Advanced Drainage Systems IncAdvanced Drainage Systems Inc
Advanced Drainage Systems Inc

Advanced Drainage Systems Inc

WMS
Industrials·Building Products

Advanced Drainage Systems, Inc. manufactures thermoplastic corrugated pipe, which provides a suite of water management products and drainage solutions for the construction and infrastructure marketplace. Its products include StormTech, Nyloplast, ARC Septic Chambers, Inserta Tee, water quality filters and structures, fittings, and FleXstorm. The firm operates through the following segments: Pipe, Infiltrator, International, and Allied Products & Other. The Pipe segment manufactures and markets thermoplastic corrugated pipe throughout the United States. The Infiltrator segment provides plastic leach field chambers and systems, septic tanks, and accessories, primarily for residential applications. The International segment manufactures and markets pipe and allied products in regions outside the United States. The Allied Products & Other segment manufactures and markets products throughout the United States. The company was founded in 1966 and is headquartered in Hilliard, OH.

Ohio; U.S.A
Market cap
$9.5BNo data
Revenue
$3.1B+5.0% YoY
Net income
$426.5M−5.3% YoY
Free cash flow
$569.3M+54.5% YoY

Market

Listed stock
WMSPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$3.1B+5.0% YoY
Operating income
$619.2M−5.8% YoY
Net income
$426.5M−5.3% YoY
Free cash flow
$569.3M+54.5% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $2.8B, 2023 $3.1B, 2024 $2.9B, 2025 $2.9B, 2026 $3.1B. Operating income: 2022 $411.9M, 2023 $719.3M, 2024 $732.1M, 2025 $657.4M, 2026 $619.2M. Net income: 2022 $271.3M, 2023 $507.1M, 2024 $509.9M, 2025 $450.2M, 2026 $426.5M. Free cash flow: 2022 $125.8M, 2023 $540.9M, 2024 $534.1M, 2025 $368.5M, 2026 $569.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
5.0%+400 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-03-31 $411.9M, 2023-03-31 $719.3M, 2024-03-31 $732.1M, 2025-03-31 $657.4M, 2026-03-31 $619.2M. Net income: 2022-03-31 $271.3M, 2023-03-31 $507.1M, 2024-03-31 $509.9M, 2025-03-31 $450.2M, 2026-03-31 $426.5M. Free cash flow: 2022-03-31 $125.8M, 2023-03-31 $540.9M, 2024-03-31 $534.1M, 2025-03-31 $368.5M, 2026-03-31 $569.3M

Growth heatmap

2023202420252026CAGR
Revenue
+10.9%
-6.4%
+1.0%
+5.0%
+2.4%
Gross profit
+39.7%
+2.5%
-4.5%
+6.7%
+9.9%
Operating income
+74.6%
+1.8%
-10.2%
-5.8%
+10.7%
Free cash flow
+329.9%
-1.3%
-31.0%
+54.5%
+45.8%

Earnings quality

Operating cash flow
$819.1M+40.9% YoY
Net income
$426.5M−5.3% YoY
Free cash flow
$569.3M+54.5% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-03-31 192%, 2025-03-31 129%, 2024-03-31 141%, 2023-03-31 140%, 2022-03-31 101%. Free cash flow: 2026-03-31 133%, 2025-03-31 82%, 2024-03-31 105%, 2023-03-31 107%, 2022-03-31 46%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data