Clean Harbors (CLH) is North America’s leading provider of environmental and industrial services, specializing in hazardous and non-hazardous waste management, emergency response, and sustainability solutions. The company operates an extensive network of facilities and offers a wide range of services to over 300,000 customers, including Fortune 500 companies, across industries such as chemical, manufacturing, and automotive. Clean Harbors is committed to sustainability, recycling waste materials whenever possible, and helping customers achieve their environmental goals.
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Environmental Services - Provides hazardous and non-hazardous waste collection, transportation, treatment, and disposal, as well as industrial maintenance, emergency response, and environmental solutions. Key offerings include technical services, industrial cleaning, and field services.
- Technical Services - Manages waste disposal and remediation projects through incineration, landfill, and other methods.
- Industrial Services - Offers cleaning and maintenance for industrial facilities.
- Field and Emergency Response Services - Handles cleanup for spills, natural disasters, and emergencies.
- Safety-Kleen Environmental Services - Provides containerized waste handling, parts washer services, and vacuum services.
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Safety-Kleen Sustainability Solutions (SKSS) - Focuses on sustainability solutions, including waste oil collection, recycling, and sales of blended oil products. Also provides bulk automotive fluids and related environmental services.
- Used Oil Recycling - Re-refines and recycles used oil to support sustainability goals.
- Parts Washers and Automotive Fluids - Supplies parts washers and bulk fluids for commercial and industrial customers.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alan S. McKim ExecutiveBoard | Executive Chairman of the Board | Trustee, Northeastern University Board of Trustees; Member, South Shore Health Board of Directors | Alan S. McKim founded Clean Harbors in 1980, serving as CEO and President until March 31, 2023, before transitioning to roles as Executive Chairman and Chief Technology Officer. He remains the largest individual shareholder and a key industry leader in environmental services. | |
Eric W. Gerstenberg ExecutiveBoard | Co-Chief Executive Officer and Co-President | Eric W. Gerstenberg is Co-Chief Executive Officer and Co-President of CLH since March 31, 2023. He previously served as Chief Operating Officer starting in January 2015 and was elected to the Board of Directors on August 29, 2024. | ||
Michael L. Battles ExecutiveBoard | Co-Chief Executive Officer and Co-President | Board Member at Casella Waste Systems, Inc. (member of Audit Committee and Nominating and ESG Committee) | Michael L. Battles is the Co-Chief Executive Officer and Co-President at Clean Harbors, Inc. since March 31, 2023. He previously served as Chief Financial Officer from January 2016 and joined Clean Harbors in September 2013 as Senior Vice President, Corporate Controller, and Chief Accounting Officer. | |
Brian P. Weber Executive | Executive Vice President and President of Safety-Kleen Sustainability Solutions | Brian P. Weber has been with Clean Harbors since 1990 and has served in key roles, including Executive Vice President, Corporate Planning and Development starting in 2010, before assuming his current role on March 31, 2023. | ||
Eric J. Dugas Executive | Executive Vice President and Chief Financial Officer | Eric J. Dugas has been serving as Executive Vice President and Chief Financial Officer at Clean Harbors, Inc. since March 31, 2023. Previously, he served as Senior Vice President, Finance and Chief Accounting Officer from January 2016 to March 2023. | ||
George L. Curtis Executive | Executive Vice President, Pricing & Proposals | George L. Curtis has served as the Executive Vice President, Pricing & Proposals at Clean Harbors since 2009. He joined Clean Harbors in 1980 and has held several roles, including Senior Vice President of Pricing and Proposals and Vice President of Marketing. | ||
Jeroen Diderich Executive | President of Environmental Sales & Services | Jeroen Diderich joined Clean Harbors in May 2024 as President of Environmental Sales & Services, bringing over 20 years of executive experience from roles at Avery Dennison and 11 years of industry expertise from SAPPI. | ||
Rebecca Underwood Executive | President, Facilities | Rebecca Underwood is the President, Facilities at Clean Harbors since August 2023, overseeing operations and facility management. She previously served as Executive Vice President of Facilities from June 2022 to August 2023 and has extensive leadership experience in companies such as Covanta, Honeywell, Air Products, and Ferro Corporation. | ||
Robert E. Speights Executive | President of Industrial Services | Robert E. Speights is the President of Industrial Services at Clean Harbors since early 2021, having joined the company as Chief Sales Officer in October 2018 with extensive experience in executive sales and operations. | ||
Robert Harrison Executive | Executive Vice President, Health & Safety | Robert Harrison has been serving as the Executive Vice President, Health & Safety at Clean Harbors since November 2022, and previously served as the Health, Safety and Environmental (HSD) and Quality Vice President at Air Liquide American Corporation from 2016 to 2022. | ||
Sharon M. Gabriel Executive | Executive Vice President and Chief Information Officer | Sharon M. Gabriel has served as the Executive Vice President and Chief Information Officer at Clean Harbors since October 2018, leading the company’s technology and cybersecurity initiatives. She joined Clean Harbors in 2001 and previously held the role of Senior Vice President of Management Information Systems. | ||
Alison A. Quirk Board | Independent Director, Class I | Independent Non-Executive Director at Janus Henderson Group plc; Member of the Compliance Committee at Wynn Resorts, Limited; Board Member at Legg Mason; Board Member at Embrace Boston | Alison A. Quirk has been serving as an Independent Director, Class I at CLH since 2022, where she also chairs the Compensation and Human Capital Committee and serves on the Corporate Governance and Sustainability Committee. | |
Andrea Robertson Board | Class III Director | Leadership Council of Prevent Child Abuse America | Andrea Robertson has served as a Class III Director and Chair of the Audit Committee at CLH since 2004. She brings extensive financial expertise from her previous roles, including as Group Executive, Corporate Treasurer at MasterCard Worldwide from 2003 to 2010. | |
John R. Welch Board | Director Class I | John R. Welch has served as Director Class I at CLH since 2014 and is active on several committees, including Compensation and Human Capital, Environmental, Health & Safety, and he chairs the Ad Hoc Cyber Committee as of Q1 2024. He brings over 30 years of experience in consulting, operations, and finance, notably with McKinsey & Company. | ||
John T. Preston Board | Director | Managing Partner at TEM Capital | John T. Preston serves as a Class II Director at Clean Harbors, Inc. since 1995 and chairs the Corporate Governance and Sustainability Committee, bringing extensive experience in technology development, corporate growth, and governance. | |
Karyn Polito Board | Class II Director | Independent Director at Berkshire Hills Bancorp, Inc.; Independent Director at The Andover Companies | Karyn Polito is a Class II Director at Clean Harbors since 2023. Previously, she served as the 72nd Lieutenant Governor of Massachusetts from 2015 to 2023 and has extensive experience in real estate development and law. | |
Lauren C. States Board | Director Class III | Director at Webster Financial Corporation; Director at NetBase Quid; Director at Code Nation; Trustee at International House, New York; Trustee at Mercy High School, Middletown, Connecticut | Lauren C. States has been a Director Class III at Clean Harbors, Inc. since 2016 and serves on multiple committees including the Compensation and Human Capital Committee and as Chair of the Environmental, Health and Safety Committee. She brings extensive leadership experience from a 36-year career at IBM where she held roles including Vice President, Strategy and Transformation and Chief Technology Officer. | |
Marcy L. Reed Board | Director Class II | Board member at Edison International; Independent Director at Blue Cross Blue Shield of Massachusetts; Board member at Northeastern University; Board member at Qualus | Marcy L. Reed has served as Director Class II at CLH since 2021. She brings extensive industry experience from her long career at National Grid and her expertise in accounting, regulatory, and energy sectors. | |
Robert J. Willett Board | Class III Director | Cognex Board of Directors | Robert J. Willett has been the Class III Director at Clean Harbors since 2019, serving on the Compensation and Human Capital Committee and Corporate Governance and Sustainability Committee. He brings extensive leadership experience from previous roles, including his long-standing board membership at Cognex since 2011. | |
Shelley Stewart Board | Class I Director | Managing Partner at Bottom Line Advisory LLC ; Board Member at Otis Worldwide Corporation (NYSE:OTIS) ; Board Member at Kontoor Brands Inc. (NYSE:KTB) ; Trustee at Howard University ; Governor at University of New Haven | Shelley Stewart, Jr. has been serving as a Class I Director at Clean Harbors since 2022. He is an active member of the Audit and Environmental, Health, and Safety Committees, leveraging his extensive background in procurement and supply chain management from prior roles at DuPont, Tyco International, and others. |
- With the shift to a charge-for-oil model in the SKSS segment and the noted impact of higher cost inventory in Q1, can you detail how you plan to manage inventory and pricing volatility in the near term?
- Given the strong demand in the Phoenix area tied to the semiconductor vertical, how are you balancing this rapid geographic expansion against potential margin pressures from increased capital spending?
- Facing rising labor, benefits, and other expense pressures, how do you expect to sustain the strong organic growth in Field Services and Industrial Services moving forward?
- In light of the start-up challenges with the new Kimball incinerator impacting early EBITDA contributions, what specific measures are you implementing to ensure a faster ramp-up and mitigate similar risks in future projects?
- Despite an active pipeline in the PFAS opportunity, you did not build significant revenue growth into current guidance; can you elaborate on the expected timeline and key milestones for material PFAS revenue contribution amid regulatory uncertainties?
Research analysts who have asked questions during CLEAN HARBORS earnings calls.
David Manthey
Robert W. Baird & Co. Incorporated
7 questions for CLH
Noah Kaye
Oppenheimer & Co. Inc.
7 questions for CLH
Tobey Sommer
Truist Securities, Inc.
7 questions for CLH
James Ricchiuti
Needham & Company, LLC
6 questions for CLH
James Schumm
TD Cowen
5 questions for CLH
Tyler Brown
Raymond James Financial, Inc.
5 questions for CLH
Adam Bubes
Goldman Sachs Group, Inc.
4 questions for CLH
Lawrence Solow
CJS Securities, Inc.
4 questions for CLH
Patrick Brown
Raymond James
4 questions for CLH
Larry Solow
CJS Securities
3 questions for CLH
Brian Butler
Stifel, Nicolaus & Company, Incorporated
2 questions for CLH
Davis Baynton
BMO Capital Markets
2 questions for CLH
Chris Grenga
Needham & Company
1 question for CLH
Jerry Revich
Goldman Sachs Group Inc.
1 question for CLH
Jim Ricchiuti
Needham & Company
1 question for CLH
Timna Tanners
Wolfe Research
1 question for CLH
Tyler Barishaw
Truist Securities
1 question for CLH
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Veolia North America | This company is one of the principal national firms competing in the industrial and automotive waste services sector, providing one or more of the products and services offered by the company. |
This company is listed as a principal national competitor in the industrial and automotive waste services sector, offering similar services to those provided by the company. | |
This company is a major competitor in the industrial and automotive waste services industry, providing overlapping services with the company. | |
This company, which acquired Stericycle, Inc. in late 2024, is a key competitor in the industrial and automotive waste services sector. | |
Stericycle, Inc. | This company was a competitor in the industrial and automotive waste services sector before its acquisition by Waste Management in late 2024. |
This company is identified as a principal national competitor in the industrial and automotive waste services industry. | |
Heritage-Crystal Clean | This company, a portfolio company of J.F. Lehman & Company, is a significant competitor in the industrial and automotive waste services sector, particularly in the United States. |
CEDA | This company is a principal national competitor in Canada for industrial, field, and emergency response services. |
Secure Energy Services | This company is a key competitor in Canada for industrial, field, and emergency response services. |
Motiva Enterprises LLC | This company competes in the production of base oil, which is a market segment of the company's Safety-Kleen Sustainability Solutions segment. |
This company is a competitor in the production of base oil, competing with the company's KLEEN+ base oil produced at its re-refineries. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Hepaco Blocker, Inc. and its subsidiaries | 2024 | The acquisition, completed on March 22, 2024, had an all-cash purchase price adjusted to $392.2 million (initially approximately $395.4 million) financed partly with $500 million in term loans; it strategically expands Clean Harbors' Environmental Services segment into specialized environmental and emergency response services. |
Noble Oil Services, Inc. and its subsidiaries | 2024 | Completed on March 1, 2024, for an all-cash price of $68.7 million, this acquisition expands the Safety-Kleen Sustainability Solutions segment’s oil collection operations and adds incremental production from a re-refinery, impacting both revenues and associated cost structures. |
Thompson Industrial Services, LLC | 2023 | Closed on March 31, 2023, with a final adjusted purchase price of $110.9 million (down from $111.9 million), this deal broadens Clean Harbors' industrial service operations in the southeastern U.S. and key verticals such as paper, mining, and power; its financial impact was deemed immaterial to consolidated financials. |
Privately-owned business | 2022 | Completed on June 17, 2022, for an all-cash purchase price of $78.6 million (including a $4.8 million working capital adjustment), the acquisition enhances SKSS’s waste oil collection and re-refining capabilities in the southeast, notably adding a re-refinery in Georgia, with the acquired goodwill being tax-deductible. |
Recent press releases and 8-K filings for CLH.
- Clean Harbors reported third-quarter earnings per share of $2.21 and revenues of $1.55 billion, narrowly missing Wall Street expectations.
- Despite the short-term miss, the company raised its full-year adjusted EBITDA guidance to a range of $1.16 billion to $1.18 billion.
- The company's stock experienced a 12% drop following the earnings announcement, marking its largest decline since March 2020.
- Clean Harbors is investing $220 million in a facility upgrade focused on recycling and environmental efficiency.
- CLH reported Q3 2025 revenue of $1.55 billion and adjusted EBITDA of $320 million, a 6% increase year-over-year, with an adjusted EBITDA margin of 20.7%. Earnings per share reached $2.21.
- The company achieved a record Q3 adjusted free cash flow of $231 million, up $86 million year-on-year, and held $850 million in cash and short-term marketable securities at quarter-end.
- Full-year 2025 adjusted EBITDA guidance was revised to $1.155 billion to $1.175 billion, and adjusted free cash flow guidance was raised to a midpoint of $475 million, reflecting over 30% growth from 2024.
- CLH announced plans for a new SDA unit investment of $210 million to $220 million, expected to generate $30 million to $40 million in annual EBITDA upon its 2028 commercial launch.
- The company repurchased over 208,000 shares for $50 million in Q3, with approximately $380 million remaining under its share repurchase authorization, while actively pursuing M&A opportunities.
- Clean Harbors reported Q3 2025 revenue of $1.55 billion, net income of $118.8 million, and diluted EPS of $2.21.
- Adjusted EBITDA for Q3 2025 was $320.2 million, with a margin of 20.7%, and adjusted free cash flow reached a record $230.6 million.
- The company issued full-year 2025 guidance, forecasting net income between $379 million and $400 million, Adjusted EBITDA between $1,155 million and $1,175 million, and Adjusted Free Cash Flow between $455 million and $495 million.
- Clean Harbors successfully completed a PFAS incineration study with the EPA and DoD in September 2025, confirming the safe destruction of PFAS, and expects PFAS revenue to grow to $100 million-$120 million in 2025.
- The company plans a Solvent De-Asphalting (SDA) Unit project with a total spend of $210 million-$220 million, anticipating $30 million total in 2025 and an expected annual EBITDA contribution of $30 million-$40 million.
- Clean Harbors reported Q3 2025 total revenue of $1.55 billion and adjusted EBITDA of $320 million, a 6% increase year-over-year, with consolidated adjusted EBITDA margin expanding by 100 basis points to 20.7%. The performance fell slightly short of expectations due to slowness in field and industrial services and elevated healthcare costs.
- The company revised its full-year 2025 adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its adjusted free cash flow guidance to a midpoint of $475 million, representing over 30% growth from 2024.
- Clean Harbors announced plans to construct a new SDA unit with an expected total spend of $210 million to $220 million and anticipated commercial launch in 2028, projected to generate $30 million to $40 million in annual EBITDA.
- In Q3 2025, Clean Harbors bought back over 208,000 shares for $50 million and has approximately $380 million remaining under its share repurchase authorization.
- Clean Harbors reported Q3 2025 revenue of $1.55 billion and Adjusted EBITDA of $320 million, representing a 6% increase year-over-year, with an expanded consolidated Adjusted EBITDA margin of 20.7%. Net income grew modestly, delivering EPS of $2.21.
- The company revised its full-year 2025 Adjusted EBITDA guidance to $1.155 billion-$1.175 billion and raised its adjusted free cash flow guidance to a midpoint of $475 million.
- Clean Harbors announced plans to construct a new SDA unit with an expected total spend of $210 million-$220 million, anticipated to generate annual EBITDA of $30 million-$40 million upon commercial launch in 2028.
- The company repurchased $50 million in stock during Q3 2025 and ended the quarter with $850 million in cash and short-term marketable securities.
- Clean Harbors reported Q3 2025 revenue of $1.55 billion, an increase from $1.53 billion in the same period of 2024.
- Net income for Q3 2025 was $118.8 million, or $2.21 per diluted share, compared to $115.2 million, or $2.12 per diluted share, for Q3 2024.
- Adjusted EBITDA for Q3 2025 increased 6% to $320.2 million from $301.8 million in Q3 2024, achieving an Adjusted EBITDA margin of 20.7%.
- The company revised its full-year 2025 Adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its 2025 Adjusted Free Cash Flow guidance to a range of $455 million to $495 million.
- Performance was driven by continued growth in Technical Services and Safety-Kleen Environmental Services revenues, and the company announced an investment in a facility to upgrade and recycle re-refinery byproducts.
- Clean Harbors reported Q3 2025 revenue of $1.55 billion, with net income of $118.8 million and EPS of $2.21.
- Adjusted EBITDA for Q3 2025 increased 6% year-over-year to $320.2 million, achieving an Adjusted EBITDA Margin of 20.7%.
- The company revised its full-year 2025 Adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its 2025 Adjusted Free Cash Flow guidance to $455 million to $495 million.
- Clean Harbors announced an investment of $210 million to $220 million in a new solvent de-asphalting (SDA) facility, projected to generate $30 million to $40 million in annual EBITDA upon its anticipated commercial launch in 2028.
- On October 9, 2025, Clean Harbors, Inc. issued $745.0 million aggregate principal amount of 5.750% senior notes due 2033.
- Concurrently, the company entered into an Amended Credit Agreement for $1,260.0 million in new term loans, maturing on October 9, 2032, with interest at Term SOFR + 1.50% or U.S. Base Rate + 0.50%.
- A portion of the proceeds from the new notes and the new term loans were used to refinance approximately $1,457.3 million of existing secured senior term loans.
- The remaining net proceeds from the new notes, along with cash on hand, are intended to redeem $545.0 million of its outstanding 4.875% senior notes due 2027 on October 31, 2025.
- Clean Harbors, Inc. (CLH) priced a private offering of $745 million of senior notes due 2033 at an interest rate of 5.750%.
- The aggregate principal amount of the notes was decreased from the previously announced $845 million due to a $100 million increase in a new secured term loan credit facility.
- The company expects the issuance and sale of the notes to close on or about October 9, 2025.
- The net proceeds from the notes offering and $1,260.0 million from the new secured term loan credit facility will be used to repay approximately $1,457.3 million of existing secured senior term loans and redeem $545.0 million of 4.875% senior notes due 2027.
- Safety excellence remains a core focus, with management detailing its role in reducing incident-related costs and safeguarding employees, even as these benefits take time to reflect in margins.
- Margin guidance is a key discussion point, with targets aiming for 22% by 2027 while environmental services continue to expand margins despite challenges in the SKSS segment.
- Capital allocation is being driven by ROIC, with the company emphasizing careful deployment of funds across organic growth, M&A, and share buybacks using its strong balance sheet.
- M&A opportunities are targeted in fragmented segments as Clean Harbors leverages its market dominance to explore acquisitions in industrial waste management, despite limited prospects in areas like hazardous waste incineration.
- PFAS incineration testing and tech enhancements are underway, with recent EPA and DoD tests expected to unlock DoD opportunities and further fortify safety and operational efficiencies.