Advanced Drainage Systems, Inc. (WMS)

Advanced Drainage Systems, Inc. designs, manufactures, and markets thermoplastic corrugated pipes and related water management products in the United States, Canada, and internationally. The company operates through Stormwater and Wastewater segments. The company offers single, double, and triple wall corrugated polypropylene and polyethylene pipes; plastic leachfield chambers and systems; EZflow synthetic aggregate bundles; wastewater purification through mechanical aeration wastewater; septic tanks and accessories; combined treatment and dispersal systems, including AeroFin, advanced enviro-septic, enviro-septic, and advanced treatment leachfield; and allied products, including storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water quality filters and separators. It also purchases and distributes construction fabrics and other geosynthetic products for soil stabilization, reinforcement, filtration, separation, erosion control, and sub-surface drainage, as well as drainage grates and other products. In addition, the company provides PVC hubs, rubber sleeves, and stainless-steel bands; and channel drains, catch basins, grates, access boxes, and accessories engineered to capture, convey, and disperse stormwater. It offers its products for non-residential, residential, agriculture, and infrastructure applications through a network of distribution centers. Advanced Drainage Systems, Inc. was incorporated in 1966 and is headquartered in Hilliard, Ohio.

Symbol
WMS
Exchange
NYSE
Sector
Industrials
Industry
Building Products & Equipment
Market cap
$9.33B
52 week range
124.75 - 179.32

Valuation

Share price
$130.78 (close of 2026-09-28)
P/E (TTM)
22.43x
Price to book
5.13x
Price to free cash flow
16.95x
Enterprise value
$10.93B
Book value per share
$25.50

Price performance

PeriodChange
1 day-1.77%
5 days+3.07%
1 month-4.53%
3 months-15.35%
6 months-1.45%
Year to date-9.70%
1 year-4.81%
3 years+14.89%
5 years+22.17%
10 years+428.40%
All time+709.78%

Members of Congress who disclosed WMS trades

Lisa McClain · Robert Bresnahan · Tommy Tuberville

Profitability and growth

Return on equity
22.66%
Return on invested capital
14.03%
Return on assets
9.47%
Return on capital employed
15.49%
Gross margin
38.27%
Net margin
13.98%
EBITDA margin
27.39%
Revenue growth
5.03%
Net income growth
-5.27%
Free cash flow growth
54.47%

Cash flow and balance sheet

Free cash flow yield (TTM)
5.90%
Current ratio
2.12x
Net debt to EBITDA
1.73x

Latest reported year

Period end
2026-03-31
Fiscal year
2026
Revenue
$3.05B
Cost of revenue
$2.43B
Gross profit
$1.17B
EBITDA
$835.46M
Net income
$426.46M
Earnings per share
$5.48
Shares outstanding
77.76M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2026-03-31$3.05B$1.17B$426.46M$5.48
2025-03-31$2.90B$1.09B$450.17M$5.81
2024-03-31$2.87B$1.15B$509.92M$6.52
2023-03-31$3.07B$1.12B$507.09M$6.16
2022-03-31$2.77B$800.38M$271.33M$3.22
2021-03-31$1.98B$690.08M$224.23M$2.64
2020-03-31$1.67B$316.48M-$193.17M$-3.21
2019-03-31$1.38B$326.97M$77.77M$1.23
2018-03-31$1.33B$302.48M$62.01M$1.00
2017-03-31$1.26B$295.81M$62.01M$1.00

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2026-03-3138.27%13.98%22.66%14.03%
2025-03-3137.68%15.50%29.17%20.45%
2024-03-3139.87%17.74%43.50%27.97%
2023-03-3136.42%16.51%60.25%28.96%
2022-03-3128.90%9.80%29.83%15.98%
2021-03-3134.80%11.31%26.90%17.08%
2020-03-3118.91%-11.54%-35.94%-6.15%
2019-03-3123.61%5.62%19.53%14.02%
2018-03-3122.74%4.66%19.12%12.71%
2017-03-3123.53%4.93%26.10%8.92%

Cash and debt by year

Period endCashDebt
2026-03-31$223.01M$1.61B
2025-03-31$463.32M$1.25B
2024-03-31$490.16M$1.26B
2023-03-31$217.13M$1.27B
2022-03-31$20.13M$908.71M
2021-03-31$195.01M$782.22M
2020-03-31$174.23M$1.09B
2019-03-31$8.89M$208.60M
2018-03-31$17.59M$270.90M
2017-03-31$6.45M$310.85M

Free cash flow by year

Period endFree cash flowStock-based compensation
2026-03-31$569.29M$32.35M
2025-03-31$368.55M$26.58M
2024-03-31$534.12M$31.99M
2023-03-31$540.90M$21.66M
2022-03-31$125.81M$24.16M
2021-03-31$373.46M$65.43M
2020-03-31$238.51M$32.40M
2019-03-31$108.27M$21.83M
2018-03-31$95.41M$18.84M
2017-03-31$57.56M$17.88M

Dividend history

Most recent payment
2026-09-01
Paid in the last twelve months
$0.76
Payment dateDividend per share
2026-09-01$0.20
2026-06-01$0.20
2026-03-02$0.18
2025-12-01$0.18
2025-08-29$0.18
2025-05-30$0.18
2025-02-28$0.16
2024-12-02$0.16

Investor relations

Next earnings report

Next confirmed report
2026-11-05
Consensus EPS estimate
$1.93

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-06Jun/2026$2.19
2026-05-21--
2026-02-05--
2025-11-06--
2025-08-07--
2025-05-15--
2025-02-06--
2024-11-08--

Filings and sources

Company website
adspipe.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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