Waste Connections Inc. (WCN) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, WCN scores 73 out of 100, a letter grade of B, with the verdict label "Roarable Buy — Good Risk/Reward." The score is built from five pillars:

• Fundamental Cash Engine: 13 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 9.9% and an FCF yield of 2.71%. For a prospective investor, the cash-generation case is solid but not exceptional; the FCF yield is modest relative to the stock's valuation multiples, which means much of the return thesis depends on continued growth rather than current cash yield.
• Whale 13F Flow: 18 / 20. Per the Roarable RQD rating, this is the strongest pillar, described as institutional accumulation and options positioning. The source data does not itemize the underlying 13F filings, so the score is best read as a summary signal rather than a verified holder-by-holder picture.
• Insider Conviction: 11 / 20. Per the Roarable RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow, scored at a mid-range level. Insider signals are neither a strong endorsement nor a warning in this framework.
• Macro Regime Fit: 15 / 20. Per the Roarable RQD rating, beta is 0.5 and the pillar reflects sector sensitivity. A beta of 0.5 implies the stock has historically moved less than the broader market, which can appeal to investors seeking lower volatility, though it does not guarantee lower drawdowns.
• Forensic Balance Sheet: 16 / 20. Per the Roarable RQD rating, this pillar cites an Altman Z-Score of 3.13, a Piotroski F-Score of 8/9, and Debt/Equity of 0.66. These are among the stronger forensic readings in the rating and suggest financial-health risk is comparatively contained.

Investor takeaways. The upside drivers in the rating are institutional positioning and balance-sheet strength. The principal valuation tradeoff is visible in the market data: per the market data section, the stock trades at a P/E (TTM) of 42.3 and a forward P/E of 39.3, which is a premium multiple. A prospective investor should weigh the strong forensic and flow signals against the fact that the current price embeds high growth expectations, leaving less margin for error if earnings disappoint. The rating is an analytical framework output, not a recommendation.

Per the profile section, Waste Connections Inc. (WCN) is a NYSE-listed issuer in the Utilities sector, specifically the Environmental Services industry. Per the profile, its market capitalization is $45.5B. The source data does not describe the company's specific products, customer base, or revenue model beyond its sector and industry classification. Not available in source data for further business detail.

Per the SEC financials, revenue rose from $8022.0M in FY 2023 to $9466.9M in FY 2025, and net income rose from $762.8M to $1076.6M over the same span, though FY 2023 operating income ($1236.3M) exceeded FY 2024 ($1067.7M) before recovering to $1710.2M in FY 2025. Per the market data, gross margin is 42.4%, operating margin 18.1%, and net margin 11.4%, with ROIC of 9.9%. Per the Roarable RQD rating, the Altman Z-Score is 3.13 and the Piotroski F-Score is 8/9. Per the SEC financials, debt stood at $5797.8M against cash of $46.0M in FY 2025, and the rating cites Debt/Equity of 0.66, which together describe a leveraged but forensically sound balance-sheet posture.

Per the recent news section, the feed contains six items, all tagged to WCN. Two are marked as catalysts with GREEN signals: a Yahoo Finance report headlined "Waste Connections's (NYSE:WCN) Q3 2026: beats on revenue," and a Yahoo Finance report headlined "Waste Connections (WCN) Stock Jumps As Q3 Earnings Reveal Margin Strength." The remaining four are market-wire items with YELLOW signals, including a Motley Fool piece on the stock rising and a Yahoo Finance pre-earnings preview. The catalyst headlines point to revenue beats and margin strength in Q3 2026. Risk watch items are limited to the market-wire framing; the source data does not document specific adverse developments. Per the Butterfly Supply-Chain Graph, no supply-chain links or proprietary signals are recorded for WCN.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE, with no butterfly links and no proprietary signals. The source data therefore does not establish upstream suppliers, downstream customers, or cross-sector dependencies. Not available in source data for specific upstream/downstream mapping, sector correlations, or 2nd-order bottlenecks. A prospective investor should treat this as a gap in the analysis rather than evidence that no ripple effects exist.

• What specific 13F holders are driving the Whale Flow pillar score of 18/20, and what is the direction and size of their recent position changes?
• What were the drivers of the FY 2024 operating income decline relative to FY 2023, and is the FY 2025 recovery to $1710.2M sustainable?
• What is the Congressional PTR and SEC Form 4 insider activity underlying the 11/20 insider pillar score?
• What is the company's debt maturity profile and interest cost, given $5797.8M in debt against $46.0M in cash?
• What do the Q3 2026 earnings releases disclose about guidance, and how does that reconcile with the premium forward P/E of 39.3?