NYSE · Industrials

Republic Services, Inc.

RSG · Waste Management

$206.55

▼ -0.01 (-0.0%)

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Mr. Market is currently offering Republic Services, Inc. at $206.55.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 42.0%

Operating Margin 20.0%

Net Income Margin 12.9%

Fin. Health F

Years to Pay Off Debt 6.5 yrs

Working Capital vs Long-Term Debt -$14.4B

Working Capital -$1.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 5.33x

Cash Flow C

Free Cash Flow $2.4B

CapEx % of Net Income 88.2%

Owner Earnings $6.0B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $63.8B

Enterprise Value $77.5B

P/E (TTM) 30.11

Dividend Yield 1.17%

Exchange NYSE

Key Margins

Gross Profit 42.0%

Operating Margin 20.0%

Net Margin 12.9%

Company Info

Sector Industrials

Industry Waste Management

Employees 42000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Republic Services, Inc. at $206.55.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $206.55, the stock trades at a 167% premium to its Graham Number of $77.27. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Republic Services, Inc.

Republic Services, Inc., together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions. Its residential collection services include curbside collection of material for transport to transfer stations, landfills, recycling centers, and organics processing facilities; supply of recycling and waste containers; and renting of compactors. The company also engages in the processing and sale of old corrugated containers, old newsprint, aluminum, glass, and other materials; and provision of landfill services. It serves small-container, large-container, and residential customers. The company was incorporated in 1996 and is based in Phoenix, Arizona.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	42.0% ▲	41.7%	40.2%	39.3%
Operating Margin %	20.0% ▼	20.1%	18.8%	17.9%
Net Income %	12.9% ▲	12.7%	11.6%	11.0%
Diluted EPS	6.85 ▲	6.49	5.47	4.69

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$34.4B	$32.4B	$31.4B	$29.1B
Total Debt	$13.8B ↑	$13.0B	$13.1B	$12.1B
Working Capital	-$1.4B ▲	-$1.7B	-$1.8B	-$1.0B
Years to Pay Debt	6.45	6.34	7.55	8.12

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.4B ▲	$2.1B	$2.0B	$1.7B	N/A
Owner Earnings	$6.0B	$5.7B	$5.0B	$4.4B	N/A
CapEx % of Net Income	88.2%	90.8%	94.2%	97.7%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-3,500	-4,800	-6,090	-3,948
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,116,000	4,785,000	4,327,000	3,689,000
Total Unusual Items	-20,000	-30,000	-29,000	-21,000
Total Unusual Items Excluding Goodwill	-20,000	-30,000	-29,000	-21,000
Net Income From Continuing Operation Net Minority Interest	2,139,000	2,043,000	1,731,000	1,488,000
Reconciled Depreciation	1,928,000	1,784,000	1,599,000	1,441,000
Reconciled Cost Of Revenue	9,516,000	9,243,000	8,845,000	8,116,000
EBITDA	5,096,000	4,755,000	4,298,000	3,668,000
EBIT	3,168,000	2,971,000	2,699,000	2,227,000
Net Interest Income	-566,000	-530,000	-502,000	-392,000
Interest Expense	574,000	539,000	508,000	395,000
Interest Income	8,000	9,000	6,000	3,000
Normalized Income	2,155,500	2,068,200	1,753,910	1,505,052
Net Income From Continuing And Discontinued Operation	2,139,000	2,043,000	1,731,000	1,488,000
Total Expenses	13,269,000	12,808,000	12,156,000	11,098,000
Total Operating Income As Reported	3,302,000	3,196,000	2,780,000	2,392,000
Diluted Average Shares	312,200	314,800	316,700	317,100
Basic Average Shares	311,900	314,400	316,200	316,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,139,000	2,043,000	1,731,000	1,488,000
Net Income Common Stockholders	2,139,000	2,043,000	1,731,000	1,488,000
Net Income	2,139,000	2,043,000	1,731,000	1,488,000
Minority Interests	0	-1,000	0	0
Net Income Including Noncontrolling Interests	2,139,000	2,044,000	1,731,000	1,488,000
Net Income Continuous Operations	2,139,000	2,044,000	1,731,000	1,488,000
Tax Provision	455,000	388,000	460,000	344,000
Pretax Income	2,594,000	2,432,000	2,191,000	1,832,000
Other Income Expense	-162,000	-262,000	-116,000	-189,000
Other Non Operating Income Expenses	21,000	23,000	7,000	-2,000
Special Income Charges	-20,000	-30,000	-29,000	-21,000
Gain On Sale Of Business	0	1,000	4,000	6,000
Other Special Charges		2,000	4,700	-1,600
Restructuring And Mergern Acquisition	20,000	29,000	33,000	27,000
Earnings From Equity Interest	-163,000	-255,000	-94,000	-166,000
Net Non Operating Interest Income Expense	-566,000	-530,000	-502,000	-392,000
Interest Expense Non Operating	574,000	539,000	508,000	395,000
Interest Income Non Operating	8,000	9,000	6,000	3,000
Operating Income	3,322,000	3,224,000	2,809,000	2,413,000
Operating Expense	3,639,000	3,458,000	3,213,000	2,893,000
Other Operating Expenses	115,000	107,000	103,000	87,000
Provision For Doubtful Accounts	40,000	27,000	53,200	41,500
Depreciation Amortization Depletion Income Statement	1,814,000	1,677,000	1,501,000	1,352,000
Depletion Income Statement	547,000	514,000	470,900	433,700
Depreciation And Amortization In Income Statement	1,267,000	1,163,000	1,030,500	917,900
Amortization	199,000	160,000	133,000	106,000
Amortization Of Intangibles Income Statement	199,000	160,000	133,000	106,000
Depreciation Income Statement	1,068,000	1,003,000	897,500	811,900
Selling General And Administration	1,670,000	1,647,000	1,609,000	1,454,000
General And Administrative Expense	1,670,000	1,647,000	1,522,000	1,335,800
Other Gand A	543,000	518,000	471,600	397,900
Salaries And Wages	1,127,000	1,129,000	1,050,400	937,900
Gross Profit	6,961,000	6,682,000	6,022,000	5,306,000
Cost Of Revenue	9,630,000	9,350,000	8,943,000	8,205,000
Total Revenue	16,591,000	16,032,000	14,965,000	13,511,000
Operating Revenue	15,767,000	15,244,000	14,323,000	12,826,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	5,000	1,000	6,081	4,200
Ordinary Shares Number	308,000	312,000	314,637	316,100
Share Issued	313,000	313,000	320,718	320,300
Net Debt	13,505,000	12,639,000	12,679,000	11,642,100
Total Debt	13,806,000	12,957,000	13,069,000	12,081,400
Tangible Book Value	-5,402,000	-5,123,000	-5,788,000	-5,112,700
Invested Capital	25,549,000	24,118,000	23,361,000	21,471,500
Working Capital	-1,405,000	-1,722,000	-1,847,000	-1,033,600
Net Tangible Assets	-5,402,000	-5,123,000	-5,788,000	-5,112,700
Capital Lease Obligations	225,000	244,000	250,000	295,900
Common Stock Equity	11,968,000	11,405,000	10,542,000	9,686,000
Total Capitalization	24,953,000	23,256,000	22,429,000	21,015,500
Total Equity Gross Minority Interest	11,969,000	11,407,000	10,543,000	9,686,800
Minority Interest	1,000	2,000	1,000	800
Stockholders Equity	11,968,000	11,405,000	10,542,000	9,686,000
Gains Losses Not Affecting Retained Earnings	-29,000	-26,000	-12,000	-12,100
Other Equity Adjustments	-29,000	-26,000	-12,000	-12,100
Treasury Stock	1,000,000	113,000	784,000	504,600
Retained Earnings	11,161,000	9,774,000	8,434,000	7,356,300
Additional Paid In Capital	1,833,000	1,767,000	2,901,000	2,843,200
Capital Stock	3,000	3,000	3,000	3,200
Common Stock	3,000	3,000	3,000	3,200
Total Liabilities Net Minority Interest	22,397,000	20,995,000	20,867,000	19,366,100
Total Non Current Liabilities Net Minority Interest	18,469,000	16,867,000	16,639,000	15,975,400
Other Non Current Liabilities	98,000	102,000	102,000	120,300
Derivative Product Liabilities	46,000	72,000	71,000	99,700
Employee Benefits	20,000	19,000	20,000	20,000
Non Current Pension And Other Postretirement Benefit Plans	20,000	19,000	20,000	20,000
Non Current Deferred Liabilities	2,009,000	1,714,000	1,642,000	1,627,400
Non Current Deferred Taxes Liabilities	1,884,000	1,594,000	1,527,000	1,528,800
Long Term Debt And Capital Lease Obligation	13,162,000	12,040,000	12,082,000	11,567,500
Long Term Capital Lease Obligation	177,000	189,000	195,000	238,000
Long Term Debt	12,985,000	11,851,000	11,887,000	11,329,500
Long Term Provisions	3,134,000	2,920,000	2,722,000	2,540,500
Current Liabilities	3,928,000	4,128,000	4,228,000	3,390,700
Other Current Liabilities			8,300	1,200
Current Deferred Liabilities	496,000	485,000	467,000	443,000
Current Deferred Revenue	496,000	485,000	467,000	443,000
Current Debt And Capital Lease Obligation	644,000	917,000	987,000	513,900
Current Capital Lease Obligation	48,000	55,000	55,000	57,900
Current Debt	596,000	862,000	932,000	456,000
Other Current Borrowings	596,000	862,000	932,000	456,000
Current Provisions	431,000	409,000	393,000	352,100
Payables And Accrued Expenses	2,357,000	2,317,000	2,381,000	2,080,500
Current Accrued Expenses	576,000	585,000	801,000	702,300
Interest Payable	109,000	101,000	104,000	79,000
Payables	1,781,000	1,732,000	1,580,000	1,378,200
Dividends Payable	193,000	181,000	168,000	156,400
Total Tax Payable	214,000	206,000	182,900	168,500
Accounts Payable	1,374,000	1,345,000	1,412,000	1,221,800
Total Assets	34,366,000	32,402,000	31,410,000	29,052,900
Total Non Current Assets	31,843,000	29,996,000	29,029,000	26,695,800
Other Non Current Assets	306,000	251,000	189,000	148,900
Non Current Prepaid Assets	159,000	123,000	68,000	51,400
Non Current Deferred Assets	224,000	207,000	196,000	185,900
Non Current Accounts Receivable	90,000	86,000	114,000	104,600
Financial Assets	32,000	55,000	74,000	105,800
Investments And Advances	815,000	637,000	469,000	281,400
Goodwill And Other Intangible Assets	17,370,000	16,528,000	16,330,000	14,798,700
Other Intangible Assets	655,000	546,000	496,000	347,200
Goodwill	16,715,000	15,982,000	15,834,000	14,451,500
Net PPE	12,847,000	12,109,000	11,589,000	11,019,100
Accumulated Depreciation	-14,824,000	-13,667,000	-12,496,000	-11,496,700
Gross PPE	27,671,000	25,776,000	24,085,000	22,515,800
Construction In Progress	749,000	1,012,000	904,000	716,900
Other Properties	11,543,000	10,750,000	10,149,000	9,849,300
Machinery Furniture Equipment	11,785,000	10,998,000	10,232,000	9,465,300
Buildings And Improvements	2,578,000	2,119,000	1,922,000	1,704,600
Land And Improvements	1,016,000	897,000	878,000	779,700
Current Assets	2,523,000	2,406,000	2,381,000	2,357,100
Other Current Assets	41,000	36,000	11,000	5,500
Hedging Assets Current			4,200	0
Prepaid Assets	131,000	127,000	140,000	128,700
Inventory	106,000	98,000	98,000	96,600
Receivables	2,169,000	2,071,000	1,992,000	1,982,900
Other Receivables	126,000	126,000	98,000	91,700
Taxes Receivable	146,000	124,000	126,000	214,000
Accounts Receivable	1,897,000	1,821,000	1,768,000	1,677,200
Allowance For Doubtful Accounts Receivable	-66,000	-74,000	-83,000	-51,900
Gross Accounts Receivable	1,963,000	1,895,000	1,851,000	1,729,100
Cash Cash Equivalents And Short Term Investments	76,000	74,000	140,000	143,400
Cash And Cash Equivalents	76,000	74,000	140,000	143,400

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,409,000	2,081,000	1,987,000	1,736,000
Repurchase Of Capital Stock	-875,000	-496,000	-263,000	-216,000
Repayment Of Debt	-38,206,000	-25,109,000	-40,411,000	-14,282,000
Issuance Of Debt	38,898,000	24,909,000	41,393,000	16,446,000
Capital Expenditure	-1,887,000	-1,855,000	-1,631,000	-1,454,000
End Cash Position	249,000	203,000	228,000	214,000
Beginning Cash Position	203,000	228,000	214,000	106,000
Effect Of Exchange Rate Changes	1,000	-2,000	1,000	-3,000
Changes In Cash	45,000	-23,000	13,000	111,000
Financing Cash Flow	-938,000	-1,398,000	62,000	1,344,000
Cash Flow From Continuing Financing Activities	-938,000	-1,398,000	62,000	1,344,000
Net Other Financing Charges	-17,000	-15,000	-19,000	-11,000
Cash Dividends Paid	-738,000	-687,000	-638,000	-593,000
Common Stock Dividend Paid	-738,000	-687,000	-638,000	-593,000
Net Common Stock Issuance	-875,000	-496,000	-263,000	-216,000
Common Stock Payments	-875,000	-496,000	-263,000	-216,000
Net Issuance Payments Of Debt	692,000	-200,000	982,000	2,164,000
Net Short Term Debt Issuance			-1,189,700	2,164,600	-150,200
Short Term Debt Payments			-40,410,800	-14,281,700	-5,304,500
Short Term Debt Issuance			39,221,100	16,446,300	5,154,300
Net Long Term Debt Issuance	692,000	-200,000	982,000	2,164,000
Long Term Debt Payments	-38,206,000	-25,109,000	-40,411,000	-14,282,000
Long Term Debt Issuance	38,898,000	24,909,000	41,393,000	16,446,000
Investing Cash Flow	-3,313,000	-2,561,000	-3,667,000	-4,423,000
Cash Flow From Continuing Investing Activities	-3,313,000	-2,561,000	-3,667,000	-4,423,000
Net Other Investing Changes	-20,000	-2,000	-6,000	-14,000
Net Business Purchase And Sale	-1,419,000	-751,000	-2,059,000	-2,988,000
Sale Of Business	11,000	2,000	6,000	51,000
Purchase Of Business	-1,430,000	-753,000	-2,065,000	-3,039,000
Net PPE Purchase And Sale	-1,874,000	-1,808,000	-1,602,000	-1,421,000
Sale Of PPE	13,000	47,000	29,000	33,000
Purchase Of PPE	-1,887,000	-1,855,000	-1,631,000	-1,454,000
Operating Cash Flow	4,296,000	3,936,000	3,618,000	3,190,000
Cash Flow From Continuing Operating Activities	4,296,000	3,936,000	3,618,000	3,190,000
Change In Working Capital	-235,000	-260,000	25,000	-112,000
Change In Other Current Liabilities	40,000	14,000	43,000	65,000
Change In Payables And Accrued Expense	-14,000	-27,000	83,000	106,000
Change In Payable	-14,000	-27,000	83,000	106,000
Change In Account Payable	-14,000	-27,000	83,000	106,000
Change In Prepaid Assets	-174,000	-171,000	-30,000	-84,000
Change In Receivables	-87,000	-76,000	-71,000	-199,000
Changes In Account Receivables	-87,000	-76,000	-71,000	-199,000
Other Non Cash Items	32,000	26,000	67,000	-45,000
Stock Based Compensation		42,000	40,900	39,000	57,000
Provisionand Write Offof Assets		27,000	53,200	41,000	19,900
Deferred Tax	269,000	87,000	102,000	181,000
Deferred Income Tax	269,000	87,000	102,000	181,000
Depreciation Amortization Depletion	1,928,000	1,784,000	1,599,000	1,441,000
Depreciation And Amortization	1,928,000	1,784,000	1,599,000	1,441,000
Depreciation	1,928,000	1,784,000	1,599,000	1,441,000
Operating Gains Losses	163,000	255,000	94,000	157,000
Earnings Losses From Equity Investments	163,000	255,000	94,000	166,000
Net Income From Continuing Operations	2,139,000	2,044,000	1,731,000	1,488,000

These metrics estimate what Republic Services, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$77.27

Margin of Safety

Market Cap ÷ Company Value

2.08

P/B Ratio

5.33

Warren's Owner Earnings

$6.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$16.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.64x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.17%

vs Uninterrupted dividends

✅ Earnings Growth

+46.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

30.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

5.33x P/B (P/E×P/B: 160.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-64.33

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$119.47

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	88.2%	90.8%	94.2%	97.7%	N/A
Repurchase of Capital Stock	-$875M	-$496M	-$263M	-$216M	N/A
Free Cash Flow	$2.4B ▲	$2.1B ▲	$2.0B ▲	$1.7B •	N/A •
Warren's Owner Earnings	$6.0B	$5.7B	$5.0B	$4.4B	N/A

Peers & Industry

No auto-detected peers for Waste Management. You can manually compare RSG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.13%

Low — management has little skin in the game

Return on Equity (ROE)

17.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

6.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$875M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.6% YoY

Debt is roughly stable

Leadership Team

Jon Vander Ark

President, CEO & Director

Age 50

Pay: $3,732,527

0.174% of net income

Brian DelGhiaccio

Executive VP & CFO

Age 51

Pay: $1,502,948

0.070% of net income

Gregg Brummer

Executive VP & COO

Age 58

Pay: $1,423,202

0.067% of net income

Aaron Evans

Vice President of Investor Relations

Nicole Giandinoto CFA, CTP

Senior Vice President of Business Transformation

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	6.19%	19,133,356
Blackrock Inc.	5.56%	17,170,074
State Street Corporation	3.14%	9,695,747
Capital World Investors	2.84%	8,765,623
Price (T.Rowe) Associates Inc	2.03%	6,268,900
Morgan Stanley	1.73%	5,348,501
Wellington Management Group, LLP	1.64%	5,070,130
Geode Capital Management, LLC	1.54%	4,772,641

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.44

Low volatility — more stable than the market

Short Interest

1.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.15x

Moderate leverage

Current Ratio