The garbage collector you cannot fire

CASELLA
WASTE SYSTEMS

Garbage collection is a natural monopoly. You cannot have two garbage trucks on the same street — the economics don't work. Casella Waste has spent 40 years acquiring the garbage collection contracts across New England and the Mid-Atlantic. Vermont, New Hampshire, Maine, New York — Casella owns the routes. Once a municipality signs with Casella, switching requires a competitive tender process, new truck purchases, and years of transition. Nobody bothers. The garbage keeps getting collected. The invoice keeps arriving.

257 Landfill Sites
342 Transfer Stations
113 Recycling Facilities
103 Landfill Gas Projects
~60,500 Employees
49 Organics Recycling Facilities
~$92.0B Market Cap (non-affiliates)
14.5% Dividend Increase
$3.0B Share Repurchase Authorization
3.14 TRIR
8 New Recycling Facilities Opened (2025)
42 Autoclave Facilities
10-K · Feb. 9, 2026
CWST · NASDAQ
Market Cap $4B
Revenue $1.2B
Net Margin ~5%
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