{"slug":"waste-management","name":"웨이스트 매니지먼트","name_en":"Waste Management, Inc.","ticker":"WM","updated_at":"2026-09-11T17:56:49.030298+00:00","canonical":"https://valuechain.wiki/waste-management","citable":"밸류체인 그래프 기준 웨이스트 매니지먼트의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 1)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Waste Management, Inc. is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 6 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-11).","kicker":"북미 폐기물 통합운영사","kicker_en":"North American integrated waste operator","lead":"웨이스트 매니지먼트는 북미에서 폐기물 수거, 운송, 매립, 재활용과 재생에너지 서비스를 제공한다. 지자체와 대형 기업에서 서비스 매출을 얻고, 수거차 엔진과 매립장 중장비에 비용을 쓰며 의료 폐기물 사업을 인수해 서비스 범위를 넓혔다.","lead_en":"Waste Management provides collection, transfer, landfill, recycling and renewable energy services across North America. It earns service revenue from municipalities and large enterprises, spends on fleet engines and landfill equipment, and expanded into medical waste through acquisition.","categories":[{"key":"environmental-water-services-systems","ko":"환경·수처리 서비스와 설비","en":"Environmental & Water Services and Systems","theme":"industrial-infrastructure","theme_ko":"산업 인프라·중공업","theme_en":"Industrial Infrastructure & Heavy Industry","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"수거 및 처리 동부","note":"미국 동부와 오대호 지역 및 캐나다 대부분의 수거·운송·처리 사업"},{"name":"수거 및 처리 서부","note":"미국 서부·남부·중부와 캐나다 브리티시컬럼비아의 수거·운송·처리 사업"},{"name":"재활용 처리 및 판매","note":"재활용품 선별·가공과 원자재 판매"},{"name":"재생에너지","note":"매립가스 기반 전력·재생천연가스 및 환경속성 판매"},{"name":"헬스케어 솔루션","note":"의료 규제폐기물·컴플라이언스와 보안 정보 파기"}],"total":"FY2025 총매출 252억 400만 달러 (SEC 10-K XBRL)","track":"C"},"segments_en":{"parts":[{"name":"Collection and Disposal - East Tier"},{"name":"Collection and Disposal - West Tier"},{"name":"Recycling Processing and Sales"},{"name":"Renewable Energy"},{"name":"Healthcare Solutions"}],"total":"FY2025 total revenue of $25.204 billion (SEC 10-K XBRL)"},"returns_yearly":{"2021":43.8,"2022":-4.5,"2023":16.2,"2024":14.3,"2025":10.5,"2026":0.5},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":2,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}}],"benefiting":[{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":1,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"cummins","name":"Cummins","name_en":"Cummins","tier":1,"returns_yearly":{"2021":-1.7,"2022":14.1,"2023":1.7,"2024":48.9,"2025":49.4,"2026":11}},{"slug":"nucor","name":"뉴코","name_en":"Nucor Corporation","tier":2,"returns_yearly":{"2021":118.4,"2022":17.4,"2023":33.8,"2024":-32,"2025":42,"2026":54.7}},{"slug":"united-rentals","name":"유나이티드 렌탈스","name_en":"United Rentals","tier":2,"returns_yearly":{"2021":43.3,"2022":7,"2023":63.6,"2024":24,"2025":15.9,"2026":31.3}},{"slug":"ford-motor-company","name":"포드","name_en":"Ford Motor Company","tier":3,"returns_yearly":{"2021":137.5,"2022":-42.2,"2023":15.8,"2024":-13.1,"2025":42.3,"2026":15.3}},{"slug":"nuscale","name":"NuScale Power","name_en":"NuScale Power","tier":3,"returns_yearly":{"2023":-67.9,"2024":445,"2025":-21,"2026":-49.2}}],"analysis":"북미 폐기물 통합운영사 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +0.5%다. 공급단(평균 +27%)이 본주(+0.5%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 캐터필러(+42.9%), 가장 처진 곳은 월마트(-3.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Waste Management, Inc. operates across North American integrated waste operator. It stayed steadily positive in recent years and is +0.5% in 2026. The supply side (avg +27%) has moved harder than the stock (+0.5%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Caterpillar (+42.9%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It earns service revenue from municipalities and large enterprises, spends on fleet engines and landfill equipment, and expanded into medical waste through acquisition.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"스테리사이클","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-09","basis":"현금 취득, 인수 부채와 순부채 상환을 포함한 스테리사이클 총기업가치","value":7200000000,"period":"acquisition completed 2024-11-04","basis_en":"Stericycle total enterprise value including cash consideration, assumed debt and repayment of net debt","qualifier":null},"note":"WM은 2024년 11월 스테리사이클 인수를 완료해 의료 규제폐기물과 보안 정보 파기 사업을 헬스케어 솔루션 부문으로 편입했다. SEC 10-K가 현금 인수와 부채를 포함한 기업가치를 72억 달러로 공시했고 한국어 기사와 산업 M&A 분석이 거래 완료와 사업 확장을 교차확인한다.","note_en":"WM completed its Stericycle acquisition in November 2024 and placed regulated medical waste and secure information destruction in its Healthcare Solutions segment. The SEC filing reports $7.2 billion of enterprise value, while Korean coverage and sector M&A analysis corroborate the completed transaction and strategic expansion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.sec.gov/Archives/edgar/data/823768/000110465926012049/wm-20251231x10k.htm","title":"WASTE MANAGEMENT INC 10-K (2026-02-09)","title_en":"WASTE MANAGEMENT INC 10-K (2026-02-09)","excerpt":"스테리사이클 인수의 총기업가치는 현금 차감 후 72억 달러였다.","excerpt_en":"Total enterprise value of the acquisition was $7.2 billion, net of cash acquired."},{"stance":"mentions","publisher":"캡스톤 파트너스","publisher_en":"Capstone Partners","kind":"analysis","lang":"en","published_at":"2025-08-25","url":"https://www.capstonepartners.com/insights/article-waste-and-recycling-ma-update/","title":"폐기물 및 재활용 M&A 업데이트, 2025년 8월","title_en":"Waste & Recycling M&A Update, August 2025","excerpt":"분석은 스테리사이클 통합이 WM의 헬스케어 환경서비스 입지를 확대했다고 평가했다.","excerpt_en":"The acquisition expanded WM's presence in the Healthcare Environmental Services market."},{"stance":"confirms","publisher":"인베스팅닷컴 한국","publisher_en":"Investing.com Korea","kind":"news","lang":"ko","published_at":"2024-11-05","url":"https://kr.investing.com/news/company-news/article-93CH-1256273","title":"스테리사이클, 72억 달러 규모의 거래로 Waste Management 자회사가 되다","title_en":"Stericycle Becomes a Waste Management Subsidiary in a $7.2 Billion Transaction","excerpt":"스테리사이클은 Waste Management와의 합병 완료 뒤 완전 소유 간접 자회사가 됐다.","excerpt_en":"Stericycle became an indirectly wholly owned subsidiary after completing its merger with Waste Management."}]},{"direction":"revenue","counterparty":"시애틀시","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2018-04-20","basis":"시애틀시 폐기물 수거·운송 계약에서 WM에 귀속되는 매출액","value":null,"period":"2019-2029 contract term","basis_en":"Revenue attributable to WM under the City of Seattle solid-waste collection and transfer contract","qualifier":"confirmed_no_disclosed_value"},"note":"시애틀시는 Waste Management of Washington을 폐기물 수거·운송 계약자로 선정했다. 계약은 시애틀 북서부와 남부의 주거·상업 폐기물 서비스를 포괄하며 상대별 매출액은 공개되지 않았다.","note_en":"The City of Seattle selected Waste Management of Washington for solid-waste collection and transfer services. The contract covers residential and commercial service in northwest and south Seattle, but WM's account revenue was not disclosed.","sources":[{"stance":"confirms","publisher":"시애틀 시의회","publisher_en":"Seattle City Council","kind":"filing","lang":"en","published_at":"2018-04-20","url":"https://seattle.legistar.com/LegislationDetail.aspx?GUID=8B043488-26E0-42A8-947E-FFE111178215&ID=3466694&Options=&Search=","title":"시애틀 시의회 법안 CB 119231","title_en":"Seattle City Council Bill CB 119231","excerpt":"시애틀시는 Waste Management of Washington과 폐기물 수거·운송 서비스 계약을 체결하도록 승인했다.","excerpt_en":"The City is authorized to execute contracts with Waste Management of Washington for solid waste collection and transfer services."}]},{"direction":"cost","counterparty":"Caterpillar","counterparty_slug":"caterpillar","confidence":"mid","metric":{"type":"count","unit":"pilot_bulldozer","as_of":"2026-08-07","basis":"마라나 매립장에서 Cat Command를 장착해 운영한 불도저 수","value":1,"period":"late 2025 pilot","basis_en":"Bulldozers operated with Cat Command at the Marana Landfill pilot","qualifier":null},"note":"WM은 애리조나주 마라나 매립장에서 Caterpillar의 Cat Command 원격제어 기술을 장착한 불도저를 운영하고 있다. 2025년 말 시작한 현장 평가 뒤 자율 중장비 시험으로 협력을 넓혔으며 상업 조건은 공개되지 않았다.","note_en":"WM operates a bulldozer equipped with Caterpillar's Cat Command remote-control technology at its Marana Landfill in Arizona. After field evaluation began in late 2025, the companies expanded into autonomous-equipment testing; commercial terms were not disclosed.","sources":[{"stance":"confirms","publisher":"WM 미디어룸","publisher_en":"WM Media Room","kind":"ir","lang":"en","published_at":"2026-08-07","url":"https://mediaroom.wm.com/Driving-the-Landfill-of-the-Future-Inside-WMs-Pilot-of-Cat-R-Command-Remote-Controlled-Technology","title":"미래형 매립장 운영: WM의 Cat Command 원격제어 기술 시험","title_en":"Driving the Landfill of the Future: Inside WM's Pilot of Cat Command Remote-Controlled Technology","excerpt":"WM은 마라나 매립장에서 Cat Command를 장착한 불도저를 운영하고 있다.","excerpt_en":"WM is using Caterpillar's Cat Command remote-controlled technology at its Marana Landfill."}]},{"direction":"cost","counterparty":"Cummins","counterparty_slug":"cummins","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-10-24","basis":"WM 차량에 탑재된 Cummins 천연가스 엔진 구매액","value":null,"period":"2025","basis_en":"Purchases of Cummins natural-gas engines installed in WM vehicles","qualifier":"confirmed_no_disclosed_value"},"note":"WM은 천연가스 수거차와 운송 차량에 Cummins의 X15N, L9N, ISX12N 엔진을 사용한다. Cummins는 WM이 이 엔진들을 차량에 추가한 뒤 긍정적인 운행 결과를 보고했다고 밝혔지만 구매액은 공개하지 않았다.","note_en":"WM uses Cummins X15N, L9N and ISX12N engines in its natural-gas fleet. Cummins reported positive operating results after WM added these engines, but the purchase value was not disclosed.","sources":[{"stance":"confirms","publisher":"커민스","publisher_en":"Cummins Inc.","kind":"ir","lang":"en","published_at":"2025-10-24","url":"https://www.cummins.com/en-na/news/2025/10/24/natural-gas-lineup-gives-fleets-more-options-cut-costs","title":"천연가스 엔진 제품군이 차량 운영비 절감 선택지를 넓힌다","title_en":"Natural gas lineup gives fleets more options to cut costs","excerpt":"WM은 X15N을 L9N 및 ISX12N과 함께 도입한 뒤 긍정적인 결과를 보고했다.","excerpt_en":"The company reports positive results after adding the X15N alongside the L9N and ISX12N engines."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2021-10-13","basis":"월마트 대상 WM Sustainability Services 매출액","value":null,"period":"2021","basis_en":"Revenue from WM Sustainability Services provided to Walmart","qualifier":"confirmed_no_disclosed_value"},"note":"WM Sustainability Services는 월마트 시설에서 장기 자문과 실행 서비스를 제공한다. 2021년 보고서에 등장한 담당자는 당시 11년 동안 월마트 고객 지원을 맡았지만, 월마트에서 발생한 매출액은 공개되지 않았다.","note_en":"WM Sustainability Services provides long-term advisory and implementation support at Walmart facilities. The featured manager had supported the Walmart account for 11 years as of 2021, but account revenue was not disclosed.","sources":[{"stance":"confirms","publisher":"WM","publisher_en":"WM","kind":"ir","lang":"en","published_at":"2021-10-13","url":"https://wastemanagement.gcs-web.com/static-files/1407b85b-e117-4151-b994-016f336684e3","title":"WM 2021 지속가능성 보고서","title_en":"WM 2021 Sustainability Report","excerpt":"WM Sustainability Services 담당자는 11년 동안 월마트 고객을 지원했다.","excerpt_en":"He has spent 11 years supporting WMSS's customer, Walmart."}]}]}