Company Overview - Clean Harbors, Inc. (CLH) is the leading provider of hazardous and environmentally sensitive waste disposal in North America, operating the continent's largest network of incinerators and offering extensive emergency response, industrial services, and logistics capabilities [2] - The company has a vertically integrated model supported by 5,000 drivers and over 20,000 vehicles, enabling it to manage complex waste streams from various sectors including semiconductor fabs and hospitals [2] Business Segments - CLH dominates used-oil recycling through its Safety-Kleen Sustainability Solutions (SKSS) segment, which collects, re-refines, and resells oil, although this segment is more sensitive to global oil prices and has lower margins compared to the core environmental services segment [3] - The company's competitive advantage is bolstered by a national network of incinerators, landfills, and TSDF facilities, which face significant permitting barriers, along with deep regulatory expertise in PFAS destruction, a growing multibillion-dollar remediation market contributing $100–125 million in revenue and growing at 20% annually [3] Competitive Landscape - CLH competes with major players such as Veolia, Waste Management, and Republic Services, but remains the most comprehensive one-stop shop for industrial customers [4] - While organic growth has historically been low to mid-single digits, increased demand for PFAS remediation and reshoring trends could provide additional growth opportunities [4] Financial Metrics - As of November 28th, CLH's share price was $227.56, with trailing and forward P/E ratios of 31.61 and 28.82 respectively [1] - The company has a run-rate free cash flow near $400 million against an enterprise value of approximately $13.5 billion, indicating modest returns without assuming continued acquisition-driven expansion or higher oil prices [4] Market Outlook - The stock appears fundamentally strong but is priced for optimism, suggesting that it may be prudent to wait for more attractive valuations before considering an investment [5] - The bullish thesis on CLH emphasizes its industrial and regulatory-driven growth profile, similar to the perspective on Waste Management, Inc. [6]