$WMS Advanced Drainage Systems Inc

What Do They Do?

Makes stormwater drainage pipe and related water-management products for construction and infrastructure customers and homeowners, plus onsite wastewater systems for rural homes and small communities.

How Do They Make Money?

Sells pipe and related water-management products mainly to distributors, retailers and buying groups; sales are counted when products are delivered, while payment terms vary by contract.

revenue

Segment	Share	Revenue	How money arrives
Stormwater Sold outright	80%		Sold outright
Wastewater Sold outright	23%		Sold outright

Who Are Their Customers?

Most products go through waterworks distributors, buying groups and co-ops; NDS also reaches contractors and homeowners through wholesale distributors, home-improvement retailers and online channels.

Customers above 10% of revenue, FY2026

of revenue from two customers (13%, 13%)

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2026 and turned 19 cents into free cash flow.

Operating income, FY2026

20% of revenue

▼ −6% vs FY2025 ($657.4M, 23%)

Net income, FY2026

14% of revenue

▼ −5% vs FY2025 ($450.2M, 16%)

Free cash flow, FY2026

19% of revenue

▲ +54% vs FY2025 ($368.5M, 13%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +21%; vs $829.9M in Q1 FY2026
Net income: ▲ +17%; vs $143.9M in Q1 FY2026

Aug 6, 2026 Confirmed financial targets The company expects net sales of $3.350 billion to $3.550 billion and Adjusted EBITDA of $1.0 billion to $1.050 billion.

Growing. Revenue grew 10% in 4 years, from $2.8B in FY2022 to $3.1B in FY2026, about 2% a year.

Residential stormwater expansion The latest report describes adding NDS residential stormwater products, access boxes and irrigation to a portfolio the older report described as stormwater and onsite septic wastewater solutions.

Revenue over time

Stormwater Wastewater

$5B$2.5B$0

FY2024 FY2025 FY2026