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CWST

Casella Waste Systems, Inc.

CWST

Casella Waste Systems, Inc. • NASDAQ
$96.39 ▼ -0.34% (-0.33)
Market Cap $6.02 B
52w High $121.24
52w Low $82.22
Dividend Yield 0%
P/E 401.63
Volume 210.64K
Outstanding Shares 62.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $485.351M ▲ $57.273M ▲ $9.984M ▲ 2.057% ▲ $0.16 ▲ $115.671M ▲
Q2-2025 $465.334M ▲ $54.523M ▼ $5.208M ▲ 1.119% ▲ $0.082 ▲ $102.288M ▲
Q1-2025 $417.101M ▼ $56.486M ▲ $-4.81M ▼ -1.153% ▼ $-0.076 ▼ $81.036M ▼
Q4-2024 $427.486M ▲ $52.208M ▲ $4.876M ▼ 1.141% ▼ $0.077 ▼ $88.829M ▲
Q3-2024 $411.627M $47.03M $5.771M 1.402% $0.098 $85.952M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $192.653M ▼ $3.285B ▲ $1.718B ▲ $1.567B ▲
Q2-2025 $217.772M ▼ $3.257B ▲ $1.703B ▲ $1.554B ▲
Q1-2025 $267.709M ▼ $3.206B ▼ $1.659B ▼ $1.547B ▼
Q4-2024 $383.303M ▼ $3.327B ▲ $1.776B ▲ $1.551B ▲
Q3-2024 $518.977M $3.123B $1.592B $1.532B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.984M ▲ $93.565M ▲ $-108.33M ▲ $-10.354M ▼ $-25.119M ▲ $27.64M ▲
Q2-2025 $5.208M ▲ $89.525M ▲ $-137.574M ▲ $-4.078M ▲ $-49.937M ▲ $23.122M ▲
Q1-2025 $-4.81M ▼ $50.123M ▼ $-158.819M ▲ $-4.708M ▼ $-115.594M ▲ $-5.352M ▼
Q4-2024 $4.876M ▼ $109.761M ▲ $-285.98M ▲ $40.545M ▼ $-135.674M ▼ $32.895M ▼
Q3-2024 $5.771M $91.813M $-311.653M $529.37M $310.475M $40.352M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collection
Collection
 $270.00M ▲$280.00M ▲$300.00M ▲$310.00M ▲
Landfill Gas To Energy
Landfill Gas To Energy
 $0 ▲$0 ▲$0 ▲$0 ▲
Landfill Revenue
Landfill Revenue
 $0 ▲$0 ▲$0 ▲$30.00M ▲
Processing Services
Processing Services
 $0 ▲$0 ▲$0 ▲$40.00M ▲
Transfer
Transfer
 $0 ▲$0 ▲$0 ▲$40.00M ▲
Transportation
Transportation
 $0 ▲$0 ▲$0 ▲$10.00M ▲
National Accounts
National Accounts
 $50.00M ▲$50.00M ▲$60.00M ▲$0 ▼
Resource Solutions Operations Processing
Resource Solutions Operations Processing
 $30.00M ▲$30.00M ▲$40.00M ▲$0 ▼
Solid Waste Operations Disposal
Solid Waste Operations Disposal
 $60.00M ▲$50.00M ▼$70.00M ▲$0 ▼
Solid Waste Operations Processing
Solid Waste Operations Processing
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Casella’s revenue has grown steadily over the past five years, showing a clear expansion of the business. Profit at the operating level has generally moved up with it, which suggests the core operations are scaling reasonably well. However, bottom-line profit has become much weaker in the most recent year, after being healthier earlier in the period. That pattern hints at rising costs, higher interest, acquisition or integration expenses, or other non-operating pressures that are diluting net earnings, even as the underlying business grows. In short: strong growth story, but with more volatile and recently softer earnings per share.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been in expansion mode. Total assets have grown significantly, supported by a larger base of owned facilities, equipment, and related infrastructure. Debt has also increased meaningfully, so leverage is higher than it was several years ago, but shareholders’ equity has grown even faster, which provides a thicker capital cushion. Cash on hand is now much more comfortable than earlier in the period, reducing short-term liquidity risk. Overall, Casella looks more scaled and more financially committed, with a bigger, more leveraged, but also more equity-supported balance sheet.

Cash Flow

Cash Flow Operating cash flow has risen consistently, which is a good sign that the business model converts revenue into cash with some reliability. At the same time, capital spending has ramped up, reflecting ongoing investment in trucks, facilities, landfills, and recycling infrastructure. Free cash flow remains positive but modest relative to the size of the business, because a large share of cash is being plowed back into growth and upgrades. This pattern fits a company still building out its asset base: cash-generative, but prioritizing reinvestment over maximizing excess cash.

Competitive Edge

Competitive Edge Casella holds a strong regional position in the waste and recycling market in the northeastern United States. Its vertically integrated model—from collection, to transfer stations, to recycling plants and landfills—creates cost and service advantages that are hard for smaller rivals to match. High route density in a disposal-constrained region lowers unit costs and raises barriers for new entrants. Strict environmental and permitting rules further protect established operators like Casella. Strategic acquisitions have deepened local scale and filled in its network. The main trade-offs are geographic concentration and exposure to local regulatory and recycling market swings, but within its footprint, the company’s competitive footing appears solid.

Innovation and R&D

Innovation and R&D Innovation at Casella is focused on technology, efficiency, and sustainability rather than traditional lab-style R&D. The company is upgrading recycling facilities with robotics and artificial intelligence, using drones and advanced software to manage landfills and truck fleets, and experimenting with electric collection vehicles. A particularly important initiative is turning landfill gas into renewable natural gas through partnerships, which could create a new, higher-value revenue stream and improve environmental performance. Casella is also active in organics recycling, specialty recycling programs, and academic collaborations on circular economy solutions. Together, these efforts position the company as a more technology-enabled and sustainability-oriented player than a traditional hauler.

Summary

Casella Waste Systems looks like a growing regional platform that has been investing heavily to scale up and modernize its operations. Revenue and operating performance have generally improved, but recent net earnings have been under pressure, which is an area to watch. The balance sheet is larger and more leveraged, yet better capitalized with higher equity and improved liquidity. Cash generation is steady, with most of the surplus reinvested into the business. Competitively, Casella benefits from vertical integration, dense regional coverage, and regulatory barriers that support its moat. Its push into advanced recycling, renewable natural gas, and circular-economy solutions adds a forward-looking angle but also introduces execution and project-delivery risk. Overall, it resembles a scaled, infrastructure-heavy business trading near-term earnings volatility for long-term growth and sustainability-driven opportunities.

NEWS

November 4, 2025 · 7:34 AM UTC

Casella Waste Systems, Inc. to Present at Upcoming Investor Conferences

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October 13, 2025 · 4:05 PM UTC

Casella Waste Systems, Inc. to Host Conference Call on Its Third Quarter 2025 Results

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