A Business at a Glance
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Item 1. Business The Company ATI Inc. is a Delaware corporation with its corporate headquarters located at 2021 McKinney Avenue, Suite 1100, Dallas, TX 75201, telephone number (800) 289-7454, Internet website address www.atimaterials.com. Our Internet website and content contained therein or connected thereto are not intended to incorporate into this Annual Report on Form 10-K. References to “ATI,” the “Company,” “the Registrant,” “we,” “our” and “us” and similar terms mean ATI Inc. and its subsidiaries, unless the context otherwise requires. When used in this Annual Report on Form 10-K, unless the context otherwise requires or unless otherwise specified, any reference to “year” is to the Company’s fiscal year. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.6B | 4.6B | 4.4B | 4.2B | 2.8B | 2.8B |
| Net Income | 404M | 404M | 368M | 411M | 185M | -38M |
| EPS | $2.85 | $2.85 | $2.55 | $2.81 | $1.32 | $-0.30 |
| Free Cash Flow | 334M | 334M | 168M | -115M | 72M | -137M |
| ROIC | 16.3% | 18.0% | 18.8% | 22.3% | 16.1% | 6.1% |
| Gross Margin | 22.0% | 22.0% | 20.6% | 19.2% | 11.9% | 11.9% |
| Debt/Equity | 0.97 | 0.97 | 1.02 | 1.59 | 1.67 | 2.69 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 641M | 641M | 609M | 466M | 287M | 118M |
| Operating Margin | 14.0% | 14.0% | 14.0% | 11.2% | 10.3% | 4.2% |
| ROE | 22.4% | 22.1% | 22.8% | 34.0% | 21.3% | -6.3% |
| Shares Outstanding | 142M | 142M | 144M | 146M | 140M | 127M |
ATI INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
ATI INC trades at 57.2x trailing earnings, compared to its 15-year median P/E of 21.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 66.9x vs a median of 48.6x. The company's 5-year average ROIC is 16.2% with a gross margin of 17.1%. Total shareholder yield (buybacks) is 2.0%. At current prices, the estimated annualized return to fair value is +13.6%.
ATI INC (ATI) has a current P/E ratio of 57.2, compared to its historical median P/E of 21.2. The stock is currently considered Expensive based on its historical valuation range.
ATI INC (ATI) has a 5-year average return on invested capital (ROIC) of 16.2%. This indicates strong capital allocation and a potential competitive advantage.
ATI INC (ATI) has a market capitalization of $23.1B. It is classified as a large-cap stock.
ATI INC (ATI) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.03%.
Based on historical P/E analysis, ATI INC (ATI) appears expensive. The current P/E of 57.2 is 169% above its historical median of 21.2. The estimated fair value CAGR (P/E method) is 19.5%.
ATI INC (ATI) operates in the Steel Pipe & Tubes industry, within the Materials sector.
ATI INC (ATI) reported annual revenue of $4.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
ATI INC (ATI) has a net profit margin of 8.8%. This is a modest margin.
ATI INC (ATI) generated $334 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ATI INC (ATI) has a debt-to-equity ratio of 0.97. This indicates moderate leverage.
ATI INC (ATI) reported earnings per share (EPS) of $2.85 in its most recent fiscal year.
ATI INC (ATI) has a return on equity (ROE) of 22.1%. This indicates the company generates strong returns for shareholders.
ATI INC (ATI) has a 5-year average gross margin of 17.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for ATI INC (ATI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ATI INC (ATI) has a book value per share of $12.72, based on its most recent annual SEC filing.