Pulling SEC filings + quote and writing the call…

ADVANCED DRAINAGE SYSTEMS, INC.
Next earnings Aug 5, 2026 · consensus $2.12 EPS, $1.00B rev
Last earnings -1.2% on 2026-05-21
Market-leading water-management franchise with 23% ROE and a conversion tailwind, but two years of falling profit at 27x.
Sources: SEC EDGAR (CIK 0001604028, latest 10-K filed 2026-05-21) · EODHD · analysis by claude-code · as of 6/21/2026, 8:47:41 PM.
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Middling fundamentals and a rich price (~67% above fair value) leave little margin of safety — a wait-and-see.
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.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $2.77B | $3.07B | $2.87B | $2.90B | $3.05B |
| Gross profit | $800M | $1.12B | $1.15B | $1.09B | $1.17B |
| Operating income | $412M | $719M | $732M | $657M | $619M |
| Net income | $271M | $507M | $510M | $450M | $426M |
| Diluted EPS | $3.15 | $6.08 | $6.45 | $5.76 | $5.44 |
| Net margin | 9.8% | 16.5% | 17.7% | 15.5% | 14.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
1070 tracked peers · median
| 2026-06-12 | BARBOUR D. SCOTT See Remarks | Disposed (J) | 511.00 @ $135.72 | $69.4K |
| 2026-06-12 | BARBOUR D. SCOTT See Remarks | Acquired (J) | 511.00 @ $135.72 | $69.4K |
| 2026-05-26 | TAYLOR CRAIG J. Executive Vice President | Award | 1.53K | |
| 2026-05-26 | Martz Bret See Remarks | Award | 1.25K | |
| 2026-05-26 | TALLEY KEVIN C EVP and CAO | Award | 1.22K | |
| 2026-05-26 | Cottrill Scott A EVP, CFO AND SECRETARY | Award | 2.50K | |
| 2026-05-26 | BARBOUR D. SCOTT See Remarks | Award | 9.04K | |
| 2026-05-26 | Coyle Patrick M. Jr See Remarks | Award | 1.25K | |
| 2026-05-26 | MAKOWSKI TIM A See Remarks | Award | 847.00 |
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.