WCN vs. GFL

Last updated Apr 2, 2026

Compare and contrast key facts about Waste Connections, Inc. (WCN) and GFL Environmental Inc. (GFL).

Performance

WCN vs. GFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waste Connections, Inc. (WCN) and GFL Environmental Inc. (GFL). The values are adjusted to include any dividend payments, if applicable.

WCN vs. GFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
WCN Waste Connections, Inc.	-6.95%	2.92%	15.72%	13.47%	-2.02%	33.80%	5.02%
GFL GFL Environmental Inc.	1.46%	-3.44%	29.26%	18.24%	-22.65%	29.88%	73.97%

Fundamentals

EPS WCN : $6.25 GFL : $10.26
PE Ratio WCN : 26.04 GFL : 4.24
PS Ratio WCN : 2.96 GFL : 2.46
Total Revenue (TTM) WCN : $9.47B GFL : $6.62B
Gross Profit (TTM) WCN : $3.00B GFL : $1.37B
EBITDA (TTM) WCN : $2.67B GFL : $2.07B

Returns By Period

In the year-to-date period, WCN achieves a -6.95% return, which is significantly lower than GFL's 1.46% return.

WCN

• 1D: 0.23%
• 1M: -5.97%
• YTD: -6.95%
• 6M: -6.63%
• 1Y: -16.52%
• 3Y*: 6.16%
• 5Y*: 9.06%
• 10Y*: 15.07%

GFL

• 1D: 4.41%
• 1M: -3.65%
• YTD: 1.46%
• 6M: -6.52%
• 1Y: -8.69%
• 3Y*: 8.30%
• 5Y*: 4.38%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

WCN vs. GFL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WCN

WCN Risk / Return Rank: 12
WCN Sharpe Ratio Rank: 9
WCN Sortino Ratio Rank: 12
WCN Omega Ratio Rank: 11
WCN Calmar Ratio Rank: 14
WCN Martin Ratio Rank: 13

GFL

GFL Risk / Return Rank: 25
GFL Sharpe Ratio Rank: 25
GFL Sortino Ratio Rank: 22
GFL Omega Ratio Rank: 23
GFL Calmar Ratio Rank: 28
GFL Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WCN vs. GFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waste Connections, Inc. (WCN) and GFL Environmental Inc. (GFL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	WCN	GFL	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-0.34	-0.43
Sortino ratio Return per unit of downside risk	-0.93	-0.33	-0.59
Omega ratio Gain probability vs. loss probability	0.87	0.96	-0.08
Calmar ratio Return relative to maximum drawdown	-0.75	-0.40	-0.35
Martin ratio Return relative to average drawdown	-1.37	-0.84	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WCN vs. GFL - Sharpe Ratio Comparison

The current WCN Sharpe Ratio is -0.77, which is lower than the GFL Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of WCN and GFL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WCN	GFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.34	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.15	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.52	+0.04

Correlation

The correlation between WCN and GFL is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WCN vs. GFL - Dividend Comparison

WCN's dividend yield for the trailing twelve months is around 0.82%, more than GFL's 0.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WCN Waste Connections, Inc.	0.82%	0.74%	0.68%	0.70%	0.71%	0.62%	0.74%	0.73%	0.78%	0.70%	1.20%	1.86%
GFL GFL Environmental Inc.	0.14%	0.14%	0.12%	0.15%	0.16%	0.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

WCN vs. GFL - Drawdown Comparison

The maximum WCN drawdown since its inception was -68.85%, which is greater than GFL's maximum drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for WCN and GFL.

Drawdown Indicators

	WCN	GFL	Difference
Max Drawdown Largest peak-to-trough decline	-68.85%	-42.76%	-26.09%
Max Drawdown (1Y) Largest decline over 1 year	-21.39%	-24.39%	+3.00%
Max Drawdown (5Y) Largest decline over 5 years	-21.39%	-42.76%	+21.37%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	—	—
Current Drawdown Current decline from peak	-17.96%	-15.46%	-2.50%
Average Drawdown Average peak-to-trough decline	-8.31%	-14.03%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.64%	11.57%	+0.07%

Volatility

WCN vs. GFL - Volatility Comparison

The current volatility for Waste Connections, Inc. (WCN) is 6.90%, while GFL Environmental Inc. (GFL) has a volatility of 9.68%. This indicates that WCN experiences smaller price fluctuations and is considered to be less risky than GFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCN	GFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	9.68%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	16.29%	17.50%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	25.96%	-4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	29.61%	-10.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.61%	32.92%	-13.31%

Financials

WCN vs. GFL - Profitability Comparison

The chart below illustrates the profitability comparison between Waste Connections, Inc. and GFL Environmental Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WCN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Waste Connections, Inc. reported a gross profit of 0.00 and revenue of 2.37B. Therefore, the gross margin over that period was 0.0%.

GFL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, GFL Environmental Inc. reported a gross profit of 337.60M and revenue of 1.69B. Therefore, the gross margin over that period was 20.0%.

WCN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Waste Connections, Inc. reported an operating income of 420.83M and revenue of 2.37B, resulting in an operating margin of 17.7%.

GFL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, GFL Environmental Inc. reported an operating income of 82.90M and revenue of 1.69B, resulting in an operating margin of 4.9%.

WCN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Waste Connections, Inc. reported a net income of 258.50M and revenue of 2.37B, resulting in a net margin of 10.9%.

GFL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, GFL Environmental Inc. reported a net income of 33.90M and revenue of 1.69B, resulting in a net margin of 2.0%.