Clean Harbors, Inc. (CLH)

Clean Harbors' stock has experienced significant movement, rallying over 50% since November 2025 due to strong earnings and PFAS platform momentum. Key events include the Q4 2025 earnings release, which showed revenue and EBITDA growth, a share repurchase program, and an agreement to acquire environmental businesses from Depot Connect International. The Q1 2026 earnings release reported record revenues and EPS, but the stock declined despite raised guidance. Several analysts updated their ratings and price targets for CLH, and the company expanded its share repurchase program.

Clean Harbors experiences demand seasonality, with negative adjusted free cash flow typically in the first quarter. The company has seen healthy and increasing demand for its disposal and recycling services. Demand for Technical Services and Safety-Kleen Environmental Services has also grown, driven by pricing and higher volumes. The company anticipates continued high demand for its disposal and recycling network in 2026, fueled by factors such as reshoring activity, robust project work, and expanded PFAS-related work. Weather-related impacts can also affect incineration utilization.

Clean Harbors, Inc., founded in 1980 and headquartered in Norwell, Massachusetts, is North America's leading provider of environmental and industrial services. The company specializes in hazardous and non-hazardous waste management, serving a diverse customer base, including Fortune 500 companies. Its services include end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, recycling solutions, parts washers and environmental services, field services, and oil, gas, and lodging services.

Clean Harbors operates across the United States, Canada, Mexico, Puerto Rico, and India. In 2024, 91% of its revenues were generated in the United States and 9% in Canada. The company has approximately 870 operating locations across 630 properties in the U.S. and Canada, including over 100 waste disposal facilities.

Clean Harbors maintains a strong brand reputation as North America's leading provider of environmental and industrial services. This is due to its involvement in PFAS remediation, achieving a strong safety record, strategic acquisitions, and consistent financial performance. The company has formally released PFAS disposal and treatment guidance standards to assist customers and communities. No significant negative events impacting Clean Harbors' brand reputation were found.

Institutional investors are the dominant force in Clean Harbors' ownership structure, holding a substantial portion of the company's shares. As of early 2025, institutional investors held approximately 90.43% of Clean Harbors stock. More recent data indicates that institutional investors hold approximately 50.73% of the company's stock, with mutual funds and ETFs holding 50.22% and other institutional investors holding 47.83%. Major institutional shareholders include Wellington Management Group Llp, BlackRock, Inc., and Vanguard Group Inc. Individual investors and public companies hold a significant portion as well, with insiders holding approximately 5.03% and public companies and individual investors holding around 44.24% of the stock. The founder, Alan S. McKim, remains influential as Executive Chairman.