Forensic Analysis · General / Diversified · as of Sep 25, 2026
Casella Waste Systems Inc (CWST)
A forensic read on Casella Waste Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.4
Distress distance
Clean
Earnings quality
4
Forensic signals
793.7
P / E (ttm)
0.5%
ROE
$5.4B
Market cap
18.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Casella Waste Systems Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.4%
FY2025
Return on invested capital.Return on invested capital is 1.4% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.2-point range. After-tax operating profit was $55M in FY2023 and $41M in FY2025, with operating income at 6.4% of revenue in FY2023, 4.7% in FY2024 and 3.5% in FY2025. The capital base behind it grew +41% across FY2023–FY2025, from $2.1B to $2.9B, while the return fell 1.3 points, so the dollars added over that window earned less than the 2.7% the older base was already earning.
+7.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +15% over the last 2 years to FY2025 (+7.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~13%.
+11.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 13% of net operating assets, against an accruals ratio of 11.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
0.8% of rev
FY2025
Key fundamentals
Latest Revenue$1.84B
Revenue Growth YoY+18.0%
Revenue CAGR (2yr)+20.5%
Net Margin0.4%
Free Cash Flow$84.7M
Return on Equity0.5%
Debt / Equity0.74x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Casella Waste Systems Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Casella Waste Systems Inc (CWST) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Stock-based comp load.Stock-based compensation ran 0.8% of revenue and 17% of free cash flow in FY2025 — about $0.22 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 7.2% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.