WWCNWaste Connections, Inc.

Waste Connections collects rubbish and owns landfills, deliberately avoiding big cities in favour of markets without competition.

Its strategy sets the company apart: it operates where it serves a municipality under an exclusive contract, or where population density does not justify a second hauler moving in. In such places price can be raised above inflation without losing customers — and that is what produces its industry-leading margin.

A landfill is an asset that is almost impossible to reproduce: permitting a new one takes years and often fails entirely. Whoever owns one controls the end point of the whole chain. Demand is steady — waste is generated regardless of the cycle — though industrial and construction volumes fall in a downturn. The company pays a small dividend and grows by acquiring local haulers.