ATS Corp is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in March.
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Under review: our cash-flow value ($30.20) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.
Under review: our cash-flow value ($30.20) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $2.15bn. Free-cash-flow margin held at 14.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks.
Our model value for ATS is under review, so past values are not shown until it is resolved.
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.
ATS Corp's trailing-twelve-month revenue grew 18.1% year on year, with a free-cash-flow margin of 14.0%. Where it stands out: stock pay as % of revenue of 0.2% ranks 2 of 70 industrial machinery & supplies & components companies we cover.
Our discounted-cash-flow model values the business at ~$30 per share in the base case (~$21–$42 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth accelerating: TTM revenue growth rose to 18.1% (+37.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ATS from the sources we follow. See filings →
Our value per share comes from a discounted-cash-flow model of ATS Corp's free cash flow after stock-based pay ( $135M, FY2026 Q4 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.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value ATS Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 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. | ~$30 ~$21–$42 | Left out: far from the other models (more than 3x away from their median) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$7.5 ~$9.8–$16 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$8.9 ~$5.9–$14 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$7.9 ~$6.9–$9.3 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ATS Corp with Industrial Machinery & Supplies & Components 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 4, 2026, before the open.
No analyst estimates are published for ATS Corp: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.29 | $0.25 | −15.4% |
| Mar 2026 | $0.32 | $0.26 | −18.6% |
| Dec 2025 | $0.32 | $0.35 | +11.0% |
| Sept 2025 | $0.31 | $0.32 | +2.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $2B |
| FY24 Q4 | $2.2B |
| FY25 Q4 | $1.8B |
| FY26 Q4 | $2.2B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 8.6% |
| FY24 Q4 | 10.4% |
| FY25 Q4 | 0.4% |
| FY26 Q4 | 6.7% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 2.8% |
| FY24 Q4 | -1.3% |
| FY25 Q4 | -0.3% |
| FY26 Q4 | 14.0% |
Each dollar ATS took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $2.2B | |
|---|---|---|
| Cost of revenue | $1.5B | 71.4% of revenue |
| Gross profit | $616M | 28.6% of revenue |
| Research and development | $12M | 0.6% of revenue |
| Other operating costs | $460M | 21.4% of revenue |
| Operating income | $144M | 6.7% of revenue |
| Income tax | $19.9M | 0.9% of revenue |
| Interest and other | $72.1M | 3.4% of revenue |
| Net income | $51.9M | 2.4% of revenue |
| Fiscal year | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 1,950 | 2,250 | 1,822 | 2,152 |
| Gross profit | 549 | 635 | 465 | 616 |
| EBITDA | — | — | — | 145 |
| Operating income | 168 | 234 | 7 | 144 |
| Net income | 96 | 144 | −20 | 52 |
| Diluted EPS | $1.04 | $1.46 | −$0.21 | $0.53 |
| Growth (year on year) | ||||
| Revenue | — | +15.4% | −19.0% | +18.1% |
| Operating income | — | +39.0% | −97.2% | — |
| Net income | — | +49.0% | −114.0% | — |
| Diluted EPS | — | +40.0% | −114.3% | — |
| Margins | ||||
| Gross margin | 28.2% | 28.2% | 25.5% | 28.6% |
| EBITDA margin | — | — | — | 6.8% |
| Operating margin | 8.6% | 10.4% | 0.4% | 6.7% |
| Net margin | 4.9% | 6.4% | −1.1% | 2.4% |
| Free-cash-flow margin | 2.8% | −1.3% | −0.3% | 14.0% |
| Cash flow | ||||
| Cash from operations | 97 | 15 | 19 | 325 |
| Capital spending | 42 | 44 | 24 | 24 |
| Free cash flow | 54 | −28 | −6 | 300 |
| Stock-based pay | 4 | 8 | 8 | 4 |
| Free cash flow after stock pay | 50 | −37 | −13 | 297 |
| Balance sheet | ||||
| Cash | 118 | 126 | 157 | 204 |
| Total debt | 859 | 869 | 1,093 | 918 |
| Net debt (negative = net cash) | 741 | 743 | 935 | 714 |
| Diluted shares | 92m | 99m | 98m | 98m |
| Returned to shareholders | ||||
| Buybacks | 16 | 0 | 32 | 7 |
| Total returned | 16 | 0 | 32 | 7 |
| Last 12 months unless stated | ATS | FELE | RBC | GGG | KMT | MSA | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.2bn | $2.3bn | $2.0bn | $2.3bn | $2.4bn | $1.9bn | $1.4bn |
| Revenue growth, last 12 months | 18.1% | 7.3% | 17.4% | 5.4% | 19.8% | 6.5% | 8.3% |
| Revenue growth, 3-year average | — | 2.8% | 10.0% | 1.9% | 4.3% | 5.2% | 4.0% |
| Revenue growth, latest quarter | — | 8.9% | 15.2% | 7.9% | 42.6% | 6.2% | 9.1% |
| Gross margin | 28.6% | 35.4% | 45.5% | 52.0% | 41.2% | 47.6% | 35.2% |
| Operating margin | 6.7% | 12.4% | 24.4% | 26.8% | 20.1% | 21.2% | 13.1% |
| Operating margin, 3-year average | — | 12.4% | 23.0% | 27.5% | 11.9% | 20.8% | 13.7% |
| Net margin | 2.4% | 8.8% | 17.5% | 22.4% | 14.5% | 16.1% | 8.9% |
| Cash from operations / revenue | 15.1% | 10.8% | 24.0% | 28.6% | −0.2% | 20.9% | 11.9% |
| Free-cash-flow margin | 14.0% | 8.5% | 19.7% | 26.0% | −3.4% | 18.2% | 8.8% |
| Free-cash-flow margin, 3-year average | — | 9.8% | 17.8% | 25.4% | 3.6% | 16.9% | 9.8% |
| Stock pay / revenue | 0.2% | 0.6% | 1.7% | 1.4% | 1.5% | 1.0% | 0.8% |
| Change in share count | 0.2% | −2.6% | 0.7% | −2.4% | −0.6% | −1.1% | −0.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 18.1% | 8.3% | 17 of 75 |
| Change in growth rate Growth | +37.1pp | +1.2pp | 3 of 75 |
| Gross margin Profitability | 28.6% | 35.4% | 50 of 70 |
| Operating margin Profitability | 6.7% | 13.0% | 49 of 75 |
| Net margin Profitability | 2.4% | 8.9% | 53 of 76 |
| Free-cash-flow margin Cash generation | 14.0% | 9.1% | 20 of 76 |
| Stock pay as % of revenue Cash generation | 0.2% | 0.8% | 2 of 70 |
| Long-term debt as % of assets Balance sheet | 29.4% | 23.4% | 41 of 59 |
| Change in share count Balance sheet | 0.2% | -0.0% | 43 of 73 |
| Days sales outstanding Balance sheet | 64 days | 63 days | 34 of 65 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Mason Capital Management LLC | $472M | 16.4M | 19.9% | 0.0% |
| Royal Bank Of Canada | $227M | 7.9M | 9.6% | ▲ 1.5% |
| Edgepoint Investment Group Inc. | $202M | 7.0M | 8.5% | ▼ 2.3% |
| Beutel, Goodman & Co Ltd. | $138M | 4.8M | 5.8% | ▼ 12.1% |
| Turtle Creek Asset Management Inc. | $88.8M | 3.1M | 3.7% | ▼ 37.0% |
| Bank Of Montreal | $88.2M | 3.1M | 3.7% | ▼ 1.7% |
| FMR LLC | $83.7M | 2.9M | 3.5% | ▲ 27.6% |
| Fairfax Financial Holdings Ltd/ Can | $70.5M | 2.5M | 3.0% | 0.0% |
| Vanguard Capital Management LLC | $69.1M | 2.4M | 2.9% | ▲ 1.3% |
| Jupiter Topco LLC | $66.9M | 2.3M | 2.8% | — |
| Hill City Capital, LP | $47.5M | 1.6M | 2.0% | 0.0% |
| TD Waterhouse Canada Inc. | $47.4M | 1.7M | 2.0% | ▲ 3.0% |
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 ATS Corp's complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| 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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