Forensic Analysis · General / Diversified · as of Nov 9, 2026

Republic Services, Inc. (RSG)

A forensic read on Republic Services, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

2.0

Distress distance

Clean

Earnings quality

Forensic signals

18.3%

ROE

3.3%

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 (auditor quality, say on pay, board independence, going concern). 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.

Republic Services, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

9.1%

FY2025

Return on invested capital. Return on invested capital is 9.1% in the latest fiscal year, against 7.9% in FY2023, having run between 7.9% and 9.4% across FY2023–FY2025 with no direction held. After-tax operating profit was $2.2B in FY2023 and $2.7B in FY2025, with operating income at 16.1% of revenue in FY2023, 17.4% in FY2024 and 17.4% in FY2025. The capital base behind it went from $28.0B in FY2023 to $30.0B in FY2025 (+7%), while the revenue it carried went from $17.3B to $19.0B. Across FY2024–FY2025, $6.4B went into capital expenditure, acquisitions and equity-method investments against $3.5B of depreciation excluding $168M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.

Key fundamentals

Latest Revenue$19.03B

Revenue Growth YoY+3.3%

Revenue CAGR (2yr)+4.9%

Net Margin11.2%

Free Cash Flow$2.41B

Return on Equity18.3%

Debt / Equity1.13x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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