Clean Harbors, Inc. (CLH): History, Ownership, Mission, How It Works & Makes Money

When you look at the complex, highly-regulated environmental services sector, how does Clean Harbors, Inc. (CLH), North America's leading provider of hazardous waste management, truly stack up as a long-term investment?

With a market capitalization of $13.2 billion as of late 2025 and trailing twelve-month revenue of $5.96 billion, this isn't just a waste disposal company; it's a critical infrastructure play that is projecting full-year 2025 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to hit a midpoint of around $1.165 billion.

They are the largest re-refiner and recycler of used oil, so understanding their unique, vertically-integrated business model-which includes the Safety-Kleen subsidiary-is defintely key to mapping your near-term investment strategy in industrial sustainability and capturing value from the essential, non-cyclical demand for environmental compliance.

Clean Harbors, Inc. (CLH) History

Given Company's Founding Timeline

Year established

Clean Harbors, Inc. was established in 1980.

Original location

The company started in a single garage in Brockton, Massachusetts.

Founding team members

The business was founded by Alan S. McKim, who is now the Chairman and Chief Technology Officer. He started the company with three friends, operating as a four-person tank cleaning crew.

Initial capital/funding

Alan S. McKim started the company with $13,000. Their very first job, a tank cleanout, brought in $600.

Given Company's Evolution Milestones

Given Company's Transformative Moments

Clean Harbors' trajectory is defintely one of continuous, strategic vertical integration, which means they acquired companies to control more of the hazardous waste lifecycle-from collection to final disposal.

The company didn't just grow; it made calculated moves to dominate the environmental services market. The shift from a local tank cleaner to North America's largest hazardous waste disposal company is a clear result of these decisions. For instance, the move to own disposal assets, like purchasing the incinerator in Kimball, Nebraska, in 1995, was crucial because it reduced reliance on third-party facilities, boosting margins and control.

• The Safety-Kleen Acquisition: The 2002 acquisition of the Chemical Services Division and the later, larger acquisition of Safety-Kleen in 2012 (which is mentioned as a pivotal moment in one source, though the full acquisition date is sometimes debated, the initial 2002 purchase was key) established Clean Harbors as the largest re-refiner and recycler of used oil in North America. This created a powerful, recurring revenue stream from parts washers and used oil recycling.
• Focus on Scale and Network: The recent acquisitions of HydroChemPSC and HEPACO, costing $1.25 billion and $400 million respectively, show a continued commitment to expanding the Industrial and Field Services segments. This scale is what allows them to handle everything from planned maintenance to large-scale disaster response.
• 2025 Financial Milestone: The company's financial performance in 2025 reflects the success of this strategy. For the full fiscal year 2025, Clean Harbors is guiding for an Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) in the range of $1.155 billion to $1.175 billion. This level of profitability, with an anticipated GAAP Net Income between $379 million and $400 million, demonstrates the financial power of their integrated network and disposal assets.

The consistent growth has positioned the company to generate substantial free cash flow, projected to be in the range of $455 million to $495 million for full-year 2025. This capital is what fuels future acquisitions and internal growth projects, like new incinerator capacity. If you want to dive deeper into who is investing in this growth story, you should check out Exploring Clean Harbors, Inc. (CLH) Investor Profile: Who's Buying and Why?

Clean Harbors, Inc. (CLH) Ownership Structure

Clean Harbors, Inc. (CLH) operates as a publicly traded entity on the New York Stock Exchange (NYSE), meaning its ownership is distributed among a wide array of institutional, insider, and retail investors. This structure ensures a high level of transparency and regulatory oversight, but it also means that large institutional holders wield significant influence over governance and strategic direction.

Clean Harbors, Inc.'s Current Status

Clean Harbors, Inc. is a public company, trading under the ticker symbol CLH. As of November 14, 2025, the stock price was approximately $205.85 per share, reflecting a market valuation that is heavily influenced by institutional confidence. For the 2025 fiscal year, the company's forecast revenue is substantial, projected at around $5.96 billion, with forecast earnings expected to be approximately $388.36 million. The company's governance is driven by a Board of Directors and a Co-CEO model, which is a key point to watch for operational alignment.

Clean Harbors, Inc.'s Ownership Breakdown

The company's ownership is overwhelmingly institutional, a typical trait for a large-cap, established public company. This means that major financial firms-not individual shareholders-control the majority of the voting power. For a deeper dive into who is buying, you can check out Exploring Clean Harbors, Inc. (CLH) Investor Profile: Who's Buying and Why?

Here's the quick math: with institutional ownership near 90%, major fund managers are the defintely primary decision-makers, and their trading activity can significantly move the stock price.

Clean Harbors, Inc.'s Leadership

Clean Harbors operates with a Co-Chief Executive Officer structure, a setup that divides the massive operational and financial responsibilities of a multi-billion-dollar enterprise. This leadership team is responsible for executing the company's Vision 2027 growth strategy.

• Alan S. McKim: Founder, Executive Chairman, and Chief Technology Officer (CTO). McKim founded the company in 1980 and transitioned from CEO in March 2023.
• Michael L. Battles: Co-Chief Executive Officer (Co-CEO). Battles was formerly the CFO and now oversees the strategic direction alongside Gerstenberg.
• Eric Gerstenberg: Co-Chief Executive Officer (Co-CEO). Gerstenberg has a long operational history with the company, joining in 1989, and was previously the Chief Operating Officer.
• Eric Dugas: Executive Vice President and Chief Financial Officer (CFO). Dugas took over the CFO role in March 2023, succeeding Battles.
• Brian P. Weber: Executive Vice President and President of Safety-Kleen Sustainability Solutions. Weber leads the crucial and growing sustainability segment.

The founder, Alan S. McKim, still maintains a critical role and is the largest individual shareholder, so his vision remains central to the organization's long-term strategy.

Clean Harbors, Inc. (CLH) Mission and Values

Clean Harbors, Inc.'s core purpose transcends standard business metrics; it is fundamentally about environmental stewardship and safety, which is why sustainability is ingrained in their corporate identity. This commitment is supported by their operational performance, like the 1.9 million metric tons of materials they recycled in 2024, achieving a key 2030 goal far ahead of schedule.

Clean Harbors' Core Purpose

For a company like Clean Harbors, which has been in the environmental services business since 1980, their mission is less a marketing statement and more a description of their daily work: protecting the environment and public health. This focus is what drives their financial performance, as environmental responsibility and strong returns go hand in hand.

Their commitment to health and safety is their number one core value, and it is the foundation of their entire sustainability program. This dedication is visible in the recent Q3 2025 financial results, where the company reported revenue of $1.55 billion and Adjusted EBITDA of $320.2 million, demonstrating that their mission-driven work is also a profitable one.

Official Mission Statement

While a single, formal mission statement is often elusive for large, multi-faceted public companies, Clean Harbors' core purpose is clearly defined by its actions and objectives in its sustainability reporting. It centers on providing safe, responsible, and industry-leading solutions for complex environmental challenges.

• Provide essential services to over 300,000 customers to safely manage their waste streams.
• Prevent pollution and comply with all applicable legal and regulatory requirements.
• Continually improve environmental performance based on ongoing evaluation of impact areas.
• Deliver sustainable customer solutions, like advanced recycling and PFAS destruction, that minimize environmental impact.

You can read more about their ethos here: Mission Statement, Vision, & Core Values of Clean Harbors, Inc. (CLH).

Vision Statement

Clean Harbors' vision is direct and focused on market leadership, aiming to be the undisputed best in their field. It's a clear aspiration for market dominance coupled with service excellence. They want to be the first name you think of for environmental services, period.

• To be recognized as the premier provider of environmental, energy and industrial services.

This vision is supported by their ability to manage nearly 400 million combined gallons of used oil, solvents, and wastewater for customers in 2024, showcasing their massive operational scale.

Clean Harbors' Slogan/Tagline

The company's most evocative and frequently used tagline perfectly captures their ubiquitous role in industrial and environmental operations across North America.

• Everywhere industry meets the environment, Clean Harbors is there.

This isn't just a catchy phrase; it reflects their operational reality, including responding to more than 20,000 emergency customer events in 2024, a clear demonstration of being 'there' when it matters most. Plus, their efforts in 2024 avoided more than twice the greenhouse gas generated from their own operations, eliminating four million metric tons of GHG. That's a serious environmental handprint.

Clean Harbors, Inc. (CLH) How It Works

Clean Harbors, Inc. (CLH) operates as North America's leading provider of environmental and industrial services, generating value by managing, treating, and disposing of hazardous and non-hazardous waste for a diverse client base, while also running a profitable closed-loop system for used oil and lubricants. The company's full-year 2025 Adjusted EBITDA is projected to be around the midpoint of its guidance, approximately $1.165 billion, demonstrating the essential nature of its services even amidst economic shifts.

Clean Harbors, Inc.'s Product/Service Portfolio

The company's operations are divided into two primary segments, each offering a distinct, high-value service portfolio to the industrial and commercial sectors across North America.

Clean Harbors, Inc.'s Operational Framework

Clean Harbors' operational framework is built on a capital-intensive, integrated network that is difficult for competitors to replicate, creating a significant barrier to entry (a 'regulatory moat'). This network is the engine for its two core segments.

The company's value creation process centers on a 'collect, treat, and dispose/recycle' model:

• Collection & Logistics: A vast fleet and service network collects waste oil, hazardous waste, and other industrial byproducts from over 375,000 customers.
• High-Temperature Incineration: It operates 10 commercial hazardous waste incinerators, including the new Kimball, Nebraska facility, which is crucial for destroying highly complex waste streams like Per- and polyfluoroalkyl substances (PFAS). In Q3 2025, incineration utilization (excluding Kimball) was high at 92% due to robust demand.
• Recycling and Re-refining (SKSS): The Safety-Kleen segment collects used oil and re-refines it into high-quality Group II/III base oil and lubricants, which are then sold back to the market, completing a profitable closed-loop cycle. This is a defintely smart way to make money.
• Disposal Assets: The company utilizes its network of permitted landfills and treatment facilities for non-incinerable waste, with landfill volumes up 40% in Q3 2025, driven by project strength.

This integrated approach allows them to handle almost any waste stream, from collection to final disposition, which is a major selling point for large, complex industrial clients. You can see how this infrastructure impacts the bottom line by checking out Breaking Down Clean Harbors, Inc. (CLH) Financial Health: Key Insights for Investors.

Clean Harbors, Inc.'s Strategic Advantages

Clean Harbors' market success is anchored in competitive advantages tied directly to its physical assets and regulatory expertise, which are incredibly difficult and costly for rivals to replicate.

• Unmatched Infrastructure Scale: The company possesses a vast, permitted network of over 100 specialized facilities, including treatment centers and disposal sites, across North America. This scale reduces transportation costs and offers customers a single-source solution for complex waste needs.
• Regulatory Moat: Operating in a highly regulated industry means new entrants face immense capital and permitting hurdles. Clean Harbors' long-standing compliance record and existing permits for specialized disposal (like hazardous waste incineration) act as a strong competitive barrier.
• Recycling-Driven Profitability: The SKSS segment's closed-loop model for used oil provides a stable, high-margin revenue stream that is less sensitive to industrial cleaning cycles. The company is investing in facilities to upgrade and recycle re-refinery byproducts, further enhancing this model.
• Emergency Response Capability: With its Field Services, bolstered by the HEPACO acquisition, the company can deploy specialized teams and equipment rapidly for emergency spills and large-scale remediation projects, a high-value, non-cyclical service. Field Services revenue grew 32% in Q1 2025, reflecting this strength.

Clean Harbors, Inc. (CLH) How It Makes Money

Clean Harbors, Inc. (CLH) generates the vast majority of its revenue by providing essential environmental and industrial services, primarily through the disposal and recycling of hazardous and non-hazardous waste for a diverse customer base across North America.

The company operates a highly integrated network of disposal assets-incinerators, landfills, and waste treatment facilities-which creates a significant competitive moat (a structural business advantage) and allows them to capture value at every step of the waste lifecycle.

Clean Harbors, Inc.'s Revenue Breakdown

The company's financial engine is split into two primary reporting segments. The Environmental Services (ES) segment is the clear revenue driver, while the Safety-Kleen Sustainability Solutions (SKSS) segment provides a crucial, vertically-integrated feedstock supply (used oil) for its re-refining business.

Here's the quick math using the most recent Q3 2025 revenue of $1.55 billion to show the split.

Environmental Services (ES) revenue hit $1.33 billion in Q3 2025, showing a 3% year-over-year growth, driven by its Technical Services sub-segment, which grew 12%. The Safety-Kleen Sustainability Solutions (SKSS) segment contributed $218.04 million in Q3 2025, and while it's stabilizing, it faces some pricing headwinds in the base oil market.

Business Economics

Clean Harbors' business economics are built on scarcity and specialized infrastructure, which allows them to maintain strong pricing power and high margins, especially in the Environmental Services segment.

• Pricing Power and Incineration: The company operates a limited number of high-temperature hazardous waste incinerators in North America. This scarcity means they can command premium pricing, which is a core part of their strategy. In Q3 2025, incineration utilization was high at 92% (excluding the new Kimball unit).
• Margin Expansion: Strategic pricing and operational efficiencies drove the ES segment's Adjusted EBITDA margin up by 120 basis points to 26.8% in Q3 2025. This is a great sign of management's focus.
• Landfill and Project Work: Landfill volumes were up a massive 40% year-over-year in Q3 2025, reflecting strong demand for large-scale remediation and waste project work. This project-based revenue can be lumpy, but it's high-margin.
• Vertical Integration Upside: The SKSS segment is investing $210 million to $220 million in a new Solvent De-Asphalting (SDA) facility. This is a smart move to upgrade lower-value re-refinery byproducts into high-value 600N base oil, expected to generate an additional $30 million to $40 million in annual EBITDA once operational.

Clean Harbors, Inc.'s Financial Performance

The company is on track to deliver a record year for profitability and cash flow in 2025, despite some softness in its Field and Industrial Services sub-segments due to slower customer spending in the chemical and refining sectors.

• Net Income: Q3 2025 Net Income was $118.8 million, up from $115.2 million in the prior year period.
• Adjusted EBITDA Guidance: For the full-year 2025, Clean Harbors is guiding for Adjusted EBITDA in the range of $1.155 billion to $1.175 billion, with a midpoint of $1.165 billion. That's a solid 4% growth from the prior year.
• Cash Flow Strength: The company is projecting a significant increase in cash generation, with full-year 2025 Adjusted Free Cash Flow expected to be between $455 million and $495 million, a midpoint of $475 million. This represents more than a 30% increase, which is defintely a key metric to watch for investors.
• Leverage: The company maintains a healthy balance sheet, expecting its net debt-to-EBITDA ratio to remain below 2 times.

To dive deeper into how this performance stacks up against peers and what the long-term valuation looks like, you should check out Breaking Down Clean Harbors, Inc. (CLH) Financial Health: Key Insights for Investors.

Clean Harbors, Inc. (CLH) Market Position & Future Outlook

Clean Harbors is the definitive leader in the complex, highly-regulated North American hazardous waste management market, a position underpinned by its network of scarce, essential disposal assets. The company is positioned for sustained growth through 2025, projecting full-year revenue of approximately US$6.12 billion, driven by tightening environmental regulations and strategic investments in high-value services like PFAS destruction.

Competitive Landscape

While Waste Management and Republic Services dominate the broader municipal solid waste (MSW) market, Clean Harbors maintains a critical advantage in the specialized hazardous waste and re-refining segments. This table maps the key players in the wider environmental services industry, highlighting the distinct competitive moats.

Opportunities & Challenges

You need to see the playing field clearly. Clean Harbors' future is defintely tied to regulatory tailwinds, but also to commodity price volatility and the threat of new technologies.

Industry Position

Clean Harbors is not just a waste hauler; it is a critical infrastructure provider for the North American industrial economy, especially in the most complex waste streams. Its competitive moat is built on regulatory complexity and capital intensity.

• Specialized Asset Scarcity: The company owns and operates a network of high-temperature incinerators and permitted hazardous waste landfills, which are nearly impossible to replicate due to regulatory barriers and high capital costs. That is a huge barrier to entry.
• Vertical Integration: The ability to offer end-to-end services-from collection and emergency response to final treatment and disposal-allows for superior cost control and cross-selling opportunities across its Environmental Services and Safety-Kleen segments.
• Market Focus: Unlike larger peers focused on municipal solid waste, Clean Harbors is the largest hazardous waste management company in the U.S., which is a higher-margin, less cyclical business tied to industrial production and regulatory compliance.
• 2025 Financial Trajectory: Management expects to deliver a record level of annual Adjusted EBITDA and adjusted free cash flow in 2025, with Q4 Adjusted EBITDA growth projected in the six to eight percent range year-over-year.

To understand the foundation of this competitive edge, you should review their core principles: Mission Statement, Vision, & Core Values of Clean Harbors, Inc. (CLH).