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Waste Connections WCN Return on invested capital

Return on invested capital at other companies

Waste Management logo
Waste ManagementWM
32.9%-5.8pp
Republic Services logo
Republic ServicesRSG
23.7%-0.6pp
EMCOR Group logo
EMCOR GroupEME
42.7%+0.6pp
MTZ
MasTecMTZ
10.5%+3.8pp
Williams Companies logo
Williams CompaniesWMB
7%-2.5pp
Texas Pacific Land logo
Texas Pacific LandTPL
44.6%-33.9pp

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 return on invested capital?
Waste Connections (WCN) reported return on invested capital of 7.7% in Q4 2025.
What is the long-term trend for Waste Connections's return on invested capital?
Over 2 years (2021 to 2023), Waste Connections's return on invested capital has grown at a 9.5% compound annual growth rate (CAGR), from 24.5% to 29.3%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.