Stock Analysis on Net
Stock Analysis on Net

Waste Management Inc. (NYSE:WM)

This company has been moved to the archive! The financial data has not been updated since February 15, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Waste Management Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Accounts payable 4.73 5.08 4.80 4.17 3.82 3.57 3.40 3.79 3.84 3.33 3.49 3.85 4.58 4.16 3.77 3.58 4.76 3.77 3.88 3.49
Accrued liabilities 4.91 5.11 4.73 4.41 4.57 5.08 4.45 4.25 4.78 5.01 4.99 4.95 4.93 5.18 5.14 4.66 4.49 5.42 5.16 4.66
Deferred revenues 1.96 1.95 1.92 1.89 1.84 2.00 1.86 1.83 1.92 1.91 2.02 2.19 2.30 2.27 2.35 2.24 2.30 2.31 2.38 2.32
Current portion of long-term debt 2.43 2.08 1.24 0.84 1.88 0.67 11.98 1.42 0.79 0.78 0.45 4.46 1.91 1.98 3.76 4.78 3.39 4.06 1.87 1.92
Current liabilities 14.03% 14.22% 12.68% 11.30% 12.11% 11.33% 21.68% 11.30% 11.33% 11.03% 10.95% 15.45% 13.72% 13.59% 15.01% 15.26% 14.94% 15.56% 13.29% 12.39%
Long-term debt, less current portion 43.64 43.15 44.37 45.56 45.18 41.40 36.06 48.07 47.87 48.50 48.58 39.89 42.36 42.36 40.74 40.27 40.09 40.55 41.59 41.87
Deferred income taxes 5.82 5.92 6.01 6.21 6.15 5.93 5.14 5.10 5.07 4.91 4.96 5.55 5.70 5.51 5.68 5.69 5.72 6.93 7.14 7.37
Landfill and environmental remediation liabilities 8.16 8.13 7.92 7.78 7.57 8.22 7.63 7.33 6.96 7.07 7.31 7.98 8.07 8.11 8.22 8.12 8.11 8.24 8.22 8.19
Other liabilities 3.87 3.70 3.70 3.59 3.58 4.23 3.60 3.39 3.29 3.46 3.31 3.67 2.44 2.81 2.84 3.23 3.46 3.42 3.34 3.37
Long-term liabilities 61.48% 60.90% 61.99% 63.14% 62.49% 59.78% 52.42% 63.89% 63.18% 63.94% 64.16% 57.09% 58.57% 58.78% 57.48% 57.31% 57.38% 59.14% 60.28% 60.79%
Total liabilities 75.51% 75.13% 74.67% 74.44% 74.60% 71.11% 74.10% 75.18% 74.52% 74.96% 75.11% 72.55% 72.29% 72.37% 72.49% 72.56% 72.32% 74.70% 73.57% 73.18%
Common stock, $0.01 par value 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Additional paid-in capital 17.76 17.72 17.58 17.44 17.48 20.60 18.93 18.49 18.20 18.54 19.09 21.30 22.04 21.81 22.42 22.24 22.60 22.94 23.17 23.66
Retained earnings 41.26 40.71 39.41 39.00 38.03 44.21 40.55 39.44 38.18 38.23 38.82 42.46 43.25 41.89 41.64 40.11 39.34 37.57 36.81 36.31
Accumulated other comprehensive income (loss) 0.06 0.04 0.24 0.17 0.13 -0.06 -0.15 -0.33 -0.03 -0.12 -0.08 -0.23 -0.38 -0.07 -0.22 -0.13 0.04 0.07 -0.16 -0.32
Treasury stock at cost -34.62 -33.62 -31.93 -31.08 -30.26 -35.89 -33.47 -32.81 -30.89 -31.64 -32.97 -36.11 -37.24 -36.04 -36.36 -34.91 -34.43 -35.41 -33.52 -32.95
Total Waste Management, Inc. stockholders’ equity 24.48% 24.87% 25.32% 25.55% 25.39% 28.88% 25.89% 24.81% 25.48% 25.03% 24.88% 27.45% 27.70% 27.62% 27.50% 27.34% 27.57% 25.19% 26.33% 26.72%
Noncontrolling interests 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.09 0.11 0.11 0.10 0.10
Total equity 24.49% 24.87% 25.33% 25.56% 25.40% 28.89% 25.90% 24.82% 25.48% 25.04% 24.89% 27.45% 27.71% 27.63% 27.51% 27.44% 27.68% 25.30% 26.43% 26.82%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The capital structure is characterized by a high level of leverage, with total liabilities consistently representing between 71% and 76% of the total balance sheet throughout the analyzed period. This indicates a sustained reliance on debt financing to support the organization's asset base.

Debt Dynamics and Maturity Profile
Long-term debt is the dominant liability, typically ranging between 40% and 48% of total liabilities and equity. A significant anomaly occurred during the second quarter of 2020, where the current portion of long-term debt spiked to 11.98%, while long-term debt dropped to 36.06%. This shift suggests a major reclassification of debt maturities moving into the short-term window, which temporarily elevated total current liabilities to 21.68% before returning to the historical norm of 11% to 15%.
Equity Composition and Share Repurchase Activity
Total equity remained relatively stable, fluctuating between approximately 24% and 29%. A defining feature of the equity section is the substantial negative value of treasury stock, which consistently ranged from -30% to -37% of the total balance sheet. This pattern reflects an aggressive and ongoing share buyback strategy. Consequently, additional paid-in capital showed a gradual downward trend, decreasing from 23.66% in March 2017 to 17.76% by December 2021.
Retained Earnings and Asset-Liability Alignment
Retained earnings exhibited a general growth trend for several years, rising from 36.31% in early 2017 to a peak of 44.21% in September 2020, before stabilizing around 41% at the end of 2021. This indicates consistent profit retention despite the aggressive treasury stock acquisitions. Simultaneously, landfill and environmental remediation liabilities remained highly stable, consistently accounting for 7% to 8% of the total balance sheet, reflecting the predictable nature of long-term regulatory obligations.
Short-Term Operational Liabilities
Operational liabilities, including accounts payable and accrued liabilities, remained stable and proportional to the size of the balance sheet. Accounts payable generally fluctuated between 3% and 5%, while accrued liabilities remained steady between 4% and 5%. Deferred revenues remained a minimal component of the total structure, consistently staying below 2.4%.

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