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Waste Connections vs Enviri: WCN and NVRI compared
Waste Connections is the larger company: $2.6B of revenue in its latest quarter (Q3 2026) against $325M for Enviri (Q3 2026). Waste Connections is growing faster (+7% against +0.1% a year earlier). Waste Connections is more profitable, with an operating margin of 20.5% against 7.2%.
Where the money goes: WCN and NVRI
Waste Connections (WCN) · Q3 2026
Waste Connections, Q3 2026: revenue $2.6B (+7% year over year), operating margin 20.5%, net earnings $359M, operating cash flow $692M. The chart follows the revenue to costs, profit and cash.
Enviri (NVRI) · Q3 2026
Enviri, Q3 2026: revenue $325M (+0.1% year over year), operating margin 7.2%, net earnings $2.5M, operating cash flow −$6.9M. The chart follows the revenue to costs, profit and cash.
| Waste Connections (WCN) | Enviri (NVRI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.6B | $325M |
| Revenue growth, Y/Y | +7% | +0.1% |
| Operating margin | 20.5% | 7.2% |
| Net earnings | $359M | $2.5M |
| Net margin | 13.6% | 0.8% |
| Operating cash flow | $692M | −$6.9M |
| Free cash flow | $397M | — |
| Market value | $47.5B | — |
| P/E | 42.2× | — |
| Analysts’ mean target | $206.48 | — |
Where the revenue comes from
Waste Connections
- Collection: $1.8B (69%)
- Western: $522M (20%)
- MidSouth: $301M (11%)
Enviri
- Products and Services Onsite Services and Material Logistics Product Quality Improvement and Resource Recovery: $249M (77%)
- After-market Parts and Services; Safety and Diagnostic Technology: $29.0M (9%)
- Ecoproducts: $17.5M (5%)
- Railway Contracting Services: $11.5M (4%)
Questions
Which is bigger, Waste Connections or Enviri?
Waste Connections is the larger company: $2.6B of revenue in its latest quarter (Q3 2026) against $325M for Enviri (Q3 2026).
Is Waste Connections or Enviri growing faster?
Waste Connections is growing faster (+7% against +0.1% a year earlier).
Which is more profitable, Waste Connections or Enviri?
Waste Connections is more profitable, with an operating margin of 20.5% against 7.2%.
More: Waste Connections earnings · how Waste Connections makes money · Enviri earnings · how Enviri makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.