Casella Waste Systems, Inc. (CWST) Balance Sheet
CWST balance sheet, 2025
December 31, 2025 · U.S. dollars$3.41B assets = $1.84B liabilities + $1.57B equity
Both columns are drawn to the same scale: what CWST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CWST financial health
Descriptive bands, not a rating. Fiscal 2025.
CWST balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $631.5M2016 | $3.41B2025 | +20.6%/yr | |
| Total liabilities | $656.1M2016 | $1.84B2025 | +12.2%/yr | |
| Shareholders’ equity | −$24.5M2016 | $1.57B2025 | — | |
| Cash & short-term investments | $2.5M2016 | $123.8M2025 | +54.0%/yr | |
| Total debt | $508.6M2016 | $1.24B2025 | +10.4%/yr | |
| Net cash (debt) | −$506.1M2016 | −$1.12B2025 | −$609.3M | |
| Working capital | −$3.8M2016 | $75.4M2025 | +$79.2M | |
| Book value per share | −$0.592016 | $24.682025 | — | |
| Current ratio | 0.952016 | 1.262025 | +0.30 | |
| Debt / equity | 4.832019 | 0.792025 | −4.04 | |
| Shares outstanding | 41.2M2016 | 63.6M2025 | +4.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CWST assets
CWST liabilities and equity
CWST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CWST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $123.8M | $383.3M | $220.9M | $71.2M | $33.8M | $154.3M | $3.5M | $4.0M | $2.0M | $2.5M |
| Cash & equivalents | $123.8M | $383.3M | $220.9M | $71.2M | $33.8M | $154.3M | $3.5M | $4.0M | $2.0M | $2.5M |
| Short-term investments | — | — | $6.6M | $4.3M | — | $11.3M | — | $338,000 | $0 | $0 |
| Receivables | $178.1M | $175.2M | $160.4M | $100.9M | $87.0M | $74.4M | $81.5M | $77.2M | $66.5M | $61.9M |
| Inventory | $24.4M | $21.5M | $17.9M | $13.5M | $9.7M | $7.9M | $7.7M | $6.5M | $6.5M | $4.9M |
| Other current assets | $43.1M | $33.3M | $27.1M | $22.0M | $16.0M | $10.6M | $10.2M | $9.4M | $9.4M | $9.3M |
| Total current assets | $369.3M | $613.3M | $426.3M | $207.5M | $146.5M | $247.3M | $102.8M | $97.1M | $84.4M | $78.6M |
| Property, plant & equipment (net) | $1.39B | $1.26B | $1.08B | $812.6M | $738.4M | $605.8M | $551.9M | $404.6M | $361.5M | $398.5M |
| Goodwill & intangible assets | $1.41B | $1.32B | $977.1M | $366.2M | $326.6M | $253.2M | $244.5M | $197.5M | $130.8M | $127.6M |
| Long-term investments | $11.0M | $11.0M | $11.0M | $11.0M | $11.3M | $11.3M | $11.3M | $11.3M | $12.3M | $12.3M |
| Other non-current assets | $226.3M | $123.9M | $39.7M | $51.9M | $60.9M | $76.3M | $21.7M | $22.0M | $25.9M | $14.5M |
| Total assets | $3.41B | $3.33B | $2.54B | $1.45B | $1.28B | $1.19B | $932.2M | $732.4M | $614.9M | $631.5M |
| Liabilities | ||||||||||
| Accounts payable | $102.5M | $111.1M | $116.8M | $74.2M | $63.1M | $49.2M | $64.4M | $57.3M | $47.1M | $45.0M |
| Short-term debt | $37.7M | $52.9M | $44.8M | $23.0M | $17.2M | $26.3M | $13.7M | $2.3M | $4.9M | $4.7M |
| Deferred revenue | $45.2M | $50.7M | $31.5M | $3.7M | $3.4M | $2.7M | $2.3M | $3.1M | — | — |
| Total current liabilities | $293.9M | $307.3M | $278.9M | $177.6M | $152.2M | $131.2M | $130.6M | $111.5M | $88.6M | $82.4M |
| Long-term debt | $1.13B | $1.09B | $1.01B | $585.0M | $542.5M | $530.4M | $509.0M | $542.0M | $477.6M | $504.0M |
| Lease obligations | $84.5M | $74.7M | $75.1M | $64.3M | $63.7M | $69.5M | $80.1M | — | — | — |
| Other long-term liabilities | $420.6M | $378.0M | $227.2M | $188.7M | $166.4M | $170.1M | $169.8M | $94.7M | $86.7M | $69.7M |
| Total liabilities | $1.84B | $1.78B | $1.51B | $951.3M | $861.1M | $831.8M | $809.4M | $748.2M | $652.8M | $656.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $635,000 | $634,000 | $580,000 | $517,000 | $514,000 | $511,000 | $478,000 | $429,000 | $357.1M | $339.0M |
| Retained earnings (deficit) | −$125.1M | −$133.0M | −$146.5M | −$171.9M | −$225.0M | −$266.1M | −$357.0M | −$388.7M | −$395.1M | −$373.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$4.0M | $3.3M | −$1.1M | $7.5M | −$5.1M | −$11.5M | −$6.0M | −$1.3M | $184,000 | −$68,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | −$24,000 |
| Total shareholders' equity | $1.57B | $1.55B | $1.02B | $497.9M | $422.5M | $362.1M | $122.8M | −$15.8M | −$37.9M | −$24.5M |
| Key figures | ||||||||||
| Total debt | $1.24B | $1.21B | $1.12B | $665.3M | $616.1M | $617.7M | $593.4M | $544.3M | $482.5M | $508.6M |
| Net cash (debt) | −$1.12B | −$824.7M | −$897.6M | −$594.2M | −$582.3M | −$463.4M | −$589.9M | −$540.3M | −$480.5M | −$506.1M |
| Working capital | $75.4M | $306.0M | $147.5M | $29.9M | −$5.7M | $116.0M | −$27.8M | −$14.4M | −$4.2M | −$3.8M |
| Tangible book value | $157.8M | $235.1M | $44.7M | $131.7M | $95.9M | $108.9M | −$121.8M | −$213.3M | −$168.6M | −$152.1M |
| Book value per share | $24.68 | $26.03 | $18.49 | $9.62 | $8.20 | $7.38 | $2.56 | −$0.36 | −$0.90 | −$0.59 |
| Shares outstanding | 63.6M | 59.6M | 55.3M | 51.8M | 51.5M | 49.0M | 48.0M | 44.2M | 41.8M | 41.2M |
| Current ratio | 1.26 | 2.00 | 1.53 | 1.17 | 0.96 | 1.88 | 0.79 | 0.87 | 0.95 | 0.95 |
| Quick ratio | 1.03 | 1.82 | 1.37 | 0.97 | 0.79 | 1.74 | 0.65 | 0.73 | 0.77 | 0.78 |
| Debt / equity | 0.79 | 0.78 | 1.09 | 1.34 | 1.46 | 1.71 | 4.83 | — | — | — |
| Equity / assets | 46.0% | 46.6% | 40.3% | 34.4% | 32.9% | 30.3% | 13.2% | −2.2% | −6.2% | −3.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $25.5M | $126.9M | $123.8M | $192.7M | $217.8M | $267.7M | $383.3M | $519.0M | $208.5M | $189.5M | $220.9M | $219.1M |
| Cash & equivalents | $25.5M | $126.9M | $123.8M | $192.7M | $217.8M | $267.7M | $383.3M | $519.0M | $208.5M | $189.5M | $220.9M | $219.1M |
| Short-term investments | — | — | — | — | — | — | — | $15.40B | $7.2M | $7.2M | $6.0M | $7.8M |
| Receivables | $220.4M | $175.4M | $178.1M | $198.8M | $189.8M | $174.9M | $175.2M | $173.1M | $167.6M | $150.9M | $160.4M | $144.1M |
| Inventory | $0 | $0 | $24.4M | $24.1M | $23.3M | $22.7M | $21.5M | $20.2M | $18.9M | $18.5M | $17.9M | $17.5M |
| Other current assets | $68.7M | $57.4M | $43.1M | $32.4M | $33.6M | $26.4M | $33.3M | $30.7M | $30.7M | $26.5M | $27.1M | $32.7M |
| Total current assets | $314.6M | $359.7M | $369.3M | $448.0M | $464.5M | $491.7M | $613.3M | $743.1M | $425.8M | $385.4M | $426.3M | $413.3M |
| Property, plant & equipment (net) | $1.49B | $1.41B | $1.39B | $1.38B | $1.35B | $1.31B | $1.26B | $1.16B | $1.09B | $1.08B | $1.08B | $1.04B |
| Goodwill & intangible assets | $1.71B | $1.47B | $1.41B | $1.42B | $1.40B | $1.37B | $1.32B | $1.18B | $954.2M | $965.4M | $977.1M | $993.8M |
| Long-term investments | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M |
| Other non-current assets | $24.8M | $24.2M | $226.3M | $24.9M | $25.4M | $28.2M | $123.9M | $25.9M | $35.3M | $37.2M | $39.7M | $41.4M |
| Total assets | $3.56B | $3.27B | $3.41B | $3.29B | $3.26B | $3.21B | $3.33B | $3.12B | $2.51B | $2.48B | $2.54B | $2.50B |
| Liabilities | ||||||||||||
| Accounts payable | $126.5M | $90.0M | $102.5M | $113.0M | $116.8M | $102.9M | $111.1M | $101.6M | $94.2M | $80.0M | $116.8M | $100.1M |
| Short-term debt | $37.9M | $36.3M | $37.7M | $36.0M | $34.3M | $32.0M | $52.9M | $48.9M | $74.2M | $72.2M | $44.8M | $42.6M |
| Deferred revenue | $43.9M | $45.7M | $45.2M | $48.5M | $44.2M | $49.7M | $50.7M | $47.8M | $30.7M | $29.7M | $31.5M | $18.9M |
| Total current liabilities | $317.0M | $260.0M | $293.9M | $296.5M | $273.4M | $251.4M | $307.3M | $291.3M | $269.7M | $244.1M | $278.9M | $253.2M |
| Long-term debt | $1.33B | $1.13B | $1.13B | $1.12B | $1.12B | $1.12B | $1.09B | $1.05B | $976.6M | $980.9M | $1.01B | $1.01B |
| Lease obligations | $94.3M | $85.4M | $84.5M | $86.4M | $90.9M | $83.4M | $74.7M | $79.1M | $74.6M | $75.5M | $75.1M | $77.2M |
| Other long-term liabilities | $335.4M | $315.4M | $420.6M | $298.9M | $308.4M | $292.2M | $378.0M | $254.9M | $228.0M | $226.3M | $227.2M | $201.8M |
| Total liabilities | $1.98B | $1.70B | $1.84B | $1.72B | $1.70B | $1.66B | $1.78B | $1.59B | $1.47B | $1.45B | $1.51B | $1.47B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $637,000 | $636,000 | $635,000 | $635,000 | $635,000 | $635,000 | $634,000 | $633,000 | $581,000 | $581,000 | $580,000 | $580,000 |
| Retained earnings (deficit) | −$126.9M | −$130.7M | −$125.1M | −$122.6M | −$132.6M | −$137.8M | −$133.0M | −$137.9M | −$143.6M | −$150.6M | −$146.5M | −$144.7M |
| Accumulated other comprehensive income | $560,000 | −$1.7M | −$4.0M | −$3.6M | −$3.0M | −$739,000 | $3.3M | −$4.7M | $5.8M | $5.0M | −$1.1M | $9.5M |
| Total shareholders' equity | $1.58B | $1.57B | $1.57B | $1.57B | $1.55B | $1.55B | $1.55B | $1.53B | $1.04B | $1.03B | $1.02B | $1.03B |
| Key figures | ||||||||||||
| Total debt | $1.45B | $1.24B | $1.24B | $1.23B | $1.23B | $1.22B | $1.21B | $1.16B | $1.12B | $1.12B | $1.12B | $1.12B |
| Net cash (debt) | −$1.42B | −$1.11B | −$1.12B | −$1.04B | −$1.02B | −$952.0M | −$824.7M | −$644.0M | −$908.0M | −$930.2M | −$897.6M | −$904.2M |
| Working capital | −$2.4M | $99.7M | $75.4M | $151.5M | $191.1M | $240.3M | $306.0M | $451.8M | $156.1M | $141.3M | $147.5M | $160.2M |
| Tangible book value | −$134.3M | $101.7M | $157.8M | $142.6M | $150.0M | $177.8M | $235.1M | $350.3M | $83.3M | $60.5M | $44.7M | $37.0M |
| Book value per share | $24.81 | $24.68 | $24.71 | $24.65 | $24.49 | $24.40 | $24.44 | $26.22 | $17.83 | $17.68 | $17.62 | $17.75 |
| Shares outstanding | 63.7M | 63.5M | 63.5M | 63.6M | 63.5M | 63.4M | 63.4M | 58.4M | 58.2M | 58.0M | 58.0M | 58.1M |
| Current ratio | 0.99 | 1.38 | 1.26 | 1.51 | 1.70 | 1.96 | 2.00 | 2.55 | 1.58 | 1.58 | 1.53 | 1.63 |
| Quick ratio | 0.78 | 1.16 | 1.03 | 1.32 | 1.49 | 1.76 | 1.82 | 2.38 | 1.39 | 1.39 | 1.37 | 1.43 |
| Debt / equity | 0.91 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.78 | 0.76 | 1.08 | 1.09 | 1.09 | 1.09 |
| Equity / assets | 44.4% | 48.0% | 46.0% | 47.7% | 47.7% | 48.3% | 46.6% | 49.0% | 41.3% | 41.4% | 40.3% | 41.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
CWST financial position
At the end of fiscal 2025 (December 31, 2025), Casella Waste Systems had total assets of $3.4 billion (up 2.6% from a year earlier), total liabilities of $1.8 billion and shareholders' equity of $1.6 billion. It held $123.8 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.1 billion. Its current ratio was 1.26. In the latest quarter (ended June 30, 2026) total assets were $3.6 billion and equity $1.6 billion.
Related: CWST income statement, CWST cash flow statement, CWST key metrics. See the CWST stock overview for the latest quote and news.
CWST balance sheet FAQ
What are Casella Waste Systems's total assets?
Casella Waste Systems reported total assets of $3.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.3 billion a year earlier.
How much debt does Casella Waste Systems have?
Casella Waste Systems had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.79.
How much cash does Casella Waste Systems have?
Casella Waste Systems held $123.8 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.1 billion.
What is Casella Waste Systems's book value?
Casella Waste Systems's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $24.68 per share.
What is Casella Waste Systems's current ratio?
Casella Waste Systems had current assets of $369.3 million and current liabilities of $293.9 million, a current ratio of 1.26 (it can cover its short-term obligations).
How much goodwill does Casella Waste Systems have?
Casella Waste Systems carried $1.4 billion of goodwill and intangible assets, 41.4% of total assets, at the end of fiscal 2025.