Does CASELLA WASTE SYSTEMS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CASELLA WASTE SYSTEMS, INC. (CWST) 34.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 5, balance-sheet safety 17, capital discipline 60.

Is CWST stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $12.80 per share versus a recent price of $95.70 — 647% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CWST's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CASELLA WASTE SYSTEMS, INC.

CWST · Utilities · $6.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power58

Median gross margin 33.4% over 10y, very stable.

Returns on capital5

Median ROIC 6.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety17

Net debt/EBITDA 2.8x, interest coverage 1x.

Capital discipline60

Owner earnings +65.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

647% above value

Owner earnings (normalized): $45.2M
Est. intrinsic value / share: $12.80
Recent price: $95.70
Discount to value: 647% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

CASELLA WASTE SYSTEMS, INC. booked $1.8B of revenue in FY2025 in the Utilities sector and kept 33.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 0.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $457.6M (FY2010) to $1.8B (FY2025) — about 9.7% a year compounded over 15 years.

It earned 1.6% on invested capital in FY2025, with a median of 4.7% across 16 filed years. The Returns on Capital filter above scores it 5/100.

The balance sheet carried $1.2B of total debt in FY2025 against $69.6M of owner earnings — roughly 16.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 17/100.

The share count rose 147.0% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Capital Discipline is the strongest of the four filters (60/100) and Returns on Capital the weakest (5/100), which is how CWST lands at 34/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.8B FY2025

Gross marginRevenue kept after cost of goods33.8% FY2025

Return on invested capitalOperating profit on the capital employed1.6% FY2025

Owner earningsCash an owner could take out$69.6M FY2025

Gaps in a line mean that item isn’t in CWST’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CWST has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#25 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#23OGE OGE ENERGY CORP.36.6 out of 100, No moatNo moat
#24NRG NRG Energy, Inc35.1 out of 100, No moatNo moat
#26CNP CENTERPOINT ENERGY INC34.3 out of 100, No moatNo moat
#27TRGP TARGA RESOURCES CORP.33.3 out of 100, No moatNo moat

Compare CWST with its nearest peers →All Utilities companies on the Index →

Common questions about CWST

Does CASELLA WASTE SYSTEMS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CASELLA WASTE SYSTEMS, INC. (CWST) 34.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 5, balance-sheet safety 17, capital discipline 60.
Is CWST stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $12.80 per share versus a recent price of $95.70 — 647% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CWST's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CWST. See the disclaimer.