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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
15.3%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CLEAN HARBORS INC (CLH) receives a "Hold" rating with a composite score of 54.3/100, ranked #180 out of 4446 stocks. Key factor scores: Quality 50/100, Value 57/100, Momentum 64/100. This is quantitative analysis only — not investment advice.
CLEAN HARBORS INC (CLH) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CLEAN HARBORS INC Do?
Clean Harbors, Inc. provides environmental and industrial services in North America. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste. This segment also provides industrial maintenance and specialty industrial services, and utilizes specialty equipment and resources that performs field services. The Safety-Kleen Sustainability Solutions segment offers specially designed parts washers; automotive and industrial cleaning products, such as antifreeze, windshield washer fluid, degreasers, glass and floor cleaners, hand cleaners, absorbents, mats, and spill kits; pickup and transportation services for hazardous and non-hazardous containerized waste for recycling or disposal; and vacuum services to remove solids, residual oily water and sludge, and other fluids from customers oil/water separators, sumps, and collection tanks, as well as remove and collect waste fluids found at metal fabricators, auto maintenance providers, and general manufacturers. This segment also manufactures, formulates, packages, distributes, and markets lubricants; and provides containerized waste, vacuum services, used motor oil collection, and contract blending and packaging services. Clean Harbors, Inc. was incorporated in 1980 and is headquartered in Norwell, Massachusetts. CLEAN HARBORS INC (CLH) is classified as a large-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Alan S. McKim and employs approximately 18,300 people, headquartered in NORWELL, Massachusetts. With a market capitalization of $15.3B, CLH is one of the prominent companies in the Industrials sector.
CLEAN HARBORS INC (CLH) Stock Rating — Hold (April 2026)
As of April 2026, CLEAN HARBORS INC receives a Hold rating with a composite score of 54.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CLH ranks #180 out of 4,446 stocks in our coverage universe. Within the Industrials sector, CLEAN HARBORS INC ranks #28 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CLH Stock Price and 52-Week Range
CLEAN HARBORS INC (CLH) currently trades at $302.23. The stock gained $0.07 (0.0%) in the most recent trading session. The 52-week high for CLH is $298.12, which means the stock is currently trading 1.4% from its annual peak. The 52-week low is $178.29, putting the stock 69.5% above its annual trough. Recent trading volume was 310K shares, suggesting relatively thin trading activity.
Is CLH Overvalued or Undervalued? — Valuation Analysis
CLEAN HARBORS INC (CLH) carries a value factor score of 57/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 38.16x, compared to the Industrials sector average of 28.33x — a premium of 35%. The price-to-book ratio stands at 5.83x, versus the sector average of 2.23x. The price-to-sales ratio is 2.64x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, CLH trades at 19.36x EV/EBITDA, versus 5.70x for the sector.
Overall, CLH's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
CLEAN HARBORS INC Profitability — ROE, Margins, and Quality Score
CLEAN HARBORS INC (CLH) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 15.3%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 5.5% versus the sector average of 3.3%.
On a margin basis, CLEAN HARBORS INC reports gross margins of 31.3%, compared to 35.8% for the sector. The operating margin is 11.6% (sector: 6.2%). Net profit margin stands at 6.9%, versus 3.9% for the average Industrials stock. Revenue growth is running at -0.2% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
CLH Debt, Balance Sheet, and Financial Health
CLEAN HARBORS INC has a debt-to-equity ratio of 178.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 2.33x, indicating strong short-term liquidity. Cash and equivalents stand at $759M.
CLH has a beta of 0.82, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for CLEAN HARBORS INC is 79/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CLEAN HARBORS INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, CLEAN HARBORS INC reported revenue of $6.06B and earnings per share (EPS) of $7.31. Net income for the quarter was $420M. Gross margin was 31.3%. Operating income came in at $707M.
In FY 2025, CLEAN HARBORS INC reported revenue of $6.03B and earnings per share (EPS) of $7.31. Net income for the quarter was $391M. Gross margin was 31.3%. Revenue grew 2.4% year-over-year compared to FY 2024. Operating income came in at $673M.
In Q3 2025, CLEAN HARBORS INC reported revenue of $1.55B and earnings per share (EPS) of $2.22. Net income for the quarter was $119M. Gross margin was 32.3%. Revenue grew 1.3% year-over-year compared to Q3 2024. Operating income came in at $193M.
In Q2 2025, CLEAN HARBORS INC reported revenue of $1.55B and earnings per share (EPS) of $2.37. Net income for the quarter was $127M. Gross margin was 33.3%. Revenue grew -0.2% year-over-year compared to Q2 2024. Operating income came in at $210M.
Over the past 8 quarters, CLEAN HARBORS INC has demonstrated a growth trajectory, with revenue expanding from $1.55B to $6.06B. Investors analyzing CLH stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CLH Dividend Yield and Income Analysis
CLEAN HARBORS INC (CLH) does not currently pay a dividend. This is common among growth-oriented companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
CLH Momentum and Technical Analysis Profile
CLEAN HARBORS INC (CLH) has a momentum factor score of 64/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 34/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CLH vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing CLH against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CLH vs S&P 500 (SPY) comparison to assess how CLEAN HARBORS INC stacks up against the broader market across all factor dimensions.
CLH Next Earnings Date
No upcoming earnings date has been announced for CLEAN HARBORS INC (CLH) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CLH? — Investment Thesis Summary
CLEAN HARBORS INC presents a balanced picture with arguments on both sides. Price momentum is positive at 64/100, suggesting the trend favors buyers. Low volatility (stability score 79/100) reduces downside risk.
In summary, CLEAN HARBORS INC (CLH) earns a Hold rating with a composite score of 54.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CLH stock.
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Institutional Research Dossier
CLEAN HARBORS INC (CLH) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Buy rating on Clean Harbors (CLH), driven by its leading position in the hazardous waste management and environmental services industry, coupled with a fragmented competitive landscape that allows for continued consolidation and pricing power. While the company's valuation appears rich relative to the sector, we believe its superior profitability metrics and the essential nature of its services justify a premium. The key takeaway is that Clean Harbors' ability to generate consistent earnings and cash flow, even during economic downturns, makes it a compelling long-term investment.
However, investors should be mindful of the company's relatively high debt levels and the potential for increased regulatory scrutiny, which could impact future profitability. Despite these risks, we believe Clean Harbors' strong market position and experienced management team will enable it to navigate these challenges and continue to deliver value to shareholders. The company's focus on sustainability and responsible waste management also aligns with growing environmental concerns, positioning it favorably for long-term growth.
Business Strategy & Overview
Clean Harbors operates through two primary segments: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment focuses on the collection, transportation, treatment, and disposal of hazardous and non-hazardous waste. This includes a wide range of services, from resource recovery and incineration to landfill disposal and wastewater treatment. The Safety-Kleen Sustainability Solutions segment provides parts washers, cleaning products, and waste management services to automotive and industrial customers, emphasizing recycling and sustainability. This dual approach allows Clean Harbors to serve a diverse customer base and capture value across the waste management lifecycle.
The company's strategic positioning is centered around providing comprehensive environmental solutions to businesses and government entities. This includes not only waste disposal but also industrial maintenance, specialty industrial services, and emergency response capabilities. Clean Harbors differentiates itself through its extensive network of facilities, its expertise in handling a wide variety of waste streams, and its commitment to safety and compliance. The company's CleanPack services, which focus on the collection and disposal of laboratory chemicals and household hazardous waste, represent a niche market with high barriers to entry.
Clean Harbors' growth strategy involves a combination of organic expansion and strategic acquisitions. The company has historically grown by acquiring smaller competitors and integrating them into its existing network. This allows Clean Harbors to expand its geographic reach, broaden its service offerings, and achieve economies of scale. The company also invests in new technologies and infrastructure to improve its operational efficiency and enhance its service capabilities. For example, investments in incineration capacity and wastewater treatment facilities allow Clean Harbors to handle more complex waste streams and generate higher margins.
The industry context for Clean Harbors is characterized by increasing environmental regulations and growing demand for sustainable waste management solutions. As businesses and governments face stricter requirements for waste disposal, they are increasingly turning to specialized providers like Clean Harbors. The company's focus on recycling and resource recovery aligns with these trends and positions it favorably for long-term growth. However, the industry is also subject to cyclical fluctuations, as demand for waste management services can be affected by economic conditions and industrial activity.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-0.2%
Sector: 6.4%
-103% VS SCTR
Economic Moat Analysis
Clean Harbors possesses a Narrow economic moat, primarily derived from switching costs and, to a lesser extent, efficient scale. The hazardous waste management industry is characterized by stringent regulations and complex permitting processes, creating significant barriers to entry for new competitors. Customers, particularly large industrial clients, face high switching costs due to the need to ensure compliance with environmental regulations and the potential liability associated with improper waste disposal. Changing providers involves significant due diligence, facility audits, and potential disruptions to operations, making customers hesitant to switch unless there is a compelling reason.
The company's extensive network of treatment, storage, and disposal facilities (TSDFs) also contributes to its moat. Building and operating these facilities requires significant capital investment and expertise, creating a barrier to entry for smaller players. While the industry is fragmented, Clean Harbors' scale allows it to offer a wider range of services and handle more complex waste streams than many of its competitors. This efficient scale enables the company to achieve cost advantages and offer competitive pricing, further strengthening its competitive position.
However, the moat is not considered Wide due to the presence of other large, well-established competitors in the industry. While Clean Harbors is a market leader, it faces competition from companies like Waste Management and Republic Services, which also have significant scale and expertise. The industry is also subject to pricing pressures, particularly during economic downturns, which can erode margins and reduce the company's competitive advantage. Furthermore, the regulatory landscape is constantly evolving, which can create uncertainty and require ongoing investments in compliance.
The Safety-Kleen Sustainability Solutions segment benefits from a degree of customer captivity, as customers rely on Clean Harbors for parts washers, cleaning products, and waste management services. The integrated nature of these services creates switching costs, as customers would need to find alternative providers for each component. However, this segment is also subject to competition from other suppliers of cleaning products and waste management services, limiting the strength of the moat.
Financial Health & Profitability
Clean Harbors' financial health exhibits a mixed picture. While the company demonstrates strong profitability and returns, its balance sheet leverage warrants careful consideration. The company's revenue has shown growth over the past few years, increasing from $5.41 billion in FY2023 to $6.03 billion in FY2025. However, the most recent TTM revenue shows a slight decrease of -0.2% compared to the previous year, indicating a potential slowdown in growth. Gross margins have remained relatively stable, hovering around 31-33%, while operating margins have consistently been in the 11-14% range, showcasing efficient cost management.
The company's ROE of 15.3% significantly exceeds the sector average of 9.2%, indicating superior profitability and efficient use of equity. Similarly, the net margin of 6.9% is almost double the sector average of 3.7%, further highlighting the company's strong earnings power. However, the company's debt-to-equity ratio of 178.00 is significantly higher than the sector average of 70.00, indicating a higher level of financial leverage. This increased leverage could amplify the impact of any economic downturn or operational challenges on the company's financial performance.
Analyzing the quarterly financial history reveals some interesting trends. Gross margins and operating margins tend to be higher in Q2 and Q3 compared to Q1, suggesting seasonal factors may influence the company's profitability. Net income has fluctuated from quarter to quarter, reflecting variations in revenue and operating expenses. The company's current ratio of 2.33 indicates a strong liquidity position, suggesting it has ample current assets to cover its current liabilities. However, the absence of free cash flow data makes it difficult to assess the company's cash flow generation capabilities.
Overall, Clean Harbors' financial health is characterized by strong profitability and returns, but also by a relatively high level of debt. Investors should closely monitor the company's debt levels and its ability to generate consistent cash flow to ensure its long-term financial stability. While the company's superior profitability metrics are encouraging, the high leverage could pose a risk if the company experiences a significant decline in revenue or earnings.
Valuation Assessment
Clean Harbors' valuation presents a mixed picture. The company's P/E ratio of 37.7x is significantly higher than the sector average of 27.7x, suggesting that the stock is relatively expensive compared to its peers. However, the company's EV/EBITDA ratio of 5.4x is slightly lower than the sector average of 5.7x, indicating that the company may be undervalued on an enterprise value basis. This discrepancy could be due to differences in capital structure or growth expectations.
Given the absence of free cash flow data, it is difficult to assess the company's valuation using traditional FCF-based metrics. However, the company's strong profitability and returns, as evidenced by its high ROE and net margin, suggest that it may be able to justify a premium valuation. The company's leading position in the hazardous waste management industry and its focus on sustainability also support a higher valuation multiple.
However, investors should be mindful of the company's relatively high debt levels, which could weigh on its valuation. The company's high debt-to-equity ratio increases its financial risk and could limit its ability to invest in future growth opportunities. Furthermore, the company's recent revenue decline of -0.2% raises concerns about its growth prospects, which could also impact its valuation.
Overall, Clean Harbors' valuation appears to be relatively rich compared to the sector, but its superior profitability metrics and its leading market position may justify a premium. Investors should carefully consider the company's growth prospects, its debt levels, and its ability to generate consistent cash flow before making an investment decision. A discounted cash flow analysis, if feasible with available data, would provide a more comprehensive assessment of the company's intrinsic value.
Risk & Uncertainty
Clean Harbors faces several specific risks that could impact its business and financial performance. One of the most significant risks is regulatory compliance. The hazardous waste management industry is heavily regulated, and Clean Harbors must comply with a complex web of federal, state, and local regulations. Changes in these regulations could increase the company's compliance costs, limit its ability to operate certain facilities, or expose it to potential liabilities. For example, stricter regulations on the disposal of certain types of waste could reduce demand for the company's services or require it to invest in new technologies.
Another key risk is competition. While Clean Harbors is a market leader, it faces competition from other large waste management companies, as well as smaller regional players. Increased competition could lead to pricing pressures and reduced margins. The company also faces competition from alternative waste treatment technologies, such as incineration and recycling, which could reduce demand for landfill disposal.
The company's relatively high debt levels also pose a risk. High leverage increases the company's financial risk and could make it more vulnerable to economic downturns or operational challenges. The company's ability to service its debt depends on its ability to generate consistent cash flow, which could be affected by changes in demand, pricing, or operating expenses. Furthermore, the company's reliance on acquisitions for growth exposes it to integration risks and the potential for overpaying for acquisitions.
Finally, Clean Harbors is subject to environmental liabilities. The company handles hazardous waste, which could potentially contaminate the environment if not managed properly. Environmental incidents could result in significant cleanup costs, fines, and reputational damage. The company also faces the risk of lawsuits from individuals or businesses who claim to have been harmed by its operations.
Bulls Say / Bears Say
The Bull Case
BULL VIEWClean Harbors' leading market share and extensive network of facilities provide a significant competitive advantage, allowing it to capitalize on the growing demand for hazardous waste management services.
BULL VIEWThe company's focus on sustainability and recycling aligns with increasing environmental regulations and customer preferences, positioning it for long-term growth and enhanced profitability.
BULL VIEWStrategic acquisitions and efficient capital allocation will continue to drive revenue growth and expand Clean Harbors' service offerings, further solidifying its position as a dominant player in the industry.
The Bear Case
BEAR VIEWClean Harbors' high debt levels and reliance on acquisitions create significant financial risk, potentially limiting its ability to invest in future growth and withstand economic downturns.
BEAR VIEWIncreased competition and pricing pressures in the hazardous waste management industry could erode margins and reduce the company's profitability, impacting its ability to generate consistent earnings.
BEAR VIEWStricter environmental regulations and potential environmental liabilities could increase compliance costs and expose Clean Harbors to significant financial risks, negatively affecting its long-term performance.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CLH and 4,400+ other equities.
CLEAN HARBORS INC exhibits a 216% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
5.5%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
31.3%
Sector: 35.8%
Operating Margin
Core business profitability
11.6%
Sector: 6.2%
Net Margin
Bottom-line profitability
6.9%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
