Waste Management Inc. (WM) intrinsic value & 10-year financials
Waste Management Inc. (WM) has a Graham intrinsic value of $141.62 per share. At $226.86 on Oct 17, 2026, the stock trades 60% above that value. Over the last 10 fiscal years revenue grew 7.1% a year to $25.2B, with an average return on invested capital of 12.5%.
- Graham intrinsic value
- $141.62
- Share price (Oct 17, 2026)
- $226.86
- Price vs Graham value
- 60% above
- Market cap
- $91.7B
- Revenue (FY2025)
- $25.2B
- Revenue growth (10-yr CAGR)
- 7.1%
- ROIC (10-yr avg)
- 12.5%
- Free cash flow (FY2025)
- $2.8B
WM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $25.2B | $2.7B | $6.70 | $2.8B | 17.1% | 10.9% |
| FY2024 | $22.1B | $2.7B | $6.81 | $2.2B | 18.4% | 12.2% |
| FY2023 | $20.4B | $2.3B | $5.66 | $1.8B | 17.5% | 12.4% |
| FY2022 | $19.7B | $2.2B | $5.39 | $1.7B | 17.1% | 12.7% |
| FY2021 | $17.9B | $1.8B | $4.29 | $2.3B | 16.5% | 11.5% |
| FY2020 | $15.2B | $1.5B | $3.52 | $1.8B | 16.0% | 10.4% |
| FY2019 | $15.5B | $1.7B | $3.91 | $2.1B | 17.5% | 13.2% |
| FY2018 | $14.9B | $1.9B | $4.45 | $1.9B | 18.7% | 14.8% |
| FY2017 | $14.5B | $1.9B | $4.41 | $1.6B | 18.2% | 16.2% |
| FY2016 | $13.6B | $1.2B | $2.65 | $1.7B | 16.9% | 10.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Waste Management has demonstrated mature, steady growth, with revenue compounding at 7.1% annually over the past decade.
Waste Management returns on capital have been average, hovering around 12.5% ROIC over the decade.
Over the decade, Waste Management 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 Management is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $141.62 per share.