WASTE MANAGEMENT INC（WM）の決算・業績分析
WASTE MANAGEMENT INCの2025年有価証券報告書をAI分析。売上高$25.2B(+14.2%)。営業利益$4.3B。Utilities。
目次
WASTE MANAGEMENT INCの2025年度 業績サマリー
WASTE MANAGEMENT INC（証券コード: WM）の2025年度決算・業績分析。売上高は$25.2B（前年比+14.2%）。営業利益は$4.3B（前年比+6.0%）。純利益は$2.7B（前年比-1.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
WASTE MANAGEMENT INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 9.9% YoY to $19.7B (XBRL), driven by strong performance across waste management services.
- Net income surged 23.2% YoY to $2.2B (XBRL), with ROE reaching 32.4% (XBRL), reflecting efficient capital use.
- Free cash flow (FCF) totaled $1.5B (XBRL), supporting $1.1B in dividends and $1.5B in share repurchases (XBRL).
WASTE MANAGEMENT INCの売上高変化の要因
- •Revenue grew from $14.9B in FY2020 to $19.7B in FY2024 (XBRL), reflecting a 5-year CAGR of 6.5% (XBRL). Operating income increased 13.5% YoY to $3.4B (XBRL), with net income rising 23.2% YoY to $2.2B (XBRL). Growth drivers include expansion in waste management services and integration of Stericycle, though segment-specific revenue breakdowns are not disclosed (XBRL).
WASTE MANAGEMENT INCの営業利益変化の要因
- •Operating margin expanded to 17.1% (XBRL), while net margin reached 11.4% (XBRL), up from prior years. EBITDA margin of 27.4% (XBRL) highlights strong cost control. Operating income grew 13.5% YoY (XBRL), outpacing revenue growth, indicating improved efficiency. Net income surged 23.2% YoY (XBRL), driven by margin expansion and cost management.
WASTE MANAGEMENT INCの事業リスクと対応
Failure to execute business strategy could harm financial performance (10-K).
Yield management challenges may reduce volumes and cash flows due to price leadership (10-K).
Technology-led automation efforts may not yield intended efficiency gains (10-K).
Inflationary pressures could erode cost savings from automation (10-K).
Strategic asset decisions may lead to asset impairments (10-K).
Integration of acquisitions exposes the company to new regulatory and compliance risks (10-K).
WASTE MANAGEMENT INCの今後の見通し・業績予想
WASTE MANAGEMENT INCの事業内容
Waste Management Inc. operates as the largest provider of environmental solutions in North America, offering waste collection, transfer, disposal, recycling, and renewable energy services (10-K). Key segments include solid waste services (collection, transfer, disposal, recycling), WM Renewable Energy (landfill gas-to-energy), and WM Healthcare Solutions (Regulated Waste and Compliance Services, Secure Information Destruction) post-Stericycle acquisition (10-K). The company serves diverse customers, including municipalities, businesses, and households, with no single customer exceeding 5% of 2024 revenue (10-K). Competitive advantages include its extensive landfill network (262 sites) and transfer stations (339), along with investments in automation and renewable energy (10-K).
WASTE MANAGEMENT INCのAI業績分析レポート（2024年度）
Waste Management Inc. FY2024 Annual Report Analysis
Highlights
Business Overview
Waste Management Inc. operates as the largest provider of environmental solutions in North America, offering waste collection, transfer, disposal, recycling, and renewable energy services (10-K). Key segments include solid waste services (collection, transfer, disposal, recycling), WM Renewable Energy (landfill gas-to-energy), and WM Healthcare Solutions (Regulated Waste and Compliance Services, Secure Information Destruction) post-Stericycle acquisition (10-K). The company serves diverse customers, including municipalities, businesses, and households, with no single customer exceeding 5% of 2024 revenue (10-K). Competitive advantages include its extensive landfill network (262 sites) and transfer stations (339), along with investments in automation and renewable energy (10-K).
Revenue Analysis
Revenue grew from $14.9B in FY2020 to $19.7B in FY2024 (XBRL), reflecting a 5-year CAGR of 6.5% (XBRL). Operating income increased 13.5% YoY to $3.4B (XBRL), with net income rising 23.2% YoY to $2.2B (XBRL). Growth drivers include expansion in waste management services and integration of Stericycle, though segment-specific revenue breakdowns are not disclosed (XBRL).
Profitability Analysis
Operating margin expanded to 17.1% (XBRL), while net margin reached 11.4% (XBRL), up from prior years. EBITDA margin of 27.4% (XBRL) highlights strong cost control. Operating income grew 13.5% YoY (XBRL), outpacing revenue growth, indicating improved efficiency. Net income surged 23.2% YoY (XBRL), driven by margin expansion and cost management.
Balance Sheet Analysis
The company maintains a debt-to-equity ratio of 3.76x (XBRL) and an equity ratio of 21.0% (XBRL), indicating reliance on debt financing. Current ratio of 0.90x (XBRL) suggests potential short-term liquidity challenges. Cash balances totaled $351M (XBRL), though detailed balance sheet structure is not provided (XBRL).
Cash Flow Analysis
Operating cash flow reached $4.5B (XBRL), with FCF of $1.5B (XBRL). Investing cash flow was -$3.1B (XBRL), reflecting capital expenditures. Financing cash flow was -$1.2B (XBRL), driven by $1.1B in dividends (XBRL) and $1.5B in share repurchases (XBRL).
Working Capital Analysis
Receivables days: 49 days (XBRL); Payables days: 51 days (XBRL); Asset turnover: 0.60x (XBRL). No data on inventory days or cash conversion cycle (CCC) is available (XBRL).
Risks
Outlook
The 10-K does not provide explicit forward-looking guidance. However, the company emphasizes growth through renewable energy investments, automation, and expansion of waste management services. Long-term revenue CAGR of 6.5% (XBRL) suggests continued focus on scaling operations.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 14.9B | 15.5B | 15.2B | 17.9B | 19.7B | 20.4B |
| Operating Income | 2.8B | 2.7B | 2.4B | 3.0B | 3.4B | 3.6B |
| Net Income | 1.9B | 1.7B | 1.5B | 1.8B | 2.2B | 2.3B |
| Total Assets | 22.6B | 27.7B | 29.3B | 31.4B | 32.8B | 44.6B |
| Total Equity | 7.1B | 7.5B | 7.1B | 6.8B | 6.9B | 8.3B |
| Operating Cash Flow | 3.6B | 3.9B | 3.4B | 4.3B | 4.5B | 4.7B |
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