WASTE MANAGEMENT INC (WM)

Refuse Systems

Latest Price

$218.09

TTM P/E

30.89

Normalized P/E

35.44

Div Yield

1.62%

Book Value

24.67

P/B Ratio

8.84

Valuation metrics

EPS: $6.70

Book value / share: $24.80

Formula: √(22.5 × EPS × BVPS)

Graham Number

$61.14

72% 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

55% downside

EPS: $6.70

Target P/E: 35×

Formula: EPS × P/E

P/E Fair Value

$234.50

+8% upside

82.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	30.73M	$6.85B	7.68%	+535.1K	2026-06-30
GATES FOUNDATION TRUST	26.72M	$5.96B	6.68%	-921.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	25.18M	$5.61B	6.29%	+10.2K	2026-06-30
STATE STREET CORP	18.01M	$4.01B	4.50%	+507.2K	2026-06-30
Capital Research Global Investors	10.44M	$2.33B	2.61%	+1.71M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	10.12M	$2.25B	2.53%	-115.2K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	9.07M	$2.01B	2.27%	-122.5K	2026-06-30
Corient Private Wealth LP	8.17M	$76.0M	2.04%	+7.86M	2026-06-30
AMERIPRISE FINANCIAL INC	7.09M	$1.58B	1.77%	-341.3K	2026-06-30
MORGAN STANLEY	6.58M	$1.47B	1.65%	-492.3K	2026-06-30