vs
Side-by-side financial comparison of TIC Solutions, Inc. (TIC) and ADVANCED DRAINAGE SYSTEMS, INC. (WMS). Click either name above to swap in a different company.
ADVANCED DRAINAGE SYSTEMS, INC. is the larger business by last-quarter revenue ($693.4M vs $508.3M, roughly 1.4× TIC Solutions, Inc.). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs -9.3%, a 22.8% gap on every dollar of revenue. ADVANCED DRAINAGE SYSTEMS, INC. produced more free cash flow last quarter ($183.6M vs $37.1M).
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...
TIC vs WMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $508.3M | $693.4M |
| Net Profit | $-47.2M | $93.6M |
| Gross Margin | 35.2% | 37.4% |
| Operating Margin | -3.8% | 19.7% |
| Net Margin | -9.3% | 13.5% |
| Revenue YoY | — | 0.4% |
| Net Profit YoY | — | 15.3% |
| EPS (diluted) | — | $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 | $508.3M | $693.4M | ||
| Q3 25 | $473.9M | $850.4M | ||
| Q2 25 | $313.9M | $829.9M | ||
| Q1 25 | $234.2M | $615.8M | ||
| Q4 24 | — | $690.5M | ||
| Q3 24 | — | $782.6M | ||
| Q2 24 | — | $815.3M | ||
| Q1 24 | — | $653.8M |
| Q4 25 | $-47.2M | $93.6M | ||
| Q3 25 | $-13.9M | $156.0M | ||
| Q2 25 | $-233.0K | $143.9M | ||
| Q1 25 | $-25.8M | $77.2M | ||
| Q4 24 | — | $81.2M | ||
| Q3 24 | — | $130.4M | ||
| Q2 24 | — | $161.4M | ||
| Q1 24 | — | $94.8M |
| Q4 25 | 35.2% | 37.4% | ||
| Q3 25 | 32.2% | 40.0% | ||
| Q2 25 | 23.6% | 39.8% | ||
| Q1 25 | 18.6% | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.5% |
| Q4 25 | -3.8% | 19.7% | ||
| Q3 25 | -1.4% | 26.3% | ||
| Q2 25 | 5.8% | 24.8% | ||
| Q1 25 | -4.0% | 19.0% | ||
| Q4 24 | — | 18.4% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 27.7% | ||
| Q1 24 | — | 20.7% |
| Q4 25 | -9.3% | 13.5% | ||
| Q3 25 | -2.9% | 18.3% | ||
| Q2 25 | -0.1% | 17.3% | ||
| Q1 25 | -11.0% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 16.7% | ||
| Q2 24 | — | 19.8% | ||
| Q1 24 | — | 14.5% |
| Q4 25 | — | $1.19 | ||
| Q3 25 | $-0.08 | $1.99 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $0.99 | ||
| Q4 24 | — | $1.04 | ||
| Q3 24 | — | $1.67 | ||
| Q2 24 | — | $2.06 | ||
| Q1 24 | — | $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 | $439.5M | $1.0B |
| Total DebtLower is stronger | $1.6B | — |
| Stockholders' EquityBook value | $2.2B | $1.9B |
| Total Assets | $4.4B | $4.1B |
| Debt / EquityLower = less leverage | 0.74× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $439.5M | $1.0B | ||
| Q3 25 | $164.4M | $812.9M | ||
| Q2 25 | $130.1M | $638.3M | ||
| Q1 25 | $155.7M | $463.3M | ||
| Q4 24 | — | $488.9M | ||
| Q3 24 | — | $613.0M | ||
| Q2 24 | — | $541.6M | ||
| Q1 24 | — | $490.2M |
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $751.3M | — | ||
| Q1 25 | $752.4M | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $4.4B | $4.1B | ||
| Q3 25 | $4.2B | $4.1B | ||
| Q2 25 | $2.2B | $3.9B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.64× | — | ||
| Q1 25 | 0.67× | 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 | $49.7M | $269.3M |
| Free Cash FlowOCF − Capex | $37.1M | $183.6M |
| FCF MarginFCF / Revenue | 7.3% | 26.5% |
| Capex IntensityCapex / Revenue | 2.5% | 12.4% |
| Cash ConversionOCF / Net Profit | — | 2.88× |
| TTM Free Cash FlowTrailing 4 quarters | $61.3M | $577.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.7M | $269.3M | ||
| Q3 25 | $19.0M | $234.9M | ||
| Q2 25 | $-6.5M | $275.0M | ||
| Q1 25 | $32.8M | $41.2M | ||
| Q4 24 | — | $189.9M | ||
| Q3 24 | — | $166.9M | ||
| Q2 24 | — | $183.4M | ||
| Q1 24 | — | $17.7M |
| Q4 25 | $37.1M | $183.6M | ||
| Q3 25 | $10.3M | $176.4M | ||
| Q2 25 | $-14.5M | $222.4M | ||
| Q1 25 | $28.3M | $-5.3M | ||
| Q4 24 | — | $135.7M | ||
| Q3 24 | — | $112.4M | ||
| Q2 24 | — | $125.7M | ||
| Q1 24 | — | $-29.8M |
| Q4 25 | 7.3% | 26.5% | ||
| Q3 25 | 2.2% | 20.7% | ||
| Q2 25 | -4.6% | 26.8% | ||
| Q1 25 | 12.1% | -0.9% | ||
| Q4 24 | — | 19.7% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | -4.6% |
| Q4 25 | 2.5% | 12.4% | ||
| Q3 25 | 1.8% | 6.9% | ||
| Q2 25 | 2.6% | 6.3% | ||
| Q1 25 | 1.9% | 7.6% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | 7.3% |
| Q4 25 | — | 2.88× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 0.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
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% |
