WMS · Advanced Drainage Systems, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.90B | $2.87B | $3.07B | $2.77B | $1.98B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | $1.17B | $1.09B | $1.15B | $1.12B | $800.38M | $690.08M |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | $271.34M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $216.26M | $183.28M | $154.90M | $145.15M | $141.81M | $66.41M |
| Operating Income | $619.20M | $657.44M | $732.13M | $719.31M | $411.92M | $344.52M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $134.99M | $141.06M | $159.00M | $150.59M | $110.07M | $86.38M |
| Net Income | $426.46M | $450.17M | $509.92M | $507.09M | $271.33M | $224.23M |
| EPS - Basic | $5.48 | $5.81 | $6.52 | $6.16 | $3.22 | $2.64 |
| EPS - Diluted | $5.44 | $5.76 | $6.45 | $6.08 | $3.15 | $2.59 |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $223.01M | $463.32M | $490.16M | $217.13M | $20.13M | $195.01M |
| Accounts Receivable | $390.54M | $333.22M | $323.58M | $306.94M | $341.75M | $236.19M |
| Inventory | $543.38M | $488.27M | $464.20M | $463.99M | $494.32M | $300.96M |
| Accounts Payable | $237.71M | $218.02M | $254.40M | $210.11M | $224.99M | $171.10M |
| Current Assets | $1.23B | $1.32B | $1.30B | $1.02B | $871.90M | $742.98M |
| Total Assets | $4.51B | $3.69B | $3.27B | $2.90B | $2.65B | $2.41B |
| Current Liabilities | $509.47M | $398.40M | $439.62M | $378.80M | $391.24M | $318.27M |
| Long-term Debt | $1.61B | $1.25B | $1.26B | $1.27B | $908.71M | $782.22M |
| Total Liabilities | $2.55B | $2.05B | $1.99B | $1.91B | $1.54B | $1.35B |
| Stockholders' Equity | $1.86B | $1.53B | $1.15B | $824.15M | $893.04M | $819.78M |
| Retained Earnings | $1.86B | $1.49B | $1.09B | $626.22M | $158.88M | ($75.20M) |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $819.05M | $581.49M | $717.93M | $707.81M | $274.89M | $452.22M |
| Investing Cash Flow | ($1.21B) | ($447.87M) | ($155.66M) | ($214.48M) | ($198.83M) | ($77.87M) |
| Financing Cash Flow | $156.32M | ($157.73M) | ($284.34M) | ($296.28M) | ($251.07M) | ($354.58M) |
| CapEx | $249.77M | $212.94M | $183.81M | $166.91M | $149.08M | $78.76M |
| Free Cash Flow | $569.29M | $368.55M | $534.12M | $540.90M | $125.81M | $373.46M |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 38.3% | 37.7% | 39.9% | 36.4% | 28.9% | 34.8% |
| Operating margin | 20.3% | 22.6% | 25.5% | 23.4% | 14.9% | 17.4% |
| EBITDA margin | 27.4% | 28.9% | 30.9% | 28.1% | 20.0% | 20.7% |
| Net margin | 14.0% | 15.5% | 17.7% | 16.5% | 9.8% | 11.3% |
| Free cash flow margin | 18.7% | 12.7% | 18.6% | 17.6% | 4.5% | 18.8% |
| FCF / Net income | 1.33 | 0.82 | 1.05 | 1.07 | 0.46 | 1.67 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | 13.7% |
| Effective tax rate | 24.0% | 23.9% | 23.8% | 22.9% | 28.9% | 27.8% |
| Return on assets | 9.5% | 12.2% | 15.6% | 17.5% | 10.2% | 9.3% |
| Return on equity | 22.9% | 29.5% | 44.2% | 61.5% | 30.4% | 27.4% |
| Return on invested capital | 13.6% | 18.0% | 23.1% | 26.5% | 16.3% | 15.5% |
| Liquidity | ||||||
| Current ratio | 2.42 | 3.33 | 2.96 | 2.69 | 2.23 | 2.33 |
| Quick ratio | 1.35 | 2.10 | 1.90 | 1.46 | 0.97 | 1.39 |
| Cash ratio | 0.44 | 1.16 | 1.11 | 0.57 | 0.05 | 0.61 |
| Leverage | ||||||
| Debt / Equity | 0.86 | 0.82 | 1.09 | 1.54 | 1.02 | 0.95 |
| Debt / Assets | 0.36 | 0.34 | 0.39 | 0.44 | 0.34 | 0.32 |
| Debt / EBITDA | 1.92 | 1.49 | 1.42 | 1.47 | 1.64 | 1.90 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 2.42 | 2.42 | 2.83 | 3.52 | 2.97 | 2.94 |
| Liabilities / Assets | 0.57 | 0.56 | 0.61 | 0.66 | 0.58 | 0.56 |
| Efficiency | ||||||
| Asset turnover | 0.68 | 0.79 | 0.88 | 1.06 | 1.05 | 0.82 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 47d | 42d | 41d | 36d | 45d | 43d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 25.2x | 18.9x | 26.7x | 13.9x | 37.7x | 39.9x |
| P / B | 5.8x | 5.6x | 11.8x | 8.5x | 9.7x | 9.0x |
| P / S | 3.5x | 2.9x | 4.7x | 2.3x | 3.1x | 3.7x |
| EV / EBITDA | 14.5x | 11.0x | 16.2x | 9.3x | 17.2x | 19.4x |
| Growth | ||||||
| Revenue growth (YoY) | 5.0% | 1.0% | -6.4% | 10.9% | 39.7% | 18.5% |
| Revenue CAGR (3y) | -0.2% | 1.6% | 13.2% | 22.4% | 30.1% | - |
| Revenue CAGR (5y) | 9.0% | 11.7% | 18.0% | - | - | - |
| Gross profit growth (YoY) | 6.7% | -4.5% | 2.5% | 39.7% | 16.0% | 118.0% |
| Operating income growth (YoY) | -5.8% | -10.2% | 1.8% | 74.6% | 19.6% | - |
| Net income growth (YoY) | -5.3% | -11.7% | 0.6% | 86.9% | 21.0% | - |
| EPS growth (YoY) | -5.6% | -10.7% | 6.1% | 93.0% | 21.6% | - |
| EPS CAGR (3y) | -3.6% | 22.3% | 35.5% | - | 37.2% | 37.8% |
| EPS CAGR (5y) | 16.0% | - | 39.5% | 43.8% | 44.5% | 57.2% |
| FCF growth (YoY) | 54.5% | -31.0% | -1.3% | 329.9% | -66.3% | 56.6% |
| FCF CAGR (5y) | 8.8% | 9.1% | 41.6% | 41.5% | 16.9% | 32.8% |
| Book value growth (YoY) | 21.8% | 32.3% | 39.9% | -7.7% | 8.9% | 55.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-03-31.
Business segments
$3.15B totalStormwater Segment$2.43B · 77.3%
Wastewater Segment$714.54M · 22.7%
Product / service
$2.43B totalDomestic Pipe$1.50B · 61.4%
Domestic Allied Products$750.50M · 30.8%
International$187.83M · 7.7%
Geographic
$3.05B totalUS$2.86B · 93.7%
CA$119.27M · 3.9%
Other Countries$73.55M · 2.4%
Stability scores
Altman Z′
FY 2026 · bankruptcy risk
1.87
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2026 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Dividends
$0.74/share trailing 12 months · +12.1% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.2000 |
| Mar 2, 2026 | $0.1800 |
| Dec 1, 2025 | $0.1800 |
| Aug 29, 2025 | $0.1800 |
| May 30, 2025 | $0.1800 |
| Feb 28, 2025 | $0.1600 |
| Dec 2, 2024 | $0.1600 |
| Aug 30, 2024 | $0.1600 |
| May 31, 2024 | $0.1600 |
| Feb 29, 2024 | $0.1400 |
| Nov 30, 2023 | $0.1400 |
| Aug 31, 2023 | $0.1400 |
| May 31, 2023 | $0.1400 |
| Feb 28, 2023 | $0.1200 |
| Nov 30, 2022 | $0.1200 |
| Aug 31, 2022 | $0.1200 |
| May 31, 2022 | $0.1200 |
| Feb 28, 2022 | $0.1100 |
| Nov 30, 2021 | $0.1100 |
| Aug 31, 2021 | $0.1100 |
| May 28, 2021 | $0.1100 |
| Feb 26, 2021 | $0.0900 |
| Nov 30, 2020 | $0.0900 |
| Aug 31, 2020 | $0.0900 |