CASELLA WASTE SYSTEMS INC

CWST · Refuse Systems · 55.3M shares · +4%/yr ↑ shares · EDGAR filings ↗

Reference price $87.56 · est. market cap ~$4.8B — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C69

Acquisitive Northeast solid-waste roll-up with top-decile revenue growth but thin profitability and weak returns.

Strengths

Revenue +18% (89th pct) and strong liquidity (current/quick ratio 90th pct, $124M cash)
Durable recurring-revenue waste franchise with positive FCF ($85M, 66th pct)

Risks

Very thin net margin 0.4% and ROE 0.5% (33rd pct); net income -42% on acquisition-related D&A/interest
Operating margin only 3.5% despite scale; integration and leverage drag on returns

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $124M cash & investments
Insider sellingInsider selling — 20 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$3M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $465M2025-09-30 · $485M2025-12-31 · $469M2026-03-31 · $457M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

33.8%

Operating margin

3.5%

Net margin

0.4%

Return on equity

0.5%

Return on assets

0.2%

Revenue growth (QoQ)

-2.5%

Net-income growth

-41.9%

Current ratio

1.3×

Free cash flow

$85M

EBITDA

$371M

Tangible book value

$158M

Cash & investments

$124M

Stock comp / revenue

0.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-08	Green Emily Nagle	Gift	600	—
2026-06-04	Sova Gary	Grant	1.8K	$83.65
2026-06-04	Kirk Rose M.	Grant	1.8K	$83.65
2026-06-04	Green Emily Nagle	Grant	1.8K	$83.65
2026-06-04	Battles Michael Louis	Grant	1.8K	$83.65
2026-06-04	HULLIGAN WILLIAM P	Grant	1.8K	$83.65
2026-06-04	BURKE MICHAEL K	Grant	1.8K	$83.65
2026-06-04	DOODY JOSEPH	Grant	1.8K	$83.65
2026-06-04	CASELLA DOUGLAS R	Grant	1.8K	$83.65
2026-06-01	CASELLA JOHN W	Gift	36K	—
2026-06-01	CASELLA JOHN W	Gift	36K	—
2026-06-01	CASELLA JOHN W	Gift	31K	—
2026-06-01	CASELLA JOHN W	Gift	31K	—
2026-05-26	BURKE MICHAEL K	Sell	2.3K	$87.56
2026-05-19	Coletta Edmond	Sell	1.6K	$90.00
2026-05-19	Coletta Edmond	Sell	4.9K	$90.07
2026-05-19	Coletta Edmond	Sell	6.0K	$89.03
2026-03-18	CASELLA DOUGLAS R	Gift	40K	—
2026-03-18	CASELLA DOUGLAS R	Gift	40K	—
2026-03-18	CASELLA DOUGLAS R	Gift	40K	—
2026-03-17	CASELLA DOUGLAS R	Gift	33K	—
2026-03-17	CASELLA DOUGLAS R	Gift	33K	—
2026-03-17	CASELLA DOUGLAS R	Gift	33K	—
2026-03-16	Drohan Kevin	Sell	85	$87.73
2026-03-16	Rains Christopher Alan	Grant	989	—
2026-03-16	Steves Sean	Sell	197	$87.80
2026-03-16	Sayward Shelley E.	Sell	362	$87.73
2026-03-16	Helgeson Bradford John	Sell	405	$87.73
2026-03-16	Coletta Edmond	Sell	988	$87.81
2026-03-16	CASELLA JOHN W	Sell	1.7K	$87.77
2026-03-12	Sayward Shelley E.	Sell	129	$89.71
2026-03-12	Helgeson Bradford John	Grant	2.8K	—
2026-03-12	Coletta Edmond	Grant	6.9K	—
2026-03-12	Coletta Edmond	Sell	377	$89.80
2026-03-12	CASELLA JOHN W	Grant	5.5K	—
2026-03-12	CASELLA JOHN W	Sell	963	$90.06
2026-03-12	Drohan Kevin	Grant	551	—
2026-03-12	Drohan Kevin	Sell	55	$89.52
2026-03-12	Steves Sean	Sell	97	$89.71
2026-03-12	Sayward Shelley E.	Grant	1.7K	—
2026-02-27	Steves Sean	Sell	1.2K	$92.89
2026-02-27	CASELLA JOHN W	Sell	6.7K	$93.10
2026-02-27	Drohan Kevin	Sell	675	$92.61
2026-02-27	Sayward Shelley E.	Sell	1.6K	$92.91
2026-02-27	Coletta Edmond	Sell	3.8K	$93.70
2026-02-26	Steves Sean	Grant	3.4K	—
2026-02-26	Coletta Edmond	Grant	9.8K	—
2026-02-26	Drohan Kevin	Grant	2.5K	—
2026-02-26	CASELLA JOHN W	Grant	23K	—
2026-02-26	Sayward Shelley E.	Grant	4.6K	—
2025-12-08	Coletta Edmond	Gift	2.0K	—
2025-12-08	CASELLA DOUGLAS R	Gift	3.9K	—
2025-12-08	Coletta Edmond	Sell	7.0K	$100.07
2025-11-07	Helgeson Bradford John	Sell	262	$87.65
2025-11-05	Green Emily Nagle	Gift	1.1K	—
2025-11-04	Green Emily Nagle	Sell	1.1K	$89.38
2025-08-04	Ligon Paul	Sell	1.0K	$102.84
2025-06-05	DOODY JOSEPH	Grant	1.2K	$115.17
2025-06-05	HULLIGAN WILLIAM P	Grant	1.2K	$115.17
2025-06-05	DOODY JOSEPH	Grant	434	$115.17
2025-06-05	Green Emily Nagle	Grant	1.2K	$115.17
2025-06-05	Sova Gary	Grant	1.2K	$115.17
2025-06-05	BURKE MICHAEL K	Grant	1.2K	$115.17
2025-06-05	Battles Michael Louis	Grant	1.2K	$115.17
2025-06-05	Kirk Rose M.	Grant	1.2K	$115.17
2025-06-03	Ligon Paul	Sell	1.0K	$116.98
2025-05-08	CASELLA JOHN W	Sell	18K	$119.87
2025-05-06	Coletta Edmond	Sell	5.6K	$119.18
2025-04-16	Ligon Paul	Sell	400	$118.66
2025-04-16	Ligon Paul	Sell	700	$119.62
2025-04-16	Ligon Paul	Sell	100	$120.32
2025-04-16	Ligon Paul	Sell	800	$117.65
2025-03-13	CASELLA JOHN W	Sell	865	$104.23
2025-03-13	CASELLA DOUGLAS R	Sell	200	$103.93
2025-03-13	Steves Sean	Sell	108	$104.13
2025-03-13	Drohan Kevin	Sell	57	$104.00
2025-03-13	Helgeson Bradford John	Sell	197	$103.87
2025-03-13	Ligon Paul	Sell	57	$104.06
2025-03-13	Coletta Edmond	Sell	456	$104.07
2025-03-13	Coletta Edmond	Sell	5.0K	$105.00
2025-03-13	Sayward Shelley E.	Sell	206	$103.95
2025-03-12	Steves Sean	Grant	951	—
2025-03-12	Steves Sean	Sell	100	$106.98
2025-03-12	Steves Sean	Sell	71	$106.18
2025-03-12	CASELLA DOUGLAS R	Grant	1.6K	—
2025-03-12	CASELLA DOUGLAS R	Sell	272	$107.26
2025-03-12	CASELLA DOUGLAS R	Sell	224	$106.33
2025-03-12	Helgeson Bradford John	Grant	1.9K	—
2025-03-12	Coletta Edmond	Grant	3.6K	—
2025-03-12	Coletta Edmond	Sell	459	$106.33
2025-03-12	Coletta Edmond	Sell	377	$106.35
2025-03-12	CASELLA JOHN W	Grant	5.9K	—
2025-03-12	CASELLA JOHN W	Sell	1.1K	$107.94
2025-03-12	CASELLA JOHN W	Sell	752	$106.38
2025-03-12	Ligon Paul	Grant	475	—
2025-03-12	Ligon Paul	Sell	54	$106.89
2025-03-12	Ligon Paul	Sell	71	$106.18
2025-03-12	Drohan Kevin	Grant	475	—
2025-03-12	Drohan Kevin	Sell	72	$106.97
2025-03-12	Drohan Kevin	Sell	59	$106.37
2025-03-12	Sayward Shelley E.	Grant	1.1K	—
2025-03-12	Sayward Shelley E.	Sell	215	$106.98
2025-03-12	Sayward Shelley E.	Sell	166	$106.18
2025-03-10	CASELLA DOUGLAS R	Sell	2.2K	$111.32
2025-03-10	CASELLA DOUGLAS R	Sell	3.2K	$112.38
2025-03-03	Drohan Kevin	Sell	1.1K	$113.48
2025-03-03	CASELLA JOHN W	Sell	14K	$113.88
2025-03-03	Coletta Edmond	Sell	5.2K	$113.75
2025-03-03	Sayward Shelley E.	Sell	1.9K	$113.35
2025-03-03	Steves Sean	Sell	495	$113.49
2025-03-03	Ligon Paul	Sell	487	$113.33
2025-02-27	Steves Sean	Grant	1.5K	—
2025-02-27	Drohan Kevin	Grant	3.6K	—
2025-02-27	Coletta Edmond	Grant	15K	—
2025-02-27	Ligon Paul	Grant	1.5K	—
2025-02-27	Sayward Shelley E.	Grant	6.4K	—
2025-02-27	CASELLA JOHN W	Grant	29K	—

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-08	Shareholder vote	filing ↗
2026-06-01	Other	filing ↗
2026-05-27	OtherExhibits	filing ↗
2026-05-11	OtherExhibits	filing ↗
2026-04-30	ResultsExhibits	filing ↗
2026-04-22	Material agreementDebt obligationExhibits	filing ↗
2026-03-10	Exec/director change	filing ↗
2026-02-19	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-08	2026-06-04	0000911177-26-000033 ↗
8-K	2026-06-01	2026-06-01	0000911177-26-000030 ↗
8-K	2026-05-27	2026-05-27	0000911177-26-000028 ↗
8-K	2026-05-11	2026-05-11	0000911177-26-000024 ↗
10-Q	2026-05-01	2026-03-31	0000911177-26-000021 ↗
8-K	2026-04-30	2026-04-30	0000911177-26-000018 ↗
8-K	2026-04-22	2026-04-20	0000911177-26-000015 ↗
8-K	2026-03-10	2026-03-06	0000911177-26-000011 ↗
10-K	2026-02-20	2025-12-31	0000911177-26-000008 ↗
8-K	2026-02-19	2026-02-19	0000911177-26-000006 ↗
10-Q	2025-10-31	2025-09-30	0000911177-25-000125 ↗
8-K	2025-10-30	2025-10-30	0000911177-25-000123 ↗