Casella Waste Systems, Inc., along with its subsidiaries, operates as a vertically integrated solid waste management firm across the northeastern United States. ...
Casella Waste Systems, Inc. (CWST) is a leading vertically integrated solid waste services company headquartered in Rutland, Vermont, with operations spanning the northeastern United States. Founded in 1975 by John W. Casella, the company began as a single-truck collection service and has since grown into a major player in the ...Casella Waste Systems, Inc. (CWST) is a leading vertically integrated solid waste services company headquartered in Rutland, Vermont, with operations spanning the northeastern United States. Founded in 1975 by John W. Casella, the company began as a single-truck collection service and has since grown into a major player in the waste management industry. Casella specializes in comprehensive waste and resource management solutions, including solid waste collection, transfer, disposal, recycling, and organic waste services. Its customer base is diverse, encompassing residential, commercial, municipal, institutional, and industrial clients. The company's infrastructure, as of January 31, 2022, includes 50 solid waste collection operations, 65 transfer stations, 23 recycling facilities, 8 Subtitle D landfills, 3 landfill gas-to-energy facilities, and 1 construction and demolition debris landfill. This extensive network enables Casella to manage non-hazardous solid waste from initial collection to final disposal, while also marketing processed recyclables such as metals, plastics, and paper products. The company also engages in commodity brokerage, capitalizing on market opportunities. Financially, Casella has demonstrated robust performance, with a market capitalization of approximately $5.6 billion and an enterprise value of $5.69 billion as of the most recent data. The company's price-to-sales ratio stands at 2.86, while its price-to-book ratio is 3.60, reflecting investor confidence in its growth prospects. Casella's revenue per share is $30.76, and its gross profit margin is 12.6%, indicating a solid operational foundation. The company has a strong balance sheet with manageable debt levels, as evidenced by a debt-to-equity ratio of 0.076 and a current ratio of 0.993. Casella's commitment to sustainability is evident in its operations, including landfill gas-to-energy facilities and extensive recycling initiatives. The company employs over 4,300 people, a figure that has grown steadily, and is recognized as one of the largest recyclers in the region. Under the leadership of CEO Edmond 'Ned' R. Coletta, who assumed the role in January 2026, and Executive Chairman John W. Casella, the company is poised for continued growth and innovation in the waste management sector.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.8B
+18.0%
+18.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$7.9M
-41.9%
+168.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+17.1%
-9.9%
+113.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+4.9%
-27.5%
+36.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+0.4%
-50.7%
+157.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$84.7M
+8.4%
+115.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+4.6%
-8.1%
+81.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
79.0%
+1.4%
+16.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.26x
-37.0%
-28.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, and welcome to the Casella Waste Systems, Inc. Second Quarter 2026 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. It is now my pleasure to introduce Vice President of Investor Relations and Finance, [ Henry Baby ].
Unknown Executive: Good morning, and thank you for joining us on the call. Today, we'll be discussing our second quarter 2026 results, which were released yesterday afternoon. This morning, I'm joined by Ned Coletta, President and Chief Executive Officer of Casella Waste Systems; Brad Helgeson, our Chief Financial Officer; Damian Ribar, our Chief Operating Officer; and Jason Mead, our Senior Vice President of Finance and Treasurer. After a review of these results and an update on the company's activities and business environment, we'll be happy to take your questions. But first, please note that various remarks we may make about the company's future expectations, plans, and prospects constitute forward-looking statements for the purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent Form 10-K, which is on file with the SEC. In addition, any forward-looking statements represent views only as of today and should not be relied upon as representing our views on any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to today, August 7, 2026. Also during this call, we may be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures to the extent they are available without unreasonable effort are included in our press release filed on Form 8-K with the SEC. And with that, I'll turn it over to Ned Coletta to begin today's discussion.
Ned Coletta: Good morning, and thank you for joining us. I would like to first welcome Damian Ribar, our new Executive Vice President and Chief Operating Officer. Damian is joining us on the call this morning. Damian brings over 30 years of solid waste industry operating and finance experience and is an excellent addition to our already strong senior management team. We are also joined by our new Vice President of Investor Relations and Finance, [ Henry Baby ]. Henry joins us after a 20-year career on the buy side, most recently as a small-cap generalist at William Blair. We are pleased with our performance in the second quarter. Our team executed well across the business, delivering …
