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CLH

CLEAN HARBORS INC
7 filings tracked
industrialsenvironmental servicesLARGE ($10B-200B)

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Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Clean Harbors is successfully transitioning its business model from a cyclical industrial service provider to a structural infrastructure play.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the surface-level growth in EBITDA, a closer look at the financials reveals concerning cracks in the foundation. The reported margin gains appear to be a mirage created by aggressive cost-cutting and headcount reductions rather than sustainable pricing power.…

Risk Factors

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Synthesis (Verdict & Resolution)

The latest 10-Q paints a picture of a company at a strategic crossroads, balancing aggressive growth and infrastructure investment against a tightening liquidity position. On one hand, the growth in Environmental Services and the expansion of Adjusted EBITDA margins suggest that Clean Harbors' core value proposition remains strong. The strategic pivot toward high-capacity processing and specialized permits through M&A and internal capex is a logical move to solidify its market leadership. However, the divergence between net income and free cash flow is stark. The company is essentially betting its current liquidity on the success of future capacity projects like the SDA unit. The volatility in the SKSS segment highlights a lingering sensitivity to commodity markets that the 'structural moat' narrative has yet to fully solve. Investors are essentially trading a high-conviction bet on industrial sustainability against the immediate risks of a leveraged balance sheet. Ultimately, the impact of this filing is a reminder that Clean Harbors is in a high-stakes scaling phase. The ability to maintain covenant compliance while funding $460-520 million in annual capex will be the primary determinant of the stock's trajectory. The market must now decide if the company's ability to generate operational leverage outweighs the risks associated with its debt load and environmental obligations.

Selected Quarter

Core Takeaway

Clean Harbors is successfully growing its Environmental Services moat and expanding margins, but is doing so while burning significant cash and carrying heavy debt.

Investor Lens

The trade-off between the company's aggressive growth-via-debt strategy and its ability to generate sustainable free cash flow.

Watch Next

The progress and completion of the Solvent De-Asphalting (SDA) unit and the impact of the $350M buyback expansion on share price.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.55Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%
bullishMay 6

Adjusted EBITDA margin increased 60 basis points to 17.0%.

margin expansion
60%
bullishMay 6

Acquired environmental businesses of Depot Connect International for $131.8 million.

acquisition
70%
bullishMay 6

Authorized a $350 million expansion of the share repurchase program.

buyback
50%
bullishMay 6

Net income grew 7.7% year-over-year to $63.2 million.

earnings beat
40%

Filing History

10-QMay 6, 2026
Expand Sequence

The latest 10-Q paints a picture of a company at a strategic crossroads, balancing aggressive growth and infrastructure investment against a tightening liquidity position. On one hand, the growth in Environmental Services and the expansion of Adjusted EBITDA margins suggest that Clean Harbors' core value proposition remains strong. The strategic pivot toward high-capacity processing and specialized permits through M&A and internal capex is a logical move to solidify its market leadership. However, the divergence between net income and free cash flow is stark. The company is essentially betting its current liquidity on the success of future capacity projects like the SDA unit. The volatility in the SKSS segment highlights a lingering sensitivity to commodity markets that the 'structural moat' narrative has yet to fully solve. Investors are essentially trading a high-conviction bet on industrial sustainability against the immediate risks of a leveraged balance sheet. Ultimately, the impact of this filing is a reminder that Clean Harbors is in a high-stakes scaling phase. The ability to maintain covenant compliance while funding $460-520 million in annual capex will be the primary determinant of the stock's trajectory. The market must now decide if the company's ability to generate operational leverage outweighs the risks associated with its debt load and environmental obligations.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.