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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. In the quarter to June 2026, revenue grew 10.6%, EPS grew 54.2%, free cash flow fell 23.1% and total debt rose 16.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years.

185.59 3.72 −1.97%
Market cap
$25.8B
P/E
53.3×
Fwd P/E
41.5×
Dividend yield
—
F-score
8/9
Altman Z
4.84
Beneish M
−2.72
Dividend safety
62/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 81.62
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 6 1 — 1 — — 1 2 2 3 4 —
Insider Ownership 1.15%

Capital & Financial Ratios $m

Market Cap 25,780.00
Revenue 4,715.20
Net Income 488.90
Free Cash Flow 542.90
Net Debt 1,409.00
Current Ratio 2.33 (at or above 1.5: strong)
Debt/Equity 1.10
P/E ratio 53.33 (above 35: high)
Fwd P/E 41.50 (above 35: high)
P/S ratio 5.36
P/B ratio 12.66 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 57.92% (at or above 15%: strong)
Next Y EPS Growth 23.75% (at or above 15%: strong)
Next Y revenue growth 12.13% (at or above 10%: strong)
Next 5Y EPS Growth 31.41% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.7×, 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 93.61%
10-year low 10-year high
P/S against its own 10 years 96.98%
10-year low 10-year high
P/B against its own 10 years 96.76%
10-year low 10-year high
EV/Sales against its own 10 years 96.90%
10-year low 10-year high
EV/FCF against its own 10 years 54.77%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
2016 0.24
0.08
0.08
0.08
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 744 721 417 783
Receivables 625 709 686 647
Inventory 1,248 1,353 1,403 1,668
Other 59 76 73 96
2,738 2,945 2,680 3,280
2023 2024 2025 Q'26
Payables 525 609 568 657
ST’ Debt 32 180 31 384
Other 420 419 407 161
977 1,209 1,006 1,410

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%

Revenue $m

Mar Jun Sep Dec Year
’26 1,152 1,261 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.85 1.09 — — —
’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 1.35
’20 0.16 (3.34) (0.40) (8.85) (12.43)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.08 14.54 20.84 17.03 4.95 13.85 16.02 29.37 38.04 39.23

Analyst estimates 2026–2028

Powerpack
High 19.20 26.59 30.25 29.50 20.91 25.04 33.31 47.92 68.92 117.48
People
People Employees 8,500 8,600 8,800 100 6,500 6,300 6,700 7,300 7,700 7,600
Revenue/emp, $m 0.37 0.41 0.46 41.23 0.46 0.44 0.57 0.57 0.57 0.60
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
Gross margin, % 7.11 14.10 15.58 15.48 9.82 11.90 18.62 19.23 20.59 21.95
EBT (734) (86) 248 237 (1,482) 233 355 295 486 522
EBT margin, % (23.42) (2.45) 6.12 5.74 (49.69) 8.34 9.24 7.07 11.14 11.39
Net income (627) (80) 237 265 (1,560) 207 339 423 383 419
Depreciation 170 161 156 151 143 144 143 146 152 168
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
Earnings (5.97) (0.83) 1.78 2.05 (12.43) 1.63 2.66 3.21 2.82 2.92
Cash flow (0.41) 0.20 3.14 1.83 1.32 0.13 1.76 0.67 3.12 4.43
Capex (1.88) (1.09) (1.09) (0.61) (1.03) (1.04) (1.00) (1.54) (1.62) (1.94)
Free cash flow (2.29) (0.89) 2.05 1.22 0.29 (0.91) 0.76 (0.87) 1.50 2.49
Book value 13.47 16.75 15.91 17.43 5.07 6.55 9.08 11.56 14.99 13.83
Shares, m 107 110 125 126 127 127 128 128 130 139
Valuation, ×
Valuation, × P/E 0.00 0.00 12.30 10.08 0.00 10.69 11.55 15.38 19.73 39.44
P/S 0.56 0.80 0.67 0.63 0.71 0.72 0.98 1.36 1.65 3.47
P/B 1.21 1.53 1.37 1.19 3.31 2.43 3.26 3.83 3.67 8.30
EV/Sales 1.08 1.20 0.96 0.85 1.02 1.14 1.29 1.70 1.91 3.76
EV/FCF (13.81) (43.24) 15.15 22.79 83.84 (27.48) 50.80 (64.06) 42.67 50.00
Cash, $m
Cash, $m Operating cash flow (44) 22 393 230 167 16 225 86 407 614
Capex (202) (120) (136) (76) (131) (132) (128) (197) (211) (269)
Free cash flow (246) (98) 256 154 36 (116) 97 (111) 196 345
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
Total debt 1,877 1,541 1,542 1,399 1,568 1,843 1,748 2,180 1,895 1,749
Net debt 1,647 1,399 1,160 908 922 1,155 1,164 1,436 1,174 1,333
Shareholders’ equity 1,445 1,845 1,992 2,193 641 833 1,157 1,481 1,955 1,917
Returns, %
Returns, % ROA (11.74) (1.77) 4.16 4.53 (32.53) 4.44 7.41 8.71 7.20 7.83
ROIC (10.95) 2.59 7.18 7.38 (52.08) 3.70 8.51 10.00 12.16 12.33
ROE (35.32) (5.59) 11.60 12.07 (110.96) 25.05 32.51 31.15 21.41 20.88
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $25.8B 53.3× 41.5× +10.58% (above 0%: growing) +54.17% (above 0%: growing) −23.13% (below 0%: shrinking) 24.57% 17.45%
CRS Carpenter Technology Corporation $18.9B 35.6× 39.0× +12.63% (above 0%: growing) +45.74% (above 0%: growing) −23.04% (below 0%: shrinking) 31.61% 24.32% Compare
MLI Mueller Industries, Inc. $13.4B 15.4× 17.0× +25.46% (above 0%: growing) +1.77% (above 0%: growing) +7.23% (above 0%: growing) 27.69% 21.71% Compare
CMC Commercial Metals Company $7.2B 11.0× 12.4× +25.72% (above 0%: growing) +41.32% (above 0%: growing) +21.76% (above 0%: growing) 18.87% 10.18% Compare
ESAB ESAB Corporation $4.1B 23.4× 19.9× +12.86% (above 0%: growing) −54.55% (below 0%: shrinking) −58.05% (below 0%: shrinking) 38.04% 9.75% Compare
GPGI CompoSecure, Inc. $3.7B — (loss-making) 15.1× −99.98% (below 0%: shrinking) n/m 0.00% 195.83% 0.00% Compare
WOR Worthington Enterprises, Inc. $3.1B 19.1× 14.8× +13.23% (above 0%: growing) +23.94% (above 0%: growing) +97.40% (above 0%: growing) 26.43% 3.79% Compare
PRLB Proto Labs, Inc. $2.1B 67.4× 55.0× +10.57% (above 0%: growing) +100.00% (above 0%: growing) +1.35% (above 0%: growing) 46.43% 7.61% Compare
RYZ Ryerson Holding Corporation $1.4B — (loss-making) — (loss-making) +71.57% (above 0%: growing) +400.00% (above 0%: growing) −67.35% (below 0%: shrinking) 17.71% 1.71% Compare
Median of peers $3.9B 21.3× 17.0× +13.05% +41.32% +0.68% 29.65% 8.68%

All 18 Metal Fabrication stocks →

ATI Inc. (ATI) key facts

  • Strength: ATI Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.6 billion, up 5.16% from fiscal 2024.
  • ATI Inc. (ATI) is a Metal Fabrication company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ATI traded at $185.59, a market capitalization of $25.8 billion.
  • Return on equity was 20.9% and debt-to-equity 1.10.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 4.84 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/ATI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com