2025年12月1日：摩根大通维持"增持"评级，目标价265美元。 2026年1月21日：道明证券（Scotiabank）将评级下调至"行业一致"，目标价250美元。 机构观点的分化可能影响短期市场情绪，需留意后续是否有其他机构调整预期。 经济观察网 截至2026年2月12日，美国废物管理（WM）近期未披露特别日程外的事件。基于公开信 息，以下动态值得关注： 业绩经营情况 公司最近一期财报为2025年10月28日发布的2025财年三季报（累计），报告期内收入188.91亿美元，同 比增长16.83%，但净利润19.67亿美元，同比下滑8.38%。投资者可关注其后续2025年第四季度及全年财 报的发布日程（通常于次年1-2月披露），重点观察利润端改善情况与2026年业绩指引。 机构观点 2025年11月24日：高盛首次覆盖WM，给予"买入"评级，目标价256美元。 2026年1月中国国务院发布《固体废物综合治理行动计划》，提出到2030年大宗固废年综合利用量达45 亿吨等目标。虽政策直接针对中国市场，但可能间接提振全球固废治理行业长期需求，WM作为北美龙 头或受益于行业关注度提升。 股票近期走势 WM股价在20 ...

Company Overview - Waste Management, Inc. (NYSE: WM) is a leading provider of comprehensive waste management services in North America, offering collection, transfer, recycling, and disposal services [1] - The company competes with other waste management firms such as Republic Services and Waste Connections [1] Recent Executive Activity - WM's CEO, James C. Fish Jr., sold 5,706 shares at $230.87 each, while retaining 220,087 shares [1][5] Institutional Investment - Envestnet Asset Management Inc. increased its stake in WM by 16.9% in the third quarter, acquiring an additional 144,860 shares, bringing its total to 1,001,706 shares, valued at $221.2 million [2] - Peregrine Asset Advisers Inc. boosted its holdings by 372.5% to 5,046 shares, valued at $1.1 million [3] - Telos Capital Management Inc. also increased its position in WM by 10.1% [3] Stock Performance - WM's stock is currently priced at $232.03, reflecting a $1.53 increase or 0.66% rise [4] - The stock has fluctuated between $229 and $233.50 today, with a year-high of $242.58 and a low of $194.11 [4][5] - WM's market capitalization is approximately $93.48 billion, with a trading volume of 1,040,699 shares [4]

Based in Houston, Texas, Waste Management, Inc. (WM) operates one of North America’s most expansive environmental services platforms. With a $91.4 billion market cap, the company manages waste collection, recycling, disposal, and material recovery while also converting landfill gas into energy and delivering regulated healthcare waste and secure information destruction services. Over the past 52 weeks, WM stock gained 2.5%, significantly lagging the S&P 500 Index ($SPX) 15.6% gain. Year-to-date (YTD) per ...

Business Strategy and Risks - The company faces significant risks in implementing its business strategy, which could adversely affect financial performance and growth [125]. - Key elements of the strategy include yield management and price leadership, which may challenge cash flows and operational results [127]. - The acquisition of Stericycle, now part of the Healthcare Solutions segment, is subject to various risks, including potential decreases in medical waste volume and operational disruptions [129]. - The company anticipates that realizing cost synergies from the Stericycle acquisition may take longer than expected, potentially impacting financial benefits [130]. - The company’s growth strategy, including acquisitions and market expansion, may lead to substantial additional indebtedness, diverting capital from traditional operations [127]. - The company faces intense competition from various sources, including governmental and private entities, which may impact pricing strategies and revenue growth [162]. - The healthcare industry is evolving, leading to consolidation and increased competitive pressure, which could adversely affect financial results [176]. Regulatory and Compliance Challenges - Compliance with extensive regulations is costly and can restrict operations, leading to increased operating costs and potential revenue reductions [131]. - The company is exposed to regulatory compliance risks that could result in legal liabilities and reputational harm, impacting customer retention [139]. - Increased operational costs may arise from compliance with new environmental regulations, particularly concerning emerging contaminants like PFAS [132]. - The company may face challenges in obtaining necessary permits for landfill operations, which could adversely impact financial condition and operational capacity [144]. - Regulatory pressures to transition to electric vehicles may increase costs and require significant capital investment, potentially impairing existing investments in natural gas infrastructure [152]. - Changes in federal and state renewable fuel policies could affect the financial performance of the Renewable Energy segment, particularly due to tax policies and incentive programs [196]. - The evolving regulatory framework for data protection and privacy may expose the company to increased liability and scrutiny from regulators and customers [189]. Financial Performance and Market Conditions - The company experienced a year-over-year revenue decrease of $166 million in 2025 due to declining market prices for recyclable commodities, while 2024 saw a revenue increase of $245 million from rising prices [164][165]. - The company’s financial performance may be negatively impacted by changes in commodity prices and demand, which are susceptible to macroeconomic conditions [163]. - Changes in consumer trends and economic conditions can adversely affect revenues, income from operations margins, and overall financial results [170]. - A decrease in waste volumes generated may lead to increased competitive pricing pressure, negatively affecting revenues and margins [173]. - External factors such as inflation and supply chain disruptions have adversely affected business operations and may continue to do so [160]. Operational Costs and Labor Issues - Labor shortages and competition for skilled employees could lead to increased costs and operational disruptions, negatively affecting results [145]. - Labor costs may increase due to union activities, minimum wage hikes, and regulatory changes, potentially adversely affecting future results [146]. - The company faces challenges in managing costs due to a high fixed-cost structure, which may not correlate with changes in waste volumes [173]. Investments and Sustainability Initiatives - Significant investments in recycling operations aim to increase automation and reduce labor dependency, but these investments expose the company to commodity price fluctuations [166]. - The company is investing in technology to automate operations and improve customer experience, but significant spending may divert capital from traditional operations [181]. - The company has made significant investments in facilities to capture and process landfill gas into renewable natural gas (RNG) to participate in the Renewable Fuel Standard (RFS) program [196]. - The company is pursuing long-term sales transactions in the voluntary market to stabilize its RNG portfolio amid fluctuations in the RINs market [381]. - The company’s sustainability growth strategy is influenced by state and Canadian clean fuel standard programs, which establish annual carbon intensity benchmarks for transportation fuels [382]. Debt and Interest Rate Exposure - The company currently has $1.8 billion of tax-exempt bonds maturing within the next 12 months, which could lead to increased interest expenses if market dynamics change [174]. - The company has $2.9 billion of debt exposed to changes in market interest rates within the next 12 months, primarily from commercial paper borrowings and tax-exempt bonds [206]. - A 100-basis point increase in interest rates on outstanding variable-rate debt obligations is estimated to increase 2025 interest expense by $35 million [373]. - As of December 31, 2025, the company had $22.9 billion of long-term debt, down from $24.1 billion in 2024 [373]. - The company has a $3.5 billion revolving credit facility with no outstanding borrowings as of December 31, 2025, leaving $2.2 billion of unused credit capacity [207]. - An instantaneous, 100-basis point increase in interest rates would decrease the fair value of the company's debt by approximately $0.8 billion as of December 31, 2025 [375]. Environmental and Climate Change Risks - The company may incur significant environmental liabilities due to operations, particularly related to waste management and contamination [194]. - The company faces risks from climate change that could increase operational costs and disrupt services, including damage from extreme weather events [199]. - The Renewable Energy segment's performance is subject to volatility from energy-related price fluctuations and regulatory changes affecting RINs [167]. Cybersecurity and Technology Risks - Cybersecurity risks are increasing due to reliance on digital technology, which could lead to substantial costs and reputational harm if systems are compromised [186]. - The company must adapt to the risks and benefits of artificial intelligence, as failure to do so could negatively impact competitive positioning and financial results [184].

Berkshire Hathaway - Berkshire Hathaway's insurance business has shown strong performance, with underwriting earnings increasing by 3% in the first nine months of 2025 despite challenges from California wildfires [1] - The transition of leadership from Warren Buffett to Greg Abel is expected to maintain the operational excellence of the company, as Buffett has left Abel with a robust portfolio of businesses and equity stakes [2][3] Gates Foundation and Berkshire Shares - The Gates Foundation continues to hold a significant amount of Berkshire Hathaway shares, with 21.8 million shares valued at approximately $11 billion as of the end of the third quarter [3] - Buffett's annual donations to the Gates Foundation include substantial amounts of Berkshire shares, with last year's donation being 9.4 million Class B shares [4] Investment Strategy - The Gates Foundation's investment strategy is heavily focused on value stocks, with 59% of its marketable equity portfolio concentrated in just three stocks [5] - The foundation's holdings include WM (Waste Management) and Canadian National Railway, both of which are long-term investments that provide steady returns [9][13] WM (Waste Management) - WM holds a dominant position in the waste disposal industry with over 260 landfill locations, benefiting from regulatory barriers that limit competition [10] - The company reported an adjusted operating margin of 31.5% in 2025, an increase from 30% in 2024, and expects further margin expansion in 2026 [11] - Despite a disappointing revenue growth outlook of 5.2% for 2026, WM is focusing on operational improvements to enhance profitability [12] Canadian National Railway - Canadian National Railway is another key holding for the Gates Foundation, with 51.8 million shares valued at about $5.1 billion [13] - The company experienced a 2% revenue increase in 2025, driven by record grain transport volumes, despite challenges from tariffs affecting import volumes [14] - Management has authorized a share repurchase program and is reducing capital expenditures, which should support earnings growth and free cash flow [15][16] Investment Insights - The Gates Foundation's investment approach emphasizes owning a small number of high-quality companies, which can lead to significant long-term wealth accumulation [18] - Berkshire Hathaway shares are currently trading at around 1.55 times book value, which is considered a fair price, but not necessarily a bargain [8]

Group 1 - Waste Management Inc. (NYSE: WM) shares reached an all-time high of $242.58 in June [1]

Waste Management garbage truck collecting a recycling bin on a suburban street in daylight. Key Points Waste Management’s Q4 results missed estimates, but revenue growth and margin expansion stayed on track with long-term trends. Free cash flow is expected to accelerate, supporting a mix of dividend growth and a planned return to share repurchases. The stock remains in an uptrend after the post-earnings pullback, with buyers likely to defend key moving-average support. Interested in Waste Management, ...

Core Insights - Waste Management, Inc. (WM) is a leading provider of waste management services in North America, offering collection, transfer, recycling, and disposal services [1] - Oppenheimer has set a price target of $264 for WM, indicating a potential price increase of 18.32% from its current price of $223.13 [1][5] - AlphaQuest LLC has increased its investment in WM by 131.8%, reflecting strong confidence in the company's future performance [2][5] Market Performance - WM's current stock price is $223.13, which represents a decrease of 3.66% or $8.47, with fluctuations during the trading day ranging from a low of $220.84 to a high of $231.67 [3] - Over the past year, WM's stock has reached a high of $242.58 and a low of $194.11, indicating volatility in the stock market [3] - WM's market capitalization is approximately $89.89 billion, showcasing its significant presence in the waste management industry [4][5] Investor Interest - The trading volume on the NYSE for WM is 3,670,753 shares, indicating active investor interest [4] - Other investment firms, such as Cornercap Investment Counsel Inc. and Wealthfront Advisers LLC, have also adjusted their positions in WM, reflecting broader interest in the company's potential [2]

Market Overview - The Solid Control Drilling Waste Management Market was valued at USD 1.50 billion in 2025 and is projected to reach USD 3.23 billion by 2035, growing at a CAGR of 8.06% from 2026 to 2035 [1][5]. Market Drivers - The increase in global oil and gas drilling activities is driving the demand for effective solid control and waste management systems due to the significant amount of drilling waste produced [1]. - Companies are focusing on implementing advanced separation technology and treatment solutions to manage contaminated drilling fluids and materials safely [1]. - Environmental protection regulations are encouraging operators to adopt eco-friendly disposal methods, further boosting market demand [1]. Key Market Segmentation By Waste Type - Contaminated Oil Based Muds held a dominant market share of approximately 58% in 2025, attributed to the large volume of hazardous muds generated from oil and gas drilling operations [6]. - The Waste Lubricants segment is expected to grow at the fastest CAGR from 2026 to 2035 due to increasing drilling operations and stricter environmental regulations [6]. By Application - The Onshore segment dominated the market with around 61% share in 2025, driven by the high number of land-based drilling projects [7]. - The Offshore segment is anticipated to grow at the fastest CAGR from 2026 to 2035, fueled by increasing deepwater and offshore oil and gas exploration activities [7]. By End-Use - The Oil & Gas sector accounted for approximately 69% of the market share in 2025, due to extensive use of drilling fluids and high-volume waste generation [8]. - The Geothermal Energy segment is projected to grow at the fastest CAGR from 2026 to 2035, driven by a rising focus on renewable energy and increasing geothermal drilling projects [8]. By Service Type - Solid Control services represented about 41% of the market in 2025, as they are essential for separating solids from drilling fluids [9]. - The Waste Treatment & Disposal segment is expected to experience the fastest growth from 2026 to 2035, driven by increasing environmental regulations and sustainability initiatives [9]. Regional Insights - North America led the market with a revenue share of approximately 38% in 2025, due to extensive oil and gas drilling activities in the U.S. and Canada [11]. - The Asia Pacific region is expected to grow at the fastest CAGR of about 9.39% from 2026 to 2035, driven by rising oil and gas exploration activities and growing investments in drilling infrastructure [11]. Competitive Landscape - Key players in the market include Schlumberger, Halliburton, Baker Hughes, Weatherford International, and others [4]. - Recent developments include TWMA securing a $15 million drilling waste management contract for BP's Mediterranean project and Schlumberger partnering with Cactus Drilling to optimize drilling operations [15].

Core Insights - WM reported disappointing fourth-quarter 2025 results, with adjusted earnings of $1.93 per share missing the consensus estimate by 1% and total revenues of $6.3 billion also falling short by 1.2% while showing a year-over-year increase of 7.1% [1][8] Financial Performance - The Collection segment generated revenues of $3.9 billion, a 4.9% increase year-over-year, meeting the Zacks Consensus Estimate [2] - The Landfill segment reported revenues of $910 million, a 6.2% year-over-year increase, but missed the consensus estimate of $956.1 million [2] - The Transfer segment's revenues grew 6.1% to $381 million, surpassing the consensus mark of $375.1 million [2] - The Recycling Processing and Sales segment saw revenues decline by 10.8% to $355 million, missing the Zacks Consensus Estimate of $414.3 million [2] - WM Renewable Energy achieved revenues of $157 million, a significant 68.8% increase year-over-year, exceeding the consensus mark of $148 million [3] - The combined revenues from WM Healthcare Solutions and Corporate and Other segments totaled $621 million, reflecting a 52.2% year-over-year growth but missing the consensus estimate of $627 million [3] - Adjusted operating EBITDA was $2 billion, up 15.7% from the previous year, with an adjusted operating EBITDA margin increasing by 240 basis points to 31.3% [4] Cash Flow and Dividends - WM generated $1.7 billion in cash from operating activities in Q4 2025, with capital expenditures of $684 million and free cash flow of $823 million [5] - The company distributed $333 million in cash dividends to shareholders during the fourth quarter [5] 2026 Outlook - For 2026, WM expects revenues between $26.43 billion and $26.63 billion, with the midpoint of $26.53 billion being lower than the Zacks Consensus Estimate of $26.59 billion [6] - Adjusted operating EBITDA is projected to be between $8.15 billion and $8.25 billion [6] - WM currently holds a Zacks Rank 3 (Hold) [6]