Republic Services Inc (RSG) is slightly overvalued and Waste Connections Inc (WCN) is overvalued.
Both trade above our estimate of their intrinsic value. RSG is the closer of the two: -11%, against -71% for WCN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.5% (average of 3 methods) values the shares at $193.14; the price of $213.88 is 11% above that value, and 82% of that value comes from beyond year five.
Leak Score 58/100 on 10 of 12 signals
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $91.12; the price of $155.42 is 71% above that value, and 81% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | RSG | WCN |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $213.88 | $155.42 |
| Intrinsic value | $193.14 | $91.12 |
| Margin of safety | -11% | -71% |
| Leak Score | 58/100 (10/12) | 14/100 (3/12) |
| Market cap | $65.5B | $39.2B |
| Revenue growth, 5 years | 10.3% | 11.7% |
| Operating margin | 20.0% | 17.6% |
| Net margin | 12.9% | 10.9% |
| Return on equity | 18.1% | 13.0% |
| Debt to equity | 1.19 | 1.22 |
| P/E | 30.3x | 37.5x |
| Forward P/E | 26.5x | 25.1x |
| P/B | 5.4x | 5.0x |
| Dividend yield | 1.2% | 0.9% |