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1. Company Snapshot

1.a. Company Description

Clean Harbors, Inc.provides environmental and industrial services in North America.The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions.


The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste.This segment also provides industrial maintenance and specialty industrial services, and utilizes specialty equipment and resources that performs field services.The Safety-Kleen Sustainability Solutions segment offers specially designed parts washers; automotive and industrial cleaning products, such as antifreeze, windshield washer fluid, degreasers, glass and floor cleaners, hand cleaners, absorbents, mats, and spill kits; pickup and transportation services for hazardous and non-hazardous containerized waste for recycling or disposal; and vacuum services to remove solids, residual oily water and sludge, and other fluids from customers oil/water separators, sumps, and collection tanks, as well as remove and collect waste fluids found at metal fabricators, auto maintenance providers, and general manufacturers.


This segment also manufactures, formulates, packages, distributes, and markets lubricants; and provides containerized waste, vacuum services, used motor oil collection, and contract blending and packaging services.Clean Harbors, Inc.was incorporated in 1980 and is headquartered in Norwell, Massachusetts.

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1.b. Last Insights on CLH

Clean Harbors' recent momentum is driven by its strong Q4 earnings, which surpassed estimates with $1.62 per share, outpacing the Zacks Consensus Estimate of $1.59. The company's better-than-expected financial results prompted analysts to raise their forecasts, according to MarketBeat. A "Moderate Buy" consensus rating from fifteen analysts, with six assigning a buy rating and two a strong buy, underscores the company's favorable outlook. Steady revenue growth and share buybacks also contribute to its positive trajectory.

1.c. Company Highlights

2. Strong Financial Performance with Growth Momentum

The company delivered a record $6,000,000,000 in revenues, a 5% increase in adjusted EBITDA, and a record $509,000,000 in annual adjusted free cash flow for 2025. The adjusted EBITDA margin increased by 40 basis points, driven by profitable growth, disciplined pricing, cost management, and network efficiency. The company's EPS came in at $1.62, beating estimates of $1.59. The Q4 adjusted EBITDA margin was 18.6%, representing a 60 basis point improvement from the prior year period.

Publication Date: Feb -19

📋 Highlights
  • Record Safety Performance: Achieved total recordable incident rate of 0.49, a significant industry-leading decline from prior year.
  • Historic Financials: Generated $6.0B revenue, 5% adjusted EBITDA growth, and $509M adjusted free cash flow in 2025.
  • Environmental Services Momentum: Delivered 15th consecutive quarter of EBITDA margin growth, with 6% Q4 revenue increase driven by PFAS and recycling demand.
  • PFAS Growth Catalyst: Anticipated $15–30M annual incremental revenue from PFAS contracts, supported by EPA collaboration and regulatory progress.
  • Margin Expansion Target: Aims for 30% EBITDA margin by 2030–2032, with 2026 guidance of $1.2–1.26B adjusted EBITDA (5% growth).

Segment Performance

The Environmental Services segment delivered its fifteenth straight quarter of year-over-year growth in adjusted EBITDA margin, driven by strength in demand for disposal and recycling services, project volumes, growth in PFAS services, and emergency response work. Technical Services rose 8%, and Safety-Kleen Environmental revenue grew 7%, driven by pricing and higher volumes within its core offerings.

Growth Prospects

The company is seeing considerable momentum around PFAS as it heads into 2026, with the PFAS incineration study completed in partnership with the EPA generating inbound discussions with customers and key stakeholders. The company expects to deliver growth in revenue and adjusted EBITDA that will culminate in enhanced company margins again this year. For 2026, the company is guiding a 2026 adjusted EBITDA range of $1,200,000,000 to $1,260,000,000, with a midpoint of $1,230,000,000, implying growth of approximately 5% versus fiscal year 2025.

Valuation

With a P/E Ratio of 37.58 and an EV/EBITDA of 13.46, the company's valuation appears to be reflecting its strong growth prospects. The company's ROE of 14.47% and ROIC of 7.58% indicate a good return on equity and invested capital. As Eric W. Gerstenberg mentioned, "We're proud of our direct blended sales growth, which is the most stable pricing." This growth is expected to drive the company's financial performance in the coming years.

Outlook

The company's positive outlook is grounded on modest economic assumptions with additional upside potential. The company's guidance for 2026 includes a 5% growth in EBITDA, which is a reasonable starting point given the positive momentum and growth initiatives. Analysts estimate next year's revenue growth at 4.5%, which is slightly lower than the company's expected growth rate.

3. NewsRoom

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Bell Asset Management Ltd Has $4.62 Million Stock Holdings in Clean Harbors, Inc. $CLH

Mar -09

Source: defenseworld.net

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Clean Harbors Isn't A Clean Enough Prospect To Justify An Upgrade

Mar -09

Source: seekingalpha.com

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Reasons Why You Should Retain Clean Harbors Stock in Your Portfolio

Mar -06

Source: zacks.com

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Clean Harbors, Inc. (CLH) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript

Mar -03

Source: seekingalpha.com

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Clean Harbors, Inc. (NYSE:CLH) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Mar -02

Source: defenseworld.net

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Aster Capital Management DIFC Ltd Acquires New Shares in Clean Harbors, Inc. $CLH

Feb -27

Source: defenseworld.net

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Fox Run Management L.L.C. Acquires 6,194 Shares of Clean Harbors, Inc. $CLH

Feb -25

Source: defenseworld.net

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Clean Harbors Stock Barely Moves Despite Q4 Earnings and Revenue Beat

Feb -24

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.40%)

6. Segments

Environmental Services

Expected Growth: 6.0%

The Environmental Services segment is expected to grow at a rate higher than the global average due to increasing demand for environmental cleanup and remediation services, driven by regulatory requirements and a growing focus on sustainability. The segment's diverse service offerings and strong customer relationships are also expected to drive growth.

Safety-Kleen Sustainability Solutions

Expected Growth: 5.8%

The Safety-Kleen Sustainability Solutions segment is expected to grow at a rate slightly higher than the global average due to increasing demand for environmental services, including parts cleaning and hazardous waste disposal. The segment's focus on innovation and customer service is also expected to drive growth.

Corporate Items

Expected Growth: 5.4%

The Corporate Items segment is expected to grow at the global average rate, as it is not directly related to the company's core operations. The segment's expenses are expected to be managed tightly to support the company's overall growth strategy, with a focus on maintaining a lean and efficient corporate structure.

7. Detailed Products

Environmental Services

Clean Harbors provides a range of environmental services, including hazardous waste disposal, industrial cleaning, and emergency response.

Industrial Services

Clean Harbors offers industrial services, including industrial cleaning, tank cleaning, and decontamination.

Oil and Gas Field Services

Clean Harbors provides oil and gas field services, including exploration, production, and transportation services.

Waste Disposal and Recycling

Clean Harbors offers waste disposal and recycling services, including landfill management and recycling facilities.

Emergency Response

Clean Harbors provides emergency response services, including spill response, fire response, and natural disaster response.

Industrial Cleaning and Maintenance

Clean Harbors offers industrial cleaning and maintenance services, including tank cleaning, pipe cleaning, and facility maintenance.

Specialized Services

Clean Harbors provides specialized services, including asbestos abatement, lead abatement, and mold remediation.

8. Clean Harbors, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Clean Harbors, Inc. has a low threat of substitutes due to its unique services and specialized equipment, making it difficult for customers to find alternative solutions.

Bargaining Power Of Customers

Clean Harbors, Inc. has a medium bargaining power of customers, as customers have some negotiating power due to the availability of alternative service providers, but the company's strong brand reputation and quality of service mitigate this power.

Bargaining Power Of Suppliers

Clean Harbors, Inc. has a low bargaining power of suppliers, as the company has a diverse supplier base and is not heavily dependent on a single supplier, reducing the suppliers' negotiating power.

Threat Of New Entrants

Clean Harbors, Inc. has a medium threat of new entrants, as the industry has moderate barriers to entry, and new entrants may be deterred by the company's established brand reputation and regulatory requirements.

Intensity Of Rivalry

Clean Harbors, Inc. operates in a highly competitive industry, with several established players, leading to a high intensity of rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.56%
Debt Cost 6.45%
Equity Weight 47.44%
Equity Cost 10.16%
WACC 8.21%
Leverage 110.78%

11. Quality Control: Clean Harbors, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ryder System

A-Score: 5.9/10

Value: 7.2

Growth: 6.8

Quality: 3.0

Yield: 5.0

Momentum: 6.0

Volatility: 7.3

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Fortress Transportation

A-Score: 5.0/10

Value: 3.0

Growth: 4.7

Quality: 6.9

Yield: 6.0

Momentum: 6.0

Volatility: 3.3

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Clean Harbors

A-Score: 4.9/10

Value: 3.0

Growth: 7.6

Quality: 6.6

Yield: 0.0

Momentum: 4.0

Volatility: 8.3

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FTAI Aviation

A-Score: 4.6/10

Value: 3.0

Growth: 4.7

Quality: 6.9

Yield: 5.0

Momentum: 6.0

Volatility: 2.0

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Casella Waste Systems

A-Score: 3.9/10

Value: 3.1

Growth: 5.6

Quality: 4.0

Yield: 0.0

Momentum: 3.0

Volatility: 8.0

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Stericycle

A-Score: 3.1/10

Value: 3.3

Growth: 3.3

Quality: 2.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

285.9$

Current Price

285.9$

Potential

-0.00%

Expected Cash-Flows