Waste Connections
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
38.1432.8027.0324.82
Price/Sales ratio
5.104.744.344.09
Earnings per Share (EPS)
$4.86$5.65$6.86$7.47

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
33.37-62.7148.9432.4235.7942.25131.8957.5840.8250.3946.9935.79
Price/Sales ratio
3.732.833.574.033.974.444.955.784.734.795.053.97
Price/Book Value ratio
3.483.022.132.983.033.453.935.094.794.995.343.03
Price/Cash Flow ratio
14.2310.4015.1715.7513.8715.5419.1620.9516.8618.0719.8413.87
Price/Free Cash Flow ratio
25.5317.7526.7726.4222.6227.3836.2837.3030.7432.2335.5622.62
Price/Earnings Growth ratio
1.750.44-0.160.30-6.536.72-2.100.301.24-9.8230.54-6.53
Dividend Yield
0.75%1.09%0.76%0.70%0.77%0.74%0.77%0.61%0.68%0.63%0.68%0.74%
Profitability Indicator Ratios
Gross Profit Margin
45.24%44.39%42.00%41.58%41.78%40.63%39.83%40.59%39.87%40.85%32.53%40.63%
Operating Profit Margin
21.60%-2.90%13.39%13.54%16.90%15.54%16.21%16.90%17.22%15.41%19.23%16.90%
Pretax Profit Margin
18.54%-5.96%10.70%10.98%14.36%13.09%4.66%12.52%14.54%12.26%13.83%13.83%
Net Profit Margin
11.18%-4.52%7.30%12.45%11.10%10.51%3.75%10.04%11.58%9.50%10.75%10.75%
Effective Tax Rate
39.49%25.01%31.55%-13.55%22.62%19.72%19.66%19.75%20.30%22.43%22.18%22.18%
Return on Assets
4.42%-1.86%2.20%4.80%4.33%4.12%1.46%4.20%4.87%4.25%4.67%4.33%
Return On Equity
10.43%-4.82%4.36%9.20%8.47%8.17%2.98%8.84%11.75%9.91%11.87%8.47%
Return on Capital Employed
9.18%-1.29%4.30%5.59%7.07%6.58%6.81%7.71%7.95%7.61%9.16%7.07%
Liquidity Ratios
Current Ratio
1.010.951.201.461.261.121.36N/AN/AN/A0.771.12
Quick Ratio
0.870.821.061.461.281.121.330.800.700.630.771.12
Cash ratio
0.030.020.220.540.370.320.600.110.050.040.060.32
Days of Sales Outstanding
45.6343.9952.4543.7045.1944.8942.2442.1042.2038.9941.3744.89
Days of Inventory outstanding
15.8715.4117.800.21-1.36-0.324.094.424.644.74N/A-1.36
Operating Cycle
61.5159.4070.2643.9243.8244.5746.3346.5246.8443.7341.3744.57
Days of Payables Outstanding
38.7035.7146.8444.6045.8449.8632.3939.2453.7649.4243.7149.86
Cash Conversion Cycle
22.8023.6923.41-0.68-2.02-5.2913.937.28-6.91-5.68-2.34-5.29
Debt Ratios
Debt Ratio
0.370.410.320.320.320.310.330.340.400.370.400.32
Debt Equity Ratio
0.881.080.640.620.640.620.680.720.970.870.980.64
Long-term Debt to Capitalization
0.460.510.390.380.390.380.400.420.490.460.490.39
Total Debt to Capitalization
0.460.510.390.380.390.380.400.420.490.460.490.39
Interest Coverage Ratio
7.006.745.176.256.456.102.53N/AN/AN/A5.416.10
Cash Flow to Debt Ratio
0.270.260.210.300.330.350.290.330.290.310.270.35
Company Equity Multiplier
2.352.571.981.911.951.982.032.102.412.322.431.95
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.260.270.230.250.280.280.250.270.280.260.250.28
Free Cash Flow / Operating Cash Flow Ratio
0.550.580.560.590.610.560.520.560.540.560.550.56
Cash Flow Coverage Ratio
0.270.260.210.300.330.350.290.330.290.310.270.35
Short Term Coverage Ratio
149.41271.27482.00101.83790.163.31K170.35282.09299.2280.37282.783.31K
Dividend Payout Ratio
25.33%-68.90%37.53%22.87%27.89%31.60%102.81%35.31%27.92%31.85%31.52%27.89%