Clean Harbors
CLH · Environmental & Facilities Services
$318.76
0.7%Waste Management
WM · Environmental & Facilities Services
$239.38
0.1%The short version
- Waste Management is the larger business, with $25.2B of revenue in fiscal 2025 against $6.0B for Clean Harbors, about 4.2 times as much.
- Waste Management grew revenue faster (14.2%, against 2.4%).
- Waste Management kept more of each dollar of sales as operating profit (17.1% operating margin, against 11.2% operating margin).
- Waste Management turned more of its sales into free cash flow (11.2% FCF margin, against 7.3% FCF margin).
- Investors pay more for each dollar of Clean Harbors’s earnings: a P/E of 43.1x against 33.9x for Waste Management.
| Latest fiscal year | CLH · FY25 | WM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $96.3B |
| Revenue | $6.0B | $25.2B |
| Free cash flow | $442M | $2.8B |
| Net income | $391M | $2.7B |
| Growth | ||
| Revenue growth | 2.4% | 14.2% |
| 5-year growth | 13.9% | 10.6% |
| Share count change | −0.9% | 0.2% |
| Profitability | ||
| Gross margin | 31.3% | 40.4% |
| Operating margin | 11.2% | 17.1% |
| Net margin | 6.5% | 10.7% |
| FCF margin | 7.3% | 11.2% |
| Return on capital | 10.4% | 10.9% |
| Return on equity | 14.7% | 29.7% |
| Balance sheet | ||
| Net debt | $2.1B | $22.0B |
| Net debt / EBITDA | 1.8x | 3.1x |
| Dividends and buybacks | $250M | $1.3B |
| Valuation & quality | ||
| P/E | 43.1x | 33.9x |
| Piotroski F-score | 7 | 6 |
FY16
CLH $2.8B
WM $13.6B
FY17
CLH $2.9B
WM $14.5B
FY18
CLH $3.3B
WM $14.9B
FY19
CLH $3.4B
WM $15.5B
FY20
CLH $3.1B
WM $15.2B
FY21
CLH $3.8B
WM $17.9B
FY22
CLH $5.2B
WM $19.7B
FY23
CLH $5.4B
WM $20.4B
FY24
CLH $5.9B
WM $22.1B
FY25
CLH $6.0B
WM $25.2B
CLH
WM
FY16
CLH 2.5%
WM 16.9%
FY17
CLH 4.3%
WM 18.2%
FY18
CLH 5.5%
WM 18.7%
FY19
CLH 6.7%
WM 17.5%
FY20
CLH 8.0%
WM 16.0%
FY21
CLH 9.1%
WM 16.5%
FY22
CLH 12.3%
WM 17.1%
FY23
CLH 11.3%
WM 17.5%
FY24
CLH 11.4%
WM 18.4%
FY25
CLH 11.2%
WM 17.1%
CLH
WM
FY16
CLH $40.2M
WM $1.7B
FY17
CLH $119M
WM $1.6B
FY18
CLH $180M
WM $1.9B
FY19
CLH $197M
WM $2.1B
FY20
CLH $234M
WM $1.8B
FY21
CLH $304M
WM $2.3B
FY22
CLH $281M
WM $1.7B
FY23
CLH $312M
WM $1.8B
FY24
CLH $346M
WM $2.2B
FY25
CLH $442M
WM $2.8B
CLH
WM
FY16
CLH 1.5%
WM —
FY17
CLH 5.3%
WM 16.2%
FY18
CLH 5.2%
WM 14.8%
FY19
CLH 6.2%
WM 13.2%
FY20
CLH 8.0%
WM 10.4%
FY21
CLH 8.8%
WM 11.5%
FY22
CLH 13.0%
WM 12.7%
FY23
CLH 11.5%
WM 12.4%
FY24
CLH 11.4%
WM 12.2%
FY25
CLH 10.4%
WM 10.9%
CLH
WM
Add another company
Compare up to four at once.
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.