What is Advanced Drainage Systems' operating income?

Advanced Drainage Systems' total operating income in 2026 was $619.20 million, based on the following breakdown: Total Gross Profit: $1.17 billion Total Operating Expenses: $548.18 million

Advanced Drainage Systems (WMS) Financials

$129.93 -0.22 (-0.17%)

Closing price 06/5/2026 03:59 PM Eastern

Extended Trading

$130.14 +0.21 (+0.16%)

As of 06/5/2026 04:43 PM Eastern

Compare

Annual Income Statements for Advanced Drainage Systems

This table shows Advanced Drainage Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	25	33	62	78	-193	224	271	507	510	450	426
Consolidated Net Income / (Loss)	31	36	65	81	-192	226	275	511	513	453	429
Net Income / (Loss) Continuing Operations	31	36	65	81	-192	226	275	511	513	453	430
Total Pre-Tax Income	59	65	77	112	-180	312	384	657	667	589	560
Total Operating Income	94	76	88	129	-95	345	412	719	732	657	619
Total Gross Profit	285	296	302	327	316	690	800	1,118	1,146	1,094	1,167
Total Revenue	1,291	1,257	1,330	1,385	1,674	1,983	2,769	3,071	2,874	2,904	3,050
Operating Revenue	1,291	1,257	1,330	1,385	1,674	1,983	2,769	3,071	2,874	2,904	3,050
Total Cost of Revenue	1,005	961	1,028	1,058	1,357	1,293	1,969	1,953	1,729	1,810	1,883
Operating Cost of Revenue	1,005	961	1,028	1,058	1,357	1,293	1,969	1,953	1,729	1,810	1,883
Total Operating Expenses	191	219	214	198	412	346	388	399	414	437	548
Selling, General & Admin Expense	93	111	98	186	349	268	321	340	371	380	470
Amortization Expense	9.22	8.55	8.07	7.88	57	74	64	55	51	53	59
Other Special Charges / (Income)	0.81	8.51	15	3.65	5.34	4.28	3.40	4.40	-8.37	3.86	19
Total Other Income / (Expense), net	-35	-11	-11	-18	-84	-32	-28	-62	-65	-68	-59
Interest & Investment Income	-18	-17	-15	-19	-83	-36	-34	-70	-89	-92	-94
Other Income / (Expense), net	-17	5.97	3.95	0.82	-1.55	3.40	5.14	7.97	23	24	34
Income Tax Expense	23	25	11	30	14	86	110	151	159	141	135
Other Gains / (Losses), net	-5.23	-4.31	-0.74	-0.10	1.91	0.20	1.59	4.84	5.54	4.17	5.06
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	0.00	0.00	-1.09
Net Income / (Loss) Attributable to Noncontrolling Interest	5.52	2.96	2.79	3.69	1.38	1.86	3.70	4.27	3.38	2.40	2.31
Basic Earnings per Share	$0.40	$0.51	$1.00	$1.23	($3.21)	$2.64	$3.22	$6.16	$6.52	$5.81	$5.48
Weighted Average Basic Shares Outstanding	53.98M	54.92M	55.70M	57.03M	63.82M	70.16M	71.28M	82.32M	78.25M	77.55M	77.76M
Diluted Earnings per Share	$0.39	$0.50	$0.99	$1.22	($3.21)	$2.59	$3.15	$6.08	$6.45	$5.76	$5.44
Weighted Average Diluted Shares Outstanding	55.18M	55.62M	56.33M	57.61M	63.82M	71.57M	72.91M	83.34M	79.02M	78.19M	78.38M
Weighted Average Basic & Diluted Shares Outstanding	53.50M	64.60M	62M	57.52M	69.34M	71.59M	84.35M	78.97M	77.43M	77.59M	76.60M
Cash Dividends to Common per Share	$0.20	$0.24	$0.28	$0.32	$1.36	$0.36	$0.44	$0.48	$0.56	$0.64	$0.72

This table shows Advanced Drainage Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2025	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	82	76	174	136	106	95	161	130	94	77	144
Consolidated Net Income / (Loss)	83	77	174	137	107	95	162	131	94	77	144
Net Income / (Loss) Continuing Operations	83	77	174	137	107	95	162	131	94	77	144
Total Pre-Tax Income	109	95	227	184	136	120	211	171	123	99	189
Total Operating Income	124	103	245	198	153	135	226	187	137	117	206
Total Gross Profit	224	207	331	303	260	252	332	294	259	226	330
Total Revenue	655	746	778	780	662	654	815	783	693	616	830
Operating Revenue	655	746	778	780	662	654	815	783	693	616	830
Total Cost of Revenue	431	539	447	478	403	402	483	489	434	390	499
Operating Cost of Revenue	431	539	447	478	403	402	483	489	434	390	499
Total Operating Expenses	99	104	86	105	107	117	106	107	122	109	125
Marketing Expense	86	-	87	92	91	-	94	94	109	-	104
Amortization Expense	14	16	13	13	13	13	12	12	14	14	14
Other Special Charges / (Income)	-0.35	15	-13	0.12	2.51	2.30	0.29	0.62	0.09	3.43	7.02
Total Other Income / (Expense), net	-16	-7.83	-18	-14	-18	-15	-16	-16	-14	-18	-16
Interest & Investment Income	-20	-7.88	-22	-22	-22	-23	-23	-23	-23	-23	-23
Other Income / (Expense), net	4.13	0.05	3.55	7.51	4.77	7.66	7.12	6.96	8.50	4.97	6.71
Income Tax Expense	26	18	55	47	30	26	50	41	31	23	47
Other Gains / (Losses), net	0.64	-0.09	1.68	0.90	1.30	1.66	1.70	0.92	1.85	0.73	1.34
Net Income / (Loss) Attributable to Noncontrolling Interest	1.14	1.40	0.25	1.23	1.24	0.66	0.92	0.79	0.41	-0.37	0.17
Basic Earnings per Share	$1.00	$0.78	$2.20	$1.73	$1.36	$1.23	$2.08	$1.68	$1.20	$1.00	$1.85
Weighted Average Basic Shares Outstanding	82.07M	82.32M	78.91M	78.61M	77.86M	78.25M	77.54M	77.54M	77.82M	77.55M	77.64M
Diluted Earnings per Share	$0.99	$0.76	$2.18	$1.71	$1.34	$1.22	$2.06	$1.67	$1.19	$0.99	$1.84
Weighted Average Diluted Shares Outstanding	82.99M	83.34M	79.63M	79.31M	78.59M	79.02M	78.28M	78.11M	78.45M	78.19M	78.12M
Weighted Average Basic & Diluted Shares Outstanding	81.23M	78.97M	78.69M	-	-	77.43M	77.52M	77.54M	77.90M	77.59M	77.75M

This table details how cash moves in and out of Advanced Drainage Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.93	-0.11	11	-8.70	167	21	-175	197	279	-27	-235
Net Cash From Operating Activities	135	104	137	152	306	452	275	708	718	581	819
Net Cash From Continuing Operating Activities	135	104	137	152	306	452	275	708	718	581	819
Net Income / (Loss) Continuing Operations	31	36	65	81	-192	226	275	511	513	453	430
Consolidated Net Income / (Loss)	31	36	65	81	-192	226	275	511	513	453	429
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	0.00	0.00	-1.09
Depreciation Expense	71	72	75	72	125	146	142	145	155	183	216
Amortization Expense	1.41	1.41	0.93	0.74	34	0.38	0.38	1.42	2.04	2.04	2.23
Non-Cash Adjustments To Reconcile Net Income	20	12	30	23	288	73	97	26	24	26	54
Changes in Operating Assets and Liabilities, net	12	-18	-34	-25	51	7.24	-239	24	24	-83	117
Net Cash From Investing Activities	-49	-61	-30	-43	-1,150	-78	-199	-214	-156	-448	-1,212
Net Cash From Continuing Investing Activities	-49	-61	-30	-43	-1,150	-78	-199	-214	-156	-448	-1,212
Purchase of Property, Plant & Equipment	-45	-51	-42	-43	-68	-79	-149	-167	-184	-213	-250
Acquisitions	-3.19	-8.57	0.00	0.00	-1,089	0.00	-49	-48	0.00	-237	-991
Divestitures	-	-	-	-	-	-	0.00	0.00	27	0.00	33
Other Investing Activities, net	-0.89	-1.39	11	0.87	6.53	0.88	-0.44	0.45	0.65	2.39	-3.53
Net Cash From Financing Activities	-83	-43	-95	-118	1,012	-355	-251	-296	-284	-158	156
Net Cash From Continuing Financing Activities	-83	-43	-95	-118	1,012	-355	-251	-296	-284	-158	156
Repayment of Debt	-484	-448	-616	-470	-951	-308	-230	-269	-7.74	-4.90	-446
Repurchase of Common Equity	-	-	-7.95	-8.82	0.00	0.00	-292	-575	-207	-70	-92
Payment of Dividends	-16	-17	-18	-26	-92	-32	-38	-45	-48	-50	-58
Issuance of Debt	415	413	563	406	1,832	0.00	368	623	0.00	0.00	1,203
Issuance of Common Equity	-	-	0.00	0.00	294	-	-	-	0.00	0.00	3.34
Other Financing Activities, net	1.77	8.63	-15	-18	-71	-14	-59	-31	-22	-33	-454
Effect of Exchange Rate Changes	-0.43	-0.26	-0.59	-0.18	-	1.02	0.13	-0.05	0.80	-2.48	1.15
Other Net Changes in Cash	-	-	-	-	-	-	-	-	0.00	0.00	-0.31

This table details how cash moves in and out of Advanced Drainage Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2023	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2025	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-88	-210	149	202	96	-70	52	298	-124	-25	175
Net Cash From Operating Activities	263	47	244	275	241	18	183	326	190	41	275
Net Cash From Continuing Operating Activities	263	47	244	275	241	18	183	326	190	42	275
Net Income / (Loss) Continuing Operations	76	86	174	149	107	95	162	138	82	77	144
Consolidated Net Income / (Loss)	76	86	174	149	107	95	162	138	82	77	144
Depreciation Expense	41	38	37	33	38	43	41	64	48	50	50
Amortization Expense	1.14	0.51	0.51	0.51	0.51	0.51	0.51	0.51	0.51	0.51	0.51
Non-Cash Adjustments To Reconcile Net Income	2.31	5.27	-7.61	-2.52	15	9.17	1.86	4.70	10	8.90	15
Changes in Operating Assets and Liabilities, net	143	-83	40	96	81	-130	-22	119	49	-94	65
Net Cash From Investing Activities	7.63	-40	-22	-4.98	-54	-40	-57	-48	-291	-45	-70
Net Cash From Continuing Investing Activities	7.63	-40	-22	-4.98	-54	-40	-57	-48	-291	-45	-70
Purchase of Property, Plant & Equipment	-61	-40	-42	-25	-54	-47	-58	-53	-54	-47	-53
Acquisitions	48	-	-	-	-	-	0.00	-19	-	-	-20
Other Investing Activities, net	0.48	0.40	0.16	-0.05	0.08	0.12	0.50	-2.74	0.19	1.56	2.24
Net Cash From Financing Activities	-361	-218	-74	-69	-93	-48	-74	18	-21	-22	-31
Net Cash From Continuing Financing Activities	-361	-218	-74	-69	-93	-48	-74	18	-21	-22	-31
Repayment of Debt	248	-4.33	-4.01	-3.08	-1.90	-8.38	-1.38	-0.51	-1.25	-7.99	-0.93
Repurchase of Common Equity	14	-200	-48	-52	-77	-29	-49	49	-	-	0.00
Payment of Dividends	-11	-11	-11	-9.80	-11	-15	-12	-16	-12	-12	-14
Other Financing Activities, net	10	-2.19	-11	-4.30	-3.64	4.22	-11	-15	-7.65	-1.38	-16
Effect of Exchange Rate Changes	2.37	0.41	0.47	0.80	1.27	-0.47	-0.79	1.81	-1.38	0.05	1.10

This table presents Advanced Drainage Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	1,037	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690	4,506
Total Current Assets	440	441	458	467	666	743	872	1,017	1,300	1,325	1,231
Cash & Equivalents	6.56	6.45	18	8.89	174	195	20	217	490	463	223
Accounts Receivable	187	169	172	187	200	236	342	307	324	333	391
Inventories, net	230	258	264	265	282	301	494	464	464	488	543
Other Current Assets	-	6.74	5.11	6.09	9.55	11	16	29	22	32	30
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	8.19	43
Plant, Property, & Equipment, net	392	407	399	399	481	0.00	619	733	876	1,051	1,217
Total Noncurrent Assets	206	199	185	177	1,222	1,671	1,158	1,151	1,093	1,315	2,058
Goodwill	101	101	103	103	598	599	610	620	617	720	1,043
Intangible Assets	60	52	44	37	555	482	431	408	353	448	849
Other Noncurrent Operating Assets	45	47	38	37	69	590	117	123	123	146	166
Total Liabilities & Shareholders' Equity	1,037	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690	4,506
Total Liabilities	723	696	609	542	1,585	1,350	1,545	1,906	1,988	2,055	2,550
Total Current Liabilities	252	256	221	206	238	318	391	379	440	398	509
Short-Term Debt	55	59	49	26	7.96	7.00	19	15	12	9.93	5.87
Accounts Payable	120	122	106	94	107	171	225	210	254	218	238
Accrued Expenses	65	66	61	62	101	116	135	142	155	137	213
Other Current Liabilities	-	-	-	23	20	19	5.09	8.54	18	33	38
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	15
Total Noncurrent Liabilities	471	440	388	335	1,347	1,032	1,153	1,527	1,549	1,656	2,040
Long-Term Debt	312	311	271	270	1,134	782	909	1,269	1,260	1,252	1,606
Capital Lease Obligations	57	59	60	-	-	33	-	32	62	131	122
Noncurrent Deferred & Payable Income Tax Liabilities	64	44	32	46	176	162	168	159	157	190	221
Other Noncurrent Operating Liabilities	38	27	25	19	38	55	76	67	71	83	91
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	112	113	110	102	247	230	195	153	109	93	74
Total Equity & Noncontrolling Interests	202	238	324	398	537	834	910	842	1,172	1,543	1,882
Total Preferred & Common Equity	187	223	308	384	526	820	893	824	1,153	1,525	1,859
Total Common Equity	187	223	308	384	526	820	893	824	1,153	1,525	1,859
Common Stock	751	768	376	402	839	930	1,077	1,147	1,232	1,289	1,354
Retained Earnings	-102	-84	-39	18	-268	-75	159	626	1,092	1,493	1,863
Treasury Stock	-441	-437	-8.28	-9.86	-10	-11	-319	-921	-1,141	-1,219	-1,326
Accumulated Other Comprehensive Income / (Loss)	-21	-25	-21	-26	-35	-24	-24	-28	-30	-37	-32
Noncontrolling Interest	15	15	17	14	12	14	17	17	19	18	24

This table presents Advanced Drainage Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	12/31/2021	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2025	12/31/2025	6/30/2025
Total Assets	2,556	3,178	3,006	3,049	3,138	3,162	3,448	4,079	4,144	3,910
Total Current Assets	807	1,348	1,157	1,169	1,232	1,238	1,424	1,673	1,705	1,517
Cash & Equivalents	22	457	427	366	470	561	542	813	1,008	638
Accounts Receivable	303	388	242	342	353	241	369	400	238	380
Inventories, net	466	479	459	435	385	405	488	424	431	454
Other Current Assets	16	23	29	25	24	31	26	36	28	45
Plant, Property, & Equipment, net	591	653	685	747	774	811	928	1,111	1,154	1,079
Total Noncurrent Assets	1,158	1,176	1,163	1,133	1,132	1,113	1,096	1,295	1,286	1,314
Goodwill	612	619	619	620	620	617	617	725	725	726
Intangible Assets	447	435	421	395	382	366	341	424	410	437
Other Noncurrent Operating Assets	99	122	122	118	130	130	138	146	150	151
Total Liabilities & Shareholders' Equity	2,556	3,178	3,006	3,049	3,138	3,162	3,448	4,079	4,144	3,910
Total Liabilities	1,535	1,962	1,890	1,937	1,956	1,940	2,063	2,150	2,115	2,132
Total Current Liabilities	364	439	370	420	428	409	493	481	413	472
Short-Term Debt	21	17	16	14	13	12	11	8.66	6.46	9.31
Accounts Payable	195	237	174	206	224	208	265	226	169	227
Accrued Expenses	141	170	171	138	159	162	148	190	194	161
Current Deferred & Payable Income Tax Liabilities	2.10	11	3.47	52	21	14	46	15	7.51	39
Other Current Liabilities	5.17	5.36	6.56	10	12	13	23	41	37	35
Total Noncurrent Liabilities	1,171	1,523	1,520	1,517	1,528	1,531	1,570	1,669	1,702	1,660
Long-Term Debt	945	1,275	1,272	1,267	1,264	1,262	1,257	1,249	1,276	1,250
Capital Lease Obligations	-	14	15	29	32	38	80	133	127	136
Noncurrent Deferred & Payable Income Tax Liabilities	172	165	163	159	159	159	156	207	217	187
Other Noncurrent Operating Liabilities	54	69	70	63	73	72	77	81	83	88
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	206	160	157	148	133	122	104	83	78	88
Total Equity & Noncontrolling Interests	815	1,056	959	963	1,049	1,100	1,281	1,847	1,951	1,690
Total Preferred & Common Equity	799	1,038	941	945	1,029	1,079	1,263	1,826	1,928	1,671
Total Common Equity	799	1,038	941	945	1,029	1,079	1,263	1,826	1,928	1,671
Common Stock	1,020	1,131	1,141	1,159	1,185	1,208	1,253	1,321	1,341	1,306
Retained Earnings	122	478	550	789	914	1,008	1,241	1,765	1,844	1,623
Treasury Stock	-316	-537	-720	-978	-1,040	-1,111	-1,199	-1,226	-1,226	-1,226
Accumulated Other Comprehensive Income / (Loss)	-27	-34	-30	-25	-30	-27	-32	-33	-30	-32
Noncontrolling Interest	15	17	18	19	19	22	18	20	22	19

This table displays calculated financial ratios and metrics derived from Advanced Drainage Systems' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	77,895,585.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	77,895,585.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	5.47
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.37%	-2.59%	5.81%	4.09%	20.88%	18.46%	39.67%	10.90%	-6.40%	1.04%	5.03%
EBITDA Growth	64.72%	3.92%	7.74%	20.65%	-69.18%	690.07%	13.23%	56.25%	4.43%	-5.04%	0.64%
EBIT Growth	220.11%	5.84%	12.04%	41.24%	-174.41%	459.05%	19.87%	74.38%	3.90%	-9.84%	-4.05%
NOPAT Growth	632.86%	-16.87%	58.75%	25.82%	-170.58%	473.40%	17.84%	88.79%	0.56%	-10.30%	-6.04%
Net Income Growth	927.03%	17.47%	80.44%	25.73%	-335.43%	217.88%	21.64%	85.93%	0.38%	-11.83%	-5.26%
EPS Growth	202.63%	28.21%	98.00%	23.23%	-363.11%	180.69%	21.62%	93.02%	6.09%	-10.70%	-5.56%
Operating Cash Flow Growth	81.96%	-22.98%	31.54%	10.62%	101.87%	47.69%	-39.21%	157.49%	1.43%	-19.00%	40.85%
Free Cash Flow Firm Growth	340.05%	-90.61%	716.48%	97.43%	-1,104.19%	130.14%	-109.26%	1,745.01%	11.53%	-88.88%	-715.43%
Invested Capital Growth	-1.46%	5.60%	3.00%	-1.02%	122.40%	-3.51%	19.07%	4.02%	1.41%	20.79%	34.48%
Revenue Q/Q Growth	3.06%	-0.10%	0.45%	1.62%	6.26%	3.82%	11.90%	0.27%	0.00%	-1.29%	0.00%
EBITDA Q/Q Growth	160.17%	39.22%	12.37%	6.61%	88.39%	3.75%	5.72%	3.81%	0.00%	-1.63%	0.00%
EBIT Q/Q Growth	60.42%	-20.48%	23.85%	10.91%	-2.23%	9.47%	7.86%	5.40%	0.00%	-3.00%	0.00%
NOPAT Q/Q Growth	22.21%	-15.16%	18.03%	6.14%	0.06%	4.86%	3.87%	9.60%	0.00%	-3.11%	0.00%
Net Income Q/Q Growth	82.57%	-16.25%	25.58%	9.03%	0.85%	8.26%	6.85%	8.21%	0.00%	-3.97%	0.00%
EPS Q/Q Growth	129.41%	-18.03%	28.57%	8.93%	12.53%	-9.12%	6.78%	6.11%	0.00%	-3.84%	0.00%
Operating Cash Flow Q/Q Growth	81.96%	-58.63%	8.38%	3.72%	2.07%	-1.40%	39.33%	-9.41%	0.00%	4.22%	0.00%
Free Cash Flow Firm Q/Q Growth	61.65%	-87.05%	1,702.56%	10.30%	1.34%	-13.25%	17.15%	-4.74%	0.00%	67.60%	0.00%
Invested Capital Q/Q Growth	0.85%	5.54%	0.37%	-0.15%	-0.86%	2.66%	2.49%	6.13%	0.00%	4.51%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.11%	23.53%	22.74%	23.61%	18.91%	34.80%	28.90%	36.42%	39.87%	37.68%	38.27%
EBITDA Margin	11.64%	12.41%	12.64%	14.65%	3.73%	24.91%	20.19%	28.45%	31.75%	29.84%	28.59%
Operating Margin	7.31%	6.07%	6.63%	9.35%	-5.70%	17.38%	14.87%	23.42%	25.47%	22.64%	20.30%
EBIT Margin	6.02%	6.55%	6.93%	9.40%	-5.79%	17.55%	15.06%	23.68%	26.29%	23.46%	21.43%
Profit (Net Income) Margin	2.37%	2.86%	4.87%	5.88%	-11.46%	11.40%	9.93%	16.65%	17.86%	15.58%	14.06%
Tax Burden Percent	51.55%	55.39%	84.21%	72.99%	106.78%	72.40%	71.71%	77.82%	76.98%	76.78%	76.60%
Interest Burden Percent	76.26%	78.78%	83.45%	85.70%	185.35%	89.75%	91.96%	90.35%	88.24%	86.52%	85.64%
Effective Tax Rate	39.63%	37.97%	14.83%	26.92%	0.00%	27.66%	28.70%	22.92%	23.85%	23.93%	24.11%
Return on Invested Capital (ROIC)	7.73%	6.29%	9.58%	11.94%	-5.26%	14.48%	15.86%	27.00%	26.44%	21.33%	15.68%
ROIC Less NNEP Spread (ROIC-NNEP)	1.69%	3.57%	6.94%	7.91%	-25.19%	11.58%	13.43%	22.70%	21.88%	15.97%	12.25%
Return on Net Nonoperating Assets (RNNOA)	2.47%	4.51%	6.94%	5.49%	-24.59%	9.99%	9.51%	21.70%	18.68%	9.70%	8.20%
Return on Equity (ROE)	10.20%	10.80%	16.52%	17.44%	-29.85%	24.47%	25.37%	48.70%	45.11%	31.04%	23.88%
Cash Return on Invested Capital (CROIC)	9.20%	0.85%	6.63%	12.97%	-81.19%	18.05%	-1.55%	23.05%	25.04%	2.50%	-13.73%
Operating Return on Assets (OROA)	7.49%	7.90%	8.83%	12.49%	-5.68%	14.55%	16.47%	26.20%	24.49%	19.58%	15.95%
Return on Assets (ROA)	2.95%	3.45%	6.20%	7.81%	-11.24%	9.45%	10.86%	18.42%	16.64%	13.01%	10.46%
Return on Common Equity (ROCE)	5.92%	6.67%	11.17%	12.91%	-21.13%	17.82%	20.04%	39.83%	39.20%	28.51%	22.50%
Return on Equity Simple (ROE_SIMPLE)	16.31%	16.12%	21.06%	21.20%	-36.48%	27.58%	30.80%	62.05%	44.51%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	57	47	75	95	-67	249	294	554	558	500	470
NOPAT Margin	4.41%	3.77%	5.65%	6.83%	-3.99%	12.57%	10.61%	18.05%	19.40%	17.22%	15.40%
Net Nonoperating Expense Percent (NNEP)	6.03%	2.72%	2.64%	4.04%	19.93%	2.90%	2.43%	4.30%	4.56%	5.36%	3.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	17.04%	12.99%
Cost of Revenue to Revenue	77.89%	76.47%	77.26%	76.39%	81.09%	65.20%	71.10%	63.58%	60.13%	62.32%	61.73%
SG&A Expenses to Revenue	7.17%	8.82%	7.40%	13.43%	20.88%	13.49%	11.59%	11.05%	12.90%	13.10%	15.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.80%	17.46%	16.10%	14.27%	24.60%	17.43%	14.03%	13.00%	14.40%	15.04%	17.97%
Earnings before Interest and Taxes (EBIT)	78	82	92	130	-97	348	417	727	756	681	654
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	150	156	168	203	63	494	559	874	913	867	872
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.48	4.96	4.39	3.60	3.78	8.82	9.47	8.26	11.58	5.52	5.75
Price to Tangible Book Value (P/TBV)	38.48	15.69	8.43	5.66	0.00	0.00	0.00	0.00	72.80	23.56	0.00
Price to Revenue (P/Rev)	0.80	0.88	1.02	1.00	1.19	3.65	3.05	2.22	4.65	2.90	3.50
Price to Earnings (P/E)	41.01	33.52	21.78	17.79	0.00	32.23	31.18	13.42	26.19	18.69	25.05
Dividend Yield	1.04%	1.20%	1.17%	1.32%	1.25%	0.35%	0.37%	0.57%	0.33%	0.59%	0.53%
Earnings Yield	2.44%	2.98%	4.59%	5.62%	0.00%	3.10%	3.21%	7.45%	3.82%	5.35%	3.99%
Enterprise Value to Invested Capital (EV/IC)	2.15	2.14	2.31	2.27	1.83	4.79	4.76	3.86	6.75	3.69	3.57
Enterprise Value to Revenue (EV/Rev)	1.22	1.32	1.38	1.29	1.92	4.08	3.46	2.63	4.98	3.26	4.03
Enterprise Value to EBITDA (EV/EBITDA)	10.47	10.60	10.94	8.81	51.39	16.40	17.13	9.24	15.70	10.91	14.09
Enterprise Value to EBIT (EV/EBIT)	20.21	20.11	19.95	13.72	0.00	23.28	22.97	11.10	18.96	13.88	18.80
Enterprise Value to NOPAT (EV/NOPAT)	27.60	34.95	24.47	18.90	0.00	32.50	32.62	14.56	25.70	18.90	26.15
Enterprise Value to Operating Cash Flow (EV/OCF)	11.61	15.87	13.41	11.78	10.49	17.91	34.85	11.41	19.96	16.26	15.00
Enterprise Value to Free Cash Flow (EV/FCFF)	23.18	259.76	35.36	17.41	0.00	26.06	0.00	17.05	27.13	161.05	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.35	1.22	0.88	0.59	1.46	0.77	0.84	1.32	1.04	0.85	0.89
Long-Term Debt to Equity	1.17	1.05	0.76	0.54	1.45	0.77	0.82	1.31	1.03	0.85	0.88
Financial Leverage	1.46	1.26	1.00	0.69	0.98	0.86	0.71	0.96	0.85	0.61	0.67
Leverage Ratio	3.46	3.13	2.66	2.23	2.65	2.59	2.34	2.64	2.71	2.39	2.28
Compound Leverage Factor	2.64	2.47	2.22	1.91	4.92	2.32	2.15	2.39	2.39	2.06	1.95
Debt to Total Capital	57.44%	55.03%	46.68%	37.16%	59.27%	43.60%	45.65%	56.96%	51.00%	45.98%	46.99%
Short-Term Debt to Total Capital	7.46%	7.60%	6.01%	3.25%	0.41%	0.37%	0.96%	0.64%	0.45%	0.33%	0.16%
Long-Term Debt to Total Capital	49.98%	47.43%	40.67%	33.91%	58.86%	43.23%	44.69%	56.32%	50.55%	45.66%	46.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	17.17%	16.39%	15.51%	14.60%	13.44%	12.92%	10.43%	7.39%	4.87%	3.64%	2.64%
Common Equity to Total Capital	25.39%	28.58%	37.81%	48.24%	27.29%	43.48%	43.92%	35.66%	44.12%	50.37%	50.38%
Debt to EBITDA	2.82	2.75	2.26	1.46	18.27	1.66	1.66	1.51	1.46	1.61	1.99
Net Debt to EBITDA	2.78	2.71	2.15	1.42	15.48	1.27	1.62	1.26	0.92	1.07	1.73
Long-Term Debt to EBITDA	2.46	2.37	1.97	1.33	18.14	1.65	1.62	1.49	1.45	1.60	1.98
Debt to NOPAT	7.45	9.06	5.05	3.13	-17.11	3.30	3.16	2.37	2.39	2.78	3.69
Net Debt to NOPAT	7.33	8.92	4.82	3.04	-14.50	2.52	3.09	1.98	1.51	1.86	3.22
Long-Term Debt to NOPAT	6.48	7.81	4.40	2.86	-16.99	3.27	3.09	2.35	2.37	2.76	3.68
Altman Z-Score	2.42	2.51	3.12	3.60	1.38	4.68	5.15	4.59	6.46	4.72	4.44
Noncontrolling Interest Sharing Ratio	41.91%	38.29%	32.38%	25.95%	29.19%	27.19%	21.01%	18.23%	13.10%	8.15%	5.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.72	2.07	2.26	2.80	2.33	2.23	2.69	2.96	3.33	2.42
Quick Ratio	0.77	0.69	0.86	0.95	1.57	1.35	0.92	1.38	1.85	2.00	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	68	6.37	52	103	-1,031	311	-29	473	528	59	-412
Operating Cash Flow to CapEx	301.15%	203.21%	328.75%	349.39%	452.43%	574.19%	184.39%	424.06%	390.58%	273.07%	327.93%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.21	1.27	1.33	0.98	0.83	1.09	1.11	0.93	0.83	0.74
Accounts Receivable Turnover	7.57	7.07	7.80	7.72	8.65	9.09	9.58	9.47	9.12	8.84	8.43
Inventory Turnover	4.09	3.93	3.94	4.00	4.96	4.43	4.95	4.08	3.72	3.80	3.65
Fixed Asset Turnover	3.36	3.15	3.30	3.47	3.80	0.00	0.00	4.54	3.57	3.01	2.69
Accounts Payable Turnover	8.69	7.96	9.04	10.63	13.55	9.31	9.94	8.98	7.44	7.66	8.26
Days Sales Outstanding (DSO)	48.24	51.65	46.77	47.31	42.20	40.15	38.09	38.55	40.03	41.27	43.30
Days Inventory Outstanding (DIO)	89.14	92.80	92.72	91.15	73.54	82.36	73.71	89.56	98.00	96.04	99.99
Days Payable Outstanding (DPO)	42.02	45.85	40.38	34.35	26.93	39.22	36.71	40.66	49.04	47.63	44.17
Cash Conversion Cycle (CCC)	95.35	98.61	99.10	104.11	88.81	83.29	75.09	87.45	88.99	89.67	99.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	732	773	796	788	1,752	1,691	2,013	2,094	2,124	2,565	3,438
Invested Capital Turnover	1.75	1.67	1.70	1.75	1.32	1.15	1.50	1.50	1.36	1.24	1.02
Increase / (Decrease) in Invested Capital	-11	41	23	-8.11	964	-62	322	81	30	441	882
Enterprise Value (EV)	1,572	1,655	1,839	1,787	3,212	8,099	9,580	8,074	14,327	9,454	12,290
Market Capitalization	1,027	1,105	1,351	1,384	1,986	7,228	8,460	6,804	13,356	8,415	10,682
Book Value per Share	$3.52	$4.04	$5.47	$6.71	$7.64	$11.57	$12.42	$10.15	$14.86	$19.66	$23.86
Tangible Book Value per Share	$0.50	$1.28	$2.85	$4.27	($9.12)	($3.69)	($2.07)	($2.51)	$2.36	$4.60	($0.42)
Total Capital	738	779	814	797	1,926	1,886	2,033	2,311	2,614	3,028	3,690
Total Debt	424	429	380	296	1,142	822	928	1,316	1,333	1,393	1,734
Total Long-Term Debt	369	370	331	270	1,134	815	909	1,302	1,321	1,383	1,728
Net Debt	418	422	362	287	968	627	908	1,099	843	929	1,511
Capital Expenditures (CapEx)	45	51	42	43	68	79	149	167	184	213	250
Debt-free, Cash-free Net Working Capital (DFCFNWC)	236	238	268	277	262	237	480	436	382	473	504
Debt-free Net Working Capital (DFNWC)	242	244	286	286	436	432	500	653	872	936	727
Net Working Capital (NWC)	187	185	237	260	428	425	481	639	860	926	721
Net Nonoperating Expense (NNE)	26	11	10	13	125	23	19	43	44	48	41
Net Nonoperating Obligations (NNO)	418	422	362	287	968	627	908	1,099	843	929	1,482
Total Depreciation and Amortization (D&A)	72	74	76	73	159	146	142	147	157	185	218
Debt-free, Cash-free Net Working Capital to Revenue	18.28%	18.90%	20.18%	20.02%	15.64%	11.94%	17.33%	14.21%	13.29%	16.29%	16.53%
Debt-free Net Working Capital to Revenue	18.79%	19.41%	21.50%	20.67%	26.05%	21.77%	18.06%	21.28%	30.34%	32.24%	23.84%
Net Working Capital to Revenue	14.52%	14.70%	17.83%	18.79%	25.57%	21.42%	17.36%	20.80%	29.93%	31.90%	23.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.51	$1.00	$1.23	($3.21)	$2.64	$3.22	$6.16	$6.52	$5.81	$5.48
Adjusted Weighted Average Basic Shares Outstanding	53.98M	54.92M	55.70M	57.03M	63.82M	70.16M	71.28M	82.32M	78.25M	77.55M	77.76M
Adjusted Diluted Earnings per Share	$0.27	$0.50	$0.99	$1.22	($3.21)	$2.59	$3.15	$6.08	$6.45	$5.76	$5.44
Adjusted Weighted Average Diluted Shares Outstanding	55.05M	55.62M	56.33M	57.61M	63.82M	71.57M	72.91M	83.34M	79.02M	78.19M	78.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.50M	55.34M	56.56M	57.52M	69.34M	71.59M	84.35M	78.97M	77.43M	77.59M	76.60M
Normalized Net Operating Profit after Tax (NOPAT)	57	53	88	97	-63	252	296	558	551	503	484
Normalized NOPAT Margin	4.45%	4.19%	6.61%	7.02%	-3.76%	12.73%	10.69%	18.16%	19.17%	17.32%	15.88%
Pre Tax Income Margin	4.59%	5.16%	5.78%	8.06%	-10.73%	15.75%	13.85%	21.40%	23.20%	20.30%	18.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.13%	46.84%	28.52%	32.10%	-48.03%	14.22%	14.00%	8.79%	9.30%	10.99%	13.55%
Augmented Payout Ratio	53.13%	46.84%	40.78%	42.92%	-48.03%	14.22%	120.17%	121.24%	49.69%	26.44%	34.99%

This table displays calculated financial ratios and metrics derived from Advanced Drainage Systems' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	12/31/2023	3/31/2023	6/30/2024	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.10%	1.10%	4.79%	-11.76%	0.00%	5.87%	4.79%	0.31%	4.25%	-5.82%	1.78%
EBITDA Growth	22.10%	35.89%	-4.12%	-4.94%	-1.54%	12.12%	-4.12%	-13.72%	-8.48%	-7.70%	-4.27%
EBIT Growth	22.88%	56.59%	-6.29%	-5.36%	0.00%	11.77%	-6.29%	-5.45%	-16.69%	-14.74%	-8.95%
NOPAT Growth	26.03%	127.49%	-7.20%	-11.35%	0.00%	5.82%	-7.20%	-2.89%	-20.15%	-15.17%	-10.17%
Net Income Growth	28.49%	100.97%	-6.66%	-10.66%	0.00%	10.62%	-6.66%	-4.27%	-23.01%	-19.58%	-11.23%
EPS Growth	35.35%	85.37%	-5.50%	-5.00%	0.00%	14.02%	-5.50%	-2.34%	-22.39%	-18.85%	-10.68%
Operating Cash Flow Growth	165.98%	-41.55%	-24.82%	42.67%	-8.30%	-62.71%	-24.82%	0.00%	-21.32%	133.37%	49.91%
Free Cash Flow Firm Growth	149.52%	100.92%	-205.66%	6,014.26%	1,795.78%	303.66%	-79.00%	-194.67%	-212.75%	-561.55%	-619.77%
Invested Capital Growth	0.45%	4.02%	0.00%	0.00%	0.00%	1.41%	6.63%	0.00%	0.00%	20.79%	15.68%
Revenue Q/Q Growth	-25.09%	12.70%	9.22%	-4.31%	-15.11%	-1.29%	24.70%	0.00%	-11.76%	-10.83%	34.77%
EBITDA Q/Q Growth	-20.55%	-29.21%	94.49%	-13.10%	-17.71%	-5.17%	47.47%	0.00%	-12.72%	-4.37%	52.96%
EBIT Q/Q Growth	-27.24%	-34.79%	126.42%	-11.91%	-23.11%	-9.49%	63.13%	0.00%	-32.25%	-7.37%	74.21%
NOPAT Q/Q Growth	-28.01%	-29.85%	106.36%	-14.93%	-18.79%	-11.35%	63.29%	0.00%	-33.23%	-5.82%	72.92%
Net Income Q/Q Growth	-30.32%	-27.78%	110.29%	-15.58%	-22.00%	-10.67%	70.01%	0.00%	-37.27%	-6.69%	87.65%
EPS Q/Q Growth	-25.56%	-43.28%	171.05%	-16.99%	-21.64%	-8.96%	68.85%	0.00%	-37.72%	-4.81%	85.86%
Operating Cash Flow Q/Q Growth	36.35%	-82.00%	287.20%	50.16%	-12.36%	-92.68%	938.30%	0.00%	0.00%	-78.29%	566.98%
Free Cash Flow Firm Q/Q Growth	395.22%	-97.62%	-76,815.31%	209.52%	-5.37%	-44.54%	-52.41%	0.00%	-12.70%	8.86%	46.41%
Invested Capital Q/Q Growth	-4.41%	6.13%	4.65%	-100.00%	0.00%	7.63%	3.20%	0.00%	9.77%	4.51%	-1.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.23%	27.75%	40.78%	38.79%	39.23%	38.54%	40.78%	37.56%	34.99%	36.74%	39.82%
EBITDA Margin	30.15%	18.94%	33.72%	30.62%	29.68%	28.51%	33.72%	26.34%	26.06%	27.94%	31.71%
Operating Margin	23.14%	13.80%	27.75%	25.38%	23.14%	20.70%	27.75%	23.94%	18.37%	19.00%	24.79%
EBIT Margin	23.86%	13.81%	28.62%	26.34%	23.86%	21.88%	28.62%	24.83%	19.07%	19.80%	25.60%
Profit (Net Income) Margin	16.14%	10.34%	19.91%	17.56%	16.14%	14.60%	19.91%	16.76%	11.92%	12.47%	17.36%
Tax Burden Percent	78.76%	81.10%	77.11%	74.63%	78.76%	79.46%	77.11%	76.63%	75.80%	77.39%	76.07%
Interest Burden Percent	85.87%	92.36%	90.22%	89.33%	85.87%	84.01%	90.22%	88.08%	82.46%	81.36%	89.16%
Effective Tax Rate	22.20%	18.80%	23.70%	25.86%	22.20%	21.92%	23.70%	23.91%	24.95%	23.35%	24.64%
Return on Invested Capital (ROIC)	28.01%	16.76%	60.05%	0.00%	0.00%	22.04%	29.03%	0.00%	0.00%	18.04%	23.08%
ROIC Less NNEP Spread (ROIC-NNEP)	26.55%	16.11%	57.50%	0.00%	0.00%	20.98%	27.86%	0.00%	0.00%	16.59%	21.67%
Return on Net Nonoperating Assets (RNNOA)	20.07%	15.40%	33.50%	0.00%	0.00%	17.91%	19.52%	0.00%	0.00%	10.08%	10.71%
Return on Equity (ROE)	48.08%	32.16%	93.55%	0.00%	0.00%	39.95%	48.56%	0.00%	0.00%	28.12%	33.79%
Cash Return on Invested Capital (CROIC)	25.25%	23.05%	-150.62%	0.00%	0.00%	25.04%	19.21%	0.00%	0.00%	2.50%	5.88%
Operating Return on Assets (OROA)	25.56%	15.28%	25.80%	0.00%	0.00%	20.38%	25.65%	0.00%	0.00%	16.53%	20.31%
Return on Assets (ROA)	17.29%	11.44%	17.95%	0.00%	0.00%	13.61%	17.85%	0.00%	0.00%	10.41%	13.78%
Return on Common Equity (ROCE)	40.26%	26.30%	85.33%	0.00%	0.00%	34.71%	42.94%	0.00%	0.00%	25.83%	31.34%
Return on Equity Simple (ROE_SIMPLE)	43.81%	0.00%	39.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	119	84	173	147	119	106	173	143	95	90	155
NOPAT Margin	18.00%	11.20%	21.17%	18.82%	18.00%	16.17%	21.17%	18.22%	13.79%	14.56%	18.68%
Net Nonoperating Expense Percent (NNEP)	1.46%	0.64%	2.55%	0.00%	0.00%	1.05%	1.18%	3.07%	2.90%	1.45%	1.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	4.22%	6.56%	-	3.34%	3.05%	5.03%
Cost of Revenue to Revenue	60.77%	72.25%	59.22%	61.21%	60.77%	61.46%	59.22%	62.44%	65.01%	63.26%	60.18%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.09%	13.95%	13.03%	13.41%	16.09%	17.83%	13.03%	13.62%	16.61%	17.75%	15.03%
Earnings before Interest and Taxes (EBIT)	158	103	233	206	158	143	233	194	132	122	212
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	200	141	275	239	197	186	275	206	180	172	263
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.14	8.26	9.83	0.00	0.00	11.52	9.78	8.85	6.18	5.52	5.33
Price to Tangible Book Value (P/TBV)	114.49	0.00	40.67	0.00	0.00	72.41	40.46	28.31	33.44	23.56	17.54
Price to Revenue (P/Rev)	3.57	2.22	4.00	2.97	3.63	4.62	4.24	0.00	0.00	2.90	3.05
Price to Earnings (P/E)	23.31	13.42	25.10	18.64	22.80	26.06	24.82	0.00	0.00	18.69	20.60
Dividend Yield	0.38%	0.57%	0.36%	0.46%	0.39%	0.33%	0.36%	0.38%	0.54%	0.59%	0.57%
Earnings Yield	4.29%	7.45%	3.98%	5.36%	4.39%	3.84%	4.03%	0.00%	0.00%	5.35%	4.86%
Enterprise Value to Invested Capital (EV/IC)	6.00	3.86	6.09	0.00	0.00	6.71	6.06	5.83	4.06	3.69	3.86
Enterprise Value to Revenue (EV/Rev)	3.86	2.63	4.29	0.00	0.00	4.96	4.56	0.00	0.00	3.26	3.35
Enterprise Value to EBITDA (EV/EBITDA)	14.06	9.24	15.48	0.00	0.00	15.62	14.75	0.00	0.00	10.91	11.44
Enterprise Value to EBIT (EV/EBIT)	17.15	11.10	18.76	0.00	0.00	18.87	17.95	0.00	0.00	13.88	14.80
Enterprise Value to NOPAT (EV/NOPAT)	23.39	14.56	24.67	0.00	0.00	25.57	24.41	0.00	0.00	18.90	20.26
Enterprise Value to Operating Cash Flow (EV/OCF)	15.14	11.41	20.62	0.00	0.00	19.86	20.20	21.40	17.86	16.26	14.52
Enterprise Value to Free Cash Flow (EV/FCFF)	23.81	17.05	0.00	0.00	0.00	27.00	32.57	0.00	0.00	161.05	70.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.32	0.97	0.00	0.00	1.04	0.97	0.91	0.88	0.85	0.78
Long-Term Debt to Equity	1.06	1.31	0.97	0.00	0.00	1.03	0.97	0.90	0.87	0.85	0.78
Financial Leverage	0.76	0.96	0.58	0.00	0.00	0.85	0.70	0.50	0.57	0.61	0.49
Leverage Ratio	2.55	2.64	2.49	0.00	0.00	2.71	2.60	2.37	2.30	2.39	2.33
Compound Leverage Factor	2.19	2.44	2.25	0.00	0.00	2.28	2.35	2.09	1.90	1.94	2.07
Debt to Total Capital	51.78%	56.96%	49.33%	0.00%	0.00%	51.00%	49.33%	47.62%	46.85%	45.98%	43.96%
Short-Term Debt to Total Capital	0.48%	0.64%	0.42%	0.00%	0.00%	0.45%	0.42%	0.39%	0.36%	0.33%	0.29%
Long-Term Debt to Total Capital	51.29%	56.32%	48.91%	0.00%	0.00%	50.55%	48.91%	47.23%	46.48%	45.66%	43.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.66%	7.39%	4.45%	0.00%	0.00%	4.87%	4.45%	4.07%	3.85%	3.64%	3.38%
Common Equity to Total Capital	42.57%	35.66%	46.21%	0.00%	0.00%	44.12%	46.21%	48.32%	49.30%	50.37%	52.66%
Debt to EBITDA	1.56	1.51	1.56	0.00	0.00	1.46	1.50	0.00	0.00	1.61	1.63
Net Debt to EBITDA	0.89	1.26	0.94	0.00	0.00	0.92	0.90	0.00	0.00	1.07	0.89
Long-Term Debt to EBITDA	1.54	1.49	1.55	0.00	0.00	1.45	1.48	0.00	0.00	1.60	1.62
Debt to NOPAT	2.59	2.37	2.49	0.00	0.00	2.39	2.48	0.00	0.00	2.78	2.89
Net Debt to NOPAT	1.48	1.98	1.49	0.00	0.00	1.51	1.48	0.00	0.00	1.86	1.57
Long-Term Debt to NOPAT	2.57	2.35	2.47	0.00	0.00	2.37	2.46	0.00	0.00	2.76	2.87
Altman Z-Score	5.28	3.88	5.57	0.00	0.00	5.82	5.49	0.00	0.00	4.22	4.34
Noncontrolling Interest Sharing Ratio	16.25%	18.23%	8.79%	0.00%	0.00%	13.10%	11.57%	0.00%	0.00%	8.15%	7.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.03	2.69	2.89	0.00	0.00	2.96	2.89	3.19	3.21	3.33	3.22
Quick Ratio	1.96	1.38	1.85	0.00	0.00	1.85	1.85	2.08	1.90	2.00	2.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	110	2.63	-2,019	2,211	2,092	76	36	-2,093	-2,359	-352	-188
Operating Cash Flow to CapEx	644.23%	118.27%	317.81%	5,585.84%	449.03%	37.25%	317.81%	0.00%	350.26%	88.60%	522.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.11	0.90	0.00	0.00	0.93	0.90	0.00	0.00	0.83	0.79
Accounts Receivable Turnover	11.26	9.47	8.42	0.00	0.00	9.12	8.18	0.00	0.00	8.84	7.79
Inventory Turnover	4.54	4.08	4.08	0.00	0.00	3.72	3.83	0.00	0.00	3.80	3.88
Fixed Asset Turnover	4.37	4.54	3.35	0.00	0.00	3.57	3.48	0.00	0.00	3.01	2.91
Accounts Payable Turnover	9.80	8.98	7.51	0.00	0.00	7.44	7.50	0.00	0.00	7.66	7.43
Days Sales Outstanding (DSO)	32.41	38.55	43.36	0.00	0.00	40.03	44.60	0.00	0.00	41.27	46.83
Days Inventory Outstanding (DIO)	80.42	89.56	89.52	0.00	0.00	98.00	95.39	0.00	0.00	96.04	94.07
Days Payable Outstanding (DPO)	37.25	40.66	48.60	0.00	0.00	49.04	48.65	0.00	0.00	47.63	49.15
Cash Conversion Cycle (CCC)	75.58	87.45	84.28	0.00	0.00	88.99	91.35	0.00	0.00	89.67	91.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,973	2,094	2,192	0.00	0.00	2,124	2,192	2,236	2,454	2,565	2,535
Invested Capital Turnover	1.56	1.50	2.84	0.00	0.00	1.36	1.37	0.00	0.00	1.24	1.24
Increase / (Decrease) in Invested Capital	8.87	81	2,192	-2,064	-1,973	30	136	2,236	2,454	441	344
Enterprise Value (EV)	11,832	8,074	13,347	0.00	0.00	14,257	13,282	13,043	9,966	9,454	9,775
Market Capitalization	10,938	6,804	12,418	8,922	10,913	13,286	12,353	12,184	8,963	8,415	8,911
Book Value per Share	$13.84	$10.15	$16.31	$0.00	$0.00	$14.86	$16.31	$17.76	$18.71	$19.66	$21.54
Tangible Book Value per Share	$1.23	($2.51)	$3.94	$0.00	$0.00	$2.36	$3.94	$5.55	$3.46	$4.60	$6.55
Total Capital	2,534	2,311	2,733	0.00	0.00	2,614	2,733	2,849	2,943	3,028	3,173
Total Debt	1,312	1,316	1,348	0.00	0.00	1,333	1,348	1,357	1,379	1,393	1,395
Total Long-Term Debt	1,300	1,302	1,337	0.00	0.00	1,321	1,337	1,345	1,368	1,383	1,386
Net Debt	751	1,099	807	0.00	0.00	843	807	744	890	929	757
Capital Expenditures (CapEx)	41	40	58	4.93	54	47	58	0.00	54	47	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	281	436	401	0.00	0.00	382	401	423	379	473	416
Debt-free Net Working Capital (DFNWC)	842	653	943	0.00	0.00	872	943	1,036	868	936	1,055
Net Working Capital (NWC)	829	639	931	0.00	0.00	860	931	1,025	857	926	1,045
Net Nonoperating Expense (NNE)	12	6.45	10	9.80	12	10	10	11	13	13	11
Net Nonoperating Obligations (NNO)	751	1,099	807	0.00	0.00	843	807	744	890	929	757
Total Depreciation and Amortization (D&A)	42	38	42	33	39	43	42	12	48	50	51
Debt-free, Cash-free Net Working Capital to Revenue	9.17%	14.21%	12.91%	0.00%	0.00%	13.29%	13.78%	0.00%	0.00%	16.29%	14.27%
Debt-free Net Working Capital to Revenue	27.48%	21.28%	30.33%	0.00%	0.00%	30.34%	32.38%	0.00%	0.00%	32.24%	36.14%
Net Working Capital to Revenue	27.07%	20.80%	29.96%	0.00%	0.00%	29.93%	31.99%	0.00%	0.00%	31.90%	35.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.36	$0.78	$2.08	$0.00	$0.00	$1.23	$2.08	$1.68	$1.05	$1.00	$1.85
Adjusted Weighted Average Basic Shares Outstanding	77.86M	82.32M	77.54M	0.00	0.00	78.25M	77.54M	77.54M	77.54M	77.55M	77.64M
Adjusted Diluted Earnings per Share	$1.34	$0.76	$2.06	$0.00	$0.00	$1.22	$2.06	$1.67	$1.04	$0.99	$1.84
Adjusted Weighted Average Diluted Shares Outstanding	78.59M	83.34M	78.28M	0.00	0.00	79.02M	78.28M	78.11M	78.12M	78.19M	78.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.62M	78.97M	77.52M	0.00	0.00	77.43M	77.52M	77.54M	77.57M	77.59M	77.75M
Normalized Net Operating Profit after Tax (NOPAT)	121	96	173	147	121	108	173	143	95	92	160
Normalized NOPAT Margin	18.30%	12.87%	21.20%	18.83%	18.30%	16.44%	21.20%	18.28%	13.74%	14.99%	19.32%
Pre Tax Income Margin	20.49%	12.75%	25.82%	23.53%	20.49%	18.38%	25.82%	21.87%	15.72%	16.11%	22.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.95%	8.79%	9.26%	9.32%	9.30%	9.30%	9.78%	0.00%	0.00%	10.99%	11.81%
Augmented Payout Ratio	46.66%	121.24%	124.61%	109.44%	128.25%	49.69%	51.40%	0.00%	0.00%	26.44%	16.57%

Financials Breakdown Chart

Key Financial Trends

Advanced Drainage Systems (NYSE: WMS) showed solid profitability and strong operating cash flow in its latest quarter, but the company is also carrying a large debt load and has seen some recent pressure in top-line growth and margins compared with prior periods.

For Q1 fiscal 2026, revenue rose to $829.9 million from $815.3 million in Q1 fiscal 2025, a modest year-over-year increase. Gross profit came in at $330.4 million, while operating income reached $205.7 million. Net income was $144.1 million, or $1.84 diluted EPS.

Cash generation remained a key strength. WMS produced $275.0 million in operating cash flow in the quarter, far ahead of reported net income, which suggests earnings were supported by non-cash items and working-capital benefits. However, investing outflows remained elevated due to capital spending and acquisitions.

The balance sheet remains sizable, with $639 million in cash and equivalents and $3.91 billion in total assets. At the same time, total liabilities were $2.13 billion, including $1.25 billion of long-term debt and $135.7 million of capital lease obligations. Equity stood at $1.67 billion.

Q1 fiscal 2026 revenue increased year over year, showing continued demand growth.
Operating income of $205.7 million points to strong core profitability.
Operating cash flow of $275.0 million was robust and exceeded net income.
The company ended the quarter with a strong cash position of $638.3 million.
Gross profit of $330.4 million remained healthy despite a heavy cost structure.
EPS remained solid at $1.84 diluted, but share count was still high at about 78.1 million diluted shares.
Capital spending was still significant at $52.6 million in the quarter.
The company continued paying dividends, which supports shareholder returns but also uses cash.
Long-term debt of $1.25 billion keeps leverage elevated.
Recent balance sheet trends show inventory and receivables remain large, which can tie up working capital.

Looking at the broader four-year trend, WMS has generally delivered strong earnings and cash flow, but the recent comparison shows some signs of moderation. Revenue in the latest quarter was only slightly above the prior-year quarter, and operating income was below the stronger levels seen in some earlier periods. Even so, the business still appears to be generating substantial free cash flow potential thanks to its asset-heavy, cash-generative model.

Bottom line: WMS continues to look like a profitable, cash-generating industrial company, but investors should keep an eye on debt levels, working-capital swings, and whether revenue growth re-accelerates.

06/08/26 01:20 AM ETAI Generated. May Contain Errors.

Advanced Drainage Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Advanced Drainage Systems' financial year ends in March. Their financial year 2026 ended on March 31, 2026.

Advanced Drainage Systems' net income appears to be on an upward trend, with a most recent value of $428.77 million in 2026, rising from $30.57 million in 2016. The previous period was $452.57 million in 2025. Find out what analysts predict for Advanced Drainage Systems in the coming months.

Advanced Drainage Systems' total operating income in 2026 was $619.20 million, based on the following breakdown:

Total Gross Profit: $1.17 billion
Total Operating Expenses: $548.18 million

Over the last 10 years, Advanced Drainage Systems' total revenue changed from $1.29 billion in 2016 to $3.05 billion in 2026, a change of 136.3%.

Advanced Drainage Systems' total liabilities were at $2.55 billion at the end of 2026, a 24.1% increase from 2025, and a 252.6% increase since 2016.

In the past 10 years, Advanced Drainage Systems' cash and equivalents has ranged from $6.45 million in 2017 to $490.16 million in 2024, and is currently $223.01 million as of their latest financial filing in 2026.

Over the last 10 years, Advanced Drainage Systems' book value per share changed from 3.52 in 2016 to 23.86 in 2026, a change of 578.0%.

Related Companies

Financial statements for NYSE:WMS last updated on 5/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Advanced Drainage Systems (WMS) Financials

Financials Breakdown Chart

Key Financial Trends

Advanced Drainage Systems Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Advanced Drainage Systems (WMS) Financials

Annual Income Statements for Advanced Drainage Systems

Quarterly Income Statements for Advanced Drainage Systems

Annual Cash Flow Statements for Advanced Drainage Systems

Quarterly Cash Flow Statements for Advanced Drainage Systems

Annual Balance Sheets for Advanced Drainage Systems

Quarterly Balance Sheets for Advanced Drainage Systems

Annual Metrics And Ratios for Advanced Drainage Systems

Quarterly Metrics And Ratios for Advanced Drainage Systems

Financials Breakdown Chart

Key Financial Trends

Advanced Drainage Systems Financials - Frequently Asked Questions

When does Advanced Drainage Systems' fiscal year end?

How has Advanced Drainage Systems' net income changed over the last 10 years?

What is Advanced Drainage Systems' operating income?

How has Advanced Drainage Systems' revenue changed over the last 10 years?

How much debt does Advanced Drainage Systems have?

How much cash does Advanced Drainage Systems have?

How has Advanced Drainage Systems' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools