Waste Management (WM) is North America's largest integrated waste services company, collecting, transporting, and disposing of solid waste from residential, commercial, and industrial customers across the U.S. and Canada. WM's core business is straightforward: it picks up waste and disposes of it in its own landfills, capturing the full value chain margin rather than paying third-party tipping fees. WM owns or operates 257 landfills — the largest such network in North America — and 342 transfer stations, giving it an internalization rate above 70%. Permitted landfill capacity is expensive to develop and heavily regulated, making WM's network difficult to replicate. Beyond its core collection and disposal operations, WM operates 113 recycling facilities and is North America's leading recycler of post-consumer materials; it has been upgrading these facilities with automation, cutting labor costs and improving margins. WM also captures landfill gas and converts it into renewable natural gas (RNG) or electricity, selling RNG to utilities and using it to fuel its own truck fleet. In November 2024, WM acquired Stericycle for approximately $7B, adding a regulated medical waste and document shredding business (now the Healthcare Solutions segment) serving hospitals, clinics, and other healthcare customers in the U.S., Canada, and Western Europe. Integration is ongoing, with $250M in run-rate synergies targeted by 2027.