Advanced Drainage Systems (WMS)


Market Price (9/10/2026): $128.74 | Market Cap: $9.9 BilSector: Industrials | Industry: Building Products

Advanced Drainage Systems (WMS)


Market Price (9/10/2026): $128.74
Market Cap: $9.9 Bil
Sector: Industrials
Industry: Building Products

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

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, FCF Yield is 5.5%

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 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

Low stock price volatility
Vol 12M is 38%

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 -45%, 3Y Excs Rtn is -66%

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

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, FCF Yield is 5.5%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
3 Low stock price volatility
Vol 12M is 38%
4 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Circular Economy & Recycling, and Sustainable Resource Management. Themes include Wastewater Management, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -66%
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%
IWB0.01%
IJH0.29%
VIG0.04%
VB0.13%
VBK0.32%
IJK0.31%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Advanced Drainage Systems (WMS) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. Fiscal Year 2026 Earnings Miss and Cautious Outlook for Fiscal 2027.

Advanced Drainage Systems (WMS) reported its full fiscal year 2026 earnings around May 21, 2026, where its Earnings Per Share (EPS) of US$5.50 missed analyst expectations, representing an 8.4% miss. The company's profit margin also declined to 14% for FY 2026 from 16% in FY 2025 due to higher expenses. Additionally, management issued a cautious outlook for fiscal 2027, anticipating continued margin pressure from material cost inflation and a mixed demand environment in the agricultural and single-family housing markets.

2. Persistent Margin Pressure Warning Despite Strong Fiscal Q1 2027 Results.

On August 6, 2026, the company announced its fiscal Q1 2027 results (for the quarter ended June 30, 2026), reporting an EPS of US$2.28, which surpassed analyst estimates by 5.9%. While revenue also increased by 21% to US$1.00 billion, management warned of ongoing margin pressure in the upcoming quarters for fiscal 2027. They projected that the Adjusted EBITDA margin would decline by 170-200 basis points to a range of 29.6%-29.9% for the full fiscal year 2027, despite the strong first-quarter performance. This outlook tempered investor enthusiasm following the earnings beat.

Show more
Updated on 9/1/2026

Advanced Drainage Systems (WMS) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. Fiscal Year 2026 Earnings Miss and Cautious Outlook for Fiscal 2027.

Advanced Drainage Systems (WMS) reported its full fiscal year 2026 earnings around May 21, 2026, where its Earnings Per Share (EPS) of US$5.50 missed analyst expectations, representing an 8.4% miss. The company's profit margin also declined to 14% for FY 2026 from 16% in FY 2025 due to higher expenses. Additionally, management issued a cautious outlook for fiscal 2027, anticipating continued margin pressure from material cost inflation and a mixed demand environment in the agricultural and single-family housing markets.

2. Persistent Margin Pressure Warning Despite Strong Fiscal Q1 2027 Results.

On August 6, 2026, the company announced its fiscal Q1 2027 results (for the quarter ended June 30, 2026), reporting an EPS of US$2.28, which surpassed analyst estimates by 5.9%. While revenue also increased by 21% to US$1.00 billion, management warned of ongoing margin pressure in the upcoming quarters for fiscal 2027. They projected that the Adjusted EBITDA margin would decline by 170-200 basis points to a range of 29.6%-29.9% for the full fiscal year 2027, despite the strong first-quarter performance. This outlook tempered investor enthusiasm following the earnings beat.

3. Negative Technical Sell Signals.

Technical analysis within the specified period indicated a bearish trend for WMS stock. A notable "sell signal" was issued from a pivot top point on June 30, 2026. Following this signal, the stock experienced a decline of 12.72% by August 28, 2026, suggesting significant selling pressure and a downward momentum in its price movement.

4. Broader Economic Uncertainties and Industry Headwinds.

The stock movement was also influenced by a backdrop of broader economic uncertainty and specific industry challenges. The company operates within cyclical construction markets, which have faced a mixed demand environment, particularly in agricultural and single-family housing sectors. Furthermore, WMS noted persistent challenges from elevated material and transportation costs, which continued to weigh on profitability and contribute to overall investor caution.

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Stock Movement Drivers

Fundamental Drivers

The -5.0% change in WMS stock from 5/31/2026 to 9/9/2026 was primarily driven by a -11.7% change in the company's P/E Multiple.
(LTM values as of)53120269092026Change
Stock Price ($)138.76131.78-5.0%
Change Contribution By: 
Total Revenues ($ Mil)3,0503,2225.6%
Net Income Margin (%)14.0%14.0%0.1%
P/E Multiple25.322.4-11.7%
Shares Outstanding (Mil)78771.7%
Cumulative Contribution-5.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/9/2026
ReturnCorrelation
WMS-5.0% 
Market (SPY)0.8%47.3%
Sector (XLI)-0.8%63.0%

Fundamental Drivers

The -22.8% change in WMS stock from 2/28/2026 to 9/9/2026 was primarily driven by a -20.8% change in the company's P/E Multiple.
(LTM values as of)22820269092026Change
Stock Price ($)170.66131.78-22.8%
Change Contribution By: 
Total Revenues ($ Mil)2,9893,2227.8%
Net Income Margin (%)15.7%14.0%-11.1%
P/E Multiple28.222.4-20.8%
Shares Outstanding (Mil)78771.7%
Cumulative Contribution-22.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/9/2026
ReturnCorrelation
WMS-22.8% 
Market (SPY)11.4%58.8%
Sector (XLI)-2.7%73.1%

Fundamental Drivers

The -8.0% change in WMS stock from 8/31/2025 to 9/9/2026 was primarily driven by a -13.0% change in the company's P/E Multiple.
(LTM values as of)83120259092026Change
Stock Price ($)143.23131.78-8.0%
Change Contribution By: 
Total Revenues ($ Mil)2,9193,22210.4%
Net Income Margin (%)14.8%14.0%-5.6%
P/E Multiple25.722.4-13.0%
Shares Outstanding (Mil)78771.5%
Cumulative Contribution-8.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/9/2026
ReturnCorrelation
WMS-8.0% 
Market (SPY)19.2%47.0%
Sector (XLI)14.2%66.6%

Fundamental Drivers

The 4.3% change in WMS stock from 8/31/2023 to 9/9/2026 was primarily driven by a 10.7% change in the company's P/E Multiple.
(LTM values as of)83120239092026Change
Stock Price ($)126.31131.784.3%
Change Contribution By: 
Total Revenues ($ Mil)2,9353,2229.8%
Net Income Margin (%)16.8%14.0%-16.7%
P/E Multiple20.222.410.7%
Shares Outstanding (Mil)79773.1%
Cumulative Contribution4.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/9/2026
ReturnCorrelation
WMS4.3% 
Market (SPY)75.3%51.1%
Sector (XLI)65.3%61.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WMS Return63%-40%72%-17%26%-7%64%
Peers Return41%-37%70%-9%-11%0%21%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
WMS Win Rate67%42%67%42%50%44% 
Peers Win Rate65%37%60%42%48%51% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
WMS Max Drawdown-15%-47%-27%-36%-24%-26% 
Peers Max Drawdown-22%-52%-23%-37%-39%-31% 
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 9/9/2026 (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.

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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)

Peer Outperformance in Building Products

WMS has outperformed 53% of its 32 Building Products peers over 5Y. Among the peers that beat it are GFF, JCI and SSD. Building Products ranks 12th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Building Products constituents that WMS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
72%
of 36 industry peers · -4.2% return
3Y
54%
of 35 industry peers · 10.0% return
5Y
53%
of 32 industry peers · 15.0% return
Building Products peers with revenue growth within 4pp of WMS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
WMS Advanced Drainage Systems 3.3% 22.4x -4.2%10.0%15.0%
GFF Griffon 1.6% 24.0x 25.1%149.3%409.2% +394pp
JCI Johnson Controls International 5.4% 24.6x 38.1%167.0%113.4% +98pp
SSD Simpson Manufacturing 3.9% 19.1x -6.6%16.8%69.8% +55pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Building Products is WMS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 31 9.5%107.0%192.2% CDNL 2559% · FIX 2199% · STRL 2166%
Marine Transportation 5 69.9%64.6%169.5% HOS 47900% · MATX 179% · KEX 170%
Construction Machinery & Heavy Transportation Equipment 13 13.6%61.0%119.0% CAT 334% · ALSN 283% · WAB 223%
Aerospace & Defense 55 -1.8%57.9%72.0% ATI 1092% · FTAI 919% · HWM 656%
Passenger Ground Transportation 3 -19.0%37.7%61.1% UBER 78% · CAR 61% · LYFT -70%
Rail Transportation 7 33.8%68.4%45.3% FSTR 143% · CSX 67% · UNP 53%
Industrial Machinery & Supplies & Components 71 8.6%47.5%41.3% CRS 1436% · PSIX 993% · EROC 628%
Trading Companies & Distributors 19 4.8%36.0%38.5% DXPE 576% · AIT 294% · WCC 225%
Cargo Ground Transportation 16 39.5%4.9%34.4% XPO 260% · R 254% · CVLG 233%
Diversified Support Services 33 9.7%27.9%28.7% LIME 3864% · TH 397% · WLFC 376%
Electrical Components & Equipment 41 18.6%53.6%20.0% POWL 2242% · BE 1273% · VRT 977%
Building Products ← 33 -9.9%1.2%14.8% LMB 587% · GFF 409% · PPIH 300%
Agricultural & Farm Machinery 17 18.8%3.8%-4.3% BLBD 225% · DE 99% · GENC 64%
Industrial Conglomerates 17 9.4%12.2%-4.8% RCMT 567% · CSW 134% · CSL 79%
Environmental & Facilities Services 29 -9.3%26.0%-6.0% CECO 1038% · ADUR 398% · NVRI 373%
Research & Consulting Services 13 -9.8%-22.9%-10.4% HURN 205% · CRAI 94% · GRNQ 85%
Data Processing & Outsourced Services 6 -33.1%-15.1%-26.2% EXLS 43% · BR 9% · G -26%
Passenger Airlines 11 1.4%-2.1%-28.0% LTM 3349% · UAL 142% · SKYW 122%
Office Services & Supplies 9 10.8%27.7%-30.6% PBI 199% · TILE 147% · HNI 56%
Air Freight & Logistics 12 -9.2%-24.0%-39.3% CHRW 92% · FDX 65% · EXPD 59%
Security & Alarm Services 10 -35.5%4.8%-39.4% CIX 142% · MG 118% · NL 65%
Human Resource & Employment Services 21 1.3%-22.7%-41.6% BBSI 80% · ADP 47% · KFY 23%
Airport Services 3 -69.4%-78.8%-57.5% JOBY -31% · ASLE -57% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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Peer Comparisons

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Financials

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Price131.7871.7841.60223.2297.8145.5084.80
Mkt Cap10.19.2-43.24.34.79.2
Rev LTM3,22211,294-32,8894,7751,2084,775
Op Inc LTM68321-3,212252244252
FCF LTM550-265-1,265250198250
FCF 3Y Avg491109-1,58021589215
CFO LTM804631-1,687324358631
CFO 3Y Avg7121,091-1,949270293712

Growth & Margins

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Rev Chg LTM10.4%-4.0%-8.9%3.3%7.0%7.0%
Rev Chg 3Y Avg3.3%-6.5%-3.3%4.5%8.5%3.3%
Rev Chg Q20.6%10.8%-14.8%4.7%7.8%10.8%
QoQ Delta Rev Chg LTM5.6%2.9%-3.6%1.5%2.6%2.9%
Op Inc Chg LTM5.4%-93.2%-25.0%24.1%-9.8%5.4%
Op Inc Chg 3Y Avg-0.8%-69.5%-5.3%-1.1%10.9%-0.8%
Op Mgn LTM21.2%0.2%-9.8%5.3%20.2%9.8%
Op Mgn 3Y Avg22.7%3.5%-9.1%4.9%24.0%9.1%
QoQ Delta Op Mgn LTM0.3%3.3%-0.3%0.1%-1.9%0.3%
CFO/Rev LTM25.0%5.6%-5.1%6.8%29.6%6.8%
CFO/Rev 3Y Avg23.5%9.2%-6.4%5.9%24.4%9.2%
FCF/Rev LTM17.1%-2.3%-3.8%5.2%16.4%5.2%
FCF/Rev 3Y Avg16.2%0.8%-5.2%4.7%7.1%5.2%

Valuation

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
Mkt Cap10.19.2-43.24.34.79.2
P/S3.10.8-1.30.93.91.3
P/Op Inc14.8437.7-13.517.119.117.1
P/EBIT14.5-8.5-13.617.119.114.5
P/E22.4-7.4-18.426.526.222.4
P/CFO12.514.6-25.613.313.013.3
Total Yield5.0%-10.5%-7.0%3.8%3.8%3.8%
Dividend Yield0.6%3.0%-1.6%0.0%0.0%0.6%
FCF Yield 3Y Avg4.5%0.0%--4.1%1.5%2.8%
D/E0.20.6-0.20.30.10.2
Net D/E0.20.4-0.10.20.10.2

Returns

WMSWLKCNMFERGSITETREXMedian
NameAdvanced.Westlake Core & M.Ferguson.SiteOne .Trex  
1M Rtn-6.8%-8.6%-10.2%-15.1%-1.6%-5.5%-7.7%
3M Rtn1.9%-17.0%-15.9%-0.2%-6.2%6.3%-3.2%
6M Rtn-10.2%-32.1%-15.4%-2.9%-27.7%19.2%-12.8%
12M Rtn-4.2%-14.3%-16.3%-0.3%-31.4%-24.1%-15.3%
3Y Rtn10.0%-38.8%40.5%7.0%-39.5%-32.4%-12.7%
1M Excs Rtn-5.3%-7.1%-8.6%-13.6%-0.1%-4.0%-6.2%
3M Excs Rtn-6.1%-19.4%-24.4%-8.2%-12.3%-0.9%-10.2%
6M Excs Rtn-24.8%-43.4%-28.4%-13.9%-40.3%9.5%-26.6%
12M Excs Rtn-28.4%-34.2%-55.1%-21.9%-53.2%-45.5%-39.8%
3Y Excs Rtn-66.4%-111.5%-42.9%-62.1%-112.5%-106.6%-86.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Stormwater2,4342,3622,392  
Wastewater715630567  
Intersegment Eliminations-98-88-84-151-132
Allied Products & Other   700569
Infiltrator   524552
International   239225
Pipe   1,7591,555
Total3,0502,9042,8743,0712,769


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


Price Behavior

Price Behavior
Market Price$131.78 
Market Cap ($ Bil)10.1 
First Trading Date07/25/2014 
Distance from 52W High-24.6% 
   50 Days200 Days
DMA Price$143.47$147.06
DMA Trendindeterminateup
Distance from DMA-8.1%-10.4%
 3M1YR
Volatility40.8%37.0%
Downside Capture201.68169.21
Upside Capture164.86131.53
Correlation (SPY)50.9%47.2%
WMS Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.391.681.371.751.371.26
Up Beta2.670.891.001.881.711.40
Down Beta3.132.251.391.410.961.04
Up Capture158%125%145%145%134%156%
Bmk +ve Days10213268138427
Stock +ve Days9203054119362
Down Capture310%245%152%189%135%108%
Bmk -ve Days11213259113324
Stock -ve Days12223473132388

[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
WMS-10.8%37.6%-0.23-
Sector ETF (XLI)14.8%17.2%0.6467.1%
Equity (SPY)18.6%12.8%1.0647.3%
Gold (GLD)20.6%29.2%0.6418.6%
Commodities (DBC)46.3%20.4%1.76-37.6%
Real Estate (VNQ)7.3%13.6%0.2736.7%
Bitcoin (BTCUSD)-29.8%43.8%-0.689.9%

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
WMS3.4%42.4%0.20-
Sector ETF (XLI)12.1%17.6%0.5258.9%
Equity (SPY)12.5%17.2%0.5554.2%
Gold (GLD)18.9%18.8%0.829.1%
Commodities (DBC)11.1%19.5%0.445.3%
Real Estate (VNQ)1.2%18.9%-0.0444.4%
Bitcoin (BTCUSD)10.8%52.6%0.3923.6%

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
WMS19.9%41.8%0.58-
Sector ETF (XLI)13.2%20.1%0.5858.0%
Equity (SPY)15.1%17.9%0.7255.6%
Gold (GLD)12.3%16.3%0.627.0%
Commodities (DBC)8.1%18.1%0.3714.9%
Real Estate (VNQ)4.7%20.7%0.1947.6%
Bitcoin (BTCUSD)63.6%66.2%1.0318.3%

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

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 73120265.0%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity76.5 Mil
Short % of Basic Shares3.2%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-0.8%-6.1%-9.7%
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%
...
SUMMARY STATS   
# Positive131612
# Negative11812
Median Positive7.7%8.0%11.8%
Median Negative-2.5%-7.1%-7.9%
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
8/6/2026-0.8%-6.1%-9.7%
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%
SUMMARY STATS   
# Positive131612
# Negative11812
Median Positive7.7%8.0%11.8%
Median Negative-2.5%-7.1%-7.9%
Max Positive20.9%25.2%30.4%
Max Negative-25.0%-27.9%-17.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
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

Recent Forward Guidance

Updated 8/7/2026

Latest: Q1 2027 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported3.35 Bil3.45 Bil3.55 Bil0 AffirmedGuidance: 3.45 Bil for 2027
2027 Adjusted EBITDAReported1.00 Bil1.02 Bil1.05 Bil0 AffirmedGuidance: 1.02 Bil for 2027
2027 Capital ExpendituresReported 200.00 Mil 0 AffirmedGuidance: 200.00 Mil for 2027


Prior: Q4 2026 Earnings Reported 5/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 Net SalesReported3.35 Bil3.45 Bil3.55 Bil14.4% Higher NewActual: 3.02 Bil for 2026
2027 Adjusted EBITDAReported1.00 Bil1.02 Bil1.05 Bil8.5% Higher NewActual: 945.00 Mil for 2026
2027 Capital ExpendituresReported 200.00 Mil -20.0% Lower NewActual: 250.00 Mil for 2026

Q3 2026 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported2.99 Bil3.02 Bil3.04 Bil2.4% RaisedGuidance: 2.94 Bil for 2026
2026 Adjusted EBITDAReported930.00 Mil945.00 Mil960.00 Mil2.7% RaisedGuidance: 920.00 Mil for 2026
2026 Capital ExpendituresReported 250.00 Mil 17.6% RaisedGuidance: 212.50 Mil for 2026

Q2 2026 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported2.90 Bil2.94 Bil2.99 Bil1.6% RaisedGuidance: 2.90 Bil for 2026
2026 Adjusted EBITDAReported900.00 Mil920.00 Mil940.00 Mil4.5% RaisedGuidance: 880.00 Mil for 2026
2026 Capital ExpendituresReported200.00 Mil212.50 Mil225.00 Mil0 AffirmedGuidance: 212.50 Mil for 2026

Insider Activity

Updated 9/3/2026
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

Investor Activity (13F)

Updated Sep 10, 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, community-bank and charitable/donor-advised 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: 9/9/2026