# Clean Harbors Inc. (CLH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CLH/thesis · /stocks/CLH/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CLH/fundamental

## Navigation

- Overview: /stocks/CLH
- Financials (this page): /stocks/CLH/financials
- Thesis: /stocks/CLH/thesis
- Investment Memo: /stocks/CLH/memo
- Coverage universe: /stocks