CLH vs WCN: Clean Harbors and Waste Connections compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Waste Connections is the larger company, worth $40.2B, about 2.4 times Clean Harbors.
- Waste Connections grew revenue faster over the last year (+6.4% vs +1.9%).
- Waste Connections keeps more of each dollar of revenue as operating profit (17.0% vs 11.2%).
- On earnings, Waste Connections is the cheaper stock (38.5x vs 43.1x).
- Clean Harbors's price assumes faster free cash flow growth: about 13% a year, against 11% for Waste Connections (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 | WCN |
|---|---|---|
| Market cap | $16.8B | $40.2B |
| Share price | $316.93 | $152.83 |
| Revenue (last fiscal year) | $6.0B | $9.5B |
| Free cash flow (last fiscal year) | $442M | $1.2B |
| Revenue growth, last year | +1.9% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +12.2% | +11.4% |
| Operating margin | 11.2% | 17.0% |
| Net margin | 6.5% | 10.9% |
| Return on equity | 14.2% | 13.4% |
| P/E (trailing) | 43.1x | 38.5x |
| Price / free cash flow | 38.0x | 32.9x |
| EV / EBITDA | 18.7x | 16.0x |
| FCF growth the price implies | 13.4% | 11.4% |
| Dividend yield | — | 0.84% |
| Debt / equity | 1.72x | 1.70x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 5 |
| 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% |
Waste Connections
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.2B | $954M | 16.9% |
| 2022 | $7.2B | $1.1B | 17.2% |
| 2023 | $8.0B | $1.2B | 15.4% |
| 2024 | $8.9B | $1.2B | 12.0% |
| 2025 | $9.5B | $1.2B | 18.1% |
Where the revenue comes from
Clean Harbors · by segments, 2025
Environmental Services$5.1B85%
Safety-Kleen Sustainability Solutions$884M15%
Waste Connections · by segments, 2025
Southern$1.9B20%
Western$1.8B20%
Eastern$1.7B18%
Central$1.6B17%
Canada$1.3B14%
MidSouth$1.1B12%
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 Waste Connections?
Waste Connections (WCN), at $40.2B against $16.8B.
Is CLH or WCN cheaper?
By trailing P/E, Waste Connections (38.5x) is cheaper than Clean Harbors (43.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, CLH or WCN?
Waste Connections: revenue grew +6.4% 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.