Waste Management

WM has a long record of balancing reinvestment with returns of capital. From 2022 to 2026, roughly 3 billion dollars is being deployed to recycling automation and RNG facilities, which management expects to deliver attractive paybacks and diversify cash flows.

The Stericycle acquisition added a new vertical with expected cost and cross‑sell synergies; leverage temporarily constrained repurchases, but a new 3 billion dollar authorization for 2026 and a planned 14.5 percent dividend increase signal confidence in forward cash generation.

Risks: execution and returns on sustainability growth projects and healthcare integration; commodity swings that could delay capital returns in a downside. Overall, discipline and transparency are good, with a clear leverage framework and FCF return priorities.