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Side-by-side financial comparison of ADVANCED DRAINAGE SYSTEMS, INC. (WMS) and OLYMPIC STEEL INC (ZEUS). 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 $490.7M, roughly 1.4× OLYMPIC STEEL INC). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs 0.4%, a 13.1% gap on every dollar of revenue. On growth, OLYMPIC STEEL INC posted the faster year-over-year revenue change (4.4% vs 0.4%). ADVANCED DRAINAGE SYSTEMS, INC. produced more free cash flow last quarter ($183.6M vs $-12.9M). Over the past eight quarters, ADVANCED DRAINAGE SYSTEMS, INC.'s revenue compounded faster (3.0% CAGR vs 0.1%).
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...
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
WMS vs ZEUS — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $693.4M | $490.7M |
| Net Profit | $93.6M | $2.2M |
| Gross Margin | 37.4% | — |
| Operating Margin | 19.7% | 1.5% |
| Net Margin | 13.5% | 0.4% |
| Revenue YoY | 0.4% | 4.4% |
| Net Profit YoY | 15.3% | -21.2% |
| EPS (diluted) | $1.19 | $0.18 |
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 | — | ||
| Q3 25 | $850.4M | $490.7M | ||
| Q2 25 | $829.9M | $496.5M | ||
| Q1 25 | $615.8M | $492.9M | ||
| Q4 24 | $690.5M | $418.8M | ||
| Q3 24 | $782.6M | $470.0M | ||
| Q2 24 | $815.3M | $526.3M | ||
| Q1 24 | $653.8M | $526.6M |
| Q4 25 | $93.6M | — | ||
| Q3 25 | $156.0M | $2.2M | ||
| Q2 25 | $143.9M | $5.2M | ||
| Q1 25 | $77.2M | $2.5M | ||
| Q4 24 | $81.2M | $3.9M | ||
| Q3 24 | $130.4M | $2.7M | ||
| Q2 24 | $161.4M | $7.7M | ||
| Q1 24 | $94.8M | $8.7M |
| Q4 25 | 37.4% | — | ||
| Q3 25 | 40.0% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 36.7% | — | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 37.6% | — | ||
| Q2 24 | 40.8% | — | ||
| Q1 24 | 38.5% | — |
| Q4 25 | 19.7% | — | ||
| Q3 25 | 26.3% | 1.5% | ||
| Q2 25 | 24.8% | 2.3% | ||
| Q1 25 | 19.0% | 1.6% | ||
| Q4 24 | 18.4% | 2.1% | ||
| Q3 24 | 23.9% | 1.7% | ||
| Q2 24 | 27.7% | 2.9% | ||
| Q1 24 | 20.7% | 3.0% |
| Q4 25 | 13.5% | — | ||
| Q3 25 | 18.3% | 0.4% | ||
| Q2 25 | 17.3% | 1.1% | ||
| Q1 25 | 12.5% | 0.5% | ||
| Q4 24 | 11.8% | 0.9% | ||
| Q3 24 | 16.7% | 0.6% | ||
| Q2 24 | 19.8% | 1.5% | ||
| Q1 24 | 14.5% | 1.7% |
| Q4 25 | $1.19 | — | ||
| Q3 25 | $1.99 | $0.18 | ||
| Q2 25 | $1.84 | $0.45 | ||
| Q1 25 | $0.99 | $0.21 | ||
| Q4 24 | $1.04 | $0.33 | ||
| Q3 24 | $1.67 | $0.23 | ||
| Q2 24 | $2.06 | $0.66 | ||
| Q1 24 | $1.22 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | — | $240.9M |
| Stockholders' EquityBook value | $1.9B | $579.1M |
| Total Assets | $4.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | $812.9M | $7.5M | ||
| Q2 25 | $638.3M | $14.8M | ||
| Q1 25 | $463.3M | $13.3M | ||
| Q4 24 | $488.9M | $11.9M | ||
| Q3 24 | $613.0M | $11.1M | ||
| Q2 24 | $541.6M | $9.4M | ||
| Q1 24 | $490.2M | $10.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | $240.9M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | $1.3B | $235.4M | ||
| Q4 24 | — | $272.5M | ||
| Q3 24 | — | $197.3M | ||
| Q2 24 | — | $209.2M | ||
| Q1 24 | $1.3B | $196.8M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $579.1M | ||
| Q2 25 | $1.7B | $578.2M | ||
| Q1 25 | $1.5B | $574.2M | ||
| Q4 24 | $1.5B | $573.9M | ||
| Q3 24 | $1.4B | $570.6M | ||
| Q2 24 | $1.3B | $569.5M | ||
| Q1 24 | $1.2B | $563.0M |
| Q4 25 | $4.1B | — | ||
| Q3 25 | $4.1B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.7B | $1.1B | ||
| Q4 24 | $3.6B | $1.0B | ||
| Q3 24 | $3.5B | $1.0B | ||
| Q2 24 | $3.4B | $1.0B | ||
| Q1 24 | $3.3B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | 0.83× | 0.41× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.35× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | 1.11× | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $183.6M | $-12.9M |
| FCF MarginFCF / Revenue | 26.5% | -2.6% |
| Capex IntensityCapex / Revenue | 12.4% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.88× | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $577.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $269.3M | — | ||
| Q3 25 | $234.9M | $-5.4M | ||
| Q2 25 | $275.0M | $15.5M | ||
| Q1 25 | $41.2M | $49.4M | ||
| Q4 24 | $189.9M | $14.6M | ||
| Q3 24 | $166.9M | $24.6M | ||
| Q2 24 | $183.4M | $-2.9M | ||
| Q1 24 | $17.7M | $-2.6M |
| Q4 25 | $183.6M | — | ||
| Q3 25 | $176.4M | $-12.9M | ||
| Q2 25 | $222.4M | $6.8M | ||
| Q1 25 | $-5.3M | $40.6M | ||
| Q4 24 | $135.7M | $7.4M | ||
| Q3 24 | $112.4M | $15.6M | ||
| Q2 24 | $125.7M | $-11.3M | ||
| Q1 24 | $-29.8M | $-7.4M |
| Q4 25 | 26.5% | — | ||
| Q3 25 | 20.7% | -2.6% | ||
| Q2 25 | 26.8% | 1.4% | ||
| Q1 25 | -0.9% | 8.2% | ||
| Q4 24 | 19.7% | 1.8% | ||
| Q3 24 | 14.4% | 3.3% | ||
| Q2 24 | 15.4% | -2.2% | ||
| Q1 24 | -4.6% | -1.4% |
| Q4 25 | 12.4% | — | ||
| Q3 25 | 6.9% | 1.5% | ||
| Q2 25 | 6.3% | 1.7% | ||
| Q1 25 | 7.6% | 1.8% | ||
| Q4 24 | 7.9% | 1.7% | ||
| Q3 24 | 7.0% | 1.9% | ||
| Q2 24 | 7.1% | 1.6% | ||
| Q1 24 | 7.3% | 0.9% |
| Q4 25 | 2.88× | — | ||
| Q3 25 | 1.51× | -2.50× | ||
| Q2 25 | 1.91× | 2.96× | ||
| Q1 25 | 0.53× | 19.70× | ||
| Q4 24 | 2.34× | 3.75× | ||
| Q3 24 | 1.28× | 9.01× | ||
| Q2 24 | 1.14× | -0.38× | ||
| Q1 24 | 0.19× | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
