RSG vs WM: Republic Services and Waste Management 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 Management is the larger company, worth $86.1B, about 1.2 times Republic Services.
- Republic Services grew revenue faster over the last year (+4.6% vs +4.0%).
- Republic Services keeps more of each dollar of revenue as operating profit (19.9% vs 17.6%).
- On earnings, Waste Management is the cheaper stock (31.0x vs 32.8x).
- Waste Management'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 | WM |
|---|---|---|
| Market cap | $70.4B | $86.1B |
| Share price | $216.88 | $208.83 |
| Revenue (last fiscal year) | $16.6B | $25.2B |
| Free cash flow (last fiscal year) | $2.4B | $2.8B |
| Revenue growth, last year | +4.6% | +4.0% |
| Revenue growth per year, last 5 fiscal years | +10.1% | +8.9% |
| Operating margin | 19.9% | 17.6% |
| Net margin | 12.9% | 11.1% |
| Return on equity | 18.2% | 28.8% |
| P/E (trailing) | 32.8x | 31.0x |
| Price / free cash flow | 29.2x | 30.6x |
| EV / EBITDA | 16.8x | 16.0x |
| FCF growth the price implies | 10.0% | 10.6% |
| Dividend yield | 1.1% | 1.6% |
| Debt / equity | 1.92x | 3.68x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 7 |
| Insider purchases, last 12 months | 10 | 4 |
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 Management
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.9B | $2.4B | 16.5% |
| 2022 | $19.7B | $1.9B | 17.1% |
| 2023 | $20.4B | $1.8B | 17.5% |
| 2024 | $22.1B | $2.2B | 18.4% |
| 2025 | $25.2B | $2.8B | 17.1% |
Where the revenue comes from
Republic Services · by segments, 2025
Group 1$7.5B45%
Group 2$7.3B44%
Group 3$1.8B11%
Waste Management · by segments, 2025
East Tier$9.0B36%
West Tier$8.7B35%
Other Ancillary$2.9B12%
Healthcare Solutions$2.5B10%
Recycling Processing and Sales$1.5B6%
Renewable Energy$478M2%
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 Management?
Waste Management (WM), at $86.1B against $70.4B.
Is RSG or WM cheaper?
By trailing P/E, Waste Management (31.0x) is cheaper than Republic Services (32.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, RSG or WM?
Republic Services: revenue grew +4.6% over the last year, against +4.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.