Waste Management (WM): Is Its Landfill Moat the Best in the Market?

What happened: Waste Management (NYSE:WM) operates North America's largest permitted landfill network, with permits hard to obtain due to regulation and community opposition. Why it matters: Bulls cite the moat, recession-resistant demand, renewable gas, recycling, and the Stericycle deal. Bears flag the elevated multiple, slow core growth, rate sensitivity, volatile recycling and renewable gas economics, a trimmed revenue outlook, and unproven Stericycle integration.

Waste Management (NYSE:WM) operates North America's largest permitted landfill network, with permits hard to obtain due to regulation and community opposition.

Bulls cite the moat, recession-resistant demand, renewable gas, recycling, and the Stericycle deal. Bears flag the elevated multiple, slow core growth, rate sensitivity, volatile recycling and renewable gas economics, a trimmed revenue outlook, and unproven Stericycle integration.