1.74B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Guidance for Adjusted EBITDA and Adjusted Free Cash Flow NORWELL, Mass. – July 29, 2026 – Clean Harbors, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.22 | $2.81 | +14.7% | $1.73B | 13 |
| Next quarter (ends 2026-12-31) | $2.33 | $2.04 | +14.3% | $1.67B | 13 |
| Current fiscal year (ends 2026-12-31) | $10.00 | $8.87 | +12.8% | $6.60B | 14 |
| Next fiscal year (ends 2027-12-31) | $10.25 | $9.71 | +5.6% | $7.01B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±8.1%; last 8 reports averaged ±6.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.0% | ±8.1% |
| 2026-12-18 | 56 | 29.7% | ±9.4% |
| 2027-01-15 | 84 | 27.1% | ±10.5% |
| 2027-04-16 | 175 | 27.8% | ±15.4% |