# Cleanaway Waste Management (CWY.AU)

Canonical: https://gigainvestors.com/s/CWY.AU

Analysis as of: 2026-10-16T07:38:06.853Z. Financial observations: FY2001–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 2.63 per share; close as of 2026-10-15.

Estimated value: low AUD 0.50 per share, central AUD 0.57 per share, high AUD 0.66 per share. Buy at or below the central value AUD 0.57 per share. Valuation as of 2026-10-16T07:38:06.853Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 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: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.04×

- FY2024: 0.08×

- FY2025: 0.08×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 13.3%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.0%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.5%

- FY2018: 9.3%

- FY2019: 11.0%

- FY2020: 8.2%

- FY2021: 8.8%

- FY2022: 7.5%

- FY2023: 5.4%

- FY2024: 10.1%

- FY2025: 9.0%

- FY2026: 7.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.49×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 252M

- Net income, five-year total: AUD 513M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.1 pp

- Working capital / revenue, final three-year average: 10.3%

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

- FY2022: 1.59×

- FY2023: -4.91×

- FY2024: 0.17×

- FY2025: 0.56×

- FY2026: 1.20×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.5% vs 9.0%

- Per-share earnings: 0.04 to 0.07 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.2%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: AUD 3.0B

- Cumulative retained earnings: AUD 141M

- Diluted shares, 10-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.2%

- Per-share value change: AUD 0.03

- Per-share value, starting three-year median: AUD 0.04

- Per-share value, ending three-year median: AUD 0.07

- Average buyback yield: 7.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 4.3B

- Cumulative net income, 10 years: AUD 1.1B

- ROIC, first three-year median: 9.5%

- ROIC, last three-year median: 9.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.04

- FY2018: AUD 0.05

- FY2019: AUD 0.06

- FY2020: AUD 0.05

- FY2021: AUD 0.07

- FY2022: AUD 0.04

- FY2023: AUD 0.01

- FY2024: AUD 0.07

- FY2025: AUD 0.07

- FY2026: AUD 0.04

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.15×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.0%

- FY2018: -2.9%

- FY2019: -5.5%

- FY2020: -6.2%

- FY2021: -5.8%

- FY2022: -6.6%

- FY2023: -7.6%

- FY2024: -6.0%

- FY2025: -4.6%

- FY2026: -6.2%

## Holders

## Price story

Price needs cash profits to grow 20.8% a year for ten years · sales +13.5%

Story as of 2026-10-16T10:00:09.750Z; price observation 2026-10-15.

Price needs cash profits to grow 20.8% a year for ten years

### Sales · FY2025–2026

sales +13.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 1.5B 

- FY2018: AUD 1.7B 

- FY2019: AUD 2.3B 

- FY2020: AUD 2.3B 

- FY2021: AUD 2.4B 

- FY2022: AUD 3.0B 

- FY2023: AUD 3.5B 

- FY2024: AUD 3.7B 

- FY2025: AUD 3.8B 

- FY2026: AUD 4.3B 

### Gross margin · FY2026

gross margin 13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 23.0% 

- FY2018: 22.3% 

- FY2019: 22.3% 

- FY2020: 13.0% 

- FY2021: 13.3% 

- FY2022: 11.1% 

- FY2023: 10.4% 

- FY2024: 13.0% 

- FY2026: 13.3% 

## Owner memo

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

### How it makes money

Operates in waste management; annual sales are AUD 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2026: revenue 4299900000; grossProfit 573200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CWY.AU: Cleanaway Waste Management Limited provides waste management, industrial, and environmental services in Australia. It engages in the collection, recovery, and disposal of solid waste, including putrescible waste, inert waste, household waste and recovered waste processed through the resource recovery and recycling facilities, transfer stations, and landfills; and provision of safe treatment and disposal of health-related waste services, including sharps management, medical and pharmaceutical waste, and healthcare hazardous waste and quarantine waste. The company also collects, treats, processes, refines, recycles, and destructs hazardous and non-hazardous liquids, hydrocarbons and chemical waste, product destruction, hazardous waste, industrial waste, grease trap waste, oily water, and used mineral and cooking oils; and vacuum loading, high pressure cleaning, pipeline maintenance, and non-destructive digging services. In addition, it offers commercial and industrial, municipal, and residential collection services, including general waste, recyclables, construction, and demolition waste, as well as medical and washroom services; owns and manages waste transfer stations, resource recovery and recycling facilities, secure product destruction, quarantine treatment operations and landfills; and sells recovered paper, cardboard, metals, and plastics. Further, the company offers industrial cleaning, vacuum tanker loading, site remediation, sludge management, parts washing, high pressure cleaning, and industrial and mechanical services; refines and recycles used mineral oils to produce fuel and base oils; and generates and sells electricity. It serves healthcare, retail, automotive, manufacturing, transport and logistics, oil and gas, mining, resources, infrastructure, utilities, and entertainment industries. Cleanaway Waste Management Limited was incorporated in 2002 and is headquartered in Melbourne, Australia.

### Why customers stay

Margins ranged from 13% to 100% during 2024–26; it earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2024: grossProfit / revenue = 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2026: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); 10-year return on capital observations [[2017,0.09516384688664067],[2018,0.09336486075100245],[2019,0.11025441936181195],[2020,0.0822437295448659],[2021,0.08769257484483932],[2022,0.07482463778610414],[2023,0.05415042541177158],[2024,0.10113241418605763],[2025,0.08983840503002465],[2026,0.07617490358714887]]; median 0.08876548993743198. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2017: growth capex 0; upkeep 144100000; owner earnings 103300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2018: growth capex 0; upkeep 135800000; owner earnings 141300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2019: growth capex 0; upkeep 186600000; owner earnings 157300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2020: growth capex 0; upkeep 209800000; owner earnings 165700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2021: growth capex 0; upkeep 246200000; owner earnings 178700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2022: growth capex 0; upkeep 263000000; owner earnings 125180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2024: growth capex 15300000; upkeep 387900000; owner earnings 26520000. Growth capex / owner earnings = 0.5769230769230769.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2025: growth capex 0; upkeep 335100000; owner earnings 88180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); FY2026: growth capex 0; upkeep 285000000; owner earnings 118200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); Dividend observations: [[2017,23600000],[2018,33000000],[2019,55000000],[2020,69600000],[2021,83600000],[2022,95200000],[2023,103800000],[2024,104100000],[2025,117300000],[2026,127600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CWY.AU SharesStats.PercentInsiders = 6.7940000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.8% yearly over ten years; actual growth was 1.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:06.853Z); Ten-year compound average after fade. Initial solved rate 0.28900423074133463. Price 2.63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.04362987448552853 → FY2026 0.05253780721949478. Closing-price date 2026-10-15.

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

- 2016-10: AUD 1.14 per share

- 2016-11: AUD 1.09 per share

- 2016-12: AUD 1.21 per share

- 2017-01: AUD 1.12 per share

- 2017-02: AUD 1.21 per share

- 2017-03: AUD 1.18 per share

- 2017-04: AUD 1.25 per share

- 2017-05: AUD 1.30 per share

- 2017-06: AUD 1.35 per share

- 2017-07: AUD 1.28 per share

- 2017-08: AUD 1.41 per share

- 2017-09: AUD 1.35 per share

- 2017-10: AUD 1.47 per share

- 2017-11: AUD 1.45 per share

- 2017-12: AUD 1.50 per share

- 2018-01: AUD 1.45 per share

- 2018-02: AUD 1.53 per share

- 2018-03: AUD 1.45 per share

- 2018-04: AUD 1.59 per share

- 2018-05: AUD 1.63 per share

- 2018-06: AUD 1.69 per share

- 2018-07: AUD 1.86 per share

- 2018-08: AUD 1.93 per share

- 2018-09: AUD 1.88 per share

- 2018-10: AUD 1.80 per share

- 2018-11: AUD 1.70 per share

- 2018-12: AUD 1.67 per share

- 2019-01: AUD 1.81 per share

- 2019-02: AUD 2.17 per share

- 2019-03: AUD 2.22 per share

- 2019-04: AUD 2.25 per share

- 2019-05: AUD 2.23 per share

- 2019-06: AUD 2.33 per share

- 2019-07: AUD 2.42 per share

- 2019-08: AUD 2.07 per share

- 2019-09: AUD 1.95 per share

- 2019-10: AUD 1.85 per share

- 2019-11: AUD 2.12 per share

- 2019-12: AUD 2.01 per share

- 2020-01: AUD 2.04 per share

- 2020-02: AUD 2.27 per share

- 2020-03: AUD 1.70 per share

- 2020-04: AUD 1.87 per share

- 2020-05: AUD 1.95 per share

- 2020-06: AUD 2.20 per share

- 2020-07: AUD 2.09 per share

- 2020-08: AUD 2.58 per share

- 2020-09: AUD 2.09 per share

- 2020-10: AUD 2.05 per share

- 2020-11: AUD 2.39 per share

- 2020-12: AUD 2.35 per share

- 2021-01: AUD 2.22 per share

- 2021-02: AUD 2.18 per share

- 2021-03: AUD 2.20 per share

- 2021-04: AUD 2.85 per share

- 2021-05: AUD 2.76 per share

- 2021-06: AUD 2.64 per share

- 2021-07: AUD 2.54 per share

- 2021-08: AUD 2.65 per share

- 2021-09: AUD 2.76 per share

- 2021-10: AUD 2.68 per share

- 2021-11: AUD 2.90 per share

- 2021-12: AUD 3.13 per share

- 2022-01: AUD 2.88 per share

- 2022-02: AUD 2.77 per share

- 2022-03: AUD 3.08 per share

- 2022-04: AUD 3.20 per share

- 2022-05: AUD 3.00 per share

- 2022-06: AUD 2.52 per share

- 2022-07: AUD 2.73 per share

- 2022-08: AUD 2.80 per share

- 2022-09: AUD 2.71 per share

- 2022-10: AUD 2.70 per share

- 2022-11: AUD 2.76 per share

- 2022-12: AUD 2.63 per share

- 2023-01: AUD 2.73 per share

- 2023-02: AUD 2.66 per share

- 2023-03: AUD 2.38 per share

- 2023-04: AUD 2.42 per share

- 2023-05: AUD 2.60 per share

- 2023-06: AUD 2.59 per share

- 2023-07: AUD 2.76 per share

- 2023-08: AUD 2.62 per share

- 2023-09: AUD 2.43 per share

- 2023-10: AUD 2.24 per share

- 2023-11: AUD 2.46 per share

- 2023-12: AUD 2.69 per share

- 2024-01: AUD 2.60 per share

- 2024-02: AUD 2.68 per share

- 2024-03: AUD 2.72 per share

- 2024-04: AUD 2.70 per share

- 2024-05: AUD 2.79 per share

- 2024-06: AUD 2.77 per share

- 2024-07: AUD 2.82 per share

- 2024-08: AUD 2.88 per share

- 2024-09: AUD 2.94 per share

- 2024-10: AUD 2.73 per share

- 2024-11: AUD 2.88 per share

- 2024-12: AUD 2.65 per share

- 2025-01: AUD 2.78 per share

- 2025-02: AUD 2.55 per share

- 2025-03: AUD 2.60 per share

- 2025-04: AUD 2.60 per share

- 2025-05: AUD 2.81 per share

- 2025-06: AUD 2.72 per share

- 2025-07: AUD 2.88 per share

- 2025-08: AUD 2.78 per share

- 2025-09: AUD 2.77 per share

- 2025-10: AUD 2.55 per share

- 2025-11: AUD 2.69 per share

- 2025-12: AUD 2.59 per share

- 2026-01: AUD 2.47 per share

- 2026-02: AUD 2.55 per share

- 2026-03: AUD 2.27 per share

- 2026-04: AUD 2.22 per share

- 2026-05: AUD 2.29 per share

- 2026-06: AUD 2.35 per share

- 2026-07: AUD 2.34 per share

- 2026-08: AUD 2.60 per share

- 2026-09: AUD 2.59 per share

- 2026-10: AUD 2.66 per share

## Annual estimated value (AUD per share)

- FY2018: low AUD 0.46 per share, central AUD 0.52 per share, high AUD 0.61 per share

- FY2019: low AUD 0.84 per share, central AUD 0.96 per share, high AUD 1.11 per share

- FY2020: low AUD 0.88 per share, central AUD 1.00 per share, high AUD 1.16 per share

- FY2021: low AUD 0.91 per share, central AUD 1.04 per share, high AUD 1.20 per share

- FY2022: low AUD 1.07 per share, central AUD 1.22 per share, high AUD 1.42 per share

- FY2023: low AUD 1.20 per share, central AUD 1.36 per share, high AUD 1.58 per share

- FY2024: low AUD 0.78 per share, central AUD 0.89 per share, high AUD 1.03 per share

- FY2025: low AUD 0.43 per share, central AUD 0.49 per share, high AUD 0.57 per share

- FY2026: low AUD 0.50 per share, central AUD 0.57 per share, high AUD 0.66 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

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.