Casella Waste Systems, Inc. (CWST) 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

+78.2%

$173.15

vs $97.18 price

Levered DCF

$76.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.34

Grey zone

Rating

Overall 2 / 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	816.17×	460.04×	185.78×	77×	106.77×	33.13×	68.7×	189.93×
P/B	3.96×	4.06×	4.61×	8.22×	10.38×	8.35×	17.71×	-76.82×
P/S	3.38×	4.05×	3.73×	3.77×	4.93×	3.9×	2.92×	1.84×
EV / EBITDA	18.62×	22.17×	20.47×	18.88×	23.78×	22.51×	18.34×	14.81×
Gross margin	17.1%	18.9%	20.7%	21.7%	22.9%	21.7%	20.8%	20.7%
Operating margin	4.9%	6.7%	8.4%	9.4%	9.5%	8.5%	7.9%	7.9%
Net margin	0.4%	0.9%	2.0%	4.9%	4.6%	11.8%	4.3%	1.0%
Current ratio	1.26×	2×	1.53×	1.17×	0.96×	1.88×	0.79×	0.87×
Debt / equity	0.79×	0.78×	1.09×	1.34×	1.46×	1.71×	4.83×	-34.38×
Interest coverage	1.51×	1.93×	2.57×	4.06×	3.25×	3.52×	2.38×	1.95×
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	0.5%	0.9%	2.5%	10.7%	9.7%	25.2%	25.8%	-40.6%
Return on invested capital	1.7%	2.2%	3.2%	5.6%	5.2%	6.0%	7.2%	8.4%
Return on assets	0.2%	0.4%	1.0%	3.7%	3.2%	7.6%	3.4%	0.9%
Free cash flow yield	1.4%	1.2%	1.7%	2.1%	1.4%	1.1%	0.6%	3.3%
Earnings yield	0.1%	0.2%	0.5%	1.3%	0.9%	3.0%	1.5%	0.5%
Enterprise value	$7.3B	$7.1B	$5.6B	$4.7B	$5B	$3.5B	$2.8B	$1.8B
Net debt / EBITDA	2.83×	2.56×	3.27×	2.39×	2.79×	2.99×	3.92×	4.55×
Cash conversion cycle (days)	17	15	10	8	7	10	5	7