What is Casella Waste's earnings per share (EPS)?

Casella Waste (CWST) reported diluted earnings per share of $0.12 for fiscal year 2025. This represents a -47.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Casella Waste Financials

CWST

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Casella Waste (CWST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Casella Waste has an operating margin of 3.5%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is down from 4.7% the prior year.

Growth

Casella Waste's revenue surged 18.0% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 63/100.

Leverage

Casella Waste carries a low D/E ratio of 0.72, meaning only $0.72 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Casella Waste's current ratio of 1.26 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

Casella Waste has a free cash flow margin of 4.6%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Casella Waste generates a 0.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. This is down from 0.9% the prior year.

Altman Z-Score Grey Zone

2.39

Casella Waste scores 2.39, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($5.2B) relative to total liabilities ($1.7B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

4/9

Casella Waste passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

41.90x

For every $1 of reported earnings, Casella Waste generates $41.90 in operating cash flow ($329.8M OCF vs $7.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.0x

Casella Waste earns $1.0 in operating income for every $1 of interest expense ($63.7M vs $62.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.8B

YoY+18.0%

5Y CAGR+18.9%

10Y CAGR+12.9%

Casella Waste generated $1.8B in revenue in fiscal year 2025. This represents an increase of 18.0% from the prior year.

EBITDA

$370.5M

YoY+20.4%

5Y CAGR+19.8%

10Y CAGR+14.6%

Casella Waste's EBITDA was $370.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.4% from the prior year.

Net Income

$7.9M

YoY-41.9%

5Y CAGR-38.7%

Casella Waste reported $7.9M in net income in fiscal year 2025. This represents a decrease of 41.9% from the prior year.

EPS (Diluted)

$0.12

YoY-47.8%

5Y CAGR-42.2%

Casella Waste earned $0.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$84.7M

YoY+8.4%

5Y CAGR+21.6%

10Y CAGR+15.2%

Casella Waste generated $84.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.4% from the prior year.

Cash & Debt

$123.8M

YoY-65.5%

5Y CAGR-4.3%

10Y CAGR+48.9%

Casella Waste held $123.8M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

33.8%

YoY-0.3pp

5Y CAGR+0.3pp

10Y CAGR+3.8pp

Casella Waste's gross margin was 33.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.

Operating Margin

3.5%

YoY-1.2pp

5Y CAGR-4.2pp

10Y CAGR-2.4pp

Casella Waste's operating margin was 3.5% in fiscal year 2025, reflecting core business profitability. This is down 1.2 percentage points from the prior year.

Net Margin

0.4%

YoY-0.4pp

5Y CAGR-11.3pp

10Y CAGR+2.8pp

Casella Waste's net profit margin was 0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity

0.5%

YoY-0.4pp

5Y CAGR-24.7pp

Casella Waste's ROE was 0.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$245.1M

YoY+20.6%

5Y CAGR+17.8%

10Y CAGR+17.2%

Casella Waste invested $245.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.6% from the prior year.

CWST Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.8B+18.0%	$1.6B+23.1%	$1.3B+16.5%	$1.1B+22.0%	$889.2M+14.8%	$774.6M
Cost of Revenue	$1.2B+18.4%	$1.0B+23.5%	$832.0M+15.1%	$723.1M+24.2%	$582.4M+12.9%	$515.6M
Gross Profit	$620.2M+17.0%	$529.9M+22.5%	$432.5M+19.5%	$362.0M+18.0%	$306.8M+18.5%	$258.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$224.2M+17.5%	$190.8M+22.4%	$155.8M+16.8%	$133.4M+12.3%	$118.8M+16.0%	$102.4M
Operating Income	$63.7M-12.5%	$72.8M-9.5%	$80.4M-15.7%	$95.4M+22.8%	$77.7M+31.0%	$59.3M
Interest Expense	$62.5M+0.2%	$62.4M+31.2%	$47.6M+100.6%	$23.7M+11.7%	$21.2M-5.1%	$22.4M
Income Tax	$5.2M-31.0%	$7.5M-35.5%	$11.6M-46.8%	$21.9M+29.2%	$16.9M+132.1%	-$52.8M
Net Income	$7.9M-41.9%	$13.5M-46.7%	$25.4M-52.1%	$53.1M+29.1%	$41.1M-54.9%	$91.1M
EPS (Diluted)	$0.12-47.8%	$0.23-50.0%	$0.46-55.3%	$1.03+28.7%	$0.80-57.0%	$1.86

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$469.1M-3.4%	$485.4M+4.3%	$465.3M+11.6%	$417.1M-2.4%	$427.5M+3.9%	$411.6M+9.1%	$377.2M+10.6%	$341.0M
Cost of Revenue	$312.8M-0.8%	$315.3M+2.3%	$308.1M+9.8%	$280.5M-1.8%	$285.6M+6.9%	$267.1M+9.6%	$243.8M+5.6%	$230.8M
Gross Profit	$156.2M-8.1%	$170.1M+8.2%	$157.3M+15.1%	$136.6M-3.7%	$141.8M-1.8%	$144.5M+8.3%	$133.4M+21.0%	$110.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$55.9M-2.3%	$57.3M+5.0%	$54.5M-3.5%	$56.5M+8.2%	$52.2M+11.0%	$47.0M-0.3%	$47.2M+6.4%	$44.3M
Operating Income	$11.9M-59.5%	$29.4M+52.4%	$19.3M+513.2%	$3.1M-83.0%	$18.5M-24.0%	$24.4M+5.9%	$23.0M+236.8%	$6.8M
Interest Expense	$16.0M+0.1%	$15.9M+1.8%	$15.7M+4.6%	$15.0M-3.1%	$15.5M-1.8%	$15.7M+2.8%	$15.3M-3.5%	$15.9M
Income Tax	$921K-84.4%	$5.9M+251.8%	$1.7M+150.5%	-$3.3M-498.7%	$834K-82.1%	$4.7M+22.7%	$3.8M+314.7%	-$1.8M
Net Income	-$2.5M-125.2%	$10.0M+91.7%	$5.2M+208.3%	-$4.8M-198.6%	$4.9M-15.5%	$5.8M-17.6%	$7.0M+270.2%	-$4.1M
EPS (Diluted)	N/A	$0.16+100.0%	$0.08+200.0%	$-0.08	N/A	$0.10-16.7%	$0.12+271.4%	$-0.07

CWST Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.3B+2.3%	$3.2B+27.4%	$2.5B+75.0%	$1.4B+12.9%	$1.3B+7.5%	$1.2B
Current Assets	$369.3M-39.8%	$613.3M+43.9%	$426.3M+105.5%	$207.5M+41.6%	$146.5M-40.8%	$247.3M
Cash & Equivalents	$123.8M-65.5%	$358.3M+62.2%	$220.9M+210.5%	$71.2M+110.5%	$33.8M-78.1%	$154.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$178.1M+7.3%	$165.9M+5.5%	$157.3M+55.9%	$100.9M+16.0%	$87.0M+17.2%	$74.2M
Goodwill	$1.1B+11.8%	$1.0B+36.2%	$735.7M+168.0%	$274.5M+17.9%	$232.9M+19.5%	$194.9M
Total Liabilities	$1.7B+3.3%	$1.7B+10.9%	$1.5B+59.1%	$951.3M+10.5%	$861.1M+3.5%	$831.8M
Current Liabilities	$293.9M-4.4%	$307.3M+10.2%	$278.9M+57.0%	$177.6M+16.7%	$152.2M+16.0%	$131.2M
Long-Term Debt	$1.1B+3.5%	$1.1B+8.2%	$1.0B+72.2%	$585.0M+7.8%	$542.5M+2.3%	$530.4M
Total Equity	$1.6B+1.2%	$1.6B+51.8%	$1.0B+105.2%	$497.9M+17.9%	$422.5M+16.7%	$362.1M
Retained Earnings	-$125.1M+5.9%	-$133.0M+9.2%	-$146.5M+14.8%	-$171.9M+23.6%	-$225.0M+15.4%	-$266.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$3.3B+0.5%	$3.3B+0.9%	$3.3B+1.6%	$3.2B-0.7%	$3.2B+3.4%	$3.1B+24.3%	$2.5B+1.4%	$2.5B
Current Assets	$369.3M-17.6%	$448.0M-3.6%	$464.5M-5.5%	$491.7M-19.8%	$613.3M-17.5%	$743.1M+74.5%	$425.8M+10.5%	$385.4M
Cash & Equivalents	$123.8M-35.8%	$192.7M-11.5%	$217.8M-18.7%	$267.7M-25.3%	$358.3M-31.0%	$519.0M+148.9%	$208.5M+10.1%	$189.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$178.1M-7.5%	$192.5M+7.6%	$178.9M+8.0%	$165.6M-0.2%	$165.9M-1.3%	$168.1M+4.2%	$161.2M+9.8%	$146.8M
Goodwill	$1.1B+0.4%	$1.1B+2.5%	$1.1B+3.7%	$1.0B+4.7%	$1.0B+10.4%	$907.9M+23.1%	$737.3M+0.1%	$736.5M
Total Liabilities	$1.7B+1.0%	$1.7B+0.9%	$1.7B+2.6%	$1.7B-1.2%	$1.7B+5.5%	$1.6B+8.0%	$1.5B+1.6%	$1.5B
Current Liabilities	$293.9M-0.9%	$296.5M+8.4%	$273.4M+8.8%	$251.4M-18.2%	$307.3M+5.5%	$291.3M+8.0%	$269.7M+10.5%	$244.1M
Long-Term Debt	$1.1B+0.6%	$1.1B+0.1%	$1.1B+0.5%	$1.1B+2.3%	$1.1B+4.3%	$1.0B+7.1%	$976.6M-0.4%	$980.9M
Total Equity	$1.6B+0.1%	$1.6B+0.8%	$1.6B+0.5%	$1.5B-0.3%	$1.6B+1.3%	$1.5B+47.6%	$1.0B+1.1%	$1.0B
Retained Earnings	-$125.1M-2.0%	-$122.6M+7.5%	-$132.6M+3.8%	-$137.8M-3.6%	-$133.0M+3.5%	-$137.9M+4.0%	-$143.6M+4.7%	-$150.6M

CWST Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$329.8M+17.2%	$281.4M+20.7%	$233.1M+7.3%	$217.3M+18.9%	$182.7M+30.6%	$139.9M
Capital Expenditures	$245.1M+20.6%	$203.2M+31.2%	$154.9M+18.3%	$131.0M+6.2%	$123.3M+14.0%	$108.1M
Free Cash Flow	$84.7M+8.4%	$78.1M-0.1%	$78.2M-9.5%	$86.4M+45.3%	$59.4M+86.8%	$31.8M
Investing Cash Flow	-$469.1M+30.0%	-$670.6M+33.3%	-$1.0B-386.0%	-$206.9M+29.4%	-$293.2M-109.3%	-$140.0M
Financing Cash Flow	-$27.1M-104.9%	$551.6M-40.2%	$922.3M+3322.4%	$26.9M+366.4%	-$10.1M-106.7%	$151.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$96.6M+3.2%	$93.6M+4.5%	$89.5M+78.6%	$50.1M-54.3%	$109.8M+19.5%	$91.8M+27.3%	$72.1M+839.0%	$7.7M
Capital Expenditures	$57.3M-13.1%	$65.9M-0.7%	$66.4M+19.7%	$55.5M-27.8%	$76.9M+49.4%	$51.5M+15.3%	$44.6M+47.6%	$30.3M
Free Cash Flow	$39.3M+42.2%	$27.6M+19.5%	$23.1M+532.0%	-$5.4M-116.3%	$32.9M-18.5%	$40.4M+47.0%	$27.5M+221.6%	-$22.6M
Investing Cash Flow	-$64.4M+40.5%	-$108.3M+21.3%	-$137.6M+13.4%	-$158.8M+44.5%	-$286.0M+8.2%	-$311.7M-626.1%	-$42.9M-42.8%	-$30.1M
Financing Cash Flow	-$7.9M+23.4%	-$10.4M-153.9%	-$4.1M+13.4%	-$4.7M-111.6%	$40.5M-92.3%	$529.4M+5858.4%	-$9.2M-1.3%	-$9.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CWST Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	33.8%-0.3pp	34.0%-0.2pp	34.2%+0.8pp	33.4%-1.1pp	34.5%+1.1pp	33.4%
Operating Margin	3.5%-1.2pp	4.7%-1.7pp	6.4%-2.4pp	8.8%+0.1pp	8.7%+1.1pp	7.7%
Net Margin	0.4%-0.4pp	0.9%-1.1pp	2.0%-2.9pp	4.9%+0.3pp	4.6%-7.1pp	11.8%
Return on Equity	0.5%-0.4pp	0.9%-1.6pp	2.5%-8.2pp	10.7%+0.9pp	9.7%-15.4pp	25.2%
Return on Assets	0.2%-0.2pp	0.4%-0.6pp	1.0%-2.7pp	3.7%+0.5pp	3.2%-4.4pp	7.6%
Current Ratio	1.26-0.7	2.00+0.5	1.53+0.4	1.17+0.2	0.96-0.9	1.88
Debt-to-Equity	0.72+0.0	0.70-0.3	0.99-0.2	1.18-0.1	1.28-0.2	1.46
FCF Margin	4.6%-0.4pp	5.0%-1.2pp	6.2%-1.8pp	8.0%+1.3pp	6.7%+2.6pp	4.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	33.3%-1.7pp	35.0%+1.2pp	33.8%+1.0pp	32.8%-0.4pp	33.2%-1.9pp	35.1%-0.3pp	35.4%+3.0pp	32.3%
Operating Margin	2.5%-3.5pp	6.0%+1.9pp	4.1%+3.4pp	0.8%-3.6pp	4.3%-1.6pp	5.9%-0.2pp	6.1%+4.1pp	2.0%
Net Margin	-0.5%-2.6pp	2.1%+0.9pp	1.1%+2.3pp	-1.1%-2.3pp	1.1%-0.3pp	1.4%-0.5pp	1.9%+3.1pp	-1.2%
Return on Equity	-0.2%-0.8pp	0.6%+0.3pp	0.3%+0.7pp	-0.3%-0.6pp	0.3%-0.1pp	0.4%-0.3pp	0.7%+1.1pp	-0.4%
Return on Assets	-0.1%-0.4pp	0.3%+0.1pp	0.2%+0.3pp	-0.1%-0.3pp	0.1%-0.0pp	0.2%-0.1pp	0.3%+0.4pp	-0.2%
Current Ratio	1.26-0.3	1.51-0.2	1.70-0.3	1.96-0.0	2.00-0.6	2.55+1.0	1.580.0	1.58
Debt-to-Equity	0.720.0	0.720.0	0.720.0	0.72+0.0	0.70+0.0	0.68-0.3	0.94-0.0	0.96
FCF Margin	8.4%+2.7pp	5.7%+0.7pp	5.0%+6.3pp	-1.3%-9.0pp	7.7%-2.1pp	9.8%+2.5pp	7.3%+13.9pp	-6.6%

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Frequently Asked Questions

What is Casella Waste's annual revenue?

Casella Waste (CWST) reported $1.8B in total revenue for fiscal year 2025. This represents a 18.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Casella Waste's revenue growing?

Casella Waste (CWST) revenue grew by 18% year-over-year, from $1.6B to $1.8B in fiscal year 2025.

Is Casella Waste profitable?

Yes, Casella Waste (CWST) reported a net income of $7.9M in fiscal year 2025, with a net profit margin of 0.4%.

What is Casella Waste's EBITDA?

Casella Waste (CWST) had EBITDA of $370.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Casella Waste have?

As of fiscal year 2025, Casella Waste (CWST) had $123.8M in cash and equivalents against $1.1B in long-term debt.

What is Casella Waste's gross margin?

Casella Waste (CWST) had a gross margin of 33.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Casella Waste's operating margin?

Casella Waste (CWST) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Casella Waste's net profit margin?

Casella Waste (CWST) had a net profit margin of 0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Casella Waste's return on equity (ROE)?

Casella Waste (CWST) has a return on equity of 0.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Casella Waste's free cash flow?

Casella Waste (CWST) generated $84.7M in free cash flow during fiscal year 2025. This represents a 8.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Casella Waste's operating cash flow?

Casella Waste (CWST) generated $329.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Casella Waste's total assets?

Casella Waste (CWST) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Casella Waste's capital expenditures?

Casella Waste (CWST) invested $245.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Casella Waste's current ratio?

Casella Waste (CWST) had a current ratio of 1.26 as of fiscal year 2025, which is considered adequate.

What is Casella Waste's debt-to-equity ratio?

Casella Waste (CWST) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Casella Waste's return on assets (ROA)?

Casella Waste (CWST) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Casella Waste's Altman Z-Score?

Casella Waste (CWST) has an Altman Z-Score of 2.39, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Casella Waste's Piotroski F-Score?

Casella Waste (CWST) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Casella Waste's earnings high quality?

Casella Waste (CWST) has an earnings quality ratio of 41.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Casella Waste cover its interest payments?

Casella Waste (CWST) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Casella Waste?

Casella Waste (CWST) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.