"Citi's upgrade arrives at a time when Clean Harbors is executing across multiple fronts, posting record full-year 2025 revenue of $6.03 billion and surpassing $500 million in adjusted free cash flow for the first time."
"The Environmental Services segment has been the standout performer, delivering 15 consecutive quarters of year-over-year adjusted EBITDA margin expansion, reflecting disciplined pricing and operational execution."
"Clean Harbors is positioning itself as a leader in PFAS remediation services, a fast-growing area driven by tightening EPA regulations, and has released formal PFAS disposal guidance shared with the EPA."
"The company is benefiting from several converging tailwinds: reshoring trends driving hazardous waste demand, a growing remediation project pipeline, and expanding PFAS-related work."
Citi upgraded Clean Harbors stock to Buy, setting a price target of $346. The company reported record revenue of $6.03 billion for 2025 and over $500 million in adjusted free cash flow. The Environmental Services segment has shown consistent growth with 15 quarters of adjusted EBITDA margin expansion. Clean Harbors is focusing on PFAS remediation services, aligning with increasing EPA regulations. The company anticipates adjusted EBITDA of $1.2 billion to $1.26 billion for 2026, driven by rising demand and a growing project pipeline.
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