Waste Connections (WCN) Stock Analysis

September 7, 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	41.48 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)	-8.46%	-1.21%
Total Return (3Y, Annualized)	6.50%	7.11%
Total Return (5Y, Annualized)	5.39%	4.01%

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)	22.82%	41.27%
Beta (5Y)	0.48	0.84
Max Drawdown (5Y)	-24.90%	-54.87%

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)	-0.55	-0.16
Sortino Ratio (1Y)	-0.79	-0.22

Profitability

ROE (TTM)

Waste Connections (WCN) posts ROE of 13.03%, 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

13.03%

Group distribution

Max: 46.24%
Q3: 24.40%
Median: 13.50%
WCN: 13.03%
Q1: 0.62%
Min: -31.82%

Largest peers

RELX: 131.86%
ADP: 72.24%
CTAS: 40.71%
WM: 29.84%
RSG: 18.15%
TRI: 14.17%
WCN: 13.03%

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 10.86% 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

10.86%

Group distribution

Max: 26.63%
Q3: 10.98%
WCN: 10.86%
Median: 5.49%
Q1: 0.42%
Min: -13.84%

Largest peers

RELX: 23.27%
TRI: 21.22%
ADP: 20.11%
CTAS: 17.75%
RSG: 12.94%
WM: 11.12%
WCN: 10.86%

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 19.70% 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

19.70%

Group distribution

Max: 38.33%
WCN: 19.70%
Q3: 18.50%
Median: 9.96%
Q1: 4.48%
Min: -12.00%

Largest peers

RELX: 32.01%
TRI: 28.30%
CTAS: 23.69%
ADP: 23.46%
RSG: 20.43%
WCN: 19.70%
WM: 18.99%

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)	13.03%	13.50%
ROA (TTM)	5.49%	5.21%
Net Margin (TTM)	10.86%	5.49%
Operating Margin (TTM)	19.70%	9.96%
Gross Margin (TTM)	42.53%	36.42%

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%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

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%	6.40%
Revenue Growth (3Y CAGR)	9.49%	6.33%
EPS Growth (YoY)	74.48%	5.51%
EPS Growth (3Y CAGR)	8.78%	9.76%

Financial Strength

Current Ratio (MRQ)

Waste Connections (WCN) has current ratio of 0.66, 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

0.66

Group distribution

Max: 3.11
Q3: 1.97
Median: 1.49
Q1: 1.14
WCN: 0.66
Min: 0.45

Largest peers

CTAS: 1.43
ADP: 1.05
WM: 0.91
WCN: 0.66
RSG: 0.64
TRI: 0.51
RELX: 0.45

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 1.22, 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

1.22

Group distribution

Max: 2.35
Q3: 1.27
WCN: 1.22
Median: 0.93
Q1: 0.31
Min: 0.00

Largest peers

RELX: 7.10
WM: 2.35
WCN: 1.22
RSG: 1.19
ADP: 0.91
CTAS: 0.53
TRI: 0.29

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)	0.66	1.49
Debt / Equity (MRQ)	1.22	0.93
Net Debt / EBITDA	3.05	2.57

Dividends

Dividend Yield (TTM)

Waste Connections (WCN) has dividend yield of 0.82%, 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

0.82%

Group distribution

Max: 4.30%
Q3: 1.78%
WCN: 0.82%
Median: 0.51%
Q1: 0.00%
Min: 0.00%

Largest peers

ADP: 2.34%
TRI: 2.27%
RELX: 1.88%
WM: 1.60%
RSG: 1.11%
CTAS: 0.90%
WCN: 0.82%

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 32.97%, 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

32.97%

Group distribution

Max: 90.59%
Q3: 36.96%
WCN: 32.97%
Median: 12.78%
Q1: 0.00%
Min: 0.00%

Largest peers

TRI: 66.61%
ADP: 60.69%
RELX: 53.45%
WM: 50.07%
CTAS: 36.66%
RSG: 35.41%
WCN: 32.97%

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)	0.82%	0.51%
Dividend Payout Ratio (TTM)	32.97%	12.78%

Valuation

P/E Ratio (TTM)

Waste Connections (WCN) trades at P/E ratio of 39.82, 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

39.82

Group distribution

Max: 49.00
WCN: 39.82
Q3: 31.02
Median: 23.75
Q1: 16.32
Min: 6.82

Largest peers

CTAS: 40.83
WCN: 39.82
RSG: 31.55
WM: 30.97
TRI: 27.88
ADP: 25.38
RELX: 21.14

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 4.25 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

4.25

Group distribution

Max: 7.12
WCN: 4.25
Q3: 3.39
Median: 1.42
Q1: 0.72
Min: 0.10

Largest peers

CTAS: 7.12
RELX: 6.36
TRI: 5.85
ADP: 5.03
WCN: 4.25
RSG: 4.04
WM: 3.41

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 5.25 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

5.25

Group distribution

Max: 11.59
Q3: 5.69
WCN: 5.25
Median: 2.98
Q1: 1.58
Min: -4.31

Largest peers

RELX: 148.08
ADP: 18.31
CTAS: 15.61
WM: 8.82
RSG: 5.66
WCN: 5.25
TRI: 4.12

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)	39.82	23.75
P/S Ratio (TTM)	4.25	1.42
P/B Ratio (MRQ)	5.25	2.98
Free Cash Flow Yield (TTM)	2.53%	4.75%