# Waste Management, Inc. (WM)

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

**Price:** USD 239.1 (+4.15% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 229.58 · day 231.36–239.62 · 52w 194.11–248.13 · market cap $95.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.7B, net income $2.85B (11.1% margin), free cash flow $3.57B (SEC filings).
- Valuation: P/E 33.5x (avg 31.3x at the last 3 fiscal year-ends), EV/EBITDA 15.7x, net debt $22.8B.
- 3 of 80 tracked superinvestors hold WM (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $885K; 2 not under a Rule 10b5-1 plan ($885K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +12.5% vs S&P 500 +14.9%; 5Y +57.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 2.18, revenue estimate $6.81B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.9B | $19.7B | $20.4B | $22.1B | $25.2B | $25.7B |
| Gross profit | $6.82B | $7.40B | $7.82B | $8.68B | $10.2B | — |
| Operating income | $2.96B | $3.37B | $3.58B | $4.06B | $4.31B | $4.51B |
| Net income | $1.82B | $2.24B | $2.30B | $2.75B | $2.71B | $2.85B |
| EPS (diluted) | $4.29 | $5.39 | $5.66 | $6.81 | $6.70 | — |
| Free cash flow | $2.30B | $1.73B | $1.82B | $2.16B | $2.82B | $3.57B |
| Gross margin | 38.0% | 37.6% | 38.3% | 39.3% | 40.4% | — |
| Operating margin | 16.5% | 17.1% | 17.5% | 18.4% | 17.1% | 17.6% |
| Net margin | 10.1% | 11.4% | 11.3% | 12.4% | 10.7% | 11.1% |
| Revenue growth | +17.8% | +9.9% | +3.7% | +8.0% | +14.2% | — |
| Cash + short-term investments | $118M | $351M | $458M | $414M | $201M | — |
| Total debt | $13.4B | $15.0B | $16.2B | $23.9B | $22.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.5x · P/S 3.7x · EV/EBITDA 15.7x · EV/Sales 4.6x · P/FCF 26.7x · P/B 9.6x · FCF yield 3.74% · Earnings yield 2.99% · Dividend yield (paid, TTM) 1.50% · Net debt $22.8B · EV $118B
P/E at fiscal year-ends: Dec 2025 32.8x, Dec 2024 29.6x, Dec 2023 31.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold WM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Gates | Gates Foundation Trust | 17.30% | $5.96B | Reduced -3.3% |
| Jensen Investment Management |  | 3.41% | $141M | Reduced -3.1% |
| Mairs & Power | Mairs & Power Funds | 1.21% | $132M | Added +48.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Carroll John A. | VP & Chief Accounting Officer | 1,365 | $300K | 15% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Carrasco Rafael | SVP of Enterprise Strategy | 2,655 | $585K | 14.6% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
% 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
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target lowered | Equal-Weight | $230 → $220 |
| 2026-10-08 | JP Morgan | Target lowered | Overweight | $270 → $235 |
| 2026-10-08 | CIBC | Target lowered | Neutral | $250 → $225 |
| 2026-08-04 | UBS | Target raised | Buy | $265 → $270 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $240 → $244 |
| 2026-07-30 | Stifel | Target raised | Buy | $252 → $261 |
| 2026-07-30 | Barclays | Target raised | Overweight | $270 → $277 |
| 2026-07-16 | Scotiabank | Target raised | Sector Perform | $250 → $260 |
| 2026-07-10 | Citigroup | Target raised | Buy | $263 → $269 |
| 2026-07-08 | Oppenheimer | Target lowered | Outperform | $264 → $263 |
| 2026-06-27 | CIBC | Target raised | Neutral | $244 → $250 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.5% | +57.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.5% | +9.5% |
| Volatility (annualized) | 21.2% | 19.0% |
| Max drawdown | -17.1% (Mar 2026→Oct 2026) | -16.5% (May 2025→Oct 2025) |

## Peers (Waste Management)
RSG (Republic Services, Inc.) USD 241.9 +5.03% · WCN (Waste Connections, Inc.) USD 184.88 +9.86% · CLH (Clean Harbors, Inc.) USD 320.96 +0.53% · GFL (GFL Environmental Inc. Subordin) USD 44.14 +1.52% · CWST (Casella Waste Systems, Inc.) USD 96.89 +7.39% · OIO (OIO Group) USD 1.87 +1.08%

## More
Full page: https://nexqual.com/WM · 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)


Other companies that name WM in their own reports (relationship from WM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Bristow Group Inc. (VTOL) | 10-K 2026-02-26 | "Her professional journey also includes several years at Waste Management, Inc. ("Waste Management"), where she started in 2002 as the Controller of Waste Management Trading before transitioning to the…" |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Collection & Disposal | $5.48B | 66.9% | +3.7% | $1.55B | 28.3% |
| — East Tier Region Areas (part of Collection & Disposal) | $2.41B | 29.4% | +5.0% | $784.0M | 32.6% |
| — West Tier Region Areas (part of Collection & Disposal) | $2.29B | 28.0% | +1.8% | $761.0M | 33.2% |
| — All Other Segments (part of Collection & Disposal) | $782.0M | 9.6% | +6.0% | $5.0M | 0.6% |
| Healthcare Solutions | $638.0M | 7.8% | -1.2% | $2.0M | 0.3% |
| Recycling Processing & Sales | $403.0M | 4.9% | +5.8% | $36.0M | 8.9% |
| Renewable Energy | $157.0M | 1.9% | +36.5% | $47.0M | 29.9% |
| Corporate & Other | $7.0M | 0.1% | +0.0% | -$382.0M | -5457.1% |
| Total revenue | $8.19B | 100% | — | $1.25B | 15.3% |
The lines above cover 81.6% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Collection & Disposal | $5.48B | 66.9% | +3.7% |
| Collection | $4.07B | 49.7% | +5.4% |
| Commercial | $1.49B | 18.1% | +6.2% |
| Landfill | $1.00B | 12.3% | -3.1% |
| Residential | $911.0M | 11.1% | +4.5% |
| Other Collection | $849.0M | 10.4% | +6.7% |
| Industrial | $820.0M | 10.0% | +3.8% |
| Healthcare Solutions | $638.0M | 7.8% | -1.2% |
| Transfer | $410.0M | 5.0% | +5.4% |
| Recycling Processing & Sales | $403.0M | 4.9% | +5.8% |
| Renewable Energy | $157.0M | 1.9% | +36.5% |
| Service Other | $7.0M | 0.1% | +0.0% |
| Total revenue | $8.19B | 100% | — |
The lines above cover 198.2% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $23.91B | 94.9% | +13.3% |
| Canada | $967.0M | 3.8% | +13.5% |
| Western Europe & Other Countries | $326.0M | 1.3% | +213.5% |
| Total revenue | $25.20B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "Outlook” and all statements regarding future growth, earnings, value creation, performance and results of our business; targets, financial guidance and outlook; ability to achieve the Company's 2026 outlook; and technology and automation investments and results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.18 | $2.20 | -0.7% | $6.81B | 24 |
| Next quarter (ends 2026-12-31) | $2.10 | $2.17 | -3.3% | $6.70B | 24 |
| Current fiscal year (ends 2026-12-31) | $8.14 | $8.17 | -0.4% | $26.43B | 28 |
| Next fiscal year (ends 2027-12-31) | $9.09 | $9.21 | -1.4% | $27.86B | 28 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±5.5%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 26.3% | ±5.5% |
| 2026-12-18 | 56 | 23.5% | ±7.5% |
| 2027-01-15 | 84 | 22.6% | ±8.8% |
| 2027-03-19 | 147 | 21.9% | ±11.2% |
| 2027-04-16 | 175 | 22.1% | ±12.3% |
| 2027-06-17 | 237 | 22.2% | ±14.3% |
| 2027-09-17 | 329 | 22.1% | ±16.8% |