Waste Management, Inc.
WM - Insider Information
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+ FollowMarket Cap$100.12B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 execution; on-track to top end of full-year guidance
- Operating EBITDA +5.8% YoY, Revenue +6.3% YoY, Operating EBITDA margin ~31%, and Free Cash Flow (FCF) +20% YoY in Q3.
- SG&A reduced to 9.3% of revenue (continued cost discipline).
- Management reiterated the company is “right on track” to achieve full-year guidance, with revenue and FCF expected to finish at the *high end* of ranges.
Segment performance: broad-based growth despite inflationary headwinds
- Collection & Disposal: growth driven by strong price-to-cost spread and cost optimization; core price +5.8% in Q3, but 70 bps headwind from higher fuel costs.
- Health Care Solutions: Revenue +3.7%, Operating EBITDA +33%; management highlighted integration progress and early achievement of targets (see below).
- Sustainability: Recycling Processing & Sales EBITDA +40%; Renewable energy/RNG EBITDA growth >35% despite slightly lower RIN pricing vs prior year.
SG&A and Health Care “milestones achieved early” (surprising positive trajectory)
- Health care had 2 year-end targets for exit 2026; management says both were achieved earlier than expected:
- Core price ~5.5% (hit in Q3)
- SG&A 15%–16% of revenue; achieved 15.2% in Q3
- David Reed emphasized synergy capture and streamlining support functions as key drivers; integration is described as among the best acquisitions in WM’s history.
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$277.33
16.3% upside
Current Fair Value
16.3% upsideUndervalued by 16.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $100.12 Billion |
|---|---|
| Enterprise Value | $123.69 Billion |
| Annual dividend | $3.66 |
| Dividend yield | 1.57% |
| Earnings per Share | $6.72 |
| Beta | 0.43 |
| Outstanding Shares | 398,900,000 |
Return
| Return on Equity | 30.93% |
|---|---|
| Return on Assets | 6.61% |
| Return on Invested Capital | 11.93% |
Valuation & Multiples
| P/E Ratio | 30.52 |
|---|---|
| PEG | 84.8 |
| Price to Sales | 3.67 |
| Price to Book Ratio | 9.93 |
| Enterprise Value to Revenue | 4.74 |
| Enterprise Value to EBIT | 25.6 |
| Enterprise Value to Net Income | 40 |
| Total Debt to Enterprise | 0.2 |
| Debt to Equity | 2.43 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$2.18
Consensus analyst estimateRevenue Estimate
$6.81 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$2.06
Consensus analyst estimateRevenue Estimate
$6.71 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.19, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1898▼ 61.74% |
|---|---|
| Total Calls | 2,108▼ 99.85% |
| Total Puts | 400▼ 99.96% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.69%▼ 75.35% |
|---|---|
| Total Invested | $6.31B▼ 91.54% |
| Investors Holding | 1,003▼ 1432.00% |
About Waste Management, Inc.
60,500 employees
CEO: James Fish
Waste Management, Inc., through its subsidiaries, provides environmental solutions to residential, commercial, industrial, and municipal customers in the United States, Canada, Western Europe, and internationally. It offers collection se...