Clean Harbors (CLH) opened Q1 2026 with total revenue of US$1.5b and basic EPS of US$1.20, alongside trailing twelve month revenue of US$6.1b and EPS of US$7.42, which frames the latest print against a larger earnings backdrop. Over recent quarters, the company’s revenue moved from US$1.43b in Q1 2025 to US$1.55b in both Q2 and Q3 2025, then US$1.50b in Q4 2025. Basic EPS over those same periods shifted from US$1.09 to US$2.37, then US$2.22 and US$1.63. With a trailing twelve month net profit margin of 6.5%, slightly below last year’s 6.6%, the key question for investors is how these stable, mid single digit margins shape the risk and reward trade off around the latest results.

See our full analysis for Clean Harbors.

With the headline Q1 numbers on the table, the next step is to see how they line up with the prevailing narratives about Clean Harbors's growth profile, margin strength, and risk factors, and where those stories might need an update.

TTM earnings of US$395.5m vs modest revenue growth

• Over the last 12 months, net income reached US$395.5m on US$6.1b of revenue, while analysts expect revenue to grow around 4.6% a year from here.
• Analysts' consensus view links this moderate revenue growth to a bigger story about environmental regulation and PFAS, suggesting that
  • regulatory changes and infrastructure build out could support long term demand for hazardous waste and PFAS treatment even if top line growth stays close to mid single digits, and
  • ongoing investments in facilities and technology are expected to support recurring earnings, which lines up with the five year earnings growth of 13.1% a year and the current TTM earnings base of US$395.5m.

Margins at 6.5% vs bullish efficiency story

• Net profit margin sits at 6.5% over the last year, compared with 6.6% previously, on trailing revenue of about US$6.1b.
• Supporters of the bullish narrative point to margin expansion potential from PFAS demand and network efficiency, and the current data gives a mixed check on that idea because
  • the margin line has been broadly stable rather than moving meaningfully higher, even as investments in hubs like Kimball and Phoenix and logistics optimization are expected to improve route density, and
  • TTM EPS of US$7.42 and multi year earnings growth of 13.1% a year still align with the view that the business model can convert a mid single digit revenue growth profile into faster profit growth over time.

On these numbers, bulls argue the current 6.5% margin and solid TTM earnings leave room for PFAS and circular economy themes to matter more over time, while the stock’s premium valuation keeps expectations high for execution 🐂 Clean Harbors Bull Case

P/E of 38.8x and debt test the bearish worries

• The stock trades on a 38.8x P/E against a DCF fair value of US$398.91 per share and an analyst price target of US$319.69, compared with the current share price of US$287.98, while the company is flagged as having a high level of debt.
• Bears focus on this rich multiple and leverage, and the figures here both support and challenge that cautious stance because
  • the P/E is higher than the 22x industry average and 31.6x peer average, which matches the concern that investors are paying more for each dollar of the current US$7.42 TTM EPS,
  • yet the DCF fair value of US$398.91 and the fact that the share price sits below both that figure and the US$319.69 analyst target suggest some valuation models still see upside even after accounting for slower forecast revenue growth of around 4.6% a year.

For a cautious holder, the key question is whether that 38.8x P/E and high debt are adequately offset by the TTM earnings base and modeled upside to DCF fair value and analyst targets 🐻 Clean Harbors Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Clean Harbors on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of risks and rewards around Clean Harbors can feel finely balanced, so it helps to move fast and test the numbers against your own expectations by weighing up the 3 key rewards and 2 important warning signs

See What Else Is Out There

Clean Harbors pairs a rich 38.8x P/E and high debt with steady mid single digit margins, which may not suit investors prioritizing resilience and balance sheet strength.

If that mix leaves you wanting more financial comfort, compare these results with companies in the solid balance sheet and fundamentals stocks screener (45 results) to quickly spot stocks where stronger balance sheets support your risk profile.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.