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GFL Environmental Completes SECURE Waste Acquisition, Expanding North American Footprint
On September 1, 2026, GFL Environmental Inc. announced the closing of its acquisition of SECURE Waste Infrastructure Corp., a deal first revealed in April at an enterprise value of roughly CAD 6.4 billion. The transaction is financed through a $1 billion senior term loan, a revolving credit facility, and the issuance of more than 75 million subordinate voting shares. The purchase brings SECURE’s waste‑management and energy‑infrastructure operations in Canada and the United States under GFL’s umbrella, extending the company’s reach across the western corridor.
SECURE’s shares were delisted from the Toronto Stock Exchange on the day of closing. In return, SECURE shareholders received GFL’s subordinate voting shares, which are now listed on both the TSX and the NYSE under the ticker GFL. The senior secured term loan, due in August 2033, carries an effective interest rate of roughly 5.0% after cross‑currency swaps.
From a financial perspective, GFL’s market‑cap‑adjusted price‑to‑sales ratio stands at 3.07, slightly above its three‑year median of 2.75. The company’s GF Score™ is 63/100, reflecting strengths in valuation (9/10) and growth (8/10) but weaknesses in financial strength (3/10) and momentum (1/10). GFL remains unprofitable, reporting a trailing twelve‑month EPS of –$0.55, and its Altman Z‑Score of 1.24 signals potential bankruptcy risk. Despite a three‑year revenue decline of –2.2%, the year‑over‑year earnings growth of 250.3% has bolstered its growth rating.
GFL Environmental operates across Canada and the United States, offering non‑hazardous solid waste management, infrastructure services, soil remediation, and liquid waste management. With a market capitalization of $15.26 billion, the company’s revenue is largely U.S.‑centric, though its geographic diversification mitigates regional risk. SECURE’s portfolio—industrial landfills, produced‑water pipelines, and oil‑waste recycling—provides complementary assets that GFL plans to integrate.
Investor sentiment has been mixed. According to GuruFocus data, seven prominent institutional investors trimmed their positions in GFL shares, while only two added. No insider buying or selling has been reported in the past year, indicating limited changes in insider confidence. The GF Value™ estimate of $44.56 suggests the stock may be about 5.1% undervalued relative to its current price of $42.29.
The acquisition is expected to generate operational synergies through expanded service lines and cost efficiencies. GFL intends to leverage its scalable network to attract and retain customers across multiple service categories. However, the transaction increases the company’s debt load and introduces refinancing risk, given the 5.0% interest rate on the senior term loan and the maturity schedule. Regulatory approval from Canadian and U.S. authorities has been secured, and no significant antitrust concerns have been reported.
At present, GFL Environmental has completed the transaction and is integrating SECURE’s assets. The company will report its next quarterly earnings on October 15, 2026, and will provide updates on the integration progress. Investors will watch for changes in debt levels, revenue growth, and the company’s ability to turn its unprofitable operations into a profitable, consolidated waste‑management entity.
SECURE’s shares were delisted from the Toronto Stock Exchange on the day of closing. In return, SECURE shareholders received GFL’s subordinate voting shares, which are now listed on both the TSX and the NYSE under the ticker GFL. The senior secured term loan, due in August 2033, carries an effective interest rate of roughly 5.0% after cross‑currency swaps.
From a financial perspective, GFL’s market‑cap‑adjusted price‑to‑sales ratio stands at 3.07, slightly above its three‑year median of 2.75. The company’s GF Score™ is 63/100, reflecting strengths in valuation (9/10) and growth (8/10) but weaknesses in financial strength (3/10) and momentum (1/10). GFL remains unprofitable, reporting a trailing twelve‑month EPS of –$0.55, and its Altman Z‑Score of 1.24 signals potential bankruptcy risk. Despite a three‑year revenue decline of –2.2%, the year‑over‑year earnings growth of 250.3% has bolstered its growth rating.
GFL Environmental operates across Canada and the United States, offering non‑hazardous solid waste management, infrastructure services, soil remediation, and liquid waste management. With a market capitalization of $15.26 billion, the company’s revenue is largely U.S.‑centric, though its geographic diversification mitigates regional risk. SECURE’s portfolio—industrial landfills, produced‑water pipelines, and oil‑waste recycling—provides complementary assets that GFL plans to integrate.
Investor sentiment has been mixed. According to GuruFocus data, seven prominent institutional investors trimmed their positions in GFL shares, while only two added. No insider buying or selling has been reported in the past year, indicating limited changes in insider confidence. The GF Value™ estimate of $44.56 suggests the stock may be about 5.1% undervalued relative to its current price of $42.29.
The acquisition is expected to generate operational synergies through expanded service lines and cost efficiencies. GFL intends to leverage its scalable network to attract and retain customers across multiple service categories. However, the transaction increases the company’s debt load and introduces refinancing risk, given the 5.0% interest rate on the senior term loan and the maturity schedule. Regulatory approval from Canadian and U.S. authorities has been secured, and no significant antitrust concerns have been reported.
At present, GFL Environmental has completed the transaction and is integrating SECURE’s assets. The company will report its next quarterly earnings on October 15, 2026, and will provide updates on the integration progress. Investors will watch for changes in debt levels, revenue growth, and the company’s ability to turn its unprofitable operations into a profitable, consolidated waste‑management entity.
