Detailed financial statements for GFL Environmental Inc. (GFL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GFL Environmental Inc. functions as a multifaceted environmental services provider with operations spanning Canada and the United States. The company's core offerings encompass three distinct areas: managing non-hazardous solid waste, undertaking infrastructure and soil cleanup projects, and handling various types of liquid waste.
Analysis Summary
GFL Environmental Inc. reported revenue of 6.62B CAD in the most recent fiscal year, growing at a 5-year CAGR of 9.5%.
Trailing-twelve-month margins: gross margin 20.0%, operating margin 5.6%, net margin -3.3%. Free cash flow grew at 18.8% CAGR over 5 years.
Balance sheet quality for GFL: current ratio of 0.6, net debt of 7.85B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 174.6M CAD represents 5% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 933.7M CAD | 1.33B CAD | 1.85B CAD | 3.35B CAD | 4.20B CAD | 5.14B CAD | 6.76B CAD | 7.52B CAD | 6.14B CAD | 6.62B CAD |
| Cost of Revenue | 644.4M CAD | 1.15B CAD | 1.70B CAD | 3.07B CAD | 4.01B CAD | 4.66B CAD | 5.96B CAD | 6.25B CAD | 5.01B CAD | 5.25B CAD |
| Gross Profit | 289.3M CAD | 188.0M CAD | 149.1M CAD | 273.8M CAD | 190.1M CAD | 473.7M CAD | 797.6M CAD | 1.27B CAD | 1.13B CAD | 1.37B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 120.6M CAD | 157.1M CAD | 344.2M CAD | 276.3M CAD | 508.4M CAD | 562.7M CAD | 730.4M CAD | 973.9M CAD | 864.5M CAD | 967.4M CAD |
| Operating Expenses | 289.3M CAD | 188.0M CAD | 344.2M CAD | 273.8M CAD | 190.1M CAD | 577.1M CAD | 757.7M CAD | 1.01B CAD | 906.0M CAD | 1.02B CAD |
| Operating Income | -8.9M CAD | 30.9M CAD | -195.1M CAD | -31.7M CAD | 0 | -103.4M CAD | 39.9M CAD | 261.1M CAD | 222.8M CAD | 346.0M CAD |
| EBITDA | 154.9M CAD | 311.8M CAD | 158.3M CAD | 662.9M CAD | 254.2M CAD | 980.7M CAD | 1.59B CAD | 2.21B CAD | 1.01B CAD | 2.00B CAD |
| Interest Expense | 179.0M CAD | 212.7M CAD | 368.5M CAD | 410.4M CAD | 331.2M CAD | 323.9M CAD | 427.1M CAD | 584.1M CAD | 616.2M CAD | 456.2M CAD |
| Pre-tax Income | -201.7M CAD | -140.0M CAD | -624.3M CAD | -609.2M CAD | -1.36B CAD | -736.2M CAD | -359.3M CAD | 192.1M CAD | -1.12B CAD | 226.9M CAD |
| Income Tax | -49.5M CAD | -39.0M CAD | -140.9M CAD | -157.5M CAD | -253.4M CAD | -109.2M CAD | -176.1M CAD | 159.9M CAD | -226.4M CAD | -14.2M CAD |
| Net Income | -152.2M CAD | -101.0M CAD | -483.3M CAD | -451.7M CAD | -1.10B CAD | -606.8M CAD | -311.8M CAD | 45.4M CAD | -722.7M CAD | 3.83B CAD |
| EPS | $-0.48 | $-0.31 | $-1.54 | $-2.50 | $-2.80 | $-1.83 | $-1.08 | $0.13 | $-2.11 | $0.66 |
| EPS (Diluted) | $-0.48 | $-0.31 | $-1.54 | $-2.50 | $-2.80 | $-1.83 | $-1.08 | $0.13 | $-2.11 | $9.99 |
| Shares Outstanding (Diluted) | 314.0M CAD | 326.4M CAD | 314.0M CAD | 180.5M CAD | 355.3M CAD | 361.6M CAD | 367.2M CAD | 369.7M CAD | 380.8M CAD | 378.7M CAD |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 1.69B CAD | 1.69B CAD | 1.64B CAD | 1.95B CAD |
| Gross Profit | 370.2M CAD | 337.6M CAD | 299.8M CAD | 386.0M CAD |
| Operating Income | 161.2M CAD | 30.0M CAD | 34.0M CAD | 109.5M CAD |
| EBITDA | 589.9M CAD | 492.4M CAD | 213.7M CAD | 498.2M CAD |
| Net Income | 114.3M CAD | 33.9M CAD | -215.7M CAD | -159.9M CAD |
| EPS | $0.28 | $0.06 | $-0.60 | $-0.44 |
| EPS (Diluted) | $0.28 | $0.06 | $-0.60 | $-0.44 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 10,000 CAD | 7.4M CAD | 574.8M CAD | 27.2M CAD | 190.4M CAD | 82.1M CAD | 135.7M CAD | 133.8M CAD | 85.6M CAD |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 318.6M CAD | 574.7M CAD | 713.4M CAD | 786.4M CAD | 1.13B CAD | 1.10B CAD | 1.13B CAD | 1.26B CAD | 802.0M CAD |
| Inventory | 23.9M CAD | 42.4M CAD | 50.5M CAD | 0 | 82.0M CAD | 84.2M CAD | 98.2M CAD | 107.7M CAD | 0 |
| Total Current Assets | 400.5M CAD | 681.1M CAD | 1.42B CAD | 1.03B CAD | 1.50B CAD | 1.38B CAD | 1.49B CAD | 1.70B CAD | 1.16B CAD |
| Property, Plant & Equipment | 1.01B CAD | 2.44B CAD | 2.85B CAD | 5.07B CAD | 6.01B CAD | 6.54B CAD | 6.98B CAD | 7.85B CAD | 7.32B CAD |
| Goodwill | 1.44B CAD | 4.98B CAD | 5.17B CAD | 6.50B CAD | 7.50B CAD | 8.18B CAD | 7.89B CAD | 8.07B CAD | 6.89B CAD |
| Intangible Assets | 582.2M CAD | 2.94B CAD | 2.85B CAD | 3.09B CAD | 3.33B CAD | 3.25B CAD | 3.06B CAD | 2.83B CAD | 1.76B CAD |
| Total Assets | 3.45B CAD | 11.07B CAD | 12.32B CAD | 15.73B CAD | 18.40B CAD | 19.77B CAD | 19.88B CAD | 21.21B CAD | 19.30B CAD |
| Accounts Payable | 312.6M CAD | 606.2M CAD | 732.0M CAD | 413.1M CAD | 565.7M CAD | 656.7M CAD | 711.0M CAD | 812.3M CAD | 850.8M CAD |
| Short-term Debt | 9.2M CAD | 53.7M CAD | 64.4M CAD | 76.6M CAD | 86.9M CAD | 42.7M CAD | 15.5M CAD | 1.15B CAD | 0 |
| Total Current Liabilities | 339.3M CAD | 681.4M CAD | 865.1M CAD | 1.19B CAD | 1.52B CAD | 2.69B CAD | 1.81B CAD | 3.15B CAD | 2.00B CAD |
| Long-term Debt | 2.45B CAD | 6.24B CAD | 7.56B CAD | 6.26B CAD | 9.23B CAD | 9.26B CAD | 8.83B CAD | 8.85B CAD | 7.42B CAD |
| Total Liabilities | 2.94B CAD | 7.88B CAD | 9.56B CAD | 10.16B CAD | 12.62B CAD | 13.72B CAD | 12.49B CAD | 13.99B CAD | 11.81B CAD |
| Retained Earnings | -381.7M CAD | -318.7M CAD | -770.3M CAD | -1.89B CAD | -2.51B CAD | -2.84B CAD | -2.82B CAD | -3.57B CAD | 229.5M CAD |
| Total Equity | 509.0M CAD | 3.19B CAD | 2.77B CAD | 5.57B CAD | 5.78B CAD | 6.04B CAD | 7.18B CAD | 6.98B CAD | 7.30B CAD |
| Total Debt | 2.46B CAD | 6.29B CAD | 7.82B CAD | 6.52B CAD | 9.63B CAD | 9.68B CAD | 9.29B CAD | 10.55B CAD | 7.93B CAD |
| Net Debt | 2.46B CAD | 6.28B CAD | 7.24B CAD | 6.50B CAD | 9.44B CAD | 9.60B CAD | 9.15B CAD | 10.42B CAD | 7.85B CAD |
| Working Capital | 61.1M CAD | -225,000 CAD | 555.2M CAD | -165.1M CAD | -26.7M CAD | -1.31B CAD | -325.4M CAD | -1.46B CAD | -833.7M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 194.6M CAD | 85.6M CAD | 1.44B CAD | 192.2M CAD |
| Total Assets | 19.36B CAD | 19.30B CAD | 20.92B CAD | 21.54B CAD |
| Total Liabilities | 11.55B CAD | 11.81B CAD | 13.44B CAD | 13.99B CAD |
| Total Equity | 7.61B CAD | 7.30B CAD | 7.30B CAD | 7.36B CAD |
| Total Debt | 7.87B CAD | 7.93B CAD | 9.92B CAD | 10.15B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -152.2M CAD | -101.0M CAD | -483.3M CAD | -451.7M CAD | -1.10B CAD | -606.8M CAD | -311.1M CAD | 45.4M CAD | -737.7M CAD | 3.83B CAD |
| Depreciation & Amortization | 177.6M CAD | 239.1M CAD | 412.9M CAD | 799.4M CAD | 1.24B CAD | 1.39B CAD | 1.53B CAD | 1.49B CAD | 1.57B CAD | 1.35B CAD |
| Stock-based Compensation | 3.1M CAD | 5.1M CAD | 20.8M CAD | 14.5M CAD | 37.9M CAD | 45.7M CAD | 55.1M CAD | 124.8M CAD | 104.7M CAD | 151.5M CAD |
| Change in Working Capital | 6.5M CAD | -30.2M CAD | -30.3M CAD | -74.9M CAD | 21.1M CAD | -46.1M CAD | -85.5M CAD | 31.0M CAD | -17.9M CAD | 17.7M CAD |
| Operating Cash Flow | 80.9M CAD | 126.4M CAD | -34.2M CAD | 251.0M CAD | 502.2M CAD | 897.9M CAD | 1.10B CAD | 980.4M CAD | 1.54B CAD | 1.32B CAD |
| Capital Expenditure | -124.3M CAD | -203.1M CAD | -160.3M CAD | -457.8M CAD | -428.3M CAD | -647.2M CAD | -780.1M CAD | -1.06B CAD | -1.19B CAD | -1.14B CAD |
| Acquisitions | -1.63B CAD | -240.1M CAD | -6.65B CAD | -721.3M CAD | -3.94B CAD | -2.30B CAD | -1.32B CAD | 682.9M CAD | -563.5M CAD | -983.2M CAD |
| Stock Repurchased | 0 | 0 | -5.1M CAD | -5.8M CAD | -800,000 CAD | 0 | 0 | 0 | 0 | -2.97B CAD |
| Dividends Paid | 0 | 0 | 0 | 0 | -13.1M CAD | -17.9M CAD | -20.7M CAD | -25.0M CAD | -28.2M CAD | -31.1M CAD |
| Free Cash Flow | -43.4M CAD | -76.8M CAD | -194.5M CAD | -206.8M CAD | 73.9M CAD | 250.7M CAD | 316.2M CAD | -74.7M CAD | 347.2M CAD | 174.6M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 391.1M CAD | 445.3M CAD | 158.9M CAD | 409.6M CAD |
| Capital Expenditure | -289.5M CAD | -248.3M CAD | -387.2M CAD | -287.7M CAD |
| Free Cash Flow | 101.6M CAD | 197.0M CAD | -228.3M CAD | 121.9M CAD |
| Dividends Paid | -7.6M CAD | -7.6M CAD | -7.5M CAD | -8.4M CAD |
| Stock-based Compensation | 18.6M CAD | 56.5M CAD | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +42.8% | +39.0% | +80.7% | +25.4% | +22.4% | +31.6% | +11.2% | -18.3% | +7.8% | |
| Net Income Growth (YoY) | +33.7% | -378.6% | +6.5% | -144.1% | +45.0% | +48.6% | +114.6% | -1,691.9% | +630.5% | |
| EPS Growth (YoY) | +35.4% | -396.8% | -62.3% | -12.0% | +34.6% | +41.0% | +112.0% | -1,723.1% | +131.3% | |
| Shares Change (YoY) | +3.9% | -3.8% | -42.5% | +96.8% | +1.8% | +1.6% | +0.7% | +3.0% | -0.6% | |
| FCF Growth (YoY) | -76.9% | -153.4% | -6.3% | +135.7% | +239.2% | +26.1% | -123.6% | +564.8% | -49.7% | |
| Gross Margin | 31.0% | 14.1% | 8.0% | 8.2% | 4.5% | 9.2% | 11.8% | 16.9% | 18.4% | 20.7% |
| Operating Margin | -1.0% | 2.3% | -10.5% | -0.9% | 0.0% | -2.0% | 0.6% | 3.5% | 3.6% | 5.2% |
| EBITDA Margin | 16.6% | 23.4% | 8.5% | 19.8% | 6.1% | 19.1% | 23.6% | 29.5% | 16.4% | 30.2% |
| Net Margin | -16.3% | -7.6% | -26.1% | -13.5% | -26.3% | -11.8% | -4.6% | 0.6% | -11.8% | 58.0% |
| FCF Margin | -4.6% | -5.8% | -10.5% | -6.2% | 1.8% | 4.9% | 4.7% | -1.0% | 5.7% | 2.6% |
| Effective Tax Rate | 24.5% | 27.8% | 22.6% | 25.9% | 18.7% | 14.8% | 49.0% | 83.2% | 20.1% | -6.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.14 | $-0.24 | $-0.62 | $-1.15 | $0.21 | $0.69 | $0.86 | $-0.20 | $0.91 | $0.46 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 | $0.05 | $0.06 | $0.07 | $0.07 | $0.08 |
| Shares Outstanding (Basic) | 314.0M CAD | 326.4M CAD | 314.0M CAD | 180.5M CAD | 355.3M CAD | 361.6M CAD | 367.2M CAD | 369.7M CAD | 380.8M CAD | 369.6M CAD |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Gross Margin | 19.99% |
| Operating Margin | 5.56% |
| Net Margin | -3.26% |
Financial Health
| Debt / Equity | 1.38 |
| Current Ratio | 0.75 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 0.37 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -47.02 | -68.18 | -14.89 | -8.72 | -13.29 | -26.14 | -36.65 | 351.45 | -30.36 | 89.29 |
| P/B | 0.00 | 13.55 | 2.26 | 1.42 | 2.37 | 2.99 | 2.41 | 2.35 | 3.50 | 2.98 |
| P/S | 7.59 | 5.18 | 3.89 | 1.18 | 3.15 | 3.37 | 2.15 | 2.25 | 3.97 | 3.29 |
| Gross Margin | 31.0% | 14.1% | 8.0% | 8.2% | 4.5% | 9.2% | 11.8% | 16.9% | 18.4% | 20.7% |
| Operating Margin | -1.0% | 2.3% | -10.5% | -0.9% | 0.0% | -2.0% | 0.6% | 3.5% | 3.6% | 5.2% |
| Net Margin | -16.3% | -7.6% | -26.1% | -13.5% | -26.3% | -11.8% | -4.6% | 0.6% | -11.8% | 58.0% |
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