Casella Waste Systems, Inc. — Earnings Quality Grade F
CWST · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change -4 days YoY
AR growth 7.3% vs revenue growth 18.0%
Revenue 18.0%, CFFO 17.2%. Cash follows revenue
Expense Quality
Inventory 13.1% vs COGS 18.4%. Normal
CapEx growth 20.8% vs revenue 18.0%. Normal
SG&A/Gross Profit = 36.2%. Normal
Gross margin 33.8%, change -0.3pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 41.9x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 10.68
Accruals ratio = -9.7%. Low accruals
Cash $0.1B covers only 10% of debt $1.2B
Balance Sheet Health
Goodwill+Intangibles $1.4B = 90% of equity. Over 50%
Interest coverage = 1.5x (<2x). Financial stress
Other assets grew 332.1% vs revenue 18.0%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change 7% YoY. Normal
Manipulation Score
M-Score = -2.82 (< -2.22). Unlikely manipulator
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25