The stock-flow-service nexus approach is used to analyse the interactions that occur between energy/material flows, material stock and energy/material services. The latter identify the functions that energy and materials contribute to society. In this chapter, we employ this nexus to a corporate setting in order to evaluate environmental performance. Using a Colombian bus rapid transit operator as a case study, we apply five nexus indicators to evaluate the efficiency of one unit of vehicle stock, fuel and waste relative to distance travelled, as a proxy for service delivery. During the 11-year period studied (2001 to 2011), the bus company's fuel efficiency increased by 5%, going from 1.851 to 1.948 km/kg. Stock efficiency improved 35%, going from 5.7x10 4 to 7.6x10 4 km/bus. The interquartile range of stock evolution, which refers to the variance between the first and third quartile of the total distance travelled by each bus, reduced from 40,426 to 22,070 km. This demonstrates improved fleet management practices. However, this progress came at the cost of increased waste generation. In fact, service provision per unit of waste outflow (as measured by stock degradation efficiency) decreased 47%, going from 65 to 34 km/kg. Similarly, the annual fraction of waste relative to a unit of vehicle stock went from 10% to 25%. These opposing trends highlight the difficulty of improving overall environmental performance. In light of this situation, we discuss the considerable value and challenges of using a nexus perspective as part of an integrated management system and as the basis of corporate decision making in general.