VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Wednesday, December 31, 2025
Republic Services, Inc.
RSG · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Republic Services is a North American environmental services provider with a large integrated recycling & waste platform and a smaller environmental solutions business. Its strongest moats come from permitted landfill assets and long-lived disposal capacity, plus dense collection/transfer networks and vertical integration (internalization). Environmental solutions benefits from compliance and permitted-asset advantages but faces more cyclical, fragmented competition.
Primary segment
Recycling & Waste Services
Market structure
Competitive
Market share
12%-15% (implied)
HHI: —
Coverage
2 segments · 7 tags
Updated 2025-12-31
Segments
Recycling & Waste Services
Integrated non-hazardous solid waste collection, transfer, landfill disposal & recycling services
Revenue
88.5%
Structure
Competitive
Pricing
moderate
Share
12%-15% (implied)
Peers
Environmental Solutions
Hazardous and specialty waste treatment, disposal & field services
Revenue
11.5%
Structure
Competitive
Pricing
moderate
Share
4%-6% (implied)
Peers
Moat Claims
Recycling & Waste Services
Integrated non-hazardous solid waste collection, transfer, landfill disposal & recycling services
Revenue share uses Recycling & Waste subtotal net revenue ($14.189B) / total net revenue ($16.032B). Operating_profit_share uses adjusted EBITDA by segment as a proxy for operating profitability.
Permits Rights Of Way
Legal
Permits Rights Of Way
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Large installed base of permitted disposal assets; approvals required for permit renewals and expansions, creating high barriers to new landfill capacity in served markets.
Erosion risks
- Permitting delays or denials for landfill expansions
- Stricter environmental regulation (air, water, PFAS) increasing compliance costs
- Community opposition/NIMBY constraining siting and expansion
Leading indicators
- Permits granted/denied for landfill expansions (and time-to-permit)
- Litigation or regulatory enforcement actions affecting landfill operations
- Trends in permitted and probable expansion airspace
Counterarguments
- Competitors can acquire or contract for permitted disposal assets
- Municipal-owned disposal sites can compete in some markets
Capacity Moat
Supply
Capacity Moat
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Large landfill airspace and long remaining site life create scarce disposal capacity and support stable cash flows over multi-decade horizons.
Erosion risks
- Higher-than-expected airspace consumption or unfavorable engineering revisions
- Environmental liabilities/closure and post-closure obligations increasing lifecycle costs
- Policy-driven waste diversion reducing landfill volume and pricing
Leading indicators
- Disposal pricing (tipping fees) trends vs inflation
- Airspace consumption and revisions to permitted/probable expansion estimates
- Closure/post-closure liability changes
Counterarguments
- Alternative disposal options (rail haul/export) can cap local pricing
- Higher remediation and closure costs can offset scarcity economics
Physical Network Density
Supply
Physical Network Density
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Dense network of collection and transfer infrastructure supports route density, utilization, and local cost advantages versus smaller haulers.
Erosion risks
- Labor cost inflation and driver availability constraints
- Municipal insourcing of collection routes
- Technology adoption narrowing operational differences
Leading indicators
- Route productivity and safety metrics (if disclosed)
- Municipal contract renewal win/loss rates
- Net retention/volume trends in collection and transfer
Counterarguments
- Local haulers can compete aggressively on price and service
- Municipalities compete directly in some markets
Scope Economies
Supply
Scope Economies
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Vertical integration from collection through disposal improves unit economics; high internalization keeps margin and volume within the network.
Erosion risks
- Loss of disposal access in key markets (capacity constraints or divestitures)
- Antitrust scrutiny limiting acquisition-based densification
- Shift toward alternative processing/disposal technologies
Leading indicators
- Internalization rate trend
- Changes in transfer and landfill utilization
- Acquisition and integration cadence in targeted markets
Counterarguments
- Vertical integration benefits diminish in markets with abundant disposal options
- Higher capex and environmental liabilities can reduce economic advantage
Long Term Contracts
Demand
Long Term Contracts
Strength: 3/5 · Durability: medium · Confidence: 4/5 · 2 evidence
Municipal residential collection is often contracted for multiple years and can be exclusive, creating predictable route density and procurement inertia until rebid cycles.
Erosion risks
- Competitive rebids at contract renewal
- Municipal contract losses and broker-related business losses
- Political pressure to reduce rates or change service terms
Leading indicators
- Municipal bid/renewal outcomes
- Residential and small-container volume trends
- Reported core price vs inflation and competitor behavior
Counterarguments
- Service contracts are periodically rebid and switching vendors is feasible
- Municipalities can insource or change waste policy/service models
Environmental Solutions
Hazardous and specialty waste treatment, disposal & field services
Operating_profit_share uses adjusted EBITDA by segment as a proxy for operating profitability.
Compliance Advantage
Legal
Compliance Advantage
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 1 evidence
Regulated hazardous/specialty waste handling favors operators with established safety and compliance systems; lowers risk for customers and regulators.
Erosion risks
- Regulatory changes increasing compliance burden or liability
- Operational incidents (spills, safety events) damaging trust and increasing costs
- Litigation and long-tail environmental liabilities
Leading indicators
- Reportable incidents, enforcement actions, or permit violations
- Insurance and remediation cost trends
- Customer retention in regulated verticals
Counterarguments
- Environmental solutions markets remain fragmented and competitive
- Specialty services can be bid out; customers may multi-source
Permits Rights Of Way
Legal
Permits Rights Of Way
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Permitted hazardous waste disposal facilities and injection wells are difficult to replicate; ownership/operation of specialized assets creates barriers in regulated niches.
Erosion risks
- Permit non-renewal or constraints on capacity/utilization
- Policy shifts (e.g., PFAS regulation) changing waste streams and treatment economics
- Community opposition limiting expansions
Leading indicators
- Permitting outcomes and utilization for TSDFs and hazardous facilities
- Changes in waste stream mix and regulatory classification
- Capital spend on capacity expansions/upgrades
Counterarguments
- Large competitors (e.g., specialized hazardous operators) may have comparable permitted networks
- Some services (field/industrial) face lower regulatory barriers and are more commoditized
Service Field Network
Supply
Service Field Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Network of trained personnel, service centers and logistics supports on-site industrial services and emergency response with broad geographic coverage.
Erosion risks
- Cyclical industrial volumes reducing utilization
- Labor constraints and wage inflation in field services
- Service quality issues increasing churn
Leading indicators
- Industrial activity indicators (refining, petrochemical, E&P)
- Field services utilization and margin trends
- Safety performance metrics
Counterarguments
- Customers can multi-source field services and logistics
- Regional providers can compete effectively in local niches
Evidence
41,158
Company reports 41,158 estimated permitted acres across 208 active landfills (year-end 2024).
permitted
Management notes landfill capacity expansions require permits and proposed expansions may not be permitted.
5.0B
Company estimates total available disposal capacity of ~5.0 billion in-place cubic yards (year-end 2024).
56
Company reports average estimated remaining life of all landfills is 56 years (as of 2024-12-31).
367
Company reports operating through 367 collection operations and 248 transfer stations across the U.S. and Canada (year-end 2024).
Showing 5 of 15 sources.
Risks & Indicators
Erosion risks
- Permitting delays or denials for landfill expansions
- Stricter environmental regulation (air, water, PFAS) increasing compliance costs
- Community opposition/NIMBY constraining siting and expansion
- Higher-than-expected airspace consumption or unfavorable engineering revisions
- Environmental liabilities/closure and post-closure obligations increasing lifecycle costs
- Policy-driven waste diversion reducing landfill volume and pricing
Leading indicators
- Permits granted/denied for landfill expansions (and time-to-permit)
- Litigation or regulatory enforcement actions affecting landfill operations
- Trends in permitted and probable expansion airspace
- Disposal pricing (tipping fees) trends vs inflation
- Airspace consumption and revisions to permitted/probable expansion estimates
- Closure/post-closure liability changes
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.