debt_leverage_profile
0.51x Total Debt / Equity (Moderate leverage)
High
SEC-XBRL
interest_rate_sensitivity
Approximately 30-35% of debt is floating-rate; 20% rate increase pressures free cash flow by ~$30-35M annually, limiting deleveraging pace
Inferred
Agent_Inference
geopolitical_supply_exposure
Medium intensity; US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Medical waste disposal regulations in US/EU and cross-border hazardous material transport corridors (US-Mexico, UK-EU post-Brexit)
Inferred
Agent_Inference
international_expansion_readiness
Top markets: UK (GBP), Canada (CAD), Mexico (MXN); combined international ~20% of revenue; GBP and MXN carry meaningful devaluation risk
Inferred
Agent_Inference
geographic_footprint
Operations in ~20 countries; UK, Canada, Mexico are top international markets; ~20% revenue non-USD with moderate FX translation exposure
Inferred
Agent_Inference
commodity_exposure_profile
Medium intensity; commodities: Steel, Aluminum, Copper, Crude Oil (fuel), Rare Earth Elements, Plastics/Resins; geopolitical: US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30% of input costs; fuel, PPE, and transport are fragmented but fuel pricing represents highest single input concentration
Inferred
Agent_Inference
business_model_type_primary
Asset-heavy regulated services; cloud disruption risk is low — core operations are physical waste collection/processing, not cloud-dependent
Inferred
Agent_Inference
business_model_type_secondary
SaaS compliance and communication services (Stericycle Communication Solutions) carry moderate cloud dependency but are secondary revenue
Inferred
Agent_Inference
switching_cost_profile
Low API coupling risk; proprietary customer portal and compliance tracking software create moderate stickiness but no deep API lock-in
Inferred
Agent_Inference
howey_test_risk_index
Fails Howey Test; revenue model is fee-for-service regulated waste disposal — not a securities offering, negligible Howey risk
Inferred
Agent_Inference
regulatory_burden_tier
Medium
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Handles healthcare client data across jurisdictions; moderate HIPAA/GDPR exposure; CCPA applies to California operations; compliance costs are manageable but ongoing
Inferred
Agent_Inference
antitrust_exposure_flag
Moderate; dominant position in US regulated medical waste disposal; past FTC scrutiny on acquisitions; pricing power in concentrated markets raises risk
Inferred
Agent_Inference
regulatory_exposure_profile
Medium burden; regimes: FAA, DOT, OSHA, EPA, ITAR, FTC; Export controls and defense procurement rules create contract concentration risk.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~80% recurring under multi-year service contracts; ~20% transactional/project-based; high contract renewal rates support revenue visibility
Inferred
Agent_Inference
monetization_vector
Per-unit waste volume fees plus recurring service contracts; pricing tied to waste weight/type and compliance service tiers
Inferred
Agent_Inference
pricing_architecture
Cost-plus with regulatory pass-through; fuel surcharges and compliance cost escalators provide partial inflation protection but limit pure pricing power
Inferred
Agent_Inference
pricing_power_rating
Moderate; regulated necessity creates floor demand but competitive bidding and large hospital systems constrain premium pricing; rated 6/10
Inferred
Agent_Inference
target_gross_margin_bracket
38.2% Gross Margin (Moderate (20-40%))
High
SEC-XBRL
churn_vulnerability_index
Low free-rider risk; regulated compliance service — customers must pay or face legal liability; churn is low but price sensitivity exists at contract renewal
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is largely headcount-linear; route-based collection requires proportional driver/technician scaling; limited leverage without density optimization
Inferred
Agent_Inference
marginal_cost_of_growth
Sublinear only in dense urban markets; rural expansion is headcount-proportional; automation opportunity in sorting/processing could improve ratio over time
Inferred
Agent_Inference
franchise_compliance_risk
Not a franchise model; company-operated routes; compliance risk is internal regulatory adherence (EPA, OSHA, DOT) rather than franchise drift
Inferred
Agent_Inference
customer_acquisition_metric
CAC is moderate; regulated market limits greenfield acquisition; growth via cross-sell and contract expansion more capital-efficient than new logo acquisition
Inferred
Agent_Inference
network_effect_present
Weak network effects; route density creates local scale advantages but no true network effect — adding customers doesn't inherently improve service for others
Inferred
Agent_Inference
asset_efficiency_ratio
0.1% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession resistant; medical and hazardous waste disposal is legally mandated regardless of economic cycle; revenue declined minimally in 2008-2009
Inferred
Agent_Inference
customer_segment_primary
Hospitals, clinics, and healthcare systems (~60% of revenue); top 10 customers likely represent 15-20% of revenue — moderate concentration
Inferred
Agent_Inference
customer_segment_secondary
Small-quantity generators (dental offices, labs, pharmacies) and industrial/retail clients; more fragmented, lower concentration risk
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "33-0000 Protective Service Occupations", "37-0000 Building and Grounds Cleaning and Maintenance Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "51-0000 Production Occupations", "53-0000 Transportation and Material Moving Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.3 (HIL — ~30% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
4.9% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0000861878
Inferred
Agent_Inference
ticker
SRCL; trading near fair value ~$20-22; discount reflects leverage, margin pressure, and divestitures — not primarily geopolitical commodity supply risk
Inferred
Agent_Inference