Clean Harbors Inc.
CLHFinancial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.5B
Q1 2026 · +1.9% YoY
TTM ROIC
8%
FY2025 · NOPAT / Invested Capital (Equity + Net Debt); NOPAT = Operating Income × (1 - tax rate) · WACC ~8.1% · Moat spread +-0.1pp
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.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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