ADVANCED DRAINAGE SYSTEMS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADVANCED DRAINAGE SYSTEMS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,257	1,330	1,385	1,674	1,983	2,769	3,071	2,874	2,904	3,050
Cost of revenue	961	1,028	1,058
Gross profit	296	302	327	316	690	800	1,118	1,146	1,094	1,167
Selling, general and administrative			186	271	268
Selling and marketing	91.5	92.8	96.3	117
General and administrative	111	98.4	89.7	154
Operating income	76.3	88.3	129	-95.3	345	412	719	732	657	619
Interest income								22	23.5	25
Other non-operating income	5.97	3.95	0.82	-1.55	3.4	5.14	7.97	23.5	23.8	34.5
Pre-tax income	64.8	76.9	112	-180	312	384	657	667	589	560
Income tax	24.6	11.4	30	14.1	86.4	110	151	159	141	135
Net income to minority interests	2.96	2.79	3.69	1.38	1.86	3.7	4.27	3.38	2.4	2.31
Net income	62	62	77.8	-193	224	271	507	510	450	426
EBITDA	149	150	189	-33.1	411	554	864	887	841	835
EPS, basic	1.00	1.00	1.23	-3.21	2.64	3.22	6.16	6.52	5.81	5.48
EPS, diluted	0.99	0.99	1.22	-3.21	2.59	3.15	6.08	6.45	5.76	5.44
Shares, basic (weighted)	55.7	55.7	57	63.8	70.2	71.3	82.3	78.3	77.5	77.8
Shares, diluted (weighted)	56.3	56.3	57.6	63.8	71.6	72.9	83.3	79	78.2	78.4
Dividend per share	0.24	0.28	0.32	1.36	0.36	0.44	0.48	0.56	0.64	0.72

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	6.45	17.6	8.89	174	195	20.1	217	490	463	223
Receivables	169	172	187	200	236	342	307	324	333	391
Inventory	258	264	265	282	301	494	464	464	488	543
Other current assets	6.74	5.11	6.09	9.55	10.8	15.7	29.4	22	31.8	30.4
Total current assets	441	458	467	666	743	872	1,017	1,300	1,325	1,231
Property, plant and equipment	407	399	399	481	504	619	733	876	1,051	1,217
Lease right-of-use assets				24.9	31.2	54.6	50.8	53.8	68.8	73.8
Goodwill	101	103	103	598	599	610	620	617	720	1,043
Intangible assets	51.8	44.4	37.2	555	482	431	408	353	448	849
Other non-current assets	46.5	38	36.9	69.1	85.5	117	123	123	146	166
Total assets	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690	4,506
Accounts payable	122	106	93.6	107	171	225	210	254	218	238
Accrued liabilities	17.1	18	18.1	33.2	42.1	52.8	49.4	62.5	45.3	76.9
Short-term debt	37.8	26.8	25.9	7.96	7	19.5	14.7	11.9	9.93	5.87
Total current liabilities	256	221	206	238	318	391	379	440	398	509
Long-term debt	311	271	209	1,089	782	909	1,269	1,260	1,252	1,606
Lease liabilities				17.2	22.4	41	37.1	39.1	48.8	52.9
Other non-current liabilities	26.5	25	19.1	37.6	54.8	64.9	66.7	70.7	83.2	91.3
Total liabilities	696	609	542	1,585	1,350	1,545	1,906	1,988	2,055	2,550
Total debt	350	301	237	1,100	791	930	1,296	1,281	1,269	1,630
Paid-in capital	756	365	391	828	919	1,066	1,135	1,220	1,278	1,342
Retained earnings	-83.7	-39.2	17.6	-268	-75.2	159	626	1,092	1,493	1,863
Treasury stock	-437	-8.28	-9.86	-10.5	-11	-319	-921	-1,141	-1,219	-1,326
Other comprehensive income	-24.8	-21.2	-25.9	-35.3	-24.2	-24.4	-27.6	-29.8	-37.2	-32.3
Shareholders' equity	223	308	384	526	820	893	824	1,153	1,525	1,859
Minority interests	14.9	16.7	14	11.8	13.7	16.6	17.5	18.8	17.7	23.6
Total equity	238	324	398	537	834	910	842	1,172	1,543	1,882
Total liabilities and equity	1,046	1,043	1,042	2,370	2,414	2,650	2,901	3,269	3,690	4,506
Shares outstanding	55.3	56.5	57.5	69.3	71.6	72.3	69.5	70.9	71.9	72.7

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	35.9	64.8	81.5	-192	226	275	511	513	453	429
Depreciation and amortization	72.4	62.1	59.2	62.2	66.4	142	145	155	183	216
Stock-based compensation	17.9	18.8	21.8	32.4	65.4	24.2	21.7	32	26.6	32.4
Deferred income tax	-7.4	-11.5	12.4	-2.98	-13.7	2.22	-9.79	-2.26	-0.35	35.2
Change in receivables	15.1	-4.33	-18	5.17	-34.8	-97	37.5	-14.6	1.41	-2.29
Change in inventory	-27.9	-4.84	-2.03	19.1	-14.6	-190	30.2	0.59	-15.7	30.6
Change in payables	6.85	-14.9	-16.9	31.6	71.2	50.1	-29	40.4	-63.9	54
Cash from operations	104	137	152	306	452	275	708	718	581	819
Capital expenditures	-46.7	-41.7	-43.4	-67.7	-78.8	-149	-167	-184	-213	-250
Acquisitions	-8.57	-1.99		-1,089	0	-49.3	-48	0	-237	-991
Cash from investing	-61.3	-30.4	-42.5	-1,150	-77.9	-199	-214	-156	-448	-1,212
Debt issued		75		350	0	0	500	0	0	27.2
Debt repaid	-25	-25	-25	-100	0	0
Stock issued	4.01	9.09	5.91	294	0	0	5.7	6.45	9.97	6.85
Share buybacks		-7.95		0	0	-292	-575	-207	-69.9	-92
Dividends paid	-16.8	-18.5	-26.1	-92.1	-30.7	-37	-39.6	-44	-49.7	-56.1
Cash from financing	-42.8	-95	-118	1,012	-355	-251	-296	-284	-158	156
Net change in cash	-0.11	11.1	-8.7	165	20.8	-175	197	279	-26.6	-235
Free cash flow	57.6	95.4	108	239	373	126	541	534	369	569
Interest paid	17.3	17.9	15.7	41.3	37.6	32.8	60.5	86.3	89.5	87
Income taxes paid	13.5	24.5	29.8	8.71	97.6	106	167	161	142	113

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $133.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.6%	Gross profit / revenue.
Operating margin	20.7%	Operating income / revenue.
EBITDA margin	27.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.6%	Pre-tax income / revenue.
Net margin	14.0%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.0%	Cash from operations / revenue.
Effective tax rate	23.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.0%	Net income / average total assets.
Return on invested capital (ROIC)	15.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.9%	Capital expenditures / revenue.
D&A / revenue	7.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-5.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-5.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	40.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	54.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.12x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.90x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.8%	Total debt / total assets.
Liabilities / assets	58.1%	Total liabilities / total assets.
Net debt	$1.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$655.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$79.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	2.62x	Revenue / average property, plant and equipment.
Receivables turnover	7.03x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
FCF conversion	122.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.83	Revenue / diluted weighted shares.
FCF per share	$7.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.44	Cash from operations / diluted weighted shares.
Book value per share	$25.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.11	Tangible book value / shares outstanding.
Cash per share	$2.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	12.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	59.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.04B	Share price x shares outstanding.
Enterprise value	$11.49B	Market cap + total debt - cash - short-term investments.
P/E	22.3x	Market cap / net income. Only when net income is positive.
P/S	3.12x	Market cap / revenue.
P/B	5.60x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	3.57x	Enterprise value / revenue.
EV/EBIT	17.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was ADVANCED DRAINAGE SYSTEMS, INC.'s revenue in fiscal 2026?

ADVANCED DRAINAGE SYSTEMS, INC. reported revenue of $3.05B for fiscal 2026, 5% higher than the year before.

Was ADVANCED DRAINAGE SYSTEMS, INC. profitable in fiscal 2026?

Yes. Net income was $426.5M, a net margin of 14%.

How much free cash flow did ADVANCED DRAINAGE SYSTEMS, INC. generate in fiscal 2026?

Cash from operations of $819.1M minus capital expenditures of $249.8M left free cash flow of $569.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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