analyzeportfolio
Nasdaq · Industrials

Casella Waste Systems Inc. (CWST)

As-reported financials and SEC filings for Casella Waste Systems Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Casella Waste Systems Inc.

Casella Waste Systems Inc is a regional solid waste services company operating in eleven states primarily in the Northeast and Mid-Atlantic regions of the United States. The company provides integrated services including solid waste collection, disposal, transfer, recycling, and organics processing to residential, commercial, municipal, institutional, and industrial customers. Casella also offers resource management and sustainability solutions through its Resource Solutions segment, serving larger customers with diverse waste and recycling needs.

Snapshot

Revenue
$1.84B
Revenue growth (YoY)
18.0%
Net income
$7.9M
Diluted EPS
$0.12
Gross margin
33.8%
Operating margin
3.5%
Net margin
0.4%
FCF margin
4.6%
ROE
0.5%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: outside 0.5x to 500x earnings
Market cap
$5.43B
Long-term debt / equity
0.72×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Casella Waste Systems

  • Revenue grew 18.0% to $1.8B in FY2025, slower than the 23.1% the year before.
  • Operating margin is 3.5% in FY2025, -5.3 pp against 8.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $544M, up 16.9% from Q2 FY2025.
  • Free cash flow was $85M in FY2025, 4.6% of revenue.
  • Net income fell 41.9% to $8M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Casella Waste Systems’s fundamentals sit among the 669 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin33.8%
61st percentile of 456
Operating margin3.5%
43rd percentile of 599
Net margin0.4%
35th percentile of 631
FCF margin4.6%
48th percentile of 547
Revenue growth (YoY)+18.0%
79th percentile of 653
ROE0.5%
33rd percentile of 591
Long-term debt / equity0.72×
65th percentile of 404
Short interest8.66d
93rd percentile of 662

No reported insider purchases (code P) in the last 90 days; 5 insider sales totaling $1.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+5 quant / multi-strat
Initiated / added
4
1 new, 3 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$91.8M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$44.2M455.6KAdded
Point72 Asset ManagementquantQ2 2026$43.2M445.5KReduced
AQR Capital ManagementquantQ2 2026$2.6M27.1KAdded
Two Sigma InvestmentsquantQ2 2026$1.5M15.1KAdded
Millennium ManagementquantQ2 2026$293,7223.0KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
5
$1.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-03
Michael K. BurkeDirectorSell1.1K$95.26$105K
2026-08-26
Michael K. BurkeDirectorSell1.1K$92.99$102K
2026-08-14
Douglas R. CasellaVICE CHAIRMAN, BD OF DIRECTORSSell1.3K$91.12$122K
2026-08-13
filed 2026-08-14
Douglas R. CasellaVICE CHAIRMAN, BD OF DIRECTORSSell13.3K$91.07$1.2M
2026-08-13
filed 2026-08-14
Douglas R. CasellaVICE CHAIRMAN, BD OF DIRECTORSSell1.8K$90.89$167K
2026-05-26
filed 2026-05-27
Michael K. BurkeDirectorSell2.3K$87.56$202K
2026-05-19
filed 2026-05-22
Edmond ColettaPRESIDENT & CEOSell6.0K$89.03$534K
2026-05-19
filed 2026-05-22
Edmond ColettaPRESIDENT & CEOSell4.9K$90.07$442K
2026-05-19
filed 2026-05-22
Edmond ColettaPRESIDENT & CEOSell1.6K$90.00$143K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
5.1M
settled 2026-09-30
Change vs prior
-0.1%
vs previous settlement
Days to cover
8.66
at avg daily volume
Avg daily volume
584.8K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-305.1M-0.1%8.66
2026-09-155.1M+4.8%11.41
2026-08-314.8M+0.7%12.17
2026-08-144.8M+2.7%9.10
2026-07-314.7M-4.6%6.41
2026-07-154.9M+6.8%8.04
2026-06-304.6M+3.4%4.94
2026-06-154.4M-2.5%7.55

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.84B$1.56B$1.26B$1.09B$889.2M
Gross profit
Operating income$63.7M$72.8M$80.4M$95.4M$77.7M
Net income$7.9M$13.5M$25.4M$53.1M$41.1M
Diluted EPS$0.12$0.23$0.46$1.03$0.80

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$123.8M$358.3M$220.9M$71.2M$33.8M
Current assets$369.3M$613.3M$426.3M$207.5M$146.5M
Total assets$3.30B$3.23B$2.54B$1.45B$1.28B
Current liabilities$293.9M$307.3M$278.9M$177.6M$152.2M
Long-term debt$1.13B$1.09B$1.01B$585.0M$542.5M
Total liabilities
Total equity$1.57B$1.55B$1.02B$497.9M$422.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$329.8M$281.4M$233.1M$217.3M$182.7M
Capital expenditure$245.1M$203.2M$154.9M$131.0M$123.3M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$543.7M16.9%$3.8M$0.06
Q1 FY2026$457.3M9.6%$-5.5M$-0.09
Q4 FY20259.7%
Q3 FY2025$485.4M17.9%$10.0M$0.16
Q2 FY2025$465.3M23.4%$5.2M$0.08
Q1 FY2025$417.1M22.3%$-4.8M$-0.08
Q4 FY202418.9%
Q3 FY2024$411.6M16.7%$5.8M$0.10

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorIndustrials
SIC industryRefuse Systems
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2014
SEC CIK911177

Selected SEC filings

10-Q2026-08-07
View on EDGAR →
10-Q2026-05-01
View on EDGAR →
8-K2026-10-01
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K/A2026-07-20
View on EDGAR →
8-K2026-07-01
View on EDGAR →

Largest Industrials peers

All Industrials companies →

Monitor CWST

Get an alert when Casella Waste Systems files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor CWST free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.