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Clean Harbors

CLH NYSE Environmental & Facilities Services Financials FY2016–FY2025

Clean Harbors' revenue rose 2.4% to $6.0 billion in fiscal 2025. Its operating margin was 11.2%, down from 11.4% a year earlier. Free cash flow was $442 million, up 27.9%. It paid out $250 million in dividends and buybacks, 57% of free cash flow. The diluted share count fell 0.9%.

Last close · Oct 23, 2026

$318.76

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$6.0B
2.4% vs prior year
Operating margin Operating income as a share of revenue.
11.2%
0.2 pts
Net income Profit after all expenses, interest and tax.
$391M
2.8%
Free cash flow Cash from operations minus capital spending.
$442M
27.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.4%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$16.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.1x
On $7.39 EPS (TTM)

What Clean Harbors does

No business description yet.

Legal name
CLEAN HARBORS, INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000822818-26-000009
0000822818

Revenue and margins

Clean Harbors had $6.0B of revenue in fiscal 2025, up 2.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $442M in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Clean Harbors returned $250M to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count fell 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Clean Harbors yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.1B and divides by 53.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.1x · peers 23.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Clean Harbors can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $534M$555M$551M$790M$954M
Debt incl. finance leases $2.6B$2.5B$2.4B$3.0B$3.0B
Net debt / EBITDA 3.2x2.0x1.9x2.0x1.8x
Debt / equity 1.7x1.3x1.1x1.2x1.1x
Interest coverage 4.7x6.0x5.4x4.4x4.3x
Current ratio 1.9x2.0x2.0x2.2x2.3x
Quick ratio 1.6x1.7x1.7x1.9x2.0x
Total assets $5.7B$6.1B$6.4B$7.4B$7.6B
Total liabilities $4.1B$4.2B$4.1B$4.8B$4.9B
Shareholders' equity $1.5B$1.9B$2.2B$2.6B$2.7B
Net debt (− = net cash) $2.1B$2.0B$1.9B$2.2B$2.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$63.3M

9 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 14, 2026 Eric W GerstenbergCo-ceo Sold 2,500 $321.34 $0.8M Form 4
Aug 3, 2026 Andrea RobertsonDirector Sold 789 $314.01 $0.2M Form 4
May 26, 2026 Lauren StatesDirector Sold 789 $286.19 $0.2M Form 4
Mar 18, 2026 Eric W GerstenbergCo-ceo Sold 1,000 $293.00 $0.3M Form 4
Mar 18, 2026 Marcy L. ReedDirector Sold 836 $287.94 $0.2M Form 4
Mar 17, 2026 Brian P WeberEVP (chesi) Sold 4,683 $293.39 $1.4M Form 4
Mar 4, 2026 Alan S McKimExec Chair, CTO., Director Sold 100,000 $292.65 $29.3M Form 4
Feb 23, 2026 Eric W GerstenbergCo-ceo Sold 2,500 $279.86 $0.7M Form 4
Feb 20, 2026 Eric J. DugasEVP Chief Financial Officer Sold 2,788 $281.31 $0.8M Form 4
Feb 20, 2026 Sharon M. GabrielEvp/cio (chesi) Sold 3,540 $282.07 $1.0M Form 4
Feb 19, 2026 Alan S McKimExec Chair, CTO., Director Sold 100,000 $281.14 $28.1M Form 4
Feb 19, 2026 John R. WelchDirector Sold 750 $273.07 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 98 / 97 / 9
Accruals ratio −5.7%−5.5%−6.3%
Altman Z'' 3.263.403.66

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Clean Harbors CLH $16.9B 2.4% 11.2% 7.3% 10.4% 43.1x 7
Veralto VLTO $26.0B 6.0% 23.2% 18.4% 28.1% 26.9x 6 Compare →
ABM Industries ABM $3.2B 4.6% 3.6% 1.8% 7.3% 19.4x 7 Compare →
Rollins ROL $16.7B 11.0% 19.3% 17.3% 31.0% 31.9x 6 Compare →
GEO Group GEO $3.6B 8.6% 9.8% −4.8% 6.3% 12.8x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.8B $2.9B $3.3B $3.4B $3.1B $3.8B $5.2B $5.4B $5.9B $6.0B
Gross profit $822M $882M $995M $1.0B $1.0B $1.2B $1.6B $1.7B $1.8B $1.9B
Operating income $69.2M $128M $183M $230M $251M $348M $635M $612M $670M $673M
Interest expense $88.7M $93.2M $89.2M $60.9M $72.5M $73.4M $106M $115M $153M $157M
Pretax income $8.7M $58.7M $94.5M $148M $175M $270M $538M $503M $533M $528M
Income tax $48.6M −$42.0M $28.8M $50.5M $39.7M $66.5M $126M $125M $131M $137M
Net income −$39.9M $101M $65.6M $97.7M $135M $203M $412M $378M $402M $391M
Diluted EPS −$0.69 $1.76 $1.16 $1.74 $2.42 $3.71 $7.56 $6.95 $7.42 $7.28
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $260M $286M $373M $413M $431M $546M $626M $735M $778M $867M
Capital expenditure $219M $167M $193M $216M $196M $242M $345M $422M $432M $425M
Free cash flow $40.2M $119M $180M $197M $234M $304M $281M $312M $346M $442M
Depreciation and amortization $287M $288M $299M $301M $293M $298M $348M $366M $401M $446M
Stock-based compensation $10.5M $13.1M $16.8M $17.8M $18.5M $18.8M $26.8M $20.7M $28.0M $32.7M
Acquisitions $207M $49.2M $151M $29.4M $8.8M $1.3B $86.3M $120M $478M $0.0M
Share buybacks $22.2M $49.0M $45.1M $21.4M $74.8M $54.4M $50.2M $51.2M $55.2M $250M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $22.2M $49.0M $45.1M $21.4M $74.8M $54.4M $50.2M $51.2M $55.2M $250M
Balance sheet
Cash and short-term investments $307M $358M $279M $414M $571M $534M $555M $551M $790M $954M
Total debt $1.6B $1.6B $1.6B $1.6B $1.6B $2.5B $2.4B $2.3B $2.8B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $35.3M $60.9M $82.9M $99.2M $131M $187M $229M
Current assets $1.1B $1.2B $1.2B $1.4B $1.5B $1.7B $2.0B $2.1B $2.4B $2.6B
Current liabilities $505M $504M $602M $720M $636M $925M $1.0B $1.0B $1.1B $1.1B
Inventory $0.0M $0.0M $0.0M $215M $221M $251M $325M $328M $385M $372M
Property and equipment, net $1.6B $1.6B $1.6B $1.6B $1.5B $1.9B $2.0B $2.2B $2.4B $2.5B
Total assets $3.7B $3.7B $3.7B $4.1B $4.1B $5.7B $6.1B $6.4B $7.4B $7.6B
Total liabilities $2.6B $2.5B $2.6B $2.8B $2.8B $4.1B $4.2B $4.1B $4.8B $4.9B
Shareholders' equity $1.1B $1.2B $1.2B $1.3B $1.3B $1.5B $1.9B $2.2B $2.6B $2.7B
Margins
Gross margin 29.9% 30.0% 30.1% 30.0% 32.0% 31.4% 31.4% 30.7% 31.0% 31.3%
Operating margin 2.5% 4.3% 5.5% 6.7% 8.0% 9.1% 12.3% 11.3% 11.4% 11.2%
EBITDA margin 12.9% 14.1% 14.6% 15.5% 17.3% 17.0% 19.0% 18.1% 18.2% 18.6%
Net margin −1.5% 3.4% 2.0% 2.9% 4.3% 5.3% 8.0% 7.0% 6.8% 6.5%
FCF margin 1.5% 4.0% 5.5% 5.8% 7.5% 8.0% 5.4% 5.8% 5.9% 7.3%
Returns
Return on capital 1.5% 5.3% 5.2% 6.2% 8.0% 8.8% 13.0% 11.5% 11.4% 10.4%
Return on capital employed 2.3% 4.0% 5.8% 7.0% 7.3% 8.5% 12.9% 11.7% 11.5% 10.6%
Return on equity −3.7% 8.9% 5.6% 8.0% 10.3% 14.2% 24.0% 18.1% 16.7% 14.7%
Return on assets −1.1% 2.7% 1.8% 2.5% 3.3% 4.2% 7.0% 6.0% 5.9% 5.2%
Growth
Revenue growth −15.9% 6.9% 12.1% 3.4% −7.9% 21.0% 35.8% 4.7% 8.9% 2.4%
Net income growth −190.4% — −34.9% 48.9% 38.0% 50.7% 102.6% −8.2% 6.5% −2.8%
EPS growth −190.8% — −34.1% 50.0% 39.1% 53.3% 103.8% −8.1% 6.8% −1.9%
FCF growth −71.1% 195.0% 51.5% 9.5% 19.0% 29.8% −7.6% 11.1% 10.7% 27.9%
Share count change −1.5% −0.6% −1.5% −0.4% −0.8% −1.7% −0.5% −0.2% −0.3% −0.9%
Financial health
Net debt / EBITDA 3.7x 3.1x 2.7x 2.2x 1.9x 3.2x 2.0x 1.9x 2.0x 1.8x
Debt / equity 1.5x 1.4x 1.3x 1.3x 1.2x 1.7x 1.3x 1.1x 1.2x 1.1x
Interest coverage 0.8x 1.4x 2.1x 3.8x 3.5x 4.7x 6.0x 5.4x 4.4x 4.3x
Current ratio 2.2x 2.3x 2.0x 2.0x 2.4x 1.9x 2.0x 2.0x 2.2x 2.3x
Quick ratio 2.2x 2.3x 2.0x 1.7x 2.1x 1.6x 1.7x 1.7x 1.9x 2.0x
Capital allocation
Capex / revenue 8.0% 5.7% 5.9% 6.3% 6.2% 6.4% 6.7% 7.8% 7.3% 7.1%
Stock comp / revenue 0.4% 0.5% 0.5% 0.5% 0.6% 0.5% 0.5% 0.4% 0.5% 0.5%
Payouts / FCF 55.1% 41.3% 25.1% 10.9% 31.9% 17.9% 17.9% 16.4% 16.0% 56.6%
Quality scores
Piotroski F-score 5.0 8.0 7.0 7.0 8.0 6.0 7.0 5.0 8.0 7.0
Altman Z'' 2.1 2.5 2.5 2.6 3.1 2.4 3.1 3.3 3.4 3.7
Accruals ratio −8.4% −5.0% −8.3% −8.0% −7.2% −7.0% −3.6% −5.7% −5.5% −6.3%

Source: SEC EDGAR XBRL filings (CIK 0000822818). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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