Waste Connections (WCN) Stock Analysis

July 23, 2026

This is a peer-relative look at Waste Connections (WCN): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Commercial & Professional Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Waste Connections (WCN)
Profile Item	WCN
Name	Waste Connections Inc.
Country/Region	Canada
GICS Sector	Industrials
GICS Industry Group	Commercial & Professional Services
GICS Industry	Commercial Services & Supplies
GICS Sub-Industry	Environmental & Facilities Services
Market Capitalization	42.79 billion USD
Currency	USD
Exchange	NYSE
Listing Date	May 22, 1998
Security Type	Common Stock

Price Performance

Cumulative Growth

WCN

GSPC

Waste Connections (WCN) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Waste Connections (WCN) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Waste Connections (WCN) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Total Return (1Y)	-6.90%	-4.47%
Total Return (3Y, Annualized)	5.91%	4.12%
Total Return (5Y, Annualized)	7.01%	2.70%

Risk Profile

Drawdown History

WCN

GSPC

Waste Connections (WCN) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Waste Connections (WCN) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Volatility (1Y, Annualized)	22.70%	39.55%
Beta (5Y)	0.48	0.83
Max Drawdown (5Y)	-24.90%	-56.72%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. WCN is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Sharpe Ratio (1Y)	-0.48	-0.21
Sortino Ratio (1Y)	-0.70	-0.31

Profitability

ROE (TTM)

Waste Connections (WCN) posts ROE of 13.12%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

WCN

Commercial & Professional Services industry group

13.12%

Group distribution

Max: 53.04%
Q3: 25.65%
Median: 13.99%
WCN: 13.12%
Q1: 2.99%
Min: -28.46%

Largest peers

ADP: 71.21%
RELX: 70.51%
CTAS: 40.71%
WM: 29.94%
RSG: 18.35%
WCN: 13.12%
PAYX: --

Where Waste Connections (WCN) stands on ROE within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Waste Connections (WCN) keeps 10.97% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

WCN

Commercial & Professional Services industry group

10.97%

Group distribution

Max: 26.63%
Q3: 11.56%
WCN: 10.97%
Median: 6.26%
Q1: 1.30%
Min: -13.15%

Largest peers

PAYX: 26.63%
RELX: 21.53%
ADP: 20.12%
CTAS: 17.75%
RSG: 12.99%
WM: 10.99%
WCN: 10.97%

Where Waste Connections (WCN) stands on net margin within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Waste Connections (WCN) turns 18.75% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

WCN

Commercial & Professional Services industry group

18.75%

Group distribution

Max: 38.33%
WCN: 18.75%
Q3: 17.67%
Median: 9.37%
Q1: 3.13%
Min: -4.52%

Largest peers

PAYX: 38.33%
RELX: 31.41%
ADP: 30.18%
CTAS: 23.65%
RSG: 20.20%
WCN: 18.75%
WM: 17.52%

Where Waste Connections (WCN) stands on operating margin within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
ROE (TTM)	13.12%	13.99%
ROA (TTM)	5.47%	5.17%
Net Margin (TTM)	10.97%	6.26%
Operating Margin (TTM)	18.75%	9.37%
Gross Margin (TTM)	42.50%	36.49%

Growth

Revenue Growth

Waste Connections (WCN) grew revenue 6.14%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Waste Connections (WCN): Revenue Growth across different time periods, set against Commercial & Professional Services industry-group medians.

EPS Growth

Waste Connections (WCN) grew earnings per share 74.48%, above the industry benchmark range. Profits are compounding faster than at any typical peer, though a depressed base year can inflate the percentage, so the level of earnings matters alongside the rate.

Waste Connections (WCN): EPS Growth across different time periods, set against Commercial & Professional Services industry-group medians.

Growth Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Revenue Growth (YoY)	6.14%	6.05%
Revenue Growth (3Y CAGR)	9.49%	6.27%
EPS Growth (YoY)	74.48%	6.77%
EPS Growth (3Y CAGR)	8.78%	9.88%

Financial Strength

Current Ratio (MRQ)

Waste Connections (WCN) has current ratio of 0.69, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

WCN

Commercial & Professional Services industry group

0.69

Group distribution

Max: 3.17
Q3: 2.01
Median: 1.48
Q1: 1.13
WCN: 0.69
Min: 0.45

Largest peers

CTAS: 1.43
PAYX: 1.15
ADP: 1.04
WM: 0.93
WCN: 0.69
RSG: 0.67
RELX: 0.49

Where Waste Connections (WCN) stands on current ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Waste Connections (WCN) has debt-to-equity ratio of 1.17, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

WCN

Commercial & Professional Services industry group

1.17

Group distribution

Max: 2.61
Q3: 1.39
WCN: 1.17
Median: 0.94
Q1: 0.40
Min: 0.01

Largest peers

RELX: 3.04
WM: 2.28
PAYX: 1.24
RSG: 1.18
WCN: 1.17
ADP: 0.69
CTAS: 0.53

Where Waste Connections (WCN) stands on debt-to-equity ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Current Ratio (MRQ)	0.69	1.48
Debt / Equity (MRQ)	1.17	0.94
Net Debt / EBITDA	3.04	2.67

Dividends

Dividend Yield (TTM)

Waste Connections (WCN) has dividend yield of 0.78%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

WCN

Commercial & Professional Services industry group

0.78%

Group distribution

Max: 3.77%
Q3: 1.82%
WCN: 0.78%
Median: 0.44%
Q1: 0.00%
Min: 0.00%

Largest peers

ADP: 2.54%
RELX: 1.98%
WM: 1.43%
RSG: 1.11%
CTAS: 0.89%
WCN: 0.78%
PAYX: 0.00%

Where Waste Connections (WCN) stands on dividend yield within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Waste Connections (WCN) has payout ratio of 32.44%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

WCN

Commercial & Professional Services industry group

32.44%

Group distribution

Max: 90.59%
Q3: 36.56%
WCN: 32.44%
Median: 16.11%
Q1: 0.00%
Min: 0.00%

Largest peers

PAYX: 90.59%
ADP: 60.45%
RELX: 57.42%
WM: 49.49%
CTAS: 36.66%
RSG: 35.22%
WCN: 32.44%

Where Waste Connections (WCN) stands on payout ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
Dividend Yield (TTM)	0.78%	0.44%
Dividend Payout Ratio (TTM)	32.44%	16.11%

Valuation

P/E Ratio (TTM)

Waste Connections (WCN) trades at P/E ratio of 41.69, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

WCN

Commercial & Professional Services industry group

41.69

Group distribution

Max: 67.06
WCN: 41.69
Q3: 38.84
Median: 23.07
Q1: 16.03
Min: 4.96

Largest peers

WCN: 41.69
CTAS: 41.15
WM: 34.60
RSG: 30.79
ADP: 23.81
PAYX: 23.57
RELX: 23.05

Where Waste Connections (WCN) stands on P/E ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Waste Connections (WCN) trades at 4.45 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

WCN

Commercial & Professional Services industry group

4.45

Group distribution

Max: 7.33
WCN: 4.45
Q3: 3.42
Median: 1.37
Q1: 0.74
Min: 0.13

Largest peers

PAYX: 10.04
CTAS: 7.12
RELX: 5.96
ADP: 4.56
WCN: 4.45
RSG: 3.96
WM: 3.68

Where Waste Connections (WCN) stands on P/S ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Waste Connections (WCN) trades at 5.22 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

WCN

Commercial & Professional Services industry group

5.22

Group distribution

Max: 10.74
Q3: 5.92
WCN: 5.22
Median: 3.25
Q1: 1.95
Min: -2.86

Largest peers

RELX: 75.12
CTAS: 15.60
ADP: 15.53
PAYX: 10.66
WM: 9.36
RSG: 5.52
WCN: 5.22

Where Waste Connections (WCN) stands on P/B ratio within its Commercial & Professional Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Waste Connections (WCN) metric values compared with Commercial & Professional Services industry-group medians
Metric	Current stock: WCN	Industry group median
P/E Ratio (TTM)	41.69	23.07
P/S Ratio (TTM)	4.45	1.37
P/B Ratio (MRQ)	5.22	3.25
Free Cash Flow Yield (TTM)	2.47%	5.04%