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Side-by-side financial comparison of ADVANCED DRAINAGE SYSTEMS, INC. (WMS) and WATTS WATER TECHNOLOGIES INC (WTS). 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 $625.1M, roughly 1.1× WATTS WATER TECHNOLOGIES INC). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs 13.4%, a 0.1% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 0.4%). ADVANCED DRAINAGE SYSTEMS, INC. produced more free cash flow last quarter ($183.6M vs $140.3M). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (4.6% CAGR vs 3.0%).
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...
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
WMS vs WTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $693.4M | $625.1M |
| Net Profit | $93.6M | $83.7M |
| Gross Margin | 37.4% | 49.5% |
| Operating Margin | 19.7% | 18.2% |
| Net Margin | 13.5% | 13.4% |
| Revenue YoY | 0.4% | 15.7% |
| Net Profit YoY | 15.3% | 24.0% |
| EPS (diluted) | $1.19 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $850.4M | $611.7M | ||
| Q2 25 | $829.9M | $643.7M | ||
| Q1 25 | $615.8M | $558.0M | ||
| Q4 24 | $690.5M | $540.4M | ||
| Q3 24 | $782.6M | $543.6M | ||
| Q2 24 | $815.3M | $597.3M | ||
| Q1 24 | $653.8M | $570.9M |
| Q4 25 | $93.6M | $83.7M | ||
| Q3 25 | $156.0M | $82.2M | ||
| Q2 25 | $143.9M | $100.9M | ||
| Q1 25 | $77.2M | $74.0M | ||
| Q4 24 | $81.2M | $67.5M | ||
| Q3 24 | $130.4M | $69.1M | ||
| Q2 24 | $161.4M | $82.0M | ||
| Q1 24 | $94.8M | $72.6M |
| Q4 25 | 37.4% | 49.5% | ||
| Q3 25 | 40.0% | 48.8% | ||
| Q2 25 | 39.8% | 50.6% | ||
| Q1 25 | 36.7% | 48.8% | ||
| Q4 24 | 35.0% | 46.7% | ||
| Q3 24 | 37.6% | 47.3% | ||
| Q2 24 | 40.8% | 47.7% | ||
| Q1 24 | 38.5% | 46.9% |
| Q4 25 | 19.7% | 18.2% | ||
| Q3 25 | 26.3% | 18.2% | ||
| Q2 25 | 24.8% | 21.0% | ||
| Q1 25 | 19.0% | 15.7% | ||
| Q4 24 | 18.4% | 16.5% | ||
| Q3 24 | 23.9% | 17.1% | ||
| Q2 24 | 27.7% | 18.7% | ||
| Q1 24 | 20.7% | 16.9% |
| Q4 25 | 13.5% | 13.4% | ||
| Q3 25 | 18.3% | 13.4% | ||
| Q2 25 | 17.3% | 15.7% | ||
| Q1 25 | 12.5% | 13.3% | ||
| Q4 24 | 11.8% | 12.5% | ||
| Q3 24 | 16.7% | 12.7% | ||
| Q2 24 | 19.8% | 13.7% | ||
| Q1 24 | 14.5% | 12.7% |
| Q4 25 | $1.19 | $2.50 | ||
| Q3 25 | $1.99 | $2.45 | ||
| Q2 25 | $1.84 | $3.01 | ||
| Q1 25 | $0.99 | $2.21 | ||
| Q4 24 | $1.04 | $2.02 | ||
| Q3 24 | $1.67 | $2.06 | ||
| Q2 24 | $2.06 | $2.44 | ||
| Q1 24 | $1.22 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $2.0B |
| Total Assets | $4.1B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $405.5M | ||
| Q3 25 | $812.9M | $457.7M | ||
| Q2 25 | $638.3M | $369.3M | ||
| Q1 25 | $463.3M | $336.8M | ||
| Q4 24 | $488.9M | $386.9M | ||
| Q3 24 | $613.0M | $303.9M | ||
| Q2 24 | $541.6M | $279.4M | ||
| Q1 24 | $490.2M | $237.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.2B | $1.6B |
| Q4 25 | $4.1B | $2.9B | ||
| Q3 25 | $4.1B | $2.7B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.7B | $2.5B | ||
| Q4 24 | $3.6B | $2.4B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.4B | $2.4B | ||
| Q1 24 | $3.3B | $2.3B |
| 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 | $269.3M | $154.7M |
| Free Cash FlowOCF − Capex | $183.6M | $140.3M |
| FCF MarginFCF / Revenue | 26.5% | 22.4% |
| Capex IntensityCapex / Revenue | 12.4% | 2.3% |
| Cash ConversionOCF / Net Profit | 2.88× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $577.1M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $269.3M | $154.7M | ||
| Q3 25 | $234.9M | $122.4M | ||
| Q2 25 | $275.0M | $69.7M | ||
| Q1 25 | $41.2M | $55.2M | ||
| Q4 24 | $189.9M | $139.5M | ||
| Q3 24 | $166.9M | $90.7M | ||
| Q2 24 | $183.4M | $85.3M | ||
| Q1 24 | $17.7M | $45.6M |
| Q4 25 | $183.6M | $140.3M | ||
| Q3 25 | $176.4M | $110.9M | ||
| Q2 25 | $222.4M | $59.5M | ||
| Q1 25 | $-5.3M | $45.6M | ||
| Q4 24 | $135.7M | $127.5M | ||
| Q3 24 | $112.4M | $84.3M | ||
| Q2 24 | $125.7M | $78.5M | ||
| Q1 24 | $-29.8M | $35.5M |
| Q4 25 | 26.5% | 22.4% | ||
| Q3 25 | 20.7% | 18.1% | ||
| Q2 25 | 26.8% | 9.2% | ||
| Q1 25 | -0.9% | 8.2% | ||
| Q4 24 | 19.7% | 23.6% | ||
| Q3 24 | 14.4% | 15.5% | ||
| Q2 24 | 15.4% | 13.1% | ||
| Q1 24 | -4.6% | 6.2% |
| Q4 25 | 12.4% | 2.3% | ||
| Q3 25 | 6.9% | 1.9% | ||
| Q2 25 | 6.3% | 1.6% | ||
| Q1 25 | 7.6% | 1.7% | ||
| Q4 24 | 7.9% | 2.2% | ||
| Q3 24 | 7.0% | 1.2% | ||
| Q2 24 | 7.1% | 1.1% | ||
| Q1 24 | 7.3% | 1.8% |
| Q4 25 | 2.88× | 1.85× | ||
| Q3 25 | 1.51× | 1.49× | ||
| Q2 25 | 1.91× | 0.69× | ||
| Q1 25 | 0.53× | 0.75× | ||
| Q4 24 | 2.34× | 2.07× | ||
| Q3 24 | 1.28× | 1.31× | ||
| Q2 24 | 1.14× | 1.04× | ||
| Q1 24 | 0.19× | 0.63× |
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% |
WTS
Segment breakdown not available.
