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Side-by-side financial comparison of ADVANCED DRAINAGE SYSTEMS, INC. (WMS) and WillScot Holdings Corp (WSC). 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 $566.0M, roughly 1.2× WillScot Holdings Corp). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs -33.1%, a 46.6% gap on every dollar of revenue. On growth, ADVANCED DRAINAGE SYSTEMS, INC. posted the faster year-over-year revenue change (0.4% vs -6.1%). ADVANCED DRAINAGE SYSTEMS, INC. produced more free cash flow last quarter ($183.6M vs $149.7M). Over the past eight quarters, ADVANCED DRAINAGE SYSTEMS, INC.'s revenue compounded faster (3.0% CAGR vs -1.8%).
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...
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
WMS vs WSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $693.4M | $566.0M |
| Net Profit | $93.6M | $-187.3M |
| Gross Margin | 37.4% | 50.4% |
| Operating Margin | 19.7% | -32.5% |
| Net Margin | 13.5% | -33.1% |
| Revenue YoY | 0.4% | -6.1% |
| Net Profit YoY | 15.3% | -310.0% |
| EPS (diluted) | $1.19 | $-1.02 |
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 | $693.4M | $566.0M | ||
| Q3 25 | $850.4M | $566.8M | ||
| Q2 25 | $829.9M | $589.1M | ||
| Q1 25 | $615.8M | $559.6M | ||
| Q4 24 | $690.5M | $602.5M | ||
| Q3 24 | $782.6M | $601.4M | ||
| Q2 24 | $815.3M | $604.6M | ||
| Q1 24 | $653.8M | $587.2M |
| Q4 25 | $93.6M | $-187.3M | ||
| Q3 25 | $156.0M | $43.3M | ||
| Q2 25 | $143.9M | $47.9M | ||
| Q1 25 | $77.2M | $43.1M | ||
| Q4 24 | $81.2M | $89.2M | ||
| Q3 24 | $130.4M | $-70.5M | ||
| Q2 24 | $161.4M | $-46.9M | ||
| Q1 24 | $94.8M | $56.2M |
| Q4 25 | 37.4% | 50.4% | ||
| Q3 25 | 40.0% | 49.7% | ||
| Q2 25 | 39.8% | 50.3% | ||
| Q1 25 | 36.7% | 53.7% | ||
| Q4 24 | 35.0% | 55.8% | ||
| Q3 24 | 37.6% | 53.5% | ||
| Q2 24 | 40.8% | 54.1% | ||
| Q1 24 | 38.5% | 54.0% |
| Q4 25 | 19.7% | -32.5% | ||
| Q3 25 | 26.3% | 21.0% | ||
| Q2 25 | 24.8% | 21.5% | ||
| Q1 25 | 19.0% | 21.3% | ||
| Q4 24 | 18.4% | 28.9% | ||
| Q3 24 | 23.9% | -5.9% | ||
| Q2 24 | 27.7% | -0.9% | ||
| Q1 24 | 20.7% | 22.1% |
| Q4 25 | 13.5% | -33.1% | ||
| Q3 25 | 18.3% | 7.6% | ||
| Q2 25 | 17.3% | 8.1% | ||
| Q1 25 | 12.5% | 7.7% | ||
| Q4 24 | 11.8% | 14.8% | ||
| Q3 24 | 16.7% | -11.7% | ||
| Q2 24 | 19.8% | -7.7% | ||
| Q1 24 | 14.5% | 9.6% |
| Q4 25 | $1.19 | $-1.02 | ||
| Q3 25 | $1.99 | $0.24 | ||
| Q2 25 | $1.84 | $0.26 | ||
| Q1 25 | $0.99 | $0.23 | ||
| Q4 24 | $1.04 | $0.48 | ||
| Q3 24 | $1.67 | $-0.37 | ||
| Q2 24 | $2.06 | $-0.25 | ||
| Q1 24 | $1.22 | $0.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $1.9B | $856.3M |
| Total Assets | $4.1B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $14.6M | ||
| Q3 25 | $812.9M | $14.8M | ||
| Q2 25 | $638.3M | $12.8M | ||
| Q1 25 | $463.3M | $10.7M | ||
| Q4 24 | $488.9M | $9.0M | ||
| Q3 24 | $613.0M | $11.0M | ||
| Q2 24 | $541.6M | $5.9M | ||
| Q1 24 | $490.2M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | $1.3B | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | $1.3B | $3.5B |
| Q4 25 | $1.9B | $856.3M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.7B | $1.0B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | $4.1B | $5.8B | ||
| Q3 25 | $4.1B | $6.1B | ||
| Q2 25 | $3.9B | $6.1B | ||
| Q1 25 | $3.7B | $6.0B | ||
| Q4 24 | $3.6B | $6.0B | ||
| Q3 24 | $3.5B | $6.0B | ||
| Q2 24 | $3.4B | $6.0B | ||
| Q1 24 | $3.3B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | 0.83× | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | 1.11× | 2.63× |
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 | $269.3M | $158.9M |
| Free Cash FlowOCF − Capex | $183.6M | $149.7M |
| FCF MarginFCF / Revenue | 26.5% | 26.5% |
| Capex IntensityCapex / Revenue | 12.4% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | $577.1M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $269.3M | $158.9M | ||
| Q3 25 | $234.9M | $191.2M | ||
| Q2 25 | $275.0M | $205.3M | ||
| Q1 25 | $41.2M | $206.6M | ||
| Q4 24 | $189.9M | $178.9M | ||
| Q3 24 | $166.9M | $-1.6M | ||
| Q2 24 | $183.4M | $175.6M | ||
| Q1 24 | $17.7M | $208.7M |
| Q4 25 | $183.6M | $149.7M | ||
| Q3 25 | $176.4M | $186.9M | ||
| Q2 25 | $222.4M | $199.0M | ||
| Q1 25 | $-5.3M | $202.0M | ||
| Q4 24 | $135.7M | $176.6M | ||
| Q3 24 | $112.4M | $-4.9M | ||
| Q2 24 | $125.7M | $169.4M | ||
| Q1 24 | $-29.8M | $202.1M |
| Q4 25 | 26.5% | 26.5% | ||
| Q3 25 | 20.7% | 33.0% | ||
| Q2 25 | 26.8% | 33.8% | ||
| Q1 25 | -0.9% | 36.1% | ||
| Q4 24 | 19.7% | 29.3% | ||
| Q3 24 | 14.4% | -0.8% | ||
| Q2 24 | 15.4% | 28.0% | ||
| Q1 24 | -4.6% | 34.4% |
| Q4 25 | 12.4% | 1.6% | ||
| Q3 25 | 6.9% | 0.7% | ||
| Q2 25 | 6.3% | 1.1% | ||
| Q1 25 | 7.6% | 0.8% | ||
| Q4 24 | 7.9% | 0.4% | ||
| Q3 24 | 7.0% | 0.6% | ||
| Q2 24 | 7.1% | 1.0% | ||
| Q1 24 | 7.3% | 1.1% |
| Q4 25 | 2.88× | — | ||
| Q3 25 | 1.51× | 4.41× | ||
| Q2 25 | 1.91× | 4.28× | ||
| Q1 25 | 0.53× | 4.80× | ||
| Q4 24 | 2.34× | 2.01× | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.14× | — | ||
| Q1 24 | 0.19× | 3.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
