CLH vs CWST: Clean Harbors and Casella Waste Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Clean Harbors is the larger company, worth $16.8B, about 3.1 times Casella Waste Systems.
- Casella Waste Systems grew revenue faster over the last year (+16.9% vs +1.9%).
- Clean Harbors keeps more of each dollar of revenue as operating profit (11.2% vs 3.4%).
- On earnings, Clean Harbors is the cheaper stock (43.1x vs 783.6x).
- Casella Waste Systems's price assumes faster free cash flow growth: about 20% a year, against 13% for Clean Harbors (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CLH | CWST |
|---|---|---|
| Market cap | $16.8B | $5.5B |
| Share price | $316.93 | $83.78 |
| Revenue (last fiscal year) | $6.0B | $1.8B |
| Free cash flow (last fiscal year) | $442M | $85M |
| Revenue growth, last year | +1.9% | +16.9% |
| Revenue growth per year, last 5 fiscal years | +12.2% | +19.9% |
| Operating margin | 11.2% | 3.4% |
| Net margin | 6.5% | 0.29% |
| Return on equity | 14.2% | 0.36% |
| P/E (trailing) | 43.1x | 783.6x |
| Price / free cash flow | 38.0x | 64.7x |
| EV / EBITDA | 18.7x | 16.3x |
| FCF growth the price implies | 13.4% | 20.5% |
| Dividend yield | — | — |
| Debt / equity | 1.72x | 1.25x |
| Fundamental grade | D | D |
| Superinvestors holding it | 4 | 4 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Clean Harbors
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | $304M | 9.1% |
| 2022 | $5.2B | $281M | 12.3% |
| 2023 | $5.4B | $312M | 11.3% |
| 2024 | $5.9B | $346M | 11.4% |
| 2025 | $6.0B | $442M | 11.2% |
Casella Waste Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $889M | $59M | 8.7% |
| 2022 | $1.1B | $86M | 8.8% |
| 2023 | $1.3B | $78M | 6.4% |
| 2024 | $1.6B | $78M | 4.7% |
| 2025 | $1.8B | $85M | 3.5% |
Where the revenue comes from
Clean Harbors · by segments, 2025
Environmental Services$5.1B85%
Safety-Kleen Sustainability Solutions$884M15%
Casella Waste Systems · by segments, 2025
Western$663M36%
Eastern$473M26%
Resource Solutions$360M20%
Mid-Atlantic$341M19%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CLH in InvestinglyQuestions
Which is bigger, Clean Harbors or Casella Waste Systems?
Clean Harbors (CLH), at $16.8B against $5.5B.
Is CLH or CWST cheaper?
By trailing P/E, Clean Harbors (43.1x) is cheaper than Casella Waste Systems (783.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CLH or CWST?
Casella Waste Systems: revenue grew +16.9% over the last year, against +1.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.