Advanced Drainage SYSTEMS, Inc. (WMS) intrinsic value & 10-year financials
Advanced Drainage SYSTEMS, Inc. (WMS) has a Graham intrinsic value of $180.69 per share. At $131.23 on Oct 27, 2026, the stock trades 27% below that value. Over the last 10 fiscal years revenue grew 10.3% a year to $3.1B, with an average return on invested capital of 15.6%.
- Graham intrinsic value
- $180.69
- Share price (Oct 27, 2026)
- $131.23
- Price vs Graham value
- 27% below
- Market cap
- $10.3B
- Revenue (FY2026)
- $3.1B
- Revenue growth (10-yr CAGR)
- 10.3%
- ROIC (10-yr avg)
- 15.6%
- Free cash flow (FY2026)
- $569.3M
WMS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $3.1B | $426.5M | $5.44 | $569.3M | 20.3% | 15.9% |
| FY2025 | $2.9B | $450.2M | $5.76 | $368.5M | 22.6% | 22.1% |
| FY2024 | $2.9B | $509.9M | $6.45 | $534.1M | 25.5% | 27.9% |
| FY2023 | $3.1B | $507.1M | $6.08 | $540.9M | 23.4% | 29.1% |
| FY2022 | $2.8B | $271.3M | $3.15 | $125.8M | 14.9% | 17.6% |
| FY2021 | $2.0B | $224.2M | $2.59 | $373.5M | 17.4% | 16.7% |
| FY2020 | $1.7B | -$193.2M | -$3.21 | $238.5M | -5.7% | -8.7% |
| FY2019 | $1.4B | $77.8M | $1.22 | $108.3M | 9.3% | 14.8% |
| FY2018 | $1.3B | $62.0M | $0.99 | $95.4M | 6.6% | 12.9% |
| FY2017 | $1.3B | $33.0M | $0.50 | $57.6M | 6.1% | 7.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ADVANCED DRAINAGE SYSTEMS, INC. is a consistent compounder, expanding top-line revenue at 10.3% annually over the past decade.
ADVANCED DRAINAGE SYSTEMS, INC. has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, ADVANCED DRAINAGE SYSTEMS, INC. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ADVANCED DRAINAGE SYSTEMS, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $180.69 per share.