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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsFor publicly traded alternatives to Waste Connections, start with WM (NYSE: WM) and Republic Services (NYSE: RSG), two large integrated North American waste operators. Add GFL Environmental (NYSE/TSX: GFL) for another scaled peer and Clean Harbors (NYSE: CLH) for a more specialized environmental-services business. Casella Waste Systems (Nasdaq: CWST) is another regional operator to investigate, but its latest results are not covered here. These are research candidates, not buy recommendations.
Waste-management stocks to put on your research list
These companies overlap in waste and environmental services, but they are not interchangeable. WM and Republic are large integrated operators; GFL expands the comparison with another scaled provider; Clean Harbors has a distinct industrial and environmental-services mix. Casella offers a regional solid-waste comparison.
| Company | Ticker | FY 2025 revenue | What to examine |
|---|---|---|---|
| WM | NYSE: WM | $25.2 billion | Large integrated operator; check its 2025 annual report for business mix and operating details. |
| Republic Services | NYSE: RSG | $16.6 billion | Collection, transfer, recycling, landfills and environmental solutions across the United States and Canada. |
| GFL Environmental | NYSE/TSX: GFL | $4.7 billion | Scaled peer; review its filings and quarterly releases for segment detail and performance. |
| Clean Harbors | NYSE: CLH | $6.0 billion | Environmental and industrial services, with a business mix distinct from municipal and residential waste collection. |
| Casella Waste Systems | Nasdaq: CWST | Not stated in the cited company material | Regional solid-waste, recycling and resource-management operator; review its latest filing for scale and results. |
The FY 2025 revenue figures for WM, Republic, GFL and Clean Harbors come from WM’s June 17, 2026 investor presentation; they are company presentation figures for businesses with different mixes. Revenue indicates scale, not valuation, profitability or expected shareholder return. WM investor presentation.
How the businesses differ
WM and Republic: integrated solid-waste networks
Republic’s 2025 Form 10-K describes collection, transfer, recycling and landfill operations, alongside environmental solutions, across the United States and Canada. It reported $16.6 billion in 2025 revenue, up 3.5% from 2024. The filing also describes collection and disposal as local businesses, making local asset density and access to disposal capacity useful subjects for further analysis. Republic Services 2025 Form 10-K.
WM was the largest company in this group by FY 2025 revenue in its June 2026 presentation. Use its annual report to verify the precise operating mix and how its businesses compare with Republic and Waste Connections rather than assuming that similar scale means identical exposure. WM annual reports and proxy materials.
GFL: another scaled operator to examine
GFL appears in WM’s FY 2025 revenue comparison. Its Q2 2026 release described higher adjusted EBITDA and raised guidance, but the available detail here is not sufficient for a like-for-like operating comparison. Consult the release and filing for the company’s segment definitions, underlying growth drivers, debt and capital needs before drawing conclusions.
Clean Harbors: a different environmental-services mix
Clean Harbors combines environmental and industrial services, so it is not a direct substitute for a company centered on routine solid-waste collection. Its 2025 annual report says no single competitor directly matches its full service suite and names Veolia North America, Enviri, Republic, WM, GFL and Crystal Clean among principal national competitors for 2025. Competition also varies by locality and service line. Clean Harbors 2025 Form 10-K.
Casella: a regional comparison
Casella is a regional solid-waste, recycling and resource-management company. To judge it against the larger operators, first establish its current revenue, geographic footprint, service mix, leverage and recent operating performance from its latest filing; comparable current figures are not stated here.
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Selected Q2 2026 releases give a snapshot of operating activity, but the companies report different measures. Do not read the figures below as a peer ranking.
| Company and release date | Reported figures | Interpretation caution |
|---|---|---|
| Waste Connections, July 22, 2026 | Revenue of $2.562 billion; net income of $296.4 million; adjusted EBITDA of $840.1 million; adjusted EBITDA margin of 32.8%. | The margin is an adjusted, company-defined measure. The company said it raised its full-year 2026 outlook after better-than-expected quarterly results. |
| Republic Services, August 6, 2026 | Total revenue growth of 4.6%; net income of $566 million; adjusted EPS of $1.85. | These reported measures are not the same as Waste Connections’ adjusted EBITDA margin. |
| Clean Harbors, July 29, 2026 | Revenue of $1.74 billion; net income of $170.5 million; adjusted EBITDA of $409.0 million; adjusted EBITDA margin of 23.6%. | Its service mix differs from that of the solid-waste operators. The company also raised full-year adjusted EBITDA and adjusted free-cash-flow guidance. |
Sources: Waste Connections Q2 2026 results; Republic Services Q2 2026 results; Clean Harbors Q2 2026 results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical framework for comparing the stocks
Before treating any company as a serious alternative, compare its economics and risks on consistent definitions and a current reporting period.
Quick Recap
- Map business mix and geography. Separate collection, transfer, recycling, landfill ownership and environmental or industrial services. Identify which regions and customer types drive revenue.
- Assess network strength. Look at local route density, transfer and landfill access, asset utilization and the ability to serve customers efficiently. Republic’s filing highlights why local market conditions matter.
- Separate price, volume and acquisitions. Determine whether growth comes from pricing or yield, greater volume, acquired businesses, or a combination. Check how each company defines these drivers.
- Compare cash generation on consistent terms. Examine operating profit, adjusted EBITDA and free cash flow, but reconcile company adjustments and consider capital spending required to sustain the network.
- Review balance-sheet and capital-allocation choices. Check debt and interest costs, maintenance and growth capital expenditures, acquisition spending, and dividend policy in current filings.
- Bring in current valuation. Check share price and enterprise value alongside earnings and cash-flow measures, then consider whether the multiple is supported by growth, capital needs and business risk. No current prices or valuation multiples are established here.
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