Advanced Drainage Systems
WMSActiveCIK 1604028 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, WMS filings, SEC EDGAR
$11,155
Market cap ($MM)
$11,592
Enterprise value ($MM)
$2,989
Revenue · LTM ($MM)
$895
EBITDA · LTM ($MM)
30%
EBITDA margin
3.9x
EV / revenue
13.0x
EV / EBITDA
0.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WMS is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, WTS, MWA, PNR, ECL.
Balance sheet & capacity
Indicative capacity read: 0.3x net debt / EBITDA with EBITDA of $895MM.
$1,008
Cash & equiv. ($MM)
$1,282
Total debt ($MM)
$274
Net debt ($MM)
0.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WMS versus the scaled public Water Infrastructure & Treatment Equipment comparables.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Advanced Drainage Systems, Inc. | WMS | $2,989 | $895 | 30% | $11,155 | $11,592 | 3.9x | 13.0x | 0.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WMS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
28
Active years
9
Named deals
2
Avg / active year
3.1
Acq. cash outflow ($MM)
N/A
Annual acquisition count
named acquisitionWMS cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 31, 2019 | Infiltrator | Water infrastructure, treatment, and equipment | $1,147 | On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 2... | 10-K† |
| Jul 17, 2015 | BaySaver | Water infrastructure, treatment, and equipment | $15 | On July 17, 2015, ADS Ventures, Inc. (“ADS/V”), a wholly-owned subsidiary of the Company, acquired an additional 10% of the issued and outstanding membership interests in BaySav... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 4 SEC-backed facts across 2 cited filings.
Strategy
In management's own words
The acquisition thesis as management frames it in its filings and why each line matters.
| Theme | Excerpt | Why it matters | Source |
|---|---|---|---|
| Management language | N/A | N/A until a source excerpt is available. | N/A |
Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.
Evidence
Source ledger
Every figure above traces to a dated SEC filing.
| Claim | Excerpt | Source type | Filing date | Evidence | Source |
|---|---|---|---|---|---|
| Acquisition of Infiltrator | On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 2019. Infiltrator man... | 10-K | May 19, 2022 | Medium | SEC source |
| BaySaver Step Acquisition | On July 17, 2015, ADS Ventures, Inc. (“ADS/V”), a wholly-owned subsidiary of the Company, acquired an additional 10% of the issued and outstanding membership interests in BaySaver, increasing the C... | 10-K | May 30, 2018 | Medium | SEC source |