CARR vs WMS: Carrier Global and Advanced Drainage Systems compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Carrier Global is the larger company, worth $45.5B, about 4.9 times Advanced Drainage Systems.
- Advanced Drainage Systems grew revenue faster over the last year (+20.6% vs +2.4%).
- Advanced Drainage Systems keeps more of each dollar of revenue as operating profit (20.7% vs 8.2%).
- On earnings, Advanced Drainage Systems is the cheaper stock (20.0x vs 36.5x).
- Carrier Global's price assumes faster free cash flow growth: about 6% a year, against 2% for Advanced Drainage Systems (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CARR | WMS |
|---|---|---|
| Market cap | $45.5B | $9.3B |
| Share price | $55.56 | $125.79 |
| Revenue (last fiscal year) | $21.7B | $3.1B |
| Free cash flow (last fiscal year) | $2.1B | $569M |
| Revenue growth, last year | +2.4% | +20.6% |
| Revenue growth per year, last 5 fiscal years | +1.3% | +2.4% |
| Operating margin | 8.2% | 20.7% |
| Net margin | 6.0% | 14.0% |
| Return on equity | 9.5% | 25.2% |
| P/E (trailing) | 36.5x | 20.0x |
| Price / free cash flow | 26.8x | 25.4x |
| EV / EBITDA | 21.6x | 11.8x |
| FCF growth the price implies | 5.9% | 2.4% |
| Dividend yield | 1.6% | 0.57% |
| Debt / equity | 1.69x | 1.46x |
| Fundamental grade | D | B |
| Superinvestors holding it | 8 | 4 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carrier Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.6B | $1.9B | 12.8% |
| 2022 | $17.3B | $1.4B | 23.0% |
| 2023 | $19.0B | $2.2B | 11.4% |
| 2024 | $22.5B | $44M | 11.8% |
| 2025 | $21.7B | $2.1B | 10.0% |
Advanced Drainage Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $2.8B | $126M | 14.9% |
| 2023 | $3.1B | $541M | 23.4% |
| 2024 | $2.9B | $534M | 25.5% |
| 2025 | $2.9B | $369M | 22.6% |
| 2026 | $3.1B | $569M | 20.3% |
Where the revenue comes from
Carrier Global · by segments, 2025
CSA$10.5B48%
CSE$5.0B23%
CSAME$3.3B15%
CST$2.9B13%
Advanced Drainage Systems · by segments, 2026
Stormwater$2.4B79%
Wastewater$653M21%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CARR in InvestinglyQuestions
Which is bigger, Carrier Global or Advanced Drainage Systems?
Carrier Global (CARR), at $45.5B against $9.3B.
Is CARR or WMS cheaper?
By trailing P/E, Advanced Drainage Systems (20.0x) is cheaper than Carrier Global (36.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CARR or WMS?
Advanced Drainage Systems: revenue grew +20.6% over the last year, against +2.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.