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Side-by-side financial comparison of STERLING INFRASTRUCTURE, INC. (STRL) and ADVANCED DRAINAGE SYSTEMS, INC. (WMS). Click either name above to swap in a different company.
STERLING INFRASTRUCTURE, INC. is the larger business by last-quarter revenue ($755.6M vs $693.4M, roughly 1.1× ADVANCED DRAINAGE SYSTEMS, INC.). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs 11.6%, a 1.9% gap on every dollar of revenue. On growth, STERLING INFRASTRUCTURE, INC. posted the faster year-over-year revenue change (51.5% vs 0.4%). ADVANCED DRAINAGE SYSTEMS, INC. produced more free cash flow last quarter ($183.6M vs $159.7M). Over the past eight quarters, STERLING INFRASTRUCTURE, INC.'s revenue compounded faster (31.0% CAGR vs 3.0%).
Sterling & Wilson is an Indian multinational engineering, procurement, and construction (EPC) company headquartered in Mumbai, Maharashtra. It operates across multiple sectors including renewable energy, data centers, diesel power generation, and mechanical, electrical, and plumbing (MEP) services. The company has delivered projects in over 30 countries, with execution teams located across Asia, the Middle East, Africa, Europe, and Australia.
Advanced Drainage Systems, Inc. (ADS) is an American company that designs, manufactures and markets polypropylene and polyethylene pipes, plastic leach field chambers and systems, septic tanks and accessories, storm retention/detention and septic chambers, polyvinyl chloride drainage structures, fittings, and water filters and water separators. It is the largest maker of high-density polyethylene pipe in the United States. It is headquartered in Hilliard, Ohio. In 2020, 93% of the company's s...
STRL vs WMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $755.6M | $693.4M |
| Net Profit | $87.6M | $93.6M |
| Gross Margin | 21.7% | 37.4% |
| Operating Margin | 15.9% | 19.7% |
| Net Margin | 11.6% | 13.5% |
| Revenue YoY | 51.5% | 0.4% |
| Net Profit YoY | -22.6% | 15.3% |
| EPS (diluted) | $2.82 | $1.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $755.6M | $693.4M | ||
| Q3 25 | $689.0M | $850.4M | ||
| Q2 25 | $614.5M | $829.9M | ||
| Q1 25 | $430.9M | $615.8M | ||
| Q4 24 | $498.8M | $690.5M | ||
| Q3 24 | $593.7M | $782.6M | ||
| Q2 24 | $582.8M | $815.3M | ||
| Q1 24 | $440.4M | $653.8M |
| Q4 25 | $87.6M | $93.6M | ||
| Q3 25 | $92.1M | $156.0M | ||
| Q2 25 | $71.0M | $143.9M | ||
| Q1 25 | $39.5M | $77.2M | ||
| Q4 24 | $113.2M | $81.2M | ||
| Q3 24 | $61.3M | $130.4M | ||
| Q2 24 | $51.9M | $161.4M | ||
| Q1 24 | $31.0M | $94.8M |
| Q4 25 | 21.7% | 37.4% | ||
| Q3 25 | 24.7% | 40.0% | ||
| Q2 25 | 23.3% | 39.8% | ||
| Q1 25 | 22.0% | 36.7% | ||
| Q4 24 | 21.4% | 35.0% | ||
| Q3 24 | 21.9% | 37.6% | ||
| Q2 24 | 19.3% | 40.8% | ||
| Q1 24 | 17.5% | 38.5% |
| Q4 25 | 15.9% | 19.7% | ||
| Q3 25 | 18.2% | 26.3% | ||
| Q2 25 | 17.0% | 24.8% | ||
| Q1 25 | 13.0% | 19.0% | ||
| Q4 24 | 12.5% | 18.4% | ||
| Q3 24 | 14.7% | 23.9% | ||
| Q2 24 | 12.5% | 27.7% | ||
| Q1 24 | 9.6% | 20.7% |
| Q4 25 | 11.6% | 13.5% | ||
| Q3 25 | 13.4% | 18.3% | ||
| Q2 25 | 11.6% | 17.3% | ||
| Q1 25 | 9.2% | 12.5% | ||
| Q4 24 | 22.7% | 11.8% | ||
| Q3 24 | 10.3% | 16.7% | ||
| Q2 24 | 8.9% | 19.8% | ||
| Q1 24 | 7.1% | 14.5% |
| Q4 25 | $2.82 | $1.19 | ||
| Q3 25 | $2.97 | $1.99 | ||
| Q2 25 | $2.31 | $1.84 | ||
| Q1 25 | $1.28 | $0.99 | ||
| Q4 24 | $3.63 | $1.04 | ||
| Q3 24 | $1.97 | $1.67 | ||
| Q2 24 | $1.67 | $2.06 | ||
| Q1 24 | $1.00 | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.7M | $1.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.9B |
| Total Assets | $2.6B | $4.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.7M | $1.0B | ||
| Q3 25 | $306.4M | $812.9M | ||
| Q2 25 | $699.4M | $638.3M | ||
| Q1 25 | $638.6M | $463.3M | ||
| Q4 24 | $664.2M | $488.9M | ||
| Q3 24 | $648.1M | $613.0M | ||
| Q2 24 | $540.0M | $541.6M | ||
| Q1 24 | $480.4M | $490.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $881.7M | $1.7B | ||
| Q1 25 | $805.4M | $1.5B | ||
| Q4 24 | $808.1M | $1.5B | ||
| Q3 24 | $716.5M | $1.4B | ||
| Q2 24 | $670.7M | $1.3B | ||
| Q1 24 | $644.6M | $1.2B |
| Q4 25 | $2.6B | $4.1B | ||
| Q3 25 | $2.6B | $4.1B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.0B | $3.7B | ||
| Q4 24 | $2.0B | $3.6B | ||
| Q3 24 | $2.0B | $3.5B | ||
| Q2 24 | $2.0B | $3.4B | ||
| Q1 24 | $1.8B | $3.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.11× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $186.1M | $269.3M |
| Free Cash FlowOCF − Capex | $159.7M | $183.6M |
| FCF MarginFCF / Revenue | 21.1% | 26.5% |
| Capex IntensityCapex / Revenue | 3.5% | 12.4% |
| Cash ConversionOCF / Net Profit | 2.12× | 2.88× |
| TTM Free Cash FlowTrailing 4 quarters | $362.7M | $577.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $186.1M | $269.3M | ||
| Q3 25 | $83.6M | $234.9M | ||
| Q2 25 | $85.4M | $275.0M | ||
| Q1 25 | $84.9M | $41.2M | ||
| Q4 24 | $174.3M | $189.9M | ||
| Q3 24 | $152.3M | $166.9M | ||
| Q2 24 | $121.0M | $183.4M | ||
| Q1 24 | $49.6M | $17.7M |
| Q4 25 | $159.7M | $183.6M | ||
| Q3 25 | $64.0M | $176.4M | ||
| Q2 25 | $72.1M | $222.4M | ||
| Q1 25 | $67.0M | $-5.3M | ||
| Q4 24 | $158.6M | $135.7M | ||
| Q3 24 | $138.3M | $112.4M | ||
| Q2 24 | $92.1M | $125.7M | ||
| Q1 24 | $27.2M | $-29.8M |
| Q4 25 | 21.1% | 26.5% | ||
| Q3 25 | 9.3% | 20.7% | ||
| Q2 25 | 11.7% | 26.8% | ||
| Q1 25 | 15.5% | -0.9% | ||
| Q4 24 | 31.8% | 19.7% | ||
| Q3 24 | 23.3% | 14.4% | ||
| Q2 24 | 15.8% | 15.4% | ||
| Q1 24 | 6.2% | -4.6% |
| Q4 25 | 3.5% | 12.4% | ||
| Q3 25 | 2.9% | 6.9% | ||
| Q2 25 | 2.2% | 6.3% | ||
| Q1 25 | 4.2% | 7.6% | ||
| Q4 24 | 3.1% | 7.9% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 5.0% | 7.1% | ||
| Q1 24 | 5.1% | 7.3% |
| Q4 25 | 2.12× | 2.88× | ||
| Q3 25 | 0.91× | 1.51× | ||
| Q2 25 | 1.20× | 1.91× | ||
| Q1 25 | 2.15× | 0.53× | ||
| Q4 24 | 1.54× | 2.34× | ||
| Q3 24 | 2.48× | 1.28× | ||
| Q2 24 | 2.33× | 1.14× | ||
| Q1 24 | 1.60× | 0.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
STRL
| Lump Sum | $464.9M | 62% |
| Heavy Highway | $99.6M | 13% |
| Residential Construction | $70.4M | 9% |
| Road And Highway Builders LLC | $52.4M | 7% |
| Other Revenue | $36.6M | 5% |
| Aviation | $16.6M | 2% |
| Commercial | $11.4M | 2% |
| Related Party | $600.0K | 0% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
