CWST vs RSG: Casella Waste Systems and Republic Services compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Republic Services is the larger company, worth $70.4B, about 12.8 times Casella Waste Systems.
- Casella Waste Systems grew revenue faster over the last year (+16.9% vs +4.6%).
- Republic Services keeps more of each dollar of revenue as operating profit (19.9% vs 3.4%).
- On earnings, Republic Services is the cheaper stock (32.8x vs 783.6x).
- Casella Waste Systems's price assumes faster free cash flow growth: about 20% a year, against 10% for Republic Services (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 | CWST | RSG |
|---|---|---|
| Market cap | $5.5B | $70.4B |
| Share price | $83.78 | $216.88 |
| Revenue (last fiscal year) | $1.8B | $16.6B |
| Free cash flow (last fiscal year) | $85M | $2.4B |
| Revenue growth, last year | +16.9% | +4.6% |
| Revenue growth per year, last 5 fiscal years | +19.9% | +10.1% |
| Operating margin | 3.4% | 19.9% |
| Net margin | 0.29% | 12.9% |
| Return on equity | 0.36% | 18.2% |
| P/E (trailing) | 783.6x | 32.8x |
| Price / free cash flow | 64.7x | 29.2x |
| EV / EBITDA | 16.3x | 16.8x |
| FCF growth the price implies | 20.5% | 10.0% |
| Dividend yield | — | 1.1% |
| Debt / equity | 1.25x | 1.92x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Republic Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.3B | $1.5B | 18.4% |
| 2022 | $13.5B | $1.7B | 17.7% |
| 2023 | $15.0B | $2.0B | 18.6% |
| 2024 | $16.0B | $2.1B | 19.9% |
| 2025 | $16.6B | $2.4B | 19.9% |
Where the revenue comes from
Casella Waste Systems · by segments, 2025
Western$663M36%
Eastern$473M26%
Resource Solutions$360M20%
Mid-Atlantic$341M19%
Republic Services · by segments, 2025
Group 1$7.5B45%
Group 2$7.3B44%
Group 3$1.8B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CWST in InvestinglyQuestions
Which is bigger, Casella Waste Systems or Republic Services?
Republic Services (RSG), at $70.4B against $5.5B.
Is CWST or RSG cheaper?
By trailing P/E, Republic Services (32.8x) is cheaper than Casella Waste Systems (783.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CWST or RSG?
Casella Waste Systems: revenue grew +16.9% over the last year, against +4.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.