CWST vs WCN
Casella Waste Systems, Inc. and Waste Connections, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | CWST | WCN |
|---|---|---|
| Revenue | $1.8B | $9.5B |
| Net income | $7.9M | $1.1B |
| Gross margin | 33.8% | 42.4% |
| Net margin | 0.4% | 11.4% |
| Return on equity | 0.5% | 13.4% |
| Diluted EPS | — | $4.17 |
| Dividend / share | — | $1.29 |
| Payout ratio | — | 31.0% |
| Free cash flow | $84.7M | $1.2B |
| Equity | $1.6B | $8.2B |
| Net debt / equity | 0.64× | 1.06× |
| Current ratio | 1.26× | 0.62× |
| Revenue CAGR 5y | 18.9% | 11.7% |
| Profit CAGR 5y | −38.7% | 39.4% |
WCN bills 5.2× the revenue of CWST, and keeps more of each dollar of revenue as profit (11.4% against 0.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | CWST | WCN |
|---|---|---|
| FY2025 | $1.8B | $9.5B |
| FY2024 | $1.6B | $8.9B |
| FY2023 | $1.3B | $8.0B |
| FY2022 | $1.1B | $7.2B |
| FY2021 | $889.2M | $6.2B |
| FY2020 | $774.6M | $5.4B |
| FY2019 | $743.3M | $5.4B |
| FY2018 | $660.7M | $4.9B |
| FY2017 | $599.3M | $4.6B |
| FY2016 | $565.0M | $3.4B |
Net income by year
Bottom line
| Fiscal year | CWST | WCN |
|---|---|---|
| FY2025 | $7.9M | $1.1B |
| FY2024 | $13.5M | $617.6M |
| FY2023 | $25.4M | $762.8M |
| FY2022 | $53.1M | $835.7M |
| FY2021 | $41.1M | $618.0M |
| FY2020 | $91.1M | $204.7M |
| FY2019 | $31.7M | $566.8M |
| FY2018 | $6.4M | $546.9M |
| FY2017 | $-21.8M | $576.8M |
| FY2016 | $-6.8M | $246.5M |
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