Casella Waste Systems, Inc. (CWST) Key Metrics
CWST valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.60B
- Enterprise value
- $6.82B
- P/E (TTM)
- 977.8 10-yr median 146.5
- Forward P/E
- 56.2
- PEG ratio
- 3.29
- Price / sales
- 2.9 10-yr median 3.6
- Price / book
- 3.4 10-yr median 8.2
- EV / EBITDA
- 17.2 10-yr median 19.7
- Dividend yield
- —
- Beta
- 0.78
CWST key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCWST valuation Price multiples at each fiscal year-end price.
CWST returns How much profit the business earns on the capital it uses.
CWST per-share figures Results divided by the shares outstanding at year-end.
CWST financial health Debt, liquidity and how easily interest is covered.
CWST efficiency & capital use Working capital cycle and where the cash goes.
CWST valuation history
CWST returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CWST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CWST price vs earnings per share
CWST key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.23B | $6.30B | $4.72B | $4.11B | $4.40B | $3.04B | $2.21B | $1.26B | $963.3M | $511.7M |
| Enterprise value | $7.34B | $7.13B | $5.62B | $4.70B | $4.98B | $3.50B | $2.80B | $1.80B | $1.44B | $1.02B |
| P/E ratio | 790.9 | 465.7 | 186.0 | 77.3 | 107.1 | 33.3 | 69.8 | 196.0 | — | — |
| Price / sales | 3.4 | 4.0 | 3.7 | 3.8 | 4.9 | 3.9 | 3.0 | 1.9 | 1.6 | 0.9 |
| Price / book | 4.0 | 4.1 | 4.6 | 8.2 | 10.4 | 8.4 | 18.0 | — | — | — |
| Price / free cash flow | 73.5 | 80.7 | 60.4 | 47.5 | 74.0 | 95.5 | 161.6 | 31.3 | 27.2 | 27.0 |
| Price / operating cash flow | 18.9 | 22.4 | 20.3 | 18.9 | 24.1 | 21.7 | 18.9 | 10.4 | 9.0 | 6.4 |
| EV / sales | 4.0 | 4.6 | 4.4 | 4.3 | 5.6 | 4.5 | 3.8 | 2.7 | 2.4 | 1.8 |
| EV / EBITDA | 18.7 | 22.2 | 20.5 | 18.9 | 23.9 | 22.6 | 18.6 | 15.2 | 22.3 | 9.3 |
| EV / free cash flow | 86.7 | 91.2 | 71.9 | 54.4 | 83.8 | 110.1 | 204.8 | 44.8 | 40.7 | 53.7 |
| Earnings yield | 0.1% | 0.2% | 0.5% | 1.3% | 0.9% | 3.0% | 1.4% | 0.5% | −2.3% | −1.3% |
| Free cash flow yield | 1.4% | 1.2% | 1.7% | 2.1% | 1.4% | 1.0% | 0.6% | 3.2% | 3.7% | 3.7% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $97.94 | $105.81 | $85.46 | $79.31 | $85.42 | $61.95 | $46.03 | $28.49 | $23.02 | $12.41 |
| Per share | ||||||||||
| Revenue per share | $28.90 | $26.14 | $22.88 | $20.96 | $17.26 | $15.79 | $15.50 | $14.96 | $14.32 | $13.70 |
| Earnings per share | $0.12 | $0.23 | $0.46 | $1.03 | $0.80 | $1.86 | $0.66 | $0.15 | −$0.52 | −$0.17 |
| Operating cash flow per share | $5.19 | $4.72 | $4.22 | $4.20 | $3.55 | $2.85 | $2.44 | $2.74 | $2.57 | $1.95 |
| Free cash flow per share | $1.33 | $1.31 | $1.41 | $1.67 | $1.15 | $0.65 | $0.28 | $0.91 | $0.85 | $0.46 |
| Cash per share | $1.95 | $6.43 | $4.00 | $1.37 | $0.66 | $3.15 | $0.07 | $0.09 | $0.05 | $0.06 |
| Book value per share | $24.68 | $26.03 | $18.49 | $9.62 | $8.20 | $7.38 | $2.56 | −$0.36 | −$0.90 | −$0.59 |
| Tangible book value per share | $2.48 | $3.95 | $0.81 | $2.54 | $1.86 | $2.22 | −$2.54 | −$4.83 | −$4.03 | −$3.69 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $3.86 | $3.41 | $2.80 | $2.53 | $2.39 | $2.20 | $2.15 | $1.83 | $1.72 | $1.49 |
| Debt per share | $19.49 | $20.28 | $20.24 | $12.85 | $11.96 | $12.60 | $12.37 | $12.32 | $11.53 | $12.34 |
| Shares outstanding | 63.6M | 59.6M | 55.3M | 51.8M | 51.5M | 49.0M | 48.0M | 44.2M | 41.8M | 41.2M |
| Change in shares outstanding | +6.7% | +7.8% | +6.8% | +0.5% | +5.0% | +2.2% | +8.6% | +5.5% | +1.5% | +1.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 0.5% | 1.1% | 3.3% | 11.5% | 10.5% | 37.6% | 59.2% | — | — | — |
| Return on invested capital (ROIC) | 2.1% | 3.1% | 4.8% | 6.9% | 6.5% | 8.5% | 9.5% | 10.8% | 9.0% | 7.5% |
| Return on assets (ROA) | 0.2% | 0.5% | 1.3% | 3.9% | 3.3% | 8.6% | 3.8% | 1.0% | −3.5% | −1.1% |
| Return on tangible assets | 0.4% | 0.7% | 1.6% | 4.9% | 4.3% | 9.7% | 4.6% | 1.2% | −4.5% | −1.4% |
| Free cash flow margin | 4.6% | 5.0% | 6.2% | 8.0% | 6.7% | 4.1% | 1.8% | 6.1% | 5.9% | 3.4% |
| Income quality (OCF / net income) | 41.90 | 20.79 | 9.18 | 4.09 | 4.45 | 1.54 | 3.69 | 18.82 | — | — |
| Financial health | ||||||||||
| Total debt | $1.24B | $1.21B | $1.12B | $665.3M | $616.1M | $617.7M | $593.4M | $544.3M | $482.5M | $508.6M |
| Cash & short-term investments | $123.8M | $383.3M | $220.9M | $71.2M | $33.8M | $154.3M | $3.5M | $4.0M | $2.0M | $2.5M |
| Net debt | $1.12B | $824.7M | $897.6M | $594.2M | $582.3M | $463.4M | $589.9M | $540.3M | $480.5M | $506.1M |
| Debt / equity | 0.79 | 0.78 | 1.09 | 1.34 | 1.46 | 1.71 | 4.83 | — | — | — |
| Debt / assets | 0.36 | 0.36 | 0.44 | 0.46 | 0.48 | 0.52 | 0.64 | 0.74 | 0.78 | 0.81 |
| Net debt / EBITDA | 2.83 | 2.56 | 3.27 | 2.39 | 2.79 | 2.99 | 3.92 | 4.55 | 7.42 | 4.64 |
| Current ratio | 1.26 | 2.00 | 1.53 | 1.17 | 0.96 | 1.88 | 0.79 | 0.87 | 0.95 | 0.95 |
| Quick ratio | 1.17 | 1.93 | 1.46 | 1.09 | 0.90 | 1.82 | 0.73 | 0.81 | 0.88 | 0.89 |
| Interest coverage | 1.5 | 1.9 | 2.6 | 4.1 | 3.2 | 3.5 | 2.4 | 2.0 | 2.1 | 1.2 |
| Working capital | $75.4M | $306.0M | $147.5M | $29.9M | −$5.7M | $116.0M | −$27.8M | −$14.4M | −$4.2M | −$3.8M |
| Invested capital | $2.68B | $2.38B | $1.92B | $1.09B | $1.00B | $825.5M | $712.7M | $524.5M | $442.6M | $481.6M |
| Tangible asset value | $157.8M | $235.1M | $44.7M | $131.7M | $95.9M | $108.9M | −$121.8M | −$213.3M | −$168.6M | −$152.1M |
| Net current asset value | −$1.47B | −$1.16B | −$1.09B | −$743.8M | −$714.6M | −$584.5M | −$706.6M | −$651.1M | −$568.4M | −$577.5M |
| Graham number | $8.29 | $11.54 | $13.82 | $14.90 | $12.13 | $17.57 | $6.16 | — | — | — |
| Graham net-net per share | −$24.76 | −$20.99 | −$21.05 | −$15.41 | −$14.70 | −$12.59 | −$15.45 | −$15.47 | −$14.28 | −$14.66 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / revenue | 13.3% | 13.1% | 12.3% | 12.1% | 13.9% | 14.0% | 13.9% | 12.2% | 12.0% | 10.9% |
| Capex / operating cash flow | 74.3% | 72.2% | 66.5% | 60.3% | 67.5% | 77.3% | 88.3% | 66.7% | 67.0% | 76.4% |
| Capex / depreciation | 0.76 | 0.82 | 0.79 | 0.88 | 0.99 | 1.10 | 1.07 | 0.94 | 0.95 | 0.81 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 0.7% | 0.8% | 1.3% | 1.1% | 1.0% | 1.3% | 1.1% | 0.6% |
| R&D / revenue | — | — | — | — | — | — | — | 0.0% | — | — |
| SG&A / revenue | 12.2% | 12.2% | 12.3% | 12.3% | 13.4% | 13.2% | 12.5% | 12.8% | 13.2% | 13.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 35.1 | 39.3 | 37.7 | 31.6 | 33.1 | 36.7 | 39.0 | 39.7 | 39.1 | 39.6 |
| Days of inventory on hand | 5.5 | 5.7 | 5.7 | 5.0 | 4.7 | 4.7 | 4.4 | 4.6 | 4.5 | 3.8 |
| Days payables outstanding | 25.6 | 32.9 | 34.8 | 29.5 | 29.9 | 34.2 | 37.7 | 36.4 | 36.0 | 37.0 |
| Cash conversion cycle (days) | 15.0 | 12.1 | 8.7 | 7.1 | 7.9 | 7.2 | 5.6 | 7.9 | 7.6 | 6.4 |
| Receivables turnover | 10.40 | 9.28 | 9.68 | 11.55 | 11.02 | 9.94 | 9.37 | 9.20 | 9.34 | 9.21 |
| Payables turnover | 14.27 | 11.08 | 10.50 | 12.37 | 12.22 | 10.68 | 9.67 | 10.04 | 10.15 | 9.87 |
| Inventory turnover | 66.39 | 64.08 | 64.01 | 73.23 | 77.97 | 78.01 | 82.76 | 80.12 | 81.63 | 96.52 |
| Asset turnover | 0.55 | 0.53 | 0.63 | 0.79 | 0.72 | 0.73 | 0.89 | 0.98 | 0.96 | 0.89 |
| Average receivables | $176.6M | $167.8M | $130.6M | $93.9M | $80.7M | $77.9M | $79.3M | $71.8M | $64.2M | $61.3M |
| Average payables | $106.8M | $113.9M | $95.5M | $68.6M | $56.1M | $56.8M | $60.8M | $52.2M | $46.0M | $45.0M |
| Average inventory | $22.9M | $19.7M | $15.7M | $11.6M | $8.8M | $7.8M | $7.1M | $6.5M | $5.7M | $4.6M |
| Intangibles / total assets | 41.4% | 39.6% | 38.5% | 25.3% | 25.4% | 21.2% | 26.2% | 27.0% | 21.3% | 20.2% |
Computed from CWST's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CWST valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Casella Waste Systems traded at 790.9 times earnings, against a 10-year median of 146.5. Based on the latest twelve months, the trailing P/E is 977.8 and the forward P/E is 56.2. Casella Waste Systems earned a return on equity of 0.5% and a return on invested capital of 2.1% in fiscal 2025. It ended the year with $1.2 billion of debt and $123.8 million in cash and short-term investments, net debt of $1.1 billion. The share count rose 54.2% from 41.2M to 63.6M over 9 years.
See the CWST income statement, the CWST chart for price history, or the CWST stock overview for the latest quote and news.
CWST key metrics FAQ
What is Casella Waste Systems's P/E ratio?
Casella Waste Systems's trailing P/E ratio is 977.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 56.2. At the end of fiscal 2025 it was 790.9, compared with a 10-year median of 146.5.
What is Casella Waste Systems's EV/EBITDA?
Casella Waste Systems's enterprise value was 18.7 times EBITDA at the end of fiscal 2025 (enterprise value $7.3 billion, EBITDA $393.6 million); the current EV/EBITDA is 17.2.
What is Casella Waste Systems's return on equity?
Casella Waste Systems's return on equity (ROE) was 0.5% in fiscal 2025: net income of $7.9 million on average shareholders' equity of $1.6 billion.
What is Casella Waste Systems's ROIC?
Casella Waste Systems's return on invested capital was 2.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Casella Waste Systems have?
Casella Waste Systems had total debt of $1.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.79 and $1.1 billion of net debt (2.83 times EBITDA).
What is Casella Waste Systems's free cash flow yield?
Casella Waste Systems generated $84.7 million of free cash flow in fiscal 2025, a free cash flow yield of 1.4% on its market value at year-end ($6.2 billion).
What is Casella Waste Systems's current ratio?
Casella Waste Systems's current ratio was 1.26 at the end of fiscal 2025: current assets were 1.26 times current liabilities.