Casella Waste Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Casella Waste has an operating margin of 4.7%, meaning the company retains $5 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is down from 6.4% the prior year.
Casella Waste's revenue surged 23.1% year-over-year to $1.6B, reflecting rapid business expansion. This strong growth earns a score of 95/100.
Casella Waste carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
Casella Waste's current ratio of 2.00 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.
Casella Waste's free cash flow margin of 5.0% results in a low score of 25/100. Capital expenditures of $203.2M absorb a large share of operating cash flow.
Casella Waste generates a 0.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100. This is down from 2.5% the prior year.
Casella Waste scores 2.97, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($6.6B) relative to total liabilities ($1.7B). This signals moderate financial risk that warrants monitoring.
Casella Waste passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Casella Waste generates $20.79 in operating cash flow ($281.4M OCF vs $13.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Casella Waste earns $1.2 in operating income for every $1 of interest expense ($72.8M vs $62.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Casella Waste (CWST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Key Financial Metrics
Casella Waste generated $1.6B in revenue in fiscal year 2024. This represents an increase of 23.1% from the prior year.
Casella Waste's EBITDA was $307.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.5% from the prior year.
Casella Waste generated $78.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 0.1% from the prior year.
Casella Waste reported $13.5M in net income in fiscal year 2024. This represents a decrease of 46.7% from the prior year.
Casella Waste earned $0.23 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 50.0% from the prior year.
Casella Waste held $358.3M in cash against $1.1B in long-term debt as of fiscal year 2024.
Casella Waste's gross margin was 34.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.
Casella Waste's operating margin was 4.7% in fiscal year 2024, reflecting core business profitability. This is down 1.7 percentage points from the prior year.
Casella Waste's net profit margin was 0.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.
Casella Waste's ROE was 0.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the prior year.
Casella Waste invested $203.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 31.2% from the prior year.
CWST Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $485.4M+4.3% | $465.3M+11.6% | $417.1M-2.4% | $427.5M+13.3% | $377.2M+10.6% | $341.0M-5.2% | $359.6M+1.9% | $352.7M |
| Cost of Revenue | $315.3M+2.3% | $308.1M+9.8% | $280.5M-1.8% | $285.6M+17.2% | $243.8M+5.6% | $230.8M-3.5% | $239.2M+5.7% | $226.3M |
| Gross Profit | $170.1M+8.2% | $157.3M+15.1% | $136.6M-3.7% | $141.8M+6.3% | $133.4M+21.0% | $110.2M-8.5% | $120.4M-4.8% | $126.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $57.3M+5.0% | $54.5M-3.5% | $56.5M+8.2% | $52.2M+10.6% | $47.2M+6.4% | $44.3M+2.8% | $43.1M+4.7% | $41.2M |
| Operating Income | $29.4M+52.4% | $19.3M+513.2% | $3.1M-83.0% | $18.5M-19.5% | $23.0M+236.8% | $6.8M-48.8% | $13.4M-60.9% | $34.2M |
| Interest Expense | $15.9M+1.8% | $15.7M+4.6% | $15.0M-3.1% | $15.5M+0.9% | $15.3M-3.5% | $15.9M+0.1% | $15.9M+0.8% | $15.7M |
| Income Tax | $5.9M+251.8% | $1.7M+150.5% | -$3.3M-498.7% | $834K-78.0% | $3.8M+314.7% | -$1.8M-162.0% | $2.8M-52.7% | $6.0M |
| Net Income | $10.0M+91.7% | $5.2M+208.3% | -$4.8M-198.6% | $4.9M-30.4% | $7.0M+270.2% | -$4.1M-127.3% | -$1.8M-110.0% | $18.2M |
| EPS (Diluted) | $0.16+100.0% | $0.08+200.0% | $-0.08-200.0% | $0.08-33.3% | $0.12+271.4% | $-0.07-250.0% | $-0.02-106.5% | $0.31 |
CWST Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B+0.9% | $3.3B+1.6% | $3.2B-0.7% | $3.2B+28.6% | $2.5B+1.4% | $2.5B-2.3% | $2.5B+1.5% | $2.5B |
| Current Assets | $448.0M-3.6% | $464.5M-5.5% | $491.7M-19.8% | $613.3M+44.0% | $425.8M+10.5% | $385.4M-9.6% | $426.3M+3.1% | $413.3M |
| Cash & Equivalents | $192.7M-11.5% | $217.8M-18.7% | $267.7M-25.3% | $358.3M+71.8% | $208.5M+10.1% | $189.5M-14.2% | $220.9M+0.8% | $219.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $192.5M+7.6% | $178.9M+8.0% | $165.6M-0.2% | $165.9M+2.9% | $161.2M+9.8% | $146.8M-6.7% | $157.3M+12.1% | $140.3M |
| Goodwill | $1.1B+2.5% | $1.1B+3.7% | $1.0B+4.7% | $1.0B+35.9% | $737.3M+0.1% | $736.5M+0.1% | $735.7M-0.2% | $737.1M |
| Total Liabilities | $1.7B+0.9% | $1.7B+2.6% | $1.7B-1.2% | $1.7B+13.9% | $1.5B+1.6% | $1.5B-4.1% | $1.5B+3.2% | $1.5B |
| Current Liabilities | $296.5M+8.4% | $273.4M+8.8% | $251.4M-18.2% | $307.3M+14.0% | $269.7M+10.5% | $244.1M-12.5% | $278.9M+10.1% | $253.2M |
| Long-Term Debt | $1.1B+0.1% | $1.1B+0.5% | $1.1B+2.3% | $1.1B+11.7% | $976.6M-0.4% | $980.9M-2.7% | $1.0B-0.4% | $1.0B |
| Total Equity | $1.6B+0.8% | $1.6B+0.5% | $1.5B-0.3% | $1.6B+49.5% | $1.0B+1.1% | $1.0B+0.4% | $1.0B-0.9% | $1.0B |
| Retained Earnings | -$122.6M+7.5% | -$132.6M+3.8% | -$137.8M-3.6% | -$133.0M+7.4% | -$143.6M+4.7% | -$150.6M-2.8% | -$146.5M-1.3% | -$144.7M |
CWST Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $93.6M+4.5% | $89.5M+78.6% | $50.1M-54.3% | $109.8M+52.2% | $72.1M+839.0% | $7.7M-89.8% | $75.3M+0.9% | $74.6M |
| Capital Expenditures | $65.9M-0.7% | $66.4M+19.7% | $55.5M-27.8% | $76.9M+72.2% | $44.6M+47.6% | $30.3M-53.1% | $64.5M+61.6% | $39.9M |
| Free Cash Flow | $27.6M+19.5% | $23.1M+532.0% | -$5.4M-116.3% | $32.9M+19.8% | $27.5M+221.6% | -$22.6M-310.5% | $10.7M-69.1% | $34.7M |
| Investing Cash Flow | -$108.3M+21.3% | -$137.6M+13.4% | -$158.8M+44.5% | -$286.0M-566.3% | -$42.9M-42.8% | -$30.1M+56.1% | -$68.5M+79.9% | -$339.9M |
| Financing Cash Flow | -$10.4M-153.9% | -$4.1M+13.4% | -$4.7M-111.6% | $40.5M+541.0% | -$9.2M-1.3% | -$9.1M-18.0% | -$7.7M-135.9% | $21.4M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.0%+1.2pp | 33.8%+1.0pp | 32.8%-0.4pp | 33.2%-2.2pp | 35.4%+3.0pp | 32.3%-1.2pp | 33.5%-2.4pp | 35.8% |
| Operating Margin | 6.0%+1.9pp | 4.1%+3.4pp | 0.8%-3.6pp | 4.3%-1.8pp | 6.1%+4.1pp | 2.0%-1.7pp | 3.7%-6.0pp | 9.7% |
| Net Margin | 2.1%+0.9pp | 1.1%+2.3pp | -1.1%-2.3pp | 1.1%-0.7pp | 1.9%+3.1pp | -1.2%-0.7pp | -0.5%-5.6pp | 5.1% |
| Return on Equity | 0.6%+0.3pp | 0.3% | N/A | 0.3%-0.4pp | 0.7% | N/A | N/A | 1.8% |
| Return on Assets | 0.3%+0.1pp | 0.2%+0.3pp | -0.1%-0.3pp | 0.1%-0.1pp | 0.3%+0.4pp | -0.2%-0.1pp | -0.1%-0.8pp | 0.7% |
| Current Ratio | 1.51-0.2 | 1.70-0.3 | 1.96-0.0 | 2.00+0.4 | 1.580.0 | 1.58+0.0 | 1.53-0.1 | 1.63 |
| Debt-to-Equity | 0.720.0 | 0.720.0 | 0.72+0.0 | 0.70-0.2 | 0.94-0.0 | 0.96-0.0 | 0.990.0 | 0.98 |
| FCF Margin | 5.7%+0.7pp | 5.0%+6.3pp | -1.3%-9.0pp | 7.7%+0.4pp | 7.3%+13.9pp | -6.6%-9.6pp | 3.0%-6.9pp | 9.8% |
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Frequently Asked Questions
What is Casella Waste's annual revenue?
Casella Waste (CWST) reported $1.6B in total revenue for fiscal year 2024. This represents a 23.1% 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 23.1% year-over-year, from $1.3B to $1.6B in fiscal year 2024.
Is Casella Waste profitable?
Yes, Casella Waste (CWST) reported a net income of $13.5M in fiscal year 2024, with a net profit margin of 0.9%.
What is Casella Waste's earnings per share (EPS)?
Casella Waste (CWST) reported diluted earnings per share of $0.23 for fiscal year 2024. This represents a -50.0% 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.
What is Casella Waste's EBITDA?
Casella Waste (CWST) had EBITDA of $307.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Casella Waste have?
As of fiscal year 2024, Casella Waste (CWST) had $358.3M 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 34.0% in fiscal year 2024, 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 4.7% in fiscal year 2024, 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 0.9% in fiscal year 2024, 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 0.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Casella Waste's free cash flow?
Casella Waste (CWST) generated $78.1M in free cash flow during fiscal year 2024. This represents a -0.1% 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 $281.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Casella Waste's total assets?
Casella Waste (CWST) had $3.2B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Casella Waste's capital expenditures?
Casella Waste (CWST) invested $203.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Casella Waste's current ratio?
Casella Waste (CWST) had a current ratio of 2.00 as of fiscal year 2024, which is generally considered healthy.
What is Casella Waste's debt-to-equity ratio?
Casella Waste (CWST) had a debt-to-equity ratio of 0.70 as of fiscal year 2024, 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 0.4% for fiscal year 2024, 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 2.97, 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 5 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 20.79x, 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 1.2x, 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 49 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.