Advanced Drainage Systems, Inc. (WMS) Stock Analysis
Industrials · Building Products & Equipment · NYSE
Advanced Drainage Systems, Inc. (WMS) posted $3.05B in revenue for fiscal 2026 (up 5.0% year over year), at a 14.0% net margin, and has compounded revenue about 9.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Advanced Drainage Systems, Inc.
Advanced Drainage Systems, Inc. has grown revenue from $1.26B to $3.05B over the last 10 fiscal years, compounding about 9% a year. The most recent year was up 5%, so growth has cooled from its longer-run pace.
Net margin sits at 14%, down 1.5 points year over year on a 38.3% gross margin. It carries about $1.63B of total debt.
At today's valuation the market is pricing in roughly 5.9% annual free-cash-flow growth — versus the 8.8% it actually delivered over the last five years, broadly in line with what it has delivered.
Synthesised from Advanced Drainage Systems, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Advanced Drainage Systems, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.26B | $1.33B | $1.38B | $1.67B | $1.98B | $2.77B | $3.07B | $2.87B | $2.90B | $3.05B |
| Gross profit | $295.81M | $302.48M | $326.97M | $316.48M | $690.08M | $800.38M | $1.12B | $1.15B | $1.09B | $1.17B |
| Net income | $62.01M | $62.01M | $77.77M | $-193.17M | $224.23M | $271.33M | $507.09M | $509.92M | $450.17M | $426.46M |
| Net margin | 4.9% | 4.7% | 5.6% | -11.5% | 11.3% | 9.8% | 16.5% | 17.7% | 15.5% | 14.0% |
Source: Advanced Drainage Systems, Inc. SEC filings (10-K). 14 years of history available in the interactive view.
Advanced Drainage Systems, Inc.: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into WMS stock?
At today's market cap of $9.95B, Advanced Drainage Systems, Inc. is priced for free-cash-flow growth of about 5.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $569.29M from the FY ending 2026-03-31). For comparison, free cash flow actually grew 8.8%/yr over the last five fiscal years and revenue 9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 14 years of Advanced Drainage Systems, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Advanced Drainage Systems, Inc. financial history by metric
Compare Advanced Drainage Systems, Inc. with peers
About Advanced Drainage Systems, Inc.
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.
Advanced Drainage Systems, Inc. — frequently asked questions
What is Advanced Drainage Systems, Inc.'s revenue?
Advanced Drainage Systems, Inc. (WMS) reported revenue of $3.05B for fiscal year 2026, up 5.0% from the prior year, according to its SEC filings.
Is Advanced Drainage Systems, Inc. profitable?
Yes. WMS earned net income of $426.46M in fiscal 2026, a net margin of 14.0%.
What is WMS's P/E ratio?
Advanced Drainage Systems, Inc. trades at a price-to-earnings ratio of about 23.8 based on the latest data in our nightly-refreshed cache.
How fast is Advanced Drainage Systems, Inc. growing?
WMS's revenue grew at roughly 9.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Advanced Drainage Systems, Inc. have?
As of fiscal year 2026, WMS carried roughly $1.63B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Advanced Drainage Systems, Inc.'s gross margin?
WMS's gross margin was 38.3% in fiscal 2026 — gross profit of $1.17B on revenue of $3.05B.
What is Advanced Drainage Systems, Inc.'s market cap?
Advanced Drainage Systems, Inc. (WMS) has a market capitalization of about $9.95B, based on the latest data in our nightly-refreshed cache.
When does Advanced Drainage Systems, Inc.'s fiscal year end?
WMS's fiscal year ends in March. Its most recent annual filing covers the fiscal year ending 2026-03-31.
What growth is priced into WMS stock?
At today's market cap of $9.95B, Advanced Drainage Systems, Inc. is priced for free-cash-flow growth of about 5.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $569.29M from the FY ending 2026-03-31). For comparison, free cash flow actually grew 8.8%/yr over the last five fiscal years and revenue 9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Advanced Drainage Systems, Inc.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.