` Comparison: WCN, WM - Alpha Spread

WCN
vs
WM

Over the past 12 months, WCN has underperformed WM, delivering a return of +6% compared to the WM's +17% growth.

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WCN
WM
One-click summary across all key metrics.
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
We need a little more time to summarize the results

Valuation Comparison

WCN Intrinsic Value
197.99 CAD
Overvaluation 23%
Intrinsic Value
Price
WM Intrinsic Value
189.11 USD
Overvaluation 18%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Waste Connections Inc
TSX:WCN
256.99 CAD
Waste Management Inc
NYSE:WM
229.73 USD
Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
WCN, WM

Revenue
www.alphaspread.com
Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Waste Connections Inc
Revenue
Waste Management Inc
Revenue

All metrics are calculated based on data from the last 10 years.

Profitability Comparison

Free Cash Flow
WCN, WM

Free Cash Flow
www.alphaspread.com
Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Waste Connections Inc
TSX:WCN
Waste Management Inc
NYSE:WM
What is Free Cash Flow?

Gross Margin

WCN
42%
WM
39.4%

Operating Margin

WCN
19.2%
WM
18.2%

Net Margin

WCN
6.9%
WM
11.7%

FCF Margin

WCN
13%
WM
8%

ROE

WCN
8%
WM
34%

ROA

WCN
3.2%
WM
6.9%

ROIC

WCN
7.3%
WM
9%

ROCE

WCN
9.7%
WM
12.3%

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
WCN, WM

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Performance Gap
WCN, WM

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WCN
WM
Difference
www.alphaspread.com

Performance By Year
WCN, WM

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