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    Waste Management
SECURE Waste Infrastructure Corp.

SECURE Waste Infrastructure Corp.

SES.TO
SECURE Waste Infrastructure Corp.CA flagToronto Stock Exchange
24.62
CAD
+0.28
- -
5.37BMarket Cap
SECURE Waste Infrastructure Corp.
SES.TO
(Toronto Stock Exchange)

Recent

price

24.62

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.25
7.02
10.68
13.85
19.05
10.09
9.12
14.3
18.02
19.2
11.5
16.08
25.84
27.86
5.58
6.59
25.49
Revenue per Share
0.09
0.28
0.34
0.36
0.26
-1.2
-0.32
-0.21
0.12
0.01
-0.54
-0.87
0.59
0.66
2.28
0.55
0.85
Basic EPS, GAAP
-0.56
-1.14
-0.74
-0.91
-0.9
0.13
0.22
-0.17
0.05
0.48
0.49
0.13
1.02
0.77
1.43
0.22
0.93
Free Cash Flow per Basic Share
- -
- -
- -
0.1
0.16
0.19
0.15
0.23
0.27
0.27
0.11
0.03
0.12
0.4
0.41
0.4
0.42
Dividend per Share
2.44
3.87
4.57
5.7
6.28
5.99
5.77
5.35
5.3
5
4.33
3.59
4.09
4.12
4.45
3.64
3.72
Book Value per Share
2.39
2.21
2.93
4.14
4.34
5.4
5.16
4.97
5
4.68
4.15
1.87
2.43
3.2
3.21
2.13
2.19
Tangible Book Value per Share
59
79
96
108
119
133
155
163
163
159
159
234
310
296
255
223
232
Basic Weighted Avg Shares
73
551
1,029
1,493
2,272
1,346
1,410
2,328
2,937
3,053
1,824
3,766
8,002
8,244
1,421
1,472
5,910
Sales/Revenue/Turnover
12.51
6.14
5.05
4.14
4.14
-2.87
-3.21
0.65
1.89
0.79
-3.78
-4.62
4.39
4.31
18.58
18.89
4.42
Operating Margin (%)
14
25
42
67
101
126
113
119
116
132
141
173
178
203
173
188
178
Depreciation Expense
5
22
33
39
31
-160
-49
-34
20
2
-85
-203
184
195
582
123
197
Net Income, GAAP
36.27
29.87
28.45
29.4
40.24
- -
- -
- -
44.78
- -
- -
- -
26.98
24.12
18.37
25
2.48
Effective Tax Rate (%)
7.35
4.06
3.21
2.61
1.35
-11.87
-3.47
-1.47
0.68
0.05
-4.66
-5.39
2.3
2.37
40.96
8.36
3.33
Profit Margin (%)
21
96
69
102
101
116
140
139
153
104
51
133
117
718
7
113
157
Working Capital
2
121
127
169
409
268
212
306
422
484
424
1,289
1,003
1,075
428
988
975
LT Debt
155
349
478
664
762
825
927
874
844
816
717
1,106
1,266
1,186
1,042
792
817
Total Equity
4.68
7.51
6.86
5.99
5.53
- -
- -
- -
2.49
- -
- -
- -
10.86
11.75
11.35
12.53
14.8
Return on Invested Capital (%)
4.68
7.52
6.87
6.1
3.65
- -
- -
- -
2.49
- -
- -
- -
10.4
11.22
32.7
10.16
14.35
Return on Capital (%)
4.46
8.88
7.99
6.82
4.3
-20.15
-5.59
-3.8
2.32
0.2
-11.56
-22.64
15.51
15.91
52.24
13.41
21.26
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
26
30
30
LT Borrowings
339
549
843
LT Finance Leases
89
132
132
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
234
231
220
Market Capitalization
3,806
3,620
3,423

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
688
629
680
Cash, Cash Equivalents & STI
26
20
31
Accounts Receivable, Net
504
446
486
Inventories
143
146
143
Total Current Liabilities
681
627
523
Payables & Accruals
567
495
471
ST Debt
26
30
30
Deferred Revenue
70
83
8

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.41%
5.25%
-23.99%
Free Cash Flow
145.84%
160.21%
-86.78%
Net Income, GAAP
-568.85%
14.75%
-78.87%
Sales/Revenue/Turnover
20.25%
28.56%
3.59%
Total Cash Common Dividend
57.5%
113.28%
-14.42%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,875
2,621
2,614
2,562
1,421
2025
379
355
-6,169
- -
1,472
2026
383
422
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.5
0.12
0.39
- -
2.28
2025
0.16
0.14
- -
- -
0.55
2026
0.16
0.2
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.1
0.09
0.1
- -
0.41
2025
0.1
0.1
- -
- -
0.4
2026
0.11
0.11
- -
- -
- -
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Business
Secure Waste Infrastructure Corp. Secure Waste Infrastructure Corp. (SES.TO), formerly Secure Energy Services Inc., operates as a leading waste management and energy infrastructure provider headquartered in Calgary, Alberta, Canada, with roots dating to its founding in 2007. The company maintains an extensive network of over 80 facilities and landfills across western Canada, North Dakota, and the United States, delivering integrated solutions for energy, environmental, and industrial sectors; core offerings encompass waste processing and transfer facilities, industrial landfills, metal recycling centers, produced water pipelines, crude oil gathering pipelines, terminalling, storage facilities, and water disposal services, alongside processing, recovery, recycling, and disposal of diverse waste streams including hazardous and non-hazardous materials, produced and waste water, crude oil emulsions, and scrap metals. It serves energy producers, industrial customers, mining operations, and other sectors by transforming waste into value through sustainable practices that minimize environmental impact, reduce emissions, and enable resource recovery. Recent developments include the adoption of its current name effective January 1, 2025, to reflect its strategic evolution toward specialized waste management; closure of a metals recycling business acquisition on January 31, 2025, for $162 million; execution of definitive agreements for two additional accretive metals recycling acquisitions valued at $175 million, anticipated to close in Q1 2025 and expand its scrap metal network from British Columbia to Saskatchewan with enhanced logistics via rail investments; and planned $75 million in organic growth initiatives to optimize throughput and densify infrastructure.