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Advanced Drainage Systems, Inc. (WMS) stock

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NYSE: WMS NYSE Building Products Next results ~November 5, 2026

B Fundamentals grade

Advanced Drainage Systems, Inc. is a US-listed company in the building products industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$93–$180 across our lower- and higher-growth cases (1.8%–11.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 7% above our base value.

Price used: $138.99, November 2, 2026

Advanced Drainage Systems, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds247 adding, 280 cuttingOf 72 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Advanced Drainage Systems files

Where Advanced Drainage Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.22bn, up 10.4% on a year earlier, faster than 5.0% a quarter earlier. Free-cash-flow margin rose to 17.1% from 15.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $120 a share, against a share price of $129. At that price, our model says the market is pricing in about 8.0% a year of cash-flow growth for five years, faster than the 3.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Advanced Drainage Systems, Inc.'s trailing-twelve-month revenue grew 10.4% year on year, with a free-cash-flow margin of 17.1%. Where it stands out: change in growth rate of +5.3pp ranks 4 of 46 building products companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$93–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 10.4% (+5.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.3 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Insiders selling. 4 insiders sold $15M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 35.6% ranks 29 of 37 building products companies we cover (median 25.7%).

Latest results: FY2027 Q1

Filed August 6, 2026
Earnings per share
$2.49 against an average estimate of $2.12: beat by 17.4%
Revenue
$1.00bn, up 20.6% on a year earlier
Share reaction
-3.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
net sales $3.35bn to $3.55bn (fiscal 2027); adjusted EBITDA $1bn to $1.05bn (fiscal 2027)
Next report
November 5, 2026; average EPS estimate $1.79

Advanced Drainage Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+5.9%
  • 1 month+9.2%
  • This year-3.7%
  • 1 year-0.2%
  • 5 years+27.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.2B
Operating margin
20.7%
Net margin
14.0%
EPS (TTM, diluted)
$5.77

Growth

Revenue growth
+10.4%
Change in growth rate
+5.3 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$550M
FCF margin
17.1%
Stock pay % of revenue
1.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Guidance
  4. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Advanced Drainage Systems, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 7.7% a year of cash-flow growth for five years.That is close to the 3.1% a year revenue growth Advanced Drainage Systems has delivered.

  • Priced in7.7%
  • Last 12 months10.4%
  • 3 years a year3.2%
  • 5 years a year3.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($136.95, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$136.95close November 3, 2026
Implied change
▼ 5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Advanced Drainage Systems, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($490M, FY2027 Q1 TTM), growing 8.3% and 6.5% in the next two years (forecasts, guidance and its record), then back to 6.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$93–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Advanced Drainage Systems, Inc.'s free cash flow after stock-based pay ( $490M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Advanced Drainage Systems, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$93–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$100–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$130–$250 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$150 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$120–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Advanced Drainage Systems, Inc. with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $78$114$161$222$303$407
8.5% $55$81$114$159$216$290
10% $41$61$87$121$164$221

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$19.07$19.81$23.73$23.88$28.54$100.80$116.26$82.79$170.09$107.78$136.73$138.99
Market value$1.1bn$1.1bn$1.3bn$1.4bn$1.8bn$7.2bn$8.5bn$6.9bn$13.4bn$8.4bn$10.7bn$10.9bn
+ Net debt (− = net cash)$345m$344m$283m$228m$926m$596m$910m$1.1bn$791m$806m$1.4bn$1.5bn
Enterprise value$1.4bn$1.5bn$1.6bn$1.6bn$2.7bn$7.8bn$9.4bn$8.0bn$14.2bn$9.2bn$12.1bn$12.3bn
Multiples
Price / sales 0.8x0.9x1.0x1.0x1.1x3.6x3.1x2.2x4.7x2.9x3.5x3.4x
Price / earnings 42.0x18.0x21.6x17.7x—32.2x31.2x13.6x26.4x18.7x25.1x24.1x
Price / free cash flow 11.6x19.4x14.0x12.7x7.6x19.3x67.4x12.8x25.2x22.9x18.8x19.7x
EV / EBITDA 8.4x9.8x10.8x8.5x—19.0x17.0x9.2x16.0x11.0x14.5x13.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard Advanced Drainage Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.9% of total assets over 6 years.

  • Pricing power 5 / 20

    Gross margin has been a median 32.4%, moving by 8.5 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.3%; its worst year was -8.6%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.5% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 8.0% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (54 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $930m and EPS of $1.79 (range $1.44 to $1.94) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.29 +0% $3.5bn +13%
Next $7.35 +17% $3.7bn +6%

Next year's EPS estimate has moved −0.2% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.2% on 90 days ago. In the last 30 days, 0 analysts raised Advanced Drainage Systems, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Advanced Drainage Systems, Inc., last 90 days
$6.00 $6.50 $7.00 $7.50 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.43 Current fiscal year, 60 days ago: $6.44 Current fiscal year, 30 days ago: $6.32 Current fiscal year, 7 days ago: $6.29 Current fiscal year, Now: $6.29 $6.29 Next fiscal year, 90 days ago: $7.37 Next fiscal year, 60 days ago: $7.53 Next fiscal year, 30 days ago: $7.42 Next fiscal year, 7 days ago: $7.35 Next fiscal year, Now: $7.35 $7.35

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.43$7.37
60 days ago $6.44$7.53
30 days ago $6.32$7.42
7 days ago $6.29$7.35
Now $6.29$7.35

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.12 $2.49 +17.4%
Mar 2026 $0.97 $1.07 +10.6%
Dec 2025 $1.11 $1.27 +14.7%
Sept 2025 $1.64 $1.98 +20.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Net sales fiscal 2027 $3.35bn to $3.55bn Maintained
    “Net sales are expected to be in the range of $3.350 billion to $3.550 billion and Adjusted EBITDA is expected to be in the range of $1.0 billion to $1.050 billion.” source
  • Adjusted EBITDA fiscal 2027 $1bn to $1.05bn Non-GAAP Maintained
    “Net sales are expected to be in the range of $3.350 billion to $3.550 billion and Adjusted EBITDA is expected to be in the range of $1.0 billion to $1.050 billion.” source
  • Capital expenditures fiscal 2027 about $200m Maintained
    “Capital expenditures are expected to be approximately $200 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Advanced Drainage Systems, Inc.'s revenue by +8.3% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.0%, weight 54%) , management guidance (+8.7%, weight 20%) and the company's own record (+6.8%, weight 26%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy11100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20262911
  2. Sep 202621012
  3. Aug 202621012
  4. Jul 20262810

Counts of recommendations published by analysts covering Advanced Drainage Systems, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.5%
of tradable shares
Days to cover
4.25
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
7.2%
of shares
Employees
6,425
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −0.2%

$139.33 on October 31, 2025 to $138.99

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.2bn +10.4%
Net margin 14.8% 14.0% −5.6%
P/E multiple 25.2x 24.1x −4.4%
Share count 78m 78m +0.1%

Biggest factor: revenue.

Last 3 years +25.2%

$111.03 on November 3, 2023 to $138.99

ThenNowEffect
Revenue (last 12 months) $2.9bn $3.2bn +9.8%
Net margin 16.8% 14.0% −16.7%
P/E multiple 18.5x 24.1x +30.2%
Share count 82m 78m +5.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WMS+64%−40%+72%−18%+26%−4%
Industry peers (median)+22%−24%+44%+12%−12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WMS67%42%67%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WMS−15%−47%−27%−36%−24%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 54% from February 19, 2020 to March 23, 2020. Getting back needed a 115% gain, reached on August 3, 2020, 133 days after the low.

Price behaviour

52-week range
$125.19 – $174.69
From 52-week high
−20.4%
vs 50-day average
+6.4%
vs 200-day average
−2.9%
Volatility (1 year)
37%
Beta vs S&P 500
1.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.3%
After a week
7 up, 5 down
typical move ±8.0%
After a month
5 up, 7 down
typical move ±10.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −3.8% +0.5% −0.2% −9.1%
May 21, 2026 −2.8% +0.6% +1.7% +2.6%
February 5, 2026 +9.4% +0.6% +4.7% −6.4%
November 6, 2025 +9.9% −1.0% +10.1% +10.3%
August 7, 2025 +15.4% +0.7% +22.3% +30.5%
May 15, 2025 +0.1% +1.1% −8.8% −4.6%
February 6, 2025 +3.8% −0.6% +8.7% −1.9%
November 8, 2024 −14.6% +0.5% −17.3% −19.3%
August 8, 2024 −4.8% +2.8% 0.0% −5.8%
May 16, 2024 −1.2% −0.1% −0.7% −0.7%
February 8, 2024 +17.4% +0.6% +18.7% +16.3%
November 2, 2023 +4.1% +2.8% +2.6% +16.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Advanced Drainage Systems, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

WMS Advanced Drainage Systems, Inc. Grade B $139.15

Own 100 shares, sell the $145 call expiring December 18, 2026 (46 days) for $5.70 a share — $570 per contract.

Previous session · Bid $5.70, ask $6.80, quoted Mon 2 Nov, 17:40 New York time with WMS at $139.15. Option prices move with the shares: check the live chain at your broker before trading.

  • If WMS ends below $145: you keep your shares and the $570 — 4.1% extra on the position, 32.5% a year at that pace.
  • If it ends above $145: your shares are sold at $145, a total return of 8.3% including the premium — at or above our value of ~$130.
$1.2k $0 −$2.7k Our value $130 Break-even $133.45 Price $139.15
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$570
Annualised
32.5%
Break-even
$133.45
Max gain
$1,155
Chance of selling
~45%

Results are expected around November 5, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Advanced Drainage Systems, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Advanced Drainage Systems, Inc.
$2.8B $2.9B $3B $3.1B $3.2B $3.3B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $2.9B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3B Revenue (TTM), FY26 Q4: $3.1B Revenue (TTM), FY27 Q1: $3.2B $3.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.9B
FY25 Q1 $2.9B
FY25 Q2 $2.9B
FY25 Q3 $2.9B
FY25 Q4 $2.9B
FY26 Q1 $2.9B
FY26 Q2 $3B
FY26 Q3 $3B
FY26 Q4 $3.1B
FY27 Q1 $3.2B
Revenue growth, TTM YoY Advanced Drainage Systems, Inc.
-20% -10% 0% 10% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -11.3% Revenue growth, TTM YoY, FY24 Q3: -9.4% Revenue growth, TTM YoY, FY24 Q4: -6.4% Revenue growth, TTM YoY, FY25 Q1: -0.8% Revenue growth, TTM YoY, FY25 Q2: 2.9% Revenue growth, TTM YoY, FY25 Q3: 3.7% Revenue growth, TTM YoY, FY25 Q4: 1.0% Revenue growth, TTM YoY, FY26 Q1: 0.2% Revenue growth, TTM YoY, FY26 Q2: 2.5% Revenue growth, TTM YoY, FY26 Q3: 1.6% Revenue growth, TTM YoY, FY26 Q4: 5.0% Revenue growth, TTM YoY, FY27 Q1: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -11.3%
FY24 Q3 -9.4%
FY24 Q4 -6.4%
FY25 Q1 -0.8%
FY25 Q2 2.9%
FY25 Q3 3.7%
FY25 Q4 1.0%
FY26 Q1 0.2%
FY26 Q2 2.5%
FY26 Q3 1.6%
FY26 Q4 5.0%
FY27 Q1 10.4%
Operating margin (TTM) Advanced Drainage Systems, Inc.
20% 22% 24% 26% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 24.5% Operating margin (TTM), FY24 Q3: 25.5% Operating margin (TTM), FY24 Q4: 25.5% Operating margin (TTM), FY25 Q1: 24.5% Operating margin (TTM), FY25 Q2: 24.1% Operating margin (TTM), FY25 Q3: 23.0% Operating margin (TTM), FY25 Q4: 22.6% Operating margin (TTM), FY26 Q1: 21.8% Operating margin (TTM), FY26 Q2: 22.5% Operating margin (TTM), FY26 Q3: 22.8% Operating margin (TTM), FY26 Q4: 20.3% Operating margin (TTM), FY27 Q1: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 24.5%
FY24 Q3 25.5%
FY24 Q4 25.5%
FY25 Q1 24.5%
FY25 Q2 24.1%
FY25 Q3 23.0%
FY25 Q4 22.6%
FY26 Q1 21.8%
FY26 Q2 22.5%
FY26 Q3 22.8%
FY26 Q4 20.3%
FY27 Q1 20.7%
FCF margin (TTM) Advanced Drainage Systems, Inc.
10% 15% 20% 25% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 19.6% FCF margin (TTM), FY24 Q3: 20.1% FCF margin (TTM), FY24 Q4: 18.6% FCF margin (TTM), FY25 Q1: 15.7% FCF margin (TTM), FY25 Q2: 13.6% FCF margin (TTM), FY25 Q3: 11.7% FCF margin (TTM), FY25 Q4: 12.7% FCF margin (TTM), FY26 Q1: 15.9% FCF margin (TTM), FY26 Q2: 17.7% FCF margin (TTM), FY26 Q3: 19.3% FCF margin (TTM), FY26 Q4: 18.7% FCF margin (TTM), FY27 Q1: 17.1% 17.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 19.6%
FY24 Q3 20.1%
FY24 Q4 18.6%
FY25 Q1 15.7%
FY25 Q2 13.6%
FY25 Q3 11.7%
FY25 Q4 12.7%
FY26 Q1 15.9%
FY26 Q2 17.7%
FY26 Q3 19.3%
FY26 Q4 18.7%
FY27 Q1 17.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Advanced Drainage Systems took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.1B
  2. Cost of revenue $1.9B · 61.7%
  3. Gross profit $1.2B · 38.3%
  4. Other operating costs $548M · 18.0%
  5. Operating income $619M · 20.3%
  6. Income tax $135M · 4.4%
  7. Interest and other $57.7M · 1.9%
  8. Net income $426M · 14.0%

Shares of revenue. Source: Advanced Drainage Systems's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 1,017 1,068 1,180 1,291 1,257 1,330 1,385 1,674 1,983 2,769 3,071 2,874 2,904 3,050 3,222
Gross profit 188 193 205 285 296 302 327 316 690 800 1,118 1,146 1,094 1,167 1,245
EBITDA 121 112 104 165 149 150 189 −33 411 554 864 887 841 835 896
Operating income 57 48 39 94 76 88 129 −95 345 412 719 732 657 619 668
Net income 21 4 −8 25 62 62 78 −193 224 271 507 510 450 426 451
Diluted EPS $0.27 −$0.21 −$0.38 $0.39 $0.99 $0.99 $1.22 −$3.21 $2.59 $3.15 $6.08 $6.45 $5.76 $5.44 $5.77
Growth (year on year)
Revenue — +5.0% +10.5% +9.4% −2.6% +5.8% +4.1% +20.9% +18.5% +39.7% +10.9% −6.4% +1.0% +5.0% +10.4%
EBITDA — −7.1% −7.0% +58.8% −10.1% +1.1% +25.4% −117.6% — +34.7% +56.1% +2.6% −5.2% −0.6% +8.1%
Operating income — −15.9% −20.0% +144.0% −19.1% +15.6% +46.6% −173.7% — +19.6% +74.6% +1.8% −10.2% −5.8% +4.9%
Net income — −78.8% — — — 0.0% +25.4% −348.4% — +21.0% +86.9% +0.6% −11.7% −5.3% +4.2%
Diluted EPS — −177.8% — — — 0.0% +23.2% −363.1% — +21.6% +93.0% +6.1% −10.7% −5.6% +4.3%
Margins
Gross margin 18.5% 18.0% 17.4% 22.1% 23.5% 22.7% 23.6% 18.9% 34.8% 28.9% 36.4% 39.9% 37.7% 38.3% 38.6%
EBITDA margin 11.9% 10.5% 8.8% 12.8% 11.8% 11.3% 13.6% −2.0% 20.7% 20.0% 28.1% 30.9% 28.9% 27.4% 27.8%
Operating margin 5.7% 4.5% 3.3% 7.3% 6.1% 6.6% 9.3% −5.7% 17.4% 14.9% 23.4% 25.5% 22.6% 20.3% 20.7%
Net margin 2.0% 0.4% −0.7% 1.9% 4.9% 4.7% 5.6% −11.5% 11.3% 9.8% 16.5% 17.7% 15.5% 14.0% 14.0%
Free-cash-flow margin 3.6% 2.9% 3.6% 7.0% 4.6% 7.2% 7.8% 14.2% 18.8% 4.5% 17.6% 18.6% 12.7% 18.7% 17.1%
Cash flow
Cash from operations 75 72 74 135 104 137 152 306 452 275 708 718 581 819 804
Capital spending 39 41 32 45 47 42 43 68 79 149 167 184 213 250 254
Free cash flow 37 31 42 90 58 95 108 239 373 126 541 534 369 569 550
Stock-based pay 9 37 37 4 18 19 22 32 65 24 22 32 27 32 37
Free cash flow after stock pay 27 −6 5 86 40 77 86 206 308 102 519 502 342 537 513
Balance sheet
Cash 1 4 4 7 6 18 9 174 195 20 217 490 463 223 162
Total debt — 454 400 351 350 301 237 1,100 791 930 1,296 1,281 1,269 1,630 1,630
Net debt (negative = net cash) −1 450 396 345 344 283 228 926 596 910 1,079 791 806 1,407 1,468
Diluted shares 47m 47m 51m 55m 56m 56m 58m 64m 72m 73m 83m 79m 78m 78m 78m
Returned to shareholders
Dividends 6 115 8 16 17 18 26 92 32 37 40 44 50 56 57
Buybacks 0 1 0 — — 8 — 0 0 292 575 207 70 92 325
Total returned 6 116 8 16 17 26 26 92 32 329 615 251 120 148 383

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $4.5bn
Short-term assets $1.2bnLonger-term assets $3.3bn
What it owes, and who funded it · $4.4bn
Short-term liabilities $586mLonger-term liabilities $2.0bnShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $586m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $2.0bn of longer-dated liabilities.
  • More cash than debt $162m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 90% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 117% to 90% over five years.
  • A year's operating cash flow covers at least 20% of debt $804m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Advanced Drainage Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$325M
Dividends (TTM)
$57.5M
Returned to shareholders
70%
of free cash flow
Buybacks, last 3 fiscal years
$369M
Diluted share count
−0.1%
year over year
Total shareholder yield
3.9%
dividends 0.6% + buybacks 3.3% of market value
Dividend payout ratio
13%
of net income paid out

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated WMS JELD MOD MBC AOS WTS Median
Revenue, last 12 months $3.2bn $3.2bn $3.4bn $2.8bn $3.8bn $2.7bn $1.8bn
Revenue growth, last 12 months 10.4% −8.1% 29.5% −0.0% −0.7% 17.1% 3.7%
Revenue growth, 3-year average 3.2% −11.4% 12.3% −2.7% 0.0% 10.3% 3.6%
Revenue growth, latest quarter 20.6% −0.7% 28.0% 11.5% −0.2% 18.6% 8.0%
Gross margin 38.6% 15.5% 22.2% 26.9% 38.6% 48.9% 32.0%
Operating margin 20.7% −8.8% 10.1% −1.1% 17.5% 19.1% 7.0%
Operating margin, 3-year average 22.3% −5.6% 10.4% 5.7% 18.0% 17.9% 10.7%
Net margin 14.0% −16.4% 4.3% −3.5% 13.0% 14.3% 5.1%
Cash from operations / revenue 25.0% −1.8% 7.8% 5.3% 16.1% 14.9% 12.4%
Free-cash-flow margin 17.1% −5.1% 3.0% 2.7% 14.8% 13.1% 8.9%
Free-cash-flow margin, 3-year average 16.2% −2.5% 4.0% 5.8% 14.0% 13.6% 8.5%
Stock pay / revenue 1.2% 0.5% 0.7% 0.8% 0.4% 0.9% 0.7%
Change in share count −0.1% 1.1% 0.0% 3.0% −3.6% 0.0% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 10.4% 4.0% 11 of 46
Change in growth rate Growth +5.3pp +0.8pp 4 of 46
Gross margin Profitability 38.6% 32.1% 12 of 43
Operating margin Profitability 20.7% 7.2% 5 of 45
Net margin Profitability 14.0% 5.6% 9 of 46
Free-cash-flow margin Cash generation 17.1% 9.1% 4 of 46
Stock pay as % of revenue Cash generation 1.2% 0.7% 30 of 41
Long-term debt as % of assets Balance sheet 35.6% 25.7% 29 of 37
Change in share count Balance sheet -0.1% -0.6% 27 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Segments
Line of business Revenue Share YoY
Stormwater $2.4B 78.6% ▲ 3.1%
Wastewater $653M 21.4% ▲ 13.0%
Geography
Region Revenue Share YoY
United States $2.9B 93.7% ▲ 5.5%
Canada $119M 3.9% ▼ 0.2%
Other Countries $73.6M 2.4% ▼ 2.1%

From Advanced Drainage Systems, Inc.'s 10-K filed May 21, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.9B
Institutions reporting
543
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
50 / 75

Top buyers and sellers, Q2 2026: 247 institutions bought and 280 sold ; the biggest buyer was First Trust Advisors LP (+617K shares) and the biggest seller Pictet Asset Management Holding SA (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 7.5M 10.8% ▲ 0.6%
Vanguard Portfolio Management LLC $582M 3.7M 5.3% ▲ 2.5%
Vanguard Capital Management LLC $533M 3.4M 4.9% ▼ 0.8%
State Street Corp $423M 2.7M 3.9% ▲ 8.2%
First Trust Advisors LP $418M 2.7M 3.8% ▲ 30.2%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $368M 2.3M 3.4% ▼ 4.2%
Impax Asset Management Group PLC $290M 1.8M 2.7% ▼ 4.2%
Baillie Gifford & Co $288M 1.8M 2.6% ▼ 10.4%
American Century Companies Inc $257M 1.6M 2.4% ▼ 1.4%
Morgan Stanley $219M 1.4M 2.0% ▲ 4.5%
Geode Capital Management, LLC $215M 1.4M 2.0% ▲ 1.7%
Amundi $213M 1.4M 2.0% ▲ 5.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Advanced Drainage Systems, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.8M 9 trades by 4 insiders · 0% under pre-set plans
Net ▼ $14.8M net selling
Insider Date Trade Shares Price Value
Eversole Robert M Director December 3, 2025 Sell 10,569 $152.82 $1.6M
Waun Thomas J. Sr. EVP, International November 26, 2025 Sell 1,500 $155.00 $232,500
Makowski Tim A See Remarks November 12, 2025 Sell 101 $149.19 $15,068
Makowski Tim A See Remarks November 12, 2025 Sell 4,800 $149.21 $716,208
Barbour D. Scott See Remarks November 12, 2025 Sell 4,538 $148.01 $671,669
Barbour D. Scott See Remarks November 12, 2025 Sell 73,462 $148.96 $10.9M
Barbour D. Scott See Remarks November 12, 2025 Sell 2,030 $150.66 $305,840
Waun Thomas J. Sr. EVP, International November 12, 2025 Sell 1,000 $150.00 $150,000
Waun Thomas J. Sr. EVP, International November 11, 2025 Sell 1,272 $148.30 $188,694

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Advanced Drainage Systems, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 21, 2026
  • February 5, 2026
  • November 6, 2025
  • August 7, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Advanced Drainage Systems, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Advanced Drainage Systems, Inc. in brief

What does Advanced Drainage Systems, Inc. do?
Advanced Drainage Systems, Inc. is a US-listed company in the building products industry. Its financial year ends in March.
What is Advanced Drainage Systems, Inc.'s stock ticker?
Advanced Drainage Systems, Inc. trades under the ticker WMS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Advanced Drainage Systems, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Advanced Drainage Systems, Inc. reported revenue of $3.2B, 10.4% higher than a year earlier, according to its SEC filings.
What is Advanced Drainage Systems, Inc.'s free cash flow?
Advanced Drainage Systems, Inc.'s free-cash-flow margin is 17.1% of revenue over the trailing twelve months, ranking 4 of the 46 building products companies we cover.
What is Advanced Drainage Systems, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Advanced Drainage Systems, Inc.'s free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$93–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Advanced Drainage Systems, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Advanced Drainage Systems, Inc. buying back stock, and does it pay a dividend?
Advanced Drainage Systems, Inc. spent $325M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Advanced Drainage Systems, Inc.'s market cap?
On November 2, 2026, Advanced Drainage Systems, Inc.'s market capitalisation was about $10.9B, with a price-to-earnings ratio of 24.1 and net debt of $1.5B. Market figures come from third-party market data and may be delayed.
Does Advanced Drainage Systems, Inc. pay a dividend?
Yes: Advanced Drainage Systems, Inc. paid $57.5M in dividends over the trailing twelve months, a dividend yield of 0.58% and a payout ratio of 12.7%.
How much debt does Advanced Drainage Systems, Inc. have?
Advanced Drainage Systems, Inc.'s debt-to-equity ratio is 90.0%, from its latest balance sheet (116.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Advanced Drainage Systems, Inc.'s competitors?
In our Building Products peer group, the companies closest to Advanced Drainage Systems, Inc. are Jeld-wen Holding, Inc., Modine Manufacturing Co, Masterbrand, Inc., A. O. Smith and Watts Water Technologies Inc. The side-by-side comparison below sets their revenue, margins and growth against Advanced Drainage Systems, Inc.'s.
Are insiders buying or selling Advanced Drainage Systems, Inc. stock?
Over the last 12 months, Advanced Drainage Systems, Inc.'s directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Advanced Drainage Systems, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Advanced Drainage Systems, Inc. announces its own schedule.