Advanced Drainage Systems
WMS NYSE Building Products Financials FY2017–FY2026
Advanced Drainage Systems' revenue rose 5.0% to $3.1 billion in fiscal 2026. Its operating margin was 20.3%, down from 22.6% a year earlier. Free cash flow was $569 million, up 54.5%. It paid out $148 million in dividends and buybacks, 26% of free cash flow. The diluted share count rose 0.2%.
Revenue
Total sales reported in the income statement.
$3.1B
5.0%
vs prior year
Operating margin
Operating income as a share of revenue.
20.3%
2.3 pts
Net income
Profit after all expenses, interest and tax.
$427M
5.3%
Free cash flow
Cash from operations minus capital spending.
$569M
54.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.8%
6.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$10.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
22.5x
On $5.79 EPS (TTM)
What Advanced Drainage Systems does
No business description yet.
- Legal name
- ADVANCED DRAINAGE SYSTEMS, INC.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- —
- Accession · CIK
- 0001604028-26-000019
0001604028
Revenue and margins
Advanced Drainage Systems had $3.1B of revenue in fiscal 2026, up 5.0% on the year before.
FY17
Revenue $1.3B
FY18
Revenue $1.3B
FY19
Revenue $1.4B
FY20
Revenue $1.7B
FY21
Revenue $2.0B
FY22
Revenue $2.8B
FY23
Revenue $3.1B
FY24
Revenue $2.9B
FY25
Revenue $2.9B
FY26
Revenue $3.1B
Q2 '24
Revenue $780M
Q3 '24
Revenue $662M
Q4 '24
Revenue $654M
Q1 '25
Revenue $815M
Q2 '25
Revenue $783M
Q3 '25
Revenue $691M
Q4 '25
Revenue $616M
Q1 '26
Revenue $830M
Q2 '26
Revenue $850M
Q3 '26
Revenue $693M
Q4 '26
Revenue $677M
Q1 '27
Revenue $1.0B
FY17
Gross 23.5%
Operating 6.1%
Net 4.9%
FCF 4.6%
FY18
Gross 22.7%
Operating 6.6%
Net 4.7%
FCF 7.2%
FY19
Gross 23.6%
Operating 9.4%
Net 5.6%
FCF 7.8%
FY20
Gross 18.9%
Operating −5.7%
Net −11.5%
FCF 14.3%
FY21
Gross 34.8%
Operating 17.4%
Net 11.3%
FCF 18.8%
FY22
Gross 28.9%
Operating 14.9%
Net 9.8%
FCF 4.5%
FY23
Gross 36.4%
Operating 23.4%
Net 16.5%
FCF 17.6%
FY24
Gross 39.9%
Operating 25.5%
Net 17.7%
FCF 18.6%
FY25
Gross 37.7%
Operating 22.6%
Net 15.5%
FCF 12.7%
FY26
Gross 38.3%
Operating 20.3%
Net 14.0%
FCF 18.7%
Gross
Operating
Net
FCF
Q2 '24
Gross 38.8%
Operating 25.4%
Net 17.4%
FCF 22.4%
Q3 '24
Gross 39.2%
Operating 23.1%
Net 16.0%
FCF 28.3%
Q4 '24
Gross 38.5%
Operating 20.7%
Net 14.5%
FCF −4.6%
Q1 '25
Gross 40.8%
Operating 27.8%
Net 19.8%
FCF 15.4%
Q2 '25
Gross 37.6%
Operating 23.9%
Net 16.7%
FCF 14.4%
Q3 '25
Gross 35.0%
Operating 18.4%
Net 11.8%
FCF 19.7%
Q4 '25
Gross 36.7%
Operating 19.0%
Net 12.5%
FCF −0.9%
Q1 '26
Gross 39.8%
Operating 24.8%
Net 17.3%
FCF 26.8%
Q2 '26
Gross 40.0%
Operating 26.3%
Net 18.4%
FCF 20.8%
Q3 '26
Gross 37.4%
Operating 19.7%
Net 13.5%
FCF 26.5%
Q4 '26
Gross 35.1%
Operating 7.9%
Net 4.9%
FCF −1.9%
Q1 '27
Gross 40.8%
Operating 25.4%
Net 16.8%
FCF 20.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 20.8% a year. Loss periods are shown in red.
FY17
Net income $62.0M
FY18
Net income $62.0M
FY19
Net income $77.8M
FY20
Net income −$193M
FY21
Net income $224M
FY22
Net income $271M
FY23
Net income $507M
FY24
Net income $510M
FY25
Net income $450M
FY26
Net income $427M
Q2 '24
Net income $136M
Q3 '24
Net income $106M
Q4 '24
Net income $94.8M
Q1 '25
Net income $161M
Q2 '25
Net income $130M
Q3 '25
Net income $81.2M
Q4 '25
Net income $77.2M
Q1 '26
Net income $144M
Q2 '26
Net income $156M
Q3 '26
Net income $93.6M
Q4 '26
Net income $32.9M
Q1 '27
Net income $169M
FY17
Diluted EPS $0.99
FY18
Diluted EPS $0.99
FY19
Diluted EPS $1.22
FY20
Diluted EPS −$3.21
FY21
Diluted EPS $2.59
FY22
Diluted EPS $3.15
FY23
Diluted EPS $6.08
FY24
Diluted EPS $6.45
FY25
Diluted EPS $5.76
FY26
Diluted EPS $5.44
Q2 '24
Diluted EPS $1.71
Q3 '24
Diluted EPS $1.34
Q4 '24
Diluted EPS $1.21
Q1 '25
Diluted EPS $2.06
Q2 '25
Diluted EPS $1.67
Q3 '25
Diluted EPS $1.04
Q4 '25
Diluted EPS $0.99
Q1 '26
Diluted EPS $1.84
Q2 '26
Diluted EPS $1.99
Q3 '26
Diluted EPS $1.19
Q4 '26
Diluted EPS $0.42
Q1 '27
Diluted EPS $2.19
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 8.4%
Return on equity 30.2%
Return on assets 6.0%
FY18
Return on capital 12.6%
Return on equity 23.4%
Return on assets 5.9%
FY19
Return on capital 14.4%
Return on equity 22.5%
Return on assets 7.5%
FY20
Return on capital −6.7%
Return on equity −42.5%
Return on assets −11.3%
FY21
Return on capital 16.6%
Return on equity 33.3%
Return on assets 9.4%
FY22
Return on capital 17.7%
Return on equity 31.7%
Return on assets 10.7%
FY23
Return on capital 29.2%
Return on equity 59.1%
Return on assets 18.3%
FY24
Return on capital 27.9%
Return on equity 51.6%
Return on assets 16.5%
FY25
Return on capital 22.0%
Return on equity 33.6%
Return on assets 12.9%
FY26
Return on capital 15.8%
Return on equity 25.2%
Return on assets 10.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $569M in fiscal 2026, 18.7% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $57.6M
FY18
Free cash flow $95.4M
FY19
Free cash flow $108M
FY20
Free cash flow $239M
FY21
Free cash flow $373M
FY22
Free cash flow $126M
FY23
Free cash flow $541M
FY24
Free cash flow $534M
FY25
Free cash flow $369M
FY26
Free cash flow $569M
Q2 '24
Free cash flow $174M
Q3 '24
Free cash flow $188M
Q4 '24
Free cash flow −$29.8M
Q1 '25
Free cash flow $126M
Q2 '25
Free cash flow $112M
Q3 '25
Free cash flow $136M
Q4 '25
Free cash flow −$5.3M
Q1 '26
Free cash flow $222M
Q2 '26
Free cash flow $176M
Q3 '26
Free cash flow $184M
Q4 '26
Free cash flow −$13.1M
Q1 '27
Free cash flow $203M
FY17
Cash from operations $104M
Capital spending $46.7M
FY18
Cash from operations $137M
Capital spending $41.7M
FY19
Cash from operations $152M
Capital spending $43.4M
FY20
Cash from operations $306M
Capital spending $67.7M
FY21
Cash from operations $452M
Capital spending $78.8M
FY22
Cash from operations $275M
Capital spending $149M
FY23
Cash from operations $708M
Capital spending $167M
FY24
Cash from operations $718M
Capital spending $184M
FY25
Cash from operations $582M
Capital spending $213M
FY26
Cash from operations $819M
Capital spending $250M
Cash from operations
Capital spending
Q2 '24
Cash from operations $215M
Capital spending $40.5M
Q3 '24
Cash from operations $241M
Capital spending $53.8M
Q4 '24
Cash from operations $17.7M
Capital spending $47.4M
Q1 '25
Cash from operations $183M
Capital spending $57.7M
Q2 '25
Cash from operations $167M
Capital spending $54.5M
Q3 '25
Cash from operations $190M
Capital spending $54.2M
Q4 '25
Cash from operations $41.2M
Capital spending $46.5M
Q1 '26
Cash from operations $275M
Capital spending $52.6M
Q2 '26
Cash from operations $235M
Capital spending $58.4M
Q3 '26
Cash from operations $269M
Capital spending $85.7M
Q4 '26
Cash from operations $39.9M
Capital spending $53.0M
Q1 '27
Cash from operations $260M
Capital spending $57.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Advanced Drainage Systems returned $148M to shareholders in fiscal 2026, 26% of free cash flow. The diluted share count rose 0.3%.
FY17
Dividends $16.8M
Buybacks $0.0M
FY18
Dividends $18.5M
Buybacks $7.9M
FY19
Dividends $26.1M
Buybacks $0.0M
FY20
Dividends $92.1M
Buybacks $0.0M
FY21
Dividends $30.7M
Buybacks $0.0M
FY22
Dividends $37.0M
Buybacks $292M
FY23
Dividends $39.6M
Buybacks $575M
FY24
Dividends $44.0M
Buybacks $207M
FY25
Dividends $49.7M
Buybacks $69.9M
FY26
Dividends $56.1M
Buybacks $92.0M
Dividends
Buybacks
Q2 '24
Dividends $11.1M
Buybacks $53.8M
Q3 '24
Dividends $10.9M
Buybacks $76.6M
Q4 '24
Dividends $10.9M
Buybacks $29.1M
Q1 '25
Dividends $12.4M
Buybacks $49.2M
Q2 '25
Dividends $12.5M
Buybacks $20.7M
Q3 '25
Dividends $12.4M
Buybacks $0.0M
Q4 '25
Dividends $12.4M
Buybacks $0.0M
Q1 '26
Dividends $14.0M
Buybacks $0.0M
Q2 '26
Dividends $14.1M
Buybacks $0.0M
Q3 '26
Dividends $14.0M
Buybacks $0.0M
Q4 '26
Dividends $14.0M
Buybacks $92.0M
Q1 '27
Dividends $15.3M
Buybacks $233M
Dividends
Buybacks
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.08B
FY26
Diluted shares 0.08B
Value Advanced Drainage Systems yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.6B and divides by 78.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.5x · peers 25.7x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Advanced Drainage Systems can carry it.
FY17
Cash $6.4M
Debt $350M
FY18
Cash $17.6M
Debt $301M
FY19
Cash $8.9M
Debt $322M
FY20
Cash $174M
Debt $1.2B
FY21
Cash $195M
Debt $844M
FY22
Cash $20.1M
Debt $946M
FY23
Cash $217M
Debt $1.3B
FY24
Cash $490M
Debt $1.4B
FY25
Cash $463M
Debt $1.4B
FY26
Cash $223M
Debt $1.8B
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $20.1M | $217M | $490M | $463M | $223M |
| Debt incl. finance leases | $946M | $1.3B | $1.4B | $1.4B | $1.8B |
| Net debt / EBITDA | 1.7x | 1.3x | 1.0x | 1.2x | 1.9x |
| Debt / equity | 1.1x | 1.6x | 1.2x | 0.9x | 1.0x |
| Interest coverage | 12.5x | 11.9x | 8.5x | 7.4x | 7.1x |
| Current ratio | 2.2x | 2.7x | 3.0x | 3.3x | 2.4x |
| Quick ratio | 1.0x | 1.5x | 1.9x | 2.1x | 1.4x |
| Total assets | $2.6B | $2.9B | $3.3B | $3.7B | $4.5B |
| Total liabilities | $1.5B | $1.9B | $2.0B | $2.1B | $2.5B |
| Shareholders' equity | $893M | $824M | $1.2B | $1.5B | $1.9B |
| Net debt (− = net cash) | $926M | $1.1B | $871M | $970M | $1.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$14.8M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 3, 2025 | Robert M EversoleDirector | Sold | 10,569 | $152.82 | $1.6M | Form 4 |
| Nov 26, 2025 | Thomas J. Waun Sr.EVP, International | Sold | 1,500 | $155.00 | $0.2M | Form 4 |
| Nov 12, 2025 | Barbour D. ScottSee Remarks, Director | Sold | 80,030 | $148.95 | $11.9M | Form 4 |
| Nov 12, 2025 | Thomas J. Waun Sr.EVP, International | Sold | 1,000 | $150.00 | $0.2M | Form 4 |
| Nov 12, 2025 | Tim A MakowskiSee Remarks | Sold | 4,901 | $149.21 | $0.7M | Form 4 |
| Nov 11, 2025 | Thomas J. Waun Sr.EVP, International | Sold | 1,272 | $148.30 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −6.7% | −3.8% | −9.6% |
| Altman Z'' | 4.94 | 4.95 | 4.10 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Advanced Drainage Systems WMS | $10.0B | 5.0% | 20.3% | 18.7% | 15.8% | 22.5x | 4 | |
| Louisiana-Pacific LPX | $5.2B | −7.9% | 7.7% | 3.4% | 9.0% | 94.6x | 5 | Compare → |
| Watts Water Technologies WTS | $12.0B | 8.3% | 18.4% | 14.6% | 20.5% | 31.3x | 8 | Compare → |
| A. O. Smith AOS | $8.5B | 0.3% | 19.0% | 14.3% | 30.7% | 17.1x | 7 | Compare → |
| Simpson Manufacturing SSD | $7.6B | 4.5% | 19.6% | 12.8% | 17.5% | 20.2x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3B | $1.3B | $1.4B | $1.7B | $2.0B | $2.8B | $3.1B | $2.9B | $2.9B | $3.1B |
| Gross profit | $296M | $303M | $327M | $317M | $690M | $800M | $1.1B | $1.1B | $1.1B | $1.2B |
| Operating income | $76.3M | $88.3M | $129M | −$95.3M | $345M | $412M | $719M | $732M | $657M | $619M |
| Interest expense | $17.3M | $17.9M | $15.7M | $41.3M | $37.6M | $32.8M | $60.5M | $86.3M | $89.5M | $87.0M |
| Pretax income | $64.8M | $76.9M | $112M | −$180M | $312M | $384M | $657M | $667M | $590M | $560M |
| Income tax | $24.6M | $11.4M | $30.0M | $14.1M | $86.4M | $110M | $151M | $159M | $141M | $135M |
| Net income | $62.0M | $62.0M | $77.8M | −$193M | $224M | $271M | $507M | $510M | $450M | $427M |
| Diluted EPS | $0.99 | $0.99 | $1.22 | −$3.21 | $2.59 | $3.15 | $6.08 | $6.45 | $5.76 | $5.44 |
| Diluted shares | 0.06B | 0.06B | 0.06B | 0.06B | 0.07B | 0.07B | 0.08B | 0.08B | 0.08B | 0.08B |
| Cash flow | ||||||||||
| Cash from operations | $104M | $137M | $152M | $306M | $452M | $275M | $708M | $718M | $582M | $819M |
| Capital expenditure | $46.7M | $41.7M | $43.4M | $67.7M | $78.8M | $149M | $167M | $184M | $213M | $250M |
| Free cash flow | $57.6M | $95.4M | $108M | $239M | $373M | $126M | $541M | $534M | $369M | $569M |
| Depreciation and amortization | $72.4M | $62.1M | $59.2M | $62.2M | $66.4M | $142M | $145M | $155M | $183M | $216M |
| Stock-based compensation | $17.9M | $18.8M | $21.8M | $32.4M | $65.4M | $24.2M | $21.7M | $32.0M | $26.6M | $32.4M |
| Acquisitions | $8.6M | $2.0M | $0.0M | $1.1B | $0.0M | $49.3M | $48.0M | $0.0M | $237M | $991M |
| Share buybacks | $0.0M | $7.9M | $0.0M | $0.0M | $0.0M | $292M | $575M | $207M | $69.9M | $92.0M |
| Dividends paid | $16.8M | $18.5M | $26.1M | $92.1M | $30.7M | $37.0M | $39.6M | $44.0M | $49.7M | $56.1M |
| Dividends and buybacks | $16.8M | $26.4M | $26.2M | $92.1M | $30.7M | $329M | $615M | $251M | $120M | $148M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.4M | $17.6M | $8.9M | $174M | $195M | $20.1M | $217M | $490M | $463M | $223M |
| Total debt | $350M | $301M | $237M | $1.1B | $791M | $930M | $1.3B | $1.3B | $1.3B | $1.6B |
| Finance lease liabilities | $0.0M | $0.0M | $84.7M | $64.9M | $52.3M | $16.5M | $40.8M | $79.7M | $164M | $160M |
| Current assets | $441M | $459M | $467M | $666M | $743M | $872M | $1.0B | $1.3B | $1.3B | $1.2B |
| Current liabilities | $256M | $221M | $206M | $238M | $318M | $391M | $379M | $440M | $398M | $510M |
| Inventory | $258M | $264M | $265M | $282M | $301M | $494M | $464M | $464M | $488M | $543M |
| Property and equipment, net | $407M | $399M | $399M | $481M | $504M | $619M | $733M | $876M | $1.1B | $1.2B |
| Total assets | $1.0B | $1.0B | $1.0B | $2.4B | $2.4B | $2.6B | $2.9B | $3.3B | $3.7B | $4.5B |
| Total liabilities | $696M | $609M | $542M | $1.6B | $1.4B | $1.5B | $1.9B | $2.0B | $2.1B | $2.5B |
| Shareholders' equity | $223M | $308M | $384M | $526M | $820M | $893M | $824M | $1.2B | $1.5B | $1.9B |
| Margins | ||||||||||
| Gross margin | 23.5% | 22.7% | 23.6% | 18.9% | 34.8% | 28.9% | 36.4% | 39.9% | 37.7% | 38.3% |
| Operating margin | 6.1% | 6.6% | 9.4% | −5.7% | 17.4% | 14.9% | 23.4% | 25.5% | 22.6% | 20.3% |
| EBITDA margin | 11.8% | 11.3% | 13.6% | −2.0% | 20.7% | 20.0% | 28.2% | 30.9% | 29.0% | 27.4% |
| Net margin | 4.9% | 4.7% | 5.6% | −11.5% | 11.3% | 9.8% | 16.5% | 17.7% | 15.5% | 14.0% |
| FCF margin | 4.6% | 7.2% | 7.8% | 14.3% | 18.8% | 4.5% | 17.6% | 18.6% | 12.7% | 18.7% |
| Returns | ||||||||||
| Return on capital | 8.4% | 12.6% | 14.4% | −6.7% | 16.6% | 17.7% | 29.2% | 27.9% | 22.0% | 15.8% |
| Return on capital employed | 9.7% | 11.0% | 15.6% | −6.4% | 16.3% | 18.9% | 30.1% | 27.4% | 21.5% | 17.0% |
| Return on equity | 30.2% | 23.4% | 22.5% | −42.5% | 33.3% | 31.7% | 59.1% | 51.6% | 33.6% | 25.2% |
| Return on assets | 6.0% | 5.9% | 7.5% | −11.3% | 9.4% | 10.7% | 18.3% | 16.5% | 12.9% | 10.4% |
| Growth | ||||||||||
| Revenue growth | −2.6% | 5.8% | 4.1% | 20.9% | 18.5% | 39.7% | 10.9% | −6.4% | 1.0% | 5.0% |
| Net income growth | 147.5% | 0.0% | 25.4% | −348.4% | — | 21.0% | 86.9% | 0.6% | −11.7% | −5.3% |
| EPS growth | 153.9% | 0.0% | 23.2% | −363.1% | — | 21.6% | 93.0% | 6.1% | −10.7% | −5.6% |
| FCF growth | −36.3% | 65.8% | 13.5% | 120.3% | 56.6% | −66.3% | 330.0% | −1.3% | −31.0% | 54.5% |
| Share count change | 2.1% | 0.0% | 2.3% | 10.8% | 12.1% | 1.9% | 14.3% | −5.2% | −1.1% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.3x | 1.9x | 1.7x | — | 1.6x | 1.7x | 1.3x | 1.0x | 1.2x | 1.9x |
| Debt / equity | 1.6x | 1.0x | 0.8x | 2.2x | 1.0x | 1.1x | 1.6x | 1.2x | 0.9x | 1.0x |
| Interest coverage | 4.4x | 4.9x | 8.3x | −2.3x | 9.2x | 12.5x | 11.9x | 8.5x | 7.4x | 7.1x |
| Current ratio | 1.7x | 2.1x | 2.3x | 2.8x | 2.3x | 2.2x | 2.7x | 3.0x | 3.3x | 2.4x |
| Quick ratio | 0.7x | 0.9x | 1.0x | 1.6x | 1.4x | 1.0x | 1.5x | 1.9x | 2.1x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.7% | 3.1% | 3.1% | 4.0% | 4.0% | 5.4% | 5.4% | 6.4% | 7.3% | 8.2% |
| Stock comp / revenue | 1.4% | 1.4% | 1.6% | 1.9% | 3.3% | 0.9% | 0.7% | 1.1% | 0.9% | 1.1% |
| Payouts / FCF | 29.2% | 27.7% | 24.2% | 38.6% | 8.2% | 261.5% | 113.6% | 47.1% | 32.5% | 26.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 7.0 | 8.0 | 4.0 | 6.0 | 5.0 | 7.0 | 7.0 | 6.0 | 4.0 |
| Altman Z'' | 1.8 | 2.5 | 3.3 | 0.9 | 2.7 | 3.1 | 4.3 | 4.9 | 5.0 | 4.1 |
| Accruals ratio | −4.1% | −7.2% | −7.1% | −29.3% | −9.5% | −0.1% | −7.2% | −6.7% | −3.8% | −9.6% |
Source: SEC EDGAR XBRL filings (CIK 0001604028). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.