Waste Connections, Inc. (WCN) intrinsic value & 10-year financials
Waste Connections, Inc. (WCN) has a Graham intrinsic value of $111.38 per share. At $167.90 on Oct 17, 2026, the stock trades 51% above that value. Over the last 10 fiscal years revenue grew 12.1% a year to $9.5B, with an average return on invested capital of 6.1%.
- Graham intrinsic value
- $111.38
- Share price (Oct 17, 2026)
- $167.90
- Price vs Graham value
- 51% above
- Market cap
- $43.3B
- Revenue (FY2025)
- $9.5B
- Revenue growth (10-yr CAGR)
- 12.1%
- ROIC (10-yr avg)
- 6.1%
- Free cash flow (FY2025)
- $1.2B
WCN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.5B | $1.1B | $4.17 | $1.2B | 18.1% | 7.9% |
| FY2024 | $8.9B | $617.6M | $2.39 | $1.2B | 12.0% | 5.7% |
| FY2023 | $8.0B | $762.8M | $2.95 | $1.2B | 15.4% | 6.8% |
| FY2022 | $7.2B | $835.7M | $3.24 | $1.1B | 17.2% | 7.7% |
| FY2021 | $6.2B | $618.0M | $2.36 | $953.9M | 16.9% | 7.3% |
| FY2020 | $5.4B | $204.7M | $0.78 | $811.5M | 7.6% | 3.0% |
| FY2019 | $5.4B | $566.8M | $2.14 | $906.1M | 15.5% | 6.3% |
| FY2018 | $4.9B | $546.9M | $2.07 | $865.1M | 16.9% | 6.4% |
| FY2017 | $4.6B | $576.8M | $2.18 | $708.0M | 13.5% | 6.7% |
| FY2016 | $3.4B | $246.5M | $1.60 | $450.6M | 13.4% | 3.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Waste Connections, Inc. is a consistent compounder, expanding top-line revenue at 12.1% annually over the past decade.
Waste Connections, Inc. has historically struggled to out-earn its cost of capital, averaging just 6.1% ROIC.
Over the decade, Waste Connections, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Waste Connections, Inc. is modeled at 11.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $111.38 per share.