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.

Ticker
WMS
Exchange
NYSE
Sector
Industrials
Industry
Building Products & Equipment
Market cap
$8.89B
52-week range
$119.53 - $179.32

Valuation

Share price
$123.51 (close of Nov 12, 2026)
P/E (TTM)
23.86x
Price to book
4.99x
Price to free cash flow
16.78x
Enterprise value
$10.51B
Book value per share
$25.27

Price performance

PeriodChange
1 day-4.48%
5 days+0.72%
1 month-1.92%
3 months-12.11%
6 months-11.65%
Year to date-14.72%
1 year-18.12%
3 years+9.13%
5 years-5.14%
10 years+456.35%
All time+664.77%

Short interest

As of
Oct 30, 2026
Short % of float
4.57%
Shares short
3.34M
Days to cover
4.70
Change since prior report
-0.43%
Source
FINRA consolidated short interest

Members of Congress who disclosed WMS trades

Lisa McClain · Robert Bresnahan · Tommy Tuberville

Super investors holding WMS

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity
22.66%
Return on invested capital
13.17%
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)
5.96%
Current ratio
2.13x
Net debt to EBITDA
1.79x

Latest reported year

Period end
Mar 31, 2026
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
Interest expense
$93.87M
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%13.17%
2025-03-3137.68%15.50%29.17%17.28%
2024-03-3139.87%17.74%43.50%22.57%
2023-03-3136.42%16.51%60.25%26.08%
2022-03-3128.90%9.80%29.83%15.81%
2021-03-3134.80%11.31%26.90%15.13%
2020-03-3118.91%-11.54%-35.94%-5.53%
2019-03-3123.61%5.62%19.53%13.85%
2018-03-3122.74%4.66%19.12%12.35%
2017-03-3123.53%4.93%26.10%8.82%

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
Sep 1, 2026
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

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-05Sep 2026$1.89
2026-08-06Jun 2026$2.19
2026-05-21Mar 2026$1.00
2026-02-05Dec 2025$1.11
2025-11-06Sep 2025$1.70
2025-08-07Jun 2025$1.78
2025-05-15Mar 2025$1.09
2025-02-06Dec 2024$1.17

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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