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Refuse Systems: capital spending and supply chain

SIC 4953 · 7 companies with filed cash-flow statements

Capital spending, 12 months$6.3B
Operating cash flow$13.9B
Capex / cash flow45%
Capex / revenue10.8%
Top 3 share96%

Analysis

7 companies in Refuse Systems (SIC 4953) spent $6.3B on capital projects over their latest twelve months, 45% of the $13.9B their operations generated; the three largest spenders — WM, RSG, WCN — account for 96%.

Capital spending is 10.8% of the industry's $58.1B of annual revenue.

By the industry's asset mix most of it goes to equipment (58%); about $1.3B is imported.

The largest supplier of that spending is manufacturing structures ($728M).

Its largest supplying industries, by the input-output tables: waste management and remediation services ($4.1B), imports ($1.9B), management of companies and enterprises ($1.3B).

Charts

Refuse Systems: capital spending by company, latest twelve monthsRefuse Systems: capital spending by company, latest twelve monthsWM$2.8BRSG$1.9BWCN$1.3BCWST$245MAWX$2.5MQRHC$161KDBHL$148K
Filed cash-flow statements (SEC XBRL).
Refuse Systems: what the capital spending buys (US part)Refuse Systems: what the capital spending buys (US part)Structures$1.7BOther$280MEquipment$2.9BSoftware$105M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Refuse Systems: the industries that build and sell what it buysRefuse Systems: the industries that build and sell what it buysManufacturing structures$728MConstruction machinery manufactur…$675MOffice and commercial structures$620MHeavy duty truck manufacturing$602MOther nonresidential structures$304MTruck trailer manufacturing$253MMotor vehicle body manufacturing$233MOther commercial and service indu…$171MPlate work and fabricated structu…$145MLight truck and utility vehicle m…$139M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Refuse Systems: its first-tier supplying industriesRefuse Systems: its first-tier supplying industriesWaste management and remediation …$4.1BImports$1.9BManagement of companies and enter…$1.3BEmployment services$1.3BOther real estate$1.1BOrnamental and architectural meta…$694MOther state and local government …$593MPetroleum refineries$574MState and local government (other…$533MMachinery, equipment, and supplies$515M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Refuse Systems: where the industry's cash came from (+) and went (−)Refuse Systems: where the industry's cash came from (+) and went (−)Other financing (in)$49.2BNet debt repaid−$49.0BOperating cash flow$14.0BCapital spending−$6.3BDividends−$2.6BAcquisitions−$2.4BBuybacks−$2.1BOther financing (out)−$1.6BNet borrowing$959MCash drawn from the balance s…$208MCash added to the balance she…−$107MOther investing (out)−$94.2MTaxes paid on employees' shar…−$70.9MShares issued$54.5M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
WM Waste Management$2.8B$6.6B43%TTM to Q3 2026
RSG Republic Services$1.9B$4.5B43%TTM to Q3 2026
WCN Waste Connections$1.3B$2.5B51%TTM to Q3 2026
CWST Casella Waste Systems$245M$351M70%TTM to Q2 2026
AWX Avalon Holdings$2.5M$4.4M57%TTM to Q3 2026
QRHC Quest Resource Holding$161K$5.5M3%TTM to Q3 2026
DBHL Deep Isolation Nuclear$148K−$11.4M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
BBCPWM19%Stated in 10-K (sentence)filing
MNTKWM37%Stated in 10-K (sentence)filing
MNTKRSG22%Stated in 10-K (sentence)filing
DBHLU.S. government91%Stated in 10-K (XBRL)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.