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Side-by-side financial comparison of CLEAN HARBORS INC (CLH) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
CLEAN HARBORS INC is the larger business by last-quarter revenue ($1.5B vs $1.0B, roughly 1.5× Liberty Energy Inc.). CLEAN HARBORS INC runs the higher net margin — 5.8% vs 2.2%, a 3.6% gap on every dollar of revenue. On growth, CLEAN HARBORS INC posted the faster year-over-year revenue change (4.8% vs 4.5%). Over the past eight quarters, CLEAN HARBORS INC's revenue compounded faster (4.4% CAGR vs -6.2%).
Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a provider of waste management and industrial services for commercial customers, specializing in the collection, transportation, treatment and disposal of hazardous waste, but also offering services for non-hazardous waste. The company has 870 operating locations in 630 properties in the U.S. and Canada including a network of over 100 waste disposal facilities such as incinerators, landfills, treatment, storage and disposal faci...
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
CLH vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.0B |
| Net Profit | $86.6M | $22.6M |
| Gross Margin | 30.6% | — |
| Operating Margin | 10.6% | 2.2% |
| Net Margin | 5.8% | 2.2% |
| Revenue YoY | 4.8% | 4.5% |
| Net Profit YoY | 3.1% | — |
| EPS (diluted) | $1.62 | $0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.5B | $947.4M | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $1.4B | $977.5M | ||
| Q4 24 | $1.4B | $943.6M | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.6B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $86.6M | $13.7M | ||
| Q3 25 | $118.8M | $43.1M | ||
| Q2 25 | $126.9M | $71.0M | ||
| Q1 25 | $58.7M | $20.1M | ||
| Q4 24 | $84.0M | $51.9M | ||
| Q3 24 | $115.2M | $73.8M | ||
| Q2 24 | $133.3M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 30.6% | 20.6% | ||
| Q3 25 | 32.3% | 18.7% | ||
| Q2 25 | 33.3% | 22.1% | ||
| Q1 25 | 28.6% | 22.1% | ||
| Q4 24 | 29.9% | 21.4% | ||
| Q3 24 | 31.0% | 26.2% | ||
| Q2 24 | 33.3% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 10.6% | 1.9% | ||
| Q3 25 | 12.5% | -0.3% | ||
| Q2 25 | 13.6% | 3.6% | ||
| Q1 25 | 7.8% | 1.9% | ||
| Q4 24 | 9.6% | 2.6% | ||
| Q3 24 | 12.6% | 9.4% | ||
| Q2 24 | 13.9% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 5.8% | 1.3% | ||
| Q3 25 | 7.7% | 4.5% | ||
| Q2 25 | 8.2% | 6.8% | ||
| Q1 25 | 4.1% | 2.1% | ||
| Q4 24 | 5.9% | 5.5% | ||
| Q3 24 | 7.5% | 6.5% | ||
| Q2 24 | 8.6% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.62 | $0.08 | ||
| Q3 25 | $2.21 | $0.26 | ||
| Q2 25 | $2.36 | $0.43 | ||
| Q1 25 | $1.09 | $0.12 | ||
| Q4 24 | $1.55 | $0.31 | ||
| Q3 24 | $2.12 | $0.44 | ||
| Q2 24 | $2.46 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $127.4M | $699.1M |
| Total DebtLower is stronger | — | $7.1M |
| Stockholders' EquityBook value | $2.7B | $1.9B |
| Total Assets | $7.6B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $127.4M | $27.6M | ||
| Q3 25 | $91.2M | $13.5M | ||
| Q2 25 | $98.9M | $19.6M | ||
| Q1 25 | $105.9M | $24.1M | ||
| Q4 24 | $102.6M | $20.0M | ||
| Q3 24 | $82.4M | $23.0M | ||
| Q2 24 | $91.3M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | — | $246.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.7B | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.7B | $2.0B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $2.6B | $2.0B | ||
| Q3 24 | $2.5B | $2.0B | ||
| Q2 24 | $2.4B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $7.6B | $3.6B | ||
| Q3 25 | $7.5B | $3.5B | ||
| Q2 25 | $7.4B | $3.4B | ||
| Q1 25 | $7.2B | $3.4B | ||
| Q4 24 | $7.4B | $3.3B | ||
| Q3 24 | $7.3B | $3.3B | ||
| Q2 24 | $7.1B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $355.1M | — |
| Free Cash FlowOCF − Capex | $233.3M | — |
| FCF MarginFCF / Revenue | 15.6% | — |
| Capex IntensityCapex / Revenue | 8.1% | 13.1% |
| Cash ConversionOCF / Net Profit | 4.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $441.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $355.1M | $195.4M | ||
| Q3 25 | $302.0M | $51.5M | ||
| Q2 25 | $208.0M | $170.6M | ||
| Q1 25 | $1.6M | $192.1M | ||
| Q4 24 | $303.9M | $177.3M | ||
| Q3 24 | $239.2M | $244.5M | ||
| Q2 24 | $216.0M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $233.3M | $-10.0M | ||
| Q3 25 | $207.5M | $-67.2M | ||
| Q2 25 | $118.0M | $33.1M | ||
| Q1 25 | $-117.1M | $58.2M | ||
| Q4 24 | $241.5M | $-26.2M | ||
| Q3 24 | $142.4M | $77.9M | ||
| Q2 24 | $80.9M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 15.6% | -1.0% | ||
| Q3 25 | 13.4% | -7.1% | ||
| Q2 25 | 7.6% | 3.2% | ||
| Q1 25 | -8.2% | 6.0% | ||
| Q4 24 | 16.9% | -2.8% | ||
| Q3 24 | 9.3% | 6.8% | ||
| Q2 24 | 5.2% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 8.1% | 19.8% | ||
| Q3 25 | 6.1% | 12.5% | ||
| Q2 25 | 5.8% | 13.2% | ||
| Q1 25 | 8.3% | 13.7% | ||
| Q4 24 | 4.4% | 21.6% | ||
| Q3 24 | 6.3% | 14.6% | ||
| Q2 24 | 8.7% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.10× | 14.28× | ||
| Q3 25 | 2.54× | 1.20× | ||
| Q2 25 | 1.64× | 2.40× | ||
| Q1 25 | 0.03× | 9.55× | ||
| Q4 24 | 3.62× | 3.42× | ||
| Q3 24 | 2.08× | 3.31× | ||
| Q2 24 | 1.62× | 2.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
LBRT
Segment breakdown not available.
