WMS vs. WAT

Last updated Apr 1, 2026

Compare and contrast key facts about Advanced Drainage Systems, Inc. (WMS) and Waters Corporation (WAT).

Performance

WMS vs. WAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Advanced Drainage Systems, Inc. (WMS) and Waters Corporation (WAT). The values are adjusted to include any dividend payments, if applicable.

WMS vs. WAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMS Advanced Drainage Systems, Inc.	-5.22%	25.97%	-17.48%	72.44%	-39.53%	63.46%	116.70%	67.74%	2.78%	17.27%
WAT Waters Corporation	-21.60%	2.39%	12.68%	-3.90%	-8.06%	50.59%	5.89%	23.85%	-2.35%	43.75%

Fundamentals

Market Cap WMS : $10.74B WAT : $17.80B
EPS WMS : $6.02 WAT : $10.77
PE Ratio WMS : 22.80 WAT : 27.66
PS Ratio WMS : 3.59 WAT : 5.61
PB Ratio WMS : 137.28 WAT : 6.95
Total Revenue (TTM) WMS : $2.99B WAT : $3.17B
Gross Profit (TTM) WMS : $1.16B WAT : $1.88B
EBITDA (TTM) WMS : $741.90M WAT : $970.17M

Returns By Period

In the year-to-date period, WMS achieves a -5.22% return, which is significantly higher than WAT's -21.60% return. Over the past 10 years, WMS has outperformed WAT with an annualized return of 21.38%, while WAT has yielded a comparatively lower 8.36% annualized return.

WMS

• 1D: 4.31%
• 1M: -19.88%
• YTD: -5.22%
• 6M: -0.91%
• 1Y: 26.86%
• 3Y*: 18.21%
• 5Y*: 5.38%
• 10Y*: 21.38%

WAT

• 1D: 1.51%
• 1M: -6.76%
• YTD: -21.60%
• 6M: -0.67%
• 1Y: -19.20%
• 3Y*: -1.29%
• 5Y*: 0.90%
• 10Y*: 8.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

WMS vs. WAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WMS

WMS Risk / Return Rank: 66
WMS Sharpe Ratio Rank: 65
WMS Sortino Ratio Rank: 65
WMS Omega Ratio Rank: 60
WMS Calmar Ratio Rank: 66
WMS Martin Ratio Rank: 72

WAT

WAT Risk / Return Rank: 20
WAT Sharpe Ratio Rank: 19
WAT Sortino Ratio Rank: 20
WAT Omega Ratio Rank: 20
WAT Calmar Ratio Rank: 23
WAT Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WMS vs. WAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Advanced Drainage Systems, Inc. (WMS) and Waters Corporation (WAT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	WMS	WAT	Difference
Sharpe ratio Return per unit of total volatility	0.65	-0.50	+1.15
Sortino ratio Return per unit of downside risk	1.33	-0.47	+1.79
Omega ratio Gain probability vs. loss probability	1.15	0.94	+0.22
Calmar ratio Return relative to maximum drawdown	1.10	-0.57	+1.66
Martin ratio Return relative to average drawdown	3.69	-1.23	+4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WMS vs. WAT - Sharpe Ratio Comparison

The current WMS Sharpe Ratio is 0.65, which is higher than the WAT Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of WMS and WAT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WMS	WAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	-0.50	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.03	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.28	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.42	+0.10

Correlation

The correlation between WMS and WAT is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

WMS vs. WAT - Dividend Comparison

WMS's dividend yield for the trailing twelve months is around 0.53%, while WAT has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WMS Advanced Drainage Systems, Inc.	0.53%	0.48%	0.54%	0.38%	0.57%	0.31%	0.43%	3.48%	1.28%	1.13%	1.12%	0.79%
WAT Waters Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

WMS vs. WAT - Drawdown Comparison

The maximum WMS drawdown since its inception was -53.58%, smaller than the maximum WAT drawdown of -80.12%. Use the drawdown chart below to compare losses from any high point for WMS and WAT.

Drawdown Indicators

	WMS	WAT	Difference
Max Drawdown Largest peak-to-trough decline	-53.58%	-80.12%	+26.54%
Max Drawdown (1Y) Largest decline over 1 year	-24.96%	-31.32%	+6.36%
Max Drawdown (5Y) Largest decline over 5 years	-50.12%	-44.27%	-5.85%
Max Drawdown (10Y) Largest decline over 10 years	-53.58%	-44.27%	-9.31%
Current Drawdown Current decline from peak	-22.75%	-29.88%	+7.13%
Average Drawdown Average peak-to-trough decline	-17.87%	-23.99%	+6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.41%	14.49%	-7.08%

Volatility

WMS vs. WAT - Volatility Comparison

Advanced Drainage Systems, Inc. (WMS) has a higher volatility of 13.66% compared to Waters Corporation (WAT) at 9.56%. This indicates that WMS's price experiences larger fluctuations and is considered to be riskier than WAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMS	WAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.66%	9.56%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	23.91%	25.10%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	41.31%	38.46%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.87%	32.49%	+9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.47%	30.13%	+11.34%

Financials

WMS vs. WAT - Profitability Comparison

The chart below illustrates the profitability comparison between Advanced Drainage Systems, Inc. and Waters Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WMS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Advanced Drainage Systems, Inc. reported a gross profit of 259.15M and revenue of 693.35M. Therefore, the gross margin over that period was 37.4%.

WAT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported a gross profit of 569.50M and revenue of 932.36M. Therefore, the gross margin over that period was 61.1%.

WMS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Advanced Drainage Systems, Inc. reported an operating income of 136.82M and revenue of 693.35M, resulting in an operating margin of 19.7%.

WAT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported an operating income of 270.52M and revenue of 932.36M, resulting in an operating margin of 29.0%.

WMS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Advanced Drainage Systems, Inc. reported a net income of 93.63M and revenue of 693.35M, resulting in a net margin of 13.5%.

WAT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported a net income of 225.21M and revenue of 932.36M, resulting in a net margin of 24.2%.