Advanced Drainage Systems, Inc. (WMS) Key Metrics
WMS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.67B
- Enterprise value
- $11.39B
- P/E (TTM)
- 21.8 10-yr median 25.2
- Forward P/E
- 20.8
- PEG ratio
- 1.22
- Price / sales
- 3.0 10-yr median 2.6
- Price / book
- 5.2 10-yr median 5.4
- EV / EBITDA
- 12.3 10-yr median 10.9
- Dividend yield
- 0.62% $0.80 a year
- Beta
- 1.29
WMS key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsWMS valuation Price multiples at each fiscal year-end price.
WMS returns How much profit the business earns on the capital it uses.
WMS per-share figures Results divided by the shares outstanding at year-end.
WMS financial health Debt, liquidity and how easily interest is covered.
WMS efficiency & capital use Working capital cycle and where the cash goes.
WMS valuation history
WMS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WMS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WMS cash returned to shareholders
WMS price vs earnings per share
WMS key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $10.76B | $8.50B | $13.61B | $7.02B | $8.66B | $7.40B | $1.88B | $1.48B | $1.46B | $1.22B |
| Enterprise value | $12.33B | $9.48B | $14.49B | $8.14B | $9.60B | $8.05B | $2.87B | $1.79B | $1.82B | $1.64B |
| P/E ratio | 25.2 | 18.9 | 26.7 | 13.8 | 31.9 | 33.0 | — | 19.1 | 23.5 | 37.0 |
| Price / sales | 3.5 | 2.9 | 4.7 | 2.3 | 3.1 | 3.7 | 1.1 | 1.1 | 1.1 | 1.0 |
| Price / book | 5.6 | 5.3 | 10.8 | 7.2 | 8.0 | 7.0 | 2.4 | 3.1 | 3.6 | 3.7 |
| Price / free cash flow | 18.9 | 23.1 | 25.5 | 13.0 | 68.9 | 19.8 | 7.9 | 13.7 | 15.3 | 23.0 |
| Price / operating cash flow | 13.1 | 14.6 | 19.0 | 9.9 | 31.5 | 16.4 | 6.1 | 9.8 | 10.6 | 11.7 |
| EV / sales | 4.0 | 3.3 | 5.0 | 2.7 | 3.5 | 4.1 | 1.7 | 1.3 | 1.4 | 1.3 |
| EV / EBITDA | 14.1 | 11.0 | 15.9 | 9.3 | 17.2 | 16.3 | 10.2 | 8.9 | 10.9 | 10.6 |
| EV / free cash flow | 21.7 | 25.7 | 27.1 | 15.0 | 76.3 | 21.6 | 12.1 | 16.6 | 19.1 | 31.0 |
| Earnings yield | 4.0% | 5.3% | 3.7% | 7.2% | 3.1% | 3.0% | −10.3% | 5.2% | 4.2% | 2.7% |
| Free cash flow yield | 5.3% | 4.3% | 3.9% | 7.7% | 1.5% | 5.0% | 12.7% | 7.3% | 6.5% | 4.3% |
| Dividend yield | 0.5% | 0.6% | 0.3% | 0.6% | 0.4% | 0.4% | 4.9% | 1.8% | 1.3% | 1.4% |
| Shareholder yield (dividends + buybacks) | 1.4% | 1.4% | 1.8% | 8.8% | 3.8% | 0.4% | 4.9% | 2.2% | 1.8% | 1.4% |
| Share price at fiscal year-end | $137.13 | $108.65 | $172.24 | $84.21 | $118.81 | $103.39 | $29.44 | $25.77 | $25.90 | $21.90 |
| Per share | ||||||||||
| Revenue per share | $38.87 | $37.14 | $36.38 | $36.85 | $37.98 | $27.71 | $26.23 | $24.04 | $23.62 | $22.60 |
| Earnings per share | $5.43 | $5.76 | $6.45 | $6.08 | $3.72 | $3.13 | −$3.03 | $1.35 | $1.10 | $0.59 |
| Operating cash flow per share | $10.44 | $7.44 | $9.09 | $8.49 | $3.77 | $6.32 | $4.80 | $2.63 | $2.43 | $1.87 |
| Free cash flow per share | $7.25 | $4.71 | $6.76 | $6.49 | $1.73 | $5.22 | $3.74 | $1.88 | $1.69 | $0.95 |
| Cash per share | $2.84 | $5.93 | $6.20 | $2.61 | $0.28 | $2.72 | $2.73 | $0.15 | $0.31 | $0.12 |
| Book value per share | $24.62 | $20.69 | $15.97 | $11.73 | $14.93 | $14.67 | $12.11 | $8.45 | $7.25 | $5.88 |
| Tangible book value per share | $0.52 | $5.75 | $3.70 | −$0.61 | $0.64 | −$0.44 | −$6.13 | $5.79 | $4.46 | $3.00 |
| Dividends per share | $0.72 | $0.64 | $0.56 | $0.48 | $0.53 | $0.45 | $1.44 | $0.45 | $0.33 | $0.30 |
| Capex per share | $3.18 | $2.72 | $2.33 | $2.00 | $2.04 | $1.10 | $1.06 | $0.75 | $0.74 | $0.92 |
| Debt per share | $22.85 | $18.48 | $17.30 | $16.07 | $13.15 | $11.88 | $18.33 | $5.54 | $6.74 | $7.71 |
| Shares outstanding | 78.5M | 78.2M | 79.0M | 83.3M | 72.9M | 71.6M | 63.8M | 57.6M | 56.3M | 55.6M |
| Change in shares outstanding | +0.4% | −1.0% | −5.2% | +14.3% | +1.9% | +12.1% | +10.8% | +2.3% | +1.3% | +7.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 24.0% | 31.3% | 45.5% | 49.1% | 25.4% | 24.6% | −30.7% | 17.4% | 16.9% | 10.6% |
| Return on invested capital (ROIC) | 17.1% | 21.2% | 26.4% | 26.9% | 15.8% | 14.3% | −5.9% | 12.1% | 9.9% | 6.3% |
| Return on assets (ROA) | 10.4% | 12.9% | 16.5% | 18.3% | 10.7% | 9.4% | −11.3% | 7.5% | 5.9% | 3.2% |
| Return on tangible assets | 16.3% | 17.8% | 22.2% | 27.1% | 16.9% | 16.8% | −16.0% | 8.7% | 7.0% | 3.7% |
| Free cash flow margin | 18.7% | 12.7% | 18.6% | 17.6% | 4.5% | 18.8% | 14.2% | 7.8% | 7.2% | 4.2% |
| Income quality (OCF / net income) | 1.92 | 1.29 | 1.41 | 1.40 | 1.01 | 2.02 | — | 1.95 | 2.21 | 3.16 |
| Financial health | ||||||||||
| Total debt | $1.79B | $1.45B | $1.37B | $1.34B | $958.8M | $850.5M | $1.17B | $319.2M | $379.7M | $428.8M |
| Cash & short-term investments | $223.0M | $463.3M | $490.2M | $217.1M | $20.1M | $195.0M | $174.2M | $8.9M | $17.6M | $6.5M |
| Net debt | $1.57B | $981.8M | $876.6M | $1.12B | $938.7M | $655.5M | $995.7M | $310.3M | $362.1M | $422.3M |
| Debt / equity | 0.93 | 0.89 | 1.08 | 1.37 | 0.88 | 0.81 | 1.51 | 0.66 | 0.93 | 1.31 |
| Debt / assets | 0.40 | 0.39 | 0.42 | 0.46 | 0.36 | 0.35 | 0.49 | 0.31 | 0.36 | 0.41 |
| Net debt / EBITDA | 1.80 | 1.14 | 0.96 | 1.29 | 1.68 | 1.33 | 3.53 | 1.54 | 2.17 | 2.73 |
| Current ratio | 2.42 | 3.33 | 2.96 | 2.69 | 2.23 | 2.33 | 2.80 | 2.26 | 2.07 | 1.72 |
| Quick ratio | 1.35 | 2.10 | 1.90 | 1.46 | 0.97 | 1.39 | 1.61 | 0.98 | 0.88 | 0.71 |
| Interest coverage | 7.3 | 7.2 | 8.2 | 10.2 | 12.3 | 9.7 | -1.2 | 7.0 | 5.8 | 4.4 |
| Working capital | $721.4M | $926.4M | $860.3M | $638.7M | $480.7M | $424.7M | $428.0M | $260.2M | $237.2M | $184.8M |
| Invested capital | $3.50B | $2.60B | $2.14B | $2.10B | $2.03B | $1.71B | $1.77B | $797.0M | $770.8M | $749.6M |
| Tangible asset value | $64.7M | $467.5M | $310.9M | −$33.0M | $63.4M | −$17.7M | −$379.6M | $347.8M | $267.7M | $181.9M |
| Net current asset value | −$1.32B | −$729.8M | −$688.2M | −$888.8M | −$672.8M | −$607.4M | −$919.1M | −$75.0M | −$159.5M | −$263.5M |
| Graham number | $54.87 | $51.78 | $48.15 | $40.07 | $35.35 | $32.16 | — | $16.02 | $13.40 | $8.86 |
| Graham net-net per share | −$22.45 | −$14.03 | −$12.95 | −$14.72 | −$14.00 | −$11.57 | −$17.55 | −$4.52 | −$6.03 | −$7.94 |
| Capital allocation | ||||||||||
| Dividends paid | $56.1M | $49.7M | $44.0M | $39.6M | $38.5M | $32.2M | $92.1M | $26.1M | $18.5M | $16.8M |
| Share buybacks (net) | $92.0M | $69.9M | $207.3M | $575.0M | $292.0M | $0 | $0 | $5.9M | $7.9M | $0 |
| Dividend payout ratio | 13.2% | 11.0% | 8.6% | 7.8% | 14.2% | 14.3% | — | 33.6% | 29.8% | 51.0% |
| Dividends + buybacks / free cash flow | 26.0% | 32.5% | 47.1% | 113.6% | 262.7% | 8.6% | 38.6% | 29.6% | 27.7% | 31.8% |
| Capex / revenue | 8.2% | 7.3% | 6.4% | 5.4% | 5.4% | 4.0% | 4.0% | 3.1% | 3.1% | 4.1% |
| Capex / operating cash flow | 30.5% | 36.6% | 25.6% | 23.6% | 54.2% | 17.4% | 22.1% | 28.6% | 30.4% | 49.2% |
| Capex / depreciation | 1.15 | 1.16 | 1.19 | 1.15 | 1.05 | 0.54 | 0.54 | 0.60 | 0.56 | 0.71 |
| Stock-based compensation / revenue | 1.1% | 0.9% | 1.1% | 0.7% | 3.9% | 3.3% | 16.7% | 1.6% | 1.4% | 1.4% |
| R&D / revenue | — | — | — | — | — | — | — | 0.2% | 0.2% | 0.3% |
| SG&A / revenue | 15.4% | 13.1% | 13.3% | 11.3% | 11.8% | 13.7% | 16.2% | 13.4% | 14.4% | 16.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 43.3 | 41.3 | 40.0 | 38.5 | 38.1 | 40.2 | 42.2 | 47.3 | 46.8 | 46.9 |
| Days of inventory on hand | 96.9 | 96.0 | 98.0 | 89.6 | 73.7 | 82.4 | 84.9 | 91.2 | 92.7 | 104.4 |
| Days payables outstanding | 42.8 | 47.6 | 49.0 | 40.7 | 36.7 | 39.2 | 31.1 | 34.4 | 40.4 | 44.4 |
| Cash conversion cycle (days) | 97.4 | 89.7 | 89.0 | 87.4 | 75.1 | 83.3 | 96.0 | 104.1 | 99.1 | 107.0 |
| Receivables turnover | 8.43 | 8.84 | 9.12 | 9.47 | 9.58 | 9.09 | 8.65 | 7.72 | 7.80 | 7.78 |
| Payables turnover | 8.53 | 7.66 | 7.44 | 8.98 | 9.94 | 9.31 | 11.75 | 10.63 | 9.04 | 8.22 |
| Inventory turnover | 3.77 | 3.80 | 3.72 | 4.08 | 4.95 | 4.43 | 4.30 | 4.00 | 3.94 | 3.49 |
| Asset turnover | 0.74 | 0.83 | 0.93 | 1.11 | 1.09 | 0.83 | 0.98 | 1.33 | 1.27 | 1.23 |
| Average receivables | $361.9M | $328.4M | $315.3M | $324.3M | $289.0M | $218.1M | $193.5M | $179.5M | $170.5M | $161.6M |
| Average payables | $227.9M | $236.2M | $232.3M | $217.5M | $198.0M | $138.9M | $100.1M | $99.5M | $113.7M | $116.9M |
| Average inventory | $515.8M | $476.2M | $464.1M | $479.2M | $397.6M | $291.7M | $273.5M | $264.2M | $261.1M | $275.1M |
| Intangibles / total assets | 42.0% | 31.7% | 29.7% | 35.4% | 39.3% | 44.8% | 49.1% | 14.7% | 15.1% | 15.3% |
Computed from WMS's annual financial statements (latest annual report filed May 21, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WMS valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Advanced Drainage Systems traded at 25.2 times earnings, against a 10-year median of 25.2. Based on the latest twelve months, the trailing P/E is 21.8 and the forward P/E is 20.8. Advanced Drainage Systems earned a return on equity of 24.0% and a return on invested capital of 17.1% in fiscal 2026. It ended the year with $1.8 billion of debt and $223.0 million in cash and short-term investments, net debt of $1.6 billion. It returned $148.1 million to shareholders: $56.1 million in dividends and $92.0 million in share buybacks, 26% of free cash flow. The share count rose 41.1% from 55.6M to 78.5M over 9 years.
See the WMS income statement, the WMS chart for price history, or the WMS stock overview for the latest quote and news.
WMS key metrics FAQ
What is Advanced Drainage Systems's P/E ratio?
Advanced Drainage Systems's trailing P/E ratio is 21.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.8. At the end of fiscal 2026 it was 25.2, compared with a 10-year median of 25.2.
What is Advanced Drainage Systems's EV/EBITDA?
Advanced Drainage Systems's enterprise value was 14.1 times EBITDA at the end of fiscal 2026 (enterprise value $12.3 billion, EBITDA $872.5 million); the current EV/EBITDA is 12.3.
What is Advanced Drainage Systems's return on equity?
Advanced Drainage Systems's return on equity (ROE) was 24.0% in fiscal 2026: net income of $426.5 million on average shareholders' equity of $1.8 billion.
What is Advanced Drainage Systems's ROIC?
Advanced Drainage Systems's return on invested capital was 17.1% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Advanced Drainage Systems have?
Advanced Drainage Systems had total debt of $1.8 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.93 and $1.6 billion of net debt (1.80 times EBITDA).
What is Advanced Drainage Systems's dividend yield?
Advanced Drainage Systems's forward dividend yield is 0.62%. Advanced Drainage Systems paid $56.1 million in dividends in fiscal 2026 ($0.72 per share), a payout ratio of 13.2%.
Does Advanced Drainage Systems buy back its shares?
Yes. Advanced Drainage Systems spent $92.0 million on net share repurchases in fiscal 2026 Shares outstanding changed +0.4% over the year, to 78.5M..
What is Advanced Drainage Systems's free cash flow yield?
Advanced Drainage Systems generated $569.3 million of free cash flow in fiscal 2026, a free cash flow yield of 5.3% on its market value at year-end ($10.8 billion).
What is Advanced Drainage Systems's current ratio?
Advanced Drainage Systems's current ratio was 2.42 at the end of fiscal 2026: current assets were 2.42 times current liabilities.