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Waste Connections WCN Debt-to-equity

Debt-to-equity at other companies

Waste Management logo
Waste ManagementWM
0.2×0.0×
Republic Services logo
Republic ServicesRSG
0.0×
EMCOR Group logo
EMCOR GroupEME
0.1×0.0×
MTZ
MasTecMTZ
0.0×
Williams Companies logo
Williams CompaniesWMB
2.1×+0.1×
Texas Pacific Land logo
Texas Pacific LandTPL

Other financials

Income statement

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Revenue$2.4B+6.4%
Gross profit$1.0B+7.8%
Operating income$364.1M-6.7%
Net income$219.3M-9.2%
EPS (diluted)$0.86-7.5%

Balance sheet

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Cash & equivalents$112.4M+1.1%
Total debt$9.4B+8.4%
Total assets$21.2B+4.6%

Cash flow

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Operating cash flow$545.6M+0.8%
CapEx$296.6M+39.6%
Free cash flow$249.0M-24.3%

Valuation

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Market cap$39.41B-17.6%
Enterprise value$48.74B-13.8%
P/E37.4×
P/S4.1×-1.2×

Profitability

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Gross margin42.5%+0.5pp
Operating margin17.5%
Net margin11%

Returns & leverage

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Return on equity13.4%
Current ratio0.7×0.0×

Where this comes from

Calculated from Waste Connections’s reported figures.

Based on the most recent quarter.

The official record: Waste Connections’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waste Connections's debt-to-equity?
Waste Connections (WCN) reported debt-to-equity of 1.1× in Q4 2025.
How has Waste Connections's debt-to-equity changed year-over-year?
Waste Connections's debt-to-equity increased by 3.8% year-over-year, from 1.1× to 1.1×.
What is the long-term trend for Waste Connections's debt-to-equity?
Over 4 years (2021 to 2025), Waste Connections's debt-to-equity has grown at a 10.5% compound annual growth rate (CAGR), from 2.9× to 4.3×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.