Advanced Drainage Systems
WMS · NYSEPlastics Foam Products · Fiscal year ends Mar 31
Advanced Drainage Systems reported revenue of $3.1B in the fiscal year ended Mar 2026, up 5.0% from the year before. Operating income was $619M, an operating margin of 20.3%, and net income was $426M. Operating cash flow of $819M less capital expenditure of $250M left free cash flow of $569M. Net debt was $1.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $3.1B | $2.9B | $2.9B | $3.1B |
| Gross profit | $800M | $1.1B | $1.1B | $1.1B | $1.2B |
| Operating income | $412M | $719M | $732M | $657M | $619M |
| Pre-tax income | $384M | $657M | $667M | $589M | $560M |
| Income tax | $110M | $151M | $159M | $141M | $135M |
| Net income | $271M | $507M | $510M | $450M | $426M |
| Diluted EPS | 3.15 | 6.08 | 6.45 | 5.76 | 5.44 |
| Diluted shares | 73M | 83M | 79M | 78M | 78M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $20M | $217M | $490M | $463M | $223M |
| Receivables | $342M | $307M | $324M | $333M | $391M |
| Inventory | $494M | $464M | $464M | $488M | $543M |
| Current assets | $872M | $1B | $1.3B | $1.3B | $1.2B |
| Net PP&E | $619M | $733M | $876M | $1.1B | $1.2B |
| Goodwill | $610M | $620M | $617M | $720M | $1B |
| Total assets | $2.6B | $2.9B | $3.3B | $3.7B | $4.5B |
| Payables | $225M | $210M | $254M | $218M | $238M |
| Deferred revenue | $2M | $3M | $4M | $4M | $4M |
| Current liabilities | $391M | $379M | $440M | $398M | $509M |
| Short-term debt | $19M | $15M | $12M | $10M | $6M |
| Long-term debt | $909M | $1.3B | $1.3B | $1.3B | $1.6B |
| Total liabilities | $1.5B | $1.9B | $2B | $2.1B | $2.5B |
| Shareholders' equity | $893M | $824M | $1.2B | $1.5B | $1.9B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $275M | $708M | $718M | $581M | $819M |
| Capital expenditure | $149M | $167M | $184M | $213M | $250M |
| Free cash flow | $126M | $541M | $534M | $369M | $569M |
| Depreciation & amortisation | $142M | $145M | $155M | $183M | $216M |
| Stock-based compensation | $24M | $22M | $32M | $27M | $32M |
| Acquisitions | $49M | $48M | $0 | $237M | $991M |
| Share buybacks | $292M | $575M | $207M | $70M | $92M |
| Dividends paid | $37M | $40M | $44M | $50M | $56M |
| Dividend per share | 0.44 | 0.48 | 0.56 | 0.64 | 0.72 |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.9% | −6.4% | 1.0% | 5.0% |
| Operating income growth (YoY) | – | 74.6% | 1.8% | −10.2% | −5.8% |
| EPS growth (YoY) | – | 93.0% | 6.1% | −10.7% | −5.6% |
| Gross margin | 28.9% | 36.4% | 39.9% | 37.7% | 38.3% |
| Operating margin | 14.9% | 23.4% | 25.5% | 22.6% | 20.3% |
| Net margin | 9.8% | 16.5% | 17.7% | 15.5% | 14.0% |
| Return on equityBlank when equity is negative | 30.4% | 61.5% | 44.2% | 29.5% | 22.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.2% | 28.5% | 25.9% | 20.0% | 15.5% |
| Free cash flow margin | 4.5% | 17.6% | 18.6% | 12.7% | 18.7% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.40x | 1.41x | 1.29x | 1.92x |
| Receivable days | 45 | 36 | 41 | 42 | 47 |
| Inventory days | 92 | 87 | 98 | 98 | 105 |
| Payable days | 42 | 39 | 54 | 44 | 46 |
| Debt ÷ equity | 1.04x | 1.56x | 1.10x | 0.83x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $908M | $1.1B | $781M | $798M | $1.4B |
| Current ratio | 2.23x | 2.69x | 2.96x | 3.33x | 2.42x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.