WMNYSERefuse SystemsFiscal year ends December 31
WASTE MANAGEMENT INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$226.41−0.45 (-0.20%)
Close on Oct 19, 2026
- Market cap
- $91.11B
- P/E (TTM)
- 32.1
- Dividend yield
- 1.46%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
40.4%+1.8 pts over 5 years
Operating margin
17.1%+1.1 pts over 5 years
Net margin
10.7%+0.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +14.2% | +8.6% | +10.6% | +6.9% | |
| Gross profit | +17.4% | +11.2% | +11.6% | +8.0% | |
| Operating income | +6.0% | +8.6% | +12.1% | +7.7% | |
| Net income | -1.4% | +6.6% | +12.6% | +13.7% | |
| EPS, diluted | -1.6% | +7.5% | +13.7% | +15.0% | |
| Free cash flow | +30.4% | +13.1% | +9.1% | +8.0% | |
| Dividend per share | +10.0% | +8.3% | +8.6% | +7.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 22.2% | 20.6% | 29.7% | |
| Return on assets | 5.7% | 5.2% | 6.0% | |
| Current ratio | 0.85 | 1.00 | 0.89 | |
| Debt to equity | 1.76 | 1.85 | 2.29 | |
| Net debt to EBITDA | 2.56× | 3.21× | 3.17× | |
| Capex to revenue | 9.9% | 10.4% | 12.8% | |
| Diluted shares | 447M | 425M | 404M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Waste Management generated $25.03B from operations and spent $23.99B on capital expenditure, dividends and share buybacks. 58% of that went back into the business.
Generated
$25.03B
Used
$23.99B
Capital expenditure$13.84B58%Dividends$5.73B24%Share buybacks$4.41B18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.7%
×Asset turnover0.56×
×Equity multiplier4.96×
=Return on equity, FY202529.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.7% | 0.56× | 4.96× | 29.7% |
| FY2024 | 12.4% | 0.57× | 5.11× | 36.2% |
| FY2023 | 11.3% | 0.64× | 4.67× | 33.5% |
| FY2022 | 11.4% | 0.65× | 4.33× | 32.0% |
| FY2021 | 10.1% | 0.61× | 4.01× | 24.9% |
| FY2020 | 9.8% | 0.53× | 3.93× | 20.6% |
| FY2019 | 10.8% | 0.61× | 3.78× | 25.0% |
| FY2018 | 12.9% | 0.67× | 3.62× | 31.3% |
| FY2017 | 13.5% | 0.68× | 3.77× | 34.4% |
| FY2016 | 8.7% | 0.66× | 3.87× | 22.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$2.71B
- Cash generatingOperating cash flow above zero$6.04B
- Return on assets improvedROA up on the prior year8.4% → 6.1%
- Earnings backed by cashOperating cash flow above net income$6.04B vs $2.71B
- Less leverageLong-term debt to assets fell50.6% → 48.4%
- Better liquidityCurrent ratio rose0.76 → 0.89
- No dilutionShare count did not rise403M → 404M
- Gross margin improvedGross margin up on the prior year39.34% → 40.44%
- More efficientAsset turnover rose0.67 → 0.57