GFL Environmental Inc. Subordin (GFL) Stock Price & How to Invest
Short answer
GFL Environmental (NYSE/TSX: GFL) is the fourth largest diversified solid waste company in North America, and since selling its Environmental Services division in 2025 it is now a cleaner pure-play on waste collection, landfills, and recycling. Investing in GFL is a bet on steady, pricing-led waste volumes plus a still-acquisitive growth model that carries meaningful leverage.
GFL stock price
As of 2026-07-08, GFL Environmental Inc. Subordin (GFL) last closed at $40.89, down 13.8% over the past year. Over the past 52 weeks it has traded between $33.54 and $51.03.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or GFL Environmental Inc. Subordin's investor relations page. Walnut is informational, not investment advice.
What does GFL Environmental Inc. Subordin (GFL) do?
GFL Environmental is a Vaughan, Ontario-based environmental services company that collects, transfers, disposes of, and recycles solid waste across Canada and roughly 18 U.S. states. Built through aggressive acquisitions since its 2007 founding by Patrick Dovigi (the name stands for Green For Life), it grew into the fourth largest diversified environmental services operator in North America, with more than 15,000 employees and a dense network of collection routes, transfer stations, and landfills. Its revenue is largely recurring and contract-based, and it leans heavily on core pricing (raising rates ahead of inflation) plus tuck-in acquisitions to grow.
The investment picture changed materially in 2025, when GFL sold its Environmental Services business to funds managed by Apollo and BC Partners at an $8.0 billion enterprise value, retaining a 44 percent equity stake. GFL used roughly $3.75 billion of proceeds to pay down debt (targeting net leverage near 3.0x) and authorized up to $2.25 billion in share buybacks, leaving a simpler solid-waste pure-play with lower interest costs. The remaining business posts EBITDA margins above 30 percent and has continued to raise guidance on pricing strength, but GFL still carries a leverage-heavy, acquisition-driven model, so the balance sheet and integration execution remain central to the story.
What's driving GFL Environmental Inc. Subordin (GFL)?
1. Pricing-led organic growth
GFL's revenue growth is driven heavily by core pricing, with recent quarters showing mid-single-digit to high-single-digit price increases that outpace cost inflation. Because waste collection is an essential, contracted service, GFL can push rate increases with relatively low volume loss, supporting a durable revenue base.
2. Post-divestiture deleveraging
The 2025 sale of the Environmental Services business let GFL apply roughly $3.75 billion toward debt reduction, targeting net leverage near 3.0x and cutting annualized cash interest by about $200 million. A cleaner, lower-leverage balance sheet gives the company more flexibility for buybacks and reinvestment.
3. Tuck-in acquisitions and densification
GFL continues to grow through disciplined M&A, adding routes and disposal assets in existing markets to improve density and margins. Recent deals such as Frontier Waste Solutions and SECURE Waste Infrastructure expand its U.S. and Western Canadian footprints.
4. Margin expansion and free cash flow
Adjusted EBITDA margins have moved above 31 percent, and management has repeatedly raised full-year guidance on pricing and cost discipline. Rising adjusted free cash flow supports both buybacks and continued reinvestment in the network.
What are the risks to GFL Environmental Inc. Subordin (GFL)?
GFL's growth has been built on acquisitions, which brings integration risk and a history of elevated leverage even after the recent paydown. The company reports in Canadian dollars while a large share of operations and its U.S. listing are dollar-denominated, so currency swings affect reported results. Waste operators also face environmental and regulatory liabilities tied to landfills, emissions, and emerging concerns such as PFAS, plus cyclical exposure in industrial and construction-related volumes. GFL still holds a 44 percent stake in the divested Environmental Services business, whose value depends on that private company's performance. Finally, a premium valuation leaves limited room for execution missteps.
How is GFL Environmental Inc. Subordin (GFL) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see GFL Environmental Inc. Subordin's investor relations page or your broker.
- Revenue (TTM): ~$4.8B USD (~$6.6B CAD)
- Market cap: ~$13B USD
- Adjusted EBITDA (FY2025 guide): ~$2.0B CAD
- Adjusted EBITDA margin: ~31%
- Q1 2026 revenue: ~$1.64B CAD
- Adjusted free cash flow (FY2025 guide): ~$750M CAD
GFL reports in Canadian dollars, so its roughly $6.6 billion CAD of annual revenue converts to about $4.8 billion USD at recent exchange rates. The company has raised full-year guidance multiple times on pricing strength, and margins have expanded past 31 percent. With a market cap around $13 billion, GFL trades at a premium multiple typical of high-quality waste operators.
Who competes with GFL Environmental Inc. Subordin (GFL)?
Large-cap North American waste operators
Waste Management (WM), Republic Services (RSG), and Waste Connections (WCN) are GFL's primary peers. They compete for the same collection contracts, disposal volumes, and acquisition targets, and each carries the scale and disposal networks GFL is still building toward.
Regional and mid-cap waste companies
Casella Waste Systems and various privately held regional haulers compete in specific geographies. GFL frequently acquires smaller operators like these to densify routes and add landfill capacity in its existing markets.
Divested and specialty environmental services
The Environmental Services business GFL sold to Apollo and BC Partners now competes independently in liquid waste and industrial services, a space where players such as Clean Harbors also operate. GFL retains a 44 percent economic interest in that business.
How to invest in GFL Environmental Inc. Subordin (GFL)
There are three common ways to get GFL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so GFL sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where GFL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on GFL Environmental Inc. Subordin (GFL)
GFL is a large, recurring-revenue waste operator that traded a complex, debt-heavy structure for a leaner solid-waste pure-play, and the story now hinges on pricing power, tuck-in M&A discipline, and continued deleveraging.
More on GFL Environmental Inc. Subordin (GFL)
Whether GFL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GFL a buy?, and where the stock could go from here in the GFL stock forecast.
For income investors, whether GFL pays a dividend and how the payout looks is covered in does GFL pay a dividend?
Build a basket around GFL with Walnut
Use GFL Environmental Inc. Subordin as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does GFL Environmental do?
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GFL collects, transfers, disposes of, and recycles solid waste for residential, commercial, and industrial customers across Canada and roughly 18 U.S. states. Its revenue is largely recurring and contract-based, supported by a network of collection routes, transfer stations, and landfills.
What does the GFL ticker and name stand for?
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GFL trades on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol GFL. The name stands for Green For Life, reflecting its environmental services focus.
Why did GFL sell its Environmental Services business?
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In 2025 GFL sold its Environmental Services division to funds managed by Apollo and BC Partners at an $8.0 billion enterprise value. The sale simplified GFL into a solid-waste pure-play, raised cash to cut debt, and let GFL keep a 44 percent equity stake in the divested business.
How does GFL grow its revenue?
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Growth comes mainly from core pricing (raising rates ahead of inflation on essential collection services) plus tuck-in acquisitions that add routes and disposal assets in existing markets. Recent deals include Frontier Waste Solutions and SECURE Waste Infrastructure.
Who are GFL's main competitors?
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Its largest peers are Waste Management, Republic Services, and Waste Connections, along with regional operators such as Casella Waste Systems. GFL is the fourth largest diversified environmental services company in North America.
Is GFL profitable?
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GFL generates strong adjusted EBITDA (guided near $2.0 billion CAD for 2025) with margins above 31 percent and positive adjusted free cash flow. Reported net income per share has been modest, in part due to acquisition-related and interest costs, so watch how earnings track as leverage falls.
What are the main risks with GFL?
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Key risks include an acquisition-driven model with integration and leverage exposure, environmental and regulatory liabilities tied to landfills and emerging issues like PFAS, currency effects between the Canadian dollar and U.S. dollar, and a premium valuation that leaves little room for execution missteps.
How can I research GFL for my own portfolio?
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You can track GFL's pricing trends, EBITDA margins, leverage ratio, and acquisition pace through its quarterly reports, and compare its valuation against waste peers. Walnut is not an investment adviser, so use this as descriptive context and do your own due diligence or consult a licensed professional.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with GFL Environmental Inc. Subordin's investor relations page or your broker before making investment decisions.