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Side-by-side financial comparison of ADVANCED DRAINAGE SYSTEMS, INC. (WMS) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $693.4M, roughly 1.1× ADVANCED DRAINAGE SYSTEMS, INC.). ADVANCED DRAINAGE SYSTEMS, INC. runs the higher net margin — 13.5% vs -1.5%, a 15.0% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 0.4%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $183.6M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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...
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
WMS vs ZS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $693.4M | $788.1M |
| Net Profit | $93.6M | $-11.6M |
| Gross Margin | 37.4% | 76.6% |
| Operating Margin | 19.7% | -4.6% |
| Net Margin | 13.5% | -1.5% |
| Revenue YoY | 0.4% | 25.5% |
| Net Profit YoY | 15.3% | 3.6% |
| EPS (diluted) | $1.19 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $850.4M | $719.2M | ||
| Q2 25 | $829.9M | $678.0M | ||
| Q1 25 | $615.8M | $647.9M | ||
| Q4 24 | $690.5M | $628.0M | ||
| Q3 24 | $782.6M | $592.9M | ||
| Q2 24 | $815.3M | $553.2M | ||
| Q1 24 | $653.8M | $525.0M |
| Q4 25 | $93.6M | $-11.6M | ||
| Q3 25 | $156.0M | $-17.6M | ||
| Q2 25 | $143.9M | $-4.1M | ||
| Q1 25 | $77.2M | $-7.7M | ||
| Q4 24 | $81.2M | $-12.1M | ||
| Q3 24 | $130.4M | $-14.9M | ||
| Q2 24 | $161.4M | $19.1M | ||
| Q1 24 | $94.8M | $-28.5M |
| Q4 25 | 37.4% | 76.6% | ||
| Q3 25 | 40.0% | 76.1% | ||
| Q2 25 | 39.8% | 77.0% | ||
| Q1 25 | 36.7% | 77.1% | ||
| Q4 24 | 35.0% | 77.5% | ||
| Q3 24 | 37.6% | 78.0% | ||
| Q2 24 | 40.8% | 78.6% | ||
| Q1 24 | 38.5% | 77.7% |
| Q4 25 | 19.7% | -4.6% | ||
| Q3 25 | 26.3% | -4.5% | ||
| Q2 25 | 24.8% | -3.7% | ||
| Q1 25 | 19.0% | -6.2% | ||
| Q4 24 | 18.4% | -4.9% | ||
| Q3 24 | 23.9% | -4.5% | ||
| Q2 24 | 27.7% | -0.5% | ||
| Q1 24 | 20.7% | -8.7% |
| Q4 25 | 13.5% | -1.5% | ||
| Q3 25 | 18.3% | -2.4% | ||
| Q2 25 | 17.3% | -0.6% | ||
| Q1 25 | 12.5% | -1.2% | ||
| Q4 24 | 11.8% | -1.9% | ||
| Q3 24 | 16.7% | -2.5% | ||
| Q2 24 | 19.8% | 3.5% | ||
| Q1 24 | 14.5% | -5.4% |
| Q4 25 | $1.19 | $-0.07 | ||
| Q3 25 | $1.99 | $-0.11 | ||
| Q2 25 | $1.84 | $-0.03 | ||
| Q1 25 | $0.99 | $-0.05 | ||
| Q4 24 | $1.04 | $-0.08 | ||
| Q3 24 | $1.67 | $-0.09 | ||
| Q2 24 | $2.06 | $0.12 | ||
| Q1 24 | $1.22 | $-0.19 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $2.0B |
| Total Assets | $4.1B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $812.9M | $2.4B | ||
| Q2 25 | $638.3M | $2.0B | ||
| Q1 25 | $463.3M | $1.8B | ||
| Q4 24 | $488.9M | $1.6B | ||
| Q3 24 | $613.0M | $1.4B | ||
| Q2 24 | $541.6M | $1.3B | ||
| Q1 24 | $490.2M | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.2B | $958.9M |
| Q4 25 | $4.1B | $6.5B | ||
| Q3 25 | $4.1B | $6.4B | ||
| Q2 25 | $3.9B | $5.3B | ||
| Q1 25 | $3.7B | $5.0B | ||
| Q4 24 | $3.6B | $4.7B | ||
| Q3 24 | $3.5B | $4.7B | ||
| Q2 24 | $3.4B | $4.2B | ||
| Q1 24 | $3.3B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | 0.83× | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | 1.11× | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $183.6M | $431.0M |
| FCF MarginFCF / Revenue | 26.5% | 54.7% |
| Capex IntensityCapex / Revenue | 12.4% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | $577.1M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $269.3M | $448.3M | ||
| Q3 25 | $234.9M | $250.6M | ||
| Q2 25 | $275.0M | $211.1M | ||
| Q1 25 | $41.2M | $179.4M | ||
| Q4 24 | $189.9M | $331.3M | ||
| Q3 24 | $166.9M | $203.6M | ||
| Q2 24 | $183.4M | $173.4M | ||
| Q1 24 | $17.7M | $142.1M |
| Q4 25 | $183.6M | $431.0M | ||
| Q3 25 | $176.4M | $190.6M | ||
| Q2 25 | $222.4M | $138.9M | ||
| Q1 25 | $-5.3M | $164.4M | ||
| Q4 24 | $135.7M | $314.3M | ||
| Q3 24 | $112.4M | $154.2M | ||
| Q2 24 | $125.7M | $137.8M | ||
| Q1 24 | $-29.8M | $111.2M |
| Q4 25 | 26.5% | 54.7% | ||
| Q3 25 | 20.7% | 26.5% | ||
| Q2 25 | 26.8% | 20.5% | ||
| Q1 25 | -0.9% | 25.4% | ||
| Q4 24 | 19.7% | 50.1% | ||
| Q3 24 | 14.4% | 26.0% | ||
| Q2 24 | 15.4% | 24.9% | ||
| Q1 24 | -4.6% | 21.2% |
| Q4 25 | 12.4% | 2.2% | ||
| Q3 25 | 6.9% | 8.3% | ||
| Q2 25 | 6.3% | 10.6% | ||
| Q1 25 | 7.6% | 2.3% | ||
| Q4 24 | 7.9% | 2.7% | ||
| Q3 24 | 7.0% | 8.3% | ||
| Q2 24 | 7.1% | 6.4% | ||
| Q1 24 | 7.3% | 5.9% |
| 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× | 9.07× | ||
| Q1 24 | 0.19× | — |
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% |
ZS
Segment breakdown not available.
