The Globe and Mail reports in its Saturday edition that GFL Environmental has dropped 20 per cent over the past year. The Globe's David Berman writes that to be fair, GFL peers -- Waste Management, Republic Services and Waste Connections -- have also struggled after a two-year rally fizzled. From mid-2023 to mid-2025, the four stocks gained nearly 70 per cent, pushing valuations to lofty levels. Price-to-earnings ratios rose above 40, making garbage haulers more expensive than the tech-fuelled S&P 500. That became an obstacle when promising growth subsided. Waste Management generated revenue growth of 14.2 per cent in 2024. Analysts expect growth will slow to 5.2 per cent this year. Waste Management generated revenue growth of 14.2 per cent in 2024. Analysts expect growth will slow to 5.2 per cent this year. In other words, GFL's dismal share-price performance over the past year has plenty of company. But some of its challenges are all its own. GFL lags its peers by a considerable margin. Its profit margins are slightly lower than many of its peers. Last week shareholders voiced disapproval of GFL's move on Secure Waste Infrastructure. GFL's share price sank 10 per cent after the announcement on Monday.