WM changes

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View the full Oct 11, 2026 version

Price: $203.92 → $208.83(+2.4%)
Discount: 7.3% → 5.1%(−2.2 pts)
Balance sheet: Cash: $557M Debt: $23.4B Net debt: $22.8B Net debt / EBITDA: 2.8× (medium) Undrawn credit line: $2.2B, to May 2029 Debt due within 12 months: $3.8B Ratings: S&P A-, Fitch A-, Moody's A3 WM funds its trucks, landfills and acquisitions with unsecured debt that the parent company issues. Its and its subsidiary WM Holdings guarantees this debt. Leverage is inside its 2.75 to 3.0 times target, but leaves less room for another large acquisition. Most of the debt came from the $7.2 billion Stericycle purchase in November 2024. At June 30, 2026, total debt was $23.4 billion. This was $17.5 billion of US senior notes at an average rate of 4.27%, due through 2054, and $0.8 billion of Canadian notes. It also included $2.8 billion of tax-exempt bonds, $1.3 billion of finance leases and other debt, and $1.1 billion of commercial paper. About $3.8 billion fallsThe amount due or must be repriced within 12 months includes debt that must be repriced. This is mostly $2.0 billion of tax-exempt bonds whose interest periods end, and commercial paper that WM rolls over. AnThe undrawn credit is the unused capacity of a $3.5 billion revolving credit line to May 2029 left $2.2 billion of unused capacity. At The leverage ratio uses the October 2024 issue, S&P and Fitch rated WM's notes A-, and Moody's rated them A3. Cash was only $557 million, so net debt was about $22.8 billion. This is about 2.8 times the $8.15 to $8.25 billion of adjusted operating EBITDA that WM expects for 2026. It is insideThe ratings are from the 2October 2024 note issue.75 to 3.0 times target. Interest expense was $458 million in the first half of 2026. WM also owes $3.6 billion to close and monitor landfills and to clean up sites. This long-term cost does not show as debt. WM guides 2026 free cash flow at $3.75 to $3.85 billion, so it can pay its $3.78 per share dividend and keep buying back stock. But leverage near 2.8 times leaves less room for another large acquisition. As of 2026-06-30.