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ATI Inc key statistics and ratios

In fiscal 2025, ATI Inc had return on equity of 22.1%, an operating margin of 14.0%, debt equal to 96.9% of equity and a current ratio of 2.66. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Jan 20222022Jan 20232023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
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%
Operating margin3.0%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 margin1.0%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%
Return on equity1.6%3.5%9.5%6.4%5.7%−0.1%−16.1%−37.3%−5.9%12.3%12.7%−115.1%25.0%34.4%34.0%22.8%22.1%29.2%
Return on assets0.7%1.6%4.1%2.6%2.3%−0.0%−6.1%−11.7%−1.8%4.2%4.5%−32.5%4.4%7.4%8.7%7.2%7.8%10.4%
Asset turnover0.700.920.910.760.620.630.600.570.680.760.740.620.670.880.890.850.890.94
Current ratio3.202.672.982.882.442.772.722.492.692.682.713.162.692.572.802.442.662.77
Debt to equity53.2%52.1%61.0%59.7%67.3%58.3%71.8%138.5%88.6%81.8%66.9%244.4%221.3%167.1%158.7%102.4%96.9%92.6%
Interest cover (operating income ÷ interest)4.3x2.9x4.4x4.2xn/m1.0xn/mn/m1.0x3.5x3.5xn/m1.2x3.6x5.0x5.6x5.8x—
Effective tax rate41.4%37.4%36.1%31.2%—————4.4%−12.1%—11.5%4.4%−43.4%21.3%19.9%18.4%
R&D as % of revenue0.6%0.4%0.4%0.5%0.4%0.4%0.4%0.5%0.4%0.6%0.4%0.5%0.6%0.4%0.5%0.4%0.5%—
SG&A as % of revenue10.3%7.5%6.7%6.9%6.8%6.5%6.4%7.7%7.0%6.6%6.5%6.7%8.1%7.8%7.9%7.8%8.0%7.9%
Capital spending as % of revenue13.6%5.4%5.8%8.2%15.2%5.3%3.9%6.5%3.5%3.4%4.1%4.6%5.5%3.4%4.8%5.5%6.1%6.2%
Free cash flow ÷ net income−621.1%−271.6%8.7%28.7%−158.6%————114.0%24.5%—−73.9%29.1%−27.9%45.7%82.5%75.8%
Dividends ÷ net income222.7%100.1%34.9%48.3%49.9%————0.0%0.0%———————
Dividends and buybacks ÷ free cash flow——401.6%168.1%—————0.0%0.0%0.0%—148.8%—154.7%140.8%46.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · September 27, 2026
What it owns · $5.6bn
Short-term assets $3.0bnLonger-term assets $2.5bn
What it owes, and who funded it · $5.4bn
Short-term liabilities $1.1bnLonger-term liabilities $2.3bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.0bn short-term assets against $2.3bn of longer-dated liabilities.
  • More cash than debt $442m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 93% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 259% to 93% over five years.
  • A year's operating cash flow covers at least 20% of debt $730m of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From ATI Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

37 /100

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.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.8% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 17.0%, moving by 4.3 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 8.8%; its worst year was -38.5%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.3% of revenue.

  • Discipline 15 / 20

    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.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ATI vs VVXATI vs HEIATI vs MOG.AATI vs SARO

More: Aerospace & Defense stocks compared, Industrials sector, rankings of US companies

Figures from ATI Inc's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ATI Inc.