RS
Republic Services Inc
RSG—
Republic Services Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 16.7B is 141% of equity (11.9B) - tangible book value is negative 5.4B, creating material impairment risk[Goodwill]
- Operating margin TTM 20.2% vs industry median 0% - dominant pricing power in essential service with high barriers[Operating Margin TTM]
- Negative working capital (-1.8B) with 84M cash signals customer prepayment model - capital-light despite 12.4B PPE[Working Capital]
Watch Triggers
- Operating Margin TTM: Falls below 18% — Would signal pricing power erosion or cost inflation catching up to price increases
- Goodwill: Impairment charge announced — With 141% goodwill/equity ratio, any writedown materially impacts book value
- Free Cash Flow TTM: Drops below 2.0B — Would pressure dividend (737M annual) and buyback capacity simultaneously
Bull Case
Oligopoly structure (RSG #2 behind WM) enables consistent price increases above inflation. 20% operating margin TTM vs industry median 0% reflects structural moat from route density and landfill permits.
Operating Margin TTMGross Margin TTM
FCF yield of 3.8% (2.5B/66B market cap) with 536M buybacks TTM and 2.37 dividend provides shareholder returns while debt/equity at 1.14x remains conservative.
Free Cash Flow TTMNet Common Stock Issuance
Bear Case
Goodwill 16.7B (141% of equity) from M&A leaves negative tangible book value of -5.4B. Any impairment directly hits equity cushion.
GoodwillTangible Book Value
P/E 31.2x vs industry median 27.7x and P/S 4.0x vs median 3.7x prices in perfection. Interest expense 561M TTM on 13.5B debt limits flexibility if rates stay elevated.
PE RatioInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
FCF will compound 6-8% annually as pricing power exceeds cost inflation in oligopolistic waste market
1-3yhigh
- 20% operating margin vs 0% industry median
- Essential service with multi-year municipal contracts
- Capex stable at 11% of revenue
FCF TTM 2.5B on 16.5B revenue (15% margin)Operating cash flow 4.3B covers 1.8B capex 2.4xDebt/equity 1.14x manageable for utility-like business
Valuation Context
Caveats
Public Strategies Rankings
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RSG Fundamentals
Administrative and Support and Waste Management and Remediation Services → Waste Management and Remediation Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$65.82B | — | ||
$79.24B | — | ||
31 | — | ||
$16.5B | +4.3% | — | |
$6.79 | +6.9% | — | |
20.2% | +0.4% | — | |
12.8% | +0.3% | — | |
$2.53B | +32.6% | — | |
0.18 | -0.0% | — | |
Beta 5Y (Monthly) | unknown | — |
RSG Dividend History
90 dividends
2026
$0.625001/02/26$0.6250
2025
$2.365010/02/25$0.6250
07/02/25$0.5800
04/02/25$0.5800
01/02/25$0.5800
2024
$1.650010/02/24$0.5800
07/02/24$0.5350
04/01/24$0.5350
2023
$2.060012/29/23$0.5350
09/29/23$0.5350
06/30/23$0.4950
03/31/23$0.4950
2022
$1.910012/30/22$0.4950
09/30/22$0.4950
06/30/22$0.4600
03/31/22$0.4600
2021
$1.770012/31/21$0.4600
09/30/21$0.4600
06/30/21$0.4250
03/31/21$0.4250
2020
$1.660012/31/20$0.4250
09/30/20$0.4250
06/30/20$0.4050
03/31/20$0.4050
2019
$1.560012/31/19$0.4050
09/30/19$0.4050
06/28/19$0.3750
03/29/19$0.3750
2018
$1.440012/31/18$0.3750
09/28/18$0.3750
06/29/18$0.3450
03/29/18$0.3450
2017
$1.330012/29/17$0.3450
09/29/17$0.3450
06/29/17$0.3200
03/30/17$0.3200
2016
$1.240012/29/16$0.3200
09/29/16$0.3200
06/29/16$0.3000
03/30/16$0.3000
2015
$1.160012/30/15$0.3000
09/29/15$0.3000
06/29/15$0.2800
03/30/15$0.2800
2014
$1.080012/30/14$0.2800
09/29/14$0.2800
06/27/14$0.2600
03/28/14$0.2600
2013
$0.990012/30/13$0.2600
09/27/13$0.2600
06/27/13$0.2350
03/27/13$0.2350
2012
$0.910012/28/12$0.2350
09/27/12$0.2350
06/28/12$0.2200
03/29/12$0.2200
2011
$0.840012/29/11$0.2200
09/29/11$0.2200
06/29/11$0.2000
03/30/11$0.2000
2010
$0.780012/30/10$0.2000
09/29/10$0.2000
06/29/10$0.1900
03/30/10$0.1900
2009
$0.760012/30/09$0.1900
09/29/09$0.1900
06/29/09$0.1900
03/30/09$0.1900
2008
$0.720012/30/08$0.1900
09/29/08$0.1900
06/27/08$0.1700
03/28/08$0.1700
2007
$0.553412/28/07$0.1700
09/27/07$0.1700
06/28/07$0.1067
03/29/07$0.1067
2006
$0.400012/28/06$0.1067
09/28/06$0.1067
06/29/06$0.0933
03/30/06$0.0933
2005
$0.346712/28/05$0.0933
09/29/05$0.0933
06/29/05$0.0800
03/30/05$0.0800
2004
$0.240012/30/04$0.0800
09/29/04$0.0800
06/29/04$0.0400
03/30/04$0.0400
2003
$0.080012/30/03$0.0400
09/26/03$0.0400
RSG Stock Splits
1 stock split
03/19/070.666667:1 split
RSG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/31/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
04/25/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
10/27/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/14/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/26/19 | 06/30/19 | 10-Q | |
04/26/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
10/26/18 | 09/30/18 | 10-Q | |
07/27/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/09/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
07/28/17 | 06/30/17 | 10-Q | |
04/28/17 | 03/31/17 | 10-Q | |
02/17/17 | 12/31/16 | 10-K | |
10/28/16 | 09/30/16 | 10-Q | |
07/29/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/12/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/24/15 | 06/30/15 | 10-Q | |
04/24/15 | 03/31/15 | 10-Q | |
02/23/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/25/14 | 06/30/14 | 10-Q | |
04/25/14 | 03/31/14 | 10-Q | |
02/13/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
07/26/13 | 06/30/13 | 10-Q | |
04/26/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
07/27/12 | 06/30/12 | 10-Q | |
04/27/12 | 03/31/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
10/28/11 | 09/30/11 | 10-Q | |
07/29/11 | 06/30/11 | 10-Q | |
04/29/11 | 03/31/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
03/02/09 | 12/31/08 | 8-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/05/08 | 03/30/08 | Unknown | -- |
02/21/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/07/07 | 03/30/07 | Unknown | -- |
02/23/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
02/24/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/04/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/30/05 | Unknown | -- |
02/25/05 | 12/31/04 | 10-K | |
11/04/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/06/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/27/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/13/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K | |
11/09/01 | 09/30/01 | 10-Q | |
08/13/01 | 06/30/01 | 10-Q | |
05/10/01 | 03/30/01 | Unknown | -- |
02/22/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/11/00 | 03/30/00 | Unknown | -- |