# Clean Harbors (CLH.US)

Canonical: https://gigainvestors.com/s/CLH

Analysis as of: 2026-10-16T07:27:28.727Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $319.78 per share; close as of 2026-10-15.

Estimated value: low $108.62 per share, central $140.27 per share, high $162.85 per share. Buy at or below the central value $140.27 per share. Valuation as of 2026-10-16T07:27:28.727Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.11×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.0%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 26.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.4%

- FY2018: 6.5%

- FY2019: 7.4%

- FY2020: 9.9%

- FY2021: 10.7%

- FY2022: 17.9%

- FY2023: 15.9%

- FY2024: 15.1%

- FY2025: 13.3%

- LTM to Jun 2026: 14.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.9B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: 188.4%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 18.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.26×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.4% vs 15.1%

- Per-share earnings: 0.75 to 7.28 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: $9.2B

- Cumulative retained earnings: $2.2B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.7%

- Per-share value change: $6.52

- Per-share value, starting three-year median: $0.75

- Per-share value, ending three-year median: $7.28

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: $2.1B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 15.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.69

- FY2017: $1.76

- FY2018: $1.16

- FY2019: $1.74

- FY2020: $2.42

- FY2021: $3.71

- FY2022: $7.56

- FY2023: $6.95

- FY2024: $7.42

- FY2025: $7.28

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.1%

- FY2017: -5.0%

- FY2018: -8.2%

- FY2019: -7.7%

- FY2020: -7.2%

- FY2021: -6.1%

- FY2022: -3.5%

- FY2023: -5.6%

- FY2024: -5.1%

- FY2025: -6.2%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 15.3% a year for ten years · sales +3.5%

Story as of 2026-10-16T09:58:30.912Z; price observation 2026-10-15.

Price needs cash profits to grow 15.3% a year for ten years

- 2025-05-09: Clean Harbors Stock Price Increases 5.9% on Q1 Earnings Beat ([finance.yahoo.com](https://finance.yahoo.com/news/clean-harbors-stock-price-increases-142500386.html))

- 2025-10-31: Clean Harbors (CLH) Misses Earnings and Lowers Guidance—Is Its Capital Allocation Discipline Enough? ([finance.yahoo.com](https://finance.yahoo.com/news/clean-harbors-clh-misses-earnings-111312307.html))

- 2025-12-02: Clean Harbors Awarded $110 Million in Projects for PFAS Water Filtration System in Hawaii ([finance.yahoo.com](https://finance.yahoo.com/news/clean-harbors-awarded-110-million-133000487.html))

- 2026-02-19: CLH Q4 Deep Dive: PFAS Growth and Operational Investments Underpin Steady Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/clh-q4-deep-dive-pfas-053140157.html))

- 2026-05-11: Clean Harbors Q1 Earnings Beat on SKSS Gains, Revenues Fall Short ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/clean-harbors-q1-earnings-beat-150000605.html))

### Sales · FY2025–2026

sales +3.5%; source https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm; observed 2026-02-18.

- FY2017: $2.9B 

- FY2018: $3.3B 

- FY2019: $3.4B 

- FY2020: $3.1B 

- FY2021: $3.8B 

- FY2022: $5.2B 

- FY2023: $5.4B 

- FY2024: $5.9B 

- FY2025: $6.0B 

- FY2026: $6.2B 

### Gross margin · FY2026

gross margin 26.6%; source https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm; observed 2026-02-18.

- FY2017: 30.0% 

- FY2018: 30.1% 

- FY2019: 30.0% 

- FY2020: 32.0% 

- FY2021: 31.4% 

- FY2022: 31.4% 

- FY2023: 30.7% 

- FY2024: 31.0% 

- FY2025: 29.5% 

- FY2026: 26.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in waste management; annual sales are USD 6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); FY2025: revenue 6030837000; grossProfit 1779610000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLH.US: Clean Harbors, Inc. provides environmental and industrial services in the United States and Canada. The company operates through two segments: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, recycles, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and offers 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 perform field services. The Safety-Kleen Sustainability Solutions segment provides containerized waste, parts-washer, and vacuum services for automobile repair shops, car and truck dealers, metal fabricators, machine manufacturers, fleet maintenance shops, and other automotive, industrial, and retail customers; collects and transports for hazardous and non-hazardous containerized waste for recycling or disposal; machine cleaning and maintenance, and disposal and replenishment of clean solvent or aqueous fluids; 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 removes and collects waste fluids found at large and small industrial locations, including metal fabricators, auto maintenance providers, and general manufacturers. This segment also manufactures, formulates, and packages lubricants and other products. Clean Harbors, Inc. was incorporated in 1980 and is headquartered in Norwell, Massachusetts.

### Why customers stay

Margins ranged from 29.5% to 31% during 2023–25; it earns 12% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 31%.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2017,0.06447948616245752],[2018,0.06508390497015926],[2019,0.07365475727794245],[2020,0.09947612263816794],[2021,0.1068835924178023],[2022,0.1789654136314318],[2023,0.158618179387387],[2024,0.15100644249695416],[2025,0.13254032779048774],[2026,0.14403087549167232]]; median 0.11971196010414503. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Blended oil sales decreased $34.8 million, driven by lower volumes sold and, to a lesser extent, lower pricing.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); Safety-Kleen Sustainability Solutions For the years ended December 31, 2025 over 2024 2024 over 2023 (in thousands, except percentages) 2025 2024 2023 Change % Change Change % Change Direct revenues $ 837,361 $ 884,798 $ 897,263 $ (47,437) (5.4) % $ (12,465) (1.4) % SKSS direct revenues for the year ended December 31, 2025 decreased $47.4 million from the comparable period in 2024 largely due to revenues from base oil, which decreased $68.1 million driven by lower pricing and, to a lesser extent, lower volumes sold. Blended oil sales decreased $34.8 million, driven by lower volumes sold and, to a lesser extent, lower pricing. Revenues from contract packaging services decreased $13.2 million in the year ended December 31, 2025, compared to the prior year.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 250 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 222215000; owner earnings 24914000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 168624000; owner earnings 220537000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 0; upkeep 198032000; owner earnings 166229000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 220228000; owner earnings 178237000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 0; upkeep 198285000; owner earnings 229467000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 0; upkeep 245704000; owner earnings 255678000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 347022000; owner earnings 412316000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 59188000; upkeep 365761000; owner earnings 377856000. Growth capex / owner earnings = 0.15664168360433606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 31319000; upkeep 400922000; owner earnings 402299000. Growth capex / owner earnings = 0.07785005679855034.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 428566000; owner earnings 408414000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 250002000 USD.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLH.US SharesStats.PercentInsiders = 4.918 percentage points; cache date 2026-10-16.

### What could break it

The total potential compensation for the remaining NEOs for 2025 was, on average, more than 70% at risk.

- Source: https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm (filed 2026-02-18); McKim generally does not receive equity awards as part of his compensation. The total potential compensation for the remaining NEOs for 2025 was, on average, more than 70% at risk. The portion of total compensation which is at risk consists of: i.annual cash incentives at target, the value of which is determined and earned only if the predetermined Company or individual goals approved by the C&HC Committee are achieved, ii.performance-based restricted shares at target that are earned and become eligible to vest only if certain predetermined objective Company goals approved by the C&HC Committee are achieved, and iii.time-based restricted shares with vesting dependent upon continued employment of the recipient over the vesting period and whose ultimate value to the employee is dependent upon the performance of the Company’s common stock price.

### What the price says

The price assumes cash profits grow 15.3% yearly over ten years; actual growth was 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.20775352870323965. Price 319.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9549919567375158 → FY2025 7.6032094720381265. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $47.32 per share

- 2016-11: $52.85 per share

- 2016-12: $55.65 per share

- 2017-01: $55.50 per share

- 2017-02: $57.96 per share

- 2017-03: $55.62 per share

- 2017-04: $58.11 per share

- 2017-05: $58.41 per share

- 2017-06: $55.83 per share

- 2017-07: $56.80 per share

- 2017-08: $54.09 per share

- 2017-09: $56.70 per share

- 2017-10: $53.51 per share

- 2017-11: $53.86 per share

- 2017-12: $54.20 per share

- 2018-01: $55.34 per share

- 2018-02: $49.93 per share

- 2018-03: $48.81 per share

- 2018-04: $45.80 per share

- 2018-05: $53.00 per share

- 2018-06: $55.55 per share

- 2018-07: $56.93 per share

- 2018-08: $68.59 per share

- 2018-09: $71.58 per share

- 2018-10: $68.04 per share

- 2018-11: $64.53 per share

- 2018-12: $49.35 per share

- 2019-01: $59.21 per share

- 2019-02: $68.00 per share

- 2019-03: $71.53 per share

- 2019-04: $76.00 per share

- 2019-05: $64.12 per share

- 2019-06: $71.10 per share

- 2019-07: $77.81 per share

- 2019-08: $73.55 per share

- 2019-09: $77.20 per share

- 2019-10: $82.46 per share

- 2019-11: $82.65 per share

- 2019-12: $85.75 per share

- 2020-01: $82.22 per share

- 2020-02: $69.52 per share

- 2020-03: $51.34 per share

- 2020-04: $53.43 per share

- 2020-05: $59.39 per share

- 2020-06: $59.98 per share

- 2020-07: $59.60 per share

- 2020-08: $61.10 per share

- 2020-09: $56.03 per share

- 2020-10: $52.97 per share

- 2020-11: $72.37 per share

- 2020-12: $76.10 per share

- 2021-01: $77.46 per share

- 2021-02: $85.15 per share

- 2021-03: $84.06 per share

- 2021-04: $88.96 per share

- 2021-05: $93.10 per share

- 2021-06: $93.14 per share

- 2021-07: $95.00 per share

- 2021-08: $102.62 per share

- 2021-09: $103.87 per share

- 2021-10: $112.54 per share

- 2021-11: $101.44 per share

- 2021-12: $99.77 per share

- 2022-01: $92.55 per share

- 2022-02: $95.43 per share

- 2022-03: $111.64 per share

- 2022-04: $104.93 per share

- 2022-05: $93.40 per share

- 2022-06: $87.67 per share

- 2022-07: $97.59 per share

- 2022-08: $117.42 per share

- 2022-09: $109.98 per share

- 2022-10: $122.46 per share

- 2022-11: $120.00 per share

- 2022-12: $114.12 per share

- 2023-01: $130.30 per share

- 2023-02: $132.07 per share

- 2023-03: $142.56 per share

- 2023-04: $145.16 per share

- 2023-05: $140.40 per share

- 2023-06: $164.43 per share

- 2023-07: $166.26 per share

- 2023-08: $169.34 per share

- 2023-09: $167.36 per share

- 2023-10: $153.67 per share

- 2023-11: $161.66 per share

- 2023-12: $174.51 per share

- 2024-01: $167.96 per share

- 2024-02: $182.10 per share

- 2024-03: $201.31 per share

- 2024-04: $189.45 per share

- 2024-05: $216.59 per share

- 2024-06: $226.15 per share

- 2024-07: $238.73 per share

- 2024-08: $245.90 per share

- 2024-09: $241.71 per share

- 2024-10: $231.26 per share

- 2024-11: $260.09 per share

- 2024-12: $230.14 per share

- 2025-01: $233.00 per share

- 2025-02: $213.55 per share

- 2025-03: $197.10 per share

- 2025-04: $213.94 per share

- 2025-05: $226.79 per share

- 2025-06: $231.18 per share

- 2025-07: $235.81 per share

- 2025-08: $242.21 per share

- 2025-09: $232.22 per share

- 2025-10: $210.51 per share

- 2025-11: $227.56 per share

- 2025-12: $234.48 per share

- 2026-01: $259.91 per share

- 2026-02: $293.20 per share

- 2026-03: $286.73 per share

- 2026-04: $312.68 per share

- 2026-05: $281.03 per share

- 2026-06: $298.75 per share

- 2026-07: $312.88 per share

- 2026-08: $315.25 per share

- 2026-09: $310.23 per share

- 2026-10: $319.78 per share

## Annual estimated value (USD per share)

- FY2016: low $13.30 per share, central $14.53 per share, high $16.16 per share

- FY2017: low $14.81 per share, central $16.13 per share, high $17.89 per share

- FY2018: low $16.11 per share, central $19.73 per share, high $22.42 per share

- FY2019: low $47.24 per share, central $64.04 per share, high $74.10 per share

- FY2020: low $44.63 per share, central $53.86 per share, high $61.35 per share

- FY2021: low $59.40 per share, central $66.44 per share, high $75.80 per share

- FY2022: low $77.92 per share, central $87.52 per share, high $100.30 per share

- FY2023: low $92.16 per share, central $114.46 per share, high $132.30 per share

- FY2024: low $106.42 per share, central $134.36 per share, high $155.01 per share

- FY2025: low $111.57 per share, central $141.61 per share, high $163.04 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/822818/000082281826000009/clh-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.