Clean Harbors, Inc. (CLH): analysis and signal as of September 2, 2026

Published on September 2, 2026 at 21:29 · Updated on September 4, 2026 at 00:18 · by Aurélien Ambert, QDNA

Exchange : NYSE · Sector : Industrial Services (Environment)

In short

The signal shown on Clean Harbors (CLH) is weak, with a score of 1,5 and a vote of 3/3. This intensity mainly results from the valuation premium of the EV/EBITDA multiple at 15,80, above its five-year average, and from a silent risk layer due to the lack of real-time data.

Current signal: weak (vote 3/3)
Deterministic score: +1.5 → signal expected by the scale : moderate (September 10, 2026)
Layers: fundamentals : positive, price : positive, risks : neutral

Triggered rules

Rule	Weight
favors robust fundamental health (high Piotroski F-Score)	+1.5
penalizes direct holding of US securities in a CTO (US estate tax at death), favors a UCITS ETF domiciled in IE	-1.0
moderately favors an asset with robust operating profitability (RMW factor), cross-check with accounting quality (possible manipulation)	+0.5
moderately favors a positive 12-1 month momentum (tailwind), BUT guardrail: costly rotation, long-term reversal, momentum crashes, a conviction signal, not a rotation trigger	+0.5

Thesis

Clean Harbors shows solid execution in the second quarter of 2026, with a raising of the EBITDA forecasts for the third quarter. The EV/EBITDA multiple of 15,80 is however above its five-year average, which incorporates an anticipation effect and reduces the margin of safety. The risk layer remains silent due to the lack of real-time data, which prevents the signal from rising to a moderate level despite positive fundamentals. Validation of the thesis remains conditional on confirmation of positive free cash flow and on compression of the EV/EBITDA multiple toward the peer average.

Bull case

The main bullish argument rests on the raising of the EBITDA forecasts for the third quarter, from +24 to +28 % year on year. This direction confirms the volume effect and the price effect in hazardous waste treatment. The group benefits from a durable regulatory barrier linked to the RCRA and EPA frameworks, as well as structural demand driven by American industrial growth and pharmaceutical remediation.

Bear case

The main bearish argument lies in the valuation premium, with an EV/EBITDA multiple of 15,80 versus 13,57 on average over five years. A negative intraday divergence over six months signals possible institutional distribution. No free cash flow or operating cash flow has been published to validate the quality of earnings. The sector also remains exposed to environmental class actions and litigation with the EPA.

Scenarios

The bullish scenario, weighted at 35 %, assumes a compression of the multiple following a positive catalyst in the third quarter. The central scenario, weighted at 45 %, corresponds to a digestion of the valuation premium. The bearish scenario, weighted at 20 %, assumes a break of the 200-session moving average accompanied by a downward revision of the forecasts.

Risks

The main risks combine the valuation premium, with an EV/EBITDA multiple of 15,80 versus 13,57 on average over five years, and the absence of publication of the cash flows needed to validate the quality of earnings. The negative intraday divergence over six months also suggests possible institutional distribution. The sector faces environmental class actions and litigation with the EPA. Finally, a break of the 200-session moving average, accompanied by a downward revision of the forecasts, would correspond to the bearish scenario weighted at 20 % and would weaken the thesis.

Market positioning (short sellers)

Short interest / shares outstanding: 2.23 %
Days to cover: 2.61
Settlement date: 2026-08-14
Source: FINRA (disseminated on 2026-08-26)

Market information published by FINRA (consolidated short interest, all venues), no directional comment.

Upcoming catalysts

Date	Description
October 15, 2026	Hurricane season, demand for emergency decontamination services
November 1, 2026	Expected Q3 2026 release

Signal history (last 12 months)

Date	Signal	New fact
September 2, 2026	weak (3/3)	Informative analysis, without personalized recommendation.
August 31, 2026	weak (single draw, outside the three-draw protocol)	unchanged

Frequently asked questions

What is the signal on Clean Harbors and why does it remain weak?

The displayed signal is weak, for a score of 1,5 and a vote of 3/3. The fundamentals of the second quarter of 2026 are solid and the third-quarter EBITDA forecasts were raised, but the EV/EBITDA multiple of 15,80 exceeds its five-year average and the risk layer remains silent due to the lack of real-time data. These two elements rule out a rise to a moderate signal.

Why does the valuation pose a problem despite good results?

The EV/EBITDA multiple stands at 15,80, versus an average of 13,57 over five years. This premium already incorporates the anticipation effect linked to the good execution of the second quarter of 2026 and to the raising of the forecasts. It reduces the margin of safety accordingly, since part of the good news is already reflected in the current valuation.

Which arguments support the bullish scenario?

The raising of the EBITDA forecasts for the third quarter, with growth of +24 to +28 % year on year, confirms the volume effect and the price effect in hazardous waste. The group retains a durable regulatory barrier based on the RCRA and EPA frameworks. Structural demand remains driven by American industrial growth and pharmaceutical remediation.

Which elements could weaken the thesis?

A negative intraday divergence over six months signals possible institutional distribution. No free cash flow or operating cash flow has been published to validate the quality of earnings. The sector faces environmental class actions and litigation with the EPA. A break of the 200-session moving average, combined with a downward revision of the forecasts, would correspond to the bearish scenario weighted at 20 %.

Which conditions would allow the signal to rise?

Validation of the thesis remains conditional on confirmation of positive free cash flow and on compression of the EV/EBITDA multiple toward the peer average. Feeding the risk layer with real-time data would also be a prerequisite, since its current silence prevents any rise to a moderate signal despite positive fundamentals in the second quarter of 2026.

Sources

The official filings below are the issuer's own, matched to this stock by its identifier (LEI, CIK or ISIN). The figures quoted above come from an automated arbitration: they have not been re-checked one by one.

August 12, 2026 — 8.01 Other Events; 9.01 Financial Statements and Exhibits (SEC · 8-K)
July 29, 2026 — 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits (SEC · 8-K)
July 29, 2026 — 10-Q (SEC · 10-Q)
May 20, 2026 — 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits (SEC · 8-K)
May 20, 2026 — 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; 7.01 Reg… (SEC · 8-K)

Automated AI analysis: limitations and transparency

This content is an automated analysis produced using artificial intelligence. Personal analysis for information purposes — no personalised investment advice. MMR content consists of general research. It does not take account of your financial circumstances, objectives or risk tolerance. Data, analyses and results, including those produced using artificial intelligence, may contain errors, be incomplete or become outdated. No return or outcome is guaranteed. All investments carry a risk of partial or total loss of capital. Past performance and simulations do not predict future results. Before making any decision, check information against original sources and, where necessary, consult an authorised professional. You remain responsible for your investment decisions. This notice does not exclude or limit any liability that cannot legally be excluded or limited.
Tool and analysis: QDNA, Aurélien Ambert.
Analysis (arbitration) completed on September 2, 2026; this page was completed on September 4, 2026 at 00:18 (UTC).
Interests: no position in the stock analysed (CLH) is recorded in the data consulted on September 12, 2026 (UTC). This does not confirm the absence of holdings or other interests. The situation at the analysis publication date has not been reconstructed.
This declaration covers only recorded positions in this stock; it is not an exhaustive verification of other interests or remuneration.
Methodology: analysis chain, score formula and scale described on the public methodology page.
Analysis horizon: 2035.