Waste Management (WM) stock
Industrials · Environmental & Facilities Services
Waste Management (WM) is an Environmental & Facilities Services company in the Industrials sector, headquartered in Houston, Texas. As of October 23, 2026, WM closed at $239.38, a market capitalization of $95.68 billion, the 124th largest company in the S&P 500. Over the last twelve months it generated $25.67 billion in revenue (+4% year over year) and $3.57 billion in free cash flow. The stock trades at 33.9x trailing earnings and 26.3x forward earnings.
- 1-year total return: +12.6% (dividends reinvested)
- 5-year return: +9.5% a year
- 52-week range: $194.11 – $248.13
- Gross margin 40.6%, operating margin 19.0%
- Dividend yield: 1.58%, 22 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 14th largest of 83 Industrials stocks in the S&P 500
WM price chart
1Y price change: +10.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| WM | +15.2% | +10.3% | +12.6% | +17.1% | +9.5% | +16.5% | +12.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1988.
WM key statistics
- Market cap
- $95.7B
- #124 in S&P 500
- P/E (TTM)
- 33.9x
- Forward P/E
- 26.3x
- EPS (TTM)
- $7.06
- Revenue (TTM)
- $25.7B
- +4%
- Free cash flow
- $3.6B
- Gross margin
- 40.6%
- Operating margin
- 19.0%
- Return on equity
- 29.8%
- Dividend yield
- 1.58%
- 52-week range
- $194.11 – $248.13
- Beta
- 0.43
- Price / sales
- 3.7x
- EV / EBITDA
- 15.2x
- Debt / equity
- 2.35x
- Employees
- 60,500
WM report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.0%D
- Gross margin40.6%B
- Operating margin19.0%C
- FCF margin13.9%C
- Return on equity29.8%A
- Net debt / EBITDA2.9xD
- Forward P/E26.3xC
- PEG ratio2.0xC
- Shareholder yield1.6%C
- Share count change / yr-1.0%B
Waste Management financials
Revenue went from $13.6B in fiscal 2016 to $25.2B in fiscal 2025, growing 7.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.6B | $14.5B | $14.9B | $15.5B | $15.2B | $17.9B | $19.7B | $20.4B | $22.1B | $25.2B |
| Gross profit | $5.1B | $5.5B | $5.7B | $6.0B | $5.9B | $6.8B | $7.4B | $7.8B | $8.7B | $10.2B |
| Operating income | $2.3B | $2.6B | $2.8B | $2.7B | $2.4B | $3.0B | $3.4B | $3.6B | $4.1B | $4.3B |
| Net income | $1.2B | $1.9B | $1.9B | $1.7B | $1.5B | $1.8B | $2.2B | $2.3B | $2.7B | $2.7B |
| EPS (diluted) | $2.65 | $4.41 | $4.45 | $3.91 | $3.52 | $4.29 | $5.39 | $5.66 | $6.81 | $6.70 |
| Free cash flow | $1.7B | $1.6B | $1.9B | $2.1B | $1.8B | $2.3B | $1.7B | $1.8B | $2.2B | $2.8B |
| Buybacks | $725.0M | $750.0M | $1.0B | $248.0M | $402.0M | $1.4B | $1.5B | $1.3B | $262.0M | — |
| Dividends paid | $726.0M | $750.0M | $802.0M | $876.0M | $927.0M | $970.0M | $1.1B | $1.1B | $1.2B | $1.3B |
| Diluted shares | 446.5M | 441.9M | 432.2M | 427.5M | 425.1M | 422.9M | 415.0M | 406.9M | 403.4M | 404.2M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into WM?
A reverse DCF asks what growth the current price requires. With an enterprise value of $118.5B and $3.6B of trailing free cash flow, Waste Management needs to grow free cash flow about 23.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 9.1% a year over the last five years.
P/E ratio history
Current 35.7x vs. median 27.5x (10th–90th percentile 15.8x–41.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
WM dividend
- Dividend yield
- 1.58%
- Annual dividend
- $3.78
- Years of increases
- 22
- 5-yr dividend growth
- 8.6%
- per year
- Payout ratio
- 50%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
WM analyst price targets
25 analysts' average 12-month target is $253.52 (+6% vs. $239.38). Targets range from $220.00 to $277.00. 68% rate it a buy.
WM earnings
Next report: October 27, 2026. Waste Management has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $6.7B (+4% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 28, 2026 | $1.98 | $2.02 | +2.1% |
| Apr 28, 2026 | $1.74 | $1.81 | +4.0% |
| Jan 28, 2026 | $1.95 | $1.93 | -0.9% |
| Oct 27, 2025 | $2.01 | $1.98 | -1.6% |
| Jul 28, 2025 | $1.89 | $1.92 | +1.8% |
| Apr 28, 2025 | $1.59 | $1.67 | +5.3% |
| Jan 29, 2025 | $1.80 | $1.70 | -5.7% |
| Oct 28, 2024 | $1.88 | $1.96 | +4.0% |
Stocks like WM
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
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WM news
- Earnings Preview Might Change The Case For Investing In Waste Management Stock (WM) · Oct 23, 2026
- Waste Management (WM): Buy, Sell, or Hold Post Q2 Earnings? · Oct 20, 2026
- Waste Management (WM) Reports Next Week: Wall Street Expects Earnings Growth · Oct 20, 2026
- Waste Management (WM) Has a Long Runway. Is the Stock Worth Buying? · Oct 18, 2026
- Is Waste Management (WM) Above Fair Value On Future Cash Flow? · Oct 15, 2026
WM stock FAQ
What is WM's market cap?
Waste Management's market capitalization is $95.68 billion as of October 23, 2026, ranking 124th in the S&P 500.
What is WM's P/E ratio?
WM trades at a trailing price-to-earnings ratio of 33.9x and a forward P/E of 26.3x. Its median P/E over the period we track is 27.5x.
Does WM pay a dividend?
Yes. Waste Management pays $3.78 per share a year, a 1.58% yield. It has raised its dividend 22 years in a row. Dividends grew 8.6% a year over the last five years.
How much has WM stock returned?
Including reinvested dividends, WM returned +12.6% over one year, +9.5% a year over five years, +16.5% a year over ten years through October 23, 2026.
Is WM stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Waste Management must grow free cash flow about 24% a year for the next decade. Its free cash flow grew 9% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the WM price target?
25 analysts cover WM with an average 12-month price target of $253.52, +6% from the current price. 68% of them rate it a buy.
When does WM report earnings?
Waste Management is expected to report earnings on October 27, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Waste Management have?
Waste Management has about 60,500 full-time employees, or $424,248 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology