WASTE MANAGEMENT INC (WM)

Refuse Systems

Latest Price

$226.55

TTM P/E

32.79

Normalized P/E

37.34

Div Yield

1.51%

Book Value

24.85

P/B Ratio

9.12

Valuation metrics

EPS: $6.70

Book value / share: $24.80

Formula: √(22.5 × EPS × BVPS)

Graham Number

$61.14

73% downside

Norm. op. income: $3.4B (median of 7yr)

Tax rate: 21%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$9.65

96% downside

Base FCF: $2.2B (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$97.21

57% downside

EPS: $6.70

Target P/E: 37×

Formula: EPS × P/E

P/E Fair Value

$247.90

+9% upside

77.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	30.20M	$6.94B	7.51%	+473.8K	2026-03-31
GATES FOUNDATION TRUST	27.64M	$6.35B	6.87%	-1.29M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	25.17M	$5.78B	6.26%	--	2026-03-31
STATE STREET CORP	17.50M	$4.02B	4.35%	+111.0K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	10.24M	$2.35B	2.54%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	9.19M	$2.10B	2.28%	+198.3K	2026-03-31
Capital Research Global Investors	8.73M	$2.01B	2.17%	+6.47M	2026-03-31
AMERIPRISE FINANCIAL INC	7.43M	$1.71B	1.85%	+743.5K	2026-03-31
MORGAN STANLEY	7.08M	$1.63B	1.76%	+405.5K	2026-03-31
PARNASSUS INVESTMENTS, LLC	4.98M	$1.14B	1.24%	-295.7K	2026-03-31