Does WASTE CONNECTIONS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores WASTE CONNECTIONS, INC. (WCN) 44.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 71, returns on capital 6, balance-sheet safety 22, capital discipline 85.

Is WCN 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 $58.59 per share versus a recent price of $171.91 — 193% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has WCN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.4 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

WASTE CONNECTIONS, INC.

WCN · Utilities · $43.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power71

Median gross margin 41.2% over 10y, very stable.

Returns on capital6

Median ROIC 6.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety22

Net debt/EBITDA 3.0x, interest coverage 5x.

Capital discipline85

Owner earnings +13.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

193% above value

Owner earnings (normalized): $832.0M
Est. intrinsic value / share: $58.59
Recent price: $171.91
Discount to value: 193% above value

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

13 years of fundamentals

The business, in plain English

WASTE CONNECTIONS, INC. booked $9.5B of revenue in FY2025 in the Utilities sector and kept 42.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 11.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.1B (FY2014) to $9.5B (FY2025) — about 14.8% a year compounded over 11 years.

It earned 7.6% on invested capital in FY2025, with a median of 6.3% across 12 filed years. The Returns on Capital filter above scores it 6/100.

The balance sheet carried $8.8B of total debt in FY2025 against $1.1B of owner earnings — roughly 7.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 22/100.

The share count rose 108.9% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 85/100.

Put together: Capital Discipline is the strongest of the four filters (85/100) and Returns on Capital the weakest (6/100), which is how WCN lands at 44/100 — a Shallow 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$9.5B FY2025

Gross marginRevenue kept after cost of goods42.4% FY2025

Return on invested capitalOperating profit on the capital employed7.6% FY2025

Owner earningsCash an owner could take out$1.1B FY2025

Gaps in a line mean that item isn’t in WCN’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 scale44.4 / 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 — WCN has read Shallow 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

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

Nearest peers by Moat Score

#10ATO ATMOS ENERGY CORP45.4 out of 100, Shallow moatShallow moat
#11CWEN Clearway Energy, Inc.44.5 out of 100, Shallow moatShallow moat
#13PCYO PURE CYCLE CORPORATION43.6 out of 100, Shallow moatShallow moat
#14LNG CHENIERE ENERGY, INC.42.8 out of 100, Shallow moatShallow moat

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

Common questions about WCN

Does WASTE CONNECTIONS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores WASTE CONNECTIONS, INC. (WCN) 44.4 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 71, returns on capital 6, balance-sheet safety 22, capital discipline 85.
Is WCN 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 $58.59 per share versus a recent price of $171.91 — 193% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has WCN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.4 out of 100 (shallow 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 WCN. See the disclaimer.