WM · NYSE · United States · Refuse Systems

WASTE MANAGEMENT INC

Houston, TX · Fiscal year ends in December · Figures in USD

In shortWASTE MANAGEMENT INC is profitable, generates cash and carries heavy debt, with revenue growing (+14.2% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability77

Operating marginShare of each sale left after running the business, before interest and tax.	17.1%	74/100
Net marginShare of each sale left as profit after every cost, interest and tax.	10.7%	63/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	29.7%	100/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	10.4%	69/100

Weight in the score: 25%

Balance sheet14

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	0.89×	7/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	2.29×	0/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	3.17×	24/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	–	n/a
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	2.06	25/100

Weight in the score: 25%

Cash generation86

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	11.2%	65/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	1.04×	92/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability98
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 0 of 5 100/100
Revenue growth volatility 5.5% 91/100
Operating margin volatility 0.7% 100/100
Weight in the score: 20%
Growth64
Revenue growth, 3-year average 8.6% 64/100
EPS growth, 3-year average 7.5% 63/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	0 of 5	100/100
Revenue growth volatility	5.5%	91/100
Operating margin volatility	0.7%	100/100

Revenue growth, 3-year average	8.6%	64/100
EPS growth, 3-year average	7.5%	63/100

Fiscal year 2025 · change vs prior year

Revenue: $25.2B; ▲ 14.2%
Net income: $2.7B; ▼ 1.4%
Free cash flow: $2.8B; ▲ 30.4%
Operating margin: 17.1%; −1.3 pts
Cash & investments: $201.0M; –
Total debt: $22.9B; ▼ 4.2%
Diluted EPS: $6.70; ▼ 1.6%
Return on equity: 29.7%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	17,931	19,698	20,426	22,063	25,204
Cost of revenue	11,111	12,294	12,606	13,383	15,012
Gross profit	6,820	7,404	7,820	8,680	10,192
Selling, general & admin	1,864	1,938	1,926	2,264	2,722
Operating income	2,965	3,365	3,575	4,063	4,308
Pre-tax income	2,349	2,918	3,021	3,458	3,426
Income tax	532	678	745	713	717
Net income	1,816	2,238	2,304	2,746	2,708
Diluted EPS	$4.29	$5.39	$5.66	$6.81	$6.70
Diluted shares (millions)	423	415	407	403	404

5 older years available with the 10-year history. Essential plan, from €8.25/month →

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Quarterly results

The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.

The last 8 quarters of WASTE MANAGEMENT INC are included in the Investor plan. Try free for 7 days →

Risk checks

Altman Z'' score

2.06 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 30, 2026Filed Jul 29, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed Apr 29, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 9, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Oct 28, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Jul 29, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed Apr 29, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 19, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Oct 28, 2024Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Jun 30, 2026 · Data updated Jul 29, 2026

Reading the annual reports…

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Operating marginShare of each sale left after running the business, before interest and tax.

17.1%

74/100

Net marginShare of each sale left as profit after every cost, interest and tax.

10.7%

63/100

Return on equityProfit earned on the money shareholders put in. Above 15% is strong.

29.7%

100/100

Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.

10.4%

69/100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.

0.89×

7/100

Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.

2.29×

0/100

Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.

3.17×

24/100

Interest coverageHow many times operating profit covers interest. Below 2 is risky.

–

n/a

Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.

2.06

25/100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.

11.2%

65/100

Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.

1.04×

92/100

Years with positive free cash flow (last 5)

5 of 5

100/100

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	0 of 5	100/100
Revenue growth volatility	5.5%	91/100
Operating margin volatility	0.7%	100/100

Profitable years (last 5)

5 of 5

100/100

Years of revenue decline (last 5)

0 of 5

100/100

Revenue growth volatility

5.5%

91/100

Operating margin volatility

0.7%

100/100

Revenue growth, 3-year average	8.6%	64/100
EPS growth, 3-year average	7.5%	63/100

Revenue growth, 3-year average

8.6%

64/100

EPS growth, 3-year average

7.5%

63/100

Trends

Annual figures as reported. Hover a bar or point for the exact value.

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	17,931	19,698	20,426	22,063	25,204
Cost of revenue	11,111	12,294	12,606	13,383	15,012
Gross profit	6,820	7,404	7,820	8,680	10,192
Selling, general & admin	1,864	1,938	1,926	2,264	2,722
Operating income	2,965	3,365	3,575	4,063	4,308
Pre-tax income	2,349	2,918	3,021	3,458	3,426
Income tax	532	678	745	713	717
Net income	1,816	2,238	2,304	2,746	2,708
Diluted EPS	$4.29	$5.39	$5.66	$6.81	$6.70
Diluted shares (millions)	423	415	407	403	404

Risk checks

Altman Z'' score

2.06 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 30, 2026Filed Jul 29, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed Apr 29, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 9, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Oct 28, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Jul 29, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed Apr 29, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 19, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Oct 28, 2024Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Jun 30, 2026 · Data updated Jul 29, 2026