Clean Harbors, Inc.
- Open
- 296.82
- Day high
- 297.96
- Day low
- 292.08
- Prev close
- 298.75
- Volume
- 81K
- Mkt cap
- $15.6B
- P/E (TTM)
- 39.7
- EPS (TTM)
- $7.42
- P/B
- 5.6
- P/S
- 2.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$90K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions mixed (13F)
Clean Harbors, Inc. (CLH) is a Industrials company listed on NYSE. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Clean Harbors, Inc. (CLH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.15 | $1.19 | +3.5% | $1.5B | -0.5% |
| Feb 18, 2026 | $1.59 | $1.62 | +1.9% | $1.5B | +1.8% |
| Oct 29, 2025 | $2.37 | $2.21 | -6.8% | $1.5B | +5.8% |
| Jul 30, 2025 | $2.33 | $2.36 | +1.3% | $1.5B | -2.3% |
| Apr 30, 2025 | $1.02 | $1.09 | +6.9% | $1.4B | -10.0% |
| Feb 19, 2025 | $1.36 | $1.55 | +14.0% | $1.4B | +0.5% |
| Jul 31, 2024 | $2.23 | $2.46 | +10.3% | $1.6B | +1.5% |
| May 1, 2024 | $1.15 | $1.29 | +12.2% | $1.4B | +3.0% |
| Feb 21, 2024 | $1.69 | $1.82 | +7.7% | $1.3B | -1.6% |
| Nov 1, 2023 | $2.10 | $1.68 | -20.0% | $1.4B | +0.7% |
| Aug 2, 2023 | $2.10 | $2.13 | +1.4% | $1.4B | -1.7% |
| May 3, 2023 | $1.17 | $1.36 | +16.2% | $1.3B | +4.2% |
CLH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | States Laurendirector | Sell | 789 | $286.19 |
| May 22, 2026 | GALANTE EDWARD Gdirector | Grant | 652 | — |
| May 22, 2026 | Willett Robertdirector | Grant | 652 | — |
| May 22, 2026 | Stewart Shelley JRdirector | Grant | 652 | — |
| May 22, 2026 | States Laurendirector | Grant | 652 | — |
| May 22, 2026 | PRESTON JOHN Tdirector | Grant | 652 | — |
| May 22, 2026 | Reed Marcy L.director | Grant | 652 | — |
| May 22, 2026 | Robertson Andreadirector | Grant | 652 | — |
| May 22, 2026 | Polito Karyndirector | Grant | 652 | — |
| May 22, 2026 | Welch John R.director | Grant | 652 | — |
| May 22, 2026 | Quirk Alison A.director | Grant | 652 | — |
| May 14, 2026 | Polito Karyndirector | Buy | 460 | $295.13 |
| May 13, 2026 | Polito Karyndirector | Grant | 460 | $295.13 |
| Mar 19, 2026 | GERSTENBERG ERIC Wofficer: CO-CEO | Sell | 1,000 | $293.00 |
| Mar 19, 2026 | Reed Marcy L.director | Sell | 836 | $287.94 |
Source: CLH SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full CLH insider & 13F page →Clean Harbors, Inc. company profile
Overview
Clean Harbors, Inc. (NASDAQ:CLH) is a leading North American provider of environmental and industrial services, founded in 1980 and headquartered in Norwell, Massachusetts. The company went public in 1987 and has grown through strategic acquisitions and organic expansion to become one of the largest hazardous waste management companies in North America. Clean Harbors operates through two primary business segments: Environmental Services and Safety-Kleen Sustainability Solutions, serving industrial, commercial, and government customers across the United States and Canada with comprehensive waste management, environmental remediation, and industrial maintenance services.
Business
Clean Harbors operates in the specialized waste management industry, focusing on hazardous and non-hazardous waste treatment and disposal services. The company's operations are divided into two main business segments that collectively generated approximately $5.9 billion in revenue in 2024. The Environmental Services segment represents the larger portion of the business, accounting for roughly 65-70% of total revenue. This segment provides comprehensive hazardous waste management services including collection, transportation, treatment, and disposal of industrial waste materials. Key services include incineration at high-temperature facilities, landfill disposal, wastewater treatment, laboratory chemical disposal, and explosives management. The segment also offers CleanPack services for specialized packaging and disposal of laboratory chemicals and household hazardous waste. Additionally, this segment provides industrial maintenance services, emergency response capabilities for environmental disasters, and field services for on-site industrial cleaning and maintenance. The Safety-Kleen Sustainability Solutions segment accounts for approximately 30-35% of revenue and focuses on automotive and industrial cleaning products and services. This segment operates a circular economy model by collecting used motor oil and other waste fluids, then re-refining them into base oils and lubricants. Safety-Kleen provides specially designed parts washers, automotive cleaning products (antifreeze, windshield washer fluid, degreasers), and vacuum services to remove waste fluids from customers' facilities. The segment also manufactures and distributes lubricants while offering containerized waste collection services to automotive service providers and industrial manufacturers. Both segments benefit from the company's extensive network of treatment facilities, including high-temperature incinerators, landfills, and re-refining facilities, which create significant barriers to entry and provide operational synergies across the business.
Revenue model
Clean Harbors generates revenue through multiple complementary business models centered around waste management and industrial services. The company primarily makes money through service fees charged to industrial, commercial, and government customers who need to dispose of hazardous and non-hazardous waste materials in compliance with environmental regulations. In the Environmental Services segment, revenue comes from per-ton disposal fees at incineration and landfill facilities, transportation charges for waste collection, and project-based fees for industrial maintenance and emergency response services. The company operates high-temperature incinerators that can charge premium pricing due to their specialized capabilities and limited competition. Field services generate revenue through hourly labor rates and equipment rental fees for on-site industrial cleaning and maintenance projects. The Safety-Kleen segment operates a unique circular economy model where the company collects used motor oil and waste fluids from customers, often paying them for these materials, then processes them into valuable base oils and lubricants that are sold at market prices. This creates a dual revenue stream from both the collection service fees and the sale of refined products. The segment also generates recurring revenue from parts washer rentals and cleaning product sales to automotive service providers. Several factors influence the company's margins and profitability. Pricing power is strong due to the specialized nature of hazardous waste disposal and strict regulatory requirements that limit competition. However, margins can be pressured by commodity price fluctuations, particularly in the Safety-Kleen segment where base oil prices affect both input costs and selling prices. Capacity utilization at incineration facilities significantly impacts profitability, as these high-fixed-cost assets generate strong margins when running at full capacity. Labor costs and availability represent ongoing challenges, though the company has made progress reducing employee turnover. Regulatory changes can create both opportunities and costs, such as new PFAS (per- and polyfluoroalkyl substances) regulations that are driving demand for specialized destruction services.
Competitive moat
Clean Harbors possesses a strong competitive moat built on multiple defensive characteristics that are difficult for competitors to replicate. The company's primary moat stems from its extensive network of specialized treatment facilities, particularly its high-temperature incinerators, which require substantial capital investment, lengthy permitting processes, and technical expertise to operate safely and efficiently. These facilities often take 5-10 years to permit and construct, creating significant barriers to entry. Regulatory barriers provide another layer of protection, as hazardous waste management is heavily regulated by federal and state environmental agencies. The company's long operating history, safety record, and regulatory compliance expertise make it difficult for new entrants to compete effectively. Customer relationships tend to be sticky due to the critical nature of waste disposal services and the high switching costs associated with finding alternative providers who can handle specialized waste streams. The company's geographic network effects create operational advantages, as customers prefer working with providers who can handle waste management needs across multiple locations. Clean Harbors' North American footprint and integrated service offerings make it a preferred partner for large industrial customers. The Safety-Kleen segment benefits from route density economics, where established collection routes become more efficient and profitable over time. However, the moat faces some challenges. Commodity price volatility in the Safety-Kleen segment can pressure margins, and the company faces competition from regional waste management companies in certain markets. Additionally, technological disruption could potentially threaten traditional waste treatment methods, though the specialized nature of hazardous waste disposal limits this risk. The company's strong market position and continued investment in new technologies and facilities help maintain its competitive advantages, but the moat is not impenetrable and requires ongoing investment to maintain.
Risks & safety
Clean Harbors demonstrates a solid margin of safety with strong financial fundamentals, though valuation metrics suggest limited upside at current levels. **Financial Strength:** - Cash position of $687 million provides substantial liquidity buffer - Current ratio of 2.2x indicates strong short-term liquidity - Debt-to-equity ratio of 1.18x is manageable for the industry - Strong free cash flow generation of $346 million in 2024 - EBITDA of $1.12 billion provides good debt service coverage **Valuation Metrics:** - Trading at 13.2x EV/EBITDA, which is reasonable but not cheap for the industry - P/E ratio of 30.8x appears elevated relative to growth prospects - Price-to-book ratio of 4.8x suggests premium valuation - Graham number of $89.54 indicates potential overvaluation at current price of $219.8 **Other Considerations:** - Recession-resistant business model due to regulatory requirements - Strong market position with pricing power - Capital-intensive nature requires ongoing investment - Commodity exposure in Safety-Kleen segment adds some volatility risk
Recent development
Over the past few years, Clean Harbors has executed several strategic initiatives to strengthen its market position and expand its service capabilities. The company completed the construction and launch of its new Kimball, Nebraska incinerator in late 2024, which increased North American incineration capacity by 12% and represents a significant competitive advantage given the difficulty of permitting new facilities. The company has been particularly focused on expanding its PFAS (per- and polyfluoroalkyl substances) destruction capabilities, positioning itself to capitalize on growing regulatory requirements for PFAS remediation. This business has grown to approximately $80-90 million in annual revenue with strong growth prospects as EPA regulations continue to evolve. Clean Harbors has developed comprehensive PFAS solutions including testing, remediation, and destruction services. Strategic acquisitions have played a key role in the company's growth strategy. The HEPACO acquisition for $400 million added 40 locations across 17 states, strengthening the company's field services capabilities and geographic coverage. The company has also acquired NOBLE Oil to expand its re-refining capabilities and has been actively evaluating additional acquisition opportunities. In the Safety-Kleen segment, Clean Harbors has implemented a "charge for oil" strategy to improve margins by shifting from paying customers for used oil to charging for collection services. The company has also expanded its Group III base oil production capabilities and formed strategic partnerships, including a multiyear agreement with BP Castrol for sustainable oil solutions. Leadership transitions have been managed smoothly, with Eric Gerstenberg and Mike Battles serving as Co-CEOs following founder Alan McKim's transition to Executive Chairman role.
CLH company profile · for informational purposes only — not investment advice.
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