Waste Management Inc
WM—
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Waste Management Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative working capital (-898M TTM) means WM collects before paying - capital-light model funds 3.5B capex without equity dilution.[Working Capital]
- Goodwill of 13.9B is 146% of equity (9.5B) - acquisition-heavy strategy creates impairment risk if pricing power erodes.[Goodwill]
- Operating margin 17.6% TTM vs industry median near 0% - monopolistic local economics drive 100x+ profitability advantage.[Operating Margin TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 1B or >15% of operating income — Currently 890M (20% of op income) - further rise threatens dividend coverage
- Free Cash Flow TTM: Falls below 2B or FCF margin <8% — 9.7% FCF margin funds 1.3B dividends + buybacks; compression signals trouble
- Goodwill: Impairment charge >500M in any quarter — 13.9B goodwill at 146% of equity - writedown destroys book value
Bull Case
Local monopoly economics: 40% gross margin TTM with negative working capital creates self-funding growth. Competitors can't replicate landfill permits or route density.
Gross Margin TTMWorking CapitalOperating Margin TTM
Inflation hedge: waste collection reprices annually with CPI escalators while fixed-cost landfills gain operating leverage. ROE 29% TTM proves pricing power.
ROE TTMEBITDA TTMNet Margin TTM
Bear Case
Leverage risk: 23.4B debt at 2.45x equity with 890M interest expense TTM. Rising rates compress 2.4B FCF, limiting buyback/dividend capacity.
Total DebtDebt to EquityInterest Expense TTM
Valuation stretched: P/E 30.2x vs industry median 27.7x for a mature 10% net margin business. P/S 3.4x leaves little room for execution misses.
PE RatioPS RatioNet Margin TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF will expand 15-20% as capex intensity normalizes post-acquisition integration.
1-3ymed
- Capex/revenue at 14% TTM vs typical 10-12% mature waste
- Integration of recent acquisitions completing
- Pricing power in inflation pass-through
FCF 2.4B TTM on 24.8B revenue (9.7% margin)Operating cash flow 5.9B shows underlying strengthDebt/equity 2.45x manageable at current rates
Valuation Context
Caveats
Public Strategies Rankings
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WM Fundamentals
Administrative and Support and Waste Management and Remediation Services → Waste Management and Remediation Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$95.3B | — | ||
$118.0B | — | ||
35 | — | ||
$25.2B | +14.2% | — | |
$6.70 | +4.2% | — | |
18.3% | -0.5% | — | |
10.7% | -1.7% | — | |
$2.82B | +30.4% | — | |
29.7% | -6.5% | — | |
Beta 5Y (Monthly) | unknown | — |
WM Dividend History
93 dividends
2026
$0.945003/13/26$0.9450
2025
$3.300012/05/25$0.8250
09/12/25$0.8250
06/06/25$0.8250
03/14/25$0.8250
2024
$3.000012/06/24$0.7500
09/13/24$0.7500
06/07/24$0.7500
03/14/24$0.7500
2023
$2.800011/30/23$0.7000
09/07/23$0.7000
06/01/23$0.7000
03/09/23$0.7000
2022
$2.600012/01/22$0.6500
09/08/22$0.6500
06/02/22$0.6500
03/16/22$0.6500
2021
$2.300012/02/21$0.5750
09/02/21$0.5750
06/03/21$0.5750
03/11/21$0.5750
2020
$2.180012/03/20$0.5450
09/03/20$0.5450
06/04/20$0.5450
03/05/20$0.5450
2019
$2.050012/05/19$0.5125
09/05/19$0.5125
06/06/19$0.5125
03/07/19$0.5125
2018
$1.860011/29/18$0.4650
09/06/18$0.4650
06/07/18$0.4650
03/08/18$0.4650
2017
$1.700011/30/17$0.4250
09/07/17$0.4250
06/07/17$0.4250
03/08/17$0.4250
2016
$1.640011/30/16$0.4100
09/07/16$0.4100
06/01/16$0.4100
03/03/16$0.4100
2015
$1.540012/02/15$0.3850
09/10/15$0.3850
06/03/15$0.3850
03/05/15$0.3850
2014
$1.500012/03/14$0.3750
09/03/14$0.3750
06/04/14$0.3750
03/06/14$0.3750
2013
$1.460012/02/13$0.3650
09/04/13$0.3650
06/05/13$0.3650
03/07/13$0.3650
2012
$1.420011/26/12$0.3550
09/05/12$0.3550
06/06/12$0.3550
03/07/12$0.3550
2011
$1.360011/28/11$0.3400
09/01/11$0.3400
05/31/11$0.3400
03/09/11$0.3400
2010
$1.260011/29/10$0.3150
09/02/10$0.3150
05/27/10$0.3150
03/01/10$0.3150
2009
$1.160011/30/09$0.2900
09/03/09$0.2900
05/28/09$0.2900
03/05/09$0.2900
2008
$1.080011/26/08$0.2700
08/28/08$0.2700
05/29/08$0.2700
03/06/08$0.2700
2007
$0.960011/29/07$0.2400
08/30/07$0.2400
05/31/07$0.2400
03/08/07$0.2400
2006
$0.880011/30/06$0.2200
08/31/06$0.2200
06/01/06$0.2200
03/02/06$0.2200
2005
$0.800011/29/05$0.2000
08/30/05$0.2000
05/27/05$0.2000
02/25/05$0.2000
2004
$0.750011/29/04$0.1875
08/30/04$0.1875
05/27/04$0.1875
02/26/04$0.1875
2003
$0.010009/26/03$0.0100
2002
$0.010009/26/02$0.0100
2001
$0.010009/25/01$0.0100
2000
$0.010009/27/00$0.0100
WM Stock Splits
No stock splits
WM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/09/26 | 12/31/25 | 10-K | |
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/19/25 | 12/31/24 | 10-K | |
10/28/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/13/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/07/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/26/22 | 03/31/22 | 10-Q | |
02/15/22 | 12/31/21 | 10-K | |
10/26/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/22/21 | 12/31/20 | 10-K | |
11/02/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/13/20 | 12/31/19 | 10-K | |
10/23/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/14/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/23/18 | 03/31/18 | 10-Q | |
02/15/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
02/16/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
04/28/16 | 03/31/16 | 10-Q | |
02/18/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/23/15 | 06/30/15 | 10-Q | |
04/29/15 | 03/31/15 | 10-Q | |
02/17/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/29/14 | 06/30/14 | 10-Q | |
04/24/14 | 03/31/14 | 10-Q | |
02/18/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/30/13 | 06/30/13 | 10-Q | |
04/24/13 | 03/31/13 | 10-Q | |
02/14/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
02/16/12 | 12/31/11 | 10-K | |
10/27/11 | 09/30/11 | 10-Q | |
07/28/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/17/11 | 12/31/10 | 10-K | |
10/27/11 | 09/30/10 | 10-Q | |
08/02/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/16/10 | 12/31/09 | 10-K | |
10/29/09 | 09/30/09 | 10-Q | |
10/28/10 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
04/29/09 | 03/30/09 | 10-Q | |
02/17/09 | 12/31/08 | 10-K | |
10/30/08 | 09/30/08 | 10-Q | |
07/29/08 | 06/30/08 | 10-Q | |
04/29/08 | 03/30/08 | Unknown | -- |
02/19/08 | 12/31/07 | 10-K | |
10/26/07 | 09/30/07 | 10-Q | |
07/31/07 | 06/30/07 | 10-Q | |
04/27/07 | 03/30/07 | Unknown | -- |
02/15/07 | 12/31/06 | 10-K | |
10/25/06 | 09/30/06 | 10-Q | |
07/28/06 | 06/30/06 | 10-Q | |
04/27/06 | 03/30/06 | Unknown | -- |
02/21/06 | 12/31/05 | 10-K | |
10/27/05 | 09/30/05 | 8-K | |
07/28/05 | 06/30/05 | 10-Q | |
04/28/05 | 03/30/05 | Unknown | -- |
02/17/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 10-Q | |
07/29/04 | 06/30/04 | 10-Q | |
04/30/04 | 03/30/04 | Unknown | -- |
02/20/04 | 12/31/03 | 10-K | |
10/31/03 | 09/30/03 | 10-Q | |
08/05/03 | 06/30/03 | 8-K | |
04/30/03 | 03/30/03 | Unknown | -- |
02/24/03 | 12/31/02 | 10-K | |
11/01/02 | 09/30/02 | 10-Q | |
08/02/02 | 06/30/02 | 10-Q | |
05/08/02 | 03/30/02 | Unknown | -- |
03/12/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/10/01 | 03/30/01 | Unknown | -- |
03/13/01 | 12/31/00 | 10-K | |
11/08/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |