CLH vs WM: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: WM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CLH and WM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CLH and WM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Clean Harbors operates two segments. Environmental Services (the large majority of revenue and profit) runs hazardous-waste incinerators, landfills, treatment facilities, field and emergency-response services, and the Safety-Kleen branded parts-washer and used-oil collection network. The second segment, Safety-Kleen Sustainability Solutions (SKSS), is North America's largest re-refiner and recycler of used motor oil, turning waste oil into base and blended lubricants. The company's moat comes from owning scarce, hard-to-permit assets: RCRA-permitted high-temperature incinerators and disposal sites that competitors cannot easily replicate, which gives Clean Harbors durable pricing power on the disposal side.

Full CLH guide

Waste Management, Inc. (branded WM) is the largest environmental-services company in North America, providing waste collection, transfer, disposal, and recycling to millions of residential, commercial, industrial, and municipal customers. Its core solid-waste business runs collection routes that feed transfer stations and, ultimately, the industry's most extensive network of landfills. That landfill network is the heart of WM's moat: permitting new landfills is extremely difficult, so owning disposal capacity lets WM capture value across the whole chain and price essential services steadily. WM is also the largest recycler in North America and a leader in turning landfill gas into energy.

Full WM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CLH drivers: Scarce disposal infrastructure and pricing power; New incinerator capacity and utilization.
• WM drivers: Pricing power and recurring revenue; Sustainability, RNG, and recycling growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The stock trades at roughly 40x trailing earnings, so it prices in continued execution and leaves little room for disappointment. For WM, wM is defensive but not risk-free.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CLH if you believe its drivers more; WM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CLH and WM guides.

CLH. Clean Harbors posted record 2025 revenue of ~$6.03 billion and record Q1 2026 revenue of ~$1.46 billion, then raised full-year 2026 adjusted EBITDA guidance to roughly $1.24 to $1.30 billion and free cash flow to about $490 to $550 million. At roughly 40x trailing earnings and a mid-30s forward multiple, the stock is valued as a premium industrial compounder rather than a value name. Analyst price targets in mid-2026 clustered close to the trading price, implying the market already reflects much of the near-term growth.

WM. These characteristics are qualitative and tied to the asOf date; verify live figures before acting. WM usually commands a premium multiple because investors pay up for defensive, recurring cash flows, an irreplaceable landfill moat, and a long record of dividend growth. That premium is a double-edged sword: it reflects quality, but it also means the stock can fall harder on any earnings miss or integration setback, and it leaves less margin of safety than a cheaper cyclical would.

Headline figures (approximate, July 2026): CLH shows revenue (fy2025) ~$6.03B, revenue (ttm) ~$6.06B, net income (fy2025) ~$391M, diluted eps (fy2025) ~$7.28; WM shows revenue trend Large-cap scale with steady, mostly single-digit growth, now boosted by the added Stericycle/Healthcare Solutions revenue, profitability Consistently profitable with strong, relatively stable operating margins for an industrial, reflecting pricing power and route density, cash flow Robust and dependable free cash flow that funds capital spending, the dividend, and buybacks, dividend profile A reliable, growing dividend with more than 20 consecutive years of increases; a modest yield prioritizing growth over a high current payout.

CLH and WM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CLH and WM exposure against your real portfolio. It is not an investment adviser.