ABM Industries vs Waste Management
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The short version
- Waste Management is the larger business, with $25.2B of revenue in fiscal 2025 against $8.7B for ABM Industries, about 2.9 times as much.
- Waste Management grew revenue faster (14.2%, against 4.6%).
- Waste Management kept more of each dollar of sales as operating profit (17.1% operating margin, against 3.6%).
- Waste Management turned more of its sales into free cash flow (11.2% FCF margin, against 1.8%).
- Waste Management earned a higher return on the capital invested in it (10.9%, against 7.3%).
- Investors pay more for each dollar of Waste Management’s earnings: a P/E of 33.9x against 19.4x for ABM Industries.
| Latest fiscal year | ABM · FY25 | WM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $96.3B |
| Revenue | $8.7B | $25.2B |
| Free cash flow | $155M | $2.8B |
| Net income | $162M | $2.7B |
| Growth | ||
| Revenue growth | 4.6% | 14.2% |
| 5-year growth | 7.9% | 10.6% |
| Share count change | −1.4% | 0.2% |
| Profitability | ||
| Gross margin | 12.3% | 40.4% |
| Operating margin | 3.6% | 17.1% |
| Net margin | 1.9% | 10.7% |
| FCF margin | 1.8% | 11.2% |
| Return on capital | 7.3% | 10.9% |
| Return on equity | 9.1% | 29.7% |
| Balance sheet | ||
| Net debt | $1.4B | $22.0B |
| Net debt / EBITDA | 3.5x | 3.1x |
| Dividends and buybacks | $188M | $1.3B |
| Valuation & quality | ||
| P/E | 19.4x | 33.9x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
ABM —
WM $13.6B
FY17
ABM $5.5B
WM $14.5B
FY18
ABM $6.4B
WM $14.9B
FY19
ABM $6.5B
WM $15.5B
FY20
ABM $6.0B
WM $15.2B
FY21
ABM $6.2B
WM $17.9B
FY22
ABM $7.8B
WM $19.7B
FY23
ABM $8.1B
WM $20.4B
FY24
ABM $8.4B
WM $22.1B
FY25
ABM $8.7B
WM $25.2B
ABM
WM
Operating margin
FY16
ABM —
WM 16.9%
FY17
ABM 1.9%
WM 18.2%
FY18
ABM 2.2%
WM 18.7%
FY19
ABM 3.2%
WM 17.5%
FY20
ABM 1.6%
WM 16.0%
FY21
ABM 3.3%
WM 16.5%
FY22
ABM 4.5%
WM 17.1%
FY23
ABM 5.1%
WM 17.5%
FY24
ABM 2.5%
WM 18.4%
FY25
ABM 3.6%
WM 17.1%
ABM
WM
Free cash flow
FY16
ABM $39.5M
WM $1.7B
FY17
ABM −$51.6M
WM $1.6B
FY18
ABM $270M
WM $1.9B
FY19
ABM $203M
WM $2.1B
FY20
ABM $420M
WM $1.8B
FY21
ABM $280M
WM $2.3B
FY22
ABM −$30.4M
WM $1.7B
FY23
ABM $191M
WM $1.8B
FY24
ABM $167M
WM $2.2B
FY25
ABM $155M
WM $2.8B
ABM
WM
Return on capital
FY16
ABM —
WM —
FY17
ABM 5.0%
WM 16.2%
FY18
ABM 5.7%
WM 14.8%
FY19
ABM 7.2%
WM 13.2%
FY20
ABM 2.3%
WM 10.4%
FY21
ABM 6.8%
WM 11.5%
FY22
ABM 9.7%
WM 12.7%
FY23
ABM —
WM 12.4%
FY24
ABM —
WM 12.2%
FY25
ABM 7.3%
WM 10.9%
ABM
WM
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.