Waste Connections (WCN)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $40.6B, Waste Connections's free cash flow of $1.2B (fiscal 2025) would need to grow about 12% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Waste Connections's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from WCN's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Waste Connections's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.2B | $7.2B | $8.0B | $8.9B | $9.5B |
| Net income | $618M | $836M | $763M | $618M | $1.1B |
| Free cash flow | $954M | $1.1B | $1.2B | $1.2B | $1.2B |
| EPS (diluted) | $2.36 | $3.24 | $2.95 | $2.39 | $4.17 |
| Operating margin | 16.9% | 17.2% | 15.4% | 12.0% | 18.1% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own WCN
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $684M | 0.24% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $88M | 0.07% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $32M | 0.05% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $14M | 0.12% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Held | $2M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Waste Connections's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Waste Connections's stock price imply?
At a market value of $40.6B, Waste Connections would need its free cash flow to grow about 12% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 12% a year.
Are Waste Connections insiders buying the stock?
No open-market insider purchases of WCN in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Waste Connections?
5 of the superinvestors Investingly tracks hold WCN in their latest 13F, including Cliff Asness, Hersh Cohen, Ron Baron.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.