ATI Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
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~$49
Cash-flow model
Base case. Range ~$34–$69 across our lower- and higher-growth cases (3.1%–13.1% a year).
Overvalued
The price is above our entire value range; our base value is 72% below it.
Price used: $174.38, November 2, 2026
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
ATI Inc's revenue reached $5.01bn in the twelve months to September 2026, a 9.4% increase on the prior year and a marked acceleration from the 4.6% growth recorded a quarter earlier. Free-cash-flow margin, however, slipped to 8.4% from 9.7% a year earlier. Partly offsetting this, the diluted share count has fallen 3.3% year-on-year, which lifts the value attributable to each remaining share.
Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months to June 2026 was $4.72bn, up 4.6% on a year earlier, faster than 2.9% a quarter earlier. Free-cash-flow margin rose to 11.2% from 5.2% a year earlier. The diluted share count is down 4.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $42.28 a share, against a share price of $182. At that price, our model says the market is pricing in about 33.8% a year of cash-flow growth for five years, faster than the 11.0% a year revenue growth it has delivered.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
ATI Inc's trailing-twelve-month revenue grew 9.4% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: change in share count of -3.3% ranks 4 of 51 aerospace & defense companies we cover.
Our discounted-cash-flow model values the business at ~$49 per share in the base case (~$34–$69 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.2% while net income grew 24.9%: a 30pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to adjusted ebitda of $1,190.00m to $1,200.00m for the Full Year 2026; adjusted earnings per share of $1.51 to $1.57 for the Q4 2026.
The share price implies about 29.5% a year of cash-flow growth for five years.That is faster than the 12.4% a year revenue growth ATI has delivered.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($180.14, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of ATI Inc's free cash flow after stock-based pay ( $351M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value ATI Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.33 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$49 ~$34–$69 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$150 ~$120–$220 | Left out: far from the other models (more than 3x away from their median) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$40 ~$31–$52 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$38 ~$34–$44 | Included |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$44 ~$38–$49 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ATI Inc with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $25 | $38 | $56 | $79 | $110 | $149 |
| 8.5% | $16 | $26 | $39 | $55 | $77 | $105 |
| 10% | $11 | $18 | $28 | $41 | $57 | $78 |
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $11.07 | $15.93 | $24.14 | $21.77 | $20.66 | $16.77 | $15.93 | $29.86 | $45.47 | $55.45 | $116.95 | $174.38 |
| Market value | $1.2bn | $1.7bn | $2.7bn | $3.2bn | $3.0bn | $2.1bn | $2.4bn | $4.5bn | $6.8bn | $8.1bn | $16.6bn | $24.2bn |
| + Net debt (− = net cash) | $1.3bn | $1.6bn | $1.4bn | $1.2bn | $908m | −$646m | $1.2bn | $1.2bn | $1.4bn | $1.2bn | $1.3bn | $1.4bn |
| Enterprise value | $2.5bn | $3.4bn | $4.1bn | $4.3bn | $3.9bn | $1.5bn | $3.6bn | $5.7bn | $8.3bn | $9.3bn | $17.9bn | $25.6bn |
| Multiples | ||||||||||||
| Price / sales | 0.3x | 0.5x | 0.8x | 0.8x | 0.7x | 0.7x | 0.9x | 1.2x | 1.6x | 1.9x | 3.6x | 4.8x |
| Price / earnings | — | — | — | 14.3x | 12.0x | — | 13.2x | 14.0x | 16.6x | 22.1x | 41.0x | 43.5x |
| Price / free cash flow | — | — | — | 12.5x | 48.9x | 69.8x | — | 48.0x | — | 48.4x | 49.7x | 57.4x |
| EV / EBITDA | — | — | 13.7x | 8.4x | 7.6x | — | 13.7x | 12.4x | 13.5x | 12.2x | 22.1x | 25.5x |
Weak moat
How hard ATI's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 6.8% of total assets over 10 years.
Gross margin has been a median 17.0%, moving by 4.3 percentage points (standard deviation) across 10 years.
Operating margin has been a median 8.8%; its worst year was -38.5%.
Free cash flow was positive in 7 of 10 years, at a median 2.3% of revenue.
The diluted share count rose 5.5% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $5.21 | +61% | $5.3bn | +16% |
| Next | $6.40 | +23% | $5.7bn | +7% |
Next year's EPS estimate has moved +18.2% in 90 days, across 8 analysts.
The consensus EPS forecast for the current fiscal year is +16.6% on 90 days ago. In the last 30 days, 8 analysts raised ATI Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $4.47 | $5.42 |
| 60 days ago | $5.12 | $6.22 |
| 30 days ago | $5.12 | $6.37 |
| 7 days ago | $5.13 | $6.39 |
| Now | $5.21 | $6.40 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.37 | $1.46 | +6.8% |
| Jun 2026 | $1.04 | $1.23 | +18.2% |
| Mar 2026 | $0.88 | $1.00 | +13.5% |
| Dec 2025 | $0.86 | $0.93 | +7.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows ATI Inc's revenue by +10.1% next year and +7.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.4%, weight 62%) and the company's own record (+8.1%, weight 38%) . How the weights are set.
Last 12 months +76.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4.5bn | $4.7bn | +4.6% |
| Net margin | 9.3% | 10.1% | +9.0% |
| P/E multiple | 34.4x | 51.0x | +48.4% |
| Share count | 145m | 139m | +4.1% |
Biggest factor: p/e multiple.
Last 3 years +318.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4.1bn | $4.7bn | +14.3% |
| Net margin | 10.8% | 10.1% | −6.4% |
| P/E multiple | 14.7x | 51.0x | +246.8% |
| Share count | 157m | 139m | +12.7% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ATI | −5% | +87% | +52% | +21% | +109% | +52% |
| Industry peers (median) | −5% | −11% | +13% | +22% | +16% | −12% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ATI | 50% | 75% | 50% | 58% | 83% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ATI | −43% | −31% | −25% | −22% | −36% | −32% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 82% from January 23, 2018 to March 23, 2020. Getting back needed a 469% gain, reached on April 14, 2022, 752 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +0.2% | −2.1% | — | — |
| August 6, 2026 | +11.1% | +0.5% | +10.8% | +2.7% |
| April 30, 2026 | +6.2% | +1.3% | +11.2% | +22.4% |
| February 3, 2026 | +4.7% | −1.3% | +12.5% | +26.6% |
| October 28, 2025 | +12.3% | +0.3% | +4.7% | +9.4% |
| July 31, 2025 | −18.6% | −2.0% | −21.8% | −17.7% |
| May 1, 2025 | +22.4% | +2.2% | +30.7% | +48.5% |
| February 4, 2025 | +13.6% | +1.1% | +6.7% | −1.2% |
| October 29, 2024 | −14.3% | −0.1% | −14.6% | −4.9% |
| August 6, 2024 | −2.6% | +0.2% | +3.3% | −1.7% |
| April 30, 2024 | +13.4% | −1.9% | +15.2% | +17.9% |
| February 1, 2024 | −4.2% | +2.4% | −0.3% | +21.9% |
How ATI Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $210 call expiring December 18, 2026 (46 days) for $2.00 a share — $200 per contract.
Previous session · Bid $2.00, ask $2.55, quoted Mon 2 Nov, 17:15 New York time with ATI at $175.35. Option prices move with the shares: check the live chain at your broker before trading.
Own the shares, buy the $160 put and sell the $210 call, both expiring December 18, 2026 (46 days).
Offered because the shares trade at or above our fair value of $49.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $4.2B |
| FY24 Q1 | $4.2B |
| FY24 Q2 | $4.2B |
| FY24 Q3 | $4.3B |
| FY24 Q4 | $4.4B |
| FY25 Q1 | $4.5B |
| FY25 Q2 | $4.5B |
| FY25 Q3 | $4.6B |
| FY25 Q4 | $4.6B |
| FY26 Q1 | $4.6B |
| FY26 Q2 | $4.7B |
| FY26 Q3 | $5B |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 8.8% |
| FY24 Q1 | 3.4% |
| FY24 Q2 | 2.5% |
| FY24 Q3 | 3.2% |
| FY24 Q4 | 4.5% |
| FY25 Q1 | 6.8% |
| FY25 Q2 | 6.6% |
| FY25 Q3 | 7.7% |
| FY25 Q4 | 5.2% |
| FY26 Q1 | 2.9% |
| FY26 Q2 | 4.6% |
| FY26 Q3 | 9.4% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 11.2% |
| FY24 Q1 | 11.2% |
| FY24 Q2 | 11.6% |
| FY24 Q3 | 12.0% |
| FY24 Q4 | 14.0% |
| FY25 Q1 | 14.4% |
| FY25 Q2 | 14.6% |
| FY25 Q3 | 14.8% |
| FY25 Q4 | 14.0% |
| FY26 Q1 | 14.3% |
| FY26 Q2 | 15.2% |
| FY26 Q3 | 16.5% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -2.8% |
| FY24 Q1 | 1.6% |
| FY24 Q2 | 1.9% |
| FY24 Q3 | 4.7% |
| FY24 Q4 | 3.9% |
| FY25 Q1 | 4.2% |
| FY25 Q2 | 5.2% |
| FY25 Q3 | 9.7% |
| FY25 Q4 | 7.3% |
| FY26 Q1 | 12.0% |
| FY26 Q2 | 11.2% |
| FY26 Q3 | 8.4% |
Each dollar ATI took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $4.6B | |
|---|---|---|
| Cost of revenue | $3.6B | 78.0% of revenue |
| Gross profit | $1B | 22.0% of revenue |
| Selling, general and admin | $365M | 8.0% of revenue |
| Operating income | $641M | 14.0% of revenue |
| Income tax | $104M | 2.3% of revenue |
| Interest and other | $133M | 2.9% of revenue |
| Net income | $404M | 8.8% of revenue |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Jan 2022 | 2022 Jan 2023 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 3,055 | 4,048 | 4,812 | 4,667 | 4,044 | 4,223 | 3,720 | 3,135 | 3,525 | 4,047 | 4,123 | 2,982 | 2,800 | 3,836 | 4,174 | 4,362 | 4,587 | 5,013 |
| Gross profit | — | — | — | — | — | 379 | 60 | 223 | 497 | 630 | 638 | 293 | 333 | 714 | 803 | 898 | 1,007 | 1,226 |
| EBITDA | 225 | 327 | 588 | 498 | 99 | 283 | −180 | −372 | 295 | 519 | 517 | −1,159 | 262 | 459 | 613 | 760 | 809 | 1,003 |
| Operating income | 93 | 185 | 414 | 304 | −91 | 106 | −369 | −542 | 135 | 362 | 366 | −1,303 | 118 | 316 | 466 | 609 | 641 | 826 |
| Net income | 32 | 71 | 214 | 158 | 154 | −3 | −378 | −641 | −92 | 222 | 253 | −1,573 | 185 | 324 | 411 | 368 | 404 | 556 |
| Diluted EPS | $0.32 | $0.72 | $1.97 | $1.43 | $1.44 | −$0.03 | −$3.53 | −$5.97 | −$0.83 | $1.61 | $1.81 | −$12.43 | $1.32 | $2.23 | $2.81 | $2.55 | $2.85 | $4.01 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | −42.5% | +32.5% | +18.9% | −3.0% | −13.4% | +4.4% | −11.9% | −15.7% | +12.5% | +14.8% | +1.9% | −27.7% | −6.1% | +37.0% | +8.8% | +4.5% | +5.2% | +9.4% |
| EBITDA | −77.2% | +45.1% | +79.9% | −15.4% | −80.2% | +186.9% | −163.4% | — | — | +75.5% | −0.2% | −324.1% | — | +75.5% | +33.4% | +24.1% | +6.4% | +19.0% |
| Operating income | −89.3% | +100.0% | +123.2% | −26.6% | −130.0% | — | −448.2% | — | — | +169.0% | +1.2% | −455.6% | — | +168.8% | +47.5% | +30.6% | +5.3% | +21.7% |
| Net income | −94.4% | — | — | −26.1% | −2.8% | −101.7% | — | — | — | — | +13.5% | −722.8% | — | +75.2% | +27.0% | −10.5% | +9.9% | +24.9% |
| Diluted EPS | −94.4% | — | — | −27.4% | +0.7% | −102.1% | — | — | — | — | +12.4% | −786.7% | — | +68.9% | +26.0% | −9.3% | +11.8% | +29.2% |
| Margins | ||||||||||||||||||
| Gross margin | — | — | — | — | — | 9.0% | 1.6% | 7.1% | 14.1% | 15.6% | 15.5% | 9.8% | 11.9% | 18.6% | 19.2% | 20.6% | 22.0% | 24.5% |
| EBITDA margin | 7.4% | 8.1% | 12.2% | 10.7% | 2.4% | 6.7% | −4.8% | −11.9% | 8.4% | 12.8% | 12.6% | −38.9% | 9.3% | 12.0% | 14.7% | 17.4% | 17.6% | 20.0% |
| Operating margin | 3.0% | 4.6% | 8.6% | 6.5% | −2.3% | 2.5% | −9.9% | −17.3% | 3.8% | 8.9% | 8.9% | −43.7% | 4.2% | 8.2% | 11.2% | 14.0% | 14.0% | 16.5% |
| Net margin | 1.0% | 1.7% | 4.5% | 3.4% | 3.8% | −0.1% | −10.2% | −20.4% | −2.6% | 5.5% | 6.1% | −52.7% | 6.6% | 8.4% | 9.8% | 8.4% | 8.8% | 11.1% |
| Free-cash-flow margin | −6.4% | −4.7% | 0.4% | 1.0% | −6.0% | −4.0% | −0.4% | −7.8% | −2.8% | 6.3% | 1.5% | 1.0% | −4.9% | 2.5% | −2.8% | 3.9% | 7.3% | 8.4% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 219 | 27 | 297 | 428 | 368 | 56 | 131 | −44 | 22 | 393 | 230 | 167 | 16 | 225 | 86 | 407 | 614 | 730 |
| Capital spending | 415 | 219 | 278 | 382 | 613 | 226 | 145 | 202 | 123 | 139 | 168 | 137 | 153 | 131 | 201 | 239 | 281 | 309 |
| Free cash flow | −197 | −192 | 19 | 46 | −244 | −170 | −13 | −246 | −100 | 254 | 62 | 30 | −137 | 94 | −115 | 168 | 334 | 421 |
| Stock-based pay | — | — | — | — | — | — | — | — | — | — | — | 3 | 21 | 26 | 29 | 34 | 29 | 30 |
| Free cash flow after stock pay | — | — | — | — | — | — | — | — | — | — | — | 28 | −158 | 68 | −144 | 134 | 305 | 391 |
| Balance sheet | ||||||||||||||||||
| Cash | 709 | 432 | 381 | 305 | 1,027 | 270 | 150 | 230 | 142 | 382 | 491 | 646 | 688 | 584 | 744 | 721 | 417 | 442 |
| Total debt | 1,071 | 1,063 | 1,509 | 1,480 | 1,947 | 1,516 | 1,496 | 1,877 | 1,541 | 1,542 | 1,399 | — | 1,843 | 1,748 | 2,180 | 1,895 | 1,749 | 1,858 |
| Net debt (negative = net cash) | 362 | 631 | 1,129 | 1,176 | 921 | 1,247 | 1,346 | 1,647 | 1,399 | 1,160 | 908 | −646 | 1,155 | 1,164 | 1,436 | 1,174 | 1,333 | 1,415 |
| Diluted shares | 98m | 99m | 114m | 117m | 107m | 107m | 107m | 107m | 110m | 146m | 147m | 127m | 153m | 151m | 150m | 147m | 142m | 139m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 71 | 71 | 75 | 77 | 77 | 77 | 67 | 26 | 0 | 0 | 0 | — | — | — | — | — | — | — |
| Buybacks | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | 0 | 0 | 140 | 85 | 260 | 470 | 195 |
| Total returned | 71 | 71 | 75 | 77 | 77 | 77 | 67 | 26 | 0 | 0 | 0 | 0 | 0 | 140 | 85 | 260 | 470 | 195 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1,173 | 1,144 | 1,140 | 1,126 | 1,177 | 1,152 | 1,261 | 1,424 |
| Gross profit | 249 | 236 | 243 | 255 | 273 | 263 | 310 | 380 |
| EBITDA | 248 | 188 | 203 | 205 | 214 | 209 | 264 | 317 |
| Operating income | 209 | 147 | 161 | 162 | 171 | 164 | 220 | 272 |
| Net income | 137 | 97 | 101 | 110 | 97 | 118 | 151 | 190 |
| Diluted EPS | $0.94 | $0.67 | $0.70 | $0.78 | $0.69 | $0.85 | $1.09 | $1.37 |
| Growth (year on year) | ||||||||
| Revenue | +10.2% | +9.7% | +4.1% | +7.1% | +0.4% | +0.6% | +10.6% | +26.5% |
| EBITDA | +67.8% | +24.1% | +12.2% | +13.4% | −13.8% | +11.2% | +30.3% | +54.5% |
| Operating income | +92.9% | +27.5% | +12.9% | +14.2% | −18.3% | +11.5% | +36.6% | +67.4% |
| Net income | −5.9% | +46.7% | +23.0% | +33.0% | −29.5% | +21.9% | +50.0% | +72.5% |
| Diluted EPS | −5.1% | +45.7% | +20.7% | +36.8% | −26.6% | +26.9% | +55.7% | +75.6% |
| Margins | ||||||||
| Gross margin | 21.2% | 20.6% | 21.3% | 22.7% | 23.2% | 22.8% | 24.6% | 26.7% |
| EBITDA margin | 21.1% | 16.4% | 17.8% | 18.2% | 18.2% | 18.1% | 20.9% | 22.3% |
| Operating margin | 17.8% | 12.8% | 14.1% | 14.4% | 14.5% | 14.2% | 17.4% | 19.1% |
| Net margin | 11.7% | 8.5% | 8.8% | 9.8% | 8.2% | 10.3% | 12.0% | 13.3% |
| Free-cash-flow margin | 28.4% | −12.7% | 7.8% | 14.8% | 19.0% | 6.3% | 5.0% | 4.3% |
| Cash flow | ||||||||
| Cash from operations | 381 | −93 | 162 | 230 | 316 | 128 | 132 | 155 |
| Capital spending | 47 | 53 | 72 | 63 | 93 | 55 | 69 | 93 |
| Free cash flow | 334 | −146 | 89 | 167 | 223 | 73 | 63 | 62 |
| Stock-based pay | 8 | 7 | 7 | 8 | 7 | 6 | 8 | 9 |
| Free cash flow after stock pay | 326 | −153 | 82 | 159 | 216 | 67 | 56 | 53 |
| Last 12 months unless stated | ATI | VVX | HEI | MOG.A | WWD | SARO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.0bn | $5.0bn | $5.2bn | $4.3bn | $4.2bn | $6.3bn | $769m |
| Revenue growth, last 12 months | 9.4% | 13.2% | 20.7% | 15.7% | 22.3% | 12.6% | 15.5% |
| Revenue growth, 3-year average | 6.8% | 8.6% | 25.1% | 10.3% | 14.7% | — | 12.6% |
| Revenue growth, latest quarter | 26.5% | 8.9% | 23.1% | 15.2% | 21.2% | 4.6% | 15.8% |
| Gross margin | 24.5% | 8.5% | 40.4% | 28.2% | 29.5% | 15.0% | 27.8% |
| Operating margin | 16.5% | 4.2% | 24.0% | 13.3% | — | 9.5% | 9.0% |
| Operating margin, 3-year average | 14.4% | 4.0% | 22.5% | 11.9% | — | 8.4% | 6.0% |
| Net margin | 11.1% | 2.0% | 16.4% | 8.7% | 13.2% | 5.1% | 5.5% |
| Cash from operations / revenue | 14.6% | 3.4% | 21.5% | 11.2% | 14.0% | 4.6% | 5.5% |
| Free-cash-flow margin | 8.4% | 3.2% | 19.9% | 8.1% | 9.0% | 3.5% | 3.4% |
| Free-cash-flow margin, 3-year average | 7.6% | 3.0% | 17.6% | 3.4% | 9.4% | 1.9% | 3.0% |
| Stock pay / revenue | 0.6% | 0.3% | 0.4% | 0.5% | 0.8% | 0.3% | 1.2% |
| Change in share count | −3.3% | −1.8% | 0.3% | −0.3% | 0.1% | 4.5% | 3.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.4% | 15.5% | 38 of 57 |
| Change in growth rate Growth | +4.8pp | +2.2pp | 17 of 57 |
| Gross margin Profitability | 24.5% | 28.3% | 30 of 46 |
| Operating margin Profitability | 16.5% | 8.5% | 10 of 51 |
| Net margin Profitability | 11.1% | 5.5% | 11 of 57 |
| Free-cash-flow margin Cash generation | 8.4% | 3.4% | 21 of 57 |
| Stock pay as % of revenue Cash generation | 0.6% | 1.5% | 15 of 53 |
| Long-term debt as % of assets Balance sheet | 32.5% | 22.1% | 37 of 47 |
| Change in share count Balance sheet | -3.3% | 2.4% | 4 of 51 |
| Days sales outstanding Balance sheet | 53 days | 53 days | 23 of 45 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.6B | 57.5% | ▲ 4.5% |
| Rest of World | $703M | 15.3% | ▲ 4.0% |
| China | $324M | 7.1% | ▲ 8.2% |
| United Kingdom | $277M | 6.0% | ▲ 7.5% |
| France | $246M | 5.4% | ▲ 8.2% |
| Germany | $227M | 5.0% | ▼ 12.4% |
| Canada | $170M | 3.7% | ▲ 45.9% |
From ATI Inc's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $3.7B | 18.7M | 14.6% | ▲ 13.8% |
| Vanguard Portfolio Management LLC | $1.2B | 6.2M | 4.9% | ▲ 6.8% |
| Vanguard Capital Management LLC | $1.2B | 6.2M | 4.8% | ▲ 0.6% |
| Capital World Investors | $1B | 5.2M | 4.1% | ▼ 8.1% |
| State Street Corp | $1B | 5.2M | 4.1% | ▼ 2.7% |
| Capital Research Global Investors | $1B | 5.1M | 4.0% | ▼ 17.3% |
| FMR LLC | $983M | 5.0M | 3.9% | ▼ 4.9% |
| Capital International Investors | $733M | 3.7M | 2.9% | ▼ 36.8% |
| Invesco Ltd. | $680M | 3.4M | 2.7% | ▼ 10.5% |
| Geode Capital Management, LLC | $548M | 2.8M | 2.2% | ▼ 5.8% |
| Qube Research & Technologies Ltd | $423M | 2.1M | 1.7% | ▲ 149.6% |
| Morgan Stanley | $368M | 1.9M | 1.5% | ▲ 11.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ATI Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Harris Timothy J Senior VP and CDIO | September 21, 2026 | Sell pre-set plan | 9,000 | $191.82 | $1.7M |
| Harris Timothy J Senior VP and CDIO | September 14, 2026 | Sell pre-set plan | 16,500 | $193.06 | $3.2M |
| Harris Timothy J Senior VP and CDIO | September 8, 2026 | Sell pre-set plan | 16,500 | $207.54 | $3.4M |
| Morehouse David J Director | September 2, 2026 | Sell | 2,485 | $201.61 | $501,001 |
| Harris Timothy J Senior VP and CDIO | August 31, 2026 | Sell pre-set plan | 16,500 | $210.01 | $3.5M |
| Harris Timothy J Senior VP and CDIO | August 24, 2026 | Sell pre-set plan | 16,500 | $206.92 | $3.4M |
| Fields Kimberly A Chair, President and CEO | August 17, 2026 | Sell pre-set plan | 2,000 | $229.56 | $459,120 |
| Fields Kimberly A Chair, President and CEO | August 17, 2026 | Sell pre-set plan | 1,000 | $228.32 | $228,320 |
| Fields Kimberly A Chair, President and CEO | August 17, 2026 | Sell pre-set plan | 8,131 | $230.66 | $1.9M |
| Fields Kimberly A Chair, President and CEO | August 17, 2026 | Sell pre-set plan | 9,116 | $231.72 | $2.1M |
| Fields Kimberly A Chair, President and CEO | August 17, 2026 | Sell pre-set plan | 4,598 | $232.43 | $1.1M |
| Fields Kimberly A Chair, President and CEO | July 28, 2026 | Sell pre-set plan | 31,757 | $190.99 | $6.1M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in ATI Inc disclosed in the last 12 months; 1 earlier trade on record.
Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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