OC vs WMS: Owens Corning 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.
- Advanced Drainage Systems is the larger company, worth $9.3B, close to Owens Corning's $8.8B.
- Advanced Drainage Systems grew revenue faster over the last year (+20.6% vs +0.3%).
- Advanced Drainage Systems keeps more of each dollar of revenue as operating profit (20.7% vs 0.5%).
- Advanced Drainage Systems's price assumes faster free cash flow growth: about 2% a year, against -5% for Owens Corning (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 | OC | WMS |
|---|---|---|
| Market cap | $8.8B | $9.3B |
| Share price | $114.16 | $125.79 |
| Revenue (last fiscal year) | $10.1B | $3.1B |
| Free cash flow (last fiscal year) | $962M | $569M |
| Revenue growth, last year | +0.3% | +20.6% |
| Revenue growth per year, last 5 fiscal years | +4.4% | +2.4% |
| Operating margin | 0.51% | 20.7% |
| Net margin | -6.8% | 14.0% |
| Return on equity | -17.8% | 25.2% |
| P/E (trailing) | — | 20.0x |
| Price / free cash flow | 9.15x | 25.4x |
| EV / EBITDA | 12.7x | 11.8x |
| FCF growth the price implies | -5.4% | 2.4% |
| Dividend yield | 2.8% | 0.57% |
| Debt / equity | 2.36x | 1.46x |
| Fundamental grade | D | B |
| Superinvestors holding it | 0 | 4 |
| Insider purchases, last 12 months | 9 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Owens Corning
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.5B | $1.1B | 16.9% |
| 2022 | $9.8B | $1.3B | 17.6% |
| 2023 | $8.4B | $1.2B | 19.6% |
| 2024 | $9.9B | $1.2B | 15.0% |
| 2025 | $10.1B | $962M | 3.6% |
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
Owens Corning · by segments, 2025
Roofing$4.4B43%
Insulation$3.7B36%
Doors$2.1B21%
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 OC in InvestinglyQuestions
Which is bigger, Owens Corning or Advanced Drainage Systems?
Advanced Drainage Systems (WMS), at $9.3B against $8.8B.
Which grows faster, OC or WMS?
Advanced Drainage Systems: revenue grew +20.6% over the last year, against +0.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.