Want to see CLH full AI Analyst Report?
Top Page
Clean Harbors
(NYSE:CLH)
Select Model
Select Model
Rating:74Outperform
Price Target:
$348.00
▲(14.57% Upside)
Action:Reiterated
Date:08/06/26
CLH scores well primarily on solid financial performance and a very strong earnings update (record results and raised 2026 EBITDA/FCF guidance). Technicals are supportive with price above major moving averages and positive MACD. The main constraint on the overall score is valuation (P/E ~37.8) alongside leverage and some cash flow/gross-margin variability.
Positive Factors
Integrated waste disposal asset footprint
Owning a network of permitted disposal facilities and service locations creates durable competitive advantage: Clean Harbors captures margin across the cradle-to-grave value chain, improves routing and asset utilization, and benefits from regulatory barriers that sustain demand for permitted hazardous treatment and disposal.
Negative Factors
Elevated leverage
A levered capital structure limits financial flexibility in downturns and raises servicing costs, constraining discretionary investments. Even with solid cash generation, sustained leverage near these levels can amplify earnings sensitivity to revenue shocks and restrict opportunistic M&A.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated waste disposal asset footprint
Owning a network of permitted disposal facilities and service locations creates durable competitive advantage: Clean Harbors captures margin across the cradle-to-grave value chain, improves routing and asset utilization, and benefits from regulatory barriers that sustain demand for permitted hazardous treatment and disposal.
Read all positive factors
Clean Harbors (CLH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.52B
Dividend YieldN/A
Average Volume (3M)442.00K
Price to Earnings (P/E)37.8
Beta (1Y)0.68
Revenue Growth5.07%
EPS Growth15.63%
CountryUS
Employees22,155
SectorIndustrials
Sector Strength72
IndustryWaste Management
Share Statistics
EPS (TTM)8.27
Shares Outstanding52,787,247
10 Day Avg. Volume422,326
30 Day Avg. Volume442,001
Financial Highlights & Ratios
PEG Ratio-15.95
Price to Book (P/B)4.54
Price to Sales (P/S)2.07
P/FCF Ratio28.46
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$357.45Price Target Upside17.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)9.66
Revenue Forecast (FY)$6.52B
Clean Harbors Business Overview & Revenue Model
Company Description
Clean Harbors, Inc. delivers a comprehensive range of environmental and industrial services across North America. The company is structured into two primary divisions: Environmental Services and Safety-Kleen Sustainability Solutions. The Environme...
How the Company Makes Money
Clean Harbors primarily generates revenue by delivering environmental and industrial services under long-term contracts and project-based work, charging customers for regulated waste handling, specialized labor, equipment, transportation, and comp...
Clean Harbors Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported record revenue, record adjusted EBITDA and the highest quarterly margin in company history, driven by strong performances in both Environmental Services and a particularly robust Safety-Kleen Sustainability Solutions quarter. They raised full-year adjusted EBITDA guidance materially and outlined several growth initiatives (large long-term customer contract, data center strategy, targeted acquisitions) while maintaining a strong cash position and modest leverage. Offsetting factors include higher SG&A and corporate costs, increased capital intensity and D&A, SKSS cyclicality tied to base oil pricing uncertainty, and near-term headwinds in Industrial Services due to limited refinery turnarounds. On balance, the substantive operating outperformance, raised guidance, and visible growth pipeline outweigh the cyclical and execution risks.Positive Updates
Record Quarterly Financial Results
Q2 2026 revenue increased 12% year-over-year to $1.74 billion; adjusted EBITDA rose 22% to $409 million; consolidated adjusted EBITDA margin was a company-record 23.6%, up 190 basis points versus prior year. Net income increased 34% and EPS was $3.22.
Negative Updates
Increased SG&A and Corporate Costs
SG&A as a percentage of revenue rose to 12.4% in Q2 due to higher incentive compensation, insurance and claim-related costs and strategic investments; corporate negative adjusted EBITDA expected to increase roughly 8–10% versus 2025, pressuring consolidated margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Financial Results
Q2 2026 revenue increased 12% year-over-year to $1.74 billion; adjusted EBITDA rose 22% to $409 million; consolidated adjusted EBITDA margin was a company-record 23.6%, up 190 basis points versus prior year. Net income increased 34% and EPS was $3.22.
Read all positive updates
Company Guidance
Management raised 2026 adjusted EBITDA guidance to $1.35–$1.41 billion (midpoint $1.38B), a $110 million increase versus prior guidance that implies roughly $210M (≈18%) growth versus 2025, with Q3 consolidated adjusted EBITDA expected to grow 24–28% YoY; at the midpoint Environmental Services EBITDA is expected to grow 6–9% (including roughly $5M from Terra Nova and assuming no contribution from ES&H) while Safety‑Kleen Sustainability Solutions is assumed to deliver about $275M of adjusted EBITDA for the year. They also expect corporate negative adjusted EBITDA to rise ~8–10% versus 2025, SG&A to be mid‑ to high‑12% of revenue, depreciation & amortization of $475–485M, net CapEx of $370–430M (midpoint $400M) excluding planned SDA ($85M), fleet ($25M) and data center ($10M) investments, and adjusted free cash flow of $520–580M (midpoint $550M, a $30M increase versus prior), supported by cash/marketable securities of $517M and a net debt/EBITDA of ~2x.Clean Harbors Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.24B | 6.03B | 5.89B | 5.41B | 5.17B | 3.81B |
| Gross Profit | 1.66B | 1.78B | 1.82B | 1.66B | 1.62B | 1.20B |
| EBITDA | 1.22B | 1.14B | 1.09B | 989.57M | 997.86M | 647.73M |
| Net Income | 439.05M | 390.97M | 402.30M | 377.86M | 411.74M | 203.25M |
Balance Sheet | ||||||
| Total Assets | 7.84B | 7.62B | 7.38B | 6.38B | 6.13B | 5.65B |
| Cash, Cash Equivalents and Short-Term Investments | 516.72M | 953.68M | 789.83M | 550.80M | 554.64M | 534.30M |
| Total Debt | 3.03B | 3.45B | 3.04B | 2.49B | 2.59B | 2.70B |
| Total Liabilities | 4.91B | 4.88B | 4.80B | 4.14B | 4.21B | 4.14B |
| Stockholders Equity | 2.93B | 2.75B | 2.57B | 2.25B | 1.92B | 1.51B |
Cash Flow | ||||||
| Free Cash Flow | 194.52M | 438.16M | 345.53M | 309.60M | 279.19M | 300.29M |
| Operating Cash Flow | 637.48M | 866.73M | 777.77M | 734.55M | 626.21M | 546.00M |
| Investing Cash Flow | -785.56M | -425.79M | -903.67M | -575.05M | -388.94M | -1.51B |
| Financing Cash Flow | -345.91M | -309.34M | 377.03M | -208.89M | -187.31M | 898.25M |
Clean Harbors Technical Analysis
Positive
303.74
Price Trends
297.25
Positive
296.89
Positive
272.56
Positive
Market Momentum
3.47
Positive
52.01
Neutral
25.83
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 303.74 is below the 20-day moving average (MA) of 308.48, above the 50-day MA of 297.25, and above the 200-day MA of 272.56, indicating a neutral trend. The MACD of 3.47 indicates Positive momentum. The RSI at 52.01 is Neutral, neither overbought nor oversold. The STOCH value of 25.83 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $16.52B | 37.83 | 15.64% | ― | 5.07% | 15.63% | |
74 Outperform | $90.56B | 31.95 | 28.92% | 1.48% | 7.17% | 4.68% | |
71 Outperform | $64.78B | 30.16 | 18.12% | 1.15% | 3.19% | 5.11% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $5.71B | 778.06 | 0.46% | ― | 14.92% | -48.77% | |
52 Neutral | $351.98M | -17.29 | -34.48% | ― | -0.91% | 23.41% | |
48 Neutral | $26.76M | -3.66 | -17.78% | ― | -14.35% | 70.98% |
* Industrials Sector Average
CLH
Clean Harbors
307.64
65.54
27.07%
CWST
Casella Waste
90.46
-8.89
-8.95%
PESI
Perma-Fix
17.80
6.57
58.50%
RSG
Republic Services
209.59
-23.35
-10.03%
WM
Waste Management
229.01
-0.53
-0.23%
QRHC
Quest Resource
1.27
-0.76
-37.44%
Clean Harbors Corporate Events
Business Operations and StrategyExecutive/Board Changes
Clean Harbors Announces Leadership Transition as Founder Retires
Positive
May 20, 2026
Clean Harbors announced on May 20, 2026, that founder and Executive Chairman Alan S. McKim plans to retire from the Board and his role as Chief Technology Officer once an independent chair is appointed, a move expected in summer 2026 as part of a ...
Executive/Board ChangesShareholder Meetings
Clean Harbors Shareholders Back Directors, Pay and Auditor
Positive
May 20, 2026
Clean Harbors held its 2026 Annual Meeting of Shareholders on May 20, 2026, with a quorum of 50,078,328 shares represented out of 53,313,462 outstanding as of the March 23, 2026 record date. Shareholders elected four Class I directors—Edward...
Business Operations and StrategyM&A Transactions
Clean Harbors Completes Terra Nova Waste Services Acquisition
Positive
May 14, 2026
On May 14, 2026, Clean Harbors, Inc. announced it had completed a $225 million all-cash acquisition of Terra Nova Solutions, a regional provider of hazardous and non-hazardous waste services based in the Carolinas. Terra Nova operates five facilit...
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.