Republic Services, Inc. (RSG) 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

+5.4%

$257.11

vs $243.96 price

Levered DCF

$210.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.17

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	30.89×	30.95×	30.15×	27.44×	34.43×	31.78×	26.84×	22.74×
P/B	5.52×	5.55×	4.95×	4.22×	4.95×	3.62×	3.55×	2.97×
P/S	3.98×	3.95×	3.49×	3.02×	3.94×	3.03×	2.79×	2.35×
EV / EBITDA	15.67×	15.97×	15.07×	14.42×	17.24×	15.03×	13.42×	11.29×
Gross margin	42.0%	30.6%	29.6%	28.6%	29.1%	39.9%	28.3%	28.0%
Operating margin	20.0%	20.1%	19.0%	17.9%	18.5%	16.8%	17.8%	17.6%
Net margin	12.9%	12.7%	11.6%	11.0%	11.4%	9.5%	10.4%	10.3%
Current ratio	0.64×	0.58×	0.56×	0.7×	0.71×	0.67×	0.53×	0.58×
Debt / equity	1.15×	1.14×	1.24×	1.25×	1.09×	1.08×	1.1×	1.05×
Interest coverage	5.79×	5.86×	5.37×	6.24×	6.89×	4.86×	4.7×	4.58×
Dividend yield	1.1%	1.1%	1.2%	1.5%	1.2%	1.7%	1.7%	2.0%
Payout ratio	34.5%	33.6%	36.9%	39.9%	42.8%	54.0%	45.8%	44.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.9%	17.9%	16.4%	15.4%	14.4%	11.4%	13.2%	13.1%
Return on invested capital	8.8%	9.3%	8.0%	7.5%	7.6%	6.8%	7.4%	7.1%
Return on assets	6.2%	6.3%	5.5%	5.1%	5.2%	4.1%	4.7%	4.8%
Free cash flow yield	3.6%	3.3%	3.8%	4.3%	3.3%	4.2%	4.0%	5.0%
Earnings yield	3.2%	3.2%	3.3%	3.6%	2.9%	3.1%	3.7%	4.4%
Enterprise value	$79.8B	$76.1B	$65.1B	$52.8B	$54.3B	$39.9B	$37.7B	$31.8B
Net debt / EBITDA	2.69×	2.7×	2.99×	3.26×	3.12×	3.44×	3.17×	2.93×
Cash conversion cycle (days)	-0	6	3	11	11	5	14	13