Clean Harbors Inc.
CLHBusiness Overview
ticker: CLH step: 01 generated: 2026-05-13 source: quick-research
Clean Harbors Inc. (CLH) — Business Overview
Business Description
Clean Harbors is North America's leading provider of environmental and industrial services, specializing in hazardous waste management, emergency response, industrial cleaning, and used-oil recycling. Serving a majority of Fortune 500 companies across chemical, manufacturing, refining, and government sectors, CLH operates the continent's largest network of hazardous waste incinerators and more than 100 waste disposal facilities. The company generated ~$5.9B in revenue in FY2024 and is the dominant player in a highly regulated, permit-constrained industry.
Revenue Model
CLH generates revenue through two primary segments: Environmental Services (ES) — which includes hazardous waste collection, packaging, transportation, treatment, incineration, and landfill disposal — and Safety-Kleen Sustainability Solutions (SKSS) — North America's largest used-oil collector and re-refiner. ES commands the higher margins (~25% adj. EBITDA margin). Revenue is recurring in nature: waste generators need continuous disposal services, and CLH's permitted infrastructure (incinerators, landfills) creates a durable competitive moat. Emergency response and PFAS remediation provide high-value project-based revenue on top of the base.
Products & Services
- Hazardous waste incineration — high-temperature destruction of chemical, industrial, and medical waste
- Landfill disposal — secure chemical and contaminated soil disposal
- PFAS destruction — high-temperature incineration of "forever chemicals" from AFFF foam, industrial sites
- Emergency spill response — 24/7 rapid response to environmental incidents nationwide
- Industrial cleaning — high-pressure/chemical cleaning of tanks, pipelines, heat exchangers
- Safety-Kleen parts washers — solvent-based parts cleaning services for auto shops, manufacturers
- Used oil re-refining — collection, processing, and resale of recycled base oil
Customer Base & Go-to-Market
Customers include chemical manufacturers, petroleum refineries, automotive dealers and repair shops, military/government agencies, utilities, and industrial manufacturers. CLH sells through a national direct salesforce and field service network, with route-based collection for Safety-Kleen customers creating high-frequency touchpoints. Long-term contracts are common for large industrial accounts; emergency response is spot-priced at premium rates.
Competitive Position
Clean Harbors is the clear #1 in North American hazardous waste management, with US Ecology (acquired by Republic Services/CLEAN Earth) and Stericycle as the next-largest players in select niches. The moat is permit-based: building new hazardous waste incinerators or secure landfills requires years of regulatory approvals. CLH's network of 5,000 drivers, 20,000+ vehicles, and 100+ permitted facilities creates barriers to entry that make the business effectively irreplicable.
Key Facts
- Founded: 1980 (Alan McKim, Braintree, MA)
- Headquarters: Norwell, Massachusetts
- Employees: ~22,000
- Exchange: NYSE
- Sector / Industry: Industrials / Environmental & Facilities Services
- Market Cap: ~$17B (at ~$290/share, ~58M shares)
Financial Snapshot
ticker: CLH step: 04 generated: 2026-05-13 source: quick-research
Clean Harbors Inc. (CLH) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $5.17B | $5.41B | $5.89B | +8.9% |
| Gross Margin | ~30% | ~30% | 31.0% | +1pp |
| Operating Margin | ~10% | ~11% | 11.4% | +0.4pp |
| Net Income | ~$390M | ~$380M | $402M | +6% |
| EPS (diluted) | ~$6.70 | ~$6.70 | ~$7.10 | +6% |
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$620M |
| Free Cash Flow (adj.) | $358M (+11% vs. FY2023) |
| Cash & Equivalents | ~$500M |
| Total Debt | ~$3.0B |
Key Ratios (approximate)
- P/E: ~40x | EV/EBITDA: ~17x | FCF Yield: ~2%
- Revenue Growth (FY2024): +8.9% | FCF Margin: ~6%
Growth Profile
Clean Harbors has delivered consistent revenue growth (~5–9% annually) driven by pricing, volume growth in ES, and Safety-Kleen re-refining margin recovery. The ES segment achieved 11% top-line growth in FY2024 with adj. EBITDA margin of 25.3% (+90bps). PFAS destruction is the fastest-growing service line — $100–125M in revenue growing ~20% annually — as EPA enforcement actions and Superfund remediation projects accelerate. The stock has returned ~48% over the past year reflecting premium market pricing.
Forward Estimates
- FY2025 adj. EBITDA guidance: $1.15–1.21B (midpoint +6% YoY)
- PFAS revenue: $100–125M growing ~20%/year
- Analyst avg. price target: ~$299
- FCF expected to grow as fleet investments are absorbed
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CLH.