Demand and volumemixed · 3 filings
“Allied Products & Other increased due to demand in the residential and non-residential construction markets.”10-Q · Feb 5, 2026 ↗
Advanced Drainage Systems, Inc.
WMS
Market read
Advanced Drainage Systems, Inc.'s move is spreading beyond its market group.
No new filing conclusion is available. 5 of 18 group members are active now; 3 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Company+0.7% todayVolume comparison unavailable
Market group5 of 18 activeHousing Construction · inactive
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 12 of 18 durable members become active together.
- Capital-flow agreement rises above 55%.
- QXO remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 6 of 18 members or fewer.
Research brief
The story so far
No new filing conclusion is available. 5 of 18 group members are active now; 3 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 12 of 18 durable members become active together.
- Capital-flow agreement rises above 55%.
- QXO remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements79
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +5.0% year over year.
- Operating cash flow covered net income at 1.92x in the latest annual period.
Evidence challenging the case
- Operating margin changed -2.3 percentage points in the latest annual period.
- Net margin changed -1.5 percentage points in the latest annual period.
Questions before a position
- P/E is 38% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
127.896m-8.0%12m-9.3%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-03-31$2.8B+39.7%$3.15+1.9%
2023-03-31$3.1B+10.9%$6.08+14.3%
2024-03-31$2.9B-6.4%$6.45-5.2%
2025-03-31$2.9B+1.0%$5.76-1.0%
2026-03-31$3.1B+5.0%$5.44+0.2%
What management says matters
Persistent and emerging business drivers
Legal and regulatory exposuremixed · 1 filings
“The transaction is expected to close in the first quarter of calendar year 2026 and is subject to customary closing conditions, including receipt of required regulatory approvals.”10-Q · Nov 6, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.3× · EV/sales 3.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
127.89+0.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for WMS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for WMS. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind WMS
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FERG13.1% of WMScustomerMay 21, 2026 ▾
“Ferguson Enterprises (“Ferguson”) accounted for 13.1% and Core & Main, Inc.”
ATMPFiling-linked namelenderMay 21, 2026 ▾
“ow) and PNC Bank, National Association, as administrative agent under the Revolving Credit Facility (as F-27 Table of Contents Advanced Drainage Systems, Inc defined below) and as successor administrative agent, Barclays Bank PLC, as predecessor administrativ…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
WMS is currently a Participant in the organic co-movement group Housing Construction. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.