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ATI Inc.

ATI Industrials Metal Fabrication

ATI Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.6 billion, up 5.16% from fiscal 2024.

Revenue
+26.5%
EPS
+77.5%
Free cash flow
−59.0%
Total debt
−2.59%

Quarter to September 2026, against a year earlier

169.43 9.66 −5.39%
Market cap
$22.9B
P/E
41.3×
Fwd P/E
34.0×
Dividend yield
—
F-score
8/9
Altman Z
4.84
Beneish M
−2.72
Dividend safety
62/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • HPMC
  • AA&S

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 71.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 1 — — 1 2 2 3 4 — —
Insider Ownership 1.26%

Capital & Financial Ratios $m

Size
Market Cap 22,860.00
Revenue ttm 5,013.40
Net income ttm 568.60
Free cash flow ttm 438.00
Net debt Q 1,415.20
Valuation
P/E 41.32 (above 35: high)
Forward P/E 34.00
Price / sales 4.60
Forward P/S Powerpack
Price / FCF 52.65
Price / book 10.82 (above 6: high)
Financial health
Current ratio Q 2.77 (at or above 1.5: strong)
Debt / equity Q 0.87
Interest coverage Q 12.03
Growth
Revenue growth Q +26.49% (above 0%: growing)
Operating income growth Q +67.43% (above 0%: growing)
EPS, this year +60.41% (at or above 15%: strong)
EPS, next year A +25.76% (at or above 15%: strong)
Revenue, next year A +15.47% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +33.31% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.9×, against a ten-year median of 1.3×; over the ten years it ranged from 0.5× in 2020 to 6.2× in 2026.
P/E against its own 10 years 87.74%
10-year low 10-year high
P/S against its own 10 years 94.72%
10-year low 10-year high
P/B against its own 10 years 94.21%
10-year low 10-year high
EV/Sales against its own 10 years 94.54%
10-year low 10-year high
EV/FCF against its own 10 years 62.12%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–25
−100.0%/yr
  1. 0.24 ’16
  2. 0.00 ’17 −100
  3. 0.00 ’19
  4. 0.00 ’20
  5. 0.00 ’21
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 744 721 417 442
Receivables 625 709 686 733
Inventory 1,248 1,353 1,403 1,657
Other 59 76 73 113
2,738 2,945 2,680 3,047
2023 2024 2025 Q'26
Payables 525 609 568 632
ST’ Debt 32 180 31 50
Other 420 419 407 144
977 1,209 1,006 1,099

Compound Annual Growth %

10y 5y 3y
Sales 2.12% 9.00% 6.14%
Cash Flow 16.68% 29.77% 39.79%
Earnings 0.00% 0.00% 7.72%
Book Value (1.30%) 24.48% 18.32%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.36 Actual 1.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.89 0.93 Beat by 0.04
Q1 FY26 0.88 1.00 Beat by 0.12
Q2 FY26 1.03 1.23 Beat by 0.20
Q3 FY26 1.36 1.46 Beat by 0.10
Q4 FY26 1.54 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.85 1.09 1.40 — —
’25 0.67 0.70 0.78 0.69 2.85
’24 0.46 0.58 0.57 0.94 2.55
’23 0.48 0.52 0.73 0.99 2.81
’22 0.23 (0.31) 0.42 1.86 2.24
’21 (0.06) (0.39) 0.35 1.36 (0.30)
’20 0.16 (3.34) (0.40) (8.85) (12.43)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,152 1,261 1,424 — —
’25 1,144 1,140 1,126 1,177 4,587
’24 1,043 1,095 1,051 1,173 4,362
’23 1,038 1,046 1,026 1,064 4,174
’22 834 960 1,032 1,010 3,836
’21 693 616 726 765 2,800
’20 956 770 598 658 2,982
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 128 132 155 — —
’25 (92) 162 230 316 614
’24 (99) 101 24 381 407
’23 (285) 68 (114) 417 86
’22 (217) (5) 123 324 225
’21 (68) (34) (142) 261 16
’20 (115) 101 59 122 167
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 73 69 73 — —
’25 (146) 90 178 223 345
’24 (164) 46 (37) 351 196
’23 (345) 26 (156) 364 (111)
’22 (242) (34) 78 296 97
’21 (93) (68) (185) 230 (116)
’20 (142) 64 32 82 36
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 20.6% a year for ten years.

Implied
20.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,135 3,525 4,047 4,123 2,982 2,800 3,836 4,174 4,362 4,587 5,013 +4.3% 5,297 5,751 6,256 +10.9%
Gross margin, % 7.11 14.10 15.58 15.48 9.82 11.90 18.62 19.23 20.59 21.95 24.46 +14.8 pt
EBT (734) (86) 248 237 (1,482) 233 355 295 486 522 697 n/m
EBT margin, % (23.42) (2.45) 6.12 5.74 (49.69) 8.34 9.24 7.07 11.14 11.39 13.91 +34.8 pt
Net income (627) (80) 237 265 (1,560) (16) 339 423 383 419 569 n/m
Per share, $
Per share, $ Revenue 29.21 32.02 32.32 32.77 23.57 22.03 30.09 32.58 33.45 33.10 36.84 +1.4%
Earnings (5.97) (0.83) 1.78 2.05 (12.43) (0.30) 2.66 3.21 2.82 2.92 4.10 n/m
Cash flow (0.41) 0.20 3.14 1.83 1.32 0.13 1.76 0.67 3.12 4.43 5.37 n/m
Capex (1.88) (1.09) (1.09) (0.61) (1.03) (1.04) (1.00) (1.54) (1.62) (1.94) (2.15) +0.3%
Free cash flow (2.29) (0.89) 2.05 1.22 0.29 (0.91) 0.76 (0.87) 1.50 2.49 3.22 n/m
Book value 13.47 16.75 15.91 17.43 5.07 6.55 9.08 11.56 14.99 13.83 15.66 +0.3%
Shares, m 107 110 125 126 127 127 128 128 130 139 137 +2.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 12.30 10.08 0.00 10.69 11.55 15.38 19.73 39.44 41.32 11.9
P/S 0.56 0.80 0.67 0.63 0.71 0.72 0.98 1.36 1.65 3.47 4.60 1.2
P/B 1.21 1.53 1.37 1.19 3.31 2.43 3.26 3.83 3.67 8.30 10.82 3.0
EV/Sales 1.08 1.20 0.96 0.85 1.02 1.14 1.29 1.70 1.91 3.76 4.88 1.5
EV/FCF (13.81) (43.24) 15.15 22.79 83.84 (27.48) 50.80 (64.06) 42.67 50.00 55.88 11.7
Cash, $m
Cash, $m Operating cash flow (44) 22 393 230 167 16 225 86 407 614 730 n/m
Capex (202) (120) (136) (76) (131) (132) (128) (197) (211) (269) (292) +3.2%
Free cash flow (246) (98) 256 154 36 (116) 97 (111) 196 345 438 n/m
Balance, $m
Balance, $m Working capital 1,058 1,203 1,410 1,454 1,413 1,450 1,513 1,761 1,737 1,674 1,949 +5.2%
Net debt 1,647 1,399 1,160 908 922 1,155 1,164 1,436 1,174 1,333 1,415 (2.3%)
Shareholders’ equity 1,445 1,845 1,992 2,193 641 833 1,157 1,481 1,955 1,917 2,132 +3.2%
Returns, %
Returns, % ROA (11.74) (1.77) 4.16 4.53 (32.53) (0.92) 7.41 8.71 7.20 7.83 10.51 +19.6 pt
ROIC (10.95) 2.59 7.18 7.38 (52.08) 3.70 8.51 10.00 12.16 12.33 14.56 +23.3 pt
ROE (35.32) (5.59) 11.60 12.07 (110.96) (5.18) 32.51 31.15 21.41 20.88 28.08 +56.2 pt
People
People Employees 8,500 8,600 8,800 100 6,500 6,300 6,700 7,300 7,700 7,600 — (1.2%)
Revenue/emp, $m 0.37 0.41 0.46 41.23 0.46 0.44 0.57 0.57 0.57 0.60 — +5.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

ATI makes specialty metals and components for uses where ordinary materials may not withstand the heat, stress or corrosion involved. Its largest markets are aerospace and defense: its products go into jet engines, aircraft structures, military equipment and naval nuclear applications. Aerospace and defense represented approximately 68% of total sales in fiscal 2025.

The company works with nickel-based alloys, titanium and other specialty materials. It sells these as materials in forms such as sheet and plate, as well as finished or partly finished components such as forgings and machined parts. Forging shapes metal under pressure; ATI’s forgings are used in engine parts and aircraft structures. It also produces metallic powders and parts made using additive manufacturing, or 3D printing.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
HPMC 2,664 58.08%
AA&S 2,346 51.14%
Gross margin 21.95%
Operating margin 13.97%
Pre-tax margin 11.39%

Revenue by segment since 2009

ATI Inc. vs peers in Metal Fabrication (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ATI ATI Inc. $22.9B 41.3× 34.0× +26.49% (above 0%: growing) +77.54% (above 0%: growing) −59.00% (below 0%: shrinking) 26.71% 19.10%
CRS Carpenter Technology Corporation $13.8B 24.6× 20.9× +8.79% (above 0%: growing) +33.06% (above 0%: growing) −629.41% (below 0%: shrinking) 32.11% 24.61% Compare
MLI Mueller Industries, Inc. $11.4B 13.2× 13.4× +31.62% (above 0%: growing) +6.81% (above 0%: growing) +1.90% (above 0%: growing) 25.48% 19.85% Compare
CMC Commercial Metals Company $6.8B 10.6× 9.7× +25.72% (above 0%: growing) +41.18% (above 0%: growing) +38.70% (above 0%: growing) 18.87% 10.18% Compare
ESAB ESAB Corporation $4.9B 31.1× 18.2× +13.28% (above 0%: growing) −28.06% (below 0%: shrinking) −22.04% (below 0%: shrinking) 39.25% 11.15% Compare
GPGI CompoSecure, Inc. $4.0B — (loss-making) 15.1× −100.00% (below 0%: shrinking) n/m 0.00% 0.00% 0.00% Compare
WOR Worthington Enterprises, Inc. $3.0B 18.2× 16.3× +13.23% (above 0%: growing) +23.94% (above 0%: growing) +97.40% (above 0%: growing) 26.43% 3.79% Compare
PRLB Proto Labs, Inc. $1.5B 43.3× 47.5× +14.00% (above 0%: growing) +63.33% (above 0%: growing) −34.32% (below 0%: shrinking) 44.49% 9.36% Compare
RYZ Ryerson Holding Corporation $1.4B — (loss-making) — (loss-making) +87.50% (above 0%: growing) n/m −378.17% (below 0%: shrinking) 17.16% 2.36% Compare
Median of peers $4.4B 21.4× 16.3× +13.64% +28.50% −11.02% 25.96% 9.77%

All 18 Metal Fabrication stocks →

From the latest earnings call

Updated

  • CEO Kim Fields said qualification timing shifted some HPMC shipments into future periods, while improved pricing and product mix supported the AA&S segment.
  • CFO Rob Foster said ATI’s raised outlook was supported by contracted pricing, customer schedules, AA&S performance and HPMC shipments moving into the second half.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.31%
Held by the ten largest 50.52%
Holder Shares Stake Change
BlackRock 18.71m 13.74% +2.27m
Capital Group 14.37m 10.55% −3.68m
Vanguard 13.49m 9.90% +484.78k
State Street 5.24m 3.85% −143.71k
Fidelity (FMR) 4.99m 3.66% −258.00k
Invesco 3.45m 2.53% −406.35k
Geode Capital Management 2.78m 2.04% −169.81k
Qube Research & Technologies Ltd 2.14m 1.57% +1.29m
Morgan Stanley 1.87m 1.37% +196.59k
Bank of America 1.77m 1.30% +402.11k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Ownership

Directors and executive officers, together less than 1%
Capital International Investors 12.90%
The Vanguard Group 10.20%
BlackRock, Inc. 10.20%
Capital World Investors 5.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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ATI metrics, ten years each

stockrow.com/ATI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com