CWST · Casella Waste Systems Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.84B | $1.56B | $1.26B | $1.09B | $889.21M | $774.58M |
| Cost of Revenue | $1.22B | $1.03B | $832.04M | $723.12M | $582.40M | $515.65M |
| Gross Profit | $620.24M | $529.95M | $432.50M | $361.97M | $306.81M | $258.94M |
| R&D | - | - | - | - | - | - |
| SG&A | $224.22M | $190.75M | $155.85M | $133.42M | $118.83M | $102.41M |
| Total Operating Expenses | $1.77B | $1.48B | $1.18B | $989.70M | $811.55M | $715.29M |
| D&A | $306.83M | $234.91M | $170.71M | $126.35M | $103.59M | $90.78M |
| Operating Income | $63.67M | $72.76M | $80.43M | $95.39M | $77.66M | $59.30M |
| Interest Expense | $62.54M | $62.41M | $47.58M | $23.72M | $21.23M | $22.37M |
| Income Tax | $5.18M | $7.51M | $11.65M | $21.89M | $16.95M | ($52.80M) |
| Net Income | $7.87M | $13.54M | $25.40M | $53.08M | $41.10M | $91.11M |
| EPS - Basic | $0.12 | $0.23 | $0.46 | $1.03 | $0.80 | $1.87 |
| EPS - Diluted | $0.12 | $0.23 | $0.46 | $1.03 | $0.80 | $1.86 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $123.77M | $358.30M | $220.91M | $71.15M | $33.81M | $154.34M |
| Accounts Receivable | $178.07M | $165.92M | $157.32M | $100.89M | $86.98M | $74.20M |
| Inventory | - | $21.54M | $17.86M | $13.47M | $9.73M | $7.87M |
| Accounts Payable | $102.47M | $111.09M | $116.79M | $74.20M | $63.09M | $49.20M |
| Current Assets | $369.28M | $613.30M | $426.32M | $207.48M | $146.48M | $247.25M |
| Total Assets | $3.30B | $3.23B | $2.54B | $1.45B | $1.28B | $1.19B |
| Current Liabilities | $293.90M | $307.32M | $278.86M | $177.60M | $152.19M | $131.21M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $1.57B | $1.55B | $1.02B | $497.90M | $422.46M | $362.14M |
| Retained Earnings | ($125.11M) | ($132.99M) | ($146.52M) | ($171.92M) | ($225.00M) | ($266.10M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $329.78M | $281.36M | $233.09M | $217.31M | $182.74M | $139.92M |
| Investing Cash Flow | ($469.15M) | ($670.61M) | ($1.01B) | ($206.92M) | ($293.15M) | ($140.03M) |
| Financing Cash Flow | ($27.07M) | $551.64M | $922.30M | $26.95M | ($10.12M) | $150.98M |
| CapEx | $245.07M | $203.23M | $154.91M | $130.96M | $123.30M | $108.11M |
| Free Cash Flow | $84.70M | $78.13M | $78.19M | $86.35M | $59.44M | $31.81M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 33.8% | 34.0% | 34.2% | 33.4% | 34.5% | 33.4% |
| Operating margin | 3.5% | 4.7% | 6.4% | 8.8% | 8.7% | 7.7% |
| EBITDA margin | 20.2% | 19.8% | 19.9% | 20.4% | 20.4% | 19.4% |
| Net margin | 0.4% | 0.9% | 2.0% | 4.9% | 4.6% | 11.8% |
| Free cash flow margin | 4.6% | 5.0% | 6.2% | 8.0% | 6.7% | 4.1% |
| FCF / Net income | 10.76 | 5.77 | 3.08 | 1.63 | 1.45 | 0.35 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 12.2% | 12.2% | 12.3% | 12.3% | 13.4% | 13.2% |
| Effective tax rate | 39.7% | 35.7% | 31.4% | 29.2% | 29.2% | -137.9% |
| Return on assets | 0.2% | 0.4% | 1.0% | 3.7% | 3.2% | 7.6% |
| Return on equity | 0.5% | 0.9% | 2.5% | 10.7% | 9.7% | 25.2% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.26 | 2.00 | 1.53 | 1.17 | 0.96 | 1.88 |
| Quick ratio | 1.26 | 1.93 | 1.46 | 1.09 | 0.90 | 1.82 |
| Cash ratio | 0.42 | 1.17 | 0.79 | 0.40 | 0.22 | 1.18 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 1.0x | 1.2x | 1.7x | 4.0x | 3.7x | 2.7x |
| Equity multiplier | 2.11 | 2.08 | 2.48 | 2.91 | 3.04 | 3.30 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.56 | 0.48 | 0.50 | 0.75 | 0.69 | 0.65 |
| Inventory turnover | - | 47.70 | 46.59 | 53.68 | 59.86 | 65.54 |
| Days sales outstanding | 35d | 39d | 45d | 34d | 36d | 35d |
| Days inventory outstanding | - | 8d | 8d | 7d | 6d | 6d |
| Days payable outstanding | 31d | 39d | 51d | 37d | 40d | 35d |
| Cash conversion cycle | - | 7d | 2d | 3d | 2d | 6d |
| Valuation | ||||||
| P / E | 816.2x | 460.0x | 185.8x | 77.0x | 106.8x | 33.3x |
| P / B | 4.0x | 4.1x | 4.6x | 8.2x | 10.4x | 8.4x |
| P / S | 3.4x | 4.1x | 3.7x | 3.8x | 4.9x | 3.9x |
| EV / EBITDA | 16.5x | 19.4x | 17.9x | 18.2x | 24.1x | 19.2x |
| Growth | ||||||
| Revenue growth (YoY) | 18.0% | 23.1% | 16.5% | 22.0% | 14.8% | 4.2% |
| Revenue CAGR (3y) | 19.2% | 20.5% | 17.7% | 13.4% | 10.4% | 8.9% |
| Revenue CAGR (5y) | 18.9% | 15.9% | 13.9% | 12.6% | 9.5% | 7.2% |
| Gross profit growth (YoY) | 17.0% | 22.5% | 19.5% | 18.0% | 18.5% | 10.4% |
| Operating income growth (YoY) | -12.5% | -9.5% | -15.7% | 22.8% | 31.0% | 11.7% |
| Net income growth (YoY) | -41.9% | -46.7% | -52.1% | 29.1% | -54.9% | 187.8% |
| EPS growth (YoY) | -47.8% | -50.0% | -55.3% | 28.7% | -57.0% | 181.8% |
| EPS CAGR (3y) | -51.2% | -34.0% | -37.2% | 16.0% | - | - |
| EPS CAGR (5y) | -42.2% | -19.0% | - | - | - | - |
| FCF growth (YoY) | 8.4% | -0.1% | -9.5% | 45.3% | 86.8% | 132.8% |
| FCF CAGR (5y) | 21.6% | 41.7% | 10.4% | 40.0% | 17.8% | 9.2% |
| Book value growth (YoY) | 1.2% | 51.8% | 105.2% | 17.9% | 16.7% | 195.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.31B totalWestern Region$663.19M · 28.7%
Eastern Region$472.61M · 20.5%
Solid Waste Operations$472.61M · 20.5%
Resource Solutions Region$359.97M · 15.6%
Mid Atlantic Region$341.07M · 14.8%
Product / service
$1.81B totalCollection$1.20B · 66.0%
Disposal Services$263.05M · 14.5%
National Accounts$226.31M · 12.5%
Transfer$71.48M · 3.9%
Landfill Revenue$31.28M · 1.7%
Processing Services$10.16M · 0.6%
Landfill Gas To Energy$7.60M · 0.4%
Transportation$6.14M · 0.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Refuse Systems
Comparing CASELLA WASTE SYSTEMS INC against the 5 most active filers in the same SIC group.