Republic Services Should Be Able to Maintain Robust Cash Flow Growth

Following right behind industry leader WM, Republic Services dominates landfill ownership. As a fully integrated waste hauler, the company leverages a vast network of collection routes and transfer stations, which bestows significant control over the waste stream and strong internalization rates, funneling waste from commercial, industrial, and residential end markets into its highly valuable landfill assets. Outside the large public waste haulers, which account for roughly half of industry revenue, size falls off quickly, and the market becomes fragmented.