NYSE : WMS
Advanced Drainage Systems, Inc. — Financial statements
Industrials · Building Products & Equipment · United States
Last price 135.43 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 10.21B
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Financial statements
Advanced Drainage Systems, Inc. (WMS) reported revenue of 3.22B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 3.22B | 3.05B | 2.90B | 2.87B | 3.07B | 2.77B |
| Cost of Revenue | 1.98B | 1.88B | 1.81B | 1.73B | 1.95B | 1.95B |
| Gross Profit | 1.24B | 1.17B | 1.09B | 1.15B | 1.12B | 819.57M |
| Selling, General & Admin | 440.15M | 416.69M | 371.09M | 370.71M | 338.00M | 309.84M |
| Amortization of Goodwill & Intangibles | 65.78M | 59.42M | 52.57M | 51.47M | 55.20M | 63.97M |
| Operating Expenses | 505.92M | 476.12M | 423.66M | 422.18M | 393.20M | 373.81M |
| Operating Income | 739.07M | 691.27M | 670.59M | 723.77M | 725.21M | 445.75M |
| Interest Expense | -97.88M | -93.87M | -91.80M | -88.86M | -70.18M | -33.55M |
| Interest & Investment Income | 20.89M | 25.00M | 23.48M | 22.05M | 9.78M | 52.00K |
| Earnings From Equity Investments | 5.02M | 5.06M | 4.17M | 5.54M | 4.84M | 1.59M |
| Currency Exchange Gain (Loss) | -278.00K | -278.00K | 122.00K | -436.00K | -2.27M | -324.00K |
| Other Non Operating Income (Expenses) | 8.59M | 9.73M | 225.00K | 1.87M | 465.00K | 5.42M |
| EBT Excluding Unusual Items | 675.41M | 636.92M | 606.78M | 663.92M | 667.84M | 418.93M |
| Merger & Restructuring Charges | -56.26M | -52.85M | -9.29M | -1.50M | ||
| Gain (Loss) on Sale of Assets | -14.81M | -19.21M | -3.86M | 8.37M | -4.40M | -3.40M |
| Other Unusual Items | -30.43M | |||||
| Pretax Income | 604.34M | 564.85M | 593.64M | 672.29M | 661.94M | 385.10M |
| Income Tax Expense | 142.00M | 134.99M | 141.06M | 159.00M | 150.59M | 110.07M |
| Earnings From Continuing Operations | 462.34M | 429.86M | 452.57M | 513.29M | 511.35M | 275.03M |
| Earnings From Discontinued Operations | -6.74M | -1.09M | ||||
| Net Income to Company | 455.60M | 428.77M | 452.57M | 513.29M | 511.35M | 275.03M |
| Minority Interest in Earnings | -4.53M | -2.31M | -2.40M | -3.38M | -4.27M | -3.69M |
| Net Income | 451.06M | 426.46M | 450.17M | 509.92M | 507.09M | 271.33M |
| Preferred Dividends & Other Adjustments | 41.80M | |||||
| Net Income to Common | 451.06M | 426.46M | 450.17M | 509.92M | 507.09M | 229.53M |
| Shares Outstanding (Basic) | 77.48M | 77.76M | 77.55M | 78.25M | 82.31M | 71.28M |
| Shares Outstanding (Diluted) | 78.11M | 78.38M | 78.19M | 79.02M | 83.34M | 72.91M |
| EPS (Basic) | 5.82 | 5.48 | 5.80 | 6.52 | 6.16 | 3.22 |
| EPS (Diluted) | 5.77 | 5.44 | 5.76 | 6.45 | 6.08 | 3.15 |
| Free Cash Flow | 550.15M | 569.29M | 368.55M | 534.12M | 540.90M | 125.81M |
| Free Cash Flow Per Share | 7.04 | 7.26 | 4.71 | 6.76 | 6.49 | 1.73 |
| Dividend Per Share | 0.74 | 0.72 | 0.64 | 0.56 | 0.48 | 0.44 |
| Gross Margin | 38.65% | 38.27% | 37.68% | 39.87% | 36.42% | 29.59% |
| Operating Margin | 22.94% | 22.66% | 23.09% | 25.18% | 23.61% | 16.10% |
| Profit Margin | 14.00% | 13.98% | 15.50% | 17.74% | 16.51% | 8.29% |
| Free Cash Flow Margin | 17.08% | 18.66% | 12.69% | 18.58% | 17.61% | 4.54% |
| EBITDA | 947.55M | 887.82M | 835.64M | 862.19M | 853.97M | 571.14M |
| EBITDA Margin | 29.41% | 29.10% | 28.77% | 30.00% | 27.81% | 20.62% |
| D&A For EBITDA | 208.48M | 196.55M | 165.05M | 138.42M | 128.76M | 125.39M |
| EBIT | 739.07M | 691.27M | 670.59M | 723.77M | 725.21M | 445.75M |
| EBIT Margin | 22.94% | 22.66% | 23.09% | 25.18% | 23.61% | 16.10% |
| Effective Tax Rate | 23.50% | 23.90% | 23.76% | 23.65% | 22.75% | 28.58% |
| Advertising Expenses | 14.30M | 10.60M | 10.20M | 8.50M | 6.00M |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 162.25M | 223.01M | 463.32M | 490.16M | 217.13M | 20.12M |
| Cash & Short-Term Investments | 162.25M | 223.01M | 463.32M | 490.16M | 217.13M | 20.12M |
| Accounts Receivable | 458.55M | 385.64M | 333.08M | 323.18M | 304.97M | 339.58M |
| Other Receivables | 4.89M | 142.00K | 400.00K | 1.97M | 2.17M | |
| Receivables | 458.55M | 390.54M | 333.22M | 323.58M | 306.94M | 341.75M |
| Inventory | 548.54M | 543.38M | 488.27M | 464.20M | 463.99M | 494.32M |
| Other Current Assets | 71.58M | 73.90M | 39.97M | 22.03M | 29.42M | 15.70M |
| Total Current Assets | 1.24B | 1.23B | 1.32B | 1.30B | 1.02B | 871.90M |
| Property, Plant & Equipment | 1.23B | 1.29B | 1.12B | 930.16M | 783.81M | 673.97M |
| Goodwill | 1.04B | 1.04B | 720.22M | 617.18M | 620.19M | 610.29M |
| Other Intangible Assets | 828.47M | 848.53M | 448.06M | 352.65M | 407.63M | 431.38M |
| Long-Term Deferred Tax Assets | 708.00K | 1.25M | 1.91M | 1.83M | 1.11M | |
| Other Long-Term Assets | 167.77M | 91.92M | 76.18M | 67.04M | 70.18M | 61.10M |
| Total Assets | 4.51B | 4.51B | 3.69B | 3.27B | 2.90B | 2.65B |
| Accounts Payable | 298.24M | 237.71M | 218.02M | 254.40M | 210.11M | 224.99M |
| Accrued Expenses | 212.41M | 191.32M | 117.84M | 139.62M | 128.03M | 120.67M |
| Current Portion of Long-Term Debt | 6.50M | 4.76M | 9.93M | 11.87M | 14.69M | 19.45M |
| Current Portion of Leases | 39.37M | 60.54M | 52.60M | 33.73M | 22.91M | 19.29M |
| Current Income Taxes Payable | 16.75M | 3.06M | 6.84M | |||
| Other Current Liabilities | 12.35M | 15.14M | ||||
| Total Current Liabilities | 585.63M | 509.47M | 398.40M | 439.62M | 378.80M | 391.24M |
| Long-Term Debt | 1.60B | 1.60B | 1.25B | 1.25B | 1.25B | 908.71M |
| Long-Term Leases | 116.55M | 176.79M | 185.77M | 111.63M | 87.97M | 52.42M |
| Long-Term Deferred Tax Liabilities | 221.33M | 220.99M | 190.42M | 156.71M | 159.06M | 168.44M |
| Other Long-Term Liabilities | 163.29M | 112.06M | 127.04M | 140.22M | 182.90M | 23.91M |
| Total Liabilities | 2.69B | 2.62B | 2.15B | 2.10B | 2.06B | 1.54B |
| Common Stock | 11.71M | 11.71M | 11.69M | 11.68M | 11.65M | 11.61M |
| Additional Paid-In Capital | 1.36B | 1.34B | 1.28B | 1.22B | 1.13B | 1.07B |
| Retained Earnings | 2.02B | 1.86B | 1.49B | 1.09B | 626.22M | 158.88M |
| Treasury Stock | -1.56B | -1.33B | -1.22B | -1.14B | -921.00M | -318.69M |
| Comprehensive Income & Other | -33.11M | -32.29M | -37.18M | -29.83M | -27.58M | -24.39M |
| Total Common Equity | 1.79B | 1.86B | 1.53B | 1.15B | 824.15M | 893.04M |
| Minority Interest | 26.70M | 23.58M | 17.70M | 18.80M | 17.49M | 16.62M |
| Shareholders' Equity | 1.82B | 1.88B | 1.54B | 1.17B | 841.64M | 1.11B |
| Total Liabilities & Equity | 4.51B | 4.51B | 3.69B | 3.27B | 2.90B | 2.65B |
| Total Debt | 1.77B | 1.85B | 1.49B | 1.41B | 1.38B | 999.87M |
| Net Cash (Debt) | -1.60B | -1.62B | -1.03B | -915.69M | -1.16B | -979.75M |
| Net Cash Per Share | -20.55 | -20.71 | -13.18 | -11.59 | -13.91 | -13.44 |
| Filing Date Shares Outstanding | 75.41M | 76.60M | 77.59M | 77.43M | 78.97M | 84.35M |
| Total Common Shares Outstanding | 71.32M | 72.65M | 71.86M | 70.87M | 69.52M | 72.31M |
| Working Capital | 655.30M | 721.36M | 926.39M | 860.35M | 638.69M | 480.66M |
| Book Value Per Share | 25.12 | 25.58 | 21.23 | 16.27 | 11.86 | 12.35 |
| Tangible Book Value | -79.31M | -32.51M | 357.15M | 183.48M | -203.67M | -148.64M |
| Tangible Book Value Per Share | -1.11 | -0.45 | 4.97 | 2.59 | -2.93 | -2.06 |
| Land | 513.17M | 405.42M | 355.39M | 311.03M | 308.94M | |
| Machinery | 1.40B | 1.28B | 1.10B | 934.17M | 853.50M | |
| Construction In Progress | 201.37M | 190.51M | 165.76M | 160.79M | 80.93M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 451.06M | 426.46M | 450.17M | 509.92M | 507.09M | 271.33M |
| Depreciation & Amortization | 208.48M | 196.55M | 165.05M | 138.42M | 128.76M | 125.39M |
| Other Amortization | 22.38M | 21.93M | 20.27M | 18.52M | 17.81M | 16.80M |
| Loss (Gain) From Sale of Assets | 14.81M | 19.21M | 3.86M | -8.37M | 4.40M | 3.40M |
| Loss (Gain) on Equity Investments | -5.02M | -5.06M | -4.17M | -5.54M | -4.84M | -1.59M |
| Stock-Based Compensation | 37.22M | 32.35M | 26.58M | 31.99M | 21.66M | 107.99M |
| Other Operating Activities | 77.19M | 46.74M | 1.90M | 6.82M | -436.00K | -7.20M |
| Change in Accounts Receivable | -30.39M | -2.29M | 1.41M | -14.59M | 37.49M | -96.99M |
| Change in Inventory | -29.27M | 30.61M | -15.75M | 594.00K | 30.22M | -189.72M |
| Change in Accounts Payable | 60.32M | 53.96M | -63.86M | 40.43M | -29.04M | 50.11M |
| Change in Other Net Operating Assets | 669.00K | -1.11M | -3.98M | -275.00K | -5.30M | -4.64M |
| Operating Cash Flow | 804.47M | 819.05M | 581.49M | 717.93M | 707.81M | 274.89M |
| Capital Expenditures | -254.32M | -249.77M | -212.94M | -183.81M | -166.91M | -149.08M |
| Sale of Property, Plant & Equipment | 33.27M | 32.54M | 27.50M | |||
| Cash Acquisitions | -971.49M | -991.06M | -237.31M | -48.01M | -49.31M | |
| Other Investing Activities | -4.35M | -3.53M | 2.39M | 650.00K | 446.00K | -441.00K |
| Investing Cash Flow | -1.20B | -1.21B | -447.87M | -155.66M | -214.48M | -198.83M |
| Short-Term Debt Issued | 75.50M | 97.00M | ||||
| Long-Term Debt Issued | 1.13B | 526.20M | 368.16M | |||
| Total Debt Issued | 1.20B | 1.20B | 623.20M | 368.16M | ||
| Short-Term Debt Repaid | -75.50M | -97.00M | ||||
| Long-Term Debt Repaid | -806.79M | -37.38M | -26.88M | -167.72M | -280.06M | |
| Total Debt Repaid | -881.08M | -882.29M | -37.38M | -26.88M | -264.72M | -280.06M |
| Net Debt Issued (Repaid) | 321.62M | 320.41M | -37.38M | -26.88M | 358.48M | 88.10M |
| Issuance of Common Stock | 6.78M | 6.85M | 9.97M | 6.45M | 5.70M | 4.57M |
| Repurchase of Common Stock | -336.30M | -99.02M | -80.58M | -216.17M | -603.69M | -305.06M |
| Common Dividends Paid | -57.45M | -56.12M | -49.74M | -43.99M | -39.61M | |
| Dividends Paid | -57.45M | -56.12M | -49.74M | -43.99M | -39.61M | -37.02M |
| Other Financing Activities | -15.80M | -15.80M | 2.00K | -3.75M | -17.16M | -1.66M |
| Financing Cash Flow | -81.16M | 156.32M | -157.73M | -284.34M | -296.28M | -251.07M |
| Foreign Exchange Rate Adjustments | 159.00K | 1.15M | -2.48M | 799.00K | -52.00K | 129.00K |
| Miscellaneous Cash Flow Adjustments | -17.66M | -9.18M | ||||
| Net Cash Flow | -491.08M | -244.49M | -26.58M | 278.72M | 197.00M | -174.88M |
| Free Cash Flow | 550.15M | 569.29M | 368.55M | 534.12M | 540.90M | 125.81M |
| Free Cash Flow Margin | 17.08% | 18.66% | 12.69% | 18.58% | 17.61% | 4.54% |
| Free Cash Flow Per Share | 7.04 | 7.26 | 4.71 | 6.76 | 6.49 | 1.73 |
| Levered Free Cash Flow | 327.26M | 336.40M | 250.88M | 445.32M | 450.82M | 124.46M |
| Unlevered Free Cash Flow | 385.76M | 392.84M | 306.21M | 498.81M | 493.26M | 145.05M |
| Cash Interest Paid | 88.54M | 87.03M | 89.48M | 86.26M | 60.46M | 32.84M |
| Cash Income Tax Paid | 113.33M | 113.35M | 142.15M | 161.15M | 166.96M | 106.36M |
| Change in Working Capital | 1.33M | 81.17M | -82.17M | 26.16M | 33.38M | -241.24M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.21B | 10.68B | 8.43B | 13.37B | 6.84B | 8.54B |
| Enterprise Value | 11.82B | 11.14B | 9.37B | 14.15B | 7.74B | 9.72B |
| Last Close Price | 135.43 | 136.73 | 107.78 | 170.09 | 82.79 | 116.26 |
| PE Ratio | 23.47 | 25.05 | 18.72 | 26.22 | 13.49 | 37.23 |
| Forward PE | 21.30 | 20.39 | 17.28 | 26.34 | 15.75 | 24.90 |
| PS Ratio | 3.17 | 3.50 | 2.90 | 4.65 | 2.23 | 3.09 |
| PB Ratio | 5.39 | 5.67 | 5.46 | 11.41 | 8.13 | 7.73 |
| P/TBV Ratio | 23.60 | 72.86 | ||||
| P/FCF Ratio | 18.56 | 18.76 | 22.87 | 25.03 | 12.65 | 67.92 |
| P/OCF Ratio | 12.69 | 13.04 | 14.49 | 18.62 | 9.66 | 31.09 |
| PEG Ratio | 1.61 | 1.47 | 1.78 | 2.91 | 1.17 | 2.17 |
| EV/Sales Ratio | 3.67 | 3.65 | 3.23 | 4.92 | 2.52 | 3.51 |
| EV/EBITDA Ratio | 12.47 | 12.55 | 11.21 | 16.42 | 9.06 | 17.02 |
| EV/EBIT Ratio | 15.99 | 16.12 | 13.97 | 19.56 | 10.67 | 21.81 |
| EV/FCF Ratio | 21.48 | 19.57 | 25.42 | 26.50 | 14.31 | 77.26 |
| Debt / Equity Ratio | 0.97 | 0.98 | 0.97 | 1.20 | 1.64 | 0.91 |
| Debt / EBITDA Ratio | 1.81 | 2.02 | 1.73 | 1.58 | 1.56 | 1.69 |
| Debt / FCF Ratio | 3.21 | 3.24 | 4.05 | 2.63 | 2.54 | 7.95 |
| Net Debt / Equity Ratio | 0.88 | 0.86 | 0.67 | 0.78 | 1.38 | 0.89 |
| Net Debt / EBITDA Ratio | 1.69 | 1.83 | 1.23 | 1.06 | 1.36 | 1.72 |
| Net Debt / FCF Ratio | 2.92 | 2.85 | 2.80 | 1.71 | 2.14 | 7.79 |
| Asset Turnover | 0.77 | 0.74 | 0.83 | 0.93 | 1.11 | 1.09 |
| Inventory Turnover | 3.94 | 3.65 | 3.80 | 3.72 | 4.08 | 4.90 |
| Quick Ratio | 1.06 | 1.20 | 2.00 | 1.85 | 1.38 | 0.93 |
| Current Ratio | 2.12 | 2.42 | 3.33 | 2.96 | 2.69 | 2.23 |
| Return on Equity (ROE) | 26.35% | 25.10% | 33.34% | 50.98% | 52.54% | 25.24% |
| Return on Assets (ROA) | 10.97% | 10.54% | 12.04% | 14.66% | 16.33% | 11.00% |
| Return on Invested Capital (ROIC) | 16.32% | 17.31% | 21.93% | 27.03% | 27.42% | 16.59% |
| Return on Capital Employed (ROCE) | 18.80% | 17.30% | 20.40% | 25.60% | 28.80% | 19.70% |
| Earnings Yield | 4.26% | 3.99% | 5.34% | 3.81% | 7.41% | 3.17% |
| FCF Yield | 5.39% | 5.33% | 4.37% | 4.00% | 7.91% | 1.47% |
| Dividend Yield | 0.59% | 0.49% | 0.55% | 0.30% | 0.49% | 0.37% |
| Payout Ratio | 13.86% | 13.16% | 11.05% | 8.63% | 7.81% | 13.64% |
| Buyback Yield / Dilution | 0.05% | -0.25% | 1.05% | 5.18% | -14.30% | -1.88% |
| Total Shareholder Return | 0.64% | 0.24% | 1.59% | 5.48% | -13.81% | -1.51% |