Waste Management Services
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 20,200 waste management companies in the US provide hazardous and nonhazardous waste collection, hauling, and treatment; operation of transfer stations and landfills; septic system pumping; and remediation including specialized cleanup of contaminated buildings, mine sites, soil, or ground water. About 66% of industry sales receipts come from services to businesses, organizations, and farms; 19% to residences; and 15% to government.
Worker Injury
Workers are exposed to a wide variety of risks including contact with contaminated and hazardous materials in trash and remediation sites, working with heavy machinery, and handling curbside trash bins near traffic.
Vertical Integration
Waste management companies are using vertical integration to control their waste streams, broaden services, cut costs, and improve profitability.
Industry size & Structure
The average waste management company operates out of a single location, employs 25 workers, and generates about $6-7 million annually.
- The waste management industry consists of about 20,200 firms that employ about 500,200 workers and generate about $137 billion annually.
- Average revenue per employee is about $246,000.
- The industry is concentrated at the top with the four largest firms controlling 29% of revenue. Otherwise, the industry is fragmented with many companies offering one or a few types of waste services.
- Major US companies include Waste Management, Republic Services, Clean Harbors, and Casella Waste Systems.
Industry Forecast
Waste Management Services Industry Growth
Recent Developments
Apr 21, 2025 - Tariffs to Have Varied Effects on Plastics Markets
- The Trump administration’s tariff policies will impact recyclable plastics markets differently based on several variables, according to Waste Dive. On April 9, the Trump administration paused its reciprocal tariff agenda for 90 days for most countries but left in place a baseline 10% import duty on all countries except China, which faces total tariffs of 145%. Canada and Mexico are not subject to the new 10% baseline tariffs, and goods trading under the US-Mexico-Canada Agreement (USMCA) will remain duty-free. US recycled PET trade between the US, Canada, and Mexico doesn’t face tariffs because PET complies with USMCA. However, polyethylene (PE) and polypropylene (PP) imports face varying tariff rates based on the country of origin. Retaliatory tariffs by US trading partners could also make US recycled plastics less competitive in global markets. China and the European Union are key export markets for US PE.
- The state of US infrastructure received a grade of C, according to a recent report card issued by the American Society of Civil Engineers (ASCE) that rates 18 infrastructure categories. The C rating was the highest since the ASCE began releasing the reports in 1998. US solid waste infrastructure received a C; hazardous waste infrastructure was graded C+. The ASCE found that solid and hazardous waste infrastructure has made significant progress in recent years, partly due to funding from the Infrastructure Investment and Jobs Act (IIJA). To further improve its grade, the ASCE suggests that the solid waste sector develop more facilities for recycling, composting, reuse, and energy recovery, as well as increase bottle deposits and fees for plastic bags. Some key steps for raising the hazardous waste grade include maintaining existing funding levels for the Superfund and Brownfield programs, which received additional funding from the IIJA.
- In April, prices for curbside recyclable materials were mixed, according to RecyclingMarkets.net. The national average natural high-density polyethylene (HDPE) price increased 1.7% over March and grew 232% over April 2024. Prices for post-consumer PET bottles and jars declined 1.8% in April from a month earlier but were up 18.3% over April 2024. Prices for color HDPE dropped 12.2% in April from the previous month and were down 54% compared to April 2024. Polypropylene prices fell 1.6% over March but were up 212% year-over-year. Prices for old corrugated containers (OCC) used to manufacture new containers were flat in April compared to March and were down 25% from a year earlier. Aluminum can prices remained unchanged in April from the previous month but were up 39.5% compared to a year earlier. Sorted residential paper prices were flat in April compared to March but declined 19.5% year over year.
- Large, publicly traded waste haulers and recycling firms spent $10.9 billion on acquisitions in 2024 as the waste management industry continued to consolidate. With its $7.2 billion purchase of medical waste firm Stericycle, Waste Management (WM) accounted for the largest deal of 2024. Waste Connections made 24 acquisitions in 2024 with a value of over $2.1 billion, consisting of tuck-in deals and expansions into new markets. Casella Waste Systems spent $469.2 million on 2024 acquisitions, mainly building on its Mid-Atlantic market and expanding into New York’s Hudson Valley region. At just over $450.8 million, GFL Environmental spent less on deals than in recent years, focusing on smaller tuck-ins, reducing debt, and completing planned divestitures. Republic Services also had a quiet year with $358 million in 2024 deals. All five firms plan to continue their acquisitive strategies in 2025.
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