Companies · WMS
Advanced Drainage Systems, Inc.
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Latest analysis
Updated Nov 5, 2026
ADS acquires StormTrap for $530M post-quarter, while NDS integration lifts Stormwater revenue 15% YTD against volume headwinds and rising material costs
Advanced Drainage Systems entered a definitive agreement on October 1, 2026 to acquire StormTrap Investments LLC for approximately $530 million, extending its engineered stormwater solutions portfolio into large-volume, space-constrained applications. YTD consolidated net sales rose 12.5% to $1,890.5 million, with $172.0 million attributable to the NDS acquisition; organic Stormwater volumes declined in both Pipe and Allied Products, exposing underlying demand softness. Adjusted EBITDA margin compressed 160 basis points YoY to 32.2% in Q2 as higher material and transportation costs offset NDS-driven gross profit gains, and a $29.2 million discontinued-operations loss from NDS International Entities divestiture added a one-time drag.
Tone: mixedRevenue
$3.1B
WMS 10-K · FY 2026
Employees
6,425
Revenue FY2025
$2.9B
Founded
1966
Profile
WMS 10-K Item 1 · May 21, 2026Advanced Drainage Systems (ADS) is the leading manufacturer of thermoplastic corrugated pipe and water management solutions for the stormwater and onsite wastewater industries. The company serves residential, non-residential, infrastructure, and agricultural end markets across North America and select international geographies. Its product portfolio spans pipe, chambers, structures, fittings, water quality systems, and onsite wastewater treatment products, marketed under a comprehensive, end-to-end solution model.
Read filing description ↓ Collapse description ↑
ADS is the leading manufacturer of innovative water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions to manage the world's most precious resource: water. Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications. We have established a leading position in many of these end markets by leveraging our national sales and distribution platform, market share model, industry-acclaimed engineering support, overall product breadth and scale plus manufacturing excellence. Our best-in-class product portfolio, go-to-market strategy and material conversion strategy helped drive consistent above market growth. We believe the ADS brand has long been associated with quality products and market-leading performance. Our trademarked green stripe, which is prominently displayed on many of our products, serves as clear identification of our commitment to the customers and markets we serve, and fortifies our brand recognition and presence. Our approach to water management is to manage the lifecycle of a raindrop from the moment water hits the ground until it is released back into the ecosystem. The ADS product portfolio is built around four steps of this lifecycle: Capture, Conveyance, Storage, and Treatment. ADS solutions safely and efficiently manage stormwater with environmentally friendly products. We believe we are the only water management solutions company that manages stormwater from when the rain first hits the ground until the moment it is returned to lakes and streams. On February 2, 2026, we completed the acquisition of National Diversified Sales ('NDS'), a leading designer and manufacturer of residential stormwater and drainage solutions. We were founded in 1966 and are a Delaware corporation.
Primary products
- N-12 dual wall corrugated HDPE pipe
- HP Storm Pipe
- SaniTite HP Pipe
- Single Wall Corrugated Pipe
- Triple Wall Corrugated Pipe
- Smoothwall HDPE Pipe
Business segments
End markets
Geographies
Named customers
Ferguson Enterprises ('Ferguson') accounted for 13.1% and Core & Main, Inc. ('Core & Main') accounted for 12.8% of fiscal 2026 net sales.
“We believe we are the only corrugated HDPE pipe producer with a national footprint, and our competitors operate primarily on a regional and local level.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Net sales increased from $2.90 billion in fiscal 2025 to $3.05 billion in fiscal 2026, driven in part by the acquisition of NDS completed on February 2, 2026.
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