ATS Corporation
ATS Industrials Specialty Industrial Machinery
ATS Corporation’s revenue for fiscal 2026 (year ended March 2026) was $2.2 billion, up 18.2% from fiscal 2025. In the quarter to June 2026, revenue fell 5.93%, EPS fell 101.1%, free cash flow fell 117.8% and total debt fell 8.88%, each against the same quarter a year earlier.
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ATS Corporation (ATS) Altman Z-score
ATS Corporation's Altman Z-score for fiscal 2026 is 2.15, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.15 | 0.49 |
| FY2025 | 1.66 | (0.91) |
| FY2024 | 2.57 | 0.03 |
| FY2023 | 2.54 | 0.12 |
| FY2022 | 2.42 | 0.22 |
| FY2020 | 2.20 | (0.62) |
| FY2019 | 2.82 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.17 | — | 0.23 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 1.49 | — | 0.89 | |
| Sales / total assets | 0.69 | — | 0.69 | |
| Altman Z-score | Grey zone | 2.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PSIX Power Solutions International, Inc. compare | 6.4× |
| EPAC Enerpac Tool Group Corp. compare | 5.6× |
| KAI Kadant Inc compare | 4.7× |
| AMSC American Superconductor Corporation compare | 3.8× |
| GRC Gorman-Rupp Company (The) compare | 3.7× |
| TNC Tennant Company compare | 3.3× |
| HLIO Helios Technologies, Inc compare | 3.2× |
| SMR NuScale Power Corporation compare | 3.2× |
| ATS ATS Corporation | 2.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets