RSG vs WCN: Republic Services 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.
- Republic Services is the larger company, worth $70.4B, about 1.8 times Waste Connections.
- Waste Connections grew revenue faster over the last year (+6.4% vs +4.6%).
- Republic Services keeps more of each dollar of revenue as operating profit (19.9% vs 17.0%).
- On earnings, Republic Services is the cheaper stock (32.8x vs 38.5x).
- Waste Connections's price assumes faster free cash flow growth: about 11% 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 | RSG | WCN |
|---|---|---|
| Market cap | $70.4B | $40.2B |
| Share price | $216.88 | $152.83 |
| Revenue (last fiscal year) | $16.6B | $9.5B |
| Free cash flow (last fiscal year) | $2.4B | $1.2B |
| Revenue growth, last year | +4.6% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +10.1% | +11.4% |
| Operating margin | 19.9% | 17.0% |
| Net margin | 12.9% | 10.9% |
| Return on equity | 18.2% | 13.4% |
| P/E (trailing) | 32.8x | 38.5x |
| Price / free cash flow | 29.2x | 32.9x |
| EV / EBITDA | 16.8x | 16.0x |
| FCF growth the price implies | 10.0% | 11.4% |
| Dividend yield | 1.1% | 0.84% |
| Debt / equity | 1.92x | 1.70x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 5 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
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
Republic Services · by segments, 2025
Group 1$7.5B45%
Group 2$7.3B44%
Group 3$1.8B11%
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 RSG in InvestinglyQuestions
Which is bigger, Republic Services or Waste Connections?
Republic Services (RSG), at $70.4B against $40.2B.
Is RSG or WCN cheaper?
By trailing P/E, Republic Services (32.8x) is cheaper than Waste Connections (38.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, RSG or WCN?
Waste Connections: revenue grew +6.4% 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.