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Waste Connections WCN Free cash flow margin

Free cash flow margin at other companies

Waste Management logo
Waste ManagementWM
12.9%+4.9pp
Republic Services logo
Republic ServicesRSG
15.5%+1.0pp
EMCOR Group logo
EMCOR GroupEME
6.1%-2.6pp
MTZ
MasTecMTZ
1.7%-5.7pp
Williams Companies logo
Williams CompaniesWMB
16%-13.4pp
Enterprise Products Partners logo
Enterprise Products PartnersEPD
4.7%-1.9pp

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%
Debt / equity1.1×0.0×
Current ratio0.7×0.0×

Where this comes from

Calculated from Waste Connections’s reported figures.

Based on trailing twelve months.

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 free cash flow margin?
Waste Connections (WCN) reported free cash flow margin of 12% in Q1 2026.
How has Waste Connections's free cash flow margin changed year-over-year?
Waste Connections's free cash flow margin decreased by 7.7% year-over-year, from 13% to 12%.
What is the long-term trend for Waste Connections's free cash flow margin?
Over 4 years (2021 to 2025), Waste Connections's free cash flow margin has grown at a -4.3% compound annual growth rate (CAGR), from 61.5% to 51.6%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.