COMP <GO>

GFL vs CWST // 10Y YIELD & FRED MACRO BETA

GFL Environmental Inc. Subordinate voting shares no par value (NYSE) VS. Casella Waste Systems Inc. (NASDAQ) • 15-METRIC TALLY: GFL 8 — CWST 2

▲ 10Y YIELD & FRED MACRO BETA LEADER: CWST

GFL — GFL Environmental Inc. Subordinate voting shares no par value ROARABLE B • RQD 72/100

LAST: $45.21 (+0.38%) • MKT CAP: $19.71B

DES <GO> FA <GO> 10-K RED <GO>

macro-sensitivity

0.59

CWST — Casella Waste Systems Inc. SUPERIOR ROARABLE C- • RQD 60/100

LAST: $93.33 (+3.34%) • MKT CAP: $5.94B

DES <GO> FA <GO> 10-K RED <GO>

macro-sensitivity

0.63

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (GFL VS. CWST) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	GFL	CWST	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	33.80%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	2.40%	+7.50	GFL	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	23.1x	-2.10	GFL	/valuation <GO>
Free Cash Flow Yield	2.21%	1.47%	+0.74	GFL	/fcf-yield <GO>
Operating Margin	13.90%	3.50%	+10.40	GFL	/operating-margins <GO>
Net Profit Margin	10.90%	0.40%	+10.50	GFL	/net-margins <GO>
Revenue Growth (YoY)	2.20%	18.00%	-15.80	CWST	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.40%	3.40%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	2.77	+0.97	GFL	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	7/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.8	56.0	+2.80	GFL	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	0.59	0.63	-0.04	CWST	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$19.71B	$5.94B	$13.77B	GFL	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	GFL REV	CWST REV	GFL GROSS %	CWST GROSS %	GFL FCF	CWST FCF
FY 2025	—	$1.84B	—	33.8%	—	$84.7M
FY 2024	—	$1.56B	—	34.0%	—	$78.1M
FY 2023	—	$1.26B	—	—	—	$176.2M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

GFL // BETA 0.59

CWST // BETA 0.63