WMSADVANCED DRAINAGE SYSTEMS, INC.
Plastics Foam Products
- Revenue
- $3.1B
- 5.0% YoY
- Operating margin
- 20.3%
- 10% YoY
- EBITDA
- $835M
- 0.6% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.8×
- $1.5B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear191% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear18% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear23% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.1B | $2.9B | $2.9B | $3.1B | 5.0% |
| Operating income | $412M | $719M | $732M | $657M | $619M | 5.8% |
| Net income | $275M | $511M | $513M | $453M | $429M | 5.3% |
| Operating cash flow | $275M | $708M | $718M | $581M | $819M | 41% |
| Capex | $149M | $167M | $184M | $213M | $250M | 17% |
| Stock-based comp | $24M | $22M | $32M | $27M | $32M | 22% |
| Buybacks | $292M | $575M | $207M | $70M | $92M | 32% |
| Dividends | $37M | $40M | $44M | $50M | $56M | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 136 | 209 |
| FY2025 | — | — | 107 | 146 |
| FY2024 | — | — | 169 | 157 |
| FY2023 | — | — | 82 | 109 |
| FY2022 | — | — | 115 | 101 |