# Waste Management Inc. (WM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WM/thesis · /stocks/WM/memo

## Financial Snapshot

---
ticker: WM
step: 04
generated: 2026-05-12
source: quick-research
---

### Waste Management (WM) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $19.7B | $20.4B | $22.5B | $25.7B | +14.2% |
| Adj Operating EBITDA Margin | 28.1% | 28.8% | 30.0% | 29.0% | |
| Collection/Disposal EBITDA Margin | 35.3% | 36.5% | 37.2% | 38.4% | |
| Operating Income | $3.5B | $3.8B | $4.5B | $5.3B | +18% |
| Net Income | $2.24B | $2.49B | $3.16B | $3.6B | +14% |
| Adjusted EPS | $5.40 | $5.66 | $7.10 | $7.85 | +11% |

FY24 Legacy Business EBITDA +10%; achieved 30% margin first time. FY25 revenue $25.7B includes Stericycle. Collection & Disposal margin reached 38.4% in Q3 2025 (all-time high).

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5.4B |
| Free Cash Flow | $2.32B |
| Capex (incl. sustainability) | ~$3.0B |
| Cash & Equivalents | ~$0.4B |
| Total Debt | ~$24B (post-Stericycle) |
| Net Debt/EBITDA | ~3.5x (deleveraging) |

#### Key Ratios (approximate)
- P/E: ~28x | EV/EBITDA: ~15x | FCF Yield: ~3.0%
- Revenue Growth (TTM): ~14% | Op Margin: ~21%
- Dividend Yield: ~1.6% | 22-year consecutive dividend growth

#### Growth Profile
Long-term algorithm: 5-7% organic revenue growth + EBITDA margin expansion ~50bps annually + 6-9% adj EPS growth + 10%+ FCF growth. Sustainability investments (RNG + Recycling) drive incremental EBITDA + FCF beyond 2026. Stericycle synergies $250M over 3 years. 2027 revenue target $29B with healthcare + RNG fully ramped.

#### Forward Estimates
- **FY 2026**: Revenue $26-27B; adj op EBITDA $7.85-8.10B; FCF $3.76B (~28% growth)
- **FY 2027**: Revenue ~$29B; full Stericycle synergies + RNG volume doubling
- 6 more RNG facilities online in 2026 → 21-22M MMBtu volume = $300M+ incremental EBITDA

## 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/WM/fundamental

## Navigation

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