WM changes
Pick any two versions below to diff them.
- Price
- $203.92 → $208.83(+2.4%)
- Balance sheet
- added: 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 removed: issues. Its added: issues and its subsidiary WM Holdings removed: guarantees this debt. added: guarantees. 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, removed: total debt was removed: $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. removed: About $3.8 billion falls added: The amount due removed: or must be repriced within 12 removed: months. added: 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. removed: An added: The undrawn added: credit is the unused capacity of a $3.5 billion revolving credit removed: line to May 2029 left $2.2 billion of unused capacity. At added: line. The leverage ratio uses the removed: 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. removed: It is inside added: The ratings are from the removed: 2.75 to 3.0 times target. added: October 2024 note issue. 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. removed: But leverage near 2.8 times leaves less room for another large acquisition. As of Jun 30, 2026.