Advanced Drainage Systems, Inc. (WMS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.12	$2.49	+17.5%	—	$1B	—
Q4 26	$0.97	$1.07	+10.3%	—	$676.8M	—
Q3 26	$1.11	$1.27	+14.4%	—	$693.4M	—
Q2 26	$1.64	$1.98	+20.7%	—	$850.4M	—
Q1 26	$1.76	$1.95	+10.8%	—	$829.9M	—
Q4 25	$1.1	$1.03	-6.4%	—	$615.8M	—
Q3 25	$1.23	$1.09	-11.4%	—	$690.5M	—
Q2 25	$1.89	$1.7	-10.1%	—	$782.6M	—
Q1 25	$2.07	$2.06	-0.5%	—	$815.3M	—
Q4 24	$1.03	$1.31	+27.2%	—	$653.8M	—
Q3 24	$1.05	$1.4	+33.3%	—	$662.4M	—
Q2 24	$1.69	$1.71	+1.2%	—	$780.2M	—
Q1 24	$1.54	$2.07	+34.4%	—	$778M	—
Q4 23	$0.8	$1.14	+42.5%	—	$617.6M	—
Q3 23	$1.21	$0.97	-19.8%	—	$655.2M	—
Q2 23	$1.89	$1.81	-4.2%	—	$884.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$5.48	—	—	$3.1B	—
FY25	—	$5.81	—	—	$2.9B	—
FY24	—	$6.52	—	—	$2.9B	—
FY23	—	$6.16	—	—	$3.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$1.3B	$1.3B	$1.4B	$1.7B	$2B	$2.8B	$3.1B	$2.9B	$2.9B	$3.1B
YoY change	-2.59%	+5.81%	+4.09%	+20.9%	+18.5%	+39.7%	+10.9%	-6.4%	+1.04%	+5.03%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	1.3B	1.3B	1.4B	1.7B	2B	2.8B	3.1B	2.9B	2.9B	3.1B
Cost of revenue	961.5M	1B	1.1B	1.4B	1.3B	2B	2B	1.7B	1.8B	1.9B
Gross profit	295.8M	302.5M	327M	316.5M	690.1M	800.4M	1.1B	1.1B	1.1B	1.2B
Gross margin	23.5%	22.7%	23.6%	18.9%	34.8%	28.9%	36.4%	39.9%	37.7%	38.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	202.4M	191.2M	186M	349.5M	267.6M	321.1M	339.5M	370.7M	380.4M	469.5M
Operating expenses	202.4M	191.2M	186M	349.5M	267.6M	321.1M	339.5M	370.7M	380.4M	469.5M
Operating income	84.8M	103.3M	133.1M	-90M	348.8M	415.3M	723.7M	723.8M	661.3M	638.4M
Operating margin	6.75%	7.76%	9.61%	-5.38%	17.6%	15%	23.6%	25.2%	22.8%	20.9%
Non-operating income, net	-2.5M	-11.1M	-2.8M	-6.9M	-1.2M	1.7M	-6.2M	9.8M	-3.5M	-9.8M
Pretax income	64.8M	76.9M	111.6M	-179.6M	312.3M	383.5M	657.1M	666.8M	589.5M	559.8M
Income tax	24.6M	11.4M	30M	14.1M	86.4M	110.1M	150.6M	159M	141.1M	135M
Net income	35.9M	64.8M	81.5M	-191.8M	226.1M	275M	511.4M	513.3M	452.6M	428.8M
Net margin	2.86%	4.87%	5.88%	-11.5%	11.4%	9.93%	16.7%	17.9%	15.6%	14.1%
EBITDA	157.2M	178.3M	205M	34.9M	495.3M	558.2M	878.8M	901.7M	868.9M	883.2M
EPS	0.51	1	1.23	-3.21	2.64	3.22	6.16	6.52	5.81	5.48
Diluted EPS	0.5	0.99	1.22	-3.21	2.59	3.15	6.08	6.45	5.76	5.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	780.2M	662.4M	653.8M	815.3M	782.6M	690.5M	615.8M	829.9M	850.4M	693.4M	676.8M	1B
Cost of revenue	477.5M	402.5M	401.9M	482.9M	488.7M	448.9M	389.5M	499.4M	510.2M	434.2M	439.1M	593.1M
Gross profit	302.7M	259.8M	252M	332.5M	293.9M	241.6M	226.3M	330.4M	340.1M	259.2M	237.7M	408M
Gross margin	38.8%	39.2%	38.5%	40.8%	37.6%	35%	36.7%	39.8%	40%	37.4%	35.1%	40.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	91.7M	91.3M	101.2M	94.1M	94.1M	100.8M	91.4M	104M	119.2M	108.7M	137.6M	130.8M
Operating expenses	91.7M	91.3M	101.2M	94.1M	94.1M	100.8M	91.4M	104M	119.2M	108.7M	137.6M	130.8M
Operating income	198.2M	155.8M	137.7M	226.5M	188M	126.4M	120.4M	212.8M	207.4M	136.9M	81.4M	257.2M
Operating margin	25.4%	23.5%	21.1%	27.8%	24%	18.3%	19.6%	25.6%	24.4%	19.7%	12%	25.7%
Non-operating income, net	-123K	2.3M	-16.7M	-292K	-617K	477K	-3.1M	-7M	15.9M	-87K	-18.6M	-2.6M
Pretax income	183.6M	135.7M	120.2M	210.5M	171.2M	108.6M	99.2M	189.4M	208.2M	122.7M	39.4M	229M
Income tax	47.5M	30.1M	26.3M	49.9M	40.9M	27.1M	23.2M	46.7M	52.4M	30.6M	5.4M	53.7M
Net income	137M	106.9M	95.5M	162.3M	131.2M	82.3M	76.8M	144.1M	156.5M	94M	34.1M	170.9M
Net margin	17.6%	16.1%	14.6%	19.9%	16.8%	11.9%	12.5%	17.4%	18.4%	13.6%	5.05%	17.1%
EBITDA	242.4M	193.8M	203.6M	274.7M	239.8M	178.9M	175.5M	269.7M	270.1M	196.9M	146.5M	320.8M
EPS	1.73	1.36	1.22	2.08	1.68	1.05	0.99	1.85	2.01	1.2	0.42	2.2
Diluted EPS	1.71	1.34	1.21	2.06	1.67	1.04	0.99	1.84	1.99	1.19	0.42	2.19

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	1.2B	1.4B	1.5B	—	7.3B	8.5B	—	13.5B	8.4B	10.7B	9.9B
Enterprise value	1.6B	1.8B	1.8B	—	7.9B	9.4B	—	14.4B	9.4B	12.2B	11.7B
Shares outstanding	54.9M	55.7M	57M	63.8M	70.2M	71.3M	82.3M	78.3M	77.5M	77.8M	77.8M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	33.5	22.3	18	—	32.1	30.8	—	26.3	18.6	24.9	22.2
P/S	0.96	1.08	1.06	—	3.66	3.06	—	4.69	2.9	3.5	3.05
P/B	3.51	3.39	2.94	—	6.82	7.66	—	10.5	5.15	5.45	5.19
EV/EBITDA	10.3	10.1	8.68	—	16	16.9	—	15.9	10.8	13.9	12.3
EV/Sales	1.29	1.36	1.29	—	3.99	3.4	—	4.99	3.24	4.01	3.62
Earnings yield	2.99%	4.49%	5.54%	—	3.12%	3.25%	—	3.81%	5.37%	4.02%	4.5%
FCF yield	4.4%	6.61%	7.37%	—	5.15%	1.49%	—	3.96%	4.37%	5.34%	3.32%
PEG	—	—	—	—	—	—	—	—	—	—	1.17

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	23.5%	22.7%	23.6%	18.9%	34.8%	28.9%	36.4%	39.9%	37.7%	38.3%	40.8%
Operating margin	6.75%	7.76%	9.61%	-5.38%	17.6%	15%	23.6%	25.2%	22.8%	20.9%	26.3%
Net margin	2.86%	4.87%	5.88%	-11.5%	11.4%	9.93%	16.7%	17.9%	15.6%	14.1%	14%
ROE	10.5%	15.2%	16.3%	-24.4%	21.3%	24.9%	51.4%	40.1%	27.7%	21.9%	26.4%
ROA	3.43%	6.21%	7.82%	-8.09%	9.37%	10.4%	17.6%	15.7%	12.3%	9.52%	11%
ROIC	6.88%	11.2%	12%	-5.06%	14.7%	14.5%	26.4%	25.5%	19.2%	13.7%	14.9%
Return on tangible assets	4.95%	8.9%	11.1%	-462.3%	89.8%	48.6%	60.5%	38.6%	33.4%	59.3%	59.3%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.72	2.07	2.26	2.8	2.33	2.23	2.69	2.96	3.33	2.42	2.12
Quick ratio	0.71	0.88	0.98	1.61	1.39	0.97	1.46	1.9	2.1	1.35	1.18
Debt / equity	1.25	0.89	0.64	1.49	0.8	0.87	1.35	1.07	0.88	0.92	0.97
Debt / assets	0.41	0.36	0.31	0.49	0.35	0.36	0.46	0.42	0.39	0.4	0.39
Net debt / EBITDA	2.69	2.03	1.51	28.5	1.32	1.68	1.28	0.97	1.13	1.78	1.72
Interest coverage	4.71	6.04	6.99	-1.17	9.76	12.4	10.4	8.5	7.42	6.96	7.12
Effective tax rate	38%	14.8%	26.9%	0%	27.7%	28.7%	22.9%	23.8%	23.9%	24.1%	23.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	22.9	23.9	24.3	26.2	28.3	38.9	37.3	36.7	37.5	39.2	41.6
EPS (basic)	0.51	1	1.23	-3.21	2.64	3.22	6.16	6.52	5.81	5.48	5.48
EPS (diluted)	0.5	0.99	1.22	-3.21	2.59	3.15	6.08	6.45	5.76	5.44	5.87
Book value per share	6.23	7.64	8.78	12.3	15.2	15.5	12.1	16.4	21.1	25.2	25.1
FCF per share	0.96	1.71	1.9	3.74	5.32	1.77	6.57	6.83	4.75	7.32	7.14
Cash per share	0.12	0.32	0.16	2.73	2.78	0.28	2.64	6.26	5.97	2.87	2.15
Capex per share	0.08	0	0	—	—	—	—	—	—	3.21	3.3

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.37%	0%	0%	—	—	—	—	—	—	8.19%	7.89%
Capex / operating cash flow	4.33%	0%	0%	—	—	—	—	—	—	30.5%	31.6%
Payout ratio	46.8%	28.5%	32.1%	-48%	13.6%	13.5%	7.75%	8.57%	11%	13.1%	12.6%
Dividend yield	1.4%	1.28%	1.78%	—	0.42%	0.44%	—	0.33%	0.59%	0.53%	0.61%

Yield

0.61%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Sep 1, 2026

Payout ratio

13%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.20
Jun 1, 2026	$0.20
Mar 2, 2026	$0.18
Dec 1, 2025	$0.18
Aug 29, 2025	$0.18
May 30, 2025	$0.18

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$780.2M	$662.4M	$653.8M	$815.3M	$782.6M	$690.5M	$615.8M	$829.9M	$850.4M	$693.4M	$676.8M	$1B
YoY change	-11.8%	+1.1%	+5.87%	+4.79%	+0.31%	+4.25%	-5.82%	+1.78%	+8.66%	+0.41%	+9.91%	+20.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	6.5M	17.6M	8.9M	174.2M	195M	20.1M	217.1M	490.2M	463.3M	223M
Receivables	160.7M	159.3M	170.9M	196M	233.8M	339.6M	305M	318.7M	314M	354.4M
Inventory	258.4M	263.8M	264.5M	282.4M	301M	494.3M	464M	464.2M	488.3M	543.4M
Total current assets	440.6M	458.5M	466.5M	666.2M	743M	871.9M	1B	1.3B	1.3B	1.2B
Property, plant & equipment	406.9M	399.4M	398.9M	506.3M	535.5M	619.4M	733.1M	876.4M	1.1B	1.2B
Goodwill & intangibles	320.6M	315.3M	305.8M	2.3B	2.2B	2.1B	2.1B	1.9B	2.3B	3.8B
Total assets	1B	1B	1B	2.4B	2.4B	2.6B	2.9B	3.3B	3.7B	4.5B
Accounts payable	121.9M	105.5M	93.6M	106.7M	171.1M	225M	210.1M	254.4M	218M	237.7M
Short-term debt	59.2M	48.9M	49M	36.1M	35.3M	38.7M	37.6M	45.6M	62.5M	65.3M
Total current liabilities	255.8M	221.2M	206.3M	238.2M	318.3M	391.2M	378.8M	439.6M	398.4M	509.5M
Long-term debt	369.6M	330.9M	270.2M	1.1B	815.2M	920.1M	1.3B	1.3B	1.4B	1.7B
Total liabilities	704.1M	617.9M	541.5M	1.6B	1.4B	1.5B	1.9B	2B	2.1B	2.5B
Shareholders' equity	342.2M	425.3M	500.6M	784.6M	1.1B	1.1B	994.9M	1.3B	1.6B	2B
Total debt	428.8M	379.7M	319.2M	1.2B	850.5M	958.8M	1.3B	1.4B	1.4B	1.8B
Net debt	422.3M	362.1M	310.3M	995.7M	655.5M	938.7M	1.1B	876.6M	981.8M	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	470.4M	560.7M	490.2M	541.6M	613M	488.9M	463.3M	638.3M	812.9M	1B	223M	162.3M
Receivables	352.6M	240.8M	318.7M	369.3M	357.6M	247.9M	314M	379.8M	400.5M	237.6M	354.4M	458.6M
Inventory	385.1M	405.4M	464.2M	487.8M	487.2M	476.4M	488.3M	453.7M	423.8M	431.2M	543.4M	548.5M
Total current assets	1.2B	1.2B	1.3B	1.4B	1.5B	1.2B	1.3B	1.5B	1.7B	1.7B	1.2B	1.2B
Property, plant & equipment	—	—	876.4M	—	—	—	1.1B	—	—	—	1.2B	—
Goodwill & intangibles	2B	2B	1.9B	1.9B	1.9B	2.4B	2.3B	2.3B	2.3B	2.3B	3.8B	3.7B
Total assets	3.1B	3.2B	3.3B	3.4B	3.5B	3.6B	3.7B	3.9B	4.1B	4.1B	4.5B	4.5B
Accounts payable	223.5M	207.9M	254.4M	264.8M	273.3M	183.9M	218M	227.1M	225.9M	168.9M	237.7M	298.2M
Short-term debt	24.6M	25.1M	45.6M	34.1M	37.4M	41.6M	62.5M	44.5M	49.5M	43.1M	65.3M	45.9M
Total current liabilities	427.9M	409.1M	439.6M	492.9M	467.3M	388.1M	398.4M	471.6M	480.9M	413.4M	509.5M	585.6M
Long-term debt	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.7B	1.7B
Total liabilities	2B	1.9B	2B	2.1B	2B	2B	2.1B	2.1B	2.2B	2.1B	2.5B	2.6B
Shareholders' equity	1.2B	1.2B	1.3B	1.4B	1.5B	1.6B	1.6B	1.8B	1.9B	2B	2B	1.9B
Total debt	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.8B	1.8B
Net debt	850.2M	764.1M	876.6M	829.3M	769.7M	920.8M	981.8M	792M	618.1M	437.5M	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	35.9M	64.8M	81.5M	-191.8M	226.1M	275M	511.4M	513.3M	452.6M	429.9M
Depreciation & amortization	72.4M	75M	71.9M	124.9M	145.6M	141.8M	145.1M	154.9M	183.3M	216.3M
Stock-based compensation	17.9M	18.8M	21.8M	279.1M	65.4M	108M	21.7M	32M	26.6M	32.4M
Change in working capital	-6M	-24M	-36.9M	55.8M	21.9M	-236.6M	38.7M	26.4M	-78.2M	82.3M
Operating cash flow	106.7M	125.3M	146.6M	301.6M	452.7M	279.1M	709.9M	733.1M	585.6M	819.1M
Capital expenditure	-4.6M	0	0	—	—	—	—	—	—	-249.8M
Investing cash flow	-14.6M	11.3M	868K	-1.1B	883K	-49.8M	-47.6M	28.1M	-234.9M	-1.2B
Dividends paid	-16.8M	-18.5M	-26.1M	-92.1M	-30.7M	-37M	-39.6M	-44M	-49.7M	-56.1M
Share repurchases	0	-7.9M	0	0	0	-292M	-575M	-207.3M	-69.9M	-92M
Financing cash flow	-46.8M	-104M	-566.4M	437.2M	-462.1M	-473.5M	-539.5M	-290.8M	-167.7M	74M
Net change in cash	45.3M	32.5M	-418.9M	-344M	-8.5M	-244.2M	122.9M	470.4M	182.9M	-318.8M
Free cash flow	52.9M	95.4M	108.3M	238.5M	373.5M	125.8M	540.9M	534.1M	368.5M	569.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	137M	106.9M	95.5M	162.3M	131.2M	82.3M	76.8M	144.1M	156.5M	94M	35.2M	176.6M
Depreciation & amortization	36.7M	38.1M	42.9M	41.1M	44.8M	47.8M	49.6M	50.2M	54.7M	51.5M	59.8M	62.2M
Stock-based compensation	9.3M	7.4M	8.3M	7M	7M	7.8M	4.8M	8.4M	8.6M	8.8M	6.5M	13.3M
Change in working capital	32.3M	79.1M	-128M	-17.7M	-12.5M	44.2M	-92.2M	74.9M	10.2M	100.3M	-103.1M	-6.8M
Operating cash flow	216.1M	236.8M	17.6M	188.5M	167.3M	189.6M	40.1M	275M	234.9M	269.3M	39.9M	260.4M
Capital expenditure	—	—	—	—	—	—	—	-52.6M	-58.4M	-85.7M	-53M	-57.2M
Investing cash flow	291K	81K	7.6M	498K	142K	191K	1.6M	-69.9M	-35.4M	-81.2M	-1B	-55M
Dividends paid	-11.1M	-10.9M	-10.9M	-12.4M	-12.5M	-12.4M	-12.4M	-14M	-14.1M	-14M	-14M	-15.3M
Share repurchases	-53.8M	-76.6M	-29.1M	-49.2M	-20.7M	0	0	0	0	0	-92M	-233.2M
Financing cash flow	-71.6M	-94.4M	-50.4M	-80.9M	-42.5M	-21.5M	-22.8M	-31.7M	-25.7M	-27.6M	131.7M	-269.1M
Net change in cash	144.7M	142.5M	-25.2M	108.1M	125M	168.3M	18.8M	173.4M	173.8M	160.5M	-853.7M	-63.7M
Free cash flow	174.3M	187.6M	-29.8M	125.7M	112.4M	135.7M	-5.3M	222.4M	176.4M	183.6M	-13.1M	203.2M

Advanced Drainage Systems, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement