Advanced Drainage Systems (MEX:WMS) Beneish M-Score: -2.66 (As of Jun. 26, 2026)

What is Advanced Drainage Systems Beneish M-Score?

Advanced Drainage Systems MEX:WMS 59 Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus rates MEX:WMS with a GF Score™ of 59/100 and a GF Value™ of MXN1,996.53 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,704 Construction companies, Advanced Drainage Systems ranks better than 63.79% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Advanced Drainage Systems's Beneish M-Score or its related term are showing as below:

MEX:WMS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.71 Max: -2
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Advanced Drainage Systems was -2.00. The lowest was -3.05. And the median was -2.71.

Advanced Drainage Systems Beneish M-Score Related Terms

Advanced Drainage Systems Beneish M-Score Historical Data

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The historical data trend for Advanced Drainage Systems's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Advanced Drainage Systems Beneish M-Score Chart

Advanced Drainage Systems Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.00

-3.05

-2.84

-2.53

-2.66

Advanced Drainage Systems Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.53	-2.65	-2.66	-2.98	-2.66

MEX:WMS vs SPXC, OC, AAON: Beneish M-Score Comparison

For the Building Products & Equipment subindustry, Advanced Drainage Systems's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Advanced Drainage Systems Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Advanced Drainage Systems's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Advanced Drainage Systems's Beneish M-Score falls into.

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59GF Score

Advanced Drainage Systems Inc MEX:WMS

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Advanced Drainage Systems Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Advanced Drainage Systems for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0595

0.528 * 0.9811

0.404 * 1.2821

0.892 * 0.975

0.115 * 0.9495

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1663

4.679 * -0.086489

0.327 * 1.0289

-2.79

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN7,042 Mil.
Revenue was 12203.828 + 12484.324 + 15599.559 + 15625.976 = MXN55,914 Mil.
Gross Profit was 4285.724 + 4666.213 + 6239.449 + 6221.883 = MXN21,413 Mil.
Total Current Assets was MXN22,195 Mil.
Total Assets was MXN81,249 Mil.
Property, Plant and Equipment(Net PPE) was MXN21,949 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN3,955 Mil.
Selling, General, & Admin. Expense(SGA) was MXN8,584 Mil.
Total Current Liabilities was MXN9,187 Mil.
Long-Term Debt & Capital Lease Obligation was MXN31,159 Mil.
Net Income was 593.276 + 1685.802 + 2862.007 + 2709.936 = MXN7,851 Mil.
Non Operating Income was -334.885 + -1.566 + 292.15 + -132.256 = MXN-177 Mil.
Cash Flow from Operations was 719.883 + 4848.755 + 4308.429 + 5177.597 = MXN15,055 Mil.

Total Receivables was MXN6,817 Mil.
Revenue was 12597.362 + 14401.653 + 15409.826 + 14937.04 = MXN57,346 Mil.
Gross Profit was 4628.709 + 5038.612 + 5787.786 + 6090.592 = MXN21,546 Mil.
Total Current Assets was MXN27,103 Mil.
Total Assets was MXN75,498 Mil.
Property, Plant and Equipment(Net PPE) was MXN21,502 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN3,646 Mil.
Selling, General, & Admin. Expense(SGA) was MXN7,549 Mil.
Total Current Liabilities was MXN8,150 Mil.
Long-Term Debt & Capital Lease Obligation was MXN28,285 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(7042.419 / 55913.687)	/	(6817.102 / 57345.881)
	=	0.125952	/	0.118877
	=	1.0595

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(21545.699 / 57345.881)	/	(21413.269 / 55913.687)
	=	0.375715	/	0.38297
	=	0.9811

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (22195.17 + 21948.771) / 81248.548)	/	(1 - (27102.676 + 21502.387) / 75498.123)
	=	0.45668	/	0.356208
	=	1.2821

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	55913.687	/	57345.881
	=	0.975

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(3646.307 / (3646.307 + 21502.387))	/	(3955.422 / (3955.422 + 21948.771))
	=	0.14499	/	0.152694
	=	0.9495

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(8584.243 / 55913.687)	/	(7548.532 / 57345.881)
	=	0.153527	/	0.131632
	=	1.1663

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((31158.576 + 9187.102) / 81248.548)	/	((28285.282 + 8150.465) / 75498.123)
	=	0.496571	/	0.482605
	=	1.0289

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(7851.021 - -176.557	-	15054.664)	/	81248.548
	=	-0.086489

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Advanced Drainage Systems has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.66 mean?

Advanced Drainage Systems (MEX:WMS) has a Beneish M-Score of -2.66 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Advanced Drainage Systems and its competitors. According to the industry distribution chart, Advanced Drainage Systems ranks #617 out of 1704 companies in the Construction industry, placing it in the top 36.2%.

Is Advanced Drainage Systems' Beneish M-Score too high?

Advanced Drainage Systems' current Beneish M-Score is -2.66. Based on the distribution chart, Advanced Drainage Systems ranks #617 out of 1704 companies in the Construction industry, which is above the industry midpoint. Overall, Advanced Drainage Systems has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Advanced Drainage Systems' Beneish M-Score compare to SPXC and OC?

According to the Construction industry distribution chart, Advanced Drainage Systems ranks #617 out of 1704 companies for Beneish M-Score. This puts Advanced Drainage Systems in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Construction company?

A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Advanced Drainage Systems and its competitors. Advanced Drainage Systems's current Beneish M-Score is -2.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Advanced Drainage Systems stock overvalued right now?

Based on GuruFocus' analysis, Advanced Drainage Systems (MEX:WMS) is currently considered Fairly Valued. The stock's GF Value™ is MXN1,996.53, compared to a current price of MXN2,100.00 — trading 5.2% above its estimated fair value. The current Beneish M-Score is -2.66. Advanced Drainage Systems' overall GF Score™ is 59/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Advanced Drainage Systems (MEX:WMS), the current Beneish M-Score is -2.66 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Advanced Drainage Systems (MEX:WMS) Overvalued in 2026?

Based on GuruFocus' analysis, Advanced Drainage Systems stock appears to be overvalued. The current stock price of MXN2,100.00 is trading 5.2% above its estimated GF Value™ of MXN1,996.53. GuruFocus considers Advanced Drainage Systems to be Fairly Valued.

Key valuation signals for MEX:WMS:

Beneish M-Score: -2.66
GF Value™: MXN1,996.53 vs. price of MXN2,100.00 (5.2% above fair value)
GF Score™: 59/100 with 3 warning signs

No single metric tells the full story. See the MEX:WMS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Advanced Drainage Systems Business Description

Industry Industrials Construction

Comparable Companies SPXC OC AAON BLDR CSL MAS AWI LPX FBIN TREX TT JCI CARR XPAR:SGO TSE:6367 MAIR XSWX:GEBN LII DUB:KRX XSWX:BEAN

Other Exchanges WMS:USA 6DA:Germany

Address 4024 Green Stripe Lane, Hilliard, OH, USA, 43026

Website https://www.adspipe.com

Advanced Drainage Systems Inc designs, manufactures and markets water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions for use in the construction and agriculture markets. The company's products are used across a broad range of end markets and applications, including non-residential, residential, infrastructure and agriculture applications. It has two reportable segments: Stormwater and Wastewater. It derives the majority of revenue from the Stormwater segment, which manufactures and markets thermoplastic corrugated pipe and complementary products, including single wall pipe, N-12 HDPE pipe, polypropylene pipe, StormTech, Nyloplast, Inserta Tee, water quality filters and structures, and NDS channel drains, and access boxes.

59GF Score

Get the complete analysis for MEX:WMS

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN2,100.00

Price

MXN1,996.53

GF Value

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