Advanced Drainage Systems (WMS) Financials

$135.56 -0.09 (-0.06%)

Closing price 03:59 PM Eastern

Extended Trading

$135.28 -0.28 (-0.20%)

As of 07:53 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Net Income / (Loss) Attributable to Common Shareholders	-20	25	33	62	78	-193	224	271	507	510	450
Consolidated Net Income / (Loss)	-3.70	31	36	65	81	-192	226	275	511	513	453
Net Income / (Loss) Continuing Operations	-3.70	31	36	65	81	-192	226	275	511	513	453
Total Pre-Tax Income	4.92	59	65	77	112	-180	312	384	657	667	589
Total Operating Income	39	94	76	88	129	-95	345	412	719	732	657
Total Gross Profit	205	285	296	302	327	316	690	800	1,118	1,146	1,094
Total Revenue	1,180	1,291	1,257	1,330	1,385	1,674	1,983	2,769	3,071	2,874	2,904
Operating Revenue	1,180	1,291	1,257	1,330	1,385	1,674	1,983	2,769	3,071	2,874	2,904
Total Cost of Revenue	975	1,005	961	1,028	1,058	1,357	1,293	1,969	1,953	1,729	1,810
Operating Cost of Revenue	975	1,005	961	1,028	1,058	1,357	1,293	1,969	1,953	1,729	1,810
Total Operating Expenses	166	191	219	214	198	412	346	388	399	414	437
Selling, General & Admin Expense	76	93	111	98	186	349	268	321	340	371	380
Amortization Expense	9.75	9.22	8.55	8.07	7.88	57	74	64	55	51	53
Other Special Charges / (Income)	0.36	0.81	8.51	15	3.65	5.34	4.28	3.40	4.40	-8.37	3.86
Total Other Income / (Expense), net	-34	-35	-11	-11	-18	-84	-32	-28	-62	-65	-68
Interest & Investment Income	-19	-18	-17	-15	-19	-83	-36	-34	-70	-89	-92
Other Income / (Expense), net	-14	-17	5.97	3.95	0.82	-1.55	3.40	5.14	7.97	23	24
Income Tax Expense	6.28	23	25	11	30	14	86	110	151	159	141
Other Gains / (Losses), net	-2.34	-5.23	-4.31	-0.74	-0.10	1.91	0.20	1.59	4.84	5.54	4.17
Net Income / (Loss) Attributable to Noncontrolling Interest	4.13	5.52	2.96	2.79	3.69	1.38	1.86	3.70	4.27	3.38	2.40
Basic Earnings per Share	($0.38)	$0.40	$0.51	$1.00	$1.23	($3.21)	$2.64	$3.22	$6.16	$6.52	$5.81
Weighted Average Basic Shares Outstanding	51.34M	53.98M	54.92M	55.70M	57.03M	63.82M	70.16M	71.28M	82.32M	78.25M	77.55M
Diluted Earnings per Share	($0.38)	$0.39	$0.50	$0.99	$1.22	($3.21)	$2.59	$3.15	$6.08	$6.45	$5.76
Weighted Average Diluted Shares Outstanding	51.34M	55.18M	55.62M	56.33M	57.61M	63.82M	71.57M	72.91M	83.34M	79.02M	78.19M
Weighted Average Basic & Diluted Shares Outstanding	51.80M	53.50M	64.60M	62M	57.52M	69.34M	71.59M	84.35M	78.97M	77.43M	77.59M
Cash Dividends to Common per Share	$0.08	$0.20	$0.24	$0.28	$0.32	$1.36	$0.36	$0.44	$0.48	$0.56	$0.64

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	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	82	76	174	136	106	95	161	130	81	77	144
Consolidated Net Income / (Loss)	83	77	174	137	107	95	162	131	82	77	144
Net Income / (Loss) Continuing Operations	83	77	174	137	107	95	162	131	82	77	144
Total Pre-Tax Income	109	95	227	184	136	120	211	171	109	99	189
Total Operating Income	124	103	245	198	153	135	226	187	127	117	206
Total Gross Profit	224	207	331	303	260	252	332	294	242	226	330
Total Revenue	655	746	778	780	662	654	815	783	691	616	830
Operating Revenue	655	746	778	780	662	654	815	783	691	616	830
Total Cost of Revenue	431	539	447	478	403	402	483	489	449	390	499
Operating Cost of Revenue	431	539	447	478	403	402	483	489	449	390	499
Total Operating Expenses	99	104	86	105	107	117	106	107	115	109	125
Marketing Expense	86	-	87	92	91	-	94	94	101	-	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	-0.48	3.43	7.02
Total Other Income / (Expense), net	-16	-7.83	-18	-14	-18	-15	-16	-16	-18	-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	4.79	4.97	6.71
Income Tax Expense	26	18	55	47	30	26	50	41	27	23	47
Other Gains / (Losses), net	0.64	-0.09	1.68	0.90	1.30	1.66	1.70	0.92	0.82	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	1.06	-0.37	0.17
Basic Earnings per Share	$1.00	$0.78	$2.20	$1.73	$1.36	$1.23	$2.08	$1.68	$1.05	$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	77.54M	77.55M	77.64M
Diluted Earnings per Share	$0.99	$0.76	$2.18	$1.71	$1.34	$1.22	$2.06	$1.67	$1.04	$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	78.12M	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Net Change in Cash & Equivalents	-0.31	2.93	-0.11	11	-8.70	167	21	-175	197	279	-27
Net Cash From Operating Activities	74	135	104	137	152	306	452	275	708	718	581
Net Cash From Continuing Operating Activities	74	135	104	137	152	306	452	275	708	718	582
Net Income / (Loss) Continuing Operations	-3.70	31	36	65	81	-192	226	275	511	513	453
Consolidated Net Income / (Loss)	-3.70	31	36	65	81	-192	226	275	511	513	453
Depreciation Expense	65	71	72	75	72	125	146	142	145	155	183
Amortization Expense	1.41	1.41	1.41	0.93	0.74	34	0.38	0.38	1.42	2.04	2.04
Non-Cash Adjustments To Reconcile Net Income	47	20	12	30	23	288	73	97	26	24	26
Changes in Operating Assets and Liabilities, net	-36	12	-18	-34	-25	51	7.24	-239	24	24	-82
Net Cash From Investing Activities	-76	-49	-61	-30	-43	-1,150	-78	-199	-214	-156	-448
Net Cash From Continuing Investing Activities	-76	-49	-61	-30	-43	-1,150	-78	-199	-214	-156	-448
Purchase of Property, Plant & Equipment	-32	-45	-51	-42	-43	-68	-79	-149	-167	-184	-213
Acquisitions	-36	-3.19	-8.57	0.00	0.00	-1,089	0.00	-49	-48	0.00	-237
Divestitures	0.54	-	-	-	-	-	-	0.00	0.00	27	0.00
Other Investing Activities, net	-0.60	-0.89	-1.39	11	0.87	6.53	0.88	-0.44	0.45	0.65	2.39
Net Cash From Financing Activities	1.79	-83	-43	-95	-118	1,012	-355	-251	-296	-284	-158
Net Cash From Continuing Financing Activities	1.79	-83	-43	-95	-118	1,012	-355	-251	-296	-284	-158
Repayment of Debt	-453	-484	-448	-616	-470	-951	-308	-230	-269	-15	-12
Repurchase of Common Equity	-0.00	-	-	-7.95	-8.82	0.00	0.00	-292	-575	-207	-70
Payment of Dividends	-7.87	-16	-17	-18	-26	-92	-32	-38	-45	-48	-50
Issuance of Debt	389	415	413	563	406	1,832	0.00	368	623	0.00	0.00
Other Financing Activities, net	-5.37	1.77	8.63	-15	-18	-71	-14	-59	-31	-15	-26
Effect of Exchange Rate Changes	-0.39	-0.43	-0.26	-0.59	-0.18	-	1.02	0.13	-0.05	0.80	-2.48

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Total Assets	1,038	1,037	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690
Total Current Assets	444	440	441	458	467	666	743	872	1,017	1,300	1,325
Cash & Equivalents	3.62	6.56	6.45	18	8.89	174	195	20	217	490	463
Accounts Receivable	154	187	169	172	187	200	236	342	307	324	333
Inventories, net	261	230	258	264	265	282	301	494	464	464	488
Other Current Assets	-	-	6.74	5.11	6.09	9.55	11	16	29	22	40
Plant, Property, & Equipment, net	376	392	407	399	399	481	0.00	619	733	876	1,051
Total Noncurrent Assets	218	206	199	185	177	1,222	1,671	1,158	1,151	1,093	1,315
Goodwill	99	101	101	103	103	598	599	610	620	617	720
Intangible Assets	58	60	52	44	37	555	482	431	408	353	448
Other Noncurrent Operating Assets	61	45	47	38	37	69	590	117	123	123	146
Total Liabilities & Shareholders' Equity	1,038	1,037	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690
Total Liabilities	753	723	696	609	542	1,585	1,350	1,545	1,906	1,988	2,055
Total Current Liabilities	215	252	256	221	206	238	318	391	379	440	398
Short-Term Debt	25	55	59	49	26	7.96	7.00	19	15	12	9.93
Accounts Payable	112	120	122	106	94	107	171	225	210	254	218
Accrued Expenses	54	65	66	61	62	101	116	135	142	155	137
Current Deferred & Payable Income Tax Liabilities	6.30	2.26	8.21	6.31	1.76	2.05	4.70	6.84	3.06	-	0.00
Other Current Liabilities	-	-	-	-	23	20	19	5.09	8.54	18	33
Total Noncurrent Liabilities	538	471	440	388	335	1,347	1,032	1,153	1,527	1,549	1,656
Long-Term Debt	390	312	311	271	270	1,134	782	909	1,269	1,260	1,252
Capital Lease Obligations	46	57	59	60	-	-	33	-	32	62	131
Noncurrent Deferred & Payable Income Tax Liabilities	63	64	44	32	46	176	162	168	159	157	190
Other Noncurrent Operating Liabilities	39	38	27	25	19	38	55	76	67	71	83
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	108	112	113	110	102	247	230	195	153	109	93
Total Equity & Noncontrolling Interests	177	202	238	324	398	537	834	910	842	1,172	1,543
Total Preferred & Common Equity	161	187	223	308	384	526	820	893	824	1,153	1,525
Total Common Equity	161	187	223	308	384	526	820	893	824	1,153	1,525
Common Stock	736	751	768	376	402	839	930	1,077	1,147	1,232	1,289
Retained Earnings	-115	-102	-84	-39	18	-268	-75	159	626	1,092	1,493
Treasury Stock	-445	-441	-437	-8.28	-9.86	-10	-11	-319	-921	-1,141	-1,219
Accumulated Other Comprehensive Income / (Loss)	-16	-21	-25	-21	-26	-35	-24	-24	-28	-30	-37
Noncontrolling Interest	16	15	15	17	14	12	14	17	17	19	18

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.52%	9.37%	-2.59%	5.81%	4.09%	20.88%	18.46%	39.67%	10.90%	-6.40%	1.04%
EBITDA Growth	-20.56%	64.72%	3.92%	7.74%	20.65%	-69.18%	690.07%	13.23%	56.25%	4.43%	-5.04%
EBIT Growth	-50.93%	220.11%	5.84%	12.04%	41.24%	-174.41%	459.05%	19.87%	74.38%	3.90%	-9.84%
NOPAT Growth	-161.38%	632.86%	-16.87%	58.75%	25.82%	-170.58%	473.40%	17.84%	88.79%	0.56%	-10.30%
Net Income Growth	-146.35%	927.03%	17.47%	80.44%	25.73%	-335.43%	217.88%	21.64%	85.93%	0.38%	-11.83%
EPS Growth	-80.95%	202.63%	28.21%	98.00%	23.23%	-363.11%	180.69%	21.62%	93.02%	6.09%	-10.70%
Operating Cash Flow Growth	2.72%	81.96%	-22.98%	31.54%	10.62%	101.87%	47.69%	-39.21%	157.49%	1.43%	-19.00%
Free Cash Flow Firm Growth	96.01%	340.05%	-90.61%	716.48%	97.43%	-1,104.19%	130.14%	-109.26%	1,745.01%	11.53%	-88.88%
Invested Capital Growth	2.42%	-1.46%	5.60%	3.00%	-1.02%	122.40%	-3.51%	19.07%	4.02%	1.41%	20.79%
Revenue Q/Q Growth	2.18%	3.06%	-0.10%	0.45%	1.62%	6.26%	3.82%	11.90%	0.27%	0.00%	-1.29%
EBITDA Q/Q Growth	216.97%	160.17%	39.22%	12.37%	6.61%	88.39%	3.75%	5.72%	3.81%	0.00%	-1.63%
EBIT Q/Q Growth	28.38%	60.42%	-20.48%	23.85%	10.91%	-2.23%	9.47%	7.86%	5.40%	0.00%	-3.00%
NOPAT Q/Q Growth	-165.35%	22.21%	-15.16%	18.03%	6.14%	0.06%	4.86%	3.87%	9.60%	0.00%	-3.11%
Net Income Q/Q Growth	-562.58%	82.57%	-16.25%	25.58%	9.03%	0.85%	8.26%	6.85%	8.21%	0.00%	-3.97%
EPS Q/Q Growth	0.00%	129.41%	-18.03%	28.57%	8.93%	12.53%	-9.12%	6.78%	6.11%	0.00%	-3.84%
Operating Cash Flow Q/Q Growth	2.72%	81.96%	-58.63%	8.38%	3.72%	2.07%	-1.40%	39.33%	-9.41%	0.00%	4.22%
Free Cash Flow Firm Q/Q Growth	0.00%	61.65%	-87.05%	1,702.56%	10.30%	1.34%	-13.25%	17.15%	-4.74%	0.00%	67.60%
Invested Capital Q/Q Growth	3.01%	0.85%	5.54%	0.37%	-0.15%	-0.86%	2.66%	2.49%	6.13%	0.00%	4.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.38%	22.11%	23.53%	22.74%	23.61%	18.91%	34.80%	28.90%	36.42%	39.87%	37.68%
EBITDA Margin	7.73%	11.64%	12.41%	12.64%	14.65%	3.73%	24.91%	20.19%	28.45%	31.75%	29.84%
Operating Margin	3.28%	7.31%	6.07%	6.63%	9.35%	-5.70%	17.38%	14.87%	23.42%	25.47%	22.64%
EBIT Margin	2.06%	6.02%	6.55%	6.93%	9.40%	-5.79%	17.55%	15.06%	23.68%	26.29%	23.46%
Profit (Net Income) Margin	-0.31%	2.37%	2.86%	4.87%	5.88%	-11.46%	11.40%	9.93%	16.65%	17.86%	15.58%
Tax Burden Percent	-75.08%	51.55%	55.39%	84.21%	72.99%	106.78%	72.40%	71.71%	77.82%	76.98%	76.78%
Interest Burden Percent	20.27%	76.26%	78.78%	83.45%	85.70%	185.35%	89.75%	91.96%	90.35%	88.24%	86.52%
Effective Tax Rate	127.65%	39.63%	37.97%	14.83%	26.92%	0.00%	27.66%	28.70%	22.92%	23.85%	23.93%
Return on Invested Capital (ROIC)	-1.46%	7.73%	6.29%	9.58%	11.94%	-5.26%	14.48%	15.86%	27.00%	26.44%	21.33%
ROIC Less NNEP Spread (ROIC-NNEP)	0.01%	1.69%	3.57%	6.94%	7.91%	-25.19%	11.58%	13.43%	22.70%	21.88%	15.97%
Return on Net Nonoperating Assets (RNNOA)	0.02%	2.47%	4.51%	6.94%	5.49%	-24.59%	9.99%	9.51%	21.70%	18.68%	9.70%
Return on Equity (ROE)	-1.44%	10.20%	10.80%	16.52%	17.44%	-29.85%	24.47%	25.37%	48.70%	45.11%	31.04%
Cash Return on Invested Capital (CROIC)	-3.85%	9.20%	0.85%	6.63%	12.97%	-81.19%	18.05%	-1.55%	23.05%	25.04%	2.50%
Operating Return on Assets (OROA)	2.40%	7.49%	7.90%	8.83%	12.49%	-5.68%	14.55%	16.47%	26.20%	24.49%	19.58%
Return on Assets (ROA)	-0.36%	2.95%	3.45%	6.20%	7.81%	-11.24%	9.45%	10.86%	18.42%	16.64%	13.01%
Return on Common Equity (ROCE)	0.76%	5.92%	6.67%	11.17%	12.91%	-21.13%	17.82%	20.04%	39.83%	39.20%	28.51%
Return on Equity Simple (ROE_SIMPLE)	-2.30%	16.31%	16.12%	21.06%	21.20%	-36.48%	27.58%	30.80%	62.05%	44.51%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	57	47	75	95	-67	249	294	554	558	500
NOPAT Margin	-0.91%	4.41%	3.77%	5.65%	6.83%	-3.99%	12.57%	10.61%	18.05%	19.40%	17.22%
Net Nonoperating Expense Percent (NNEP)	-1.47%	6.03%	2.72%	2.64%	4.04%	19.93%	2.90%	2.43%	4.30%	4.56%	5.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	17.04%
Cost of Revenue to Revenue	82.62%	77.89%	76.47%	77.26%	76.39%	81.09%	65.20%	71.10%	63.58%	60.13%	62.32%
SG&A Expenses to Revenue	6.43%	7.17%	8.82%	7.40%	13.43%	20.88%	13.49%	11.59%	11.05%	12.90%	13.10%
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	14.11%	14.80%	17.46%	16.10%	14.27%	24.60%	17.43%	14.03%	13.00%	14.40%	15.04%
Earnings before Interest and Taxes (EBIT)	24	78	82	92	130	-97	348	417	727	756	681
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	150	156	168	203	63	494	559	874	913	867
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.92	5.48	4.96	4.39	3.60	3.78	8.82	9.47	8.26	11.58	5.52
Price to Tangible Book Value (P/TBV)	360.17	38.48	15.69	8.43	5.66	0.00	0.00	0.00	0.00	72.80	23.56
Price to Revenue (P/Rev)	1.21	0.80	0.88	1.02	1.00	1.19	3.65	3.05	2.22	4.65	2.90
Price to Earnings (P/E)	0.00	41.01	33.52	21.78	17.79	0.00	32.23	31.18	13.42	26.19	18.69
Dividend Yield	0.30%	1.04%	1.20%	1.17%	1.32%	1.25%	0.35%	0.37%	0.57%	0.33%	0.59%
Earnings Yield	0.00%	2.44%	2.98%	4.59%	5.62%	0.00%	3.10%	3.21%	7.45%	3.82%	5.35%
Enterprise Value to Invested Capital (EV/IC)	2.71	2.15	2.14	2.31	2.27	1.83	4.79	4.76	3.86	6.75	3.69
Enterprise Value to Revenue (EV/Rev)	1.71	1.22	1.32	1.38	1.29	1.92	4.08	3.46	2.63	4.98	3.26
Enterprise Value to EBITDA (EV/EBITDA)	22.10	10.47	10.60	10.94	8.81	51.39	16.40	17.13	9.24	15.70	10.91
Enterprise Value to EBIT (EV/EBIT)	82.94	20.21	20.11	19.95	13.72	0.00	23.28	22.97	11.10	18.96	13.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	27.60	34.95	24.47	18.90	0.00	32.50	32.62	14.56	25.70	18.90
Enterprise Value to Operating Cash Flow (EV/OCF)	27.09	11.61	15.87	13.41	11.78	10.49	17.91	34.85	11.41	19.96	16.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	23.18	259.76	35.36	17.41	0.00	26.06	0.00	17.05	27.13	161.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.62	1.35	1.22	0.88	0.59	1.46	0.77	0.84	1.32	1.04	0.85
Long-Term Debt to Equity	1.53	1.17	1.05	0.76	0.54	1.45	0.77	0.82	1.31	1.03	0.85
Financial Leverage	1.86	1.46	1.26	1.00	0.69	0.98	0.86	0.71	0.96	0.85	0.61
Leverage Ratio	3.95	3.46	3.13	2.66	2.23	2.65	2.59	2.34	2.64	2.71	2.39
Compound Leverage Factor	0.80	2.64	2.47	2.22	1.91	4.92	2.32	2.15	2.39	2.39	2.06
Debt to Total Capital	61.79%	57.44%	55.03%	46.68%	37.16%	59.27%	43.60%	45.65%	56.96%	51.00%	45.98%
Short-Term Debt to Total Capital	3.39%	7.46%	7.60%	6.01%	3.25%	0.41%	0.37%	0.96%	0.64%	0.45%	0.33%
Long-Term Debt to Total Capital	58.40%	49.98%	47.43%	40.67%	33.91%	58.86%	43.23%	44.69%	56.32%	50.55%	45.66%
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	16.67%	17.17%	16.39%	15.51%	14.60%	13.44%	12.92%	10.43%	7.39%	4.87%	3.64%
Common Equity to Total Capital	21.54%	25.39%	28.58%	37.81%	48.24%	27.29%	43.48%	43.92%	35.66%	44.12%	50.37%
Debt to EBITDA	5.06	2.82	2.75	2.26	1.46	18.27	1.66	1.66	1.51	1.46	1.61
Net Debt to EBITDA	5.02	2.78	2.71	2.15	1.42	15.48	1.27	1.62	1.26	0.92	1.07
Long-Term Debt to EBITDA	4.78	2.46	2.37	1.97	1.33	18.14	1.65	1.62	1.49	1.45	1.60
Debt to NOPAT	-43.14	7.45	9.06	5.05	3.13	-17.11	3.30	3.16	2.37	2.39	2.78
Net Debt to NOPAT	-42.81	7.33	8.92	4.82	3.04	-14.50	2.52	3.09	1.98	1.51	1.86
Long-Term Debt to NOPAT	-40.78	6.48	7.81	4.40	2.86	-16.99	3.27	3.09	2.35	2.37	2.76
Altman Z-Score	2.47	2.42	2.51	3.12	3.60	1.38	4.68	5.15	4.59	6.46	4.72
Noncontrolling Interest Sharing Ratio	153.09%	41.91%	38.29%	32.38%	25.95%	29.19%	27.19%	21.01%	18.23%	13.10%	8.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.06	1.74	1.72	2.07	2.26	2.80	2.33	2.23	2.69	2.96	3.33
Quick Ratio	0.73	0.77	0.69	0.86	0.95	1.57	1.35	0.92	1.38	1.85	2.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-28	68	6.37	52	103	-1,031	311	-29	473	528	59
Operating Cash Flow to CapEx	231.85%	301.15%	203.21%	328.75%	349.39%	452.43%	574.19%	184.39%	424.06%	390.58%	273.07%
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	1.16	1.24	1.21	1.27	1.33	0.98	0.83	1.09	1.11	0.93	0.83
Accounts Receivable Turnover	7.80	7.57	7.07	7.80	7.72	8.65	9.09	9.58	9.47	9.12	8.84
Inventory Turnover	3.75	4.09	3.93	3.94	4.00	4.96	4.43	4.95	4.08	3.72	3.80
Fixed Asset Turnover	3.25	3.36	3.15	3.30	3.47	3.80	0.00	0.00	4.54	3.57	3.01
Accounts Payable Turnover	8.75	8.69	7.96	9.04	10.63	13.55	9.31	9.94	8.98	7.44	7.66
Days Sales Outstanding (DSO)	46.79	48.24	51.65	46.77	47.31	42.20	40.15	38.09	38.55	40.03	41.27
Days Inventory Outstanding (DIO)	97.42	89.14	92.80	92.72	91.15	73.54	82.36	73.71	89.56	98.00	96.04
Days Payable Outstanding (DPO)	41.72	42.02	45.85	40.38	34.35	26.93	39.22	36.71	40.66	49.04	47.63
Cash Conversion Cycle (CCC)	102.49	95.35	98.61	99.10	104.11	88.81	83.29	75.09	87.45	88.99	89.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	743	732	773	796	788	1,752	1,691	2,013	2,094	2,124	2,565
Invested Capital Turnover	1.61	1.75	1.67	1.70	1.75	1.32	1.15	1.50	1.50	1.36	1.24
Increase / (Decrease) in Invested Capital	18	-11	41	23	-8.11	964	-62	322	81	30	441
Enterprise Value (EV)	2,015	1,572	1,655	1,839	1,787	3,212	8,099	9,580	8,074	14,327	9,454
Market Capitalization	1,433	1,027	1,105	1,351	1,384	1,986	7,228	8,460	6,804	13,356	8,415
Book Value per Share	$3.02	$3.52	$4.04	$5.47	$6.71	$7.64	$11.57	$12.42	$10.15	$14.86	$19.66
Tangible Book Value per Share	$0.07	$0.50	$1.28	$2.85	$4.27	($9.12)	($3.69)	($2.07)	($2.51)	$2.36	$4.60
Total Capital	746	738	779	814	797	1,926	1,886	2,033	2,311	2,614	3,028
Total Debt	461	424	429	380	296	1,142	822	928	1,316	1,333	1,393
Total Long-Term Debt	436	369	370	331	270	1,134	815	909	1,302	1,321	1,383
Net Debt	458	418	422	362	287	968	627	908	1,099	843	929
Capital Expenditures (CapEx)	32	45	51	42	43	68	79	149	167	184	213
Debt-free, Cash-free Net Working Capital (DFCFNWC)	251	236	238	268	277	262	237	480	436	382	473
Debt-free Net Working Capital (DFNWC)	254	242	244	286	286	436	432	500	653	872	936
Net Working Capital (NWC)	229	187	185	237	260	428	425	481	639	860	926
Net Nonoperating Expense (NNE)	-6.99	26	11	10	13	125	23	19	43	44	48
Net Nonoperating Obligations (NNO)	458	418	422	362	287	968	627	908	1,099	843	929
Total Depreciation and Amortization (D&A)	67	72	74	76	73	159	146	142	147	157	185
Debt-free, Cash-free Net Working Capital to Revenue	21.24%	18.28%	18.90%	20.18%	20.02%	15.64%	11.94%	17.33%	14.21%	13.29%	16.29%
Debt-free Net Working Capital to Revenue	21.55%	18.79%	19.41%	21.50%	20.67%	26.05%	21.77%	18.06%	21.28%	30.34%	32.24%
Net Working Capital to Revenue	19.40%	14.52%	14.70%	17.83%	18.79%	25.57%	21.42%	17.36%	20.80%	29.93%	31.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	$0.28	$0.51	$1.00	$1.23	($3.21)	$2.64	$3.22	$6.16	$6.52	$5.81
Adjusted Weighted Average Basic Shares Outstanding	51.34M	53.98M	54.92M	55.70M	57.03M	63.82M	70.16M	71.28M	82.32M	78.25M	77.55M
Adjusted Diluted Earnings per Share	($0.06)	$0.27	$0.50	$0.99	$1.22	($3.21)	$2.59	$3.15	$6.08	$6.45	$5.76
Adjusted Weighted Average Diluted Shares Outstanding	51.34M	55.05M	55.62M	56.33M	57.61M	63.82M	71.57M	72.91M	83.34M	79.02M	78.19M
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	51.80M	53.50M	55.34M	56.56M	57.52M	69.34M	71.59M	84.35M	78.97M	77.43M	77.59M
Normalized Net Operating Profit after Tax (NOPAT)	27	57	53	88	97	-63	252	296	558	551	503
Normalized NOPAT Margin	2.31%	4.45%	4.19%	6.61%	7.02%	-3.76%	12.73%	10.69%	18.16%	19.17%	17.32%
Pre Tax Income Margin	0.42%	4.59%	5.16%	5.78%	8.06%	-10.73%	15.75%	13.85%	21.40%	23.20%	20.30%
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	-212.91%	53.13%	46.84%	28.52%	32.10%	-48.03%	14.22%	14.00%	8.79%	9.30%	10.99%
Augmented Payout Ratio	-212.99%	53.13%	46.84%	40.78%	42.92%	-48.03%	14.22%	120.17%	121.24%	49.69%	26.44%

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

Here is a concise, data-driven snapshot of Advanced Drainage Systems (NYSE: WMS) using the latest four years of quarterly statements. The focus is on trends in revenue, profitability, cash flow, and liquidity to help retail investors gauge the company’s trajectory.

Strong quarterly operating cash flow in Q1 2026: net cash from continuing operating activities was about $275 million, underscoring solid cash generation.
Free cash flow in Q1 2026 was roughly $222 million after capital expenditures of about $52.6 million, highlighting substantial cash available for dividends, debt reduction, or buybacks.
Revenue expanded to about $829.9 million in Q1 2026, continuing the scale of the business.
Gross margin improved to about 39.9% in Q1 2026 (gross profit ~$330.4 million on ~$829.9 million in revenue), up from the prior quarter’s level.
Net income to common in Q1 2026 was ~$144.1 million with basic EPS $1.85 and diluted EPS $1.84, indicating solid profitability for the quarter.
Dividends remain a visible part of capital allocation, with cash dividends per share of $0.16 in Q1 2026.
Liquidity remains strong: cash & equivalents around $638 million and total current assets near $1.52 billion vs. total current liabilities about $472 million, yielding a current ratio around 3.2x.
Operating margin in Q1 2026 stood around 24.8% (operating income ~$205.7 million on revenue ~ $829.9 million), signaling improved efficiency and profitability.
Investing activities show ongoing capex and modest acquisitions (PPE purchases ~$52.6 million and acquisitions around $19.6 million in Q1 2026), contributing to negative investing cash flow in some periods.
Quarter-to-quarter volatility in revenue and earnings across 2023–2025 suggests seasonal or project timing effects, rather than a single, uniform trend.

05/18/26 07:30 PM 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 2025 ended on March 31, 2025.

Advanced Drainage Systems' net income appears to be on an upward trend, with a most recent value of $452.57 million in 2025, falling from -$3.70 million in 2015. The previous period was $513.29 million in 2024. View Advanced Drainage Systems' forecast to see where analysts expect Advanced Drainage Systems to go next.

Advanced Drainage Systems' total operating income in 2025 was $657.44 million, based on the following breakdown:

Total Gross Profit: $1.09 billion
Total Operating Expenses: $436.81 million

Over the last 10 years, Advanced Drainage Systems' total revenue changed from $1.18 billion in 2015 to $2.90 billion in 2025, a change of 146.1%.

Advanced Drainage Systems' total liabilities were at $2.05 billion at the end of 2025, a 3.3% increase from 2024, and a 172.9% increase since 2015.

In the past 10 years, Advanced Drainage Systems' cash and equivalents has ranged from $3.62 million in 2015 to $490.16 million in 2024, and is currently $463.32 million as of their latest financial filing in 2025.

Over the last 10 years, Advanced Drainage Systems' book value per share changed from 3.02 in 2015 to 19.66 in 2025, a change of 551.7%.

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Financial statements for NYSE:WMS last updated on 11/14/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Advanced Drainage Systems (WMS) Financials

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Advanced Drainage Systems (WMS) Financials

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