ADVANCED DRAINAGE SYSTEMS, INC. WMS
ADS is the leading manufacturer of innovative water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions to manage the world's most precious resource: water. Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications. We have established a leading position in many of these end markets by leveraging our national sales and distribution platform, market share model, industry-acclaimed engineering support, overall product breadth and scale plus manufacturing excellence. Our best-in-class product portfolio, go-to-market strategy and material conversion strategy helped drive consistent above market growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.90B | $2.87B | $3.07B | $2.77B | $1.98B | $1.67B | $1.38B | $1.33B | $1.26B |
| Cost of revenue | — | — | — | — | — | — | — | $1.06B | $1.03B | $961.5M |
| Gross profit | $1.17B | $1.09B | $1.15B | $1.12B | $800.4M | $690.1M | $316.5M | $327.0M | $302.5M | $295.8M |
| SG&A | — | — | — | — | — | $267.6M | $271.3M | $186.0M | $98.4M | $111.0M |
| Operating income | $619.2M | $657.4M | $732.1M | $719.3M | $411.9M | $344.5M | -$95.3M | $129.4M | $88.3M | $76.3M |
| Pre-tax income | $559.8M | $589.5M | $666.8M | $657.1M | $383.5M | $312.3M | -$179.6M | $111.6M | $76.9M | $64.8M |
| Income tax | $135.0M | $141.1M | $159.0M | $150.6M | $110.1M | $86.4M | $14.1M | $30.0M | $11.4M | $24.6M |
| Net income | $429.0M | $453.0M | $513.0M | $511.0M | $275.0M | $224.2M | -$193.2M | $77.8M | $62.0M | $62.0M |
| EPS, basic | 5.48 | 5.81 | 6.52 | 6.16 | 3.22 | 2.64 | -3.21 | 1.23 | 1.00 | 1.00 |
| EPS, diluted | 5.44 | 5.76 | 6.45 | 6.08 | 3.15 | 2.59 | -3.21 | 1.22 | 0.99 | 0.99 |
| Shares, diluted (wtd. avg.) | $78.4M | $78.2M | $79.0M | $83.3M | $72.9M | $71.6M | $63.8M | $57.6M | $56.3M | $56.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $223.0M | $463.3M | $490.2M | $217.1M | $20.1M | $195.0M | $174.2M | $8.9M | $17.6M | $6.5M |
| Receivables | $390.5M | $333.2M | $323.6M | $306.9M | $341.8M | $236.2M | $200.0M | $187.0M | $172.0M | $168.9M |
| Inventory | $543.4M | $488.3M | $464.2M | $464.0M | $494.3M | $301.0M | $282.4M | $264.5M | $263.8M | $258.4M |
| Total current assets | $1.23B | $1.32B | $1.30B | $1.02B | $871.9M | $743.0M | $666.2M | $466.5M | $458.5M | $440.6M |
| Property, plant and equipment | — | — | — | — | — | $504.3M | $481.4M | $398.9M | $399.4M | $406.9M |
| Goodwill | $1.04B | $720.2M | $617.2M | $620.2M | $610.3M | $599.1M | $597.8M | $102.6M | $103.0M | $100.6M |
| Other intangibles | $848.5M | $448.1M | $352.7M | $407.6M | $431.4M | $482.0M | $555.3M | $37.2M | $44.4M | $51.8M |
| Total assets | $4.51B | $3.69B | $3.27B | $2.90B | $2.65B | $2.41B | $2.37B | $1.04B | $1.04B | $1.05B |
| Accounts payable | $237.7M | $218.0M | $254.4M | $210.1M | $225.0M | $171.1M | $106.7M | $93.6M | $105.5M | $121.9M |
| Short-term debt | $5.9M | $9.9M | $11.9M | $14.7M | $19.5M | $7.0M | $8.0M | $25.9M | $26.8M | $37.8M |
| Total current liabilities | $509.5M | $398.4M | $439.6M | $378.8M | $391.2M | $318.3M | $238.2M | $206.3M | $221.2M | $255.8M |
| Long-term debt | $1.61B | $1.25B | $1.26B | $1.27B | $908.7M | $782.2M | $1.09B | $208.6M | $270.9M | $310.8M |
| Total liabilities | $2.55B | $2.05B | $1.99B | $1.91B | $1.54B | $1.35B | $1.59B | $541.5M | $609.4M | $695.9M |
| Retained earnings | $1.86B | $1.49B | $1.09B | $626.2M | $158.9M | -$75.2M | -$267.6M | $17.6M | -$39.2M | -$83.7M |
| Total equity | $1.86B | $1.53B | $1.17B | $841.6M | $909.7M | $833.5M | $537.5M | $398.3M | $324.3M | $222.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $819.1M | $581.5M | $717.9M | $707.8M | $274.9M | $452.2M | $306.2M | $151.7M | $137.1M | $104.2M |
| Depreciation and amortisation | $154.4M | $128.8M | $100.3M | $86.0M | $73.5M | $68.0M | $64.6M | $59.2M | $62.1M | $58.7M |
| Stock-based compensation | — | — | — | — | — | $65.4M | $32.4M | $21.8M | $18.8M | $17.9M |
| Capital expenditure | $249.8M | $212.9M | $183.8M | $166.9M | $149.1M | $78.8M | $67.7M | $43.4M | $41.7M | $46.7M |
| Investing cash flow | -$1.21B | -$447.9M | -$155.7M | -$214.5M | -$198.8M | -$77.9M | -$1.15B | -$42.5M | -$30.4M | -$61.3M |
| Financing cash flow | $156.3M | -$157.7M | -$284.3M | -$296.3M | -$251.1M | -$354.6M | $1.01B | -$117.7M | -$95.0M | -$42.8M |
| Dividends paid | $56.1M | $49.7M | $44.0M | $39.6M | $37.0M | $30.7M | $92.1M | $26.1M | $18.5M | $16.8M |
| Buybacks | $92.0M | $69.9M | $207.3M | $575.0M | $292.0M | $0 | $0 | — | $7.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001604028-26-000024.