WMS Financials Advanced Drainage Systems, Inc.

14 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated 42 d ago Overview →

Growth & profitability

Revenue has grown 9.0% per year over the past 5 years.
Net income has grown faster than revenue (13.9% vs 9.0% per year).
Operating margin has expanded, at 20.3% in the latest year.
Free cash flow has grown 8.8% per year over the past 5 years.

Financial health

Total debt ($1.6B) exceeds cash ($223M); net debt is $1.4B.
Total debt has grown faster than revenue (15.6% vs 9.0% per year).
Total debt is 2.0× EBITDA.

Shareholder returns

Dividends have been paid for 7 consecutive years, consuming 13.1% of earnings and 9.9% of free cash flow.
The dividend has grown 12.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$3.1B	$429M	38.3%	20.3%	23.1%	9.5%	$569M	$1.6B	$223M
2025	$2.9B	$453M	37.7%	22.6%	29.7%	12.3%	$369M	$1.3B	$463M
2024	$2.9B	$513M	39.9%	25.5%	44.5%	15.7%	$534M	$1.3B	$490M
2023	$3.1B	$511M	36.4%	23.4%	62.0%	17.6%	$541M	$1.3B	$217M
2022	$2.8B	$275M	28.9%	14.9%	30.8%	10.4%	$126M	$930M	$20M
2021	$2.0B	$224M	34.8%	17.4%	27.4%	9.3%	$373M	$791M	$195M
2020	$1.7B	-$193M	18.9%	-5.7%	-36.7%	-8.2%	$239M	$1.1B	$174M
2019	$1.4B	$78M	23.6%	9.3%	20.2%	7.5%	$108M	$237M	$9M
2018	$1.3B	$62M	22.7%	6.6%	20.2%	5.9%	$95M	$301M	$18M
2017	$1.3B	$62M	23.5%	6.1%	27.8%	5.9%	$58M	$350M	$6M
2016	—	$25M	—	—	13.4%	2.4%	—	$351M	$7M
2015	—	-$8M	—	—	-4.9%	-0.8%	$42M	$400M	$4M
2014	—	$4M	—	—	-1.0%	0.4%	$31M	$454M	$4M
2013	—	$21M	—	—	—	2.2%	$37M	—	$1M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.0B	$169M	40.8%	25.4%	9.4%	3.7%	$203M	$1.6B	$162M
Dec '25	$693M	$94M	37.4%	19.7%	4.9%	2.3%	$184M	$1.3B	$1.0B
Sep '25	$850M	$156M	40.0%	26.3%	8.5%	3.8%	$176M	$1.3B	$813M
Jun '25	$830M	$144M	39.8%	24.8%	8.6%	3.7%	$222M	$1.3B	$638M
Mar '25	$616M	$77M	36.7%	19.0%	5.1%	2.1%	-$5M	$1.3B	$463M
Dec '24	$691M	$81M	35.0%	18.4%	5.6%	2.3%	$136M	$1.3B	$489M
Sep '24	$783M	$130M	37.6%	23.9%	9.5%	3.7%	$112M	$1.3B	$613M
Jun '24	$815M	$161M	40.8%	27.7%	12.8%	4.7%	$126M	$1.3B	$542M
Mar '24	$654M	$95M	38.5%	20.7%	8.2%	2.9%	-$30M	$1.3B	$490M
Dec '23	$662M	$106M	39.2%	23.1%	9.8%	3.3%	$188M	$1.3B	$561M
Sep '23	$780M	$136M	38.8%	25.4%	13.2%	4.3%	$174M	$1.3B	$470M
Jun '23	$778M	$174M	42.6%	31.5%	18.4%	5.7%	$202M	$1.3B	$366M
Mar '23	$618M	$86M	36.0%	20.3%	10.4%	3.0%	$7M	$1.3B	$217M
Dec '22	$655M	$82M	34.2%	19.0%	8.7%	2.7%	$172M	$1.3B	$427M
Sep '22	$884M	$152M	36.2%	24.6%	14.6%	4.8%	$148M	$1.3B	$457M
Jun '22	$914M	$187M	38.5%	27.5%	18.9%	5.8%	$214M	$1.3B	$464M
Mar '22	$678M	$46M	28.0%	11.9%	5.2%	1.7%	$32M	$930M	$20M
Dec '21	$715M	$74M	29.2%	15.4%	9.2%	2.9%	$62M	$953M	$22M
Sep '21	$706M	$75M	28.3%	15.8%	10.8%	3.0%	-$48M	$909M	$14M
Jun '21	$669M	$76M	30.0%	16.3%	9.6%	3.1%	$79M	$788M	$143M

Valuation over time

How the market has priced WMS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 12.4× (Mar '23) to 23.7× (Sep '26).
The price-to-sales ratio has risen from 2.1× (Mar '23) to 3.3× (Sep '26).
The dividend yield has fallen from 0.6% (Mar '23) to 0.6% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WMS growing its revenue and profit?

Over the past 5 years, Advanced Drainage Systems, Inc.'s revenue has grown 9.0% per year, and net income grown 13.9% per year. These are computed facts, not advice.

How much debt does WMS have?

As of FY2026, Advanced Drainage Systems, Inc. reported $1.6B of total debt against $223M of cash.

What is WMS's profit margin?

In FY2026, gross margin was 38.3%, operating margin 20.3%, and net margin 14.1%.

What is WMS's P/E ratio?

As of Sep '26, Advanced Drainage Systems, Inc. traded at a price-to-earnings ratio of about 23.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.