Waste Management, Inc

WM · Utilities · $95.6B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power66

Median gross margin 38.2% over 10y, very stable.

Returns on capital63

Median ROIC 11.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety56

Net debt/EBITDA 3.2x, no material interest expense disclosed.

Capital discipline88

Owner earnings +9.6%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

131% above value

Owner earnings (normalized): $2.3B
Est. intrinsic value / share: $102.93
Recent price: $237.31
Discount to value: 131% above value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

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

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