Advanced Drainage Systems
Makes thermoplastic stormwater and onsite wastewater systems through an integrated production and distribution network.
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Profile
Manufactures thermoplastic pipe and related systems for stormwater and onsite wastewater markets. Stormwater and Wastewater are the two business lines, supported by recycled-plastic processing, manufacturing, and company-owned distribution, with results tied to construction activity, weather, resin availability, transportation, and acquisition integration.
Manufactures thermoplastic pipe and related systems for stormwater drainage, storage, treatment, and access across commercial, residential, infrastructure, and agricultural applications.
Stormwater and Wastewater are the reportable segments. The first combines ADS pipe with capture, storage, treatment, access-box, irrigation, and related products; the second includes Infiltrator and Orenco systems for onsite and decentralized wastewater treatment.
Recycled-plastic processing, an extensive manufacturing footprint, and company-owned distribution support material conversion and delivery of bulky pipe. Operations are concentrated in the United States, with additional activity in Canada and other markets. Results depend on construction activity, infrastructure spending, weather, resin availability, facility continuity, transportation, and integration of the recently acquired NDS platform.
Company facts
Key statistics
Year to date −8.4% · Average volume (30d) 661.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | National Bank | Target | $190 | |||
| Aug 7, 2026 | UBS | Reiterate | Buy | $205 | $207 | |
| Aug 7, 2026 | Robert W. Baird | Target | $205 | $206 | ||
| Aug 7, 2026 | RBC Capital | Reiterate | Outperform | $170 | $178 | |
| Jul 14, 2026 | Barclays | Reiterate | Overweight | $198 | $191 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q1 FY27 | $2.10 | $2.49 | +18.6% | $991.4M | $1.00B | +1.0% | −0.76% |
| May 21, 2026Q4 FY26 | $1.00 | $1.07 | +7.0% | $651.9M | $676.8M | +3.8% | −1.59% |
| Feb 5, 2026Q3 FY26 | $1.11 | $1.27 | +14.4% | $687.5M | $693.4M | +0.9% | +3.15% |
| Nov 6, 2025Q2 FY26 | $1.64 | $1.97 | +20.1% | $801.0M | $850.4M | +6.2% | +0.98% |
Financial highlights
| 12 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $615.8M | $829.9M | $850.4M | $693.4M | $676.8M | $1.00B | |
| Gross profit | $226.3M | $330.4M | $340.1M | $245.7M | $219.0M | $408.0M | |
| Operating income | $117.0M | $205.7M | $223.3M | $136.9M | $129.2M | $254.5M | |
| Net income | $77.2M | $143.9M | $156.0M | $93.6M | $32.9M | $168.5M | |
| Diluted EPS | $0.99 | $1.84 | $1.99 | $1.19 | $0.42 | $2.19 | |
| Gross margin | 36.7% | 39.8% | 40.0% | 35.4% | 32.4% | 40.8% | |
| Operating margin | 19.0% | 24.8% | 26.3% | 19.7% | 19.1% | 25.4% |
Fiscal years (4-quarter sums)FY22 $2.77B · FY23 $3.07B · FY24 $2.87B · FY25 $2.90B · FY26 $3.05B
Revenue by product · Q1 FY27
Revenue by geography · FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $162.3M · Total debt $1.77B · Total assets $4.51B · Shareholders' equity $1.86B
Dividends
Raised for 10 straight years — most recently to $0.20 from $0.18 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.20 | raised from $0.18 |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.18 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.18 | |
| Aug 29, 2025 | Aug 29 | Sep 15 | $0.18 | |
| May 30, 2025 | May 30 | Jun 16 | $0.18 | raised from $0.16 |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.16 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.16 | |
| Aug 30, 2024 | Aug 30 | Sep 13 | $0.16 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 76.65M · Float 71.20M · 92.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.47M | 9.75% | 13F | Aug 7, 2026 |
| Advanced Drainage Systems Inc. Employee Stock Ownership Plan Trust | 4.63M | 6.00% | 13G | Feb 13, 2026 |
| Vanguard Portfolio Management LLC | 3.71M | 4.83% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.40M | 4.43% | 13F | Aug 13, 2026 |
| State Street Corp | 2.69M | 3.51% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 3, 2025 | Robert M. Eversole | director | −10,569 | $152.82 |
| Nov 26, 2025 | Thomas J. Sr. Waun | officer: EVP, International | −1,500 | $155.00 |
| Nov 12, 2025 | Tim A. Makowski | officer: See Remarks | −4,901 | $149.21 |
| Nov 12, 2025 | D. Scott Barbour | director, officer: See Remarks | −80,030 | $148.95 |
| Nov 11, 2025 | Thomas J. Sr. Waun | officer: EVP, International | −1,272 | $148.30 |
Peers
- CRH
Concrete-pipe and integrated stormwater rival across North America
- Westlake
PVC pipe rival in municipal, sewer, drainage, and irrigation systems
- NWPX
Precast water-infrastructure rival in stormwater and wastewater
- Pentair
Wastewater-pump rival within onsite and decentralized systems
