What Advanced Drainage Systems does

Advanced Drainage Systems (NYSE: WMS), founded in 1966 and headquartered in Hilliard, Ohio, is a leading North American manufacturer of thermoplastic corrugated pipe and water management solutions serving stormwater, wastewater, and adjacent infrastructure markets. The company's core technology centers on HDPE (high-density polyethylene) and polypropylene pipe products with proprietary dual-wall and triple-wall profiles, including N-12, HP Storm, SaniTite HP, Mega Green, and Single Wall lines engineered for 100-year design service life and certified to ASTM and AASHTO standards. A defining capability is the vertically integrated recycling network, which processes over 500 million pounds of post-consumer recycled plastic annually into pipe manufacturing, providing structural cost advantages that underpin the company's reported over 75% market share in core categories.

The business operates through approximately 63 manufacturing plants and 38 distribution centers across the United States, Canada, Mexico, and Brazil, selling to a diversified B2B customer base of contractors, engineers, government entities (federal, state DOTs, Army Corps of Engineers, FAA), distributors, and increasingly hyperscale data center developers. The go-to-market combines direct enterprise field sales with manufacturer representatives and regional distribution. Revenue is generated primarily through hardware sales across three streams: Stormwater Products (core pipe), Wastewater Products (Infiltrator and Orenco leachfield and onsite treatment systems, with segment gross margins near 63%), and Water Management Solutions (StormTech chambers, Nyloplast basins, water quality products). FY2026 net sales totaled $3,050.4 million with a 31.6% adjusted EBITDA margin and 28% return on equity.

Growth strategy is anchored on an active M&A roll-up of fragmented water management adjacencies, executing four acquisitions in four years: Cultec (May 2022), Orenco Systems (August 2024, via Infiltrator subsidiary), River Valley Pipe (May 2025), and the $1 billion National Diversified Sales acquisition from Norma Group SE (completed February 2026), the latter extending the platform into residential water management, access boxes, and irrigation. Demand tailwinds include AI-driven data center construction (stormwater sales up 11.7%) and federal infrastructure spending under the Build America, Buy America Act. Capital structure has been actively managed through $350 million CPPIB equity investment in 2021, $500 million of 6.375% senior notes due 2030 (June 2022), and $500 million of 5.375% senior notes due 2034 (February 2026) to refinance facilities and fund acquisitions.

Name

Advanced Drainage Systems

Legal name

Advanced Drainage Systems, Inc.

Website

https://adspipe.com

Company type

Public

Founded year

1966

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Advanced Drainage Systems (NYSE: WMS) is a North American manufacturer of thermoplastic corrugated pipe and water management solutions, serving stormwater, wastewater, and infrastructure customers through 63 manufacturing plants and 38 distribution centers with a vertically integrated recycling network.

Ownership category

akta.pro rank

Product category

Drainage and Water Management Products

NAICS

Plastics Pipe and Pipe Fitting Manufacturing (326122), Plumbing, Heating, and Air-Conditioning Contractors (23822)

SIC

Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose (3050), Steel Pipe & Tubes (3317)

akta.pro primary industry

Water & Sewer Pipe & Fittings (PVC/HDPE/PP) (IMANADAA)

akta.pro secondary industries

Stormwater Drainage & Culvert Systems (IMANADAH), Stormwater Collection & Conveyance (Inlets, Catch Basins, Pipes, Channels) (EUANAEAA)

Keywords

• Stormwater management products
• Corrugated HDPE pipe
• Water management solutions
• Drainage infrastructure products
• Wastewater treatment systems

Headquarters

HQ city

Hilliard

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Stormwater Products: Core revenue stream from thermoplastic corrugated pipes and water management products for stormwater applications. Products include N-12 Dual Wall Pipe, HP Storm Dual Wall Pipe, Single Wall Pipe, and Mega Green Pipe. Revenue driven by infrastructure construction, residential development, and commercial projects.
2. Wastewater Products: Onsite wastewater solutions including Infiltrator leachfield chambers and Orenco advanced wastewater treatment products. The Infiltrator segment generates high gross margins of approximately 63%.
3. Water Management Solutions: Chambers, basins, and specialized products including StormTech, Nyloplast, and water quality products. These higher-margin products serve detention/infiltration, water quality treatment, and specialty drainage applications.
4. Acquisition Integration (NDS): National Diversified Sales acquisition (completed February 2026) expanded portfolio into residential water management, access boxes, and irrigation solutions. Contributed $48.8 million in stormwater revenue in Q4 FY2026.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Advanced Drainage Systems manufactures and sells thermoplastic corrugated pipes (HDPE and polypropylene) and water management products for stormwater and wastewater applications. Its pipe portfolio includes N-12 Dual Wall, HP Storm, Mega Green, Single Wall, SaniTite HP, PolyFlex Pressure, Triple Wall, and AdvanEdge, complemented by water management solutions such as StormTech chambers, Nyloplast basins, water quality products, fittings, and onsite wastewater treatment systems through its Infiltrator, Orenco, Cultec, and NDS subsidiaries.

Product overview

Advanced Drainage Systems (ADS) offers a comprehensive suite of thermoplastic pipe and water management solutions organized into two primary categories: Pipe products (N-12 Dual Wall, HP Storm Dual Wall, Mega Green Dual Wall, Single Wall, SaniTite HP, PolyFlex Pressure, Triple Wall, and AdvanEdge, plus associated Fittings) and Water Management Solutions (StormTech chambers/basins, Nyloplast drains, Water Quality products like EcoStream BioFilter, Detention/Infiltration systems, Inserta Tee lateral connections, Onsite Leach systems, Geosynthetics, Basins and Linear Drains including Duraslot XL, and Specialty Products). The company operates as a platform with acquired brands including Infiltrator Water Technologies (wastewater treatment), Cultec (chamber systems), National Diversified Sales (NDS - residential water management/irrigation), and Orenco Systems (advanced septic treatment). Products serve diverse markets including Agriculture, Aviation, Commercial, Healthcare, Landfills, Mining, Parking, Residential, Sports Turf, Streets/Highways, and Railway/Ports. ADS supports its product portfolio with resources including the ADS Design Studio online tool, extensive documentation, and engineering support.

Differentiator

Problem solved

Functional benefit

Brands

• NDS: Water management products including residential water management, access boxes, and irrigation solutions
• Infiltrator Water Technologies
• StormTech
• Cultec
• Orenco
• River Valley Pipe

Products and services

• N-12 Dual Wall Pipe Dual wall corrugated HDPE pipe for stormwater management applications, featuring smooth interior for hydraulic efficiency and annular exterior corrugations for structural strength. Used by contractors, engineers, and government entities for drainage infrastructure.
• HP Storm Dual Wall Pipe High-performance polypropylene pipe for gravity-flow storm drainage applications with premium joint performance and up to 100% greater pipe stiffness than traditional plastic pipe. Features extended bell and spigot joint design with watertight performance meeting ASTM F2881 and AASHTO M330 standards.
• Mega Green Dual Wall Pipe Sustainable HDPE dual wall pipe meeting ASTM F2648 for environmentally conscious infrastructure projects. Features smooth interior with Manning's value of 0.012 for increased flow capacity.
• Single Wall Pipe Corrugated HDPE pipe for drainage projects where flexibility, light weight, and low cost are priorities. Available in heavy duty, highway, and channel muck configurations for agricultural, retail, and highway applications.
• SaniTite HP Pipe High-performance polypropylene pipe for sanitary sewer applications, featuring sanitary-grade joint with minimum 46 pii pipe stiffness. Complies with ASTM F2764 and AASHTO M330 standards with 100-year design service life.
• StormTech Chambers Water management chamber and basin system for detention, infiltration, and stormwater treatment applications. Includes SC-800, MC-7200, MC-3500, MC-4500, and SC-310 models.
• Nyloplast Drain Basins Drain basins and inline drains for stormwater management, providing capture and conveyance solutions for contractors and infrastructure projects.
• EcoStream BioFilter Water quality product for stormwater treatment, part of green infrastructure solutions for sediment and pollutant removal.
• Duraslot XL Trench Drain Pipe Slotted drain pipe and trench drain system for basins and linear drainage applications across parking, roadway, and site drainage projects.
• Inserta Tee Lateral connection fitting that connects to various mainline pipe types for stormwater and sanitary sewer applications, available in Traditional and OneFit versions.
• Fittings Comprehensive range of pipe fittings including bends, couplers, tees, wyes, reducers, and miscellaneous fittings for all ADS pipe products.
• Infiltrator Wastewater Treatment Systems Subsidiary brand offering advanced onsite septic wastewater treatment products including leachfield chambers and septic tanks, with combined Infiltrator and Orenco product lines for residential and non-residential applications.
• National Diversified Sales (NDS) Water Management Products Residential water management products including access boxes and irrigation solutions, acquired from Norma Group SE for approximately $1 billion and generating $313 million in trailing twelve months revenue.

Quantifiable outcome

• Gross profit margin of 38.67%
• +7 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• National Diversified Sales (NDS)coreStrategic or Co-development Partner · 2 February 2026Completed acquisition of NDS, the water management business of Norma Group SE, in February 2026 for approximately $1 billion. Expands ADS into residential water management, access boxes, and irrigation solutions. Generated $313 million revenue over trailing twelve months. Targeting $25 million annual cost synergies.
• River Valley PipecoreStrategic or Co-development Partner · 24 May 2025Acquisition of River Valley Pipe, a Midwest-based pipe manufacturing company enhancing ADS presence in Illinois and Iowa markets. Aligns with focus on stormwater and agriculture drainage markets.
• GeoplastminorStrategic or Co-development Partner · 27 August 2024Partnership announced for distribution or integration of complementary water management products. Nature of partnership involves product collaboration or distribution.
• Orenco Systems, Inc.coreStrategic or Co-development Partner · 20 August 2024ADS subsidiary Infiltrator Water Technologies acquired Orenco Systems, a leading manufacturer of advanced onsite septic wastewater treatment products. Expected to close in Q3 fiscal 2025. Creates premier provider of residential and non-residential advanced wastewater treatment systems.
• Cultec, Inc.coreStrategic or Co-development Partner · 2 May 2022Advanced Drainage Systems completed acquisition of Cultec, Inc. in May 2022. Cultec manufactures water management products including chambers and other stormwater solutions, expanding ADS product portfolio.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• JM Eagle: Largest manufacturer of plastic pipe in North America, primarily focused on PVC pipe for water, sewer, and irrigation applications. Comparable pipe manufacturer serving overlapping municipal and construction customers, though focused on PVC rather than HDPE/PP.
• Northwest Pipe Company: Manufacturer of steel pipe and engineered products for water infrastructure, energy, and structural applications. Comparable water infrastructure pipe manufacturer serving municipal and industrial markets, though focused on steel rather than plastic.
• Watts Water Technologies: Manufacturer of water conservation, treatment, and flow control products for plumbing, heating, and water systems. Comparable as a US-listed water products platform serving residential and commercial construction channels.
• Oldcastle Infrastructure (CRH): Provider of infrastructure products including stormwater management, drainage, and water systems through the CRH platform. Comparable broad-line infrastructure supplier with stormwater and drainage product offerings.
• Xylem Inc. Global water technology company providing pumps, treatment systems, and smart metering for utilities and infrastructure. Comparable water infrastructure exposure with focus on treatment and conveyance equipment rather than pipe manufacturing.
• Mueller Water Products: Leading manufacturer of water infrastructure products including valves, hydrants, and pipe-related components for municipal water systems. Comparable to ADS as a US-listed water infrastructure supplier, though Mueller focuses on metal/iron components rather than thermoplastic pipe.
• Pentair plc: Global water solutions company providing residential and commercial water treatment, flow, and filtration products. Comparable diversified water platform serving overlapping residential, commercial, and infrastructure end markets.

Direct peers

• Prinsco: Manufacturer of HDPE corrugated pipe and water management products serving agriculture, residential, commercial, and infrastructure markets. Direct private competitor in the same corrugated HDPE pipe category as ADS.
• Contech Engineered Solutions (Soleno): Direct competitor in stormwater management products including corrugated metal and plastic pipe, stormwater chambers, and drainage solutions. Closely aligned product portfolio and customer base in the US stormwater and infrastructure market.

Others

• Roper Technologies: Diversified technology holding company with water-focused assets including Neptune Technology Group. Indirect comparable as a publicly listed entity with material exposure to water utility technology and infrastructure spending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/adspipe1?feature=results_main
• Facebookfacebook.com/AdvancedDrainageSystems
• LinkedInlinkedin.com/company/advanced-drainage-systems-inc-
• Instagraminstagram.com/advanceddrainagesystems
• Xx.com/ads__inc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Advanced Drainage Systems