Clean Harbors secured a $110 million contract to install its regenerative carbon filtration and resin units at Joint Base Pearl Harbor‑Hickam in Hawaii. The three‑year agreement will treat roughly 4.2 million gallons of water per day, a volume that matches the base’s current PFAS‑contaminated water streams. The company has been operating in Hawaii since 2022, and the new contract extends its footprint into one of the U.S. military’s largest bases.
The $110 million commitment represents about 1.87 % of Clean Harbors’ 2024 revenue of $5.89 billion, a modest but meaningful addition to the company’s top line. When viewed against the backdrop of a 2.85 % year‑over‑year revenue increase for the trailing twelve months ending September 30 2025, the contract signals a steady expansion of recurring work that will help sustain the firm’s growth trajectory.
PFAS remediation is a rapidly expanding market, projected to reach $3.86 billion by 2033. Clean Harbors’ “Total PFAS Solution” – which combines high‑temperature incineration, advanced filtration, and thermal destruction – gives it a unique end‑to‑end offering that few competitors can match. The military base market is especially attractive because of its high barriers to entry and the long‑term nature of environmental remediation contracts.
Financially, Clean Harbors posted a 20.7 % adjusted EBITDA margin in Q3 2025, up 100 basis points from the prior year, driven by strong demand in its Technical Services and Safety‑Kleen segments. The company’s current ratio of 2.44 underscores its liquidity, while the recent earnings miss on EPS (reported $2.21 versus an estimate of $2.40) was largely due to higher-than‑expected operating costs and a modest decline in legacy service revenue.
Co‑CEOs Eric Gerstenberg and Mike Battles highlighted the partnership with the U.S. War Department as a “critical step” in protecting service members from PFAS exposure. They emphasized that the new contract will accelerate the deployment of Clean Harbors’ technology across the base, reinforcing the company’s strategic focus on high‑margin, non‑deferrable work.
The contract positions Clean Harbors to capture a larger share of the expanding PFAS market and to secure long‑term, recurring revenue streams. While the company faces headwinds from rising commodity costs and regulatory scrutiny, its strong financial health, proven technology portfolio, and growing demand for PFAS remediation give it a competitive moat that should support sustained growth in the coming years.
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