Key points from this report:
Solid waste management is a defensive industry due to recurring volumes in the business. It has been a consistent compounder over the long term.
The number of landfills in the U.S. is decreasing, allowing large waste management firms that already own these assets to exercise pricing power.
WM, WCN, RSG, GFL, and CWST collectively own and operate ~50% of the landfills.
The increasing level of automation and technology adoption for business operations, with a focus on increasing waste internalization rates, is helping margins.
Acquisitions, a key growth strategy, drive volumes and market share.
Included are annotated Datagraphs® for the top five solid waste management firms in the U.S.: WM, WCN, RSG, GFL, and CWST
