GFL vs WCN: Gfl Environmental 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 2.6 times Gfl Environmental.
- Gfl Environmental grew revenue faster over the last year (+7.8% vs +6.4%).
- On earnings, Waste Connections is the cheaper stock (38.5x vs 117.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GFL | WCN |
|---|---|---|
| Market cap | $15.7B | $40.2B |
| Share price | $42.78 | $152.83 |
| Revenue (last fiscal year) | $6.6B | $9.5B |
| Free cash flow (last fiscal year) | $175M | $1.2B |
| Revenue growth, last year | +7.8% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +6.5% | +11.4% |
| Operating margin | — | 17.0% |
| Net margin | 58.0% | 10.9% |
| Return on equity | 52.5% | 13.4% |
| P/E (trailing) | 117.6x | 38.5x |
| Price / free cash flow | 89.9x | 32.9x |
| EV / EBITDA | 13.7x | 16.0x |
| FCF growth the price implies | — | 11.4% |
| Dividend yield | 0.19% | 0.84% |
| Debt / equity | 1.62x | 1.70x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 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.
Gfl Environmental
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.1B | $251M | — |
| 2022 | $6.8B | $331M | — |
| 2023 | $7.5B | -$75M | — |
| 2024 | $6.1B | $347M | — |
| 2025 | $6.6B | $175M | — |
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
Gfl Environmental · by segments, 2021
Solid waste$5.0B81%
Liquid waste$680M11%
Infrastructure and soil remediation$530M9%
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 GFL in InvestinglyQuestions
Which is bigger, Gfl Environmental or Waste Connections?
Waste Connections (WCN), at $40.2B against $15.7B.
Is GFL or WCN cheaper?
By trailing P/E, Waste Connections (38.5x) is cheaper than Gfl Environmental (117.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, GFL or WCN?
Gfl Environmental: revenue grew +7.8% 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.