Clean Harbors, Inc. (CLH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-57.5%

$126.15

vs $296.50 price

Levered DCF

$92.25

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.69

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.08×	30.85×	24.97×	15.04×	26.75×	31.32×	49×	42.18×
P/B	4.54×	4.82×	4.2×	3.22×	3.59×	3.15×	3.77×	2.37×
P/S	2.07×	2.11×	1.74×	1.2×	1.43×	1.34×	1.4×	0.84×
EV / EBITDA	13.33×	13.56×	11.6×	8.31×	11.87×	9.95×	11.55×	8.63×
Gross margin	29.5%	31.0%	30.7%	31.4%	31.4%	32.0%	30.0%	30.1%
Operating margin	11.2%	11.4%	11.3%	12.3%	9.1%	8.0%	6.7%	5.5%
Net margin	6.5%	6.8%	7.0%	8.0%	5.3%	4.3%	2.9%	2.0%
Current ratio	2.33×	2.21×	1.98×	1.99×	1.88×	2.4×	1.95×	2×
Debt / equity	1.26×	1.18×	1.11×	1.35×	1.78×	1.27×	1.36×	1.34×
Interest coverage	3.98×	4.34×	5.08×	5.65×	4.36×	3.28×	2.77×	2.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	15.6%	16.8%	21.4%	13.4%	10.1%	7.7%	5.6%
Return on invested capital	7.5%	7.9%	8.5%	9.4%	5.5%	5.5%	4.4%	4.0%
Return on assets	5.1%	5.5%	5.9%	6.7%	3.6%	3.3%	2.4%	1.8%
Free cash flow yield	3.5%	2.8%	3.3%	4.5%	5.5%	5.5%	4.0%	6.3%
Earnings yield	3.1%	3.2%	4.0%	6.7%	3.7%	3.2%	2.0%	2.4%
Enterprise value	$15.1B	$14.8B	$11.5B	$8.3B	$7.7B	$5.4B	$6.1B	$4.1B
Net debt / EBITDA	2.32×	2.16×	2.07×	2.11×	3.47×	2.19×	2.54×	2.82×
Cash conversion cycle (days)	61	64	62	63	70	82	62	61