Clean Harbors (CLH)
NYSE:CLH
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Clean Harbors
(NYSE:CLH)
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Rating:73Outperform
Price Target:
$346.00
▲(15.06% Upside)
Action:ReiteratedDate:05/06/26
The score is driven primarily by solid financial fundamentals (notably improved leverage and durable margins) and strong technical uptrend signals. The latest earnings call added support via raised EBITDA guidance and continued segment momentum. These positives are tempered by premium valuation (P/E ~36) and recent free-cash-flow volatility/seasonal weakness.
Positive Factors
Delevered balance sheet
Clean Harbors materially reduced leverage into 2025, leaving very low reported debt and mid‑teens ROE. This durable de‑risking lowers refinancing and interest rate vulnerability, increases optionality for strategic M&A, capex or buybacks, and strengthens resilience through industry cycles.
Negative Factors
Weaker free cash flow conversion
Although operating cash has risen in absolute terms, FCF fell materially in 2025 and now covers a smaller portion of earnings. Persistently weaker cash conversion reduces internal funding for capex, acquisitions, and buybacks, increasing reliance on external financing during slower cash quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Delevered balance sheet
Clean Harbors materially reduced leverage into 2025, leaving very low reported debt and mid‑teens ROE. This durable de‑risking lowers refinancing and interest rate vulnerability, increases optionality for strategic M&A, capex or buybacks, and strengthens resilience through industry cycles.
Read all positive factors
Clean Harbors (CLH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.55B
Dividend YieldN/A
Average Volume (3M)509.50K
Price to Earnings (P/E)36.0
Beta (1Y)0.78
Revenue Growth2.39%
EPS Growth-2.06%
CountryUS
Employees22,796
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)7.31
Shares Outstanding53,313,460
10 Day Avg. Volume566,645
30 Day Avg. Volume509,495
Financial Highlights & Ratios
PEG Ratio-15.86
Price to Book (P/B)4.54
Price to Sales (P/S)2.07
P/FCF Ratio28.23
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue3.21
Enterprise Value/Gross Profit10.87
Enterprise Value/Ebitda17.04
Forecast
1Y Price Target
$318.83Price Target Upside6.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)8.44
Revenue Forecast (FY)$6.27B
Clean Harbors Business Overview & Revenue Model
Company Description
Clean Harbors, Inc. provides environmental and industrial services in North America. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transpor...
How the Company Makes Money
Clean Harbors makes money primarily by charging customers for environmental and industrial services across the waste life cycle, from collection to final disposal, plus recurring on-site industrial services. Key revenue streams include: (1) Hazard...
Clean Harbors Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a positive operational and financial trajectory: revenue grew modestly (+2%), adjusted EBITDA and margins expanded (+6% EBITDA, +60 bps margin), management raised full-year EBITDA guidance and highlighted strong segment-level momentum (ES and SKSS), PFAS pipeline growth, solid balance sheet and active capital deployment. Headwinds included weather-related Q1 disruption, softness and uncertainty in Industrial Services, seasonal negative Q1 free cash flow, higher SG&A and capex increases, and dependence of SKSS outperformance on the persistence of higher base oil prices. On balance, the positives (margin expansion, guidance raise, SKSS strength, PFAS momentum, balance-sheet flexibility and buybacks) materially outweigh the negatives.Positive Updates
Stronger Profitability and Margin Expansion
Consolidated Q1 adjusted EBITDA of $248M, up 6% year-over-year; adjusted EBITDA margin of 17%, a 60 basis point improvement vs. Q1 2025. Income from operations $119M (+7% YoY); net income +8% with EPS of $1.19.
Negative Updates
Weather-Related Disruption in Q1
Challenging weather in February negatively impacted collection and services activity in Q1, contributing to uneven month-to-month performance despite a strong March rebound.
Read all updates
Q1-2026 Updates
Positive
Negative
Stronger Profitability and Margin Expansion
Consolidated Q1 adjusted EBITDA of $248M, up 6% year-over-year; adjusted EBITDA margin of 17%, a 60 basis point improvement vs. Q1 2025. Income from operations $119M (+7% YoY); net income +8% with EPS of $1.19.
Read all positive updates
Company Guidance
Clean Harbors raised 2026 adjusted EBITDA guidance to $1.24–$1.30 billion (midpoint $1.27B, +$40M vs. prior, implying ~9% growth vs. 2025) and expects Q2 consolidated adjusted EBITDA growth of 5–9% YoY; at the midpoint Environmental Services adjusted EBITDA is forecast to grow 5–8% and SKSS is now expected to deliver ~$165M of adjusted EBITDA (up ~20% vs. 2025 and above the prior $135M assumption), while corporate negative adjusted EBITDA is expected to increase ~3–6% (corporate as a % of revenue flat to slightly down). Full‑year adjusted free cash flow is guided to $490–$550M (midpoint $520M, +$10M vs. prior); net CapEx (excluding $85M SDA and $25M fleet) is now $350–$410M (midpoint $380M, +$10M); depreciation & amortization is expected to be $460–$470M. Q1 results underpinning the update included revenue of $1.46B (+2%), adjusted EBITDA $248M (+6%) and a 17% adj. EBITDA margin (+60 bps YoY), cash & short‑term securities of ~$670M, net debt/EBITDA ≈2x with a blended debt rate of 5.2%, Q1 cash from operations $6M, Q1 adjusted FCF −$76M, Q1 capex (net) $97M (including ~$15M strategic), and buybacks of ~87k shares for $25M (avg ~$287) with ~$575M remaining authorization; management also expects full‑year incinerator utilization in the mid‑ to upper‑80% range.Clean Harbors Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.03B | 5.89B | 5.41B | 5.17B | 3.81B |
| Gross Profit | 1.78B | 1.82B | 1.66B | 1.62B | 1.20B |
| EBITDA | 1.14B | 1.09B | 989.57M | 997.86M | 647.73M |
| Net Income | 390.97M | 402.30M | 377.86M | 411.74M | 203.25M |
Balance Sheet | |||||
| Total Assets | 7.62B | 7.38B | 6.38B | 6.13B | 5.65B |
| Cash, Cash Equivalents and Short-Term Investments | 953.68M | 789.83M | 550.80M | 554.64M | 534.30M |
| Total Debt | 3.45B | 3.04B | 2.49B | 2.59B | 2.70B |
| Total Liabilities | 4.88B | 4.80B | 4.14B | 4.21B | 4.14B |
| Stockholders Equity | 2.75B | 2.57B | 2.25B | 1.92B | 1.51B |
Cash Flow | |||||
| Free Cash Flow | 441.81M | 345.53M | 309.60M | 279.19M | 300.29M |
| Operating Cash Flow | 866.73M | 777.77M | 734.55M | 626.21M | 546.00M |
| Investing Cash Flow | -425.79M | -903.67M | -575.05M | -388.94M | -1.51B |
| Financing Cash Flow | -309.34M | 377.03M | -208.89M | -187.31M | 898.25M |
Clean Harbors Technical Analysis
Positive
300.70
Price Trends
286.91
Positive
265.99
Positive
248.94
Positive
Market Momentum
4.55
Negative
59.50
Neutral
23.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLH, the sentiment is Positive. The current price of 300.7 is above the 20-day moving average (MA) of 292.88, above the 50-day MA of 286.91, and above the 200-day MA of 248.94, indicating a bullish trend. The MACD of 4.55 indicates Negative momentum. The RSI at 59.50 is Neutral, neither overbought nor oversold. The STOCH value of 23.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLH.
Clean Harbors Risk Analysis
Clean Harbors disclosed 23 risk factors in its most recent earnings report. Clean Harbors reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Clean Harbors Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $16.55B | 36.01 | 14.47% | ― | 2.39% | -2.06% | |
73 Outperform | $91.50B | 32.04 | 28.85% | 1.50% | 10.87% | 4.11% | |
72 Outperform | $63.81B | 30.11 | 18.00% | 1.11% | 3.49% | 5.61% | |
65 Neutral | $771.50M | -26.53 | -0.17% | ― | 19.26% | 93.06% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $5.50B | -227.55 | 0.46% | ― | 14.92% | -48.77% | |
52 Neutral | $1.58B | -4.15 | -48.78% | ― | -4.29% | -32.32% |
* Industrials Sector Average
CLH
Clean Harbors
310.44
87.80
39.44%
CWST
Casella Waste
86.40
-33.85
-28.15%
NVRI
Enviri
19.16
12.06
169.86%
RSG
Republic Services
206.55
-42.52
-17.07%
WM
Waste Management
227.85
-4.14
-1.79%
MEG
Montrose Environmental Group
21.33
6.28
41.73%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.