Track market-moving stories before they get noisy

-

WINONA, Minn.--(BUSINESS WIRE)--Fastenal Company (NASDAQ: FAST), a leader in global and local supply chain solutions, has partnered with FIRST® (For Inspiration and Recognition of Science and Technology) to improve accessibility in all future FIRST® Robotics Competition events. The project is part of Fastenal’s ongoing commitment to STEM initiatives and workforce development.

During a FIRST® Robotics Competition event, team members work to maneuver their team-built robots around obstacles to accomplish tasks. However, they have to stand outside the competition field behind high walls and netting, often making it difficult for wheelchair users to see and operate their robots.

FIRST® Robotics Competition Team 3313, Mechatronics out of Alexandria, Minnesota (whose own Andrew Fleming is a wheelchair user) set out to create a solution: a custom-engineered ramp that provides clear sightlines for all participants. After working with a local industrial engineer, Team 3313 presented their initial drawings to FIRST®, whose engineers helped finalize the design. All they needed was a trusted manufacturing partner to bring the ramps to life.

Enter Fastenal. Fastenal's engineering and manufacturing teams worked closely with FIRST® engineers to review the designs and fabricate the ramps, ensuring rigorous functional and accessibility standards were met.

"With a focus on education and engineering, FIRST® is a natural fit for Fastenal's community efforts," said Sally Olson, director of marketing for Fastenal. "Two of our core values are innovation and teamwork — both were on full display with this project. We're honored to help Team 3313 turn a great idea into a real-world solution."

With financial support from local community partners, Fastenal's Winona, Minnesota-based manufacturing team produced a total of 50 ramps, which were delivered via Fastenal trucks to a FIRST® distribution center in Pennsylvania. The ramps debuted at the global FIRST® Championship event in late April and are now part of the standard competition show floor kit distributed to FIRST® events.

"I've always felt like a part of my team," said Team 3313's Andrew Fleming. "But it's nice to know that my team and I have made such a large impact on the sport I love, Robotics. I enjoy the more equal access to the field with my teammates, and I hope other wheelchair users have the same feeling."

About Fastenal

Organizations around the world rely on Fastenal to help them simplify and secure the supply chain for a broad range of industrial products. To understand our customers' challenges and provide services and solutions that fit their unique needs, we've built out the most extensive presence in our industry, with a vast network of local teams and embedded technology. At the heart of it all is a simple commitment: great people, close to the customer, backed by world-class logistics, technology, and resources.

Additional information regarding Fastenal is available on our website at www.fastenal.com.

About FIRST®

FIRST® is a robotics community that prepares young people for the future. FIRST® provides life-changing, team-based K-12 robotics programs that give young people the skills, confidence, and resilience to build a better world. Boosted by a global support system of volunteers, educators, donors, and sponsors, teams operate under a signature set of FIRST Core Values to conduct research, fundraise, design, build, and showcase their achievements during annual challenges.

An international not-for-profit organization founded in 1989, FIRST® (For Inspiration and Recognition of Science and Technology) has a proven impact on STEM learning, interest, and skill-building well beyond high school. Participants and alumni of FIRST® programs gain access to education and career discovery opportunities, connections to exclusive scholarships and employers, and a place in the FIRST® community for life. Learn more at firstinspires.org.

FAST-G

More News From Fastenal Company

Back to Newsroom

On Feb. 28, Iranian drone strikes hit Qatar's Ras Laffan Industrial City, the single largest helium production facility on earth, responsible for roughly one-third of the world's supply. QatarEnergy declared force majeure within days.

The Strait of Hormuz, the only maritime export route for Qatari helium, became a contested waterway where commercial vessels faced seizure, naval vessels exchanged fire, and traders scrambled to reprice a gas they had never needed to think about before.

Image source: Getty Images.

The helium shock didn't make headlines the way oil shocks do. But inside the fabs where the world's most advanced artificial intelligence (AI) chips are made, the reaction was immediate. Spot prices doubled within weeks. Taiwan Semiconductor Manufacturing Company (TSM +0.46%), which consumes roughly 500,000 cubic feet of helium per year via its leading-edge nodes, began monitoring its inventory. Samsung and SK Hynix in South Korea, which sourced roughly 64% of its helium from Qatar in 2025, entered a six-month inventory window that should close sometime in June or July. Airgas, one of the largest U.S. industrial gas distributors, declared force majeure on helium shipments in April.

Today's Change

(

0.46

%) $

1.94

Current Price

$

423.01

Why helium cannot be replaced Helium does four things in chip manufacturing that no other substance can replicate at scale: it cools EUV lithography machines (with six times the thermal conductivity of nitrogen), detects microscopic leaks in vacuum chambers, purges reactive gases during deposition, and creates the inert environment inside cleanrooms where silicon wafers are exposed to extreme ultraviolet light. The 3nm and 5nm nodes that produce Nvidia's (NVDA +0.15%) Blackwell and Rubin GPUs require more helium per wafer than older processes -- not less. Building new helium extraction and liquefaction infrastructure takes two to three years minimum.

Today's Change

(

0.15

%) $

0.30

Current Price

$

205.18

Where the ceasefire talks stand today As of this past weekend, a tenuous ceasefire brokered in April continues to hold -- barely. Iran has fired on commercial vessels nine times since the ceasefire began, seized two, and attacked U.S. forces more than 10 times. On May 7, the U.S. and Iran exchanged naval fire in the strait, with both sides accusing the other of violations and President Trump asserting the ceasefire remains in effect. Iran has since responded via Pakistani intermediaries to a 14-point U.S. proposal, with the response focused on a cessation of hostilities and easing shipping restrictions while leaving nuclear enrichment issues unresolved. President Trump called the proposal "unacceptable."

Even if a formal agreement arrives this week, the helium problem does not evaporate with the signing. Qatari production infrastructure sustained physical damage, and Moody's Ratings has warned that helium output would not resume immediately even in a de-escalation scenario.

Two names sit at the center of this crisis, and they are not the chip companies.

Air Products and Chemicals, Inc. (APD +1.26%) reported Q1 2026 results on April 30 that beat consensus EPS estimates, raised its full-year adjusted EPS guidance to $13.00–$13.25, and cited helium price strength as a direct tailwind -- noting that it has activated domestic U.S. storage and boosted liquefaction capacity to protect customers.

Today's Change

(

1.26

%) $

3.50

Current Price

$

281.62

Linde PLC (LIN +1.55%) completes the oligopoly. These two companies control the majority of global industrial helium supply and distribution, meaning in a shortage, they hold pricing power that demand-inelastic semiconductor customers cannot negotiate away. Every quarter, the Strait remains contested, and the pricing tailwind compounds.

For investors in the AI supercycle, the lesson is not to exit Nvidia or TSMC. It is to recognize that the supply chain for a multi-trillion-dollar technology build-out runs through a colorless, odorless gas that few analysts modeled and fewer politicians understood, and that the companies that store, liquefy, and distribute that gas are now among the most consequential infrastructure plays in the market.

A ceasefire could ease the pressure. It cannot undo what the crisis revealed.

, /PRNewswire/ -- Air Products' (NYSE: APD) Chief Executive Officer Eduardo Menezes and Chief Financial Officer Melissa Schaeffer will participate in a fireside chat at the Bernstein 42nd Annual Strategic Decisions Conference on Wednesday, May 27, 2026 at 9:00 a.m. USET.

Access the audio webcast from via Air Products' Investor Relations Event Details website.  

About Air Products 

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

SOURCE Air Products

© Washburn HM / Shutterstock.com

Plug Power (NASDAQ:PLUG) is the headline darling again, with shares up 393.28% over the past year as retail traders pile back into the hydrogen narrative on tax-credit chatter and high-profile customer name-drops.

But here’s what you should actually be watching.

The Plug Power Math Still Does Not Work Strip away the story and the financials are brutal. Plug Power’s Q1 FY2026 net loss came in at -$245.30 million, a 24.74% worse result year over year, with operating cash burn of -$150.04 million in the quarter alone. Gross margin is still negative at -13%. Cash on the balance sheet sits at just $223.19 million against an accumulated deficit of $8.2 billion, and shareholders’ equity has collapsed 58.33% year over year.

CEO Jose Luis Crespo is telling investors point-blank that positive EBITDAS does not arrive until Q4 2026, positive operating income not until end of 2027, and full profitability not until the end of 2028. That is three more years of dilution against a share count that has already ballooned past 1.39 billion shares outstanding. Retirees do not need that movie. We’ve all seen it.

The Boring Compounder Hiding in Plain Sight Air Products and Chemicals (NYSE:APD | APD Price Prediction) offers a sharply different profile. The industrial gases giant carries a $64.4 billion market cap, throws off real cash, and just pulled back 3.23% over the past week to $290.19. That is the dip. Three reasons it stands out next to the speculative capital flowing into Plug.

1. A 44-year dividend streak that survives every cycle. Air Products just paid its $1.81 quarterly dividend, marking the 44th consecutive year of dividend increases. The payout has climbed from roughly $0.17 per quarter in 1999 to $1.81 today, through the 2008 financial crisis, the 2020 pandemic, and every rate regime in between. Plug pays nothing.

2. Earnings are accelerating and management just raised guidance. Q2 FY2026 adjusted EPS hit $3.20, a 19% year-over-year gain, on revenue of $3.171 billion, up 9% YoY. Management lifted full-year FY2026 adjusted EPS guidance to $13.00 to $13.25. The Asia segment posted 25% operating income growth. CFO Melissa Schaeffer put her own money in too, with a direct common stock purchase on May 1, 2026 at $303.76.

3. Mission-critical contracts in the right megatrends. Air Products was selected by Samsung to build, own, and operate gas infrastructure for an advanced semiconductor fab in South Korea, and locked in over $140 million in NASA liquid hydrogen contracts for the Artemis II mission. Semiconductors and space, supplied under long-dated take-or-pay structures by the only company that can deliver at scale. CEO Eduardo Menezes summed up the discipline: “We remain focused on our key priorities, unlocking earnings growth, optimizing large projects and maintaining capital discipline.”

The Setup Plug investors are paying for a story that trades at 6.16x book with a 2.065 beta and zero earnings. APD trades at a forward P/E of 22x with an analyst consensus target of $327.86 and a 0.776 beta. One is a lottery ticket. The other is a 44-year compounder on sale.

For investors comparing the two names, Air Products screens as the steadier income compounder at a discounted entry, while Plug remains a higher-risk story stock.

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Based in Allentown, Air Products and Chemicals (APD - Free Report) is in the Basic Materials sector, and so far this year, shares have seen a price change of 17.18%. The seller of gases for industrial, medical and other uses is paying out a dividend of $1.81 per share at the moment, with a dividend yield of 2.5% compared to the Chemical - Diversified industry's yield of 1.62% and the S&P 500's yield of 1.42%.

Looking at dividend growth, the company's current annualized dividend of $7.24 is up 1.7% from last year. Over the last 5 years, Air Products and Chemicals has increased its dividend 5 times on a year-over-year basis for an average annual increase of 6.01%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Air Products and Chemicals's current payout ratio is 56%, meaning it paid out 56% of its trailing 12-month EPS as dividend.

APD is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $13.20 per share, which represents a year-over-year growth rate of 9.73%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. But, not every company offers a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, APD presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

The Zacks Chemicals Diversified industry is poised to benefit from a recovery in demand in certain key markets and the end of customer inventory de-stocking. Improved demand in automotive and a rebound in construction end markets bode well.

Industry players such as Air Products and Chemicals, Inc. (APD - Free Report) , Dow Inc. (DOW - Free Report) , Albemarle Corporation (ALB - Free Report) and Methanex Corporation (MEOH - Free Report) are well placed to benefit from the rebound in demand. Strategic measures, including operating cost reductions and price hikes, are also helping these companies to tide over the still-challenging macroeconomic environment.

About the Industry The Zacks Chemicals Diversified industry consists of manufacturers of basic chemicals, plastics, specialty chemicals and agricultural chemicals. Companies in this space serve a host of end markets, such as automotive, building & construction, transportation, electronics, aerospace and agriculture. Basic chemicals are produced in large quantities and include petrochemicals and intermediates (such as ethylene, propylene and benzene), polymers (including plastic resins such as polyethylene, polypropylene and polyvinyl chloride) and inorganic chemicals (such as chlorine, caustic soda and titanium dioxide). Specialty chemicals that include catalysts, specialty polymers and coating additives are used in specific fields based on their performance. Agricultural chemicals include herbicides, fungicides and insecticides that are used to protect crops from disease, pests and weeds.

What's Shaping the Future of the Chemicals Diversified Industry? End-market Demand Recovery Bodes Well: Companies in the chemical-diversified space are expected to benefit from an uptick in demand in certain major markets from the lows witnessed last year. The automotive sector represents a crucial end market for chemical manufacturers. A decline in global vehicle production last year weighed on demand from this segment. Elevated interest rates, coupled with economic slowdown concerns and tariff-related uncertainties, further pressured the market. The automotive industry is expected to rebound this year, supported by accelerating electric vehicle adoption as governments worldwide advance carbon-neutral initiatives. Better affordability, robust demand for hybrid models and aggressive promotional incentives are expected to lift new vehicle sales. As production picks up, the recovery momentum is likely to strengthen through the year. Chemical companies are also seeing signs of a recovery in demand across the construction and electronics markets. Demand in healthcare and packaging markets also remains steady. On a further positive note, customer inventory destocking in building & construction and consumer durables has largely ended, leading to low inventory levels. This is expected to lead to an uptick in chemical demand and volumes.

Self-help Actions to Aid Results: Companies in this space are taking a host of strategic measures, including cost-cutting and productivity improvement, operational efficiency improvement, and actions to strengthen the balance sheet and boost cash flows. In particular, the industry participants are aggressively implementing actions to lower costs. The industry participants are also raising selling prices to counter raw material, energy and logistics cost inflation amid significant disruptions from the Middle East conflict. Such moves are likely to help the industry sustain margins amid the prevailing challenges.

Sluggishness in Europe and China Is a Worry: In China, a slower recovery in economic activities is hurting chemical demand. China is seeing slower economic growth and a sluggish real estate market. A weak property market and a slowdown in infrastructure investments have led to softer demand. The real estate sector has taken a hard hit amid a decline in new home prices, property investment and housing sales. The slowdown in Europe, resulting from low consumer confidence and weaker consumer spending due to high levels of inflation and high interest rates, has also led to softer demand in that region. Energy and feedstock inflation has lowered industrial production and consumer spending in Europe.

Zacks Industry Rank Indicates Upbeat Prospects The Zacks Chemicals Diversified industry is part of the broader Zacks Basic Materials sector. It carries a Zacks Industry Rank #102, which places it at the top 42% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates a bright near term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Underperforms Sector & S&P 500 The Zacks Chemicals Diversified industry has underperformed both the Zacks S&P 500 composite and the broader Zacks Basic Materials sector over the past year.

The industry has gained 10.8% over this period compared with the S&P 500’s rise of 30.2% and the broader sector’s increase of 36.8%.

One-Year Price Performance

Industry's Current Valuation On the basis of the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) ratio, which is a commonly used multiple for valuing chemical stocks, the industry is currently trading at 14.93, below the S&P 500’s 18.65X and above the sector’s 13.43X.

Over the past five years, the industry has traded as high as 15.81X, as low as 5.56X and at the median of 9.95X, as the chart below shows.

Enterprise Value/EBITDA (EV/EBITDA) Ratio

Enterprise Value/EBITDA (EV/EBITDA) Ratio

4 Chemicals Diversified Stocks to Keep a Close Eye on Dow: Based in Michigan, Dow is a material science company that provides a world-class portfolio of advanced, sustainable and leading-edge products. It is benefiting from cost synergy savings and productivity initiatives, along with its investment in high-return projects. DOW remains committed to investing in attractive areas through highly accretive projects. The company focuses on maintaining cost and operational discipline amid a challenging environment. Dow is taking action to cut costs by $1 billion to drive margins, with full benefits expected by 2026. It has also launched the “Transform to Outperform” program to boost productivity, reduce complexity, streamline its end-to-end processes and enable improved returns. The company is committed to returning value to its shareholders by leveraging healthy cash flows and has adequate liquidity to meet its short-term debt obligations.

Dow, a Zacks Rank #1 (Strong Buy) stock, has expected earnings growth of 352.1% for 2026. The Zacks Consensus Estimate for DOW’s 2026 earnings has been revised 132.4% higher over the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.

Price and Consensus: DOW

Albemarle: North Carolina-based Albemarle is a premier specialty chemicals company with leading positions in attractive end markets globally. Albemarle is well-placed to gain from long-term growth in the battery-grade lithium market. The market for lithium batteries and energy storage remains strong, especially for electric vehicles (EVs), offering significant opportunities for the company to develop innovative products and expand capacity. Lithium demand is expected to grow with significant global EV penetration. ALB is strategically executing its projects aimed at boosting its global lithium conversion capacity. It remains focused on investing in high-return projects to drive productivity. Albemarle is also taking actions to cut costs, optimize its conversion network and increase efficiencies to preserve its long-term competitive position.

Albemarle, a Zacks Rank #1 stock, has expected earnings growth of 1,675.9% for 2026. The consensus estimate for ALB’s 2026 earnings has been revised 39.9% higher over the past 30 days. The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters. In this timeframe, it delivered an earnings surprise of 74.5%, on average.

Price and Consensus: ALB

Methanex: Vancouver-based Methanex is the world’s biggest supplier of methanol to major international markets. The Geismar 3 plant enhanced the company’s asset portfolio and future cash generation. Healthy methanol demand in traditional chemical applications also bodes well. The acquisition of OCI Global's international methanol business allows MEOH to strengthen its global production capacity, benefiting from North America’s abundant and favorably priced natural gas feedstock. The buyout will provide operational synergies along with opportunities for revenue diversification. MEOH is also committed to delivering excess cash to its shareholders in the form of dividends and share repurchases.

Methanex, carrying a Zacks Rank #1, has expected earnings growth of 231% for 2026. The Zacks Consensus Estimate for MEOH’s 2026 earnings has been revised 47.7% upward over the past 30 days.

Price and Consensus: MEOH

Air Products: Based in Pennsylvania, Air Products is a leading industrial gases company. The company is benefiting from investments in high-return projects, new business deals, acquisitions and productivity initiatives. It remains committed to its gasification strategy and is executing its growth projects. These projects are expected to be accretive to earnings and cash flows. APD is also boosting productivity to improve its cost structure. It is seeing the positive impacts of its productivity actions. Benefits from additional productivity and cost improvement programs are likely to support its margins.

Air Products, a Zacks Rank #2 (Buy) stock, has expected earnings growth of 9.7% for fiscal 2026. The consensus estimate for fiscal 2026 earnings has gone up 1.3% over the past 30 days.

Price and Consensus: APD

Air Products and Chemicals shifts from a buy to a hold as return/risk profile normalizes. The rating adjustment is based on a few key changes both in terms of geopolitics and operating updates from its FQ2 earnings report. APD's FQ2 2026 earnings beat expectations, but helium supply risks persist with the uncertainties in the Hormuz Strait.

A downtrend has been apparent in Air Products and Chemicals (APD - Free Report) lately with too much selling pressure. The stock has declined 7.5% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why APD Could Bounce Back Before LongThe heavy selling of APD shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.54. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering APD in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 1.2% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, APD currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Air Products and Chemicals (APD - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Air Products and Chemicals is one of 248 individual stocks in the Basic Materials sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Air Products and Chemicals is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for APD's full-year earnings has moved 1.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, APD has gained about 14.6% so far this year. Meanwhile, stocks in the Basic Materials group have gained about 10.6% on average. This means that Air Products and Chemicals is outperforming the sector as a whole this year.

One other Basic Materials stock that has outperformed the sector so far this year is Perimeter Solutions, SA (PRM - Free Report) . The stock is up 19% year-to-date.

Over the past three months, Perimeter Solutions, SA's consensus EPS estimate for the current year has increased 30.8%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Air Products and Chemicals belongs to the Chemical - Diversified industry, which includes 29 individual stocks and currently sits at #87 in the Zacks Industry Rank. This group has gained an average of 22.8% so far this year, so APD is slightly underperforming its industry in this area.

Perimeter Solutions, SA, however, belongs to the Chemical - Specialty industry. Currently, this 44-stock industry is ranked #104. The industry has moved +11.3% so far this year.

Air Products and Chemicals and Perimeter Solutions, SA could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.

Key Takeaways APD raised fiscal 2026 adjusted EPS guidance to $13-$13.25 on strong first-half execution.APD is advancing NEOM and Louisiana projects that are expected to support earnings and cash flows.Air Products will also benefit from its actions to drive productivity and improve its cost structure. Air Products and Chemicals, Inc. (APD - Free Report) is benefiting from investments in high-return projects, new business deals, acquisitions and productivity initiatives.

We are positive about APD’s prospects and believe that the time is right for you to add the stock to the portfolio, as it looks promising and is poised to carry the momentum ahead.

Let's see what makes APD stock an attractive investment option at the moment.

Positive Analyst Sentiment for APD StockEarnings estimates for APD have been going up over the past 60 days. The Zacks Consensus Estimate for fiscal 2026 has increased by 1.5%. The consensus estimate for fiscal 2027 has also been revised 1.2% upward over the same time frame. The favorable estimate revisions instill investor confidence in the stock.

The Zacks Consensus Estimate for APD’s fiscal 2026 earnings is pegged at $13.2, suggesting a 9.7% increase from the previous year’s tally. Earnings are projected to increase by 7.3% in fiscal 2027.

Image Source: Zacks Investment Research

APD’s Positive Earnings Surprise HistoryAir Products has outpaced the Zacks Consensus Estimate in three of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 3%, on average.

APD’s Superior Return on Equity (ROE)ROE is a measure of a company’s efficiency in utilizing shareholders’ funds. ROE for the trailing 12-months for Air Products is 16.1%, above the industry’s level of 2.9%.

Image Source: Zacks Investment Research

Upbeat OutlookAir Products raised its full-year fiscal 2026 adjusted earnings guidance to $13-$13.25 per share, supported by its strong first-half performance and expectations for continued execution on pricing and productivity. Management said new asset contributions are expected to build through the second half, adding to the underlying earnings profile.

For the third quarter of fiscal 2026, Air Products expects adjusted earnings of $3.25-$3.35 per share, implying 5-8% growth from the prior-year period. The company maintained its fiscal 2026 capital expenditures outlook of approximately $4 billion.

High-Return Projects & Productivity Actions Aid Air ProductsAir Products is well-placed to gain from its investments in high-return industrial gas projects and productivity measures. It remains focused on its gasification strategy and is executing its key growth projects. These projects are expected to be accretive to earnings and cash flows.

Currently, APD is making progress with its two major projects — the NEOM green hydrogen project in Saudi Arabia and the Louisiana Clean Energy Complex.  The Louisiana project is expected to produce more than 750 million standard cubic feet per day of blue hydrogen for local and global markets. The NEOM Green Hydrogen Project in Saudi Arabia is expected to supply up to 1.2 million tons per year of renewable ammonia. Air Products and Yara International are in advanced negotiations to partner on these large-scale, low-emission ammonia projects.

Air Products is also driving productivity to improve its cost structure. It is seeing the positive impacts of its productivity actions. Benefits from additional productivity and cost improvement programs are likely to support its margins moving ahead. The company also remains focused on improving pricing amid an inflationary environment. Air Products is also taking action to right-size the organization through headcount reductions and expects these reductions to result in $250 million in annual cost savings once completed. It has already realized roughly $50 million in savings from headcount reduction, as divulged in its fiscal second quarter earnings call.

Air Products remains committed to maximizing returns to shareholders by leveraging its strong balance sheet and cash flows. Its board, in January 2026, increased its quarterly dividend to $1.81 per share. This marked the 44th straight year of dividend increase. The company returned roughly $1.6 billion to shareholders through dividends in 2025.

APD generated an operating cash flow of around $3.3 billion in fiscal 2025 and $2 billion in the first six months ended March 31, 2026. The company also returned $800 million to shareholders in the first half of fiscal 2026. Strong cash flow enables the company to boost shareholders’ value by increasing dividends and capital deployment.

APD’s Zacks Rank & Key PicksAPD currently carries a Zacks Rank #2 (Buy).

Other top-ranked stocks in the Basic Materials space are Nucor Corporation (NUE - Free Report) , L.B. Foster Company (FSTR - Free Report) and Albemarle Corporation (ALB - Free Report) , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Nucor’s current-year earnings stands at $14.84 per share, implying an 92.5% year-over-year increase. NUE’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with an average surprise of 8.1%.

The consensus estimate for L.B. Foster’s current-year earnings is pegged at $1.74 per share, implying a 152.2% year-over-year increase. The Zacks Consensus Estimate for FSTR’s current-year earnings has been revised 12.3% higher over the past 60 days.

The Zacks Consensus Estimate for Albemarle’s current-year earnings is pegged at $12.39 per share, indicating a 1,668.4% year-over-year increase. ALB’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average surprise of 54.1%.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: General Dynamics (GD - Free Report) Headquartered in Falls Church, VA, General Dynamics Corporation engages in mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company was incorporated in February 1952.

GD is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. GD has a Growth Style Score of A, forecasting year-over-year earnings growth of 7.2% for the current fiscal year.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.03 to $16.58 per share. GD boasts an average earnings surprise of +5.3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, GD should be on investors' short list.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© 3DSculptor / iStock via Getty Images

Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction) is the ticker everyone wants to talk about, riding a 425.79% one-year run on Neutron hype, Golden Dome contracts, and the coming wave of space-economy IPOs. Beneath that one-year run sit operating realities the hype obscures.

Rocket Lab carries a $78.58 billion market cap on $679.5 million in trailing revenue, a 115.64 price-to-sales ratio, and a -26.9% profit margin. The Neutron rocket debut was pushed from Q1 2026 to Q4 2026 after a stage-1 tank test failure, the company burned $165.5 million in operating cash in FY 2025, and management raised $450 million through an at-the-market equity offering in a single quarter. Diluted share count has marched to 629 million. This is a story stock priced for a future that has not arrived, in a launch business that is, as the custom thesis puts it, capital-intensive, carrying extreme execution risks and thin operating margins where a single mechanical anomaly can halt revenues for quarters.

Now look at General Dynamics (NYSE:GD), which carries a $92.73 billion market cap, barely larger than Rocket Lab, while running an entirely different business.

1. The Valuation Mismatch Is Absurd General Dynamics trades at 21x trailing earnings and 21x forward earnings on $53.81 billion in trailing revenue and $15.88 in trailing EPS. Rocket Lab generates roughly 1% of that revenue at a $78.58 billion cap. The market is paying nearly the same dollar amount for a profitable defense titan with a 0.345 beta as it is for an unprofitable small-launch operator with a 2.313 beta. Year-to-date, General Dynamics is up 2.75% while Rocket Lab is up 94.61%. The crowd has chosen sides.

2. A Cash Machine Returning Billions In Capital Q1 FY26 operating cash flow hit $2.155 billion, or 192% of net earnings, with free cash flow of $1.952 billion. FY25 produced $5.12 billion in operating cash flow and $3.96 billion in free cash flow. Capital returned: $1.593 billion in FY25 dividends plus $637 million in buybacks, with another $405 million in Q1 dividends and $217 million in repurchases. The dividend per share sits at $6.09. Rocket Lab pays no dividend and funds growth by selling stock.

3. The Same Tailwinds, Already Monetized Total estimated contract value reached $188.44 billion against a consolidated 2-to-1 book-to-bill ratio. Marine Systems revenue grew 21.0% with operating earnings up 26.4%, anchored by the company’s role as the exclusive builder of the U.S. Navy’s nuclear-powered submarines. Gulfstream delivered 38 aircraft with the Aerospace book-to-bill swinging to 1.2x from 0.8x. CEO Phebe Novakovic called it “a very good start to the year, delivering strong operating results and excellent cash conversion.” Four consecutive quarters of EPS beats back her up.

Wall Street’s average target sits at $391.55 against a current $342.89. For investors weighing speculative space exposure against established defense cash flow, the data sits on the table: a 115x price-to-sales small-launch operator on one side, a 21x earnings prime contractor returning billions in capital on the other.

The Global X - Defense Tech ETF (SHLD 2.04%) offers lower costs, while the Invesco Aerospace & Defense ETF (PPA 1.24%) provides a deeper track record and higher recent total returns.

Both ETFs provide targeted exposure to the defense and aerospace industries, serving as defensive plays or thematic growth vehicles. While the Global X fund captures newer defense technology trends, the Invesco fund focuses on established U.S. homeland security and aerospace operations. This comparison weighs cost against performance history.

Snapshot (cost & size)MetricSHLDPPAIssuerGlobal XInvescoExpense ratio0.5%0.58%1-yr return (as of May 27, 2026)15.8%32.1%Dividend yield0.5%0.4%Beta0.190.72AUM$7.7B$8.2BBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

The Global X fund is more affordable, with an expense ratio of 0.5%, compared to PPA’s 0.58%. Additionally, the Global X fund offers a slightly higher dividend yield of 0.5% versus 0.4% for its Invesco counterpart.

Performance & risk comparisonMetricSHLDPPAMax drawdown (2 yr)(20.1%)(15.2%)Growth of $1,000 over 2 years (total return)$1,948$1,672What's insideThe Invesco Aerospace & Defense ETF (PPA) focuses on the development, manufacturing, and support of defense and aerospace systems. Its portfolio holds 61 stocks, primarily allocated to Industrials (90%) and Technology (10%). Its largest positions include Boeing Co. (BA 1.08%) at 8.38%, General Electric Co (GE +0.76%) at 8.20%, and RTX Corp (RTX 0.37%) at 6.98%. Launched in 2005, the fund paid $0.66 per share over the trailing 12 months, reflecting a mature portfolio of American industrial staples.

The Global X - Defense Tech ETF (SHLD) tracks the Global X Defense Tech Index with a more concentrated 48 holdings. It mirrors the industrial tilt at 88% while allocating 12% to technology firms. Its top holdings include Lockheed Martin Corp (LMT 1.56%) at 8.70%, Rtx Corporation at 7.87%, and General Dynamics Corp (GD +0.31%) at 7.83%. Launched in 2023, the fund has a trailing-12-month dividend of $0.36 per share, representing a newer entry focused on modern warfare technology.

For more guidance on ETF investing, check out the full guide at this link.

Which looks like the better buyThe Global X - Defense Tech ETF (SHLD) and the Invesco Aerospace & Defense ETF (PPA) are both defense sector ETFs that investors may want to consider. Let’s have a closer look at how these two ETFs compare to one another.

First, there’s SHLD. This fund holds about 50 stocks and was launched in 2023. Since its inception, the fund has generated a total return of 177%, equating to a compound annual growth rate (CAGR) of  45.7%. This is excellent performance, as the S&P 500 has generated a total return of 75% over the same period, with a CAGR of 23.1%. All that said, the fund does have an expense ratio of 0.50%, which is above average, and well above what investors will pay for many passive index funds with expense ratios below 0.10%. Finally, the fund has a rather meager dividend yield of only 0.5%.

Then, there’s PPA. It has slightly more holdings, with 61 stocks. This fund has a much longer history, having been started in 2005. Its lifetime total return is around 1,340%, equating to a CAGR of 13.9%. That’s better than the S&P 500, which has a CAGR of 11.4% over the same 21-year period. PPA’s expense ratio is 0.58%, which is also above average. Its 0.4% dividend yield suggests the fund may not be appealing to income-oriented investors.

In summary, both funds have delivered outstanding returns, both in the last few years and, in the case of PPA, over more than two decades. Therefore, growth-seeking investors would be wise to consider either fund. Those focused on performance and minimizing their expenses will likely favor SHLD.

Rose's Income Garden (RIG) portfolio of 71 holdings yields 6.08% forward and is up 7.8% YTD, emphasizing income and selective growth. General Dynamics remains a core defensive holding, offering a 1.88% yield, a 6% dividend raise, and reliable income, though currently trading above fair value. British American Tobacco provides a 5.52% yield, recently raised its dividend by 2.6%, and now appears fairly valued after a period of undervaluation.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: General Dynamics (GD - Free Report) Headquartered in Falls Church, VA, General Dynamics Corporation engages in mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company was incorporated in February 1952.

GD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 20.86; value investors should take notice.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.16 to $16.58 per share. GD boasts an average earnings surprise of +5.3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, GD should be on investors' short list.

The Pentagon’s FY2027 budget request totals $1.5 trillion, with $54 billion earmarked for autonomous and remotely operated systems and another $39 billion routed through what the Department of War now calls “Drone Dominance.

That structural tailwind is the entire pitch behind Global X Defense Tech ETF (NYSEARCA:SHLD), a thematic vehicle that has gathered roughly $7.5 billion in assets at a 50 basis point expense ratio. SHLD is the largest pure-play vehicle for betting on drones, loitering munitions, and the systems built to hunt them.

What you are actually buying The return engine is concentrated positions in global defense primes alongside a long tail of autonomous-systems names. Lockheed Martin (NYSE:LMT | LMT Price Prediction) sits at about 8.4% of the fund, RTX (NYSE:RTX) at 7.8%, and General Dynamics (NYSE:GD) at 7.7%.

The names retail investors actually associate with autonomous warfare carry smaller weights. Roughly half the book sits outside the United States, with sizeable positions in BAE Systems, SAAB, Hanwha Aerospace, Thales, Leonardo, and Elbit Systems.

Does the autonomous thesis show up in returns Year-to-date through early June, SHLD is down about 1.6%. The iShares U.S. Aerospace & Defense ETF (NYSEARCA:ITA) is up 7%. The SPDR S&P Aerospace & Defense ETF (XAR) is up 13%. The S&P 500 is up 7%. Over the past year, SHLD returned about 13% while ITA returned 28.8% and XAR returned 39%. The fund organized around the most exciting story in defense has trailed every reasonable benchmark.

Mix explains the gap. The geographic dilution into European and Asia-Pacific contractors meant US-only ETFs captured more of the rotation into American primes. And the pure-play autonomous names dragged hard. KTOS is down 30% year-to-date, AVAV down 31%.

Kratos raised FY2026 revenue guidance to $1.70 billion to $1.76 billion and AVAV posted 143% year-over-year revenue growth last quarter. Kratos CEO Eric DeMarco called it a “generational recapitalization of the U.S. defense industrial base”. The market has yet to pay for that story. Meanwhile LHX (up 4% YTD) and BWXT (up 9%) did the quiet work, which is precisely what XAR and ITA are weighted to capture.

The tradeoffs you accept International dilution. Nearly half the fund sits outside the US, so you are partly betting on German rearmament and Korean shipbuilders alongside Pentagon checks. Good in NATO-led years. Bad in 2026. Long-tail valuation risk. KTOS trades at a forward P/E around 152 and AVAV around 50. Any procurement delay compresses the multiple fast, as AVAV’s $151 million BADGER SCAR goodwill writedown demonstrated. Top-heavy concentration. The top five holdings make up roughly 37% of the fund. Buying SHLD for drones still means most of your money sits in Lockheed, RTX, GD, Rheinmetall, and Palantir. Who it fits SHLD works as a 3% to 5% thematic sleeve for investors who specifically want global defense exposure with a tilt toward emerging autonomous platforms, and who accept that ITA (at a cheaper expense ratio) will likely keep up or beat it in any US-driven defense rally. Investors who want pure American defense exposure already have better tools in ITA and XAR.

Investors who want the autonomous-weapons trade specifically can own KTOS and AVAV directly and skip the dilution. SHLD expresses a credible long-term thesis about where defense spending is going. So far it has been a worse way to play that thesis than just buying the boring ETF next to it.

Posted by Defense World Staff on Apr 26th, 2026

AEGON ASSET MANAGEMENT UK Plc reduced its stake in shares of Republic Services, Inc. (NYSE:RSG – Free Report) by 38.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,242 shares of the business services provider’s stock after selling 67,204 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in Republic Services were worth $22,721,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. ANB Bank raised its holdings in Republic Services by 2.8% in the third quarter. ANB Bank now owns 1,691 shares of the business services provider’s stock valued at $388,000 after buying an additional 46 shares during the period. ORG Partners LLC raised its holdings in Republic Services by 5.8% in the third quarter. ORG Partners LLC now owns 899 shares of the business services provider’s stock valued at $206,000 after buying an additional 49 shares during the period. ICONIQ Capital LLC raised its holdings in Republic Services by 3.3% in the second quarter. ICONIQ Capital LLC now owns 1,558 shares of the business services provider’s stock valued at $384,000 after buying an additional 50 shares during the period. Prospera Financial Services Inc raised its holdings in Republic Services by 1.1% in the third quarter. Prospera Financial Services Inc now owns 4,766 shares of the business services provider’s stock valued at $1,094,000 after buying an additional 51 shares during the period. Finally, Merit Financial Group LLC raised its holdings in Republic Services by 0.9% in the third quarter. Merit Financial Group LLC now owns 5,651 shares of the business services provider’s stock valued at $1,297,000 after buying an additional 52 shares during the period. 57.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In Several research analysts recently commented on RSG shares. Barclays set a $227.00 price target on shares of Republic Services in a report on Monday, February 23rd. Oppenheimer cut their price target on shares of Republic Services from $256.00 to $255.00 and set an “outperform” rating on the stock in a report on Friday, January 23rd. Wolfe Research started coverage on shares of Republic Services in a report on Friday, March 13th. They issued a “peer perform” rating on the stock. UBS Group increased their price objective on shares of Republic Services from $225.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, March 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Republic Services from $233.00 to $245.00 and gave the company a “neutral” rating in a research report on Friday, April 10th. Ten research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $244.67.

Read Our Latest Stock Analysis on RSG

Republic Services Stock Down 2.0% RSG stock opened at $209.73 on Friday. Republic Services, Inc. has a twelve month low of $201.42 and a twelve month high of $258.75. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $64.80 billion, a P/E ratio of 30.62, a PEG ratio of 3.55 and a beta of 0.53. The firm has a 50 day simple moving average of $219.80 and a 200-day simple moving average of $216.52.

Republic Services (NYSE:RSG – Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The business services provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.14. The business had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.21 billion. Republic Services had a net margin of 12.90% and a return on equity of 18.44%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 earnings per share. Republic Services has set its FY 2026 guidance at 7.200-7.28 EPS. On average, equities research analysts predict that Republic Services, Inc. will post 7.22 earnings per share for the current fiscal year.

Republic Services Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Thursday, April 2nd were issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Republic Services’s payout ratio is currently 36.79%.

About Republic Services (Free Report)

Republic Services, Inc is a leading provider of non-hazardous solid waste and recycling services in the United States. The company offers a broad range of waste management solutions to residential, commercial, industrial and municipal customers, positioning itself as a full-service partner for everyday waste collection as well as specialized disposal needs.

Republic’s core operations include curbside and commercial collection, transfer and hauling, materials recovery and recycling facilities, and landfill disposal.

Read More Five stocks we like better than Republic Services Want to see what other hedge funds are holding RSG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Republic Services, Inc. (NYSE:RSG – Free Report).

Receive News & Ratings for Republic Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Republic Services and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAEGON ASSET MANAGEMENT UK Plc Has $32.63 Million Stock Holdings in Uber Technologies, Inc. $UBER

NEXT HEADLINE »AEGON ASSET MANAGEMENT UK Plc Lowers Stock Position in Chevron Corporation $CVX

Wall Street expects a year-over-year increase in earnings on higher revenues when Republic Services (RSG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 7, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis waste management company is expected to post quarterly earnings of $1.64 per share in its upcoming report, which represents a year-over-year change of +3.8%.

Revenues are expected to be $4.1 billion, up 2.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.08% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Republic Services?For Republic Services, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.34%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Republic Services will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Republic Services would post earnings of $1.62 per share when it actually produced earnings of $1.76, delivering a surprise of +8.64%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Republic Services doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Waste Removal Services industry, Montrose Environmental , is soon expected to post earnings of $0.14 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +100%. Revenues for the quarter are expected to be $183.72 million, up 3.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Montrose Environmental has been revised 17.7% down to the current level. Nevertheless, the company now has an Earnings ESP of -100.00%, reflecting a lower Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Montrose Environmental will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

TORONTO, ON / ACCESS Newswire / May 5, 2026 / Rocky Shore Gold Ltd. ("Rocky Shore" or the "Company") (CSE:RSG)(OTCQB:RSGLF) is pleased to announce that, through a wholly-owned subsidiary, it closed the previously announced purchase of 13 mining claims (the "Claims") in central Newfoundland. As previously disclosed, the Company paid consideration of $25,000 cash and issued an aggregate of 250,000 common shares of Rocky Shore for the Claims. The Vendors also retained an aggregate 2.0% net smelter return royalty on the respective Claims. Please refer to the news release dated April 16, 2026 for further details.

ABOUT ROCKY SHORE GOLD LTD.

Rocky Shore Gold is a focused Canadian exploration company targeting expansion of its two gold deposits and discovery of major gold zones at its 100%-owned Gold Anchor Project. The project is strategically located in central Newfoundland - one of Canada's most promising and underexplored gold belts. The district-scale project is the second-largest (greater than 1,200 square kilometres) property within an emerging gold district. It hosts two large porphyry-controlled gold deposits and high-grade structurally-controlled gold targets on trend to major gold discoveries and recent gold deposits northeast of the Gold Anchor Project. Numerous gold-bearing targets are within the project limits, and several are associated with the highly prospective Appleton and JBP Faults. For more information, please visit our website at www.rockyshoregold.com.

Rocky Shore would like to acknowledge the financial support and approval of the 2026 Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

Ken Lapierre, President & CEO
Rocky Shore Gold Ltd.
T: +1 (647) 678-3879
E: [email protected]

Cathy Hume, CEO
CHF Capital Markets
T: +1 (416) 868-1079 x 251
E: [email protected]

QUALIFIED PERSON

Ken Lapierre, P. Geo., President and CEO of the Company, is a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101, has reviewed and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to, the acquisition of the additional Claims, the advancement of the Company's properties and geological features thereof. The forward-looking information is based on reasonable assumptions and estimates of the management of the Company at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Rocky Shore to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration; future commodity prices; changes in regulations; political or economic developments; environmental risks; permitting timelines; capital expenditures; technical difficulties in connection with exploration activities; employee relations; the speculative nature of mineral including the risks of diminishing quantities of grades of resources, contests over title to properties, the Company's limited operating history, future capital needs and uncertainty of additional financing, and the competitive nature of the mining industry; the need for the Company to manage its future strategic plans; global economic and financial market conditions; uninsurable risks; and changes in project parameters as plans continue to be evaluated. Although Rocky Shore has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release is based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, Rocky Shore cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Rocky Shore does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Rocky Shore Gold Ltd.

First Quarter Earnings Per Share of $1.70 Expanded First Quarter Net Income Margin 50 Basis Points and Adjusted EBITDA Margin 50 Basis Points Generated Cash Flow from Operations of $1.23 Billion Generated Adjusted Free Cash Flow of $984 Million Invested More Than $700 Million in Value-Creating Acquisitions To Date Named to Fortune's 2026 World's Most Admired Companies List , /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $525 million, or $1.70 per diluted share, for the three months ended March 31, 2026, versus $495 million, or $1.58 per diluted share, for the comparable 2025 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended March 31, 2026, was $526 million, or $1.70 per diluted share, versus $496 million, or $1.58 per diluted share, for the comparable 2025 period.

"We are off to a strong start and remain well positioned to achieve our full‑year objectives," said Jon Vander Ark, president and chief executive officer. "Disciplined pricing and effective cost management drove solid earnings growth and 50 basis points of adjusted EBITDA margin expansion in the first quarter. We remain focused on executing our strategy and investing for growth to deliver long‑term value for our customers and shareholders."

First-Quarter 2026 Highlights:

Total revenue growth of 2.6 percent includes 2.8 percent organic growth from our recycling and waste business, 1.3 percent organic decline from our environmental solutions business, and 1.1 percent growth from acquisitions. Core price on total revenue increased revenue by 5.7 percent. Core price on related business revenue increased revenue by 6.8 percent, which consisted of 8.4 percent in the open market and 4.4 percent in the restricted portion of the business. Revenue growth from average yield on total revenue was 3.4 percent, and volume decreased revenue by 0.8 percent. Revenue growth from average yield on related business revenue was 4.1 percent, and volume decreased related business revenue by 1.0 percent. Net income was $525 million, or a margin of 12.8 percent. EPS and Adjusted EPS, a non-GAAP measure, were both $1.70 per share, an increase of 7.6 percent over the prior year. Adjusted EBITDA, a non-GAAP measure, was $1.32 billion, and adjusted EBITDA margin, a non-GAAP measure, was 32.1 percent of revenue, an increase of 50 basis points over the prior year. Cash invested in acquisitions was $433 million. Cash returned to shareholders was $507 million, which included $314 million of share repurchases and $193 million of dividends paid. The Company's average recycled commodity price per ton sold at its recycling centers during the first quarter was $120. This represents a decrease of $35 per ton over the prior year. Republic was recognized by several leading organizations during the quarter, including: Ethisphere's 2026 World's Most Ethical Companies® List Fortune's 2026 World's Most Admired Companies List Company Declared Quarterly Dividend

On May 5, 2026, the Board of Directors of Republic Services, Inc. declared a regular quarterly dividend of $0.625 per share for shareholders of record on July 2, 2026. The dividend will be paid on July 15, 2026.

Presentation of Certain Performance Metrics and Non-GAAP Measures

Adjusted diluted earnings per share, adjusted net income - Republic, adjusted pre-tax income, adjusted tax impact, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.

About Republic Services

Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION

AND OPERATING DATA

REPUBLIC SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

 (in millions, except per share amounts)

March 31,

December 31,

2026

2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$           118

$            76

Accounts receivable, less allowance for doubtful accounts and other of $60 and $66, respectively

1,917

1,897

Prepaid expenses and other current assets

475

550

Total current assets

2,510

2,523

Restricted cash and marketable securities

292

259

Property and equipment, net

12,695

12,639

Goodwill

16,926

16,715

Other intangible assets, net

647

655

Other assets

1,530

1,575

Total assets

$       34,600

$       34,366

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$         1,196

$         1,374

Notes payable and current maturities of long-term debt

547

596

Deferred revenue

480

496

Accrued landfill and environmental costs, current portion

159

148

Accrued interest

122

109

Other accrued liabilities

1,236

1,205

Total current liabilities

3,740

3,928

Long-term debt, net of current maturities

13,317

12,985

Accrued landfill and environmental costs, net of current portion

2,620

2,608

Deferred income taxes and other long-term tax liabilities, net

1,936

1,884

Insurance reserves, net of current portion

454

436

Other long-term liabilities

552

556

Commitments and contingencies

Stockholders' equity:

Preferred stock, par value $0.01 per share; 50 shares authorized; none issued

—

—

Common stock, par value $0.01 per share; 750 shares authorized; 314 and 313 issued including shares held in treasury, respectively

3

3

Additional paid-in capital

1,851

1,833

Retained earnings

11,493

11,161

Treasury stock, at cost; 6 and 5 shares, respectively

(1,336)

(1,000)

Accumulated other comprehensive loss, net of tax

(31)

(29)

Total Republic Services, Inc. stockholders' equity

11,980

11,968

Non-controlling interests in consolidated subsidiary

1

1

Total stockholders' equity

11,981

11,969

Total liabilities and stockholders' equity

$       34,600

$       34,366

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

 (in millions, except per share data)

Three Months Ended March 31,

2026

2025

Revenue

$            4,113

$            4,009

Expenses:

Cost of operations

2,366

2,314

Depreciation, depletion and amortization

461

434

Accretion

30

28

Selling, general and administrative

425

427

Restructuring charges

2

4

Gain on business divestitures and impairments, net

(1)

(2)

Operating income

830

804

Interest expense

(151)

(140)

Loss from unconsolidated equity method investments

(52)

(12)

Interest income

2

2

Other income, net

27

11

Income before income taxes

656

665

Provision for income taxes

131

170

Net income

525

495

Net income attributable to non-controlling interests in consolidated subsidiary

—

—

Net income attributable to Republic Services, Inc.

$              525

$              495

Basic earnings per share attributable to Republic Services, Inc. stockholders:

Basic earnings per share

$             1.70

$             1.58

Weighted average common shares outstanding

309.1

313.0

Diluted earnings per share attributable to Republic Services, Inc. stockholders:

Diluted earnings per share

$             1.70

$             1.58

Weighted average common and common equivalent shares outstanding

309.3

313.3

Cash dividends per common share

$            0.625

$            0.580

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (in millions)

Three Months Ended March 31,

2026

2025

Cash provided by operating activities:

Net income

$             525

$             495

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation, depletion, amortization and accretion

491

462

Non-cash interest expense

21

18

Deferred tax provision

33

1

Loss from unconsolidated equity method investments

52

12

Other non-cash items

22

18

Change in assets and liabilities, net of effects from business acquisitions and divestitures:

Accounts receivable

(25)

(18)

Prepaid expenses and other assets

49

90

Accounts payable

49

(42)

Capping, closure and post-closure expenditures

(9)

(8)

Remediation expenditures

(11)

(9)

Other liabilities

30

6

Cash provided by operating activities

1,227

1,025

Cash used in investing activities:

Purchases of property and equipment

(476)

(459)

Proceeds from sales of property and equipment

3

3

Cash used in acquisitions and investments, net of cash and restricted cash acquired

(437)

(834)

Cash received from business divestitures

1

3

Other

(1)

(1)

Cash used in investing activities

(910)

(1,288)

Cash (used in) provided by financing activities:

Proceeds from credit facilities and notes payable, net of fees

15,310

11,372

Proceeds from issuance of senior notes, net of discount and fees

—

1,186

Payments of credit facilities and notes payable

(15,035)

(12,018)

Issuances of common stock, net

(14)

(19)

Purchases of common stock for treasury

(292)

(55)

Cash dividends paid

(193)

(181)

Contingent consideration payments

(14)

(1)

Cash (used in) provided by financing activities

(238)

284

Effect of foreign exchange rate changes on cash

(1)

—

Increase in cash, cash equivalents, restricted cash and restricted cash equivalents

78

21

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

249

203

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$             327

$             224

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2025. All amounts below are in millions and as a percentage of our revenue, except per share data.

REVENUE

The following table reflects our total revenue by line of business for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

2026

2025

Collection:

Residential

$   747

18.2 %

$   743

18.6 %

Small-container

1,306

31.8

1,243

31.0

Large-container

768

18.7

739

18.4

Other

17

0.4

18

0.4

Total collection

2,838

69.1

2,743

68.4

Transfer

440

424

Less: intercompany

(240)

(236)

Transfer, net

200

4.9

188

4.7

Landfill

764

723

Less: intercompany

(311)

(302)

Landfill, net

453

11.0

421

10.5

Environmental solutions

417

466

Less: intercompany

(12)

(17)

Environmental solutions, net

405

9.8

449

11.2

Other:

Recycling processing and commodity sales

112

2.7

108

2.7

Other non-core

105

2.5

100

2.5

Total other

217

5.2

208

5.2

Total revenue

$ 4,113

100.0 %

$ 4,009

100.0 %

The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

2026

2025

Average yield

3.4 %

4.5 %

Fuel recovery fees

0.2

(0.4)

Total price

3.6

4.1

Volume

(0.8)

(1.2)

Change in workdays

—

(0.5)

Recycling processing and commodity sales

—

0.3

Environmental solutions

(1.3)

0.2

Total internal growth

1.5

2.9

Acquisitions / divestitures, net

1.1

0.9

Total

2.6 %

3.8 %

Core price

5.7 %

6.1 %

Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

2026

2025

As a % of Related Business

Core price

6.8 %

7.3 %

Average yield

4.1 %

5.4 %

Volume

(1.0) %

(1.5) %

The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

2026

2025

Yield

Volume

Yield

Volume

Collection:

Residential

4.7 %

(5.2) %

5.5 %

(2.9) %

Small-container

4.7 %

(0.3) %

6.3 %

(1.3) %

Large-container

4.5 %

(2.5) %

5.7 %

(3.3) %

Landfill:

Municipal solid waste

4.9 %

1.4 %

6.8 %

(3.6) %

Construction and demolition waste

5.3 %

(17.8) %

4.2 %

11.0 %

Special waste

— %

9.9 %

— %

6.3 %

COST OF OPERATIONS

The following table summarizes the major components of our cost of operations for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended March 31,

2026

2025

Labor and related benefits

$    831

20.2 %

$    818

20.4 %

Transfer and disposal costs

257

6.3

253

6.3

Maintenance and repairs

361

8.8

359

9.0

Transportation and subcontract costs

293

7.1

292

7.3

Fuel

124

3.0

114

2.8

Disposal fees and taxes

84

2.0

83

2.1

Landfill operating costs

92

2.2

90

2.2

Risk management

103

2.5

104

2.6

Other

221

5.4

201

5.0

Total cost of operations

$  2,366

57.5 %

$  2,314

57.7 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended March 31,

2026

2025

Salaries and related benefits

$     301

7.3 %

$     293

7.3 %

Provision for doubtful accounts

12

0.3

10

0.3

Other

112

2.7

124

3.1

Total selling, general and administrative expenses

$     425

10.3 %

$     427

10.7 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.

PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES

The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three months ended March 31, 2026 and 2025. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

Adjusted EBITDA and Adjusted EBITDA Margin

The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended March 31,

2026

2025

Net income attributable to Republic Services, Inc. and net income margin

$     525

12.8 %

$     495

12.3 %

Provision for income taxes

131

170

Other income, net

(27)

(11)

Interest income

(2)

(2)

Interest expense

151

140

Depreciation, depletion and amortization

461

434

Accretion

30

28

EBITDA and EBITDA margin

$   1,269

30.9 %

$   1,254

31.3 %

Loss from unconsolidated equity method investments

52

12

Restructuring charges

2

4

Gain on business divestitures and impairments, net

(1)

(2)

Total adjustments

53

14

Adjusted EBITDA and adjusted EBITDA margin

$   1,322

32.1 %

$   1,268

31.6 %

Adjusted EBITDA and Adjusted EBITDA Margin by Business Type

The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three months ended March 31, 2026 and 2025 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Recycling &
Waste(b)

Environmental
Solutions(b)

Total

Recycling &
Waste

Environmental
Solutions(b)

Total

Revenue

$      3,708

$         405

$      4,113

$      3,560

$         449

$      4,009

Adjusted EBITDA(a)

$      1,244

$           78

$      1,322

$      1,175

$           93

$      1,268

Adjusted EBITDA Margin

33.6 %

19.2 %

32.1 %

33.0 %

20.8 %

31.6 %

(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.

(b) Adjusted EBITDA Margin does not calculate due to rounding.

The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.

Adjusted Diluted Earnings Per Share

The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three months ended March 31, 2026 and 2025 (in millions of dollars except per share data):

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Diluted

Diluted

Net

Earnings

Net

Earnings

Pre-tax

Tax

Income -

per

Pre-tax

Tax

Income -

per

Income

Impact(1)

Republic

Share

Income

Impact(1)

Republic

Share

As reported

$   656

$     131

$    525

$   1.70

$   665

$     170

$    495

$   1.58

Restructuring charges(2)

2

—

2

—

4

1

3

0.01

Gain on business divestitures and impairments, net(2)

(1)

—

(1)

—

(2)

—

(2)

(0.01)

Total adjustments

1

—

1

—

2

1

1

—

As adjusted

$   657

$     131

$    526

$   1.70

$   667

$     171

$    496

$   1.58

(1)

The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2)

The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three months ended March 31, 2026.

We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years.

We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

Restructuring charges. During the three months ended March 31, 2026 and 2025, we incurred restructuring charges of $2 million and $4 million, respectively. The charges related to the design and implementation of our new accounts receivable system.

Gain on business divestitures and impairments, net. During the three months ended March 31, 2026 and 2025, we recorded a net gain on business divestitures and impairments of $1 million and $2 million, respectively.

Adjusted Free Cash Flow

The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the three months ended March 31, 2026 and 2025 (in millions of dollars):

Three Months Ended March 31,

2026

2025

Cash provided by operating activities

$          1,227

$          1,025

Property and equipment received

(249)

(304)

Proceeds from sales of property and equipment

3

3

Restructuring payments, net of tax

3

3

Adjusted free cash flow

$            984

$            727

We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.

Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the three months ended March 31, 2026 and 2025 (in millions of dollars):

Three Months Ended March 31,

2026

2025

Purchases of property and equipment per the unaudited consolidated statements of cash flows

$            476

$            459

Adjustments for property and equipment received in a different period

(227)

(155)

Property and equipment received during the period

$            249

$            304

The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.

ACCOUNTS RECEIVABLE

As of March 31, 2026 and December 31, 2025, accounts receivable were $1,917 million and $1,897 million, net of allowance for doubtful accounts of $60 million and $66 million, respectively, resulting in days sales outstanding of 42.4, or 31.8 days net of deferred revenue, compared to 41.8, or 30.8 days net of deferred revenue, respectively.

CASH DIVIDENDS

In January 2026, we paid a cash dividend of $193 million to shareholders of record as of January 2, 2026. As of March 31, 2026, we recorded a quarterly dividend payable of $192 million to shareholders of record at the close of business on April 2, 2026, which was paid on April 15, 2026.

SHARE REPURCHASE PROGRAM

During the three months ended March 31, 2026, we repurchased 1.4 million shares of our common stock for $314 million at a weighted average cost per share of $218.29. As of March 31, 2026, the remaining authorized purchase capacity under our October 2023 repurchase program was approximately $1.3 billion.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook" and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions and tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of prolonged work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States and Canada, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Republic Services, Inc.

Republic Services, Inc. (RSG) Q1 2026 Earnings Call Transcript

Explore the exciting world of Republic Services (RSG +0.89%) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities!
*Stock prices used were the prices of March 11, 2026. The video was published on May 4, 2026.

Anand Chokkavelu has no position in any of the stocks mentioned. Jason Hall has no position in any of the stocks mentioned. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

TORONTO, ON / ACCESS Newswire / May 19, 2026 / Rocky Shore Gold Ltd. ("Rocky Shore" or the "Company") (CSE:RSG)(OTCQB:RSGLF) is pleased to announce that it has filed the NI 43-101 Technical Report (the "Report") supporting the Mineral Resource Estimates for the Mosquito Hill and Reid Gold Deposits at the Company's Gold Anchor Project.

The Report is titled "National Instrument 43-101 Technical Report and Mineral Resource Estimates for the Mosquito Hill and Reid Gold Deposits, Gold Anchor Project, Grand Falls-Windsor, Newfoundland, Canada." The Report was prepared by Scott Jobin-Bevans, P.Geo., and Curtis Ferron, P.Geo., of Caracle Creek International Consulting Inc. ("Caracle Creek") based in Sudbury, Ontario, Canada. The Report was independently prepared by Caracle Creek on behalf of the Company in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is effective as of March 15, 2026.

Table 1: Summary of the Two Pit-Constrained Mineral Resource Estimates, Gold Anchor Project.

Deposit
Name

Deposit
Type

Resource
Category

Tonnage
(t)

Grade
(g/t Au)

Contained
Metal (oz Au)

Mosquito Hill

Open Pit

Indicated

13,127,800

0.46

194,853

Mosquito Hill

Open Pit

Inferred

39,436,600

0.42

533,867

Reid

Open Pit

Indicated

5,380,200

0.52

90,072

Reid

Open Pit

Inferred

5,990,600

0.46

89,218

Total Indicated:

18,508,000

0.48

284,925

Total Inferred:

45,427,200

0.43

623,085

Correction Notice: This news release replaces the Mineral Resource Estimate table previously disclosed in the Company's news release on April 2, 2026. The combined Total Inferred grade was incorrectly reported as 0.45 g/t Au. The correct figure, as shown in Table 1 above, is 0.43 g/t Au, being the weighted average grade derived from the tonnage and contained ounces of the Mosquito Hill and Reid Inferred Mineral Resources. The combined Total Inferred tonnage (45,427,200 t) and contained gold (623,085 oz Au) are unchanged, as are all tonnage, grade, and contained ounces figures previously reported for the Mosquito Hill and Reid Deposits individually. The Mineral Resource Estimates themselves have not changed, and the corrected combined grade is reflected in the NI 43-101 Technical Report filed concurrently with this news release.

Notes to Table 1 (applies to both MREs):

(1) Qualified Persons: Scott Jobin-Bevans (P.Geo.) and Curtis Ferron (P.Geo.) of Caracle Creek International Consulting Inc., are the Qualified Persons responsible for this Mineral Resource Estimate as defined by NI 43-101.

(2) Resource Classification: The MREs have been classified in the Indicated and Inferred mineral resource categories at the Mosquito Hill Deposit and classified in the Indicated and Inferred categories at the Reid Deposit. Presently, there are no Measured Mineral Resources at the Mosquito Hill and Reid Deposits. For the Mosquito Hill Deposit, Indicated blocks were defined by blocks within the mineralized wireframe satisfying average sample distance <75 m, a minimum of 10 contributing composite samples, slope of regression ≥0.80, and estimated in Pass 1 or Pass 2. Inferred blocks were defined by average sample distance <200 m, ≥8 composite samples, slope of regression ≥ 0.40, and estimated in Pass 1, 2, or 3. All remaining blocks within the mineralized wireframe were deemed Exploration Potential. Exploration Potential is viewed as a conceptual/geological inventory and is in accordance with the restricted-disclosure provisions under CIM 2014 standards. The Exploration Potential described herein is not a resource and has not been given gross in-situ metal values. For the Reid Deposit, Indicated blocks were defined by blocks within the mineralized wireframe satisfying average sample distance ≤ 50 m, a minimum of 10 contributing composite samples, and slope of regression > 0.85. All remaining estimated blocks within the mineralized wireframe were classified as Inferred.

(3) Reporting Cut-Off Grade: Mineral resources are reported at a cut-off grade of 0.25 g/t Au.

(4) High-Grade Capping: Gold assay values were capped at 5.0 g/t Au prior to compositing.

(5) Specific Gravity: Both deposits used an average specific gravity (SG) of 2.80 g/cm³ for bulk density conversion. The Mosquito Hill Deposit was based on 37 core measurements from the 2009 and 2010 drilling programs. SG measurements were consistent, ranging from 2.70 to 3.00 g/cm³. The Reid Deposit used 55 core measurements from the 2003, 2004, 2009, and 2010 drilling programs. SG measurements were consistent, ranging from 2.70 to 3.20 g/cm³.

(6) Open Pit Optimization: Calculation of the simulated open pit used: a maximum pit slope angle of 50 degrees, US$4,250/oz Au, gold recovery of 85%, gold selling cost of US$425, operating cost of $13.00/t, 2% NSR for Mosquito and 2.5% NSR for Reid, 5% dilution, 95% mining recovery, and 10,000 tonnes per day throughput.

(7) Block Model: The block model is orthogonal with a parent block size of 10 m × 10 m × 5 m. The model was constructed using Seequent's Leapfrog Geo/Edge software. At the Mosquito Hill Deposit 60 drill holes totalling 6,138.88 metres were used to define the MRE. At the Reid Deposit 21 drill holes totalling 3,135.67 metres were used to define the MRE.

(8) Grade Estimation: Gold grades (capped at 5.0 g/t Au) were estimated into the block model using Ordinary Kriging (OK) as the primary interpolation method. At Mosquito Hill the estimation was performed in four passes with progressively relaxed search ellipsoid dimensions. A fixed ellipsoid orientation of Dip 15° / Dip-Azimuth 190° / Pitch 100° was applied across all passes, consistent with the variogram model and deposit geometry. A maximum of 3 composites per drill hole was enforced in Passes 1 through 3. Combined with the minimum sample requirements, this implicitly guarantees that each block is informed by composites from at least 3 independent drill holes in Passes 1 and 2 (minimum 9 samples ÷ max 3 per hole), and at least 2 drill holes in Pass 3 (minimum 6 samples ÷ max 3 per hole). The drill hole limit was disabled in Pass 4; blocks estimated in Pass 4 therefore carry no minimum drill hole constraint and a single drill hole may inform the entire block estimate. ID3 and Nearest Neighbour (NN) methods were used for validation purposes. For the Reid Deposit, Gold grades (capped at 5.0 g/t Au) were estimated into the block model using Ordinary Kriging (OK) as the primary interpolation method. The estimation was performed in three passes with progressively relaxed search ellipsoid dimensions. A fixed ellipsoid orientation of Dip 22° / Dip-Azimuth 205° / Pitch 80° was applied across all passes, consistent with the variogram model and deposit geometry. A maximum of 3 composites per drill hole was enforced in Passes 1 through 3. Combined with the minimum sample requirements, this implicitly guarantees that each block is informed by composites from at least 3 independent drill holes in Passes 1 and 2 (minimum 9 samples ÷ max 3 per hole), and at least 2 drill holes in Pass 3 (minimum 6 samples ÷ max 3 per hole). Blocks within the mineralized wireframe that did not satisfy Pass 3 search criteria were not estimated. ID3 and Nearest Neighbour (NN) methods were used for validation purposes.

(9) Compositing: Assay results were composited into 5 m downhole intervals within the mineralized wireframe. Intervals shorter than 0.5 m were distributed equally between the two adjacent composites. A hard boundary constraint was applied at the wireframe; composites outside the wireframe were not used to estimate blocks within the mineralized solid.

(10) CIM Guidelines and Standards: The Mineral Resources described above have been prepared in accordance with the current CIM Definition Standards on Mineral Resources and Mineral Reserves (2014) and CIM Best Practice Guidelines (2019).

(11) Rounding: Numbers have been rounded to reflect the appropriate level of precision. Differences may occur in totals due to rounding.

(12) Mineral Resources are not Mineral Reserves: Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured.

(13) Material Factors: The Qualified Persons have not identified any known legal, political, environmental, or other relevant factors that could materially affect the potential development of the mineral resources or the validity of this estimate.

The Report is available on the Company's website at www.rockyshoregold.com and on SEDAR+ (www.sedarplus.ca) under the Company's Issuer profile.

QUALIFIED PERSONS

Scott Jobin-Bevans (P.Geo. PEGNL #12354) and Curtis Ferron (P.Geo. PEGNL #12365) of Caracle Creek are the Qualified Persons as defined by NI 43-101 responsible for the Report and they are independent of Rocky Shore Gold Ltd.

The scientific and technical information in this press release was reviewed and approved by Ken Lapierre, P. Geo., President and CEO of the Company, and a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Mr. Lapierre certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

ABOUT ROCKY SHORE GOLD LTD.

Rocky Shore Gold is a Canadian junior exploration company focussed in central Newfoundland on its 100% owned Gold Anchor Project. It is strategically located within one of Canada's most promising and underexplored gold belts. The Project is the second-largest property (greater than 1,200 square kilometres) in the emerging gold district. Rocky Shore is targeting the expansion of its bulk tonnage Mosquito Hill and Reid Gold Deposits which are related to Intrusion Related Gold Systems (IRGS). It also hosts structurally controlled high-grade gold targets along the highly prospective Appleton and JBP Faults located southwest of major gold discoveries and gold deposits.

For more information, please visit our website at www.rockyshoregold.com.

Rocky Shore would like to acknowledge the financial support for 2025 of $150,000 and approval of the 2026 Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador.

For more information, please contact:

Ken Lapierre, President & CEO
Rocky Shore Gold Ltd.
T: +1 (647) 678-3879
E: [email protected]

Cathy Hume, CEO
CHF Capital Markets
T: +1 (416) 868-1079 x 251
E: [email protected]

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to the MRE, the exploration potential, the price of gold, the geology of the Project and the advancement of the Company's mineral properties. The forward-looking information is based on reasonable assumptions and estimates of the management of the Company at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration; future commodity prices; changes in regulations; political or economic developments; environmental risks; permitting timelines; capital expenditures; technical difficulties in connection with exploration activities; employee relations; the speculative nature of mineral resource exploration including the risks of diminishing quantities of grades of mineral resources, contests over title to properties, the Company's limited operating history, future capital needs and uncertainty of additional financing, and the competitive nature of the mining industry; the need for the Company to manage its future strategic plans; global economic and financial market conditions; uninsurable risks; and changes in project parameters as plans continue to be evaluated. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Rocky Shore Gold Ltd.

On May 28, 2026, we delve into the discounted cash flow (DCF) analysis for Republic Services Inc RSG , a company currently trading at $205.60. The stock has experienced a challenging price performance, with a year-to-date decline of 2.4% and a significant drop of 18.5% over the past year.

DCF Earnings-based intrinsic value of $146.05 vs current price ($205.60), indicating a margin of safety of -40.8% DCF Free Cash Flow (FCF)-based intrinsic value of $167.31 vs current price, suggesting a fair valuation status GF Score™ of 82/100, indicating a high reliability of the DCF inputs What Is RSG Worth? DCF Earnings-Based Model The DCF earnings-based model for Republic Services Inc considers a two-stage growth approach. In the first stage, we project earnings growth over the next ten years at an annual rate of 13.7%. This growth is then discounted at a rate of 11%, which combines the risk-free rate and equity risk premium. The second stage assumes a terminal growth rate of 4% for the following ten years, also discounted at 11%.

Parameter Value Current EPS (TTM, excl. non-recurring) $7.13 10-Year Growth Rate 13.7% 10-Year Treasury Rate 4.49% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% In the growth phase (Years 1-10), the EPS is expected to grow at 13.7% per year, leading to a calculated value of $81.57 per share. In the terminal phase (Years 11-20), with a 4% growth rate, the value is projected at $64.48 per share. The combined intrinsic value from both stages amounts to $146.05.

Stage Description Value Growth Stage (Years 1-10) EPS growing at 13.7%, discounted at 11% $81.57 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $64.48 Intrinsic Value Growth + Terminal $146.05 With the current price at $205.60, the stock appears modestly overvalued, reflecting a margin of safety of -40.8%. It is important to note that GuruFocus utilizes EPS excluding non-recurring items as research indicates stock prices correlate more closely with earnings than with free cash flow. For further details, visit the RSG DCF Calculator.

What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for Republic Services Inc is calculated at $167.31. When comparing this with the earnings-based intrinsic value of $146.05, we find a divergence in valuation perspectives. The FCF model suggests that the stock is fair valued, with a margin of safety of -22.9%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Republic Services Inc stands at $219.02, providing a third perspective on valuation. This proprietary measure is calculated based on historical trading multiples, past business growth, and future performance estimates. The three models present a mixed consensus, with the DCF earnings model indicating overvaluation, the FCF model suggesting fair valuation, and the GF Value™ indicating undervaluation. For more information, visit the GF Value™ page.

What Does RSG's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 82/100 Financial Strength 4/10 Profitability 9/10 Growth 9/10 Valuation 9/10 Momentum 2/10 With a predictability rank of 0/5 stars, it indicates that the DCF model may be less reliable for this stock. For more insights, visit the RSG stock page.

Key Assumptions and Limitations It is crucial to note that DCF models are highly sensitive to growth rate and discount rate assumptions. Stocks with low predictability ratings, such as Republic Services Inc, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect future economic conditions accurately.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—the consensus indicates that Republic Services Inc is currently overvalued based on the earnings-based DCF model, fair valued according to the FCF model, and undervalued according to GF Value™. Overall, investors should proceed with caution. For the full DCF analysis, visit the RSG DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is RSG's intrinsic value based on DCF?

Answer: earnings-based $146.05, FCF-based $167.31

Is RSG overvalued or undervalued?

Answer: The DCF earnings model suggests overvalued, while the FCF model indicates fair valued, and GF Value™ suggests undervalued.

How reliable is the DCF model for RSG?

Answer: The predictability rank is 0/5, indicating less reliability for the DCF model.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

On June 03, 2026, we present a DCF analysis for Republic Services Inc RSG , a company currently facing a challenging price performance context, with a year-to-date decline of 4.3% and a significant 21.0% drop over the past year. Below are key highlights from our analysis:

DCF Earnings-based intrinsic value of $146.05 vs current price of $201.67 (margin of safety: -38.1%) DCF Free Cash Flow (FCF)-based intrinsic value of $167.31 vs current price (second opinion) GF Score™ of 83/100, indicating a reliable assessment of the DCF inputs What Is RSG Worth? DCF Earnings-Based Model The DCF earnings-based model for Republic Services Inc RSG utilizes a two-stage growth approach. In the first stage, we project earnings growth over the next ten years at a rate of 13.7%. This growth is then discounted at a rate of 11%, which combines the risk-free rate and equity risk premium. In the second stage, we assume a terminal growth rate of 4% for the following ten years, also discounted at 11%. The following table summarizes the assumptions used in our DCF model:

Parameter Value Current EPS (TTM, excl. non-recurring) $7.13 10-Year Growth Rate 13.7% 10-Year Treasury Rate 4.48% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 13.7%, discounted at 11% $81.57 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $64.48 Intrinsic Value Growth + Terminal $146.05 With the current price at $201.67, the intrinsic value of $146.05 indicates that the stock is modestly overvalued, with a margin of safety of -38.1%. It is important to note that GuruFocus uses EPS without non-recurring items, as research shows that stock prices correlate more closely with earnings than free cash flow. For further details, you can visit the RSG DCF Calculator.

What Does the Free Cash Flow DCF Say? The Free Cash Flow (FCF)-based intrinsic value for Republic Services Inc is calculated at $167.31. When comparing this to the earnings-based intrinsic value of $146.05, we find that the two models provide differing perspectives. The FCF model suggests that the stock is fair valued, with a margin of safety of -20.5%, indicating that it is closer to its intrinsic value than the earnings-based model suggests.

How Does GF Value™ Compare to the DCF Models? The GF Value™ of Republic Services Inc is calculated at $219.27, providing a third perspective on the valuation. GF Value™ is GuruFocus' proprietary measure derived from historical trading multiples, past business growth, and future performance estimates. While the DCF earnings model indicates that the stock is overvalued, the FCF model suggests it is fair valued, and the GF Value™ indicates it is undervalued. This divergence highlights the importance of considering multiple valuation methods. For more information, visit the GF Value™ page.

What Does RSG's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006 to 2021. The following table summarizes RSG's GF Score™ metrics:

Metric Rating GF Score™ 83/100 Financial Strength 4/10 Profitability 9/10 Growth 9/10 Valuation 10/10 Momentum 2/10 With a predictability rank of 0/5 stars, it is important to note that higher predictability ratings typically result in more reliable DCF estimates. For further insights, visit the RSG stock page.

Key Assumptions and Limitations It is crucial to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as RSG, tend to produce less reliable DCF estimates. Additionally, the terminal growth rate of 4% is a simplifying assumption that may not reflect future market conditions accurately.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find that there is a consensus that Republic Services Inc is currently overvalued based on the DCF earnings model, fair valued according to the FCF model, and undervalued based on the GF Value™. This mixed outlook suggests that investors should exercise caution. For the full DCF analysis, visit the RSG DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is RSG's intrinsic value based on DCF?

Answer: earnings-based $146.05, FCF-based $167.31

Is RSG overvalued or undervalued?

Answer: The DCF earnings model indicates overvaluation, while the FCF model suggests fair valuation, and GF Value™ indicates undervaluation.

How reliable is the DCF model for RSG?

Answer: The predictability rank is 0/5, indicating lower reliability for the DCF model.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].