WMS on NYSE

Advanced Drainage Systems

Logo: Advanced Drainage Systems, Public domain, via Wikimedia Commons4

American drainage product company based in Hillard, Ohio, US

Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 16, 2026.

Overview

$3.1BRevenue, fiscal 20265
$426.5MNet income, fiscal 20265

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  • TickerWMS on NYSE1
  • IndustryPlastics Foam Products1
  • HeadquartersHilliard1
  • Websitewww.ads-pipe.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address4024 Green Stripe Lane, Hilliard, Oh6
  • Filer categoryLarge accelerated filer6

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Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators. It is the largest maker of high-density polyethylene pipe in the United States. It is headquartered in Hilliard, Ohio. In 2020, 93% of the company's sales were in the United States and 6% were in Canada.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

38.3%Gross margin5
20.3%Operating margin5
14.0%Net margin5
5.0%Revenue growth, 20265
22.9%Return on equity5
0.86×Debt to equity5
$569.3MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Stormwater brought in 77% of the revenue Advanced Drainage Systems broke down this way in fiscal 2026.

  1. Stormwater$2.4B577%up 3% from 2025
  2. Wastewater$714.5M523%up 13% from 2025
Business segments by year
Business segments202420252026
Stormwater$2.4B$2.4B$2.4B
Wastewater$566.5M$629.9M$714.5M

Regions

United States brought in 94% of the revenue Advanced Drainage Systems broke down this way in fiscal 2026.

  1. United States$2.9B594%up 5% from 2025
  2. CA [member]$119.3M54%down 0% from 2025
  3. Other Countries$73.6M52%down 2% from 2025
Regions by year
Regions202420252026
United States$2.7B$2.7B$2.9B
CA [member]$126.0M$119.5M$119.3M
Other Countries$81.7M$75.1M$73.6M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Other costs82¢$2.5B
  • Income tax4¢$135.0M
  • Profit14¢$426.5M

Out of $3.1B in revenue.5

Where each dollar of operating cash went, fiscal 2026

  • Capital spending30¢$249.8M
  • Dividends paid7¢$56.1M
  • Share buybacks11¢$92.0M
  • Kept or used elsewhere51¢$421.2M

Out of $819.1M of cash from operations.5

Financial statements

Revenue891011125$3.1B in 2026+120% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $1.4B$1.4B20192020: $1.7B$1.7B2020+21%2021: $2.0B$2.0B2021+18%2022: $2.8B$2.8B2022+40%2023: $3.1B$3.1B2023+11%2024: $2.9B$2.9B2024−6%2025: $2.9B$2.9B2025+1%2026: $3.1B$3.1B2026+5%
Gross profit891011125$1.2B in 2026+257% since 2019
0$500.0M$1.0B$1.5B2019: $327.0M$327.0M20192020: $316.5M$316.5M2020−3%2021: $690.1M$690.1M2021+118%2022: $800.4M$800.4M2022+16%2023: $1.1B$1.1B2023+40%2024: $1.1B$1.1B2024+2%2025: $1.1B$1.1B2025−5%2026: $1.2B$1.2B2026+7%
Operating income891011125$619.2M in 2026+378% since 2019
-$250.0M0$250.0M$500.0M$750.0M2019: $129.4M$129.4M20192020: -$95.3M-$95.3M20202021: $344.5M$344.5M20212022: $411.9M$411.9M2022+20%2023: $719.3M$719.3M2023+75%2024: $732.1M$732.1M2024+2%2025: $657.4M$657.4M2025−10%2026: $619.2M$619.2M2026−6%
Net income891011125$426.5M in 2026+448% since 2019
-$200.0M0$200.0M$400.0M$600.0M2019: $77.8M$77.8M20192020: -$193.2M-$193.2M20202021: $224.2M$224.2M20212022: $271.3M$271.3M2022+21%2023: $507.1M$507.1M2023+87%2024: $509.9M$509.9M2024+1%2025: $450.2M$450.2M2025−12%2026: $426.5M$426.5M2026−5%

Every line of the income statement in the latest annual report, as filed.5

Period ending2026-03-312025-03-312024-03-31
Net sales$3.1B$2.9B$2.9B
Cost of goods sold$1.9B$1.8B$1.7B
Gross profit$1.2B$1.1B$1.1B
Selling, general and administrative$469.5M$380.4M$370.7M
Loss (gain) on disposal of assets and costs from exit and disposal activities$19.2M$3.9M-$8.4M
Intangible amortization$59.4M$52.6M$51.5M
Income from operations$619.2M$657.4M$732.1M
Interest expense$93.9M$91.8M$88.9M
Interest income and other, net-$34.5M-$23.8M-$23.5M
Income before income taxes$559.8M$589.5M$666.8M
Income tax expense$135.0M$141.1M$159.0M
Equity in net income of unconsolidated affiliates-$5.1M-$4.2M-$5.5M
Net income from continuing operations$429.9M$452.6M$513.3M
Net sales-$1.1M$0$0
Net income$428.8M$452.6M$513.3M
Less: net income attributable to noncontrolling interest$2.3M$2.4M$3.4M
Net income attributable to ADS$426.5M$450.2M$509.9M
Basic (in shares)77.8M shares77.5M shares78.3M shares
Diluted (in shares)78.4M shares78.2M shares79.0M shares
Income (Loss) from Continuing Operations, Per Basic Share$6$6$7
Income (Loss) from Continuing Operations, Per Diluted Share$5$6$6
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share-$0$0$0
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share-$0$0$0
Basic (in dollars per share)$5.48$5.81$6.52
Diluted (in dollars per share)$5.44$5.76$6.45

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The story

The company was founded in 1966 by Ron Martin and Marty Sixt, two engineers. In the early 1970s, it moved to central Ohio.

In 2004, Joe Chlapaty became CEO of the company; he retired in 2017 and was succeeded by Scott Barbour.

In July 2014, the company became a public company via an initial public offering on the New York Stock Exchange, raising $232 million.

In February 2015, the company acquired Ideal Pipe of Ontario for $45 million.

In July 2019, the company acquired Infiltrator Water Technologies from the Ontario Teachers' Pension Plan for $1.08 billion.

In 2019, approximately 65% of its pipes were made from recycled materials.

From Wikipedia’s article on Advanced Drainage Systems, shared under CC BY-SA 4.0.7

Recent filings

  1. Oct 5, 20268-K
  2. Sep 16, 202611-K
  3. Sep 3, 20264
  4. Sep 3, 20264
  5. Aug 24, 20264
  6. Aug 6, 20268-K
  7. Aug 6, 202610-Q
  8. Jul 20, 20264
  9. Jul 20, 20264
  10. Jul 20, 20264
  11. Jul 20, 20264
  12. Jul 20, 20264
  13. Jul 20, 20264
  14. Jul 20, 20264
  15. Jul 20, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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