Advanced Drainage Systems, Inc. (NYSE: WMS)

Advanced Drainage Systems Inc is a leading manufacturer of innovative water management solutions in the stormwater and onsite septic wastewater industries providing superior drainage solutions for use in the construction and agriculture marketplaces. The company manages the lifecycle of a raindrop from capture conveyance storage and treatment offering products that safely and efficiently handle stormwater and wastewater. Its product portfolio serves residential non residential infrastructure and agricultural end markets. The firm leverages a national sales and distribution platform engineering support and manufacturing scale to maintain a strong market presence.

The company generates revenue by designing manufacturing and marketing a wide range of thermoplastic corrugated pipe and related water management products. Its offerings include single double and triple wall corrugated polypropylene and polyethylene pipe for drainage and sewer applications plastic leachfield chambers and synthetic aggregate systems septic tanks and advanced treatment units storm retention detention chambers polyvinyl chloride drainage structures fittings water quality filters and geotextile products. In fiscal 2025 the Pipe segment represented approximately 51.8 percent of net sales the Infiltrator segment 17.8 percent the International segment 6.7 percent and Allied Products & Other 23.8 percent. Revenue is derived primarily from sales to distributors contractors municipalities and agricultural users across North America and selected international markets.

The company operates through the following segments: Pipe Infiltrator International and Allied Products & Other.

• The Pipe segment produces and sells single double and triple wall corrugated polypropylene and polyethylene pipe including N 12 HP Storm and SaniTite HP products for storm sewer drainage agricultural and construction applications.

• The Infiltrator segment designs and manufactures plastic leachfield chambers such as Quick4 Quick5 and ARC models synthetic aggregate leachfields like EZflow combined treatment and dispersal systems including AES ES ATL and AeroFin septic tanks such as IM Series and CM Series advanced treatment systems for residential and commercial use and general onsite products plus Orenco Controls and Orenco Composites offerings.

• The International segment comprises manufacturing facilities in Canada joint venture operations in Mexico Central America and South America that produce pipe and related products and wholly owned subsidiaries that distribute the companys offerings in Europe and the Middle East.

• The Allied Products & Other segment offers storm retention detention chambers polyvinyl chloride drainage structures fittings water quality filters and separators geotextile products Inserta Tee adapters and other complementary items sourced through resale agreements.

Advanced Drainage Systems Inc holds a leading position in the fragmented water management industry competing against concrete pipe corrugated steel pipe PVC pipe producers and other HDPE pipe manufacturers while leveraging its national sales and distribution platform broad product line engineering support and manufacturing scale to maintain competitive advantages in product availability cost effectiveness ease of installation and technical expertise. The company benefits from a long history of innovation a strong brand identified by its green stripe and a commitment to sustainability through extensive recycling of high density polyethylene and polypropylene resins.

The company serves a diverse customer base of approximately 16000 customers including major distributors Ferguson Enterprises and Core & Main Inc which accounted for 14.3 percent and 12.7 percent of fiscal 2025 net sales respectively as well as national retailers buying groups cooperatives and numerous contractors municipalities agricultural operators and infrastructure developers across the United States Canada Mexico and selected international markets.