Clean Harbors: Why The Quality Growth Story Holds Despite The Dip

Clean Harbors is positioned for a potential step-change year, driven by PFAS contracts, the Kimball incinerator ramp, and stabilizing Industrial Services. ES segment's 15 consecutive quarters of adjusted EBITDA margin expansion and early-stage PFAS revenue pipeline underpin the long-term growth thesis. PFAS destruction capability, regulatory barriers, and a unique collection network create a durable competitive moat for CLH.