Feed / CLH

Clean Harbors, Inc.

CLH

Industrials · 321.93 +2.0% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:10 GMT-4

Market read

Clean Harbors, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.

What changed
  • Revenue increased 1.9% versus the comparable filing period.
  • Operating cash flow covered only 0.10x net income.
Company+2.0% todayVolume comparison unavailable
Market group0 of 1 activeHazardous Waste Services · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
  • Track dollar impact reported from higher pricing on sale of base oil products.
  • Watch reported change in interest expense tied to SOFR-based debt and related attribution to lower/higher rates.

Invalidation: The isolated read changes if CLH's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Industrials · Waste Management

The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 1.9% versus the comparable filing period.
Evidence that challenges
  • Operating cash flow covered only 0.10x net income.
What would clarify the read
  • Track dollar impact reported from higher pricing on sale of base oil products.
  • Watch reported change in interest expense tied to SOFR-based debt and related attribution to lower/higher rates.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements196
Verified relationships8
Evidence supporting the case
  • Operating cash flow covered net income at 2.22x in the latest annual period.
  • Credit and interest rates has repeated favorable evidence across 5 filings.
Evidence challenging the case
  • Demand and volume has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 88% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

320.52
6m+10.7%12m+35.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$3.8B+21.0%$3.71-1.7%
2022-12-31$5.2B+35.8%$7.56-0.5%
2023-12-31$5.4B+4.7%$6.95-0.2%
2024-12-31$5.9B+8.9%$7.42-0.3%
2025-12-31$6.0B+2.4%$7.28-0.9%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
Interest expense, net of interest income for the six months ended June 30, 2026 decreased $2.1 million from the comparable period in 2025 primarily due to lower interest rates on our SOFR-based debt partially offset by lower interest income.
10-Q · Jul 29, 2026
Demand and volumenegative · 5 filings
Partially offsetting the broad revenues growth across Environmental Services was a $22.3 million decrease in Industrial Services revenues, driven by lower demand for industrial maintenance and turnaround services as compared to 2025, with the impact concentra…
10-Q · Jul 29, 2026
Pricing and mixmixed · 5 filings
Revenues from used oil collection services increased $23.5 million, attributable to higher pricing for these waste oil collection services.
10-Q · Jul 29, 2026
Restructuring and cost reductionsnegative · 3 filings
Additionally, severance costs, primarily due to acquisitions completed during the period, were $1.9 million.
10-Q · Jul 29, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 2.9× · EV/sales 3.3×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

321.93+2.0% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for CLH. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

The latest filing shows material pressure

10-Q filed 2026-05-06 against the comparable filing from 2025-04-30.

cautious
OperationsmixedEvidence score +1
liquiditycautiousEvidence score -1
valuationmixed

What improved

  • Revenue increased 1.9% versus the comparable filing period.

What weakened

  • Operating cash flow covered only 0.10x net income.

Filing receipts

Interest Expense, Net of Interest Income Three Months Ended March 31, 2026 over 2025 (in thousands, except percentages) 2026 2025 Change % Change Interest expense, net of interest income $ 33,854 $ 36,077 $ (2,223) (6.2) % Interest expense, net of interest income for the three months ended March 31, 2026 decreased $2.2 million from the comparable period in 2025 primarily due to lower interest rates on outstanding debt during the period resulting from the debt refinancing transactions executed in October 2025 and lower variable interest rates on our SOFR-based debt.

Adjusted free cash flow, which management uses to measure our financial strength and ability to generate cash, was an outflow of $75.8 million in the three months ended March 31, 2026, as compared to an outflow of $115.7 million in the comparable period of 2025, an improvement of $39.9 million, primarily driven by lower cash paid for additions to property, plant and equipment.

Net cash from operating activities for the three months ended March 31, 2026 increased $4.7 million from $1.6 million in 2025 to $6.3 million in 2026 primarily due to lower cash paid for interest partially offset by higher working capital impacts in 2026 as compared to the prior year period.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind CLH

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

KEFiling-linked namepartnerOct 29, 2025

On a comparative basis and excluding the impacts of the new incinerator in Kimball, Nebraska which is not expected to be running at full utilization until 2026, utilization at our incinerators was 92% in the three months ended September 30, 2025 as compared t…

MCKMcKesson CorporationcustomerOct 29, 2025

These agreements indemnify the Company with respect to any liability at the 17 sites for waste disposed prior to the Company’s acquisition of the former subsidiaries of Waste Management, Inc.

Depended on by

WCNWaste Connections, Inc.competitorFeb 12, 2026

We also compete in certain markets with publicly held and privately owned companies such as Waste Management, Inc., Republic Services, Inc., Clean Harbors, Inc., Secure Waste Infrastructure Corp., Select Water Solutions, Inc., Ecoserv, LLC, Oilfield Water Log…

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

CLH is currently a Leader in the organic co-movement group Hazardous Waste Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for CLH; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.