Clean Harbors, Inc. (CLH)

Clean Harbors announced strong fourth-quarter and full-year 2025 financial results, reporting a 5% increase in Q4 revenues and record full-year revenues. The company announced a $350 million expansion of its share buyback program and an agreement to acquire environmental businesses from Depot Connect International for approximately $130 million. Additionally, Clean Harbors announced a $50 million strategic investment to expand its vacuum truck fleet. Insider selling by co-CEO Eric Gerstenberg and director Marcy L. Reed in March 2026 was also reported. The stock has seen a significant increase of 39.9% over the past 12 months.

Clean Harbors' operations are subject to seasonal fluctuations, with the first quarter typically experiencing less demand due to colder weather. Demand is also tied to the level of industrial activity, with economic downturns leading to reduced waste volumes. Capital investment needs can also be seasonal, leading to short-term swings in certain areas.

Clean Harbors, Inc. is a leading North American provider of environmental and industrial services, specializing in waste management solutions. It serves a diverse customer base, including Fortune 500 companies, offering end-to-end hazardous and non-hazardous waste management services. Through its Safety-Kleen subsidiary, it is also North America's largest re-refiner and recycler of used oil.

Clean Harbors operates extensively across North America, with its headquarters in Norwell, Massachusetts. It has approximately 870 operating locations across 630 properties in the U.S. and Canada, including over 100 waste disposal facilities. Beyond North America, Clean Harbors also has operations in Mexico, Puerto Rico, and India. In 2024, 91% of its revenues were generated in the United States and 9% in Canada.

Clean Harbors maintains a strong brand reputation as a leader in North American environmental and industrial services. Its role in PFAS remediation has positively impacted its reputation, particularly after the U.S. EPA's study validated its incineration technology. This led to a secured $110 million PFAS contract and an expected $100-120 million in PFAS revenue for 2025. There were no specific negative events significantly impacting Clean Harbors' brand reputation reported in the past year.

Clean Harbors' ownership is predominantly institutional, with 580 institutional owners and shareholders holding a total of 51,810,082 shares. Major institutional shareholders include Wellington Management Group Llp, BlackRock, Inc., and Vanguard Group Inc. Insiders own about 5.05% of the company's stock, with founder Alan S. McKim being the largest individual shareholder. Public companies and individual investors hold the remaining shares.