Demand and volumepositive · 4 filings
“Maintenance and Repairs — The slight decrease in maintenance and repairs costs is primarily due to reduced demand for third-party services driven by fleet and operational optimization.”10-Q · Apr 29, 2026 ↗
Waste Management, Inc.
WM
Market read
Waste Management, Inc.'s move is spreading beyond its market group.
The latest filing evidence is available. 7 of 9 group members are active now; 2 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 3.5% versus the comparable filing period.
Company+1.4% todayVolume comparison unavailable
Market group7 of 9 activeRegulated Water Utilities · active
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 6 of 9 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- CWST remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 3 of 9 members or fewer.
Research brief
The story so far
The latest filing evidence is available. 7 of 9 group members are active now; 2 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 3.5% versus the comparable filing period.
- Operating margin improved 1.0 percentage points.
- Operating cash flow covered net income at 2.08x, improving versus the comparable period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 6 of 9 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- CWST remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
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 observations617
Usable filing statements179
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +14.2% year over year.
- Operating cash flow covered net income at 2.23x in the latest annual period.
- Demand and volume has repeated favorable evidence across 4 filings.
- Macroeconomic conditions has repeated favorable evidence across 4 filings.
- Pricing and mix has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Operating margin changed -1.3 percentage points in the latest annual period.
- Net margin changed -1.7 percentage points in the latest annual period.
- Energy and commodity prices has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 91% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 2, 2026
204.556m-13.1%12m-7.0%24m-0.5%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$17.9B+17.8%$4.29-0.5%
2022-12-31$19.7B+9.9%$5.39-1.9%
2023-12-31$20.4B+3.7%$5.66-2.0%
2024-12-31$22.1B+8.0%$6.81-0.9%
2025-12-31$25.2B+14.2%$6.70+0.2%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricesnegative · 4 filings
“Revenues attributable to yield in our Renewable Energy segment decreased $7 million as compared to the prior year period primarily due to lower RNG pricing, partially offset by higher electricity and natural gas prices.”10-Q · Apr 29, 2026 ↗
Input and raw-material costsmixed · 4 filings
“Subcontractor Costs — The increase in subcontractor costs was primarily due to additional costs incurred as a part of our recent acquisitions and inflationary cost pressures, particularly labor costs from third-party haulers.”10-K · Feb 9, 2026 ↗
Labor availability and costsmixed · 4 filings
“Subcontractor Costs — The increase in subcontractor costs was primarily due to additional costs incurred as a part of our recent acquisitions and inflationary cost pressures, particularly labor costs from third-party haulers.”10-K · Feb 9, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.3× · 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
204.55+1.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 2 Oct, 15:55 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 WM. 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
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-29 against the comparable filing from 2025-04-29.
OperationsconstructiveEvidence score +2
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 3.5% versus the comparable filing period.
- Operating margin improved 1.0 percentage points.
- Operating cash flow covered net income at 2.08x, improving versus the comparable period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“These volume increases were largely offset by volume declines in our collection business primarily due to harsh winter weather in the current period as well as our intentional shedding of lower-margin residential business.”
“The $20 million increase is primarily due to increases in (i) technology spend; (ii) bad debt expense and (iii) labor costs; ● Income from operations of $1,113 million, or 17.9% of revenues, compared to $1,013 million, or 16.8% of revenues, in the prior year period.”
“Selling, General and Administrative Expenses The following table summarizes the major components of our selling, general and administrative expenses for the three months ended March 31 (in millions of dollars and as a percentage of revenues): 2026 2025 Labor and related benefits $ 437 7.0 % $ 427 7.1 % Professional fees 82 1.3 92 1.5 Provision for bad debts 29 0.5 19 0.3 Other 159 2.6 149 2.5 $ 707 11.4 % $ 687 11.4 % Selling, general and administrative expenses increased from the prior year period primarily due to increases in (i) technology spend; (ii) bad debt expenses and (iii) la...”
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 WM
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
MDXGMiMedx Group, Inc.supplierFeb 25, 2026 ▾
“The review looked at several areas including: • Air Pollution Control Management • Battery Handling and Disposal • Community Right-to-Know (Hazardous Material Reporting) • Hazardous Waste Management • SARA Title III (Release Reporting) • Solid Waste Managemen…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WM is currently a Early Follower in the organic co-movement group Regulated Water Utilities. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.