Clean Harbors vs Republic Services
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The short version
- Republic Services is the larger business, with $19.0B of revenue in fiscal 2025 against $6.0B for Clean Harbors, about 3.2 times as much.
- Republic Services grew revenue faster (3.3%, against 2.4%).
- Republic Services kept more of each dollar of sales as operating profit (17.4% operating margin, against 11.2%).
- Republic Services turned more of its sales into free cash flow (12.7% FCF margin, against 7.3%).
- Investors pay more for each dollar of Clean Harbors’s earnings: a P/E of 43.1x against 34.1x for Republic Services.
| Latest fiscal year | CLH · FY25 | RSG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $74.0B |
| Revenue | $6.0B | $19.0B |
| Free cash flow | $442M | $2.4B |
| Net income | $391M | $2.1B |
| Growth | ||
| Revenue growth | 2.4% | 3.3% |
| 5-year growth | 13.9% | 9.6% |
| Share count change | −0.9% | −0.8% |
| Profitability | ||
| Gross margin | 31.3% | 49.4% |
| Operating margin | 11.2% | 17.4% |
| Net margin | 6.5% | 11.2% |
| FCF margin | 7.3% | 12.7% |
| Return on capital | 10.4% | 10.8% |
| Return on equity | 14.7% | 18.3% |
| Balance sheet | ||
| Net debt | $2.1B | $13.9B |
| Net debt / EBITDA | 1.8x | 2.7x |
| Dividends and buybacks | $250M | $1.6B |
| Valuation & quality | ||
| P/E | 43.1x | 34.1x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
CLH $2.8B
RSG $11.4B
FY17
CLH $2.9B
RSG $12.1B
FY18
CLH $3.3B
RSG $11.9B
FY19
CLH $3.4B
RSG $12.2B
FY20
CLH $3.1B
RSG $12.0B
FY21
CLH $3.8B
RSG $13.3B
FY22
CLH $5.2B
RSG $15.6B
FY23
CLH $5.4B
RSG $17.3B
FY24
CLH $5.9B
RSG $18.4B
FY25
CLH $6.0B
RSG $19.0B
CLH
RSG
Operating margin
FY16
CLH 2.5%
RSG 13.5%
FY17
CLH 4.3%
RSG 13.8%
FY18
CLH 5.5%
RSG 14.6%
FY19
CLH 6.7%
RSG 14.7%
FY20
CLH 8.0%
RSG 14.2%
FY21
CLH 9.1%
RSG 15.6%
FY22
CLH 12.3%
RSG 15.3%
FY23
CLH 11.3%
RSG 16.1%
FY24
CLH 11.4%
RSG 17.4%
FY25
CLH 11.2%
RSG 17.4%
CLH
RSG
Free cash flow
FY16
CLH $40.2M
RSG $920M
FY17
CLH $119M
RSG $921M
FY18
CLH $180M
RSG $1.2B
FY19
CLH $197M
RSG $1.1B
FY20
CLH $234M
RSG $1.3B
FY21
CLH $304M
RSG $1.5B
FY22
CLH $281M
RSG $1.7B
FY23
CLH $312M
RSG $2.0B
FY24
CLH $346M
RSG $2.1B
FY25
CLH $442M
RSG $2.4B
CLH
RSG
Return on capital
FY16
CLH 1.5%
RSG 6.4%
FY17
CLH 5.3%
RSG 10.6%
FY18
CLH 5.2%
RSG 8.4%
FY19
CLH 6.2%
RSG 8.9%
FY20
CLH 8.0%
RSG 8.4%
FY21
CLH 8.8%
RSG 9.3%
FY22
CLH 13.0%
RSG 9.6%
FY23
CLH 11.5%
RSG 9.7%
FY24
CLH 11.4%
RSG 11.2%
FY25
CLH 10.4%
RSG 10.8%
CLH
RSG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.