CLHCLEAN HARBORS INC

Hazardous Waste Management

Revenue: $6.0B; 2.4% YoY
Operating margin: 11.2%; 1.9% YoY
EBITDA: $1.1B; 4.5% YoY
Market cap: $15.9B
Employees: —
Net debt / EBITDA: 1.0×; $1.1B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
222% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$63M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.8B	$5.2B	$5.4B	$5.9B	$6.0B	2.4%
Operating income	$348M	$635M	$612M	$670M	$673M	0.5%
Net income	$203M	$412M	$378M	$402M	$391M	2.8%
Operating cash flow	$546M	$626M	$735M	$778M	$867M	11%
Capex	$242M	$345M	$422M	$432M	$425M	1.7%
Stock-based comp	$19M	$27M	$21M	$28M	$33M	17%
Buybacks	$54M	$50M	$51M	$55M	$250M	353%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $63M · 13
Net: −$63M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	308	178
FY2024	—	—	302	165
FY2023	—	—	229	140
FY2022	—	—	150	114
FY2021	—	—	131	130