Waste Management, Inc. (WM) Key Metrics
WM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $90.68B
- Enterprise value
- $105.89B
- P/E (TTM)
- 32.1 10-yr median 29.4
- Forward P/E
- 22.5
- PEG ratio
- 1.90
- Price / sales
- 3.5 10-yr median 3.3
- Price / book
- 8.4 10-yr median 7.9
- EV / EBITDA
- 14.2 10-yr median 15.1
- Dividend yield
- 1.67% $3.78 a year
- Beta
- 0.43
WM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWM valuation Price multiples at each fiscal year-end price.
WM returns How much profit the business earns on the capital it uses.
WM per-share figures Results divided by the shares outstanding at year-end.
WM financial health Debt, liquidity and how easily interest is covered.
WM efficiency & capital use Working capital cycle and where the cash goes.
WM valuation history
WM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WM cash returned to shareholders
WM price vs earnings per share
WM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $88.81B | $81.40B | $72.88B | $65.11B | $70.58B | $50.13B | $48.72B | $38.46B | $38.14B | $31.66B |
| Enterprise value | $111.51B | $104.89B | $88.65B | $79.74B | $83.87B | $63.39B | $58.65B | $48.43B | $47.60B | $40.94B |
| P/E ratio | 32.8 | 29.6 | 31.6 | 29.1 | 38.9 | 33.5 | 29.2 | 20.0 | 19.6 | 26.8 |
| Price / sales | 3.5 | 3.7 | 3.6 | 3.3 | 3.9 | 3.3 | 3.2 | 2.6 | 2.6 | 2.3 |
| Price / book | 8.9 | 9.9 | 10.6 | 9.5 | 9.9 | 6.7 | 6.9 | 6.1 | 6.3 | 6.0 |
| Price / free cash flow | 31.5 | 37.7 | 40.0 | 33.4 | 29.0 | 28.3 | 23.7 | 20.5 | 22.8 | 19.5 |
| Price / operating cash flow | 14.7 | 15.1 | 15.4 | 14.4 | 16.3 | 14.7 | 12.6 | 10.8 | 12.0 | 10.5 |
| EV / sales | 4.4 | 4.8 | 4.3 | 4.0 | 4.7 | 4.2 | 3.8 | 3.2 | 3.3 | 3.0 |
| EV / EBITDA | 22.0 | 16.2 | 15.5 | 14.6 | 17.4 | 15.5 | 14.3 | 11.5 | 12.2 | 11.7 |
| EV / free cash flow | 39.6 | 48.6 | 48.6 | 40.9 | 34.5 | 35.8 | 28.5 | 25.8 | 28.5 | 25.3 |
| Earnings yield | 3.0% | 3.4% | 3.2% | 3.4% | 2.6% | 3.0% | 3.4% | 5.0% | 5.1% | 3.7% |
| Free cash flow yield | 3.2% | 2.7% | 2.5% | 3.0% | 3.4% | 3.5% | 4.2% | 4.9% | 4.4% | 5.1% |
| Dividend yield | 1.5% | 1.5% | 1.6% | 1.7% | 1.4% | 1.8% | 1.8% | 2.1% | 2.0% | 2.3% |
| Shareholder yield (dividends + buybacks) | 1.5% | 1.8% | 3.3% | 4.0% | 3.3% | 2.7% | 2.3% | 4.7% | 3.9% | 4.6% |
| Share price at fiscal year-end | $219.71 | $201.79 | $179.10 | $156.88 | $166.90 | $117.93 | $113.96 | $88.99 | $86.30 | $70.91 |
| Per share | ||||||||||
| Revenue per share | $62.36 | $54.69 | $50.20 | $47.47 | $42.40 | $35.80 | $36.15 | $34.51 | $32.78 | $30.48 |
| Earnings per share | $6.70 | $6.81 | $5.66 | $5.39 | $4.29 | $3.52 | $3.91 | $4.45 | $4.41 | $2.65 |
| Operating cash flow per share | $14.95 | $13.36 | $11.60 | $10.93 | $10.26 | $8.01 | $9.06 | $8.26 | $7.20 | $6.73 |
| Free cash flow per share | $6.97 | $5.35 | $4.48 | $4.70 | $5.76 | $4.17 | $4.81 | $4.34 | $3.78 | $3.63 |
| Cash per share | $0.50 | $1.03 | $1.13 | $0.85 | $0.28 | $1.30 | $8.33 | $0.14 | $0.05 | $0.07 |
| Book value per share | $24.72 | $20.46 | $16.96 | $16.50 | $16.85 | $17.53 | $16.53 | $14.52 | $13.62 | $11.86 |
| Tangible book value per share | −$18.94 | −$23.24 | −$7.64 | −$7.95 | −$6.63 | −$6.04 | $0.04 | −$1.68 | −$1.75 | −$3.38 |
| Dividends per share | $3.30 | $3.00 | $2.79 | $2.60 | $2.29 | $2.18 | $2.05 | $1.86 | $1.70 | $1.63 |
| Capex per share | $7.98 | $8.01 | $7.11 | $6.23 | $4.50 | $3.84 | $4.25 | $3.92 | $3.41 | $3.00 |
| Debt per share | $56.67 | $59.25 | $39.88 | $36.11 | $31.70 | $32.49 | $31.57 | $23.20 | $21.48 | $20.85 |
| Shares outstanding | 404.2M | 403.4M | 406.9M | 415.0M | 422.9M | 425.1M | 427.5M | 432.2M | 441.9M | 446.5M |
| Change in shares outstanding | +0.2% | −0.9% | −2.0% | −1.9% | −0.5% | −0.6% | −1.1% | −2.2% | −1.0% | −2.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 29.7% | 36.2% | 33.5% | 32.0% | 24.9% | 20.6% | 25.0% | 31.3% | 34.4% | 22.2% |
| Return on invested capital (ROIC) | 11.3% | 12.1% | 13.0% | 12.6% | 11.3% | 10.4% | 13.2% | 14.0% | 15.5% | 10.8% |
| Return on assets (ROA) | 6.0% | 7.1% | 7.2% | 7.4% | 6.2% | 5.2% | 6.6% | 8.7% | 9.1% | 5.7% |
| Return on tangible assets | 9.6% | 10.2% | 10.1% | 10.5% | 9.5% | 7.7% | 8.1% | 12.3% | 13.0% | 8.4% |
| Free cash flow margin | 11.2% | 9.8% | 8.9% | 9.9% | 13.6% | 11.6% | 13.3% | 12.6% | 11.5% | 11.9% |
| Income quality (OCF / net income) | 2.23 | 1.96 | 2.05 | 2.03 | 2.39 | 2.27 | 2.32 | 1.85 | 1.63 | 2.54 |
| Financial health | ||||||||||
| Total debt | $22.91B | $23.90B | $16.23B | $14.98B | $13.40B | $13.81B | $13.50B | $10.03B | $9.49B | $9.31B |
| Cash & short-term investments | $201.0M | $414.0M | $458.0M | $351.0M | $118.0M | $553.0M | $3.56B | $61.0M | $22.0M | $32.0M |
| Net debt | $22.71B | $23.49B | $15.77B | $14.63B | $13.29B | $13.26B | $9.94B | $9.96B | $9.47B | $9.28B |
| Debt / equity | 2.29 | 2.90 | 2.35 | 2.19 | 1.88 | 1.85 | 1.91 | 1.60 | 1.58 | 1.76 |
| Debt / assets | 0.50 | 0.54 | 0.49 | 0.48 | 0.46 | 0.47 | 0.49 | 0.44 | 0.43 | 0.45 |
| Net debt / EBITDA | 4.48 | 3.64 | 2.76 | 2.69 | 2.75 | 3.24 | 2.43 | 2.36 | 2.42 | 2.66 |
| Current ratio | 0.89 | 0.76 | 0.90 | 0.81 | 0.75 | 1.00 | 1.97 | 0.85 | 0.80 | 0.85 |
| Quick ratio | 0.85 | 0.73 | 0.86 | 0.77 | 0.72 | 0.96 | 1.94 | 0.82 | 0.77 | 0.82 |
| Interest coverage | 5.1 | 6.9 | 7.6 | 9.1 | 8.2 | 5.8 | 6.7 | 7.5 | 7.5 | 6.6 |
| Working capital | −$614.0M | −$1.48B | −$422.0M | −$843.0M | −$1.01B | −$13.0M | $3.06B | −$463.0M | −$638.0M | −$418.0M |
| Invested capital | $32.70B | $31.74B | $22.67B | $21.48B | $20.41B | $20.71B | $17.00B | $16.24B | $15.49B | $14.57B |
| Tangible asset value | −$7.66B | −$9.37B | −$3.12B | −$3.29B | −$2.80B | −$2.56B | $17.0M | −$726.0M | −$752.0M | −$1.49B |
| Net current asset value | −$30.93B | −$31.54B | −$22.12B | −$20.95B | −$18.90B | −$18.35B | −$14.46B | −$13.73B | −$13.16B | −$13.16B |
| Graham number | $61.04 | $55.97 | $46.49 | $44.75 | $40.34 | $37.26 | $38.12 | $38.14 | $36.77 | $26.58 |
| Graham net-net per share | −$80.38 | −$81.88 | −$57.09 | −$53.03 | −$47.00 | −$45.42 | −$35.84 | −$33.68 | −$31.54 | −$31.05 |
| Capital allocation | ||||||||||
| Dividends paid | $1.33B | $1.21B | $1.14B | $1.08B | $970.0M | $927.0M | $876.0M | $802.0M | $750.0M | $726.0M |
| Share buybacks (net) | $0 | $262.0M | $1.30B | $1.50B | $1.35B | $402.0M | $248.0M | $1.00B | $750.0M | $725.0M |
| Dividend payout ratio | 49.3% | 44.1% | 49.3% | 48.1% | 53.4% | 62.0% | 52.5% | 41.7% | 38.5% | 61.4% |
| Dividends + buybacks / free cash flow | 47.4% | 68.2% | 133.7% | 132.2% | 95.3% | 75.0% | 54.7% | 96.3% | 89.8% | 89.5% |
| Capex / revenue | 12.8% | 14.6% | 14.2% | 13.1% | 10.6% | 10.7% | 11.8% | 11.4% | 10.4% | 9.8% |
| Capex / operating cash flow | 53.4% | 59.9% | 61.3% | 57.0% | 43.9% | 48.0% | 46.9% | 47.5% | 47.5% | 44.6% |
| Capex / depreciation | 4.39 | 1.35 | 1.32 | 2.01 | 0.95 | 0.98 | 1.16 | 1.15 | 1.10 | 1.03 |
| Stock-based compensation / revenue | 0.7% | 0.5% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% |
| SG&A / revenue | 10.8% | 10.0% | 9.4% | 9.8% | 10.2% | 11.4% | 10.6% | 9.7% | 10.1% | 10.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.1 | 54.2 | 50.2 | 49.1 | 52.6 | 59.3 | 54.2 | 56.9 | 56.8 | 56.7 |
| Days of inventory on hand | 4.4 | 4.4 | 4.2 | 3.8 | 3.6 | 3.8 | 3.4 | 3.4 | 3.3 | 3.4 |
| Days payables outstanding | 40.0 | 43.8 | 43.2 | 40.0 | 34.7 | 36.2 | 34.7 | 35.3 | 32.3 | 28.3 |
| Cash conversion cycle (days) | 20.5 | 14.9 | 11.2 | 12.9 | 21.5 | 26.9 | 23.0 | 24.9 | 27.8 | 31.7 |
| Receivables turnover | 6.51 | 6.73 | 7.27 | 7.44 | 6.94 | 6.16 | 6.73 | 6.42 | 6.43 | 6.44 |
| Payables turnover | 9.14 | 8.34 | 8.45 | 9.13 | 10.50 | 10.08 | 10.53 | 10.33 | 11.31 | 12.88 |
| Inventory turnover | 82.95 | 82.59 | 87.10 | 95.87 | 101.24 | 95.76 | 106.44 | 108.34 | 111.80 | 107.55 |
| Asset turnover | 0.56 | 0.57 | 0.64 | 0.65 | 0.61 | 0.53 | 0.61 | 0.67 | 0.68 | 0.66 |
| Average receivables | $3.87B | $3.28B | $2.81B | $2.65B | $2.58B | $2.47B | $2.30B | $2.32B | $2.25B | $2.11B |
| Average payables | $1.96B | $1.88B | $1.74B | $1.57B | $1.25B | $1.09B | $1.05B | $1.04B | $919.5M | $760.0M |
| Average inventory | $215.5M | $189.5M | $168.5M | $149.5M | $129.5M | $115.0M | $104.0M | $99.0M | $93.0M | $91.0M |
| Intangibles / total assets | 38.5% | 39.5% | 30.5% | 32.4% | 34.1% | 34.1% | 25.4% | 30.9% | 31.1% | 32.6% |
Computed from WM's annual financial statements (latest annual report filed February 9, 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.
WM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Waste Management traded at 32.8 times earnings, against a 10-year median of 29.4. Based on the latest twelve months, the trailing P/E is 32.1 and the forward P/E is 22.5. Waste Management earned a return on equity of 29.7% and a return on invested capital of 11.3% in fiscal 2025. It ended the year with $22.9 billion of debt and $201.0 million in cash and short-term investments, net debt of $22.7 billion. It returned $1.3 billion to shareholders: $1.3 billion in dividends and $0 in share buybacks, 47% of free cash flow. The share count fell 9.5% from 446.5M to 404.2M over 9 years.
See the WM income statement, the WM chart for price history, or the WM stock overview for the latest quote and news.
WM key metrics FAQ
What is Waste Management's P/E ratio?
Waste Management's trailing P/E ratio is 32.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.5. At the end of fiscal 2025 it was 32.8, compared with a 10-year median of 29.4.
What is Waste Management's EV/EBITDA?
Waste Management's enterprise value was 22.0 times EBITDA at the end of fiscal 2025 (enterprise value $111.5 billion, EBITDA $5.1 billion); the current EV/EBITDA is 14.2.
What is Waste Management's return on equity?
Waste Management's return on equity (ROE) was 29.7% in fiscal 2025: net income of $2.7 billion on average shareholders' equity of $9.1 billion.
What is Waste Management's ROIC?
Waste Management's return on invested capital was 11.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Waste Management have?
Waste Management had total debt of $22.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.29 and $22.7 billion of net debt (4.48 times EBITDA).
What is Waste Management's dividend yield?
Waste Management's forward dividend yield is 1.67%. Waste Management paid $1.3 billion in dividends in fiscal 2025 ($3.30 per share), a payout ratio of 49.3%.
What is Waste Management's free cash flow yield?
Waste Management generated $2.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.2% on its market value at year-end ($88.8 billion).
What is Waste Management's current ratio?
Waste Management's current ratio was 0.89 at the end of fiscal 2025: current assets were 0.89 times current liabilities.