Waste Connections Inc (WCN) - Net Assets

Latest as of December 2025: CA$8.25 Billion CAD ≈ $5.96 Billion USD

Based on the latest financial reports, Waste Connections Inc (WCN) has net assets worth CA$8.25 Billion CAD (≈ $5.96 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$21.13 Billion ≈ $15.28 Billion USD) and total liabilities (CA$12.88 Billion ≈ $9.32 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check WCN cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CA$8.25 Billion
% of Total Assets	39.02%
Annual Growth Rate	28.8%
5-Year Change	17.9%
10-Year Change	45.81%
Growth Volatility	151.66

Waste Connections Inc - Net Assets Trend (1997–2025)

This chart illustrates how Waste Connections Inc's net assets have evolved over time, based on quarterly financial data. Also explore Waste Connections Inc balance sheet assets for the complete picture of this company's asset base.

Annual Net Assets for Waste Connections Inc (1997–2025)

The table below shows the annual net assets of Waste Connections Inc from 1997 to 2025. For live valuation and market cap data, see WCN market cap overview.

Year	Net Assets	Change
2025-12-31	CA$8.25 Billion ≈ $5.96 Billion	+4.90%
2024-12-31	CA$7.86 Billion ≈ $5.69 Billion	+2.11%
2023-12-31	CA$7.70 Billion ≈ $5.57 Billion	+8.21%
2022-12-31	CA$7.11 Billion ≈ $5.15 Billion	+1.72%
2021-12-31	CA$6.99 Billion ≈ $5.06 Billion	+1.90%
2020-12-31	CA$6.86 Billion ≈ $4.96 Billion	-1.08%
2019-12-31	CA$6.94 Billion ≈ $5.02 Billion	+7.40%
2018-12-31	CA$6.46 Billion ≈ $4.67 Billion	+2.97%
2017-12-31	CA$6.27 Billion ≈ $4.54 Billion	+10.95%
2016-12-31	CA$5.65 Billion ≈ $4.09 Billion	+183.91%
2015-12-31	CA$1.99 Billion ≈ $1.44 Billion	-10.83%
2014-12-31	CA$2.23 Billion ≈ $1.62 Billion	+9.06%
2013-12-31	CA$2.05 Billion ≈ $1.48 Billion	+8.77%
2012-12-31	CA$1.88 Billion ≈ $1.36 Billion	+34.54%
2011-12-31	CA$1.40 Billion ≈ $1.01 Billion	+2.14%
2010-12-31	CA$1.37 Billion ≈ $991.34 Million	+0.99%
2009-12-31	CA$1.36 Billion ≈ $981.66 Million	+8.10%
2008-12-31	CA$1.26 Billion ≈ $908.13 Million	+55.88%
2007-12-31	CA$805.37 Million ≈ $582.59 Million	+5.35%
2006-12-31	CA$764.47 Million ≈ $553.01 Million	+2.68%
2005-12-31	CA$744.56 Million ≈ $538.60 Million	+1.72%
2004-12-31	CA$731.94 Million ≈ $529.48 Million	+30.37%
2003-12-31	CA$561.42 Million ≈ $406.12 Million	+18.25%
2002-12-31	CA$474.79 Million ≈ $343.46 Million	+18.76%
2001-12-31	CA$399.79 Million ≈ $289.20 Million	+19.62%
2000-12-31	CA$334.21 Million ≈ $241.76 Million	+52.96%
1999-12-31	CA$218.50 Million ≈ $158.06 Million	+257.61%
1998-12-31	CA$61.10 Million ≈ $44.20 Million	+785.51%
1997-12-31	CA$6.90 Million ≈ $4.99 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Waste Connections Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 520535500000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	CA$5.20 Billion	63.06%
Common Stock	CA$2.78 Billion	33.76%
Other Components	CA$262.19 Million	3.18%
Total Equity	CA$8.25 Billion	100.00%

Waste Connections Inc Competitors by Market Cap

The table below lists competitors of Waste Connections Inc ranked by their market capitalization.

Company	Market Cap
China Hongqiao Group Ltd F:H0Q	$40.54 Billion
Rocket Lab USA Inc. NASDAQ:RKLB	$40.56 Billion
Ventas Inc NYSE:VTR	$40.60 Billion
Old Dominion Freight Line Inc NASDAQ:ODFL	$40.61 Billion
Garmin Ltd F:GEY	$40.34 Billion
MSCI Inc NYSE:MSCI	$40.30 Billion
Legrand SA PA:LR	$40.29 Billion
Mahindra & Mahindra Limited NSE:M&M	$40.21 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Waste Connections Inc's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 7,860,354,000 to 8,245,381,000, a change of 385,027,000 (4.9%).
Net income of 1,076,557,000 contributed positively to equity growth.
Dividend payments of 333,807,000 reduced retained earnings.
Share repurchases of 499,730,000 reduced equity.
New share issuances of 323,000 increased equity.
Other comprehensive income increased equity by 205,740,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CA$1.08 Billion	+13.06%
Dividends Paid	CA$333.81 Million	-4.05%
Share Repurchases	CA$499.73 Million	-6.06%
Share Issuances	CA$323.00K	+0.0%
Other Comprehensive Income	CA$205.74 Million	+2.5%
Other Changes	CA$-64.06 Million	-0.78%
Total Change	CA$-	4.90%

Book Value vs Market Value Analysis

This analysis compares Waste Connections Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 6.79x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 1368.10x to 6.79x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1997-12-31	CA$0.16	CA$219.00	x
1998-12-31	CA$0.98	CA$219.00	x
1999-12-31	CA$2.17	CA$219.00	x
2000-12-31	CA$2.75	CA$219.00	x
2001-12-31	CA$2.71	CA$219.00	x
2002-12-31	CA$2.76	CA$219.00	x
2003-12-31	CA$3.23	CA$219.00	x
2004-12-31	CA$4.24	CA$219.00	x
2005-12-31	CA$4.41	CA$219.00	x
2006-12-31	CA$4.65	CA$219.00	x
2007-12-31	CA$4.92	CA$219.00	x
2008-12-31	CA$7.81	CA$219.00	x
2009-12-31	CA$7.49	CA$219.00	x
2010-12-31	CA$7.79	CA$219.00	x
2011-12-31	CA$8.19	CA$219.00	x
2012-12-31	CA$10.28	CA$219.00	x
2013-12-31	CA$10.97	CA$219.00	x
2014-12-31	CA$11.90	CA$219.00	x
2015-12-31	CA$10.72	CA$219.00	x
2016-12-31	CA$24.44	CA$219.00	x
2017-12-31	CA$23.72	CA$219.00	x
2018-12-31	CA$24.41	CA$219.00	x
2019-12-31	CA$26.21	CA$219.00	x
2020-12-31	CA$26.01	CA$219.00	x
2021-12-31	CA$26.70	CA$219.00	x
2022-12-31	CA$27.55	CA$219.00	x
2023-12-31	CA$29.80	CA$219.00	x
2024-12-31	CA$30.39	CA$219.00	x
2025-12-31	CA$32.26	CA$219.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Waste Connections Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 13.06%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 11.37%
• Asset Turnover: 0.45x
• Equity Multiplier: 2.56x
Recent ROE (13.06%) is above the historical average (5.72%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1997	-73.91%	-82.26%	0.33x	2.74x	CA$-5.79 Million
1998	2.95%	3.33%	0.36x	2.44x	CA$-4.31 Million
1999	4.21%	5.04%	0.30x	2.83x	CA$-12.65 Million
2000	8.43%	9.26%	0.38x	2.42x	CA$-5.23 Million
2001	8.03%	8.09%	0.39x	2.58x	CA$-7.47 Million
2002	12.28%	11.12%	0.40x	2.79x	CA$10.29 Million
2003	12.20%	11.64%	0.40x	2.60x	CA$11.85 Million
2004	10.21%	11.48%	0.42x	2.11x	CA$1.52 Million
2005	11.69%	11.63%	0.43x	2.33x	CA$12.12 Million
2006	10.51%	9.39%	0.46x	2.41x	CA$3.77 Million
2007	12.78%	10.34%	0.48x	2.56x	CA$21.57 Million
2008	8.41%	10.06%	0.40x	2.07x	CA$-19.92 Million
2009	8.11%	9.22%	0.42x	2.08x	CA$-25.56 Million
2010	9.89%	10.24%	0.45x	2.13x	CA$-1.51 Million
2011	11.85%	10.98%	0.45x	2.39x	CA$25.75 Million
2012	8.47%	9.57%	0.33x	2.70x	CA$-28.72 Million
2013	9.58%	10.14%	0.38x	2.48x	CA$-8.65 Million
2014	10.44%	11.18%	0.40x	2.36x	CA$9.71 Million
2015	-4.82%	-4.52%	0.41x	2.58x	CA$-294.28 Million
2016	4.37%	7.30%	0.30x	1.98x	CA$-318.21 Million
2017	9.20%	12.46%	0.39x	1.92x	CA$-50.05 Million
2018	8.47%	11.11%	0.39x	1.96x	CA$-98.59 Million
2019	8.18%	10.52%	0.39x	1.98x	CA$-126.51 Million
2020	2.98%	3.76%	0.39x	2.04x	CA$-481.25 Million
2021	8.84%	10.05%	0.42x	2.10x	CA$-80.85 Million
2022	11.76%	11.59%	0.42x	2.41x	CA$124.79 Million
2023	9.92%	9.51%	0.45x	2.33x	CA$-6.48 Million
2024	7.86%	6.92%	0.45x	2.52x	CA$-168.46 Million
2025	13.06%	11.37%	0.45x	2.56x	CA$252.02 Million

Industry Comparison

This section compares Waste Connections Inc's net assets metrics with peer companies in the Waste Management industry.

Industry Context

Industry: Waste Management
Average net assets among peers: $334,952,307
Average return on equity (ROE) among peers: -85.80%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Waste Connections Inc (WCN)	CA$8.25 Billion	-73.91%	1.56x	$40.50 Billion
Anaergia Inc (ANRG)	$73.59 Million	-248.13%	2.79x	$368.32 Million
BluMetric Environmental Inc (BLM)	$5.24 Million	50.77%	1.77x	$37.91 Million
BQE Water Inc (BQE)	$12.64 Million	9.19%	0.27x	$77.33 Million
Cielo Waste Solutions Corp (CMC)	$-5.96 Million	0.00%	0.00x	$11.53 Million
Ecolomondo Corp (ECM)	$667.82K	-273.94%	45.45x	$25.43 Million
EverGen Infrastructure Corp (EVGN)	$42.00 Million	-39.83%	0.85x	$7.22 Million
Earthworks Industries Inc (EWK)	$935.33K	-51.30%	1.18x	$2.85 Million
Gfl Environmental Holdings Inc (GFL)	$3.19 Billion	-15.14%	2.47x	$13.11 Billion
Green Impact Partners Inc (GIP)	$25.45 Million	-9.65%	2.25x	$34.93 Million
Northstar Clean Technologies Inc (ROOF)	$2.36 Million	-279.92%	1.06x	$21.31 Million

About Waste Connections Inc

TO:WCN Canada Waste Management

Market Cap

$40.50 Billion

CA$55.98 Billion CAD

Market Cap Rank

#656 Global

#28 in Canada

Share Price

CA$219.00

Change (1 day)

-2.13%

52-Week Range

CA$213.71 - CA$274.32

All Time High

CA$281.55