CWSTCASELLA WASTE SYSTEMS INC
Refuse Systems
- Revenue
- $1.8B
- 18% YoY
- Operating margin
- 3.5%
- 26% YoY
- EBITDA
- $371M
- 20% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.5×
- $1.3B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear42× net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear39% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $889M | $1.1B | $1.3B | $1.6B | $1.8B | 18% |
| Operating income | $78M | $95M | $80M | $73M | $64M | 12% |
| Net income | $41M | $53M | $25M | $14M | $8M | 42% |
| Operating cash flow | $183M | $217M | $233M | $281M | $330M | 17% |
| Capex | $123M | $131M | $155M | $203M | $245M | 21% |
| Stock-based comp | $12M | $8M | $9M | $12M | $14M | 17% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $5M | 158 | 200 |
| FY2024 | $4M | $6M | 171 | 188 |
| FY2023 | $3M | $4M | 138 | 159 |
| FY2022 | $4M | $3M | 128 | 133 |
| FY2021 | $4M | $11M | 138 | 141 |