A Business at a Glance
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ATI INC
ATI
$28.1B
Mkt Cap
$197.80
-1.02%
ATI INC (ATI) has a current P/E ratio of 69.4, 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 14.3%. This indicates solid capital allocation.
ATI INC (ATI) has a market capitalization of $27.0B. 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 1.76%.
Based on historical P/E analysis, ATI INC (ATI) appears expensive. The current P/E of 69.4 is 227% above its historical median of 21.2. The estimated fair value CAGR (P/E method) is 13.2%.
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. is a specialty materials company that produces highly differentiated advanced alloys and components for aerospace and defense, specialty energy, and other industrial markets through two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). HPMC manufactures nickel-based superalloys, titanium alloys, and advanced metallic powder alloys in cast/wrought and powder forms, along with highly engineered finished components and 3D-printed aerospace products, with approximately 92% of revenue from aerospace and defense markets and nearly 68% from commercial jet engine applications. AA&S produces nickel-based alloys, titanium alloys, and specialty alloys including zirconium, hafnium, and niobium in plate, sheet, and strip forms for extreme-environment applications, with aerospace and defense comprising approximately 41% of segment revenue. The company operates on a long-term contract model with customers including original equipment manufacturers (OEMs) and defense primes, leveraging proprietary alloy development, advanced forging technologies (particularly iso-thermal and hot-die forging), and sole-source positions on multiple hot-section engine components to create competitive advantages. ATI's business model is characterized by high-value, technically demanding applications where materials must withstand extreme heat, radiation, and corrosion; the company earns revenue through both initial build requirements and spare parts (maintenance, repair, and overhaul) across commercial and military jet engines, airframes, and defense platforms. Aerospace and defense represented 68% of total sales in fiscal 2025, with commercial jet engines as the largest and most important growth market, while specialty energy is emerging as a meaningful growth driver with long-term contract-backed expansion.
【Strong aerospace demand driving growth】 Management expects continued robust demand across core aerospace and defense markets into 2026 and beyond, with jet engine growth in the mid-teens, defense revenues on track for mid-teens growth, and airframe products accelerating in the second half as OEM production rates increase and customer inventory normalizes. The company is executing capacity investments in differentiated nickel melting and titanium production, with new primary VIM furnace and remelt equipment coming online to support long-term customer agreements and target approximately $350 million of incremental nickel revenue by mid-2028. Specialty energy is evolving into a sustainable, profitable growth business with long-term contracts carrying accretive margins similar to aerospace and defense, targeting mid-teens growth in 2026. Management is confident in converting strong order backlog (at an all-time high of $4.1 billion as of Q1 2026) and extended lead times for differentiated products into earnings and cash flow, with consolidated incremental margins expected to average 40% for the full year 2026, driven by long-term agreement pricing and favorable product mix.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA | $1.01 billion–$1.06 billion | FY2026 |
| Adjusted EPS | $4.20–$4.48 | FY2026 |
| Adjusted Free Cash Flow | $465 million–$525 million | FY2026 |
Adjusted EBITDA (FY2026): “For the full year, we are raising our adjusted EBITDA guidance to a range of $1.01 billion-$1.06 billion.”
Adjusted EPS (FY2026): “These earnings translate to a full-year adjusted EPS range of $4.20-$4.48.”
Adjusted Free Cash Flow (FY2026): “Turning to adjusted free cash flow, we are raising the midpoint of our range by $35 million, setting the range between $465 million-$525 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.6B | 4.6B | 4.4B | 4.2B | 2.8B | 2.8B |
| Net Income | 426M | 404M | 368M | 411M | 185M | -38M |
| EPS | $3.12 | $2.85 | $2.55 | $2.81 | $1.32 | $-0.30 |
| Free Cash Flow | 553M | 334M | 168M | -115M | -137M | -137M |
| ROIC | 16.7% | 18.0% | 18.8% | 22.3% | 6.6% | 6.1% |
| Gross Margin | 22.5% | 22.0% | 20.6% | 19.2% | 11.9% | 11.9% |
| Debt/Equity | 1.03 | 0.97 | 1.02 | 1.59 | 1.67 | 2.69 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 658M | 641M | 609M | 466M | 118M | 118M |
| Operating Margin | 14.3% | 14.0% | 14.0% | 11.2% | 4.2% | 4.2% |
| ROE | 24.0% | 22.1% | 22.8% | 34.0% | 21.3% | -6.3% |
| Shares Outstanding | 136M | 142M | 144M | 146M | 140M | 127M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.2B | 3.7B | 3.1B | 3.5B | 4.0B | 4.1B | 3.0B | 2.8B | 2.8B | 4.2B | 4.4B | 4.6B | 4.6B |
| Gross Margin | 9.0% | 1.6% | 7.1% | 14.1% | 15.6% | 15.5% | 9.8% | 11.9% | 11.9% | 19.2% | 20.6% | 22.0% | 22.5% |
| R&D | 17M | 14M | 15M | 13M | 23M | 18M | 14M | 17M | 17M | 21M | 20M | 21M | 21M |
| SG&A | 273M | 239M | 241M | 248M | 268M | 267M | 201M | 227M | 227M | 328M | 342M | 365M | 372M |
| EBIT | 106M | -369M | -542M | 135M | 362M | 366M | -1.3B | 118M | 118M | 466M | 609M | 641M | 658M |
| Op. Margin | 2.5% | -9.9% | -17.3% | 3.8% | 8.9% | 8.9% | -43.7% | 4.2% | 4.2% | 11.2% | 14.0% | 14.0% | 14.3% |
| Net Income | -2.6M | -378M | -641M | -92M | 222M | 253M | -1.6B | -38M | 185M | 411M | 368M | 404M | 426M |
| Net Margin | -0.1% | -10.2% | -20.4% | -2.6% | 5.5% | 6.1% | -52.7% | -1.4% | 6.6% | 9.8% | 8.4% | 8.8% | 9.3% |
| Non-Recurring | 0 | 191M | 50M | 115M | 1.3M | 95M | 350M | 2.9M | 17M | 35M | 87M | 62M | 75M |
| Returns on Capital | |||||||||||||
| ROIC | 3.0% | -10.6% | -19.1% | 4.4% | 11.4% | 13.0% | -56.7% | 6.1% | 6.6% | 22.3% | 18.8% | 18.0% | 16.7% |
| ROE | -0.1% | -18.1% | -37.3% | -5.9% | 12.3% | 12.7% | -120.5% | -6.3% | 21.3% | 34.0% | 22.8% | 22.1% | 24.0% |
| ROA | -0.0% | -6.6% | -11.7% | -1.8% | 4.2% | 4.5% | -32.5% | -0.9% | 4.2% | 8.7% | 7.2% | 7.8% | 8.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 56M | 131M | -44M | 22M | 393M | 230M | 167M | 16M | 16M | 86M | 407M | 614M | 835M |
| Free Cash Flow | -170M | -13M | -246M | -100M | 254M | 62M | 30M | -137M | -137M | -115M | 168M | 334M | 553M |
| Owner Earnings | -121M | -59M | -214M | -139M | 236M | 79M | 21M | -149M | -149M | -89M | 222M | 417M | 635M |
| CapEx | 226M | 145M | 202M | 123M | 139M | 168M | 137M | 153M | 153M | 201M | 239M | 281M | 283M |
| Maint. CapEx | 177M | 190M | 170M | 161M | 156M | 151M | 143M | 144M | 144M | 146M | 152M | 168M | 172M |
| Growth CapEx | 49M | 0 | 32M | 0 | 0 | 17M | 0 | 8.7M | 8.7M | 55M | 88M | 113M | 110M |
| D&A | 177M | 190M | 170M | 161M | 156M | 151M | 143M | 144M | 144M | 146M | 152M | 168M | 172M |
| CapEx/OCF | 403.8% | 110.0% | N/A | 547.8% | 35.4% | 73.1% | 81.8% | 947.8% | 58.2% | 58.2% | 58.7% | 45.7% | 33.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 77M | 67M | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 2.5% | 2.6% | 1.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.9M | 1.4M | 0 | 4.8M | 6.5M | 9.9M | 0 | 0 | 0 | 85M | 260M | 470M | 475M |
| Buyback Yield | 0.1% | 0.1% | N/A | 0.2% | 0.2% | 0.3% | 0.4% | N/A | 3.4% | 2.1% | 3.3% | 2.8% | 1.8% |
| Stock-Based Comp | 0 | N/A | 328K | 319K | 15K | 14K | 2.9M | 21M | 21M | 29M | 34M | 29M | 28M |
| Debt Repayment | 415M | 24M | 2.7M | 353M | 6.4M | 508M | 212M | 516M | 516M | 25M | 30M | 183M | 183M |
| Balance Sheet | |||||||||||||
| Net Debt | 995M | 1.2B | 1.6B | 1.4B | 1.0B | 608M | 434M | 690M | 745M | 1.0B | 844M | 1.2B | 1.4B |
| Cash & Equiv. | 270M | 150M | 230M | 142M | 382M | 491M | 646M | 688M | 584M | 744M | 721M | 417M | 402M |
| Long-Term Debt | 1.5B | 1.5B | 1.8B | 1.5B | 1.5B | 1.4B | 1.6B | 1.7B | 1.7B | 2.1B | 1.7B | 1.7B | 1.8B |
| Debt/Equity | 0.59 | 0.72 | 1.39 | 0.89 | 0.82 | 0.67 | 3.01 | 2.69 | 1.67 | 1.59 | 1.02 | 0.97 | 1.03 |
| Interest Coverage | 1.0 | -3.4 | -4.3 | 1.0 | 3.5 | 3.5 | -13.6 | 1.2 | 1.2 | 4.4 | 4.9 | 5.8 | 160.4 |
| Equity | 2.6B | 2.1B | 1.4B | 1.7B | 1.9B | 2.1B | 521M | 686M | 1.0B | 1.4B | 1.9B | 1.8B | 1.8B |
| Total Assets | 6.6B | 5.8B | 5.2B | 5.2B | 5.5B | 5.6B | 4.0B | 4.3B | 4.4B | 5.0B | 5.2B | 5.1B | 5.2B |
| Total Liabilities | 3.9B | 3.6B | 3.7B | 3.3B | 3.5B | 3.4B | 3.4B | 3.5B | 3.3B | 3.5B | 3.3B | 3.2B | 3.3B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.4B | 1.9B | 1.3B | 1.2B | 1.4B | 1.7B | 107M | 73M | -778M | -70M | 64M | 469M | 587M |
| Working Capital | 1.6B | 1.2B | 1.1B | 1.2B | 1.4B | 1.5B | 1.4B | 1.5B | 1.5B | 1.8B | 1.7B | 1.7B | 1.8B |
| Current Assets | 2.5B | 1.9B | 1.8B | 1.9B | 2.2B | 2.3B | 2.1B | 2.3B | 2.5B | 2.7B | 2.9B | 2.7B | 2.8B |
| Current Liabilities | 898M | 687M | 709M | 713M | 837M | 849M | 653M | 856M | 964M | 977M | 1.2B | 1.0B | 1.0B |
| Per Share Data | |||||||||||||
| EPS | -0.03 | -3.53 | -5.97 | -0.83 | 1.61 | 1.81 | -12.43 | -0.30 | 1.32 | 2.81 | 2.55 | 2.85 | 3.12 |
| Owner EPS | -1.39 | -0.55 | -2.00 | -1.25 | 1.71 | 0.57 | 0.16 | -1.17 | -1.06 | -0.61 | 1.54 | 2.94 | 4.65 |
| Book Value | 29.98 | 19.46 | 12.62 | 15.71 | 13.65 | 14.98 | 4.12 | 5.38 | 7.48 | 9.39 | 12.83 | 12.72 | 12.97 |
| Cash Flow/Share | 0.65 | 1.23 | -0.41 | 0.20 | 2.84 | 1.65 | 1.32 | 0.13 | 0.12 | 0.59 | 2.82 | 4.33 | 4.38 |
| Dividends/Share | 0.72 | 0.62 | 0.24 | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 86.7M | 107.1M | 107.4M | 110.7M | 138.1M | 139.5M | 126.5M | 127.3M | 139.8M | 146.2M | 144.2M | 141.9M | 136.5M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 13.6 | 11.3 | N/A | N/A | 31.8 | 20.8 | 21.7 | 41.0 | 63.5 |
| P/FCF | N/A | N/A | N/A | N/A | 12.0 | 47.3 | 68.3 | N/A | N/A | N/A | 47.6 | 49.7 | 48.9 |
| EV/EBIT | 36.7 | N/A | N/A | 29.6 | 10.5 | 9.2 | N/A | 22.4 | 16.7 | 23.5 | 14.2 | 27.4 | 43.2 |
| Price/Book | 1.1 | 0.6 | 1.3 | 1.6 | 1.6 | 1.4 | 4.0 | 3.0 | 4.0 | 4.9 | 4.3 | 9.2 | 15.2 |
| Price/Sales | 0.7 | 0.7 | 0.5 | 0.6 | 0.9 | 0.8 | 0.5 | 0.9 | 0.9 | 1.5 | 1.8 | 2.3 | 5.9 |
| FCF Yield | -5.8% | -1.1% | -14.2% | -3.7% | 8.4% | 2.1% | 1.5% | -6.7% | -3.3% | -1.7% | 2.1% | 2.0% | 2.0% |
| Market Cap | 2.9B | 1.2B | 1.7B | 2.7B | 3.0B | 2.9B | 2.1B | 2.0B | 4.2B | 6.7B | 8.0B | 16.6B | 27.0B |
| Avg. Price | 35.46 | 23.98 | 14.81 | 19.74 | 26.68 | 23.35 | 11.63 | 19.34 | 26.48 | 40.37 | 55.66 | 75.65 | 197.80 |
| Year-End Price | 33.50 | 10.96 | 16.17 | 24.51 | 21.94 | 20.99 | 16.42 | 15.96 | 30.55 | 46.28 | 55.45 | 116.95 | 197.80 |
ATI INC passes 3 of 9 quality checks, indicating weak fundamentals.
ATI INC trades at 69.4x 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 81.2x vs a median of 47.6x. The company's 5-year average ROIC is 14.3% with a gross margin of 17.1%. Total shareholder yield (buybacks) is 1.8%. At current prices, the estimated annualized return to fair value is +12.1%.
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.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand across core aerospace and defense markets into 2026 and beyond, with jet engine growth in the mid-teens, defense revenues on track for mid-teens growth, and airframe products accelerating in the second half as OEM production rates increase and customer inventory normalizes. The company is executing capacity investments in differentiated nickel melting and titanium production, with new primary VIM furnace and remelt equipment coming online to support long-term customer agreements and target approximately $350 million of incremental nickel revenue by mid-2028. Specialty energy is evolving into a sustainable, profitable growth business with long-term contracts carrying accretive margins similar to aerospace and defense, targeting mid-teens growth in 2026. Management is confident in converting strong order backlog (at an all-time high of $4.1 billion as of Q1 2026) and extended lead times for differentiated products into earnings and cash flow, with consolidated incremental margins expected to average 40% for the full year 2026, driven by long-term agreement pricing and favorable product mix.
Based on recent SEC filings and earnings calls, ATI INC (ATI) has provided the following forward guidance: Adjusted EBITDA: $1.01 billion–$1.06 billion (FY2026); Adjusted EPS: $4.20–$4.48 (FY2026); Adjusted Free Cash Flow: $465 million–$525 million (FY2026).