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Advanced Drainage Systems, Inc.

WMS Industrials Building Products & Equipment

Advanced Drainage Systems, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $3.1 billion, up 5.03% from fiscal 2025.

Revenue
+4.59%
EPS
−26.9%
Free cash flow
−8.28%
Total debt
+24.6%

Quarter to September 2026, against a year earlier

123.42 20.65 −14.33%
Market cap
$9.3B
P/E
23.3×
Fwd P/E
21.8×
Dividend yield
0.62%
F-score
4/9
Altman Z
4.34
Beneish M
−2.67
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Stormwater
  • Wastewater

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 1.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — — —
Insider Ownership 7.17%

Capital & Financial Ratios $m

Size
Market Cap 9,250.00
Revenue ttm 3,260.63
Net income ttm 409.20
Free cash flow ttm 550.88
Net debt Q 1,579.34
Valuation
P/E 23.33
Forward P/E 21.80
Price / sales 2.85
Forward P/S Powerpack
Price / FCF 16.89
Price / book 5.22
Financial health
Current ratio Q 2.13 (at or above 1.5: strong)
Debt / equity Q 0.97
Interest coverage Q 7.08
Growth
Revenue growth Q +4.59% (above 0%: growing)
Operating income growth Q −12.73% (below 0%: shrinking)
EPS, this year −3.22% (below 0%: weak)
EPS, next year A +19.43% (at or above 15%: strong)
Revenue, next year A +13.33% (at or above 10%: strong)
EPS, past 5 yrs +16.00% (at or above 15%: strong)
EPS, next 5 yrs A +10.78%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 3.0×; over the ten years it ranged from 1.1× in 2016 to 5.0× in 2024.
P/E against its own 10 years 29.66%
10-year low 10-year high
P/S against its own 10 years 54.05%
10-year low 10-year high
P/B against its own 10 years 4.99%
10-year low 10-year high
EV/Sales against its own 10 years 57.79%
10-year low 10-year high
EV/FCF against its own 10 years 46.28%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.62%
Annual rate
0.76
Payout ratio
14.5%
Growth, 2017–25
+12.6%/yr
  1. 0.27 ’17
  2. 0.31 ’18 +15
  3. 0.35 ’19 +13
  4. 0.36 ’20 +3
  5. 0.42 ’21 +17
  6. 0.47 ’22 +12
  7. 0.54 ’23 +15
  8. 0.62 ’24 +15
  9. 0.70 ’25 +13
  10. 0.72 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 490 463 223 153
Receivables 324 333 391 429
Inventory 464 488 543 564
Other 22 40 74 48
1,300 1,325 1,231 1,195
2024 2025 2026 Q'26
Payables 254 218 238 284
ST’ Debt 12 10 6 8
Other — — 15 7
440 398 509 562

Compound Annual Growth %

10y 5y 3y
Sales 8.98% 9.00% (0.23%)
Cash Flow 19.73% 12.61% 4.99%
Earnings 34.88% 18.13% (5.61%)
Book Value 19.88% 12.10% 30.77%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 2.19 Actual 2.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 1.70 1.97 Beat by 0.27
Q3 FY25 1.11 1.27 Beat by 0.16
Q4 FY26 1.00 1.07 Beat by 0.07
Q1 FY27 2.19 2.49 Beat by 0.30
Q2 FY27 1.89 — Reports 5 November 2026

EPS $

Jun Sep Dec Mar Year
’26 2.19 1.46 — — —
’26 1.84 1.99 1.19 0.42 5.44
’25 2.06 1.67 1.04 0.99 5.76
’24 2.18 1.71 1.34 1.21 6.45
’23 2.22 1.80 0.99 1.06 6.08
’22 0.87 0.88 0.86 0.54 3.15
’21 0.83 0.93 0.62 0.23 2.59
Fiscal quarters ending in the months shown.

Revenue $m

Jun Sep Dec Mar Year
’26 1,001 889 — — —
’26 830 850 693 677 3,050
’25 815 783 691 616 2,904
’24 778 780 662 654 2,874
’23 914 884 655 618 3,071
’22 669 706 715 678 2,769
’21 509 544 486 444 1,983
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jun Sep Dec Mar Year
’26 260 — — — —
’26 275 235 269 40 819
’25 183 167 190 41 581
’24 244 215 241 18 718
’23 250 187 223 47 708
’22 104 (9) 99 81 275
’21 134 152 163 3 452
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jun Sep Dec Mar Year
’26 204 — — — —
’26 222 203 189 (45) 569
’25 126 113 136 (6) 369
’24 222 174 188 (50) 534
’23 214 148 172 7 541
’22 79 (48) 62 32 126
’21 123 134 134 (18) 373
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.8% a year for ten years. It grew 24.6% a year over the last ten.

Implied
6.8%
10 years, reported
24.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to March

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 1,257 1,330 1,385 1,674 1,983 2,769 3,071 2,874 2,904 3,050 3,261 +10.3% 3,457 3,666 3,951 +9.0%
Gross margin, % 23.53 22.74 23.61 18.91 34.80 28.90 36.42 39.87 37.68 38.27 38.36 +14.7 pt
EBT 65 77 112 (180) 312 384 657 667 589 560 568 +27.1%
EBT margin, % 5.16 5.78 8.06 (10.73) 15.75 13.85 21.40 23.20 20.30 18.35 17.41 +13.2 pt
Net income 36 65 81 (192) 226 275 511 513 453 429 409 +31.7%
Per share, $
Per share, $ Revenue 22.89 23.89 24.28 26.23 28.26 38.85 37.31 36.73 37.45 39.23 43.26 +6.2%
Earnings 0.51 1.00 1.23 (3.21) 2.64 3.22 6.16 6.52 5.81 5.48 5.29 +30.2%
Cash flow 1.90 2.46 2.66 4.80 6.45 3.86 8.60 9.17 7.50 10.53 0.00 +21.0%
Capex (0.93) (0.75) (0.76) (1.06) (1.12) (2.09) (2.03) (2.35) (2.75) (3.21) 0.00 +14.7%
Free cash flow 0.96 1.71 1.90 3.74 5.32 1.77 6.57 6.83 4.75 7.32 0.00 +25.3%
Book value 6.23 7.64 8.78 12.29 15.16 15.50 10.22 14.98 19.90 24.21 23.62 +16.3%
Shares, m 55 56 57 64 70 71 82 78 78 78 77 +3.9%
Valuation, ×
Valuation, × P/E 38.42 25.00 21.52 0.00 39.16 36.90 13.72 26.18 18.73 25.02 23.33 24.5
P/S 0.96 1.04 1.08 1.12 3.66 3.06 2.26 4.64 2.90 3.50 2.85 2.4
P/B 30.53 10.28 6.87 3.65 8.82 9.31 8.24 11.38 5.46 5.66 5.22 10.0
EV/Sales 1.28 1.29 1.29 1.70 3.97 3.39 2.62 4.93 3.22 3.99 3.34 2.8
EV/FCF 30.29 18.01 16.48 11.93 21.10 74.62 14.85 26.54 25.38 21.38 19.75 26.1
Cash, $m
Cash, $m Operating cash flow 104 137 152 306 452 275 708 718 581 819 804 +25.7%
Capex (51) (42) (43) (68) (79) (149) (167) (184) (213) (250) (254) +19.2%
Free cash flow 53 95 108 239 373 126 541 534 369 569 551 +30.2%
Balance, $m
Balance, $m Working capital 185 237 260 428 425 481 639 860 926 721 633 +16.3%
Net debt 401 340 287 968 627 919 1,099 843 929 1,511 1,579 +15.9%
Shareholders’ equity 342 425 501 785 1,063 1,105 842 1,172 1,543 1,882 1,780 +20.9%
Returns, %
Returns, % ROA 2.68 5.32 6.73 (12.00) 7.75 9.07 18.27 16.53 12.94 10.41 9.49 +7.7 pt
ROIC 6.42 7.21 10.27 (3.40) 12.74 12.72 23.16 22.71 16.62 11.41 11.90 +5.0 pt
ROE 154.45 64.08 39.87 (55.85) 27.72 26.50 57.91 50.64 33.16 24.90 22.36 (129.5) pt
People
People Employees 4,500 4,400 4,400 4,950 5,000 5,635 5,870 5,705 6,000 6,425 — +4.0%
Revenue/emp, $m 0.28 0.30 0.31 0.34 0.40 0.49 0.52 0.50 0.48 0.47 — +6.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Advanced Drainage Systems makes products that move, store and treat stormwater and manage wastewater. Its customers use them in residential and commercial construction, infrastructure and agriculture. The company is headquartered in Hilliard, Ohio, and Scott Barbour is its president and chief executive officer.

Its stormwater products include plastic pipe, underground storage chambers, drains, fittings and filters. Together, these products can collect rainwater, carry it away, store it and remove pollutants before the water returns to the environment. For example, a catch basin can collect runoff from a yard or driveway and direct it into an underground pipe.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Stormwater 2,434 79.79%
Wastewater 715 23.42%
Gross margin 38.27%
Operating margin 20.30%
Pre-tax margin 18.35%

Revenue by segment since 2018

Advanced Drainage Systems, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MAS Masco Corporation $16.2B 18.1× 17.1× +2.56% (above 0%: growing) +30.00% (above 0%: growing) −20.00% (below 0%: shrinking) 36.62% 17.24% Compare
CSL Carlisle Companies Incorporated $14.7B 21.4× 20.3× +8.65% (above 0%: growing) +5.21% (above 0%: growing) −29.51% (below 0%: shrinking) 33.82% 20.04% Compare
LII Lennox International, Inc. $11.9B 16.2× 16.3× +10.21% (above 0%: growing) −8.27% (below 0%: shrinking) +36.71% (above 0%: growing) 31.62% 19.85% Compare
MAIR Madison Air Solutions Corporation $10.8B 48.8× 34.9× — — +79.04% (above 0%: growing) 38.98% 19.70% Compare
OC Owens Corning Inc $9.8B — (loss-making) 15.2× −7.27% (below 0%: shrinking) n/m −16.47% (below 0%: shrinking) 24.71% (6.11%) Compare
WMS Advanced Drainage Systems, Inc. $9.3B 23.3× 21.8× +4.59% (above 0%: growing) −26.87% (below 0%: shrinking) −8.28% (below 0%: shrinking) 38.89% 21.91%
AWI Armstrong World Industries, Inc. $7.1B 22.8× 21.0× +11.90% (above 0%: growing) +10.25% (above 0%: growing) −29.42% (below 0%: shrinking) 40.08% 27.57% Compare
BLDR Builders FirstSource, Inc. $7.1B 176× — (loss-making) −2.21% (below 0%: shrinking) −49.42% (below 0%: shrinking) −83.67% (below 0%: shrinking) 27.82% 2.57% Compare
SPXC SPX Technologies, Inc. $6.9B 23.3× 24.6× +20.53% (above 0%: growing) +26.15% (above 0%: growing) −79.92% (below 0%: shrinking) 39.12% 16.14% Compare
Median of peers $10.3B 22.8× 20.3× +8.65% +7.73% −24.71% 35.22% 18.47%

All 34 Building Products & Equipment stocks →

From the latest earnings call

Updated

  • CFO Scott Cottrill said customers shifted an estimated $40 million-$50 million of revenue from the second quarter into the first ahead of price increases.
  • CEO Scott Barbour said organic residential sales fell in the first half as land development activity offset growth at Infiltrator.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.52%
Held by the ten largest 43.75%
Holder Shares Stake Change
Vanguard 7.68m 10.77% +67.56k
BlackRock 7.47m 10.47% +47.21k
State Street 2.69m 3.78% +204.13k
First Trust 2.66m 3.73% +616.70k
UBS 2.62m 3.67% −50.68k
Impax Asset Management Group plc 1.85m 2.59% −81.57k
Baillie Gifford 1.84m 2.57% −212.05k
American Century 1.63m 2.29% −23.45k
Morgan Stanley 1.39m 1.95% +60.50k
Geode Capital Management 1.37m 1.92% +22.65k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 June 2026

Ownership

Directors and executive officers, together 1.65%
BlackRock, Inc. 8.99%
KSOP c/o Advanced Drainage Systems, Inc. 6.04%
Vanguard Capital Management 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Advanced Drainage Systems, Inc. (WMS) Latest News

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WMS metrics, ten years each

stockrow.com/WMS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com