Clean Harbors, Inc

Clean Harbors is a U.S.-based environmental and industrial services company focused on collecting, treating, recycling, and disposing of hazardous and non-hazardous waste across North America. It also operates a large used-oil re-refining and parts-cleaning business through its Safety-Kleen Sustainability Solutions segment. The company’s asset base includes incinerators, landfills, TSDFs, wastewater treatment facilities, solvent recycling centers, and field-service capabilities for emergency response and industrial cleaning. Its business model is built around regulated waste handling, recurring service relationships, and specialized infrastructure that is difficult to replicate. Clean Harbors positions itself as a sustainability-oriented service provider for customers that need compliant waste management and environmental remediation solutions.

18,6 %

31,3 %

6,5 %

+2,4 %

2.33

2.00

— Clean Harbors, Inc
%
Environmental Services70% Collection, transport, treatment, recycling, disposal, emergency response, and industrial cleaning services.
Safety-Kleen Sustainability Solutions30% Used-oil re-refining, recycled base and blended oil products, lubricants, and related service offerings.

Clean Harbors serves a broad base of industrial, commercial, and government customers that need compliant handling of...

  • Industrial and manufacturing customersprimary

    Buy hazardous waste management, industrial cleaning, maintenance, and remediation services to meet regulatory and safety requirements.

  • Safety-Kleen parts washer and lubricant customersprimary

    Buy parts washer services, vacuum services, recycled base oil, and lubricants for recurring plant and fleet operations.

  • Government and public-sector agenciessecondary

    Buy emergency response, cleanup, and disposal services for incidents and environmental projects.

  • Small quantity generators and commercial customerssecondary

    Buy containerized waste collection and related environmental services for smaller, recurring waste streams.

Clean Harbors generates essentially all of its business in North America, with operations and facilities concentrated...

  • Business is concentrated in North America, especially the United States and Canada
  • Facility network includes incinerators, landfills, TSDFs, wastewater treatment, and solvent recycling centers
  • Regional capacity and transport distance matter because waste is costly to move
  • Local permitting and environmental regulation shape where services can be delivered
  • Weather events and industrial activity can create regional spikes in emergency response demand
  • Foreign currency translation is mentioned as a smaller operating factor

Clean Harbors is investing to expand and modernize its regulated disposal and recycling network, with capital directed...

01
Build out disposal and recycling capacitymedium-term

More permitted capacity supports pricing, utilization, and long-term growth in regulated waste markets.

02
Expand through acquisitionsshort-term

Acquisitions add customer relationships, service routes, and specialized capabilities faster than organic buildout.

03
Grow PFAS and remediation servicesmedium-term

PFAS regulation and large-scale cleanup needs create specialized demand for testing, filtration, and disposal.

Clean Harbors faces operational and safety risk because it handles hazardous materials and operates facilities where...

high

Operational and safety incidents

The company transports, treats, and disposes of hazardous materials, so equipment failures or accidents can cause pollution, injury, shutdowns, and legal claims.

Scope
Facilities, transport fleet, and field services
Materiality
high
high

Environmental regulation and PFAS rule changes

The business depends on permits and regulated waste demand; new rules can require additional capital or change service economics.

Scope
Incinerators, TSDFs, remediation services
Materiality
high
medium

Industrial demand and pricing cycles

Waste volumes and industrial cleaning demand track North American industrial activity and manufacturing output.

Scope
Environmental Services and Safety-Kleen
Materiality
high
medium

Cybersecurity and technology disruption

Operational systems and third-party payment processing are critical to service delivery and business continuity.

Scope
IT systems, operational technology, customer data
Materiality
medium
medium

Environmental liability estimates

The company carries long-dated remediation and closure obligations that may change with new evidence or regulation.

Scope
Acquired sites and regulated facilities
Materiality
high
Environmental liabilities and remediation reserves
Can affect operating income, cash flow expectations, and balance-sheet liabilities
Letters of credit for regulatory assurance
Affects liquidity and available borrowing capacity
Acquisition accounting and goodwill
Can affect reported assets and future impairment charges
Seasonality and quarterly volatility
Affects comparability of revenue and margins across periods

: 11/08/2026