RSGREPUBLIC SERVICES, INC.

Refuse Systems

Revenue: $16.6B; 3.5% YoY
Operating margin: 19.9%; 0.2% YoY
EBITDA: $5.1B; 5.0% YoY
Market cap: $86.5B
Employees: 42,000; $395K revenue each
Net debt / EBITDA: 1.6×; $8.2B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
201% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
37% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
49% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$395K · 9th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$86.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1.6B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.3B	$13.5B	$15.0B	$16.0B	$16.6B	3.5%
Operating income	$2.1B	$2.4B	$2.8B	$3.2B	$3.3B	3.3%
Net income	$1.3B	$1.5B	$1.7B	$2.0B	$2.1B	4.7%
Operating cash flow	$2.8B	$3.2B	$3.6B	$3.9B	$4.3B	9.1%
Capex	$1.3B	$1.5B	$1.6B	$1.9B	$1.9B	1.7%
Stock-based comp	$57M	$39M	$41M	$42M	—
Buybacks	$252M	$203M	$262M	$482M	$870M	80%
Dividends	$553M	$593M	$638M	$687M	$738M	7.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 9, 2026	CASCADE INVESTMENT, L.L.C.	SCHEDULE 13D/A	37.9%	Passive
Aug 20, 2026	CASCADE INVESTMENT, L.L.C.	SCHEDULE 13D/A	36.7%	Passive
Feb 20, 2026	CASCADE INVESTMENT, L.L.C.	SCHEDULE 13D/A	35.6%	Passive
Feb 18, 2022	CASCADE INVESTMENT, L.L.C.	SC 13D/A	34.5%	Passive

Insider trading

Open-market buys, 12 mo: $1.6B · 108
Open-market sells, 12 mo: $458K · 3
Net: $1.6B

Pay vs performance

No pay-versus-performance disclosure yet.