Summary

• Clean Harbors remains a well-run industrial services leader with strong cash flow and pricing power, despite a lackluster Q3 2025.
• Q3 results showed flat revenue, improved margins, and robust free cash flow, but missed revenue estimates and lowered full-year EBITDA guidance.
• Kimball facility ramp-up and Safety-Kleen Sustainability Solutions’ base oil spread recovery are key to future upside, but near-term headwinds persist.
• Maintain Hold rating as CLH trades at a premium, with better entry opportunities likely as fundamentals normalize and utilization improves in FY2026.

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I’ve followed Clean Harbors, Inc. (CLH) for a while now, but it’s a bit difficult to understand why the stock has dipped since the last quarterly results (Q3 2025) were released. Still, I’m not surprised because it wasn’t a

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