Explain this page
Arphra AIPlain-English read on Waste Management, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $81.02B | $88.48B | — | — | — | — |
| Enterprise value | — | — | — | $104.5B | $111.18B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 4.74 | 4.41 | — | — | — | — |
| EV / FCF | — | — | — | 48.40 | 39.48 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +3.39% | +3.06% | — | — | — | — |
| Free cash flow yield | — | — | — | +2.66% | +3.18% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +26.89% | +27.24% | +28.15% | +29.07% | +29.08% | +28.03% | +28.45% | +28.76% | +28.12% |
| Operating margin | +16.78% | +17.45% | +18.72% | +18.81% | +18.28% | +18.81% | +18.18% | +18.28% | +18.85% |
| EBITDA margin | +26.90% | +27.65% | +28.01% | +29.26% | +28.57% | +28.21% | +29.04% | +27.97% | +29.20% |
| EBIT margin | +15.14% | +16.73% | +17.24% | +18.38% | +17.21% | +17.30% | +17.66% | +17.53% | +17.86% |
| Pre-tax margin | +13.10% | +14.81% | +14.79% | +15.67% | +13.59% | +15.06% | +14.48% | +14.91% | +14.83% |
| Net margin | +10.13% | +11.36% | +11.28% | +12.45% | +10.74% | +11.21% | +11.73% | +11.81% | +11.22% |
| Cost structure | |||||||||
| Cost of revenue / sales | +73.11% | +72.76% | +71.85% | +70.93% | +70.92% | +70.72% | +71.30% | +71.11% | +72.43% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +10.11% | +9.79% | +9.43% | +10.26% | +10.80% | +10.20% | +10.27% | +9.89% | +10.16% |
| Effective tax rate | +22.65% | +23.24% | +24.66% | +20.62% | +20.93% | +21.12% | +22.73% | +21.32% | +22.28% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +25.48% | +32.60% | +33.41% | +33.27% | +27.10% | +30.17% | +32.29% | +31.11% | +29.49% |
| Return on assets (ROA) | +6.24% | +7.13% | +7.02% | +6.16% | +5.91% | +6.33% | +6.38% | +6.55% | +6.15% |
| Return on capital (ROC) | +14.65% | +15.74% | +16.53% | +12.90% | +14.00% | +14.26% | +13.78% | +14.06% | +14.70% |
| Return on invested capital (ROIC) | +8.85% | +10.24% | +9.96% | +8.54% | +8.23% | +8.51% | +8.89% | +9.08% | +8.75% |
| Asset turnover | +61.62% | +62.80% | +62.23% | +49.51% | +54.99% | +56.47% | +54.34% | +55.49% | +54.85% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.13% | +11.36% | +11.28% | +12.45% | +10.74% | +11.21% | +11.73% | +11.81% | +11.22% |
| Asset turnover (× revenue / assets) | +61.62% | +62.80% | +62.23% | +49.51% | +54.99% | +56.47% | +54.34% | +55.49% | +54.85% |
| Equity multiplier (× assets / equity) | +408.32% | +456.98% | +475.97% | +539.94% | +458.76% | +476.51% | +506.46% | +474.72% | +479.26% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.62 | 0.63 | 0.62 | 0.50 | 0.55 | 0.56 | 0.54 | 0.55 | 0.55 |
| Fixed-asset turnover | 1.24 | 1.25 | 1.20 | 1.14 | 1.24 | — | — | — | — |
| Inventory turnover | 97.11 | 87.39 | 84.84 | 75.97 | — | — | — | — | — |
| Receivables turnover | 7.04 | 7.16 | 7.12 | 5.98 | 6.22 | — | — | — | — |
| Payables turnover | 9.53 | 8.12 | 8.59 | 7.65 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 51.83 | 50.99 | 51.29 | 61.00 | 58.72 | — | — | — | — |
| Days inventory outstanding (DIO) | 3.76 | 4.18 | 4.30 | 4.80 | — | — | — | — | — |
| Days payables outstanding (DPO) | 38.28 | 44.98 | 42.50 | 47.72 | — | — | — | — | — |
| Cash conversion cycle | 17.30 | 10.20 | 13.09 | 18.08 | 58.72 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.39 | 2.03 | 2.05 | 1.96 | 2.23 | 2.18 | 2.02 | 2.03 | 2.06 |
| FCF / Net income | 1.34 | 0.87 | 0.79 | 0.79 | 1.04 | 0.89 | 0.85 | 0.84 | 0.86 |
| FCF margin | +13.57% | +9.89% | +8.93% | +9.79% | +11.17% | +10.03% | +9.99% | +9.94% | +9.70% |
| OCF margin | +24.19% | +23.03% | +23.10% | +24.43% | +23.98% | +24.48% | +23.69% | +23.99% | +23.14% |
| CapEx / Revenue | +10.62% | +13.13% | +14.17% | +14.64% | +12.80% | +13.62% | +14.11% | +13.88% | +13.84% |
| CapEx / D&A | 0.95 | 2.01 | 2.18 | 2.19 | 1.07 | — | — | — | — |
| Stock-based comp / Revenue | +0.60% | +0.43% | +0.46% | +0.53% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.29 | 5.39 | 5.66 | 6.81 | 6.70 | 8.18 | 9.21 | 10.16 | 11.32 |
| EPS · basic | 4.32 | 5.42 | 5.69 | 6.84 | 6.72 | 8.32 | 9.33 | 10.32 | 11.34 |
| Book value / share | 16.85 | 16.54 | 16.95 | 20.46 | 24.72 | 24.24 | 24.97 | 27.32 | 29.54 |
| Tangible BV / share | -6.62 | -7.92 | -7.66 | -23.23 | -18.94 | 24.24 | 24.97 | 27.32 | 29.54 |
| Sales / share | 42.40 | 47.47 | 50.20 | 54.69 | 62.36 | 65.23 | 68.71 | 71.98 | 77.65 |
| Operating CF / share | 10.26 | 10.93 | 11.60 | 13.36 | 14.95 | 15.97 | 16.27 | 17.27 | 17.97 |
| Free cash flow / share | 5.76 | 4.70 | 4.48 | 5.35 | 6.97 | 6.54 | 6.86 | 7.15 | 7.53 |
| Dividends / share | 2.29 | 2.60 | 2.79 | 3.00 | 3.30 | 3.59 | 3.68 | 4.03 | 4.19 |
| Payout ratio | +53.41% | +48.12% | +49.31% | +44.06% | +49.26% | +49.05% | +45.61% | +47.44% | +48.13% |
| Retention ratio | +46.59% | +51.88% | +50.69% | +55.94% | +50.74% | +50.95% | +54.39% | +52.56% | +51.87% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +9.85% | +3.70% | +8.01% | +14.24% | +5.18% | +5.50% | +4.76% | +6.58% | +7.18% |
| Gross profit · YoY | — | +11.30% | +7.14% | +11.55% | +14.28% | +1.38% | +7.08% | +5.92% | +4.21% | +7.79% |
| Profit | ||||||||||
| Operating income · YoY | — | +14.30% | +11.20% | +8.53% | +11.04% | +8.21% | +2.01% | +5.31% | +9.92% | +8.76% |
| EBITDA · YoY | — | +12.89% | +5.07% | +12.83% | +11.54% | +3.87% | +8.59% | +0.91% | +11.25% | +8.28% |
| Net income · YoY | — | +23.24% | +2.95% | +19.18% | -1.38% | +9.77% | +10.39% | +5.45% | +1.25% | +8.56% |
| Operating | ||||||||||
| EBIT · YoY | — | +21.44% | +6.83% | +15.19% | +6.95% | +5.71% | +7.68% | +4.02% | +8.55% | +9.42% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +25.64% | +5.01% | +20.32% | -1.62% | +22.13% | +12.61% | +10.32% | +11.34% | +12.89% |
| EPS · basic · YoY | — | +25.46% | +4.98% | +20.21% | -1.75% | +23.85% | +12.05% | +10.67% | +9.87% | +12.82% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $13.41B | $14.98B | $16.23B | $23.9B | $22.91B | $25.1B | $26.75B | $26.98B | $28.18B |
| Net debt | $13.29B | $14.63B | $15.77B | $23.49B | $22.71B | $24.68B | $26.28B | $26.5B | $27.66B |
| Net debt / EBITDA | 2.75 | 2.69 | 2.76 | 3.64 | 3.15 | 3.30 | 3.24 | 3.23 | 3.03 |
| Debt / equity | 1.88 | 2.18 | 2.35 | 2.90 | 2.29 | 2.55 | 2.63 | 2.43 | 2.37 |
| Debt / assets | +46.07% | +47.77% | +49.44% | +53.63% | +49.98% | +53.47% | +51.96% | +51.09% | +49.50% |
| Equity / assets | +24.49% | +21.88% | +21.01% | +18.52% | +21.80% | +20.99% | +19.74% | +21.06% | +20.87% |
| Coverage | |||||||||
| EBITDA / interest expense | 13.22 | 14.41 | 11.44 | 10.80 | 7.90 | 9.72 | 9.72 | 9.44 | 10.05 |
| Operating income / interest | 8.24 | 9.10 | 7.65 | 6.94 | 5.05 | 6.48 | 6.09 | 6.17 | 6.49 |
| Interest expense | $365M | $378M | $500M | $598M | $912M | $769.74M | $835.44M | $868.06M | $906.82M |
| Liquidity | |||||||||
| Current ratio | 0.75 | 0.81 | 0.90 | 0.76 | 0.89 | — | — | — | — |
| Quick ratio | 0.65 | 0.71 | 0.79 | 0.66 | 0.77 | — | — | — | — |
| Cash ratio | 0.03 | 0.08 | 0.11 | 0.07 | 0.04 | — | — | — | — |
| Working capital | -$1.01B | -$843M | -$422M | -$1.48B | -$614M | — | — | — | — |
| Working capital / revenue | -5.65% | -4.28% | -2.07% | -6.73% | -2.44% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 4.41x | 4.74x |
| Earnings yield | 3.1% | 3.4% |
| FCF yield | 3.2% | 2.7% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 27.1% | 33.3% |
| ROA | 5.9% | 6.2% |
| ROIC | 8.9% | 8.3% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 3.15 | 3.64 |
| Interest coverage | — | — |
| Current ratio | 0.89x | 0.76x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).