
Waste Connections, Inc. earns a Buy rating for its proven ability to compound shareholder value through disciplined capital allocation and operational excellence. WCN's differentiated operating model focuses on secondary and exclusive markets, driving superior margins, customer retention, and consistent free cash flow growth. Adjusted EBITDA margins have steadily improved from 31.5% to 33.0% (2023–2025), with free cash flow outpacing moderate revenue growth, underpinning long-term returns.










