# Waste Connections, Inc. (WCN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Industrials / Transportation Infrastructure. Price C$228.15, market value C$57.4 billion.

## Valuation
- **P/E (trailing): 39.8×** (5-yr avg 70.0×, 3-yr avg 75.1×). Waste Connections, Inc. trades at 39.8× trailing earnings, well below its own five-year average of 70.0×: cheap by its own standards. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 26.6×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.36**. A PEG of 0.36 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 4.3×**. Each dollar of revenue is priced at 4.3×.
- **Price / book: 5.2×**. The shares trade at 5.2× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 16.9×**. Enterprise value is 16.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.7%** (5-yr avg 2.2%). Free cash flow equals 4.7% of the market value, above its five-year average of 2.2%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 2.5%**. The inverse of the P/E: 2.5% of the price is earned each year.

## Profitability
- **Gross margin: 42.5%**. Waste Connections, Inc. keeps 42.5% of revenue after the direct cost of what it sells.
- **Operating margin: 17.6%**. 17.6% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 11.4%**. 11.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 13.1%**. 13.1% on shareholders' equity is solid.
- **Return on invested capital: 7.6%**. Return on all capital, debt included, is 7.6%.
- **Return on assets: 5.0%**. Each dollar of assets produces 5.0% of profit.

## Growth
- **Revenue growth (1 yr): 6.1%** (3-yr 9.5%/yr, 5-yr 11.7%/yr). Revenue grew 6.1% over the last year, against 11.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 74.5%** (3-yr 8.8%/yr, 5-yr 39.8%/yr). Earnings per share rose 74.5%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 3.2%/yr**. Free cash flow has compounded at 3.2% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.11**. Debt is 1.11 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 3.0×**. It would take 3.0 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 4.9×**. Operating profit covers interest 4.9× over, a safe margin.
- **Current ratio: 0.62** (quick 0.58). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 3.89**. A Z-score of 3.89 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 0.85%** (C$1.93 per share, trailing). Waste Connections, Inc. yields 0.85%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 31%** (18% of free cash flow). 31% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 6**. 6 straight years of increases.
- **Dividend growth (5 yr): 12.1%/yr** (1-yr 13.0%). The dividend has compounded at 12.1% a year over five years, doubling roughly every 6 years at that pace.
- **Shareholder yield: 2.5%**. Dividends plus net buybacks return 2.5% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (7 analysts). 7 analysts cover Waste Connections, Inc.; the consensus is buy, with an average price target of C$251.84 (+10% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -8.4%** (YTD -4.8%, 3-mo 5.4%). The shares are down 8.4% over twelve months including dividends.
- **From 52-week high: -9.3%** (12.1% above the low). Trading 9% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 0.09** (volatility 23%). Beta of 0.09 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=WCN.TO · Page: https://foliofundamentals.com/stocks/wcn.to

Not investment advice.