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Advanced Drainage Systems (WMS)

Market Price (5/1/2026): $147.44 | Market Cap: $11.5 Bil
Sector: Industrials | Industry: Building Products

Advanced Drainage Systems (WMS)

Market Price (5/1/2026): $147.44
Market Cap: $11.5 Bil
Sector: Industrials
Industry: Building Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%

Low stock price volatility
Vol 12M is 40%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, Circular Economy & Recycling, and Sustainable Resource Management. Themes include Wastewater Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -49%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%

Key risks
WMS key risks include [1] challenges integrating significant recent acquisitions and [2] margin pressure from volatile resin input costs.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
2 Low stock price volatility
Vol 12M is 40%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Circular Economy & Recycling, and Sustainable Resource Management. Themes include Wastewater Management, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -49%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%
6 Key risks
WMS key risks include [1] challenges integrating significant recent acquisitions and [2] margin pressure from volatile resin input costs.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Advanced Drainage Systems (WMS) stock has remained largely at the same level since 1/31/2026 because of the following key factors:

1. Mixed Construction Market Conditions and Demand.

The construction market during Q1 2026 presented a mixed landscape. Residential construction, particularly single-family homes, experienced a year-over-year decline of 6.1% in put-in-place spending due to elevated costs and slow pre-sales, limiting momentum. Conversely, non-residential construction saw growth concentrated in large-scale projects like data centers and infrastructure, which accounted for a significant portion of new starts and provided some stability. This dichotomy in demand across key end markets for Advanced Drainage Systems likely resulted in a balanced, rather than decisively directional, impact on its stock performance. The overall construction sector was characterized by adjustment rather than acceleration, with stability primarily driven by public sector and large infrastructure investments.

2. Strong Q3 Fiscal 2026 Earnings Performance Followed by Broader Market Hesitation.

Advanced Drainage Systems reported robust financial results for its Q3 fiscal 2026 on February 5, 2026, exceeding analyst expectations with an adjusted EPS of $1.27 against a consensus of $1.11, and quarterly revenue of $693.35 million surpassing estimates of $686.37 million. The stock initially responded positively, gaining 6.1% the day after the announcement. However, this positive company-specific news was subsequently tempered by broader market uncertainties, leading the stock to drift 10.4% lower over the 62 days following the earnings report. Macroeconomic factors such as persistent labor availability challenges, volatile material costs influenced by tariffs, and uneven demand across different construction segments likely overshadowed the individual strong performance, contributing to the stock's consolidation.

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Stock Movement Drivers

Fundamental Drivers

The -1.7% change in WMS stock from 1/31/2026 to 4/30/2026 was primarily driven by a -4.2% change in the company's P/E Multiple.
(LTM values as of)13120264302026Change
Stock Price ($)151.88149.25-1.7%
Change Contribution By: 
Total Revenues ($ Mil)2,9872,9890.1%
Net Income Margin (%)15.3%15.7%2.6%
P/E Multiple25.824.7-4.2%
Shares Outstanding (Mil)7878-0.1%
Cumulative Contribution-1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 4/30/2026
ReturnCorrelation
WMS-1.7% 
Market (SPY)3.6%56.4%
Sector (XLI)5.8%72.9%

Fundamental Drivers

The 6.8% change in WMS stock from 10/31/2025 to 4/30/2026 was primarily driven by a 6.2% change in the company's Net Income Margin (%).
(LTM values as of)103120254302026Change
Stock Price ($)139.74149.256.8%
Change Contribution By: 
Total Revenues ($ Mil)2,9192,9892.4%
Net Income Margin (%)14.8%15.7%6.2%
P/E Multiple25.124.7-1.6%
Shares Outstanding (Mil)7878-0.2%
Cumulative Contribution6.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 4/30/2026
ReturnCorrelation
WMS6.8% 
Market (SPY)5.5%47.0%
Sector (XLI)13.3%65.5%

Fundamental Drivers

The 32.2% change in WMS stock from 4/30/2025 to 4/30/2026 was primarily driven by a 31.8% change in the company's P/E Multiple.
(LTM values as of)43020254302026Change
Stock Price ($)112.91149.2532.2%
Change Contribution By: 
Total Revenues ($ Mil)2,9422,9891.6%
Net Income Margin (%)15.9%15.7%-1.0%
P/E Multiple18.724.731.8%
Shares Outstanding (Mil)7878-0.4%
Cumulative Contribution32.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 4/30/2026
ReturnCorrelation
WMS32.2% 
Market (SPY)30.4%41.6%
Sector (XLI)34.8%56.8%

Fundamental Drivers

The 76.6% change in WMS stock from 4/30/2023 to 4/30/2026 was primarily driven by a 66.3% change in the company's P/E Multiple.
(LTM values as of)43020234302026Change
Stock Price ($)84.52149.2576.6%
Change Contribution By: 
Total Revenues ($ Mil)3,1322,989-4.5%
Net Income Margin (%)14.9%15.7%5.5%
P/E Multiple14.824.766.3%
Shares Outstanding (Mil)82785.5%
Cumulative Contribution76.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 4/30/2026
ReturnCorrelation
WMS76.6% 
Market (SPY)78.7%51.4%
Sector (XLI)82.6%61.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WMS Return63%-40%72%-17%26%1%79%
Peers Return41%-37%70%-9%-11%14%38%
S&P 500 Return27%-19%24%23%16%4%90%

Monthly Win Rates [3]
WMS Win Rate67%42%67%42%50%75% 
Peers Win Rate65%37%60%42%48%55% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
WMS Max Drawdown-4%-41%-7%-18%-16%-9% 
Peers Max Drawdown-4%-45%-1%-20%-31%-3% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WLK, CNM, FERG, SITE, TREX. See WMS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/30/2026 (YTD)

How Low Can It Go

EventWMSS&P 500
2025 US Tariff Shock
  % Loss-19.9%-18.8%
  % Gain to Breakeven24.9%23.1%
  Time to Breakeven34 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.7%-9.5%
  % Gain to Breakeven17.2%10.5%
  Time to Breakeven34 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.0%-6.7%
  % Gain to Breakeven21.9%7.1%
  Time to Breakeven59 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-39.0%-24.5%
  % Gain to Breakeven64.0%32.4%
  Time to Breakeven48 days427 days
2020 COVID-19 Crash
  % Loss-53.6%-33.7%
  % Gain to Breakeven115.4%50.9%
  Time to Breakeven133 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.8%-19.2%
  % Gain to Breakeven33.0%23.7%
  Time to Breakeven161 days105 days

Compare to WLK, CNM, FERG, SITE, TREX

In The Past

Advanced Drainage Systems's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWMSS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-39.0%-24.5%
  % Gain to Breakeven64.0%32.4%
  Time to Breakeven48 days427 days
2020 COVID-19 Crash
  % Loss-53.6%-33.7%
  % Gain to Breakeven115.4%50.9%
  Time to Breakeven133 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.8%-19.2%
  % Gain to Breakeven33.0%23.7%
  Time to Breakeven161 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-24.4%-3.7%
  % Gain to Breakeven32.4%3.9%
  Time to Breakeven83 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.4%-12.2%
  % Gain to Breakeven59.8%13.9%
  Time to Breakeven839 days62 days

Compare to WLK, CNM, FERG, SITE, TREX

In The Past

Advanced Drainage Systems's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Advanced Drainage Systems (WMS)

Advanced Drainage Systems, Inc. designs, manufactures, and markets thermoplastic corrugated pipes and related water management products, and drainage solutions for use in the underground construction and infrastructure marketplace in the United States, Canada, Mexico, and internationally. The company operates through Pipe, International, Infiltrator, and Allied Products & Other segments. It offers single, double, and triple wall corrugated polypropylene and polyethylene pipes; plastic leachfield chambers and systems, EZflow synthetic aggregate bundles, mechanical aeration wastewater solutions, septic tanks and accessories, and combined treatment and dispersal systems; and allied products, including storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water quality filters and separators. The company also purchases and distributes construction fabrics and other geosynthetic products for soil stabilization, reinforcement, filtration, separation, erosion control, and sub-surface drainage, as well as drainage grates and other products. It offers its products for non-residential, residential, agriculture, and infrastructure applications through a network of approximately 38 distribution centers. The company was incorporated in 1966 and is headquartered in Hilliard, Ohio.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Advanced Drainage Systems (WMS):

  • Trex for underground water management systems. (Like Trex provides advanced materials for outdoor decking, WMS offers innovative thermoplastic solutions for unseen drainage and water management infrastructure.)
  • Owens Corning for critical underground water infrastructure materials. (Similar to how Owens Corning supplies essential, often hidden, building materials like insulation, WMS provides crucial, unseen components for water infrastructure.)

AI Analysis | Feedback

  • Thermoplastic Corrugated Pipes: Designs and manufactures single, double, and triple wall corrugated pipes made from polypropylene and polyethylene.
  • Wastewater Treatment Systems: Offers products such as plastic leachfield chambers, EZflow synthetic aggregate bundles, mechanical aeration solutions, and septic tanks.
  • Storm Retention/Detention and Septic Chambers: Provides specialized chambers for managing storm water runoff and septic waste.
  • Polyvinyl Chloride (PVC) Drainage Structures: Manufactures structures made from PVC for various drainage applications.
  • Fittings: Supplies components used to connect and adapt its piping systems.
  • Water Quality Filters and Separators: Provides products designed to improve water quality and remove impurities.
  • Geosynthetic Products: Distributes construction fabrics and other geosynthetic materials for soil stabilization, filtration, and erosion control.
  • Drainage Grates: Supplies grates used in drainage systems to prevent debris entry.

AI Analysis | Feedback

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D. Scott Barbour, President and Chief Executive Officer

Mr. Barbour has served as President and Chief Executive Officer of Advanced Drainage Systems since 2017. Prior to joining the company, he held various roles within several business units for Emerson Electric Co. from 1989 to 2016, including President and CEO of its Network Power business. During his tenure at Emerson, he also helped manage the spin-off and subsequent sale of the Network Power business (now Vertiv). He began his career as a product engineer at Colt Industries. Mr. Barbour has served on the board of Allison Transmissions Holdings, Inc. (NYSE: ALSN) since 2022.

Scott Cottrill, Executive Vice President, Chief Financial Officer and Secretary

Mr. Cottrill joined Advanced Drainage Systems in November 2015. He oversees the company's finance, business development, and information technology functions. From 2012 to November 2014, Mr. Cottrill served as Executive Vice President and Chief Financial Officer of Jeld-Wen, Inc., a leading global manufacturer of windows, doors, and treated composite trim and panels. From 1998 to 2012, he held various finance and accounting positions with Goodrich Corporation.

Kevin Talley, Executive Vice President and Chief Administrative Officer

Mr. Talley joined Advanced Drainage Systems in October 2011 and has served as Executive Vice President & Chief Administrative Officer since August 2016. He provides overall leadership to the company's human resources, legal, office services, and aviation functions. Before joining ADS, Mr. Talley spent seventeen years at The Scotts Miracle-Gro Company in increasingly responsible human resources leadership positions, most recently as Vice President, Human Resources.

Brian King, Executive Vice President, Product Management and Marketing

Mr. King worked at Owens Corning, a company that develops and produces insulation, roofing, and fiberglass composites, serving as Vice President, Strategic Marketing from 2016 to 2020 and Director of Strategic Marketing from 2015 to 2016. Prior to his roles at Owens Corning, he held leadership positions at The Stanley Works, Elmer's Products Inc., and Avery Dennison Corporation.

Thomas Waun, Executive Vice President, International, Product Development and Material Sciences

Mr. Waun joined Advanced Drainage Systems in June 2020 and brings over 30 years of management experience. From 2017 to 2020, he served as Vice President and General Manager, Consulting, at Emerson Electric Corporation. From 2015 to 2017, Mr. Waun served as President, Power Management at Emerson.

AI Analysis | Feedback

Here are the key risks to Advanced Drainage Systems (WMS):

Key Risks to Advanced Drainage Systems (WMS)

  1. Reliance on Cyclical Construction and Infrastructure Spending: Advanced Drainage Systems' business performance is closely tied to the cyclical nature of construction activity and public-works spending. The company is vulnerable to economic downturns, high interest rates, and overall tepid market demand in its end markets. A prolonged softening in residential, non-residential, agriculture, and infrastructure spending could lead to reduced demand for its water management products and negatively impact revenue and profitability. Management has flagged a challenging macroeconomic backdrop for fiscal year 2026, which can weigh on industrials closely tied to construction and infrastructure demand.
  2. Raw Material Price Volatility: As a manufacturing company, Advanced Drainage Systems is dependent on the availability and pricing of its raw material inputs, particularly resin. Resin prices are noted to be volatile, often influenced by changes in oil and gas prices. Significant increases in raw material costs could squeeze profit margins and potentially affect demand for the company's products if these costs are passed on to customers.
  3. Customer Concentration Risk: A significant portion of Advanced Drainage Systems' net sales comes from a limited number of large customers. In fiscal year 2023, 42% of the company's net sales were generated from its ten largest customers. The loss of one or more of these major customers, or a significant reduction in their purchasing volume, could adversely affect the company's business, financial condition, and results of operations.

AI Analysis | Feedback

The increasing adoption of decentralized, nature-based stormwater management solutions (green infrastructure) which prioritize on-site retention, infiltration, and evapotranspiration over traditional collection and rapid conveyance via extensive underground piping networks. This paradigm shift in stormwater management could significantly reduce the overall demand for traditional underground stormwater conveyance piping systems, a core product offering for Advanced Drainage Systems.

AI Analysis | Feedback

Advanced Drainage Systems (WMS) operates in several key addressable markets related to water management and drainage solutions. The market sizes for their main products and services are as follows:

  • Stormwater Management Solutions: The U.S. stormwater management market was valued at approximately USD 7.1 billion in 2023 and is projected to grow to USD 13.95 billion by 2032.
  • Onsite Septic Systems: The U.S. onsite septic market is estimated to be worth USD 2.0 billion annually. Separately, the U.S. septic tanks market size was valued at USD 1.02 billion in 2023 and is projected to grow to USD 1.39 billion by 2032. The North America septic tanks market size was valued at USD 1.14 billion in 2023 and is projected to reach USD 1.54 billion by 2032.
  • Thermoplastic Corrugated Pipes: The North America Corrugated Pipe market was valued at over USD 4.69 billion in 2024. The U.S. thermoplastic pipe market is projected to reach USD 1.03 billion by 2026. Globally, the thermoplastic pipe market size was valued at USD 4.31 billion in 2025 and is projected to reach USD 6.66 billion by 2034.
  • Geosynthetic Products: The U.S. geosynthetics market size was estimated at USD 3.08 billion in 2023 and is expected to grow to USD 4.58 billion by 2030. The North America Geosynthetics Market is projected to reach a valuation of USD 3,304.7 million by 2033.
  • Drainage Systems (Broader Market): The global Drainage System Market size was valued at USD 1.76 billion in 2023 and is expected to reach nearly USD 2.25 billion by 2030. North America holds the largest share of this market, at approximately 45%.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Advanced Drainage Systems (WMS) over the next 2-3 years:
  1. Strategic Acquisitions and Integration: Advanced Drainage Systems is expected to benefit from strategic acquisitions, most notably the acquisition of National Diversified Sales (NDS), which closed in early fiscal year 2026. This acquisition is anticipated to contribute approximately $40 million in revenue in fiscal year 2026 and generate an estimated $25 million in annual cost synergies, while also being accretive to EPS in its first year. The integration of past acquisitions, such as Orenco into the Infiltrator business, has also exceeded expectations, contributing to synergy capture and expanded product reach through cross-selling.
  2. Growth in Higher-Margin Product Segments and New Product Launches: The company is strategically shifting its portfolio mix toward higher-margin products, specifically within its Allied Products and Infiltrator segments. Growth in Allied Products has been driven by key offerings like StormTech storage chambers, Nyloplast capture structures, and water quality products, many of which have benefited from new introductions over the past year. Similarly, the Infiltrator business, including advanced treatment systems and tanks, has seen growth from new product launches, product line expansion, and increased distribution, particularly gaining share in the residential market.
  3. Increased Infrastructure Spending: Significant opportunities for revenue growth are tied to increased infrastructure spending. The Texas infrastructure bill, a $20 billion initiative focused on water management and infrastructure, is expected to begin implementation in 2027 and provide material benefits to Advanced Drainage Systems and its Infiltrator business. More broadly, the long-term demand drivers related to water management, climate resilience, and general infrastructure upgrades remain highly favorable for the company.
  4. Residential Market Recovery and Penetration: Despite some variability, the company expresses confidence in its strategies to increase participation in the residential market as it recovers. The overall shortage of available housing in the United States and the lack of existing homes for sale continue to provide long-term market growth potential and opportunities for further market penetration for ADS. Improved outlook for single-family housing starts is expected to drive land acquisition and development activity, benefiting ADS products sold early in the development cycle.

AI Analysis | Feedback

Share Repurchases

  • Advanced Drainage Systems announced a new $1 billion stock repurchase authorization on February 5, 2026, increasing its total authorization to $1.148 billion.
  • As of September 30, 2025, approximately $147.7 million of common stock remained authorized for repurchase under the existing program.
  • The company did not repurchase any shares of its common stock in the nine months ended December 31, 2025.

Share Issuance

  • As of March 13, 2026, Advanced Drainage Systems had 82,711,585 shares in issue.
  • As of May 9, 2024, the company had 77,426,265 shares of common stock outstanding.

Outbound Investments

  • Advanced Drainage Systems completed the acquisition of National Diversified Sales (NDS) on February 2, 2026, in an all-cash transaction valued at approximately $1.0 billion, or approximately $875 million when adjusted for expected tax benefits. This acquisition expands ADS' water management offerings, strengthens its Allied Products portfolio, and enhances distribution and customer reach.
  • The NDS acquisition is anticipated to contribute approximately $40 million in revenue and a 20% EBITDA margin in the fourth quarter of fiscal 2026.
  • Inorganic growth from the acquisitions of Orenco and River Valley Pipe contributed 3.6% to the company's second-quarter revenue increase in fiscal 2026.

Capital Expenditures

  • For fiscal year 2026, capital expenditures are expected to be approximately $250 million.
  • Year-to-date capital spending for fiscal year 2025 increased by 22% to $166 million, with full-year expectations projected at approximately $225 million.
  • Approximately 70% of total capital deployed from fiscal 2020 to 2026 was dedicated to growing the business through capital expenditures and strategic acquisitions.

Better Bets vs. Advanced Drainage Systems (WMS)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1WMS Stock Falls -15% With A 6-day Losing Spree On Technical Breakdown03/09/2026
2WMS (-7.5%): Geopolitical Tensions Spark Oil Surge, Hitting Industrials03/06/2026
3Advanced Drainage Systems Earnings Notes12/26/2025
4How Low Can Advanced Drainage Systems Stock Really Go?10/17/2025
5After WMS's 23% Climb in a Month, MRK Looks Like the Stronger Long-Term Play08/18/2025
6WMS Jumps 23% in a Month, But Does NSC Offer Better Fundamentals?08/18/2025
7How Does Advanced Drainage Systems Stock Stack Up Against Its Peers?08/13/2025
8Better Bet Than WMS Stock: Pay Less Than Advanced Drainage Systems To Get More From DIS, MRK 08/12/2025
9Better Bet Than WMS Stock: Pay Less Than Advanced Drainage Systems To Get More From UAL, BAH 08/12/2025
10ARTICLES 
11Mid Cap Stocks Trading At 52-Week High11/13/2025

Trade Ideas

Select ideas related to WMS.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEO_4302026_Dip_Buyer_ValueBuy04302026GEOGEODip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
RUN_4302026_Short_Squeeze04302026RUNSunrunSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		0.0%0.0%0.0%
RSG_4172026_Monopoly_xInd_xCD_Getting_Cheaper04172026RSGRepublic ServicesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.8%0.8%-1.1%
VRSK_4102026_Dip_Buyer_FCFYield04102026VRSKVerisk AnalyticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		12.3%12.3%0.0%
UHAL_4102026_Monopoly_xInd_xCD_Getting_Cheaper04102026UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-1.0%
WMS_6302025_Dip_Buyer_ValueBuy06302025WMSAdvanced Drainage SystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		29.8%30.4%-3.5%
WMS_12312024_Dip_Buyer_ValueBuy12312024WMSAdvanced Drainage SystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		3.8%26.0%-16.2%
WMS_5312023_Dip_Buyer_ValueBuy05312023WMSAdvanced Drainage SystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		26.4%79.5%0.0%
WMS_11302022_Dip_Buyer_FCFYield11302022WMSAdvanced Drainage SystemsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-0.2%25.1%-21.8%

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Peer Comparisons

Peers to compare with:

Financials

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Price149.25115.2850.37267.71126.0539.20120.66
Mkt Cap11.614.89.552.55.64.210.6
Rev LTM2,98911,1707,64731,1594,7061,1746,176
Op Inc LTM677-2117222,789242258468
FCF LTM577-5306041,647240125408
FCF 3Y Avg4973597401,76525285428
CFO LTM8204656501,993308358558
CFO 3Y Avg7091,3727802,145304297744

Growth & Margins

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Rev Chg LTM1.6%-8.0%2.8%4.9%2.8%2.0%2.4%
Rev Chg 3Y Avg-1.4%-10.6%4.9%1.6%5.2%2.0%1.8%
Rev Chg Q0.4%-10.9%-6.9%5.1%0.1%-3.9%-1.9%
QoQ Delta Rev Chg LTM0.1%-2.7%-1.5%1.3%0.0%-0.6%-0.3%
Op Inc Chg LTM-0.2%-121.8%0.4%7.4%30.6%-19.9%0.1%
Op Inc Chg 3Y Avg0.2%-67.9%-2.3%-1.2%-3.4%0.7%-1.8%
Op Mgn LTM22.7%-1.9%9.4%9.0%5.1%22.0%9.2%
Op Mgn 3Y Avg23.7%5.3%10.0%8.9%4.8%25.0%9.5%
QoQ Delta Op Mgn LTM0.3%-2.2%0.1%0.2%0.1%-2.3%0.1%
CFO/Rev LTM27.4%4.2%8.5%6.4%6.5%30.5%7.5%
CFO/Rev 3Y Avg24.2%11.2%10.9%7.1%6.7%26.2%11.1%
FCF/Rev LTM19.3%-4.7%7.9%5.3%5.1%10.6%6.6%
FCF/Rev 3Y Avg17.0%2.7%10.4%5.9%5.6%7.7%6.8%

Valuation

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Cap11.614.89.552.55.64.210.6
P/S3.91.31.21.71.23.61.5
P/Op Inc17.1-70.113.218.823.316.216.7
P/EBIT16.3-10.413.119.423.316.216.3
P/E24.7-9.821.626.936.921.923.3
P/CFO14.231.814.626.418.211.616.4
Total Yield4.5%-9.3%4.6%3.7%2.7%4.6%4.1%
Dividend Yield0.5%0.9%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg4.7%1.2%8.8%-3.9%1.5%3.9%
D/E0.10.40.30.10.20.00.2
Net D/E0.00.20.20.10.20.00.1

Returns

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
1M Rtn8.8%-1.3%2.0%14.8%-5.3%7.6%4.8%
3M Rtn-2.5%42.0%-7.0%4.8%-12.0%-6.2%-4.3%
6M Rtn7.5%71.1%-3.7%9.8%-2.8%-18.0%2.4%
12M Rtn32.2%28.1%-4.4%60.2%9.8%-32.2%18.9%
3Y Rtn74.7%7.6%92.0%27.4%-14.8%-28.4%17.5%
1M Excs Rtn-1.6%-11.7%-8.5%4.3%-15.7%-2.8%-5.6%
3M Excs Rtn-5.9%38.6%-10.5%1.3%-15.4%-9.6%-7.8%
6M Excs Rtn1.4%48.3%-8.6%4.5%-2.3%-26.8%-0.4%
12M Excs Rtn2.7%-2.8%-34.5%30.5%-19.2%-61.7%-11.0%
3Y Excs Rtn7.8%-66.7%22.1%-49.7%-87.9%-104.0%-58.2%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Pipe1,5871,7591,5551,059955
Allied Products & Other684700569442403
Infiltrator531524552398211
International222239225165149
Intersegment Eliminations-150-151-132-82-44
Total2,8743,0712,7691,9831,674


Price Behavior

Price Behavior
Market Price$149.25 
Market Cap ($ Bil)11.6 
First Trading Date07/25/2014 
Distance from 52W High-14.8% 
   50 Days200 Days
DMA Price$149.07$145.00
DMA Trendupdown
Distance from DMA0.1%2.9%
 3M1YR
Volatility41.4%39.6%
Downside Capture1.040.58
Upside Capture128.90106.40
Correlation (SPY)56.0%41.7%
WMS Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.881.981.541.261.321.27
Up Beta2.112.252.071.801.801.46
Down Beta1.761.491.380.851.471.07
Up Capture125%141%134%131%110%185%
Bmk +ve Days15223166141428
Stock +ve Days12172858121370
Down Capture149%237%139%112%102%106%
Bmk -ve Days4183056108321
Stock -ve Days10263667131382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WMS
WMS32.5%39.5%0.80-
Sector ETF (XLI)36.0%15.4%1.7956.8%
Equity (SPY)30.6%12.5%1.8841.6%
Gold (GLD)38.6%27.2%1.185.7%
Commodities (DBC)48.6%18.0%2.07-21.8%
Real Estate (VNQ)13.9%13.5%0.7141.5%
Bitcoin (BTCUSD)-19.3%42.1%-0.3914.7%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WMS
WMS5.8%42.0%0.26-
Sector ETF (XLI)13.2%17.4%0.6058.2%
Equity (SPY)12.9%17.1%0.5954.1%
Gold (GLD)20.6%17.9%0.948.0%
Commodities (DBC)14.4%19.1%0.6210.5%
Real Estate (VNQ)3.6%18.8%0.0944.6%
Bitcoin (BTCUSD)8.3%56.2%0.3622.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with WMS
WMS21.6%41.6%0.61-
Sector ETF (XLI)14.0%19.9%0.6257.9%
Equity (SPY)14.9%17.9%0.7155.9%
Gold (GLD)13.5%15.9%0.705.1%
Commodities (DBC)9.7%17.7%0.4617.9%
Real Estate (VNQ)5.9%20.7%0.2547.8%
Bitcoin (BTCUSD)67.1%66.9%1.0617.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity2.7 Mil
Short Interest: % Change Since 3312026-1.2%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest2.9 days
Basic Shares Quantity77.8 Mil
Short % of Basic Shares3.4%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20266.1%8.1%-8.7%
11/6/20258.8%12.0%10.3%
8/7/202517.2%25.2%30.4%
5/15/2025-3.4%-8.7%-7.0%
2/6/20251.4%7.5%-0.8%
11/8/2024-14.4%-18.1%-17.8%
8/8/2024-1.9%-2.5%-5.9%
5/16/2024-2.1%0.5%-2.9%
...
SUMMARY STATS   
# Positive151713
# Negative9711
Median Positive7.7%8.4%12.8%
Median Negative-3.4%-8.1%-7.0%
Max Positive20.9%25.2%30.4%
Max Negative-25.0%-27.9%-17.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/15/202510-K
12/31/202402/06/202510-Q
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/16/202410-K
12/31/202302/08/202410-Q
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/18/202310-K
12/31/202202/02/202310-Q
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/19/202210-K

Recent Forward Guidance [BETA]

Latest: Q3 2026 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue2.99 Bil3.02 Bil3.04 Bil2.4% RaisedGuidance: 2.94 Bil for 2026
2026 Adjusted EBITDA930.00 Mil945.00 Mil960.00 Mil2.7% RaisedGuidance: 920.00 Mil for 2026
2026 Capital Expenditures 250.00 Mil 17.6% RaisedGuidance: 212.50 Mil for 2026

Prior: Q2 2026 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue2.90 Bil2.94 Bil2.99 Bil1.6% RaisedGuidance: 2.90 Bil for 2026
2026 Adjusted EBITDA900.00 Mil920.00 Mil940.00 Mil4.5% RaisedGuidance: 880.00 Mil for 2026
2026 Capital Expenditures200.00 Mil212.50 Mil225.00 Mil0 AffirmedGuidance: 212.50 Mil for 2026

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Eversole, Robert M Reporting Person's Revocable TrustSell12052025152.8210,5691,615,1557,652,614Form
2Waun, Thomas J SREVP, InternationalDirectSell12012025155.001,500232,5002,087,850Form
3Waun, Thomas J SREVP, InternationalDirectSell11132025150.001,000150,0002,245,500Form
4Barbour, D. ScottSee RemarksDirectSell11132025148.9580,03011,920,3636,384,983Form
5Makowski, Tim ASee RemarksDirectSell11132025149.214,901731,276368,100Form

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