WCN vs. WM: Waste Connections vs. Waste Management Stock Comparison

August 16, 2026

How do Waste Connections (WCN) and Waste Management (WM) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Waste Connections (WCN) and Waste Management (WM) are both classified in the Environmental & Facilities Services sub-industry within the broader Commercial Services & Supplies industry, placing them in the closest GICS peer bucket.

Company profile comparison for Waste Connections (WCN) and Waste Management (WM)
Profile Item	WCN	WM
Name	Waste Connections Inc.	Waste Management, Inc.
Country/Region	Canada	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Commercial & Professional Services	Commercial & Professional Services
GICS Industry	Commercial Services & Supplies	Commercial Services & Supplies
GICS Sub-Industry	Environmental & Facilities Services	Environmental & Facilities Services
Market Capitalization	41.83 billion USD	89.76 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	May 22, 1998	June 22, 1988
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

WCN

GSPC

Waste Connections (WCN) vs. Waste Management (WM), with S&P 500 (GSPC) for reference: 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 Waste Management (WM). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Waste Connections (WCN) and Waste Management (WM). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Total Return (1Y)	-9.40%	0.88%
Total Return (3Y, Annualized)	6.33%	13.52%
Total Return (5Y, Annualized)	6.33%	10.02%

Risk Profile

Drawdown History

WCN

GSPC

Waste Connections (WCN) vs. Waste Management (WM), with S&P 500 (GSPC) for reference: 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 Waste Management (WM). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Volatility (1Y, Annualized)	22.71%	20.21%
Beta (5Y)	0.48	0.42
Max Drawdown (5Y)	-24.90%	-18.14%
Avg. Volume (3M)	1.56M	2.16M

Risk-Adjusted Performance

Risk-Return Positioning

WCN and WM are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Sharpe Ratio (1Y)	-0.59	-0.15
Sortino Ratio (1Y)	-0.84	-0.22

Profitability

ROE (TTM)

Waste Management (WM) at 29.84% sits in the top ROE quartile, while Waste Connections (WCN) at 13.03% is closer to the peer norm — stronger capital efficiency for WM.

WCN

Commercial & Professional Services industry group

13.03%

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

WM

Commercial & Professional Services industry group

29.84%

Max: 46.24%
WM: 29.84%
Q3: 24.40%
Median: 13.50%
Q1: 0.62%
Min: -31.82%

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their ROE against the Commercial & Professional Services industry group benchmark.

Net Margin (TTM)

Waste Management (WM) at 11.12% retains a top-quartile share of revenue as profit, ahead of Waste Connections (WCN) at 10.86%, which keeps about the industry-typical share.

WCN

Commercial & Professional Services industry group

10.86%

Max: 23.27%
WCN: 10.86%
Q3: 10.86%
Median: 5.53%
Q1: 0.56%
Min: -13.84%

WM

Commercial & Professional Services industry group

11.12%

Max: 23.27%
WM: 11.12%
Q3: 10.86%
Median: 5.53%
Q1: 0.56%
Min: -13.84%

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their net margin against the Commercial & Professional Services industry group benchmark.

Operating Margin (TTM)

Both Waste Connections (WCN) at 19.70% and Waste Management (WM) at 18.99% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

WCN

Commercial & Professional Services industry group

19.70%

Max: 37.53%
WCN: 19.70%
Q3: 17.72%
Median: 9.96%
Q1: 4.50%
Min: -4.70%

WM

Commercial & Professional Services industry group

18.99%

Max: 37.53%
WM: 18.99%
Q3: 17.72%
Median: 9.96%
Q1: 4.50%
Min: -4.70%

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their operating margin against the Commercial & Professional Services industry group benchmark.

Profitability Metrics

Profitability metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
ROE (TTM)	13.03%	29.84%
ROA (TTM)	5.49%	6.57%
Net Margin (TTM)	10.86%	11.12%
Operating Margin (TTM)	19.70%	18.99%
Gross Margin (TTM)	42.53%	40.60%

Growth

Revenue Growth

Waste Management (WM) at 14.24% sits in the top revenue growth quartile, while Waste Connections (WCN) at 6.14% is closer to the peer norm — faster top-line expansion for WM.

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their Revenue Growth across different time periods.

EPS Growth

Waste Connections (WCN) at 74.48% sits in the top EPS growth quartile, while Waste Management (WM) at -1.62% is closer to the peer norm — faster per-share earnings growth for WCN.

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Revenue Growth (YoY)	6.14%	14.24%
Revenue Growth (3Y CAGR)	9.49%	8.56%
EPS Growth (YoY)	74.48%	-1.62%
EPS Growth (3Y CAGR)	8.78%	7.52%

Financial Strength

Current Ratio (MRQ)

Both Waste Connections (WCN) at 0.66 and Waste Management (WM) at 0.91 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

WCN

Commercial & Professional Services industry group

0.66

Max: 3.24
Q3: 1.98
Median: 1.48
Q1: 1.14
WCN: 0.66
Min: 0.45

WM

Commercial & Professional Services industry group

0.91

Max: 3.24
Q3: 1.98
Median: 1.48
Q1: 1.14
WM: 0.91
Min: 0.45

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their current ratio against the Commercial & Professional Services industry group benchmark.

Debt / Equity (MRQ)

Waste Connections (WCN) at 1.22 carries an industry-typical debt-to-equity mix, while Waste Management (WM) at 2.35 uses more debt funding than most peers.

WCN

Commercial & Professional Services industry group

1.22

Max: 2.35
Q3: 1.26
WCN: 1.22
Median: 0.94
Q1: 0.37
Min: 0.00

WM

Commercial & Professional Services industry group

2.35

WM: 2.35
Max: 2.35
Q3: 1.26
Median: 0.94
Q1: 0.37
Min: 0.00

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their debt-to-equity ratio against the Commercial & Professional Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Current Ratio (MRQ)	0.66	0.91
Debt / Equity (MRQ)	1.22	2.35
Net Debt / EBITDA	3.05	2.93

Dividends

Dividend Yield (TTM)

Both Waste Connections (WCN) at 0.82% and Waste Management (WM) at 1.58% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

WCN

Commercial & Professional Services industry group

0.82%

Max: 4.53%
Q3: 1.84%
WCN: 0.82%
Median: 0.51%
Q1: 0.00%
Min: 0.00%

WM

Commercial & Professional Services industry group

1.58%

Max: 4.53%
Q3: 1.84%
WM: 1.58%
Median: 0.51%
Q1: 0.00%
Min: 0.00%

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their dividend yield against the Commercial & Professional Services industry group benchmark.

Dividend Payout Ratio (TTM)

Waste Connections (WCN) at 32.97% keeps its payout in the industry’s typical band, while Waste Management (WM) at 93.22% pays out more than any of its peers — the most stretched cover in its group.

WCN

Commercial & Professional Services industry group

32.97%

Max: 90.59%
Q3: 37.26%
WCN: 32.97%
Median: 15.87%
Q1: 0.00%
Min: 0.00%

WM

Commercial & Professional Services industry group

93.22%

WM: 93.22%
Max: 90.59%
Q3: 37.26%
Median: 15.87%
Q1: 0.00%
Min: 0.00%

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their payout ratio against the Commercial & Professional Services industry group benchmark.

Dividend Metrics

Dividend metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
Dividend Yield (TTM)	0.82%	1.58%
Dividend Payout Ratio (TTM)	32.97%	93.22%

Valuation

P/E Ratio (TTM)

Both look expensive on trailing earnings: Waste Connections (WCN) at 40.17 sits in the richer P/E ratio quartile, and Waste Management (WM) at 59.25 is richer still, above its industry range.

WCN

Commercial & Professional Services industry group

40.17

Max: 49.50
WCN: 40.17
Q3: 31.36
Median: 23.50
Q1: 17.33
Min: 6.47

WM

Commercial & Professional Services industry group

59.25

WM: 59.25
Max: 49.50
Q3: 31.36
Median: 23.50
Q1: 17.33
Min: 6.47

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their P/E ratio against the Commercial & Professional Services industry group benchmark.

P/S Ratio (TTM)

Both Waste Connections (WCN) at 4.28 and Waste Management (WM) at 3.50 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.

WCN

Commercial & Professional Services industry group

4.28

Max: 7.09
WCN: 4.28
Q3: 3.35
Median: 1.39
Q1: 0.74
Min: 0.14

WM

Commercial & Professional Services industry group

3.50

Max: 7.09
WM: 3.50
Q3: 3.35
Median: 1.39
Q1: 0.74
Min: 0.14

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their P/S ratio against the Commercial & Professional Services industry group benchmark.

P/B Ratio (MRQ)

Waste Connections (WCN) at 5.16 is valued about in line with its industry on P/B ratio, while Waste Management (WM) at 9.05 carries an above-peer premium to book — WM is pricier on assets.

WCN

Commercial & Professional Services industry group

5.16

Max: 12.24
Q3: 5.90
WCN: 5.16
Median: 2.99
Q1: 1.66
Min: -4.66

WM

Commercial & Professional Services industry group

9.05

Max: 12.24
WM: 9.05
Q3: 5.90
Median: 2.99
Q1: 1.66
Min: -4.66

Waste Connections (WCN) vs. Waste Management (WM): A comparison of their P/B ratio against the Commercial & Professional Services industry group benchmark.

Valuation Metrics

Valuation metrics for Waste Connections (WCN) and Waste Management (WM)
Metric	WCN	WM
P/E Ratio (TTM)	40.17	59.25
P/S Ratio (TTM)	4.28	3.50
P/B Ratio (MRQ)	5.16	9.05
Free Cash Flow Yield (TTM)	2.51%	2.62%