Tearsheet

Advanced Drainage Systems (WMS)


Market Price (7/13/2026): $150.515 | Market Cap: $11.7 BilSector: Industrials | Industry: Building Products

Advanced Drainage Systems (WMS)


Market Price (7/13/2026): $150.515
Market Cap: $11.7 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 21%

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 41%

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 -37%, 3Y Excs Rtn is -36%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%

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 21%
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 41%
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 -37%, 3Y Excs Rtn is -36%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%
6 Key risks
WMS key risks include [1] challenges integrating significant recent acquisitions and [2] margin pressure from volatile resin input costs.

WMS in ETFs

Weight = WMS's share of each fund

VTI0.01%
ITOT0.01%
IWB0.02%
IJH0.30%
VIG0.04%
VB0.13%
MDYG0.32%
IJK0.32%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Advanced Drainage Systems (WMS) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Robust Fiscal Year 2026 Financial Results and Strong Fiscal Year 2027 Outlook. Advanced Drainage Systems reported strong financial results for fiscal year 2026, which concluded on March 31, 2026. Net sales increased by 5% year-over-year to $3.05 billion, while Adjusted EBITDA grew 8% to $963 million, achieving a 31.6% margin. For fiscal Q4 2026, net sales rose by 9.9% to $676.8 million, driven partly by the NDS acquisition. The company also provided an optimistic outlook for fiscal 2027 (beginning April 1, 2026), projecting revenue between $3.35 billion and $3.55 billion and Adjusted EBITDA of $1.0 billion to $1.05 billion, including the expected contributions from the NDS acquisition.

2. Ambitious Long-Term Growth Strategy Unveiled at Investor Day. On June 18, 2026, Advanced Drainage Systems hosted an Investor Day where it presented an ambitious Fiscal 2030 vision. This strategic roadmap targets over $4 billion in revenue, organic growth exceeding 8%, and an Adjusted EBITDA margin above 30%. Management further highlighted a robust financial position, including $950 million in liquidity and approximately $5 billion of deployable capital for future acquisitions and share repurchases, reinforcing confidence in its long-term growth prospects.

Show more
Updated on 7/1/2026

Advanced Drainage Systems (WMS) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Robust Fiscal Year 2026 Financial Results and Strong Fiscal Year 2027 Outlook. Advanced Drainage Systems reported strong financial results for fiscal year 2026, which concluded on March 31, 2026. Net sales increased by 5% year-over-year to $3.05 billion, while Adjusted EBITDA grew 8% to $963 million, achieving a 31.6% margin. For fiscal Q4 2026, net sales rose by 9.9% to $676.8 million, driven partly by the NDS acquisition. The company also provided an optimistic outlook for fiscal 2027 (beginning April 1, 2026), projecting revenue between $3.35 billion and $3.55 billion and Adjusted EBITDA of $1.0 billion to $1.05 billion, including the expected contributions from the NDS acquisition.

2. Ambitious Long-Term Growth Strategy Unveiled at Investor Day. On June 18, 2026, Advanced Drainage Systems hosted an Investor Day where it presented an ambitious Fiscal 2030 vision. This strategic roadmap targets over $4 billion in revenue, organic growth exceeding 8%, and an Adjusted EBITDA margin above 30%. Management further highlighted a robust financial position, including $950 million in liquidity and approximately $5 billion of deployable capital for future acquisitions and share repurchases, reinforcing confidence in its long-term growth prospects.

3. Positive Analyst Sentiment and Upgraded Price Targets. The company received favorable attention and increased confidence from financial analysts during the period. On June 11, 2026, Jefferies initiated coverage with a "Buy" rating and a $175 price target. RBC Capital also maintained an "Outperform" rating and raised its price target to $170 on June 8, 2026. The consensus analyst price target for Advanced Drainage Systems stands at $169.21, with a high estimate of $205.00, suggesting significant potential upside.

4. Impact of the NDS Acquisition. The acquisition of NDS, which was completed in fiscal Q4 2026, positively impacted the company's financial performance. This acquisition contributed to the increase in net sales, particularly within Allied products. Management anticipates that NDS will add approximately $300 million in revenue to fiscal 2027 and is expected to generate $25 million in annual cost synergies within three years.

5. Increased Shareholder Returns. On May 21, 2026, Advanced Drainage Systems announced an increase in its quarterly cash dividend. This move signals management's confidence in the company's sustained financial health and its commitment to returning value to shareholders.

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Stock Movement Drivers

Fundamental Drivers

The 9.9% change in WMS stock from 3/31/2026 to 7/12/2026 was primarily driven by a 21.3% change in the company's P/E Multiple.
(LTM values as of)33120267122026Change
Stock Price ($)136.93150.479.9%
Change Contribution By: 
Total Revenues ($ Mil)2,9893,0502.0%
Net Income Margin (%)15.7%14.0%-11.2%
P/E Multiple22.627.521.3%
Shares Outstanding (Mil)78780.0%
Cumulative Contribution9.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/12/2026
ReturnCorrelation
WMS9.9% 
Market (SPY)16.1%50.5%
Sector (XLI)12.5%72.7%

Fundamental Drivers

The 4.2% change in WMS stock from 12/31/2025 to 7/12/2026 was primarily driven by a 12.0% change in the company's P/E Multiple.
(LTM values as of)123120257122026Change
Stock Price ($)144.47150.474.2%
Change Contribution By: 
Total Revenues ($ Mil)2,9873,0502.1%
Net Income Margin (%)15.3%14.0%-8.9%
P/E Multiple24.527.512.0%
Shares Outstanding (Mil)7878-0.1%
Cumulative Contribution4.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/12/2026
ReturnCorrelation
WMS4.2% 
Market (SPY)11.0%52.2%
Sector (XLI)17.6%72.1%

Fundamental Drivers

The 31.6% change in WMS stock from 6/30/2025 to 7/12/2026 was primarily driven by a 39.4% change in the company's P/E Multiple.
(LTM values as of)63020257122026Change
Stock Price ($)114.30150.4731.6%
Change Contribution By: 
Total Revenues ($ Mil)2,9043,0505.0%
Net Income Margin (%)15.5%14.0%-9.8%
P/E Multiple19.727.539.4%
Shares Outstanding (Mil)7878-0.3%
Cumulative Contribution31.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/12/2026
ReturnCorrelation
WMS31.6% 
Market (SPY)23.2%39.3%
Sector (XLI)24.6%59.1%

Fundamental Drivers

The 34.1% change in WMS stock from 6/30/2023 to 7/12/2026 was primarily driven by a 54.0% change in the company's P/E Multiple.
(LTM values as of)63020237122026Change
Stock Price ($)112.18150.4734.1%
Change Contribution By: 
Total Revenues ($ Mil)3,0713,050-0.7%
Net Income Margin (%)16.5%14.0%-15.3%
P/E Multiple17.827.554.0%
Shares Outstanding (Mil)81783.6%
Cumulative Contribution34.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/12/2026
ReturnCorrelation
WMS34.1% 
Market (SPY)76.3%51.1%
Sector (XLI)76.6%61.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WMS Return63%-40%72%-17%26%2%81%
Peers Return41%-37%70%-9%-11%2%23%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
WMS Win Rate67%42%67%42%50%57% 
Peers Win Rate65%37%60%42%48%49% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
WMS Max Drawdown-15%-47%-27%-36%-24%-26% 
Peers Max Drawdown-22%-52%-23%-37%-39%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 7/10/2026 (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%23.8%
  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%23.8%
  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 (WMS) is a leading manufacturer and marketer of water management products and drainage solutions for the underground construction and infrastructure marketplace. The company specializes in designing and producing thermoplastic corrugated pipes, which are fundamental for managing water flow and drainage in a wide array of applications. WMS operates across the United States, Canada, Mexico, and other international markets.

The company's core product line includes single, double, and triple wall corrugated polypropylene and polyethylene pipes. Beyond pipes, WMS offers a comprehensive suite of water management solutions through its various segments, including plastic leachfield chambers, septic tanks and systems, and mechanical aeration wastewater solutions. Its portfolio further extends to allied products such as storm retention/detention chambers, PVC drainage structures, fittings, and water quality filters and separators. WMS also distributes construction fabrics (geosynthetic products for soil stabilization and erosion control) and drainage grates.

WMS serves a diverse customer base across four primary market segments: non-residential construction, residential housing, agriculture, and infrastructure projects. Its products are crucial for managing stormwater, wastewater, and subsurface drainage, providing essential components for the development and maintenance of public works like roads and utilities, as well as private residential and commercial properties. The company distributes its solutions through a network of approximately 38 distribution centers.

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.

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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.

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Peer Comparisons

Peers to compare with:

Financials

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Price150.4775.4945.86227.46106.9547.1691.22
Mkt Cap11.79.78.644.34.85.09.2
Rev LTM3,05010,9767,64631,7594,7061,1786,176
Op Inc LTM638-3407282,993242260449
FCF LTM569-5086082,068240215404
FCF 3Y Avg4911777261,81625289371
CFO LTM8194486552,425308394552
CFO 3Y Avg7061,1707672,178304296737

Growth & Margins

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Rev Chg LTM5.0%-8.6%0.5%6.2%2.8%5.4%3.9%
Rev Chg 3Y Avg-0.1%-9.8%5.0%2.0%5.2%6.2%3.5%
Rev Chg Q9.9%-6.8%-0.1%8.7%0.1%1.0%0.5%
QoQ Delta Rev Chg LTM2.0%-1.7%-0.0%1.9%0.0%0.3%0.2%
Op Inc Chg LTM-3.5%-147.6%0.8%18.3%30.6%-8.7%-1.3%
Op Inc Chg 3Y Avg-4.0%-78.2%-2.1%1.7%-3.4%8.7%-2.7%
Op Mgn LTM20.9%-3.1%9.5%9.4%5.1%22.1%9.5%
Op Mgn 3Y Avg23.0%3.5%9.9%8.9%4.8%25.0%9.4%
QoQ Delta Op Mgn LTM-1.7%-1.2%0.1%0.5%0.1%0.1%0.1%
CFO/Rev LTM26.9%4.1%8.6%7.6%6.5%33.4%8.1%
CFO/Rev 3Y Avg23.9%9.8%10.6%7.2%6.7%25.0%10.2%
FCF/Rev LTM18.7%-4.6%8.0%6.5%5.1%18.3%7.2%
FCF/Rev 3Y Avg16.6%1.3%10.0%6.0%5.6%7.2%6.6%

Valuation

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Cap11.79.78.644.34.85.09.2
P/S3.80.91.11.41.04.21.3
P/Op Inc18.3-28.411.914.819.719.116.6
P/EBIT17.9-6.211.815.319.719.116.6
P/E27.5-5.919.221.131.325.923.5
P/CFO14.321.613.218.315.512.614.9
Total Yield4.1%-15.5%5.2%6.2%3.2%3.9%4.0%
Dividend Yield0.5%1.4%0.0%1.5%0.0%0.0%0.2%
FCF Yield 3Y Avg4.6%0.7%7.3%-3.9%1.8%3.9%
D/E0.20.70.30.10.20.10.2
Net D/E0.10.40.30.10.20.10.2

Returns

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
1M Rtn11.5%-14.7%-5.1%-1.1%0.4%3.4%-0.4%
3M Rtn2.4%-35.8%-10.9%-11.0%-21.1%20.8%-10.9%
6M Rtn-5.0%-8.3%-19.0%-4.0%-23.9%13.2%-6.6%
12M Rtn25.8%-9.2%-25.5%4.7%-17.2%-26.2%-13.2%
3Y Rtn27.7%-38.1%45.1%8.7%-37.8%-33.1%-12.2%
1M Excs Rtn8.3%-14.9%-15.5%-5.9%-2.9%3.6%-4.4%
3M Excs Rtn-10.1%-46.2%-21.5%-21.0%-31.5%9.2%-21.2%
6M Excs Rtn-7.7%-7.0%-23.3%-6.2%-26.6%19.7%-7.3%
12M Excs Rtn5.6%-30.3%-47.3%-17.8%-38.6%-42.7%-34.4%
3Y Excs Rtn-35.6%-102.1%-21.7%-61.7%-105.9%-97.2%-79.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Pipe1,5571,5871,7591,5551,059
Allied Products & Other707684700569442
Infiltrator596531524552398
International206222239225165
Intersegment Eliminations-163-150-151-132-82
Total2,9042,8743,0712,7691,983


Assets by Segment
$ Mil20162014
Domestic950836
International148115
Eliminations-60-13
Total1,038938


Price Behavior

Price Behavior
Market Price$150.47 
Market Cap ($ Bil)11.7 
First Trading Date07/25/2014 
Distance from 52W High-14.0% 
   50 Days200 Days
DMA Price$141.61$146.92
DMA Trendindeterminateindeterminate
Distance from DMA6.3%2.4%
 3M1YR
Volatility43.6%40.8%
Downside Capture187.38116.99
Upside Capture120.20116.60
Correlation (SPY)46.3%39.6%
WMS Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.161.461.581.511.271.26
Up Beta1.052.052.062.041.841.43
Down Beta2.331.361.191.321.271.07
Up Capture168%138%138%143%121%161%
Bmk +ve Days11244067140429
Stock +ve Days10172955119365
Down Capture15%131%153%135%101%106%
Bmk -ve Days10172358112321
Stock -ve Days11243470133385

[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
WMS26.7%40.8%0.67-
Sector ETF (XLI)22.7%16.7%1.0559.5%
Equity (SPY)22.1%12.5%1.3139.6%
Gold (GLD)23.5%27.8%0.7518.1%
Commodities (DBC)23.6%18.7%0.99-28.8%
Real Estate (VNQ)13.4%13.9%0.6737.7%
Bitcoin (BTCUSD)-42.5%42.8%-1.1714.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WMS
WMS5.9%42.3%0.26-
Sector ETF (XLI)13.7%17.6%0.6158.9%
Equity (SPY)13.4%17.1%0.6154.0%
Gold (GLD)17.8%18.3%0.799.2%
Commodities (DBC)7.3%19.5%0.278.1%
Real Estate (VNQ)2.9%18.9%0.0544.3%
Bitcoin (BTCUSD)13.8%53.4%0.4423.5%

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
WMS20.3%41.7%0.59-
Sector ETF (XLI)14.6%20.0%0.6458.0%
Equity (SPY)15.6%17.9%0.7555.6%
Gold (GLD)11.6%16.1%0.596.9%
Commodities (DBC)6.0%18.0%0.2616.2%
Real Estate (VNQ)5.1%20.7%0.2147.6%
Bitcoin (BTCUSD)58.6%66.2%0.9918.4%

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

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 61520261.6%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity77.8 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Updated 6/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/21/2026-1.2%2.4%3.5%
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%
...
SUMMARY STATS   
# Positive141713
# Negative10711
Median Positive7.1%8.1%12.0%
Median Negative-2.9%-8.1%-7.0%
Max Positive20.9%25.2%30.4%
Max Negative-25.0%-27.9%-17.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/21/2026-1.2%2.4%3.5%
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%
2/8/202414.4%17.7%17.2%
11/2/2023-0.9%2.3%16.1%
8/3/20230.7%3.8%2.7%
5/18/202311.0%8.0%24.8%
2/2/2023-17.0%-8.1%-13.7%
11/3/2022-25.0%-27.9%-15.9%
8/4/202213.6%18.8%10.5%
5/19/20224.6%8.5%-17.5%
2/3/20224.1%3.7%5.3%
11/4/20217.7%15.9%12.0%
8/5/2021-5.4%-2.8%-5.2%
5/20/20211.4%7.7%-3.2%
2/4/202120.9%13.4%19.5%
11/5/2020-2.5%-5.4%11.7%
8/6/20206.4%18.3%12.8%
SUMMARY STATS   
# Positive141713
# Negative10711
Median Positive7.1%8.1%12.0%
Median Negative-2.9%-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
03/31/202605/21/202610-K
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
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/21/202610-K
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
12/31/202102/03/202210-Q
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/27/202110-K
12/31/202002/04/202110-Q
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202006/01/202010-K
12/31/201902/06/202010-Q
09/30/201911/12/201910-Q
06/30/201908/01/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q4 2026 Earnings Reported 5/21/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Net Sales3.35 Bil3.45 Bil3.55 Bil14.4% Higher NewActual: 3.02 Bil for 2026
2027 Adjusted EBITDA1.00 Bil1.02 Bil1.05 Bil8.5% Higher NewActual: 945.00 Mil for 2026
2027 Capital Expenditures 200.00 Mil -20.0% Lower NewActual: 250.00 Mil for 2026

Prior: 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

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

Updated 6/17/2026
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
Collapse to Preview
#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
6Waun, Thomas J SREVP, InternationalKSOPSell11132025148.301,272188,690118,188Form
7Harvey, Darin SEVP, Supply Chain & LogisticsDirectSell6112025116.394,464519,565336,367Form

Investor Activity (13F)

Updated Jul 13, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Owls Nest Partners IA, LLC$36.2 Mil12.7%13ADD +47.3%13F
Impactive Capital LP$117.5 Mil8.5%10TRIM -41.2%13F
ACK Asset Management LLC$53.5 Mil6.7%20Hold13F
Triodos Investment Management BV$73.6 Mil5.6%49Hold13F
Hill City Capital, LP$50.7 Mil1.8%23ADD +131.3%13F
Mirova US LLC$86.2 Mil1.0%42Hold13F
Archon Partners LLC$8.1 Mil1.0%39ADD +47.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Hill City Capital, LP$50.7 Mil1.8%23ADD +131.3%13F
Archon Partners LLC$8.1 Mil1.0%39ADD +47.5%13F
Owls Nest Partners IA, LLC$36.2 Mil12.7%13ADD +47.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
MIG Capital, LLC$17.3 Mil2.9%43ExitedDec 31, 202513F
Impactive Capital LP$117.5 Mil8.5%10TRIM -41.2%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Impactive Capital LP$117.5 Mil8.5%10TRIM -41.2%13F
Mirova US LLC$86.2 Mil1.0%42Hold13F
Triodos Investment Management BV$73.6 Mil5.6%49Hold13F
ACK Asset Management LLC$53.5 Mil6.7%20Hold13F
Hill City Capital, LP$50.7 Mil1.8%23ADD +131.3%13F
Owls Nest Partners IA, LLC$36.2 Mil12.7%13ADD +47.3%13F
Archon Partners LLC$8.1 Mil1.0%39ADD +47.5%13F
Core Cache Last Updated: 7/12/2026