Advanced Drainage Systems, Inc. (WMS) 10-Year Financial Performance & Capital Metrics

WMS • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsPiping & Fluid Systems

AboutAdvanced Drainage Systems, Inc. designs, manufactures, and markets thermoplastic corrugated pipes and related water management products, and drainage solutions for use in the underground construction and infrastructure marketplace in the United States, Canada, Mexico, and internationally. The company operates through Pipe, International, Infiltrator, and Allied Products & Other segments. It offers single, double, and triple wall corrugated polypropylene and polyethylene pipes; plastic leachfield chambers and systems, EZflow synthetic aggregate bundles, mechanical aeration wastewater solutions, septic tanks and accessories, and combined treatment and dispersal systems; and allied products, including storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water quality filters and separators. The company 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. It offers its products for non-residential, residential, agriculture, and infrastructure applications through a network of approximately 38 distribution centers. The company was incorporated in 1966 and is headquartered in Hilliard, Ohio.Show more

Revenue $2.9B +1.0%
EBITDA $841M -5.2%
Net Income $450M -11.7%
EPS (Diluted) 5.76 -10.7%
Gross Margin 37.68% -5.5%
EBITDA Margin 28.95% -6.2%
Operating Margin 22.64% -11.1%
Net Margin 15.5% -12.6%
ROE 30.87% -31.1%
ROIC 20.65% -19.6%
Debt/Equity 0.88 -17.2%
Interest Coverage 7.16 -13.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 41.3%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.7%
✓Healthy 5Y average net margin of 14.2%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.44%

5Y11.65%

3Y1.6%

TTM2.48%

Profit (Net Income) CAGR

10Y32.84%

5Y-

3Y18.38%

TTM-6.89%

EPS CAGR

10Y27.43%

5Y-

3Y22.28%

TTM-6.69%

ROCE

10Y Avg15.4%

5Y Avg22.83%

3Y Avg26.31%

Latest21.48%

Peer Comparison

Piping & Fluid Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PPIHPerma-Pipe International Holdings, Inc.	257.55M	31.82	28.41	5.12%	6.91%	13.88%	4.29%	0.40
WMSAdvanced Drainage Systems, Inc.	12.39B	159.28	27.65	1.04%	15.35%	23.76%	2.98%	0.88

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	1.29B	1.26B	1.33B	1.38B	1.67B	1.98B	2.77B	3.07B	2.87B	2.9B
Revenue Growth %	0.09%	-0.02%	0.06%	0.04%	0.21%	0.18%	0.4%	0.11%	-0.06%	0.01%
Cost of Goods Sold+	1.01B	961.45M	1.03B	1.06B	1.18B	1.29B	1.97B	1.95B	1.73B	1.81B
COGS % of Revenue	0.78%	0.76%	0.77%	0.76%	0.7%	0.65%	0.71%	0.64%	0.6%	0.62%
Gross Profit+	280.65M	295.81M	302.48M	326.97M	497.54M	690.08M	800.38M	1.12B	1.15B	1.09B
Gross Margin %	0.22%	0.24%	0.23%	0.24%	0.3%	0.35%	0.29%	0.36%	0.4%	0.38%
Gross Profit Growth %	0.16%	0.05%	0.02%	0.08%	0.52%	0.39%	0.16%	0.4%	0.02%	-0.05%
Operating Expenses+	197.78M	210.97M	199.22M	193.91M	592.89M	345.56M	388.47M	399.1M	413.82M	436.81M
OpEx % of Revenue	0.15%	0.17%	0.15%	0.14%	0.35%	0.17%	0.14%	0.13%	0.14%	0.15%
Selling, General & Admin	188.56M	202.43M	191.16M	186.03M	271.14M	267.57M	321.09M	339.5M	370.71M	380.38M
SG&A % of Revenue	0.15%	0.16%	0.14%	0.13%	0.16%	0.13%	0.12%	0.11%	0.13%	0.13%
Research & Development	3.87M	3.37M	2.16M	2.66M	0	0	0	0	0	0
R&D % of Revenue	0%	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	9.22M	8.55M	8.07M	7.88M	321.75M	77.98M	67.37M	59.59M	43.1M	56.43M
Operating Income+	82.06M	76.33M	88.25M	129.41M	-95.35M	344.52M	411.92M	719.31M	732.13M	657.44M
Operating Margin %	0.06%	0.06%	0.07%	0.09%	-0.06%	0.17%	0.15%	0.23%	0.25%	0.23%
Operating Income Growth %	0.08%	-0.07%	0.16%	0.47%	-1.74%	4.61%	0.2%	0.75%	0.02%	-0.1%
EBITDA+	91.28M	148.68M	163.26M	201.31M	17.07M	490.11M	553.73M	864.46M	887.03M	840.72M
EBITDA Margin %	0.07%	0.12%	0.12%	0.15%	0.01%	0.25%	0.2%	0.28%	0.31%	0.29%
EBITDA Growth %	-0.31%	0.63%	0.1%	0.23%	-0.92%	27.71%	0.13%	0.56%	0.03%	-0.05%
D&A (Non-Cash Add-back)	9.22M	72.36M	75M	71.9M	112.42M	145.59M	141.81M	145.15M	154.9M	183.28M
EBIT	77.76M	82.3M	92.2M	130.23M	169.39M	347.93M	417.06M	727.28M	755.62M	681.27M
Net Interest Income+	-18.46M	-17.47M	-15.26M	-18.62M	-82.71M	-35.37M	-33.5M	-60.4M	-66.81M	-68.32M
Interest Income	0	0	0	0	0	287K	52K	9.78M	22.05M	23.48M
Interest Expense	18.46M	17.47M	15.26M	18.62M	82.71M	35.66M	33.55M	70.18M	88.86M	91.8M
Other Income/Expense	-22.76M	-11.5M	-11.31M	-17.8M	-82.36M	-32.25M	-26.82M	-57.37M	-59.84M	-63.8M
Pretax Income+	46.46M	64.83M	76.94M	111.61M	-177.71M	312.27M	385.1M	661.94M	672.29M	593.64M
Pretax Margin %	0.04%	0.05%	0.06%	0.08%	-0.11%	0.16%	0.14%	0.22%	0.23%	0.2%
Income Tax+	19.09M	24.61M	11.41M	30.05M	14.09M	86.38M	110.07M	150.59M	159M	141.06M
Effective Tax Rate %	0.44%	0.51%	0.81%	0.7%	1.09%	0.72%	0.7%	0.77%	0.76%	0.76%
Net Income+	20.63M	32.95M	62.01M	77.77M	-193.17M	224.23M	271.33M	507.09M	509.92M	450.17M
Net Margin %	0.02%	0.03%	0.05%	0.06%	-0.12%	0.11%	0.1%	0.17%	0.18%	0.16%
Net Income Growth %	-0.22%	0.6%	0.88%	0.25%	-3.48%	2.16%	0.21%	0.87%	0.01%	-0.12%
Net Income (Continuing)	30.57M	35.91M	64.79M	81.47M	-191.8M	226.09M	275.03M	511.35M	513.29M	452.57M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	15.03M	14.91M	16.66M	13.99M	11.76M	13.73M	16.62M	17.49M	18.8M	17.7M
EPS (Diluted)+	0.34	0.59	1.10	1.35	-3.04	2.59	3.15	6.08	6.45	5.76
EPS Growth %	-0.33%	0.74%	0.86%	0.23%	-3.25%	1.85%	0.22%	0.93%	0.06%	-0.11%
EPS (Basic)	0.38	0.60	1.11	1.36	-3.04	2.64	3.22	6.16	6.52	5.81
Diluted Shares Outstanding	61.38M	55.62M	56.33M	57.61M	63.82M	71.57M	72.91M	83.34M	79.02M	78.19M
Basic Shares Outstanding	53.98M	54.92M	55.7M	57.02M	63.82M	70.16M	71.28M	82.31M	78.25M	77.55M
Dividend Payout Ratio	0.79%	0.51%	0.3%	0.34%	-	0.14%	0.14%	0.08%	0.09%	0.11%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	438.55M	440.57M	458.45M	466.51M	666.21M	742.98M	871.9M	1.02B	1.3B	1.32B
Cash & Short-Term Investments	6.55M	6.45M	17.59M	8.89M	174.23M	195.01M	20.13M	217.13M	490.16M	463.32M
Cash Only	6.55M	6.45M	17.59M	8.89M	174.23M	195.01M	20.13M	217.13M	490.16M	463.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	186.88M	168.94M	171.96M	186.99M	200.03M	236.19M	341.75M	306.94M	323.58M	333.22M
Days Sales Outstanding	52.9	49.05	47.18	49.29	43.62	43.48	45.04	36.48	41.09	41.88
Inventory	237.69M	258.43M	263.79M	264.54M	282.4M	300.96M	494.32M	463.99M	464.2M	488.27M
Days Inventory Outstanding	86	98.11	93.67	91.28	87.63	84.98	91.64	86.73	98.02	98.46
Other Current Assets	15.66M	6.74M	5.11M	6.09M	9.55M	10.82M	15.7M	29.42M	22.03M	39.97M
Total Non-Current Assets+	602.45M	605.72M	584.79M	575.65M	1.7B	1.67B	1.78B	1.88B	1.97B	2.37B
Property, Plant & Equipment	391.74M	406.86M	399.38M	398.89M	506.25M	504.27M	619.38M	733.06M	876.35M	1.05B
Fixed Asset Turnover	3.29x	3.09x	3.33x	3.47x	3.31x	3.93x	4.47x	4.19x	3.28x	2.76x
Goodwill	100.89M	100.57M	103.02M	102.64M	597.82M	599.07M	610.29M	620.19M	617.18M	720.22M
Intangible Assets	67.13M	59.74M	54.63M	50.25M	566.38M	482.02M	431.38M	407.63M	352.65M	448.06M
Long-Term Investments	13.19M	8.99M	12.34M	10.47M	9.25M	11.86M	0	0	0	0
Other Non-Current Assets	24.8M	29.57M	15.42M	13.4M	23.97M	73.63M	116.8M	122.76M	122.76M	146.25M
Total Assets+	1.04B	1.05B	1.04B	1.04B	2.37B	2.41B	2.65B	2.9B	3.27B	3.69B
Asset Turnover	1.24x	1.20x	1.28x	1.33x	0.71x	0.82x	1.05x	1.06x	0.88x	0.79x
Asset Growth %	0.04%	0.01%	-0%	-0%	1.27%	0.02%	0.1%	0.09%	0.13%	0.13%
Total Current Liabilities+	247.21M	255.75M	221.24M	206.28M	238.21M	318.27M	391.24M	378.8M	439.62M	398.4M
Accounts Payable	119.61M	121.92M	105.52M	93.58M	106.71M	171.1M	224.99M	210.11M	254.4M	218.02M
Days Payables Outstanding	43.27	46.29	37.47	32.29	33.11	48.31	41.71	39.27	53.72	43.97
Short-Term Debt	35.87M	37.79M	26.85M	25.93M	7.96M	7M	19.45M	14.69M	11.87M	9.93M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	10.12M	28.99M	17.98M	18.11M	33.22M	42.08M	52.82M	0	0	0
Current Ratio	1.77x	1.72x	2.07x	2.26x	2.80x	2.33x	2.23x	2.69x	2.96x	3.33x
Quick Ratio	0.81x	0.71x	0.88x	0.98x	1.61x	1.39x	0.97x	1.46x	1.90x	2.10x
Cash Conversion Cycle	95.62	100.87	103.38	108.28	98.14	80.15	94.97	83.94	85.39	96.38
Total Non-Current Liabilities+	478.07M	448.32M	396.66M	335.24M	1.35B	1.03B	1.15B	1.53B	1.55B	1.66B
Long-Term Debt	312.21M	310.85M	270.9M	208.6M	1.09B	782.22M	908.71M	1.27B	1.26B	1.25B
Capital Lease Obligations	56.81M	58.71M	59.96M	61.55M	44.5M	32.96M	11.39M	32.27M	61.66M	131M
Deferred Tax Liabilities	63.95M	44.01M	32.3M	45.96M	175.62M	162.19M	168.44M	159.06M	156.71M	190.42M
Other Non-Current Liabilities	45.09M	34.76M	33.49M	19.12M	37.61M	54.77M	64.94M	66.74M	70.7M	83.17M
Total Liabilities	730.25M	704.08M	617.9M	541.52M	1.59B	1.35B	1.54B	1.91B	1.99B	2.05B
Total Debt+	424.12M	428.8M	379.72M	319.21M	1.17B	850.5M	958.84M	1.34B	1.37B	1.45B
Net Debt	417.57M	422.35M	362.13M	310.31M	995.73M	655.49M	938.72M	1.12B	876.62M	981.8M
Debt / Equity	1.38x	1.25x	0.89x	0.64x	1.49x	0.80x	0.87x	1.35x	1.07x	0.88x
Debt / EBITDA	4.65x	2.88x	2.33x	1.59x	68.52x	1.74x	1.73x	1.55x	1.54x	1.72x
Net Debt / EBITDA	4.57x	2.84x	2.22x	1.54x	58.32x	1.34x	1.70x	1.30x	0.99x	1.17x
Interest Coverage	4.45x	4.37x	5.78x	6.95x	-1.15x	9.66x	12.28x	10.25x	8.24x	7.16x
Total Equity+	307.06M	342.21M	425.34M	500.63M	784.58M	1.06B	1.11B	994.86M	1.28B	1.64B
Equity Growth %	-0%	0.11%	0.24%	0.18%	0.57%	0.36%	0.04%	-0.1%	0.29%	0.28%
Book Value per Share	5.00	6.15	7.55	8.69	12.29	14.86	15.16	11.94	16.21	20.92
Total Shareholders' Equity	292.03M	327.3M	408.68M	486.65M	772.82M	1.05B	1.09B	977.37M	1.26B	1.62B
Common Stock	12.39M	12.39M	11.43M	11.44M	11.55M	11.58M	11.61M	164.87M	120.26M	104.35M
Retained Earnings	-54.23M	-83.68M	-39.21M	17.58M	-267.62M	-75.2M	158.88M	626.22M	1.09B	1.49B
Treasury Stock	-441M	-436.98M	-8.28M	-9.86M	-10.46M	-10.96M	-318.69M	-921M	-1.14B	-1.22B
Accumulated OCI	-21.26M	-24.82M	-21.25M	-25.87M	-35.33M	-24.22M	-24.39M	-27.58M	-29.83M	-37.18M
Minority Interest	15.03M	14.91M	16.66M	13.99M	11.76M	13.73M	16.62M	17.49M	18.8M	17.7M

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	134.76M	104.24M	137.12M	151.68M	306.19M	452.22M	274.89M	707.81M	717.93M	581.49M
Operating CF Margin %	0.1%	0.08%	0.1%	0.11%	0.18%	0.23%	0.1%	0.23%	0.25%	0.2%
Operating CF Growth %	0.97%	-0.23%	0.32%	0.11%	1.02%	0.48%	-0.39%	1.57%	0.01%	-0.19%
Net Income	30.57M	35.91M	64.79M	81.47M	-191.8M	226.09M	275.03M	511.35M	513.29M	452.57M
Depreciation & Amortization	71.01M	72.36M	75M	71.9M	124.94M	145.59M	141.81M	145.15M	154.9M	183.28M
Stock-Based Compensation	4.38M	17.88M	18.84M	21.83M	279.15M	65.43M	107.99M	21.66M	31.99M	26.58M
Deferred Taxes	10.69M	-8.97M	-11.24M	12.81M	-2.92M	-13.48M	2.17M	-9.86M	-2.28M	-423K
Other Non-Cash Items	17.35M	-4.37M	12.09M	1.6M	42.91M	7.87M	-10.88M	6.13M	-6.13M	1.65M
Working Capital Changes	1.34M	-8.56M	-22.38M	-37.93M	53.91M	20.71M	-241.24M	33.38M	26.16M	-82.17M
Change in Receivables	-37.79M	15.05M	-4.33M	-17.95M	5.17M	-34.76M	-96.99M	37.49M	-14.59M	1.41M
Change in Inventory	28.33M	-27.92M	-4.84M	-2.03M	19.09M	-14.56M	-189.72M	30.22M	594K	-15.75M
Change in Payables	0	6.85M	-14.86M	-16.94M	31.59M	71.24M	50.11M	-29.04M	40.43M	-63.86M
Cash from Investing+	-48.96M	-61.26M	-30.45M	-42.54M	-1.15B	-77.87M	-198.83M	-214.48M	-155.66M	-447.87M
Capital Expenditures	-44.89M	-51.3M	-41.71M	-43.41M	-67.68M	-78.76M	-149.08M	-166.91M	-183.81M	-212.94M
CapEx % of Revenue	0.03%	0.04%	0.03%	0.03%	0.04%	0.04%	0.05%	0.05%	0.06%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-888K	-48.07M	11.26M	868K	6.53M	883K	-441K	446K	28.15M	2.39M
Cash from Financing+	-84.05M	-42.83M	-94.95M	-117.66M	1.01B	-354.58M	-251.07M	-296.28M	-284.34M	-157.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-16.24M	-16.82M	-18.48M	-26.15M	-92.13M	-30.68M	-37.02M	-39.61M	-43.99M	-49.74M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.74M	-3.79M	4.39M	-4.18M	-26.68M	4.59M	-10.15M	-40.12M	-6.16M	-684K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	89.87M	52.94M	95.41M	108.27M	238.51M	373.46M	125.81M	540.9M	534.12M	368.55M
FCF Margin %	0.07%	0.04%	0.07%	0.08%	0.14%	0.19%	0.05%	0.18%	0.19%	0.13%
FCF Growth %	1.77%	-0.41%	0.8%	0.13%	1.2%	0.57%	-0.66%	3.3%	-0.01%	-0.31%
FCF per Share	1.46	0.95	1.69	1.88	3.74	5.22	1.73	6.49	6.76	4.71
FCF Conversion (FCF/Net Income)	6.53x	3.16x	2.21x	1.95x	-1.59x	2.02x	1.01x	1.40x	1.41x	1.29x
Interest Paid	0	0	0	0	0	37.61M	32.84M	60.46M	86.26M	89.48M
Taxes Paid	0	0	0	0	0	97.64M	106.36M	166.96M	161.15M	142.15M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	6.71%	10.15%	16.16%	16.8%	-30.06%	24.27%	25.03%	48.3%	44.82%	30.87%
Return on Invested Capital (ROIC)	8.26%	7.69%	8.53%	12.14%	-5.52%	14.77%	16.42%	25.93%	25.69%	20.65%
Gross Margin	21.76%	23.53%	22.74%	23.61%	29.73%	34.8%	28.9%	36.42%	39.87%	37.68%
Net Margin	1.6%	2.62%	4.66%	5.62%	-11.54%	11.31%	9.8%	16.51%	17.74%	15.5%
Debt / Equity	1.38x	1.25x	0.89x	0.64x	1.49x	0.80x	0.87x	1.35x	1.07x	0.88x
Interest Coverage	4.45x	4.37x	5.78x	6.95x	-1.15x	9.66x	12.28x	10.25x	8.24x	7.16x
FCF Conversion	6.53x	3.16x	2.21x	1.95x	-1.59x	2.02x	1.01x	1.40x	1.41x	1.29x
Revenue Growth	9.48%	-2.5%	5.81%	4.09%	20.88%	18.46%	39.67%	10.9%	-6.4%	1.04%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Pipe	-	-	-	-	954.63M	1.05B	1.56B	1.72B	1.59B	1.56B
Pipe Growth	-	-	-	-	-	10.30%	47.71%	10.41%	-7.60%	-1.85%
Allied Products And Other Businesss	-	-	-	-	403.27M	442.45M	569.35M	691.8M	684.33M	707.28M
Allied Products And Other Businesss Growth	-	-	-	-	-	9.71%	28.68%	21.51%	-1.08%	3.35%
Infiltrator Water Technologies	-	-	-	-	211M	329.14M	551.91M	442.28M	531.24M	596.21M
Infiltrator Water Technologies Growth	-	-	-	-	-	55.99%	67.68%	-19.86%	20.11%	12.23%
Intersegment Eliminations	-	-	-	-	-	-	131.93M	-	-149.71M	-162.83M
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-8.76%
International	-	-	-	-	-	-	-19.43M	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Elimination	-	-	-	-	43.69M	-	-	-	-	-
Intersegment Elimination Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	1.1B	1.17B	1.22B	-	-	-	-	-	2.71B
UNITED STATES Growth	-	-	6.55%	4.23%	-	-	-	-	-	-
CANADA	-	-	-	-	-	-	-	-	-	119.49M
CANADA Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	15.98M	-	-	-	18.59M	15.83M	22.79M	25.71M	20.9M	75.14M
Other Countries Growth	-	-	-	-	-	-14.81%	43.97%	12.78%	-18.70%	259.49%
North America	1.27B	-	-	-	1.66B	1.97B	2.75B	3.05B	2.85B	-
North America Growth	-	-	-	-	-	18.83%	39.63%	10.88%	-6.30%	-
Non Us	-	155.03M	155.92M	160.6M	-	-	-	-	-	-
Non Us Growth	-	-	0.58%	3.00%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Advanced Drainage Systems, Inc. (WMS) has a price-to-earnings (P/E) ratio of 27.7x. This suggests investors expect higher future growth.

Growth & Financials

Advanced Drainage Systems, Inc. (WMS) reported $2.99B in revenue for fiscal year 2025. This represents a 195% increase from $1.01B in 2012.

Advanced Drainage Systems, Inc. (WMS) grew revenue by 1.0% over the past year. Growth has been modest.

Yes, Advanced Drainage Systems, Inc. (WMS) is profitable, generating $458.3M in net income for fiscal year 2025 (15.5% net margin).

Dividend & Returns

Yes, Advanced Drainage Systems, Inc. (WMS) pays a dividend with a yield of 0.40%. This makes it attractive for income-focused investors.

Advanced Drainage Systems, Inc. (WMS) has a return on equity (ROE) of 30.9%. This is excellent, indicating efficient use of shareholder capital.

Advanced Drainage Systems, Inc. (WMS) generated $529.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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