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CLH

Identity verified against SEC EDGAR; registered as Clean Harbors, Inc., CIK 0000822818.

Clean Harbors, Inc.

Clean Harbors operates a difficult-to-replicate hazardous-waste network and directly markets an integrated PFAS analysis, treatment, transport and disposal offering. Q1 2026 revenue was $1.4595 billion and adjusted EBITDA was $247.9 million; Technical Services growth included higher PFAS-related project work. The reviewed official sources do not isolate PFAS revenue, margins, backlog or utilization, so the subject remains NOT_READY.

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Reviewed company research · researched 2026-07-29 · not an individual investment recommendation
Listing
public
Ticker
CLH
Exchange
NYSE
HQ
United States
Currency
USD
SEC CIK
0000822818
Investment case

How this company captures the theme economics

Competitive position

The issuer combines RCRA-permitted disposal infrastructure, field services, water treatment and thermal destruction. This supports direct capability, but no reviewed filing establishes a PFAS-specific financial moat or market share.

Scarce assets

Permitted hazardous-waste incinerators, landfills, treatment facilities, laboratories and transport infrastructure are slow to replicate and form the operating base for the issuer's Total PFAS Solution.

Products, segments, and customers

Environmental Services includes hazardous-material collection, treatment and disposal; Safety-Kleen Sustainability Solutions manages used-oil services. PFAS work is embedded in broader operations rather than reported as a separate segment.

Theme capture

Official issuer materials directly support PFAS sampling, water treatment, AFFF management, transport and disposal/destruction capability. PFAS-specific economics are not separately disclosed and therefore fail closed.

Conditions

What must be true

  1. PFAS-related work must become financially material without an adverse change to accepted disposal or destruction pathways.
  2. Permitted capacity, utilization and pricing must remain durable.

Identifiable catalysts

  • Additional PFAS remediation awards and regulatory implementation
  • Further issuer disclosure of PFAS orders, revenue or backlog
Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Integrated PFAS analysis, treatment, transport and permitted disposal/destruction provider.

PFAS treatment, destruction and liability transfer

Direct capability is verified. Q1 2026 results identify higher PFAS-related project work as one Technical Services growth contributor, but do not quantify PFAS revenue, profit or backlog.

Evidence
Clean Harbors' PFAS materials directly describe its service chain; Q1 2026 results support current company scale and qualitative PFAS-related activity. FY2025 filing supports identity and baseline reporting.
Materiality
not assessed — No reviewed official source isolates PFAS revenue, orders, margins, utilization or backlog.
Financial evidence

Official SEC filing evidence

Reference period: FY2025 and Q1 2026.

  • Revenue$1.4595 billion
    Q1 2026[2]
  • Income from operations$118.9 million
    Q1 2026[2]
  • Net income$63.2 million
    Q1 2026[2]
  • Diluted EPS$1.19
    Q1 2026[2]
  • Adjusted EBITDA$247.9 million
    Q1 2026[2]

Limitation: Reported figures are company-wide. PFAS-specific economics and licensed current valuation are unavailable.

Risks

Material risks and break conditions

Material risks

  • Destruction-pathway policy, permitting and environmental-liability changes could weaken PFAS economics.
  • Industrial volumes, project timing and facility utilization can be cyclical.

Thesis-break conditions

  • Official evidence shows PFAS work is immaterial or structurally unprofitable.
  • Permitted disposal or destruction pathways become unavailable or uneconomic.
Investability conclusion

Where the evidence lands

NOT_READY. Official evidence verifies identity, current scale and direct PFAS capability, but PFAS-specific materiality, current licensed valuation and human reviewer acceptance remain unresolved.

Next diligence

  1. Obtain PFAS-specific revenue, orders, backlog, margins and utilization from official disclosures.
  2. Connect licensed valuation before human acceptance review.
Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

  1. Clean Harbors Inc. FY2025 Form 10-KSEC EDGAR · primary · published 2026-02-18 · accessed 2026-07-29
  2. Clean Harbors Announces First-Quarter 2026 Financial ResultsClean Harbors, Inc. · primary · published 2026-04-29 · accessed 2026-07-29
  3. Clean Harbors Formally Releases PFAS Disposal and Treatment GuidanceClean Harbors, Inc. · primary · published 2024-04-16 · accessed 2026-07-29
  4. Total PFAS SolutionClean Harbors, Inc. · primary · published undated · accessed 2026-07-29