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Bill Gates's Firm Buys Waste Hauler Stock
24 Aug
Summary
- Cascade Investment accumulated Republic Services shares recently.
- Purchases were made in the $213.70 to $217.18 price range.
- Republic Services shows strong EBITDA margins and free cash flow.
Cascade Investment, the private holding company overseen by Michael Larson for Bill Gates's fortune, has disclosed a sustained accumulation of Republic Services (NYSE:RSG) stock. These purchases occurred over four consecutive trading sessions, with Cascade already holding a 10% ownership stake. The transactions took place in the price range of $213.70 to $217.18.
Larson, who also serves on Republic Services' board, has a director-level perspective on the company's operations. This insider activity aligns with his established investment playbook for low-volatility compounders. Republic Services reported strong Q2 2026 results, with CEO Jon Vander Ark emphasizing a "pricing-over-volume" strategy.
The waste hauler achieved 5.3% core price growth on total revenue and maintained adjusted EBITDA margins at 32.1%. Management raised full-year guidance, projecting revenues between $17.2 billion and $17.3 billion, with adjusted EPS ranging from $7.23 to $7.28. Free cash flow saw a significant increase of 16.9% in 2025, reaching $2.43 billion, and the quarterly dividend was raised to $0.67.
Republic Services exhibits a beta of 0.396, fitting Larson's preference for stable, compounding investments. Despite the company's positive fundamentals, recent retail buying has occurred above Cascade's cost basis, potentially sacrificing a margin of safety.
