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Waste ConnectionsFRA:UI51 +2.41%83 Return-on-Tangible-Asset is 8.20% as of Mar. 2026, which is 5% below its 10-year median of 8.63. GuruFocus rates FRA:UI51 with a GF Score™ of 83/100 and a GF Value™ of €170.67 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 245 Waste Management companies, Waste Connections ranks better than 88.16% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Waste Connections's annualizedNet Income for the quarter that ended in Mar. 2026 was €759 Mil. Waste Connections's average total tangible assets for the quarter that ended in Mar. 2026 was €9,258 Mil. Therefore, Waste Connections's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 8.20%.
The historical rank and industry rank for Waste Connections's Return-on-Tangible-Asset or its related term are showing as below:
FRA:UI51'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 2.89 Med: 8.63 Max: 10.63
Current: 10.03
During the past 13 years, Waste Connections's highest Return-on-Tangible-Asset was 10.63%. The lowest was 2.89%. And the median was 8.63%.
FRA:UI51's Return-on-Tangible-Asset is ranked better than 88.16% of 245
companies
in the Waste Management industry
Industry Median: 1.94
vs FRA:UI51: 10.03
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Waste Connections Return-on-Tangible-Asset Related Terms
Waste Connections Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Waste Connections's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:UI51 vs RSG, CLH, GFL: Return-on-Tangible-Asset Comparison
For the Waste Management subindustry, Waste Connections's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Waste Connections Return-on-Tangible-Asset vs Waste Management Industry
For the Waste Management industry and Industrials sector, Waste Connections's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Waste Connections's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 8.20% mean?
Waste Connections (FRA:UI51) has a Return-on-Tangible-Asset of 8.20% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Waste Connections and its competitors. This is near median its historical median of 8.63. Over the past decade, Waste Connections' Return-on-Tangible-Asset has ranged from 2.89 to 10.63. According to the industry distribution chart, Waste Connections ranks #29 out of 245 companies in the Waste Management industry, placing it in the top 11.8%.
Is Waste Connections' Return-on-Tangible-Asset too high?
Waste Connections' current Return-on-Tangible-Asset of 8.20% is near median its 10-year median of 8.63. Over the past 10 years, this metric has ranged from a low of 2.89 to a high of 10.63. The Waste Management industry median Return-on-Tangible-Asset is 1.94. Waste Connections' value of 8.20% is 322.7% above this industry median. Based on the distribution chart, Waste Connections ranks #29 out of 245 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Waste Connections has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Waste Connections' Return-on-Tangible-Asset compare to RSG and CLH?
According to the Waste Management industry distribution chart, Waste Connections ranks #29 out of 245 companies for Return-on-Tangible-Asset. This places Waste Connections in the top 12% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 1.94. Waste Connections' value of 8.20% is 322.7% above this benchmark. Historically, Waste Connections' own Return-on-Tangible-Asset has ranged from 2.89 to 10.63 over the past decade. While the company's 10-year median is 8.63 vs. the industry median of 1.94, Waste Connections has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a Waste Management company?
The median Return-on-Tangible-Asset among Waste Management companies is 1.94, based on 245 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waste Connections's current Return-on-Tangible-Asset of 8.20% is 322.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Waste Connections and its competitors. For the Waste Management industry, the median Return-on-Tangible-Asset is 1.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waste Connections's current Return-on-Tangible-Asset is 8.20%, which is near median its own 10-year median of 8.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waste Connections stock overvalued right now?
Based on GuruFocus' analysis, Waste Connections (FRA:UI51) is currently considered Modestly Undervalued. The stock's GF Value™ is €170.67, compared to a current price of €151.06 — trading 11.5% below its estimated fair value. The current Return-on-Tangible-Asset is 8.20%, which is near median its 10-year median of 8.63 and 322.7% above the Waste Management industry median of 1.94. Waste Connections' overall GF Score™ is 83/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Waste Connections (FRA:UI51), the current Return-on-Tangible-Asset is 8.20% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Waste Connections (FRA:UI51) Overvalued in 2026?
Based on GuruFocus' analysis, Waste Connections stock appears to be undervalued.
The current stock price of €151.06 is trading 11.5% below its estimated GF Value™ of €170.67.
GuruFocus considers Waste Connections to be Modestly Undervalued.
Key valuation signals for FRA:UI51:
Return-on-Tangible-Asset: 8.20% (near median its 10-year median of 8.63)
GF Value™: €170.67 vs. price of €151.06 (11.5% below fair value)
Industry Position: 322.7% above the Waste Management median (#29 of 245)
No single metric tells the full story. See the FRA:UI51 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.
83GF Score
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