Recent News
On July 14, 2025 Casella announced a signed agreement to acquire Mountain State Waste, extending collection and transfer operations into West Virginia and adjacent markets; the deal expects a fourth-quarter close pending regulatory approvals.
On July 31, 2025 Casella released second-quarter 2025 results reporting $465.3 million in revenue and adjusted EBITDA of $109.5 million, while net income for the quarter totaled $5.2 million.
On August 27, 2025 Casella recognized 2025 Sustainability Leadership Award recipients, highlighting ongoing corporate emphasis on recycling and circular-economy initiatives.
Technical Analysis
ADX / Directional Indicators: ADX reads 52.34, indicating a very strong trend environment; DI+ sits at 8.81 with a dip-and-reversal (bullish) while DI- at 34.13 shows a peak-and-reversal (bullish). Together these signals point to a shift toward bullish directional pressure, though DI- remains numerically higher than DI+ and the strong ADX implies continuation risk until DI+ overtakes DI- decisively.
MACD: MACD at -3.52 with a dip-and-reversal indicates recovering bullish momentum, but MACD remains below the signal line (-3.22), so bullish momentum has started to reform without yet producing a confirmed MACD-line crossover above the signal line.
MRO (Momentum/Regression Oscillator): MRO equals -31.41, indicating the price sits materially below the oscillator target and therefore carries potential for upward mean reversion; the negative MRO implies upside pressure against the current valuation level.
RSI: RSI at 33.84 with a dip-and-reversal signals momentum improvement from deeply discounted readings; the indicator sits just above typical oversold thresholds, suggesting buyers may find lower-risk entries but pricing still trades beneath broader moving-average structure.
Price vs. Moving Averages and Ichimoku: Price closed at $88.92, below the 200-day average of $108.93 and under both the Tenkan-sen ($91.11) and Kijun-sen ($94.27), indicating the longer-term bias remains below major trend anchors even as short-term indicators recover. The 12-day EMA shows a decreasing trend, reinforcing the need for further confirmation of trend reversal.
Bollinger Bands & Support/Resistance: The close sits near the lower Bollinger band (1x lower = $87.97), with the super-trend upper at $91.40 acting as nearby resistance; narrow band width reflects modest volatility versus recent history, while trading volume runs above 10-day average, signaling attention during the recent move.
Fundamental Analysis
Revenue and Profitability: Total revenue for the latest quarter reached $465,334,000 with revenue growth year-over-year of 9.07% and an overall revenue growth metric of 11.56%. Operating income equaled $25,734,000 and EBIT measured $22,552,000, producing an EBIT margin of 4.85%, down YoY by 30.02% and up QoQ by 195.31% (per supplied QoQ figure).
Margins and Cash Flow: Gross margin equals 33.79% and operating margin equals 5.53%. Operating cash flow stood at $89,525,000 and free cash flow totaled $23,122,000, producing a free cash flow yield of 0.34%; free cash flow fell YoY by 26.81% while free cash growth shows a positive YoY change of 141.02% per the provided values, indicating volatile cash dynamics tied to timing and capex.
Leverage and Coverage: Total debt equals $1,234,408,000 with net debt of $925,702,000; debt-to-EBITDA reads 12.40x and interest coverage equals 1.44x. Those figures reflect meaningful leverage and constrained interest coverage relative to investment-grade norms, creating sensitivity to cash-flow volatility even as the company executes acquisitions.
Valuation and Market Multiples: Price-to-earnings stands at 312.98x with forward P/E of 442.76x; price-to-book measures 4.33x while enterprise-to-revenue (EVR) equals 16.65. WMDST values the stock as over-valued given these multiples relative to expected near-term earnings and cash-flow profile.
Earnings and Analyst Metrics: Reported EPS for the quarter reached $0.36 versus an estimate of $0.33, producing an EPS surprise of $0.03 or about 9.09%. Forward EPS sits at $0.26 per the supplied forward estimate, implying compressed forward earnings compared with trailing results.
Peer Comparisons (where provided): EBIT margin at 4.85% falls below the industry peer mean of 19.15% and industry peer median of 19.61%. The price-to-book ratio at 4.33x lies below the industry peer mean of 8.80x. These comparisons indicate profitability lags peer averages while book-based valuation trades at a lower multiple than the peer mean.
Valuation Summary: Revenue growth remains positive and acquisitions expand the revenue base, yet elevated leverage, thin EBIT margin versus peers, and very rich earnings multiples underpin WMDST’s over-valued designation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-10-30 |
| CASH FLOW | Begin Period Cash Flow | $ 269.9 M |
| Operating Cash Flow | $ 89.5 M | |
| Capital Expenditures | $ -66.40 M | |
| Change In Working Capital | $ -8.42 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -52.13 M | |
| End Period Cash Flow | $ 217.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 465.3 M | |
| Forward Revenue | $ 368.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 308.1 M | |
| Depreciation | $ 42.4 M | |
| Depreciation and Amortization | $ 77.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 439.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 157.2 M | |
| EBITDA | $ 99.6 M | |
| EBIT | $ 22.6 M | |
| Operating Income | $ 25.7 M | |
| Interest Income | $ 2.7 M | |
| Interest Expense | $ 15.7 M | |
| Net Interest Income | $ -13.00 M | |
| Income Before Tax | $ 6.9 M | |
| Tax Provision | $ 1.7 M | |
| Tax Rate | 24.379 % | |
| Net Income | $ 5.2 M | |
| Net Income From Continuing Operations | $ 5.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.33 | |
| EPS Actual | $ 0.36 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 9.091 % | |
| Forward EPS | $ 0.26 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.3 B | |
| Intangible Assets | $ 1.4 B | |
| Net Tangible Assets | $ 150.0 M | |
| Total Current Assets | $ 464.5 M | |
| Cash and Short-Term Investments | $ 217.8 M | |
| Cash | $ 217.8 M | |
| Net Receivables | $ 178.9 M | |
| Inventory | $ 23.3 M | |
| Long-Term Investments | $ 25.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 116.8 M | |
| Short-Term Debt | $ 22.5 M | |
| Total Current Liabilities | $ 273.4 M | |
| Net Debt | $ 925.7 M | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 1.6 B | |
| Retained Earnings | $ -132.59 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 24.49 | |
| Shares Outstanding | 63.490 M | |
| Revenue Per-Share | $ 7.33 | |
| VALUATION | Market Capitalization | $ 6.7 B |
| Enterprise Value | $ 7.7 B | |
| Enterprise Multiple | 77.816 | |
| Enterprise Multiple QoQ | -24.248 % | |
| Enterprise Multiple YoY | 12.168 % | |
| Enterprise Multiple IPRWA | high: 122.864 CWST: 77.816 mean: 67.61 median: 64.521 low: -93.521 |
|
| EV/R | 16.649 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.096 | |
| Asset To Liability | 1.913 | |
| Debt To Capital | 0.443 | |
| Debt To Assets | 0.379 | |
| Debt To Assets QoQ | -0.384 % | |
| Debt To Assets YoY | 1357.17 % | |
| Debt To Assets IPRWA | high: 0.594 mean: 0.432 median: 0.419 CWST: 0.379 low: 0.013 |
|
| Debt To Equity | 0.794 | |
| Debt To Equity QoQ | 0.728 % | |
| Debt To Equity YoY | 1161.315 % | |
| Debt To Equity IPRWA | high: 2.611 mean: 1.469 median: 1.097 CWST: 0.794 low: -1.439 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.331 | |
| Price To Book QoQ | -5.593 % | |
| Price To Book YoY | -22.457 % | |
| Price To Book IPRWA | high: 19.018 median: 10.015 mean: 8.797 CWST: 4.331 low: -2.905 |
|
| Price To Earnings (P/E) | 312.976 | |
| Price To Earnings QoQ | -46.816 % | |
| Price To Earnings YoY | -30.919 % | |
| Price To Earnings IPRWA | CWST: 312.976 high: 186.359 mean: 141.271 median: 137.517 low: -109.386 |
|
| PE/G Ratio | 3.498 | |
| Price To Sales (P/S) | 14.464 | |
| Price To Sales QoQ | -14.98 % | |
| Price To Sales YoY | -5.851 % | |
| Price To Sales IPRWA | high: 69.43 median: 17.582 mean: 16.885 CWST: 14.464 low: 0.489 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 442.765 | |
| Forward PE/G | 4.949 | |
| Forward P/S | 18.261 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 19.843 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.144 | |
| Asset Turnover Ratio QoQ | 11.094 % | |
| Asset Turnover Ratio YoY | -4.756 % | |
| Asset Turnover Ratio IPRWA | high: 0.374 mean: 0.153 CWST: 0.144 median: 0.127 low: 0.0 |
|
| Receivables Turnover | 2.702 | |
| Receivables Turnover Ratio QoQ | 7.366 % | |
| Receivables Turnover Ratio YoY | 10.337 % | |
| Receivables Turnover Ratio IPRWA | CWST: 2.702 high: 2.427 mean: 2.107 median: 2.047 low: 0.691 |
|
| Inventory Turnover | 13.401 | |
| Inventory Turnover Ratio QoQ | 5.671 % | |
| Inventory Turnover Ratio YoY | 2.925 % | |
| Inventory Turnover Ratio IPRWA | high: 39.343 mean: 17.867 median: 17.371 CWST: 13.401 low: 0.106 |
|
| Days Sales Outstanding (DSO) | 33.772 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.505 | |
| Cash Conversion Cycle Days QoQ | -39.763 % | |
| Cash Conversion Cycle Days YoY | -46.199 % | |
| Cash Conversion Cycle Days IPRWA | high: 417.137 mean: 7.273 CWST: 5.505 median: 3.721 low: -2.105 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.435 | |
| CapEx To Revenue | -0.143 | |
| CapEx To Depreciation | -1.566 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.7 B | |
| Net Invested Capital | $ 2.7 B | |
| Invested Capital | $ 2.7 B | |
| Net Tangible Assets | $ 150.0 M | |
| Net Working Capital | $ 191.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.796 | |
| Current Ratio | 1.699 | |
| Current Ratio QoQ | -13.138 % | |
| Current Ratio YoY | 7.606 % | |
| Current Ratio IPRWA | high: 3.879 CWST: 1.699 mean: 0.878 median: 0.683 low: 0.579 |
|
| Quick Ratio | 1.614 | |
| Quick Ratio QoQ | -13.499 % | |
| Quick Ratio YoY | 6.963 % | |
| Quick Ratio IPRWA | high: 2.462 CWST: 1.614 mean: 0.86 median: 0.818 low: 0.585 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.399 | |
| Cost Of Debt | 0.965 % | |
| Interest Coverage Ratio | 1.44 | |
| Interest Coverage Ratio QoQ | 215.061 % | |
| Interest Coverage Ratio YoY | -15.551 % | |
| Interest Coverage Ratio IPRWA | high: 40.394 mean: 7.476 median: 5.703 CWST: 1.44 low: -26.624 |
|
| Operating Cash Flow Ratio | 0.301 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 35.747 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.592 % | |
| Revenue Growth | 11.564 % | |
| Revenue Growth QoQ | -576.081 % | |
| Revenue Growth YoY | 9.074 % | |
| Revenue Growth IPRWA | high: 31.889 % CWST: 11.564 % mean: 7.109 % median: 5.637 % low: -34.597 % |
|
| Earnings Growth | 89.474 % | |
| Earnings Growth QoQ | -266.746 % | |
| Earnings Growth YoY | -103.89 % | |
| Earnings Growth IPRWA | high: 500.0 % CWST: 89.474 % median: 12.025 % mean: 11.377 % low: -97.001 % |
|
| MARGINS | ||
| Gross Margin | 33.789 % | |
| Gross Margin QoQ | 3.173 % | |
| Gross Margin YoY | -4.443 % | |
| Gross Margin IPRWA | high: 65.669 % median: 42.134 % mean: 40.871 % CWST: 33.789 % low: 10.606 % |
|
| EBIT Margin | 4.846 % | |
| EBIT Margin QoQ | 195.308 % | |
| EBIT Margin YoY | -30.022 % | |
| EBIT Margin IPRWA | high: 25.269 % median: 19.605 % mean: 19.148 % CWST: 4.846 % low: -354.921 % |
|
| Return On Sales (ROS) | 5.53 % | |
| Return On Sales QoQ | 236.99 % | |
| Return On Sales YoY | -20.144 % | |
| Return On Sales IPRWA | high: 20.543 % median: 19.259 % mean: 18.168 % CWST: 5.53 % low: -354.921 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 23.1 M | |
| Free Cash Flow Yield | 0.344 % | |
| Free Cash Flow Yield QoQ | -558.667 % | |
| Free Cash Flow Yield YoY | -26.809 % | |
| Free Cash Flow Yield IPRWA | high: 8.432 % median: 0.882 % mean: 0.798 % CWST: 0.344 % low: -2.279 % |
|
| Free Cash Growth | -532.025 % | |
| Free Cash Growth QoQ | 357.55 % | |
| Free Cash Growth YoY | 141.016 % | |
| Free Cash Growth IPRWA | high: 115.65 % mean: 31.944 % median: 24.028 % low: -336.964 % CWST: -532.025 % |
|
| Free Cash To Net Income | 4.44 | |
| Cash Flow Margin | 17.665 % | |
| Cash Flow To Earnings | 15.783 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.161 % | |
| Return On Assets QoQ | -208.054 % | |
| Return On Assets YoY | -42.705 % | |
| Return On Assets IPRWA | high: 4.617 % mean: 1.854 % median: 1.61 % CWST: 0.161 % low: -32.328 % |
|
| Return On Capital Employed (ROCE) | 0.756 % | |
| Return On Equity (ROE) | 0.003 | |
| Return On Equity QoQ | -207.717 % | |
| Return On Equity YoY | -50.37 % | |
| Return On Equity IPRWA | high: 0.098 mean: 0.059 median: 0.046 CWST: 0.003 low: -0.662 |
|
| DuPont ROE | 0.336 % | |
| Return On Invested Capital (ROIC) | 0.632 % | |
| Return On Invested Capital QoQ | 313.072 % | |
| Return On Invested Capital YoY | -105.339 % | |
| Return On Invested Capital IPRWA | high: 7.388 % mean: 3.057 % median: 2.675 % CWST: 0.632 % low: -2.541 % |
|