REPUBLIC SERVICES, INC.
RSG · Utilities · $67.0B mkt cap · FY2025 filings · Narrow moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $11.3B to $16.6B, increasing; diluted EPS 4.04 to 6.85, increasing.
Median gross margin 39.6% over 10y, very stable.
Median ROIC 18.7%, above the 12% hurdle in 70% of years.
Net debt/EBITDA n/ax, interest coverage 6x.
Owner earnings changed +13.7%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $1.7B
- $62.28
- $100.90
- $216.91
- 248% above value if growth stopped today
What today’s price assumes: owner earnings growing ~28%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
20 years of fundamentals
The business, in plain English
REPUBLIC SERVICES, INC. booked $16.6B of revenue in FY2025 in the Utilities sector and kept 42.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 12.9% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $3.2B (FY2007) to $16.6B (FY2025) — about 9.6% a year compounded over 18 years.
It earned 22.9% on invested capital in the latest filed year, FY2025. Across the full 19-year measurable filed record, median ROIC was 13.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 18.7%. The Returns on Capital filter above scores it 84/100.
RSG's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Business Trend is the strongest of the five filters (100/100) and Balance-Sheet Safety the weakest (37/100), which is how RSG lands at 76/100 — a Narrow 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.
Gaps in a line mean that item isn’t in RSG’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.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for RSG.
Track record
How REPUBLIC SERVICES, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored RSG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, RSG did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Utilities context
#1 of 101 scored Utilities companies, ranked by Moat Score.
Nearest peers by Moat Score
- #2KMI KINDER MORGAN, INC.71.4 out of 100, Narrow moatNarrow moat
- #3WM Waste Management, Inc70.2 out of 100, Narrow moatNarrow moat
Compare RSG with its nearest peers →All Utilities companies on the Index →
Common questions about RSG
- Does REPUBLIC SERVICES, INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores REPUBLIC SERVICES, INC. (RSG) 76.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 100, pricing power 68, returns on capital 84, balance-sheet safety 37, capital allocation 94.
- Is RSG trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $62.28 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $216.91, that is 248% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has RSG's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 76.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.