Q1 2026

Environmental Services M&A Update

In Q1, the NYSE Arca Environmental Services Index decreased by 0.8%, outperforming the S&P 500 which saw a 4.8% decrease over the same period.
The median EV/Revenue multiple for reported private equity deals in the Environmental Services sector increased to 5.8x in Q1 from 1.4x in 2025, and increased for strategic deals to 3.3x from 1.2x in the prior year.
M&A deal volume in the sector increased 5.7% in Q1 to 168 deals from 159 in Q4 2025, and increased 30.2% from 129 deals in Q1 of the prior year.
North America was the most active region in Q1 with 82 deals. Most notable in North America was an undisclosed investor’s $36.6 million investment into CVW Sustainable Royalties, a Calgary-based provider of waste-to-resource recovery solutions.
As a % of total capital invested in M&A transactions in Q1, PE participation declined slightly to 76.6%, down from 80.1% in 2025.