CWST · CIK 0000911177
What Casella Waste Systems, Inc. told the SEC could break it.
Casella's results are exposed to prices and rules it doesn't set. On the recycling side it markets commodities — old corrugated cardboard, newsprint, plastics, glass and ferrous and aluminum metals — whose swings move revenue directly (recycled-commodity price fell $20.4 million, or 18.9%, in 2025), and it carries roughly $66 million of fuel-cost exposure. As a landfill and waste operator it faces extensive EPA and state environmental, landfill air-emission and greenhouse-gas/methane regulation that demands substantial capital spending, with changes like the August 2025 proposed rescission of the EPA endangerment finding adding uncertainty. Its operations are also regionally concentrated, clustered across 11 Northeast and Mid-Atlantic states, tying it to local economics, landfill permitting and disposal capacity.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- recycled materials (OCC, newsprint, plastics, glass, ferrous/aluminum) + fuelmedium
Casella markets recycled commodities (old corrugated cardboard, newsprint, plastics, glass, ferrous and aluminum metals) whose price swings move revenue (recycled commodity price fell $20.4M / -18.9% in 2025), and it carries ~$66M of fuel cost exposure.
“We market a variety of materials, including fibers such as old corrugated cardboard and old newsprint, plastics, glass, ferrous and aluminum metals.”
SEC filing →As of 2026
Regulatory & policy
- EPA / environmental & landfill air-emission (GHG/methane) regulationmedium
Casella is subject to extensive EPA and federal/state/local environmental, landfill air-emission and GHG/methane regulation requiring substantial capital expenditures; changes (e.g., the Aug 2025 proposed rescission of EPA's endangerment finding) add uncertainty.
“We are subject to extensive federal, state and local laws and regulations. The laws and regulations affecting us are administered by the United States Environmental Protection Agency (“EPA”) and other federal, state and local environmental, zoning, financial, health and safety agencies.”
SEC filing →As of 2026
Geographic concentration
- operations concentrated in 11 Northeast/Mid-Atlantic stateslow
Casella's solid-waste operations are concentrated in the Northeast/Mid-Atlantic (11 states: VT, NH, NY, MA, CT, ME, PA, DE, NJ, MD, WV), making it dependent on regional economics, landfill permitting and disposal capacity.
“We provide integrated solid waste services with operating locations in eleven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware, New Jersey, Maryland and West Virginia, with our headquarters located in Rutland, Vermont.”
SEC filing →As of 2026
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch