As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes and transfer stations, which bestows significant control over the waste stream and strong internalization rates, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. The firm has benefited from industry consolidation. Outside the large public waste haulers, which account for roughly half of industry revenue, size falls off quickly, and the market becomes fragmented.