GFL Environmental Inc.

TSX:GFL Stock Report

Market Cap: CA$20.9b

GFL Environmental Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Patrick Dovigi

Chief executive officer

CA$230.7m

Total compensation

CEO salary percentage1.07%
CEO tenure19.6yrs
CEO ownership3.4%
Management average tenure7.8yrs
Board average tenure8.2yrs

Recent management updates

Recent updates

Narrative Update • Jul 31

GFL: RNG Projects And Buybacks Will Support A Steady Outlook

Analysts have raised their fair value estimate for GFL Environmental from CA$55.00 to CA$57.00, citing updated assumptions regarding discount rates, revenue growth, profit margins, and future P/E levels. What's in the News for GFL Environmental GFL Environmental updated its full year 2026 earnings guidance, with revenue now estimated in a range of $7,510 million to $7,530 million, compared with prior guidance of $7,320 million to $7,340 million.
Narrative Update • Jul 06

GFL: Take Private Interest And SECURE Deal Will Drive Future Upside

Analysts have adjusted their price target on GFL Environmental to CA$90 to reflect updated assumptions around discount rate, revenue growth, profit margins, and future P/E levels. What’s in the News for GFL Environmental GFL Environmental is exploring a potential take private transaction after initial approaches from private equity and buyout firms.
Narrative Update • Jun 22

GFL: Energy Transition Projects And Acquisition Strategy Will Drive Future Upside

Analysts have trimmed their fair value estimate for GFL Environmental slightly, to CA$70.55 from CA$70.73, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What’s in the News for GFL Environmental GFL Environmental CEO Patrick Dovigi discussed the planned $4.6b acquisition of Secure Waste Services, which is targeted to close by October 1 and is expected to significantly expand the business, source: recent CEO interview.
Narrative Update • Jun 05

GFL: Acquisitions And RNG Projects Will Support Steady Fair Value Outlook

Analysts have maintained their CA$55.00 price target on GFL Environmental, citing only minor adjustments to the discount rate, revenue growth, profit margin assumptions, and future P/E forecasts that leave their overall valuation view broadly unchanged. What's in the News RWT Capital completed the sale of Alberta based H2Oil Energy to GFL Environmental Services, expanding GFL Environmental's footprint in Western Canada and giving H2Oil customers access to one of the largest environmental and waste management companies in North America (source: RWT Capital Corp).
Narrative Update • May 22

GFL: Buybacks And Dividend Increase Will Support Steady Fair Value Outlook

Analysts have reduced their fair value estimate for GFL Environmental from CA$60.00 to CA$55.00, reflecting updated assumptions around revenue growth, profit margins, discount rate and future P/E levels. What's in the News GFL updated its full year 2026 earnings guidance to reflect acquisitions completed through April 1, 2026.
Narrative Update • May 04

GFL: Dividend Growth And Large Buyback Will Support Future Upside

Analysts have trimmed their 12 month price target for GFL Environmental by CA$1 to CA$70.73, reflecting updated assumptions around slightly higher expected revenue growth, a lower profit margin, a higher discount rate, and a higher future P/E multiple. What's in the News GFL updated its full year 2026 earnings guidance to reflect acquisitions completed through April 1, 2026.
Narrative Update • Apr 20

GFL: Share Repurchases And Dividend Aristocrat Status Will Drive Future Upside Potential

Analysts have trimmed their price target on GFL Environmental by CA$1 to CA$86, citing updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple in their models. What's in the News Reports indicate GFL Environmental is nearing a deal to acquire SECURE Waste Infrastructure Corp.
Narrative Update • Apr 06

GFL: Dividends And Buybacks Will Support Steady Fair Value Outlook

Analysts have made only minor adjustments to their view on GFL Environmental, keeping the fair value price target steady at CA$60.00. Small changes in discount rate, revenue growth and profit margin assumptions offset one another, alongside a slightly lower future P/E input.
Narrative Update • Mar 22

GFL: Share Repurchases And Profit Outlook Will Support Fair Value View

Analysts have adjusted their price target on GFL Environmental to CA$60.00, citing updated assumptions for revenue growth, profit margins, and a revised future P/E estimate as key drivers of the change. What's in the News The Board of Directors authorized a new share buyback plan on February 27, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
Narrative Update • Mar 08

GFL: Share Repurchases And Dividend Aristocrat Status Will Support Upside Potential

Analysts have trimmed their fair value estimate for GFL Environmental from CA$89.00 to CA$87.00 as they balance a higher discount rate and lower profit margin assumptions against stronger projected revenue growth and a higher future P/E multiple. What's in the News GFL Environmental announced a normal course issuer bid to repurchase up to 34,657,586 subordinate voting shares, equal to 10% of its 346,575,862 issued and outstanding subordinate voting shares, with the bid set to expire on March 2, 2027 (Key Developments).
Narrative Update • Feb 22

GFL: Dividend Aristocrat Status And Buybacks Will Support Future Upside

Analysts have trimmed their price target on GFL Environmental to CA$71.73 from CA$75.30, citing updated assumptions around revenue growth, profit margins, and a lower future P/E multiple. What's in the News GFL Environmental issued earnings guidance for 2026, with revenue estimated at approximately $7,000m, or $7,140m on a constant currency basis, and the guidance description references an 8% change (Corporate guidance).
Narrative Update • Feb 07

GFL: Fair View Will Balance Dividend Index Inclusion And Equity Offering

Analysts have maintained their price target for GFL Environmental at $60.00. The update primarily reflects refreshed assumptions on discount rate, revenue growth, profit margins and future P/E rather than a change in their headline valuation view.
Narrative Update • Jan 24

GFL: Fair Value View Will Balance Share Offering And Margin Reset

Analysts now place their fair value estimate for GFL Environmental at $60.00, up from $58.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a much higher forward P/E multiple in their models. What's in the News GFL Environmental filed a follow on equity offering of 16,611,295 Subordinate Voting Shares, classified as common stock.
Narrative Update • Jan 07

GFL: Future M&A Pipeline Will Support Upside From Recent Equity Raise

Analysts have slightly lowered their price target for GFL Environmental to about $75.30 from $75.53, reflecting updated assumptions around discount rates, revenue, profit margins, and a higher future P/E multiple. What's in the News GFL Environmental completed a follow on equity offering of 16,611,295 Subordinate Voting Shares at $45.15 per share, with a discount of $0.22 per share, raising about $750m in gross proceeds (Follow on Equity Offering).
Analysis Article • Nov 12

GFL Environmental Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

GFL Environmental Inc. ( TSE:GFL ) last week reported its latest quarterly results, which makes it a good time for...
Narrative Update • Nov 01

GFL: Index Addition And Infrastructure Deal Will Support Margin Expansion

Analysts have revised their price target for GFL Environmental to $75.53. They are maintaining stability in their outlook while noting improvements in profit margin forecasts, despite slightly lower revenue growth expectations.
Analysis Article • Oct 28

We Think GFL Environmental (TSE:GFL) Is Taking Some Risk With Its Debt

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Narrative Update • Oct 17

Investments In Sustainability And M&A Will Drive Future Margin Expansion

Analysts have slightly reduced their price target for GFL Environmental, lowering it by $0.25 as they weigh a marginally higher discount rate and improved profit margin, while also considering weaker revenue growth expectations and a decrease in the projected future price-to-earnings ratio. What's in the News GFL Environmental Inc.
Narrative Update • Oct 03

Investments In Sustainability And M&A Will Drive Future Margin Expansion

Analysts have raised their price target for GFL Environmental from $71.93 to $75.78. They cite improved revenue growth prospects and minor shifts in profit expectations as the reasons for this change.
Analysis Article • Sep 13

At CA$65.31, Is It Time To Put GFL Environmental Inc. (TSE:GFL) On Your Watch List?

Today we're going to take a look at the well-established GFL Environmental Inc. ( TSE:GFL ). The company's stock saw...
Analysis Article • Aug 08

There May Be Underlying Issues With The Quality Of GFL Environmental's (TSE:GFL) Earnings

TSX:GFL 1 Year Share Price vs Fair Value Explore GFL Environmental's Fair Values from the Community and select yours...

CEO Compensation Analysis

How has Patrick Dovigi's remuneration changed compared to GFL Environmental's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

-CA$202m

Mar 31 2026n/an/a

CA$211m

Dec 31 2025CA$231mCA$2m

CA$211m

Sep 30 2025n/an/a

-CA$74m

Jun 30 2025n/an/a

-CA$156m

Mar 31 2025n/an/a

-CA$973m

Dec 31 2024CA$67mCA$2m

-CA$963m

Sep 30 2024n/an/a

-CA$824m

Jun 30 2024n/an/a

-CA$846m

Mar 31 2024n/an/a

-CA$20m

Dec 31 2023CA$68mCA$2m

-CA$47m

Sep 30 2023n/an/a

-CA$130m

Jun 30 2023n/an/a

-CA$333m

Mar 31 2023n/an/a

-CA$543m

Dec 31 2022CA$17mCA$2m

-CA$184m

Sep 30 2022n/an/a

-CA$120m

Jun 30 2022n/an/a

-CA$246m

Mar 31 2022n/an/a

-CA$266m

Dec 31 2021CA$43mCA$2m

-CA$681m

Sep 30 2021n/an/a

-CA$1b

Jun 30 2021n/an/a

-CA$978m

Mar 31 2021n/an/a

-CA$1b

Dec 31 2020CA$37mCA$2m

-CA$1b

Sep 30 2020n/an/a

-CA$689m

Jun 30 2020n/an/a

-CA$684m

Mar 31 2020n/an/a

-CA$636m

Dec 31 2019CA$1mCA$924k

-CA$452m

Compensation vs Market: Patrick's total compensation ($USD164.28M) is above average for companies of similar size in the Canadian market ($USD8.76M).

Compensation vs Earnings: Patrick's compensation has increased whilst the company is unprofitable.

CEO

Patrick Dovigi (46 yo)

19.6yrs
Tenure
CA$230,735,743
Compensation

Mr. Patrick Dovigi is Executive Chair at Green Infrastructure Partners Inc. He founded GFL Environmental Inc. and serves as its Chief Executive Officer, President and Chairman. He serves as President, Chie...

Leadership Team

NamePositionTenureCompensationOwnership
Patrick Dovigi
Founderno dataCA$230.74m3.4%
CA$ 710.8m
Luke Pelosi
Executive VP & CFO7.8yrsCA$25.65m0.093%
CA$ 19.4m
Billy Soffera
Executive VP & COO1.6yrsCA$15.40mno data
Mindy Gilbert
Executive VP & Chief Legal Officer7.8yrsCA$13.94m0.027%
CA$ 5.7m
Elizabeth Grahek
Executive Vice President of Strategic Initiatives7.8yrsCA$13.28m0.020%
CA$ 4.1m
Craig Orenstein
Vice-President of Corporate Development8.2yrsno datano data
Richard Early
Vice-President of Human Resources10.9yrsno datano data
Julie Boudreau
Vice-President of Treasury12.3yrsno datano data
7.8yrs
Average Tenure
53yo
Average Age

Experienced Management: GFL's management team is seasoned and experienced (7.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Patrick Dovigi
Founder19.6yrsCA$230.74m3.4%
CA$ 710.8m
Dino Chiesa
Lead Independent Director19.6yrsCA$496.20k0.0052%
CA$ 1.1m
Arun Nayar
Independent Director8.6yrsCA$454.27k0.016%
CA$ 3.3m
Sandra Levy
Independent Director3.3yrsCA$405.34kno data
Violet Konkle
Independent Director5.5yrsCA$405.34kno data
Lonnie Poole
Independent Director7.8yrsCA$384.38k2.6%
CA$ 544.0m
Paolo Notarnicola
Independent Director8.6yrsno datano data
Jessica McDonald
Independent Director4.5yrsCA$405.34kno data
8.2yrs
Average Tenure
62yo
Average Age

Experienced Board: GFL's board of directors are considered experienced (8.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/04 10:57
End of Day Share Price 2026/07/31 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

GFL Environmental Inc. is covered by 25 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher MurrayATB Cormark
Moses SuttonBarclays
William GrippinBarclays