WCN
IndustrialsWaste Connections, Inc. · Waste Management · $40B
What is Waste Connections, Inc.?
Waste Connections is a large-cap North American waste management company serving residential, commercial, municipal, industrial, and energy sector customers across the United States and Canada. Founded in 1998 and headquartered in Woodbridge, CA, it has grown into one of the continent's leading non-hazardous waste service providers.
Waste Connections generates revenue by collecting, transferring, and disposing of non-hazardous solid waste, operating a network of landfills and transfer stations. The company also provides recycling services for materials such as cardboard, plastics, glass, and metals. A distinct segment serves oil and gas exploration and production customers with specialized waste treatment and disposal. Intermodal rail services in the Pacific Northwest round out its operational footprint.
Waste Connections was founded in 1998 and is headquartered in Woodbridge, CA.
- Residential, commercial, and industrial waste collection
- Municipal solid waste landfill ownership and operation
- Recycling services for paper, plastics, glass, and metals
- Exploration and production waste treatment and disposal
- Intermodal rail waste transport in the Pacific Northwest
Is WCN a Good Stock to Buy?
UQS Score rates WCN as Good overall, reflecting a balanced profile with meaningful strengths and one area of notable concern.
The Quality and Growth pillars both register as Good, suggesting Waste Connections generates dependable earnings and has demonstrated consistent expansion — characteristics that tend to attract long-term oriented investors in the industrials sector. The company's essential-service business model supports relatively predictable revenue streams.
The Risk pillar is rated Weak, which warrants attention — investors should examine leverage levels and exposure to regulatory or commodity-driven cost pressures before sizing a position.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does WCN pay dividends?
Yes — Waste Connections, Inc. pays a dividend.
Waste Connections pays a regular dividend, which is relatively uncommon among growth-oriented industrials but fits the company's stable, recurring cash flow profile. The dividend reflects management's confidence in the durability of its waste collection and disposal business. Income-focused investors may find the combination of a dividend and a Good Growth rating worth examining further.
When does WCN report earnings?
Waste Connections reports earnings on a quarterly cadence, consistent with standard practice for US- and Canada-listed equities.
The company's Good Quality and Growth pillar ratings suggest earnings have been broadly consistent with its essential-service positioning. Waste volumes, pricing power, and E&P activity levels are among the key variables that tend to drive quarterly results.
For the most recent quarter's results and guidance, visit Waste Connections' investor relations page directly.
WCN Price History
+34.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Waste Connections, Inc.?
Based on Waste Connections, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
WCN Long-term Outlook
Waste Connections' Good Growth pillar points to a business with identifiable expansion levers, while the Weak Risk pillar introduces uncertainty around how that growth is financed and sustained. The Neutral Valuation pillar suggests the market is pricing in a reasonable — but not discounted — outlook. Investors weighing the long-term trajectory should balance the company's durable demand characteristics against its risk profile.
Growth drivers
- Pricing power in essential non-hazardous waste collection markets
- Acquisition-led geographic expansion across underserved North American markets
- Growing E&P waste services tied to oil and gas activity cycles
Key risks
- Elevated financial risk flagged by the Weak Risk pillar, potentially reflecting leverage
- Regulatory changes affecting landfill operations or recycling economics
- Commodity price swings impacting recycling revenue and E&P segment demand
WCN vs Peers
Waste Connections competes in a consolidated North American waste management industry alongside a small number of large-scale operators.
The Toronto-listed shares represent the same underlying company, offering Canadian investors direct exposure to WCN's North American operations.
Republic Services is a US-focused waste giant with a broad environmental services platform, competing directly with WCN across collection, landfill, and recycling segments.
GFL is a fast-growing Canadian-headquartered waste and environmental services company with significant US operations, pursuing an aggressive acquisition strategy similar to WCN's historical growth model.
Frequently Asked Questions
What does Waste Connections do?
Waste Connections collects, transfers, and disposes of non-hazardous solid waste for residential, commercial, municipal, industrial, and energy sector customers across the United States and Canada. It also operates landfills, recycling facilities, and a specialized segment serving oil and gas exploration and production customers.
Does WCN pay dividends?
Yes, Waste Connections pays a regular dividend. This is consistent with the company's stable, recurring revenue model in essential waste services. Investors seeking both income and growth exposure in the industrials sector may find this combination relevant to their screening criteria.
When does WCN report earnings?
Waste Connections reports on a quarterly cadence, as is standard for North American public companies. For the precise schedule and most recent results, check the investor relations section of the company's official website, as specific dates are subject to change.
Is WCN a good stock to buy?
UQS Score rates WCN as Good overall. The Quality and Growth pillars are both rated Good, while the Risk pillar is rated Weak — a combination that suggests durable fundamentals alongside financial risk worth monitoring. Whether WCN fits your portfolio depends on your risk tolerance and investment objectives.
Is WCN overvalued?
WCN's Valuation pillar is rated Neutral, indicating the market is pricing the stock in line with what its fundamentals broadly justify — neither deeply discounted nor obviously stretched. Pro members can view the full valuation metrics behind this rating on uqs-score.com.
How does WCN compare to its competitors?
Waste Connections operates alongside Republic Services and GFL Environmental in a consolidated North American waste market. Each competitor has a distinct geographic footprint and strategic emphasis. The UQS Score platform provides side-by-side pillar comparisons for Pro members looking to evaluate relative quality across these peers.
What is WCN's market cap bracket?
Waste Connections is classified as a large-cap company, placing it among the more established and widely followed names in the North American industrials and waste management sector.
Who founded Waste Connections?
Waste Connections was founded in 1998. Founding details, including the names of its original leadership, are publicly available through the company's official history and SEC filings for investors who want the full background.
Is WCN a long-term quality stock?
As a long-term quality indicator, WCN's Good UQS Score reflects consistent earnings quality and growth alongside a Weak Risk rating. Essential-service businesses like waste management tend to show resilience across economic cycles, but the risk profile should be weighed carefully for long-horizon investors.
What is the main competitive advantage of Waste Connections?
Waste Connections focuses on exclusive and secondary markets — regions where it can operate with less direct competition from national peers. This geographic strategy, combined with long-term municipal contracts and owned landfill capacity, supports recurring revenue and pricing discipline.
What sector does WCN belong to?
Waste Connections is classified in the Industrials sector, specifically within waste management and environmental services. It is often considered a defensive industrial given the non-discretionary nature of waste collection and disposal demand.
Is WCN a growth stock or value stock?
With a Good Growth pillar and a Neutral Valuation pillar, WCN sits in a middle ground — it has demonstrated meaningful expansion but is not priced at a deep discount. Investors may view it as a quality-growth name rather than a pure value or speculative growth play.
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Pro Analysis
WCN — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 19, 2026 | 51.5 | 55.6 | 47.0 | 65.2 | 27.5 | 57.9 | -2.5 |
| May 7, 2026 | 54.0 | 60.9 | 47.0 | 66.8 | 29.0 | 61.9 | +0.3 |
| May 5, 2026 | 53.7 | 60.9 | 47.0 | 66.8 | 29.0 | 60.1 | +0.3 |
| May 3, 2026 | 53.4 | 60.9 | 47.0 | 65.7 | 29.0 | 59.9 | +0.1 |
| May 2, 2026 | 53.3 | 60.9 | 47.0 | 65.7 | 29.0 | 59.0 | 0.0 |
| Apr 30, 2026 | 53.3 | 60.9 | 47.0 | 65.5 | 29.0 | 59.0 | 0.0 |
| Apr 26, 2026 | 53.3 | 60.9 | 47.0 | 65.5 | 29.0 | 59.3 | 0.0 |
| Apr 25, 2026 | 53.3 | 60.9 | 47.0 | 65.3 | 29.0 | 59.6 | -0.1 |
| Apr 24, 2026 | 53.4 | 60.9 | 47.0 | 65.8 | 29.0 | 59.8 | -0.1 |
| Apr 23, 2026 | 53.5 | 60.9 | 47.0 | 65.9 | 29.0 | 59.8 | +0.1 |
WCN — Pillar Breakdown
Quality
— 55.7/100 (25%)Waste Connections, Inc. shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 64.5/100 (20%)Waste Connections, Inc. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 27.5/100 (15%)Waste Connections, Inc. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 58.7/100 (15%)Waste Connections, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 47/100 (25%)Waste Connections, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for WCN.
Score Composition
Financial Data
More Stock Analysis
How is the WCN UQS Score Calculated?
The UQS (Unified Quality Score) for Waste Connections, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Waste Connections, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Waste Connections, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.