GFL Environmental

GFL

Waste Management · Industrials

Price

$41.05

-0.12 (-0.29%)

Market Cap

$14.33B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Mixed

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Share count rising — dilution

+4.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 361.6M (2021) → 378.7M (2025)

Winston Score History

The full picture

GFL Environmental is a waste management company based in Canada. It collects garbage, recycling, and organic waste from homes, businesses, and industrial sites, then hauls that material to landfills, transfer stations, and processing facilities it owns. GFL is one of the four largest solid waste companies in North America.

GFL makes money by charging customers regular fees to pick up and dispose of their waste — a model that generates steady, recurring revenue. The company operates across Canada and the United States, with hundreds of collection routes and disposal sites. Its competitive advantage comes from owning the infrastructure — trucks, landfills, and facilities — that makes it hard for new competitors to enter local markets. GFL has been growing quickly through acquisitions, but it also carries a heavy debt load from those deals, which is the main financial risk investors watch closely. Reducing that debt while maintaining growth is the central challenge the company faces going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-161.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

21.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

C$2.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

GFL Environmental is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

19.8%

Thin — 19.8% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

-107.7%

Earnings shrinking (-107.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.8%

Thin free cash flow (2.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.31

Elevated debt (1.31)

Covers its interest

Interest Cover

0.64x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.16%

Small dividend — 0.16% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.9%

Dividend growing modestly (9.9% YoY)

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