CWST vs WCN: Casella Waste Systems 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 7.3 times Casella Waste Systems.
- Casella Waste Systems grew revenue faster over the last year (+16.9% vs +6.4%).
- Waste Connections keeps more of each dollar of revenue as operating profit (17.0% vs 3.4%).
- On earnings, Waste Connections is the cheaper stock (38.5x vs 783.6x).
- Casella Waste Systems's price assumes faster free cash flow growth: about 20% 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 | CWST | WCN |
|---|---|---|
| Market cap | $5.5B | $40.2B |
| Share price | $83.78 | $152.83 |
| Revenue (last fiscal year) | $1.8B | $9.5B |
| Free cash flow (last fiscal year) | $85M | $1.2B |
| Revenue growth, last year | +16.9% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +19.9% | +11.4% |
| Operating margin | 3.4% | 17.0% |
| Net margin | 0.29% | 10.9% |
| Return on equity | 0.36% | 13.4% |
| P/E (trailing) | 783.6x | 38.5x |
| Price / free cash flow | 64.7x | 32.9x |
| EV / EBITDA | 16.3x | 16.0x |
| FCF growth the price implies | 20.5% | 11.4% |
| Dividend yield | — | 0.84% |
| Debt / equity | 1.25x | 1.70x |
| Fundamental grade | D | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
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
Casella Waste Systems · by segments, 2025
Western$663M36%
Eastern$473M26%
Resource Solutions$360M20%
Mid-Atlantic$341M19%
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 CWST in InvestinglyQuestions
Which is bigger, Casella Waste Systems or Waste Connections?
Waste Connections (WCN), at $40.2B against $5.5B.
Is CWST or WCN cheaper?
By trailing P/E, Waste Connections (38.5x) is cheaper than Casella Waste Systems (783.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CWST or WCN?
Casella Waste Systems: revenue grew +16.9% over the last year, against +6.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.