WMS

Advanced Drainage Systems is the leading US manufacturer of thermoplastic water-management solutions — corrugated HDPE/PP pipe, stormwater chambers, filters and Allied Products — serving non-residential, infrastructure and agricultural markets. The structural story is attractive: the 10-K highlights ongoing 'material conversion' as customers replace concrete, steel and PVC with lighter, more durable, cheaper-to-install thermoplastic pipe, plus a high-margin Allied Products cross-sell (less resin-sensitive) and the recent NDS acquisition broadening the offering. The economics are excellent — 38.3% gross margin, 20.3% operating margin, 14.0% net margin and a 22.9% ROE — backed by a strong FY2026 with revenue up 5.0% to $3.05B and operating cash flow up 40.9% to $819M.

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