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. In the quarter to June 2026, revenue grew 20.6%, EPS grew 18.9%, free cash flow fell 8.28% and total debt rose 23.8%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Advanced Drainage Systems, Inc. (WMS) Piotroski F-score
Advanced Drainage Systems, Inc.'s Piotroski F-score for fiscal 2026 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 4 | (2.00) |
| FY2025 | 6 | (1.00) |
| FY2024 | 7 | 0.00 |
| FY2023 | 7 | 2.00 |
| FY2022 | 5 | (1.00) |
| FY2021 | 6 | 3.00 |
| FY2020 | 3 | (5.00) |
| FY2019 | 8 | 1.00 |
| FY2018 | 7 | 1.00 |
| FY2017 | 6 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 10.41% | 12.94% | Pass | 1 |
| Positive operating cash flow | 819.05m | 581.49m | Pass | 1 |
| Rising return on assets | 10.41% | 12.94% | Fail | 0 |
| Cash flow above net income | 392.59m | 131.32m | Pass | 1 |
| Falling long-term leverage | 0.42 | 0.40 | Fail | 0 |
| Rising current ratio | 2.42 | 3.33 | Fail | 0 |
| No new shares issued | 77,756,000 | 77,549,000 | Fail | 0 |
| Rising gross margin | 38.27% | 37.68% | Pass | 1 |
| Rising asset turnover | 0.74 | 0.83 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| AWI Armstrong World Industries, Inc. compare | 9 |
| SPXC SPX Technologies, Inc. compare | 6 |
| MAS Masco Corporation compare | 6 |
| CSL Carlisle Companies Incorporated compare | 6 |
| BLDR Builders FirstSource, Inc. compare | 5 |
| LII Lennox International, Inc. compare | 5 |
| WMS Advanced Drainage Systems, Inc. | 4 |
| OC Owens Corning Inc compare | 4 |
| AAON AAON, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover