Abstract
<jats:p>This study provides a comprehensive assessment of the economic efficiency of waste management enterprises in Ukraine (Section 38 of NACE Rev. 2) in the context of the transition from a linear to a circular economy and under the influence of external shocks, including hybrid warfare, the COVID 19 pandemic, and the full scale invasion of 2022. The purpose of the research is to conduct an in depth analysis of labour, financial, and investment indicators of enterprises in the sector to identify structural imbalances, efficiency trends, and resilience factors shaping its development. The analytical basis consists of official data from the State Statistics Service of Ukraine for the period 2012–2024.The findings indicate that despite the relatively stable number of enterprises, the sector experienced a significant decline in its workforce, over 40% throughout the analysed period, highlighting labour shortages and the need for automation, technological upgrading, and transformation of business processes. Labour productivity shows considerable volatility, while real wages have grown at a faster pace than economic performance, placing additional financial pressure on enterprises. Financial analysis reveals that after severe losses in 2014–2015, the sector gradually reached a state of moderate but stable profitability in 2021–2024, supported by cost optimisation, tariff adjustments, and the growing adaptive capacity of enterprises under high uncertainty.Investment activity was uneven, with cycles of underinvestment alternating with phases of intensive capital renewal (2013, 2021, 2023). In key years, the ratio of capital investment to depreciation exceeded one, indicating the readiness of the sector for expanded reproduction and the implementation of circular economy technologies.The study concludes that waste management enterprises demonstrate increasing resilience and remain strategically important for enhancing resource efficiency and environmental security in Ukraine. Improving their efficiency requires further digitalisation, expanded investment support, and the refinement of policy mechanisms, particularly in tariff setting and regional waste management planning.</jats:p>