American drainage product company based in Hillard, Ohio, US
Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators. It is the largest maker of high-density polyethylene pipe in the United States. It is headquartered in Hilliard, Ohio.3 Its shares trade on NYSE under the symbol WMS.1Wikipedia text CC BY-SA 4.0
Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators. It is the largest maker of high-density polyethylene pipe in the United States. It is headquartered in Hilliard, Ohio. In 2020, 93% of the company's sales were in the United States and 6% were in Canada.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$3.1B in 2026+120% since 2019Gross profit10111213146$1.2B in 2026+257% since 2019Operating income10111213146$619.2M in 2026+378% since 2019Net income10111213146$426.5M in 2026+448% since 2019
Revenue151617$1.0B in Q1 FY2026+18% since Q2 FY2025Gross profit151617$408.0M in Q1 FY2026+20% since Q2 FY2025Operating income151617$254.5M in Q1 FY2026+14% since Q2 FY2025Net income151617$168.5M in Q1 FY2026+8% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
Net sales
$3.1B
$2.9B
$2.9B
Cost of goods sold
$1.9B
$1.8B
$1.7B
Gross profit
$1.2B
$1.1B
$1.1B
Selling, general and administrative
$469.5M
$380.4M
$370.7M
Loss (gain) on disposal of assets and costs from exit and disposal activities
$19.2M
$3.9M
-$8.4M
Intangible amortization
$59.4M
$52.6M
$51.5M
Income from operations
$619.2M
$657.4M
$732.1M
Interest expense
$93.9M
$91.8M
$88.9M
Interest income and other, net
-$34.5M
-$23.8M
-$23.5M
Income before income taxes
$559.8M
$589.5M
$666.8M
Income tax expense
$135.0M
$141.1M
$159.0M
Equity in net income of unconsolidated affiliates
-$5.1M
-$4.2M
-$5.5M
Net income from continuing operations
$429.9M
$452.6M
$513.3M
Net sales
-$1.1M
$0
$0
Net income
$428.8M
$452.6M
$513.3M
Less: net income attributable to noncontrolling interest
$2.3M
$2.4M
$3.4M
Net income attributable to ADS
$426.5M
$450.2M
$509.9M
Basic (in shares)
77.8M shares
77.5M shares
78.3M shares
Diluted (in shares)
78.4M shares
78.2M shares
79.0M shares
Income (Loss) from Continuing Operations, Per Basic Share
$6
$6
$7
Income (Loss) from Continuing Operations, Per Diluted Share
$5
$6
$6
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share
-$0
$0
$0
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share
-$0
$0
$0
Basic (in dollars per share)
$5.48
$5.81
$6.52
Diluted (in dollars per share)
$5.44
$5.76
$6.45
No quarter-by-quarter statement was filed.
Total assets1810111213146$4.5B in 2026+332% since 2019Total liabilities1810111213146$2.5B in 2026+371% since 2019Shareholders’ equity1810111213146$1.9B in 2026+384% since 2019Cash18101112136$223.0M in 2026+2408% since 2019Long-term debt1810111213146$1.6B in 2026+670% since 2019
Total assets151617$4.5B in Q1 FY2026+11% since Q2 FY2025Total liabilities151617$2.6B in Q1 FY2026+22% since Q2 FY2025Shareholders’ equity151617$1.8B in Q1 FY2026−2% since Q2 FY2025Cash151617$162.3M in Q1 FY2026−80% since Q2 FY2025Long-term debt151617$1.6B in Q1 FY2026+29% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
Cash
$223.0M
$463.3M
$490.2M
Receivables (less allowance for credit losses of $4,654 and $7,684, respectively)
$390.5M
$333.2M
Inventories
$543.4M
$488.3M
Assets held for sale
$43.5M
$8.2M
Other current assets
$30.4M
$31.8M
Total current assets
$1.2B
$1.3B
Property, plant and equipment, net
$1.2B
$1.1B
Goodwill
$1.0B
$720.2M
$617.2M
Intangible assets, net
$848.5M
$448.1M
Other assets
$166.4M
$146.3M
Total assets
$4.5B
$3.7B
Current maturities of debt obligations
$5.9M
$9.9M
Current maturities of finance lease obligations
$38.1M
$33.1M
Accounts payable
$237.7M
$218.0M
Liabilities held for sale
$15.1M
$0
Other accrued liabilities
$212.6M
$137.3M
Total current liabilities
$509.5M
$398.4M
Long-term debt obligations (less unamortized debt issuance costs of $18,428 and $7,715, respectively)
$1.6B
$1.3B
Long-term finance lease obligations
$121.9M
$131.0M
Deferred tax liabilities
$221.0M
$190.4M
Other liabilities
$91.3M
$83.2M
Total liabilities
$2.5B
$2.1B
Redeemable common stock: $0.01 par value; 4,533 and 5,702 shares outstanding, respectively
$73.7M
$92.7M
Total mezzanine equity
$73.7M
$92.7M
$108.6M
$153.2M
Common stock: $0.01 par value; 1,000,000 shares authorized; 85,319 and 83,750 shares issued, respectively; 72,654 and 71,864 shares outstanding, respectively
$11.7M
$11.7M
Paid-in capital
$1.3B
$1.3B
Common stock in treasury, at cost
-$1.3B
-$1.2B
Accumulated other comprehensive loss
-$32.3M
-$37.2M
Retained earnings
$1.9B
$1.5B
Total ADS stockholders equity
$1.9B
$1.5B
Noncontrolling interest in subsidiaries
$23.6M
$17.7M
Total stockholders equity
$1.9B
$1.5B
$1.2B
$841.6M
Total liabilities, mezzanine equity and stockholders equity
$4.5B
$3.7B
Allowance for doubtful accounts
$4.7M
$7.7M
Unamortized debt issuance costs
$18.4M
$7.7M
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, authorized (in shares)
1.0B shares
1.0B shares
Common stock issued (in shares)
85.3M shares
83.8M shares
Common stock outstanding (in shares)
72.7M shares
71.9M shares
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
Cash
$223.0M
$463.3M
$490.2M
Receivables (less allowance for credit losses of $4,654 and $7,684, respectively)
$390.5M
$333.2M
Inventories
$543.4M
$488.3M
Assets held for sale
$43.5M
$8.2M
Other current assets
$30.4M
$31.8M
Total current assets
$1.2B
$1.3B
Property, plant and equipment, net
$1.2B
$1.1B
Goodwill
$1.0B
$720.2M
$617.2M
Intangible assets, net
$848.5M
$448.1M
Other assets
$166.4M
$146.3M
Total assets
$4.5B
$3.7B
Current maturities of debt obligations
$5.9M
$9.9M
Current maturities of finance lease obligations
$38.1M
$33.1M
Accounts payable
$237.7M
$218.0M
Liabilities held for sale
$15.1M
$0
Other accrued liabilities
$212.6M
$137.3M
Total current liabilities
$509.5M
$398.4M
Long-term debt obligations (less unamortized debt issuance costs of $18,428 and $7,715, respectively)
$1.6B
$1.3B
Long-term finance lease obligations
$121.9M
$131.0M
Deferred tax liabilities
$221.0M
$190.4M
Other liabilities
$91.3M
$83.2M
Total liabilities
$2.5B
$2.1B
Redeemable common stock: $0.01 par value; 4,533 and 5,702 shares outstanding, respectively
$73.7M
$92.7M
Total mezzanine equity
$73.7M
$92.7M
$108.6M
$153.2M
Common stock: $0.01 par value; 1,000,000 shares authorized; 85,319 and 83,750 shares issued, respectively; 72,654 and 71,864 shares outstanding, respectively
$11.7M
$11.7M
Paid-in capital
$1.3B
$1.3B
Common stock in treasury, at cost
-$1.3B
-$1.2B
Accumulated other comprehensive loss
-$32.3M
-$37.2M
Retained earnings
$1.9B
$1.5B
Total ADS stockholders equity
$1.9B
$1.5B
Noncontrolling interest in subsidiaries
$23.6M
$17.7M
Total stockholders equity
$1.9B
$1.5B
$1.2B
$841.6M
Total liabilities, mezzanine equity and stockholders equity
$4.5B
$3.7B
Allowance for doubtful accounts
$4.7M
$7.7M
Unamortized debt issuance costs
$18.4M
$7.7M
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, authorized (in shares)
1.0B shares
1.0B shares
Common stock issued (in shares)
85.3M shares
83.8M shares
Common stock outstanding (in shares)
72.7M shares
71.9M shares
Cash from operations10111213146$819.1M in 2026+440% since 2019Capital spending10111213146$249.8M in 2026+475% since 2019Free cash flow10111213146$569.3M in 2026+426% since 2019Dividends paid1013146$56.1M in 2026+115% since 2019Share buybacks111213146$92.0M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
Net income
$428.8M
$452.6M
$513.3M
Less: Net loss from discontinued operations, net of taxes
-$1.1M
$0
$0
Depreciation and amortization
$216.3M
$183.3M
$154.9M
Deferred income taxes
$35.4M
-$423.0K
-$2.3M
Loss (gain) on disposal of assets and costs from exit and disposal activities
$19.2M
$3.9M
-$8.4M
Stock-based compensation
$32.4M
$26.6M
$32.0M
Amortization of deferred financing charges
$2.2M
$2.0M
$2.0M
Inventory step up related to NDS acquisition
$12.3M
$0
$0
Fair market value adjustments to derivatives
-$5.1M
$220.0K
-$972.0K
Equity in net income of unconsolidated affiliates
-$5.1M
-$4.2M
-$5.5M
Other operating activities
$806.0K
-$298.0K
$6.7M
Receivables
-$2.3M
$1.4M
-$14.6M
Inventories
$30.6M
-$15.7M
$594.0K
Prepaid expenses and other current assets
-$1.1M
-$4.0M
-$275.0K
Accounts payable, accrued expenses and other liabilities
$54.0M
-$63.9M
$40.4M
Cash Provided by (Used in) Discontinued Operation
-$307.0K
$0
$0
Net cash provided by operating activities
$819.1M
$581.5M
$717.9M
Capital expenditures
-$249.8M
-$212.9M
-$183.8M
Proceeds from disposition of assets or businesses
$32.5M
$0
$27.5M
Acquisition, net of cash acquired
-$991.1M
-$237.3M
$0
Other investing activities
-$3.5M
$2.4M
$650.0K
Net cash used in investing activities
-$1.2B
-$447.9M
-$155.7M
Payments on syndicated Term Loan Facility
-$413.2M
-$7.0M
-$7.0M
Proceeds from commercial loan agreement
$27.2M
$0
$0
Debt issuance costs
-$17.2M
$0
$0
Payments on Equipment Financing
-$2.9M
-$4.9M
-$7.7M
Payments on finance lease obligations
-$40.6M
-$25.5M
-$12.1M
Repurchase of common stock
-$92.0M
-$69.9M
-$207.3M
Cash dividends paid
-$56.1M
-$49.7M
-$44.0M
Proceeds from noncontrolling interest holder
$3.3M
$0
$0
Dividends paid to noncontrolling interest holder
-$2.0M
$0
-$3.7M
Proceeds from option exercises
$6.8M
$10.0M
$6.5M
Payment of withholding taxes on vesting of restricted stock units
-$7.1M
-$10.7M
-$8.9M
Other financing activities
-$2.0K
$2.0K
$0
Net cash provided by (used in) financing activities
Advanced Drainage Systems sits at the top of its group. 40 entities, 15 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Joseph A. ChlapatyFiled SC 13G/A on Advanced Drainage Systems, latest Feb 14, 2022
Advanced Drainage SystemsHilliard, Ohio, United States
ADS Europe B.V. Subsidiary · Netherlands
ADS Europe Holding B.V. Subsidiary · Netherlands
ADS International, Inc. Subsidiary · Delaware, United States
ADS Mexicana, S.A. de C.V. Subsidiary · Monterrey, Mexico
ADS Middle East FZE Subsidiary · United Arab Emirates
ADS Strategic Services LLC Subsidiary · Delaware, United States
ADS Ventures, Inc. Subsidiary · Delaware, United States
ADS Worldwide, Inc. Subsidiary · Delaware, United States
ADSI-1, LLC Subsidiary · Delaware, United States
ADSI-2, LLC Subsidiary · Delaware, United States
ADSM Centro América, S.A. Subsidiary · Costa Rica
CEDEIM Centro de Desarrollo, Educación e Investigación de México, S.A. de C.V. Subsidiary · Mexico
Delta Treatment Systems, LLC Subsidiary · Delaware, United States
EQ Truepointe One, LLC Subsidiary · Ohio, United States
Ezflow GP, LLC Subsidiary · Delaware, United States
Ezflow, L.P. Subsidiary · Tennessee, United States
Fish Water Products Sdn. Bhd. Subsidiary · Malaysia
Green Line Polymers, LLC Subsidiary · Delaware, United States
Hancor of Canada, Inc. Subsidiary · Canada
Infiltrator Water Technologies, LLC Subsidiary · Delaware, United States
JET Polymer Recycling, LLC Subsidiary · Alabama, United States
Kimplas Limited Subsidiary · United Kingdom
Kimplas Piping Systems Private Limited Subsidiary · India
National Diversified Sales, Inc. Subsidiary · California, United States
Orenco Systems, Inc. Subsidiary · Oregon, United States
and 14 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Advanced Drainage Systems reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property - We have a network of 64 manufacturing plant locations and 41 distribution centers, summarized in the following table:
Manufacturing Plants · Distribution Centers · Total
The rest of Item 2
United States · 54 · 29 · 83
Canada · 4 · 4 · 8
Mexico (1) · 3 · 3 · 6
South America (2) · 3 · 4 · 7
Other (3) · — · 1 · 1
Total · 64 · 41 · 105
(1)Manufacturing plants and distribution centers in Mexico are owned or leased by our joint venture.
(2)Manufacturing plants and distribution centers owned or leased by our South America joint venture are not consolidated.
(3)The other facility is located in the Netherlands.
We currently own approximately 110,000 square feet in Hilliard, Ohio for our corporate headquarters through a joint venture and own our approximately 110,000 square foot ADS Engineering and Technology Center. Additionally, we lease an office space in Old Saybrook, Connecticut for our Infiltrator headquarters.
Our network of 64 manufacturing plants consists of 45 that are owned and 19 that are leased. We generally prefer to own our manufacturing plant locations, with a typical pipe manufacturing facility consisting of approximately 40,000 square feet and 15 to 20 acres of land for storage of pipe and related products. Our network of 41 distribution centers consists of 4 owned and 37 leased locations. We believe that our properties have been adequately maintained and are generally in good condition. The extent to which we use our properties varies by property, but we believe the capacity of our facilities is adequate for the level of production and distribution activities necessary in our business as presently conducted. Our Wastewater Segment utilizes 10 of our properties in the United States. The remainder of our properties are utilized by the Stormwater segment. Each distribution center carries pipe, fittings and other Allied Products per needs of the local market.
In-House Fleet - As of March 31, 2026, our in-house fleet consists of approximately 600 tractors and approximately 1,100 trailers that are specially designed to haul our lightweight pipe and fittings products.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
429 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 291 insider forms, 18 large holders, 51 other. The latest 20:
99 open-market trades by officers, directors and large owners since October 2021: 1 buys and 98 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Advanced Drainage Systems is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed May 21, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Advanced Drainage Systems names in Item 1A of its 10-K filed May 21, 2026: 29 risks under these headings, as written.19
Please carefully consider the risks described below, together with all other information included or incorporated by reference in this Annual Report on Form 10-K. If any of the following risks actually occur, our business, financial condition, results of operations and cash flows could be materially adversely affected. In these circumstances, the market price of our common stock could decline significantly.
Risks Relating to Our Business
Fluctuations in the price and availability of resins, our principal raw materials, new tariff policies and our inability to obtain adequate supplies of resins from suppliers and pass on resin price increases to customers could adversely affect our business, financial condition, results of operations and cash flows.
Any disruption or volatility in general business and economic conditions in the markets in which we operate, including market uncertainty and volatility, could have a material adverse effect on the demand for our products and services.
Demand for our products and services could decrease if we are unable to compete effectively, and our success depends largely on our ability to convert current demand for competitive products into demand for our products.
We may be affected by global climate change or by legal, regulatory or market responses to such change.
Our results of operations could be adversely affected by the effects of weather.
The loss of any of our significant customers could adversely affect our business.
Because our business is working capital intensive, we rely on our ability to manage our supply purchasing and customer credit policies.
Our international operations expose us to political, economic and regulatory risks not normally faced by businesses that operate only in the U.S. As a result of our international operations, we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar foreign anti-corruption laws.
Conducting a portion of our operations through joint ventures exposes us to risks and uncertainties, many of which are outside of our control.
We may not be able to successfully expand into new products.
The other 18 risks
We continue to invest in our initiatives. If we fail to implement these initiatives as expected, our business, financial condition, and results of operations could be adversely affected.
We are affected by increased fuel and energy prices, and our inability to obtain sufficient quantities of fuel to operate our in-house delivery fleet could negatively impact our business, results of operations and cash flows.
Internally manufacturing our products at our own facilities subjects our business to risks associated with manufacturing processes and supply chain disruption.
The nature of our business exposes us to construction defect and product liability claims as well as other legal proceedings.
Our operations are affected by various laws and regulations in the markets in which we operate, including government mandated regulatory product standards, and our failure to obtain or maintain approvals by municipalities, state departments of transportation, engineers and developers may affect our results of operations.
Interruptions in the proper functioning of information technology systems could disrupt operations and cause unanticipated increases in costs, decreases in revenues, or both. The implementation of our technology initiatives could disrupt our operations in the near term, and our technology initiatives might not provide the anticipated benefits or might fail.
Cybersecurity incidents may threaten our confidential information, disrupt operations and result in harm to our reputation and adversely impact our business and financial performance.
Our success depends upon our ability to control labor costs and to attract, train and retain highly qualified employees and key personnel.
If we are unable to protect our intellectual property rights, or we infringe on the intellectual property rights of others, our ability to compete could be negatively impacted.
We could incur significant costs in complying with environmental, health and safety laws or permits or as a result of satisfying any liability or obligation imposed under such laws or permits.
Risks Relating to Our Acquisition of NDS
We may be unable to successfully integrate our and NDS’ businesses in order to realize the anticipated benefits of the acquisition or do so within the intended timeframe.
Uncertainties associated with our acquisition of NDS may cause a loss of management personnel and other key employees, which could adversely affect our future business, operations and financial results.
Our results after our acquisition of NDS may suffer if we do not effectively manage our expanded operations following the acquisition or the business of NDS may underperform relative to our expectations.
Risks Relating to Our Indebtedness
Our level of indebtedness could adversely affect our business, financial conditions or results of operations and prevent us from fulfilling our obligations under the agreements governing the terms of our indebtedness.
Risks Relating to Our Common Stock
Future sales of shares by existing stockholders could cause our stock price to decline.
Our directors, officers and principal stockholders have significant voting power and may take actions that may not be in the best interests of our other stockholders. The trustee of our retirement plan has certain limited powers to vote a large block of shares on matters presented to stockholders for approval.
Anti-takeover provisions in our charter documents and Delaware law could discourage, delay or prevent a change in control of us and may affect the trading price of our common stock.
General Risk Factors
As a publicly-traded manufacturing company, we are subject to a variety of risks in addition to the risks described above, each of which could adversely affect our financial position, results of operations or cash flows.
Legal proceedings
The Company is involved from time to time in various legal proceedings that arise in the ordinary course of our business, including but not limited to commercial disputes, environmental matters, employee related claims, intellectual property disputes and litigation in connection with transactions including acquisitions and divestitures. The Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse impact on our financial position or our results of operations. The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated.
