Clean Harbors, Inc. CLH shares have gained 13.3% in the past three months, extending a broader advance as operating results and the 2026 outlook improved.
The recent move has fundamental support from earnings growth, disposal-network demand and higher guidance. Still, a premium valuation leaves less room for execution shortfalls and keeps the investment case balanced.
CLH’s Earnings Momentum Supports the 3-Month Gain
Second-quarter earnings rose 36.4% year over year to $3.22 per share and topped the Zacks Consensus Estimate of $2.74 by 17.5%. Revenues increased 12% to $1.74 billion, exceeding the consensus mark of $1.63 billion by 6.8%.
Profitability strengthened with the top line. Adjusted EBITDA climbed 21.6% to $409 million and the adjusted EBITDA margin expanded 190 basis points to 23.6%. Net income increased 34.3% to $170.5 million, while income from operations advanced 27.9% to $268.9 million.
Clean Harbors’ Disposal Network Is Running Hot
Environmental Services revenues rose 7.7% to $1.46 billion. Technical Services revenues increased 18% as disposal and recycling demand, project activity and acquisitions supported growth. Incinerator utilization reached 91% versus 86% a year earlier, while landfill volumes increased 7%.
The demand picture includes remediation and PFAS-related work, plus a 10-year disposal contract valued at an estimated $600 million. The contract begins in the fourth quarter of 2026 and is expected to reach full capacity in 2030, adding a longer-duration element to the disposal-network story.
CLH Raises Guidance After a Strong First Half
Management raised the midpoint of 2026 adjusted EBITDA guidance by $110 million to $1.38 billion. The new range is $1.35-$1.41 billion. It also lifted the midpoint of adjusted free cash flow guidance by $30 million to $550 million, within a $520-$580 million range.
The third-quarter outlook points to continued momentum. Clean Harbors expects adjusted EBITDA to grow 24%-28% year over year, supported by emergency-response work, PFAS opportunities, reshoring activity and favorable demand for re-refined products.
Clean Harbors Still Trades at a Premium
CLH trades at 15.8X EV/EBITDA versus 12.5X for its Zacks sub-industry and above its five-year median of 11.7X. The premium increases the importance of sustained earnings growth and delivery against the raised outlook if the recent share-price advance is to continue.
                                      Image Source: Zacks Investment Research
GFL Environmental Inc. GFL is a large North American environmental-services company focused on solid waste management. Waste Connections, Inc. WCN provides non-hazardous waste collection, transfer and disposal services, making both useful reference points for investors assessing the broader waste-services landscape.
CLH’s Rating Mix Supports a Balanced View
The 13.3% three-month gain is backed by better earnings, higher margins and stronger guidance, but valuation limits the case for extrapolating the advance without qualification. The operating setup remains favorable, while the premium multiple raises the bar for continued execution.
CLH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clean Harbors also has a VGM Score of B, Growth Score of B, Momentum Score of B and Value Score of C. The B scores indicate favorable growth and momentum characteristics, while the C Value Score is more neutral. Combined with a Hold rank, the mix supports a measured stance rather than treating recent momentum as an automatic buying signal.
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