CLEAN HARBORS, INC vs WASTE CONNECTIONS, INC., two Waste Management stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Waste Connections builds density in small towns where one hauler tends to dominate, and earns 13.09% on equity. Clean Harbors works the hazardous and industrial-services corner, earning a stronger 14.25% on equity at a 6.53% net margin against Waste Connections' 10.97%. Both draw near-identical earnings multiples, 40.88 times for Clean Harbors and 40.94 for Waste Connections, so the market rates the two growth stories about the same. Waste Connections leans on more leverage, 1.14 debt to equity versus 1.00, and yields slightly less free cash, 2.69% against 2.92%. Waste Connections at $42.9B is nearly triple Clean Harbors at $16.0B.
Comparison updated 2026-07-11.
| Metric | CLH | WCN |
|---|---|---|
| Price | $303.75 | $171.13 |
| Market cap | $16.1B | $43.8B |
| Sector | Waste Management | Waste Management |
| Stage | Mature | Mature |
| Implied growth (priced in) | +24.9% | +15.1% |
| P/E | 41.2 | 41.7 |
| P/B | 5.80 | 5.43 |
| P/S | 2.66 | 4.56 |
| EV/EBITDA | 16.7 | 18.0 |
| Revenue growth | +2.0% | +5.9% |
| Operating margin | 8.2% | 15.4% |
| Net margin | 6.5% | 11.0% |
| Return on equity | 14.3% | 13.1% |
| Return on assets | 5.2% | 5.0% |
| Return on invested capital | 9.2% | 7.6% |
| FCF yield | 2.9% | 2.6% |
| Dividend yield | — | 0.8% |
| Debt / equity | 1.00 | 1.14 |
| Current ratio | 2.34 | 0.69 |
| Altman Z (solvency) | 7.60 | 2.83 |
| Piotroski F (quality) | 4 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.