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Republic Services, Inc. RSG

NYSEBusiness servicesFinancials to Jun 30, 2026 · Updated Oct 7, 2026

On Stock Analysis · affiliate link
RSG financials
Moat score
97
ROIC
10.7%
P/E
30.1
EV/EBIT
23.6
FCF yield
4.0%
Dividend yield
1.2%
Market cap
$65.8B

Moat ranks

Score rankTied #17 of 396
Durabilitydurable
Market structureCompetitive
Pricing powermoderate

Balance sheet

6/30/26
$BDec 31Jun 30
Cash0.10.1
Securities0.00.0
Restricted cash0.30.3
Debt13.413.9
Net cash-13.3-13.8
Equity12.012.0
Leverage
Debt / EBITDA
2.66×
Debt / equity
1.16×
Leases (6/30/26)
$513M
Capital
Diluted shares
308M
Book value / share
$39.11
Price / book
5.5×
Net cash / share
−$44.89
Market cap
$65.8B
Enterprise value
$79.6B

Per-share record

Fiscal years and TTM
Scale
$0$20$40$60'16'17'18'19'20'21'22'23'2453.15'2554.90TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth4.6%-0.0 pts
Operating margin20.3%+0.0 pts
FCF margin17.2%+0.6 pts
Capex / revenue8.8%-0.8 pts
Core price6.4%-0.6 pts
Average yield4.0%-1.0 pts
Related-business volume-1.9%-2.1 pts
Waste internalization~67.0%–
Permitted landfill airspace4.89B–

Margins and growth from reported quarters; company KPIs as reported in results releases.

About RSG

Republic collects, recycles and disposes of waste and handles hazardous and industrial waste in the United States and Canada. Recycling and Waste supplied 89.7% of Q2 2026 revenue.

Revenue mix
Recycling & Waste Services 89.7%Environmental Solutions 10.3%
  • Permits Rights Of Way

    Large installed base of permitted disposal assets; approvals required for permit renewals and expansions, creating high barriers to new landfill capacity in served markets.

  • Capacity Moat

    Landfill disposal capacity is hard to replace locally.

  • Physical Network Density

    Dense network of collection and transfer infrastructure supports route density, utilization, and local cost advantages versus smaller haulers.

  • Scope Economies

    Vertical integration from collection through disposal improves unit economics; high internalization keeps margin and volume within the network.

Timeline
  1. Aug 6, 2026

    Republic raised full-year revenue guidance to $17.2 billion to $17.3 billion and increased the quarterly dividend to $0.67 while industrial-service margins remained weak.

  2. Jul 27, 2026

    A federal court imposed a $9.2 million Clean Water Act penalty at Modern Landfill, showing that disposal permits require continued water-treatment spending.

  3. May 2, 2022

    Republic bought US Ecology for approximately $2.2 billion including debt, expanding its hazardous-waste and industrial-services network.

  4. Dec 31, 2017 · Full year · Tax benefit +$464M

    US tax reform reduced the tax provision by $463.9 million, mainly through remeasurement of deferred tax liabilities. This did not represent recurring operating profit.

  5. Dec 31, 2016 · Full year · One-off charge −$196M

    Republic refinanced debt and recognized a $196.2 million debt-extinguishment loss, reducing reported earnings while lowering later interest costs.

Ownership

To 10/7/26
CEO
Jon Vander Ark
Since 2021 · 5 yrs
Professional CEOSingle share class
Insider trades159
Planned sales3

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue27.2629.6230.5831.9931.7535.3642.6147.2650.9353.1554.90+7.7%/yr
Cash flow5.375.646.837.307.738.7210.0611.4312.5013.7614.76+11.0%/yr
Earnings1.783.773.163.333.024.044.695.476.496.857.10+16.2%/yr
Free cash flow2.672.723.573.563.994.605.476.276.617.728.62+12.5%/yr
Capex2.692.923.263.753.744.124.595.155.896.046.14+9.4%/yr
Dividends1.221.301.411.531.631.731.872.012.182.362.47+7.7%/yr
Book value22.3323.4824.1425.2126.5328.1130.5533.2936.2338.3439.11+6.2%/yr
Diluted shares (M)344339328322320319317317315312308-1.1%/yr
Totals ($B)
Revenue9.410.010.010.310.211.313.515.016.016.616.9+6.5%/yr
Operating income1.51.71.71.81.72.12.42.83.23.33.4+8.9%/yr
Net income0.61.31.01.11.01.31.51.72.02.12.2+14.9%/yr
Free cash flow0.90.91.21.11.31.51.72.02.12.42.7+11.3%/yr
Buybacks0.40.60.70.40.10.30.20.30.50.91.5+8.9%/yr
Dividends0.40.40.50.50.50.60.60.60.70.70.8+6.5%/yr
Net cash-7.6-8.1-8.3-8.6-8.8-9.4-11.5-12.6-12.5-13.3-13.8−$5.8B
Margins & returns (%)
Operating margin16.416.617.317.416.818.417.718.619.919.919.9+3.5 pts
Net margin6.512.710.310.49.511.411.011.612.712.912.9+6.4 pts
FCF margin9.89.211.711.112.613.012.813.313.014.515.7+4.7 pts
ROIC8.38.58.88.78.19.39.29.911.010.710.7+2.4 pts
Return on equity8.016.113.113.211.414.415.416.417.917.918.2+9.9 pts
Stock pay % of revenue0.30.4–0.50.40.70.30.40.30.3–+0.0 pts
Capex % of revenue9.99.910.711.711.811.710.810.911.611.411.2+1.5 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 18.1% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score97
Strength
Confidence
Structure
Competitive
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Recycling & Waste Services89.7%
    5 claims
  • Environmental Solutions10.3%
    2 claims

Moat claims

Applies to
Recycling & Waste Services
Confidence
Durability
durable
Trajectory
stableas of Jun 30, 2026
Why it holds

Large installed base of permitted disposal assets; approvals required for permit renewals and expansions, creating high barriers to new landfill capacity in served markets.

Why stable

Permitted landfill airspace reached 4.885 billion cubic yards in June 2026. Permits still protect disposal access, while the Modern Landfill judgment shows that compliance failures can consume its economic benefit.

Indicators
  • Permitted landfill airspace4.89B
  • Probable landfill expansion airspace196,000,000
Risks
  • Permitting delays or denials for landfill expansions
  • Stricter environmental regulation (air, water, PFAS) increasing compliance costs
  • Community opposition/NIMBY constraining siting and expansion
  • Modern Landfill received a $9.2 million Clean Water Act penalty in July 2026; further enforcement and required treatment spending can offset permit scarcity.

Profile change log

  1. Oct 7, 2026 · business change

    Republic raised full-year revenue guidance to $17.2 billion to $17.3 billion and increased the quarterly dividend to $0.67 while industrial-service margins remained weak.

  2. Oct 7, 2026 · business change

    A federal court imposed a $9.2 million Clean Water Act penalty at Modern Landfill, showing that disposal permits require continued water-treatment spending.

  3. Oct 7, 2026 · business change

    Republic bought US Ecology for approximately $2.2 billion including debt, expanding its hazardous-waste and industrial-services network.

  4. Oct 7, 2026 · analyst revision

    Verified landfill and network evidence, added trajectories, management and the investment debate, and separated permitted capacity from probable expansion. Removed adjusted EBITDA shares labelled as operating-profit shares and unsupported market-share ranges; no moat claim or score changed.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianRSGWM

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

US and Canada recycling and solid-waste services

As of Oct 9, 2026
CompetitiveLow cyclicalityUSD 110B in 2026

Non-hazardous waste collection, transfer, landfill disposal and recycling services in the United States and Canada. Hazardous waste treatment, industrial field services and separate emerging sustainability technologies are excluded.

StocksMoatGross m.Op. m.
RSG97–19.9%
Industry median137074.4%19.3%
Sector median887637.0%17.5%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Population and business activity increase recurring collection needs; construction and demolition volumes remain more sensitive to the economic cycle.
  • Dense routes and short disposal distances reduce haul costs; acquisitions can fill network gaps if local competition approvals allow them.
  • Scarce permitted landfill capacity and slow expansion approvals support tipping prices in constrained local markets.
  • Recycling mandates and recycled-content demand support processing investment, while fuel recovery and contract price indices help offset input inflation.
Risks
  • Diesel, driver wages and maintenance costs can rise before contracts recover the increase; interest rates raise acquisition and facility financing costs.
  • Construction weakness and industrial slowdowns reduce large-container and special-waste volumes despite essential residential service.
  • PFAS, leachate, methane and closure requirements can increase treatment spending and legacy liabilities; permitted sites still require compliant operations.
  • Municipal rebids, insourcing, small-hauler discounts and antitrust divestitures limit pricing and expansion.
  • Waste diversion can reduce landfill volume, and recycled commodity prices can lower recycling revenue.

Bulls & bears

Key question · as of Oct 7, 2026

Can price increases and integrated disposal protect returns when collection volumes fall and industrial demand weakens?

Arguments

3 forFaded: weakening or settled4 against

What to watch

  1. 1Related-business core price, average yield and volume
  2. 2Customer retention and municipal contract renewals
  3. 3Internalization and permitted landfill airspace
  4. 4Environmental Solutions revenue and adjusted EBITDA margin
  5. 5Fuel recovery fees versus diesel costs
  6. 6Environmental remediation spending and tax-credit investment losses

Next check: Q3 2026 results on October 29, 2026; check volume, industrial margins, fuel recovery and updates on Modern Landfill enforcement.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.

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Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 97/100 by <a href="https://www.findmymoat.com/stocks/XNYS:RSG">Find My Moat</a> (as of September 2026)

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