Strong Financial Performance and Strategic Positioning Drive Buy Rating for Waste ManagementWe will wait for more detail on Tuesday morning’s conference call (10 a.m. ET today, July 29) to update our model.Stock Thoughts. On our published 2026 estimates, shares of WM trade at 14 times EBITDA and 26 times free cash flow. With shares at a discount to the other four public solid waste names on both metrics, we see a favorable entry point for a consistent free cash flow growth compounder in the core business, powered by the structural market tailwinds identified in our white paper, Investor’s Treasure. Sustainability investments and execution on the Stericycle acquisition provide further medium-term upside catalysts, as highlighted in our 2024 initiation. We reiterate our Outperform rating. Risks include commodity and RIN price volatility, labor shortages, and M&A execution.