Waste Connections, Inc.(WCN)Stock Analysis
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Pending next ranking run
This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.
Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.
WCN Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Waste Connections, Inc. (WCN), a Utilities sector company. WCN is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Waste Connections, Inc. reports quarterly revenue of $2.4B, net income of $219.3M, an operating margin of 15.4%. Top institutional holders of WCN by reported 13-F value include VANGUARD CAPITAL MANAGEMENT, ROYAL BANK OF CANADA, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. WCN trades on the NYSE exchange and files with the SEC under CIK 1318220. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WCN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Waste Connections, Inc. directly from SEC EDGAR.
Revenue
Q1 2026
$2.4B
Net Income
Q1 2026
$219.3M
Free Cash Flow
Q1 2026
$249.0M
Operating Margin
Q1 2026
15.4%
ROIC
Q1 2026
2.1%
D/E Ratio
Q1 2026
1.13
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+53.9% YoYNet Income
+74.2% YoYOperating Income
+64.5% YoYEPS (Diluted)
+76.7% YoYTotal Assets
+43.7% YoYTotal Debt
+74.6% YoYOp. Cash Flow
+42.2% YoY| Metric | FY 2025 | FY 2021 | FY 2020 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|
| Revenue | $9.47B +53.9% | $6.15B +13.0% | $5.45B +61.3% | $3.38B +75.3% | $1.93B |
| Net Income | $1.08B +74.2% | $618.0M +202.0% | $204.7M -17.0% | $246.5M +99.0% | $123.9M |
| Operating Income | $1.71B +64.5% | $1.04B +152.1% | $412.4M -8.8% | $452.3M +835.1% | $-61.5M |
| EPS (Diluted) | $4.17 +76.7% | $2.36 +202.6% | $0.78 +64.0% | $0.48 -4.5% | $0.50 |
| Total Assets | $21.13B +43.7% | $14.70B +5.1% | $13.99B +26.0% | $11.10B +116.8% | $5.12B |
| Total Debt | $8.82B +74.6% | $5.05B +6.1% | $4.76B +31.0% | $3.63B +69.1% | $2.15B |
| Operating Cash Flow | $2.41B +42.2% | $1.70B +20.6% | $1.41B +77.1% | $795.3M +37.8% | $577.0M |
AI Insight: WCN Ratio Trends
Operating margin compressed to 15.4% in Q1 2026, lowest in two years; ROIC decline signals deteriorating capital efficiency.
• OpMargin fell 2.3pp from Q4 2025 (17.7%) to Q1 2026 (15.4%), extending weakness below pre-pandemic levels.
• ROIC contracted to 16.0% in TTM (2026-03-31) from 18.5% in prior year; Q1 2026 shows 9.9% quarter-level ROIC.
• Leverage stable around 1.0–1.07x D/E through 2025–Q1 2026, despite margin pressure.
⚠ Q4 2024 was an anomaly (–8.8% OpMargin); core trend since Q1 2025 shows sustained margin erosion, not recovery.
⚠ NPM fell to single digits in Q1 2026 data gap; profitability vulnerability warrants confirmation in full earnings.
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Available Research
13F Pro tracks comprehensive data for Waste Connections, Inc. including:
Top Institutional Holders of WCN
VANGUARD CAPITAL MANAGEMENT LLC
$2.6B15,855,163 shROYAL BANK OF CANADA
$2.0B12,210,661 shVANGUARD PORTFOLIO MANAGEMENT LLC
$1.8B11,135,258 shFMR LLC
$1.5B8,964,650 shBANK OF MONTREAL /CAN/
$1.3B8,135,633 sh1832 Asset Management L.P.
$1.2B7,113,604 shBlackRock, Inc.
$1.0B6,191,564 shCapital International Investors
$849.2M5,228,050 shMACKENZIE FINANCIAL CORP
$809.1M4,980,317 shWELLINGTON MANAGEMENT GROUP LLP
$801.7M4,935,243 sh
| Fund | Value | Shares |
|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $2.6B | 15,855,163 |
| ROYAL BANK OF CANADA | $2.0B | 12,210,661 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1.8B | 11,135,258 |
| FMR LLC | $1.5B | 8,964,650 |
| BANK OF MONTREAL /CAN/ | $1.3B | 8,135,633 |
| 1832 Asset Management L.P. | $1.2B | 7,113,604 |
| BlackRock, Inc. | $1.0B | 6,191,564 |
| Capital International Investors | $849.2M | 5,228,050 |
| MACKENZIE FINANCIAL CORP | $809.1M | 4,980,317 |
| WELLINGTON MANAGEMENT GROUP LLP | $801.7M | 4,935,243 |
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Popular Research
Is WCN a good stock to buy?
13F Pro's AI-powered analysis of Waste Connections, Inc. (WCN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for WCN are available on the WCN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own WCN?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling WCN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Waste Connections, Inc.'s investment landscape.