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ATI

ATI NYSE Aerospace & Defense Financials FY2016–FY2025

ATI's revenue rose 5.2% to $4.6 billion in fiscal 2025. Its operating margin was 14.0%, about the same as 14.0% a year earlier. Free cash flow was $334 million, up 98.5%. It paid out $470 million in dividends and buybacks, 141% of free cash flow. The diluted share count fell 3.3%.

Last close · Oct 23, 2026

$156.88

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$4.6B
5.2% vs prior year
Operating margin Operating income as a share of revenue.
14.0%
0.0 pts
Net income Profit after all expenses, interest and tax.
$404M
9.9%
Free cash flow Cash from operations minus capital spending.
$334M
98.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.7%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$21.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.0x
On $3.41 EPS (TTM)

What ATI does

No business description yet.

Legal name
ATI Inc.
Fiscal year ends
December 28, 2025
Latest annual report
—
Accession · CIK
0001628280-26-010140
0001018963

Revenue and margins

ATI had $4.6B of revenue in fiscal 2025, up 5.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $334M in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ATI returned $470M to shareholders in fiscal 2025, 141% of free cash flow. The diluted share count fell 3.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ATI yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.3B and divides by 141.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 46.0x · peers 26.2x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably ATI can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $688M$584M$744M$721M$417M
Debt incl. finance leases $1.7B$1.7B$2.1B$1.7B$1.7B
Net debt / EBITDA 3.9x2.6x2.3x1.3x1.6x
Debt / equity 2.5x1.6x1.6x0.9x1.0x
Interest coverage 1.2x3.1x5.0x5.6x5.8x
Current ratio 2.7x2.6x2.8x2.4x2.7x
Quick ratio 1.5x1.3x1.5x1.3x1.3x
Total assets $4.3B$4.4B$5.0B$5.2B$5.1B
Total liabilities $3.5B$3.3B$3.5B$3.3B$3.2B
Shareholders' equity $686M$1.0B$1.4B$1.9B$1.8B
Net debt (− = net cash) $1.0B$1.1B$1.4B$994M$1.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$39.0M

3 insiders

Of sales under plans

99%

$38.5M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 Timothy J HarrisSenior VP and CDIO Sold plan 9,000 $191.82 $1.7M Form 4
Sep 14, 2026 Timothy J HarrisSenior VP and CDIO Sold plan 16,500 $193.06 $3.2M Form 4
Sep 8, 2026 Timothy J HarrisSenior VP and CDIO Sold plan 16,500 $207.54 $3.4M Form 4
Sep 2, 2026 David J MorehouseDirector Sold 2,485 $201.61 $0.5M Form 4
Aug 31, 2026 Timothy J HarrisSenior VP and CDIO Sold plan 16,500 $210.01 $3.5M Form 4
Aug 24, 2026 Timothy J HarrisSenior VP and CDIO Sold plan 16,500 $206.92 $3.4M Form 4
Aug 17, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 24,845 $231.19 $5.7M Form 4
Jul 28, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 31,757 $190.99 $6.1M Form 4
Jul 7, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 40,000 $182.91 $7.3M Form 4
Jun 24, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 3,783 $197.21 $0.7M Form 4
Jun 23, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 3,641 $197.48 $0.7M Form 4
Jun 22, 2026 Kimberly A FieldsChair, President and CEO, Director Sold plan 13,269 $202.48 $2.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 96 / 99 / 9
Accruals ratio 6.9%−0.8%−4.1%
Altman Z'' 3.343.633.93

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ATI ATI $21.7B 5.2% 14.0% 7.3% 16.7% 46.0x 9
Moog MOG-A $11.0B 7.0% 11.7% 3.3% 11.7% 29.0x 7 Compare →
Curtiss-Wright CW $17.2B 12.1% 18.1% 15.8% 15.9% 32.0x 8 Compare →
StandardAero SARO $7.2B 15.8% 9.1% 3.9% 8.9% 22.5x 8 Compare →
Parsons PSN $5.3B −5.7% 6.6% 6.5% 9.8% 23.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.1B $3.5B $4.0B $4.1B $3.0B $2.8B $3.8B $4.2B $4.4B $4.6B
Gross profit $223M $497M $630M $638M $293M $333M $714M $803M $898M $1.0B
Research and development $14.7M $13.3M $22.7M $17.8M $14.1M $16.5M $16.3M $20.7M $19.6M $21.3M
Operating income −$542M $135M $362M $366M −$1.3B $118M $287M $466M $609M $641M
Interest expense $125M $135M $102M $105M $96.1M $97.6M $92.1M $92.8M $108M $111M
Pretax income −$734M −$86.5M $248M $237M −$1.5B $10.6M $162M $295M $486M $522M
Income tax −$107M −$6.8M $11.0M −$28.5M $77.7M $26.8M $15.5M −$128M $103M $104M
Net income −$641M −$91.9M $222M $253M −$1.6B −$38.2M $131M $411M $368M $404M
Diluted EPS −$5.97 −$0.83 $1.61 $1.81 −$12.43 −$0.30 $0.96 $2.81 $2.55 $2.85
Diluted shares 0.11B 0.11B 0.15B 0.15B 0.13B 0.13B 0.15B 0.15B 0.15B 0.14B
Cash flow
Cash from operations −$43.7M $22.4M $393M $230M $167M $16.1M $225M $85.9M $407M $614M
Capital expenditure $202M $123M $139M $168M $137M $153M $131M $201M $239M $281M
Free cash flow −$246M −$100M $254M $61.9M $30.4M −$137M $94.0M −$115M $168M $334M
Depreciation and amortization $170M $161M $156M $151M $143M $144M $143M $146M $152M $168M
Stock-based compensation — — — — $2.9M $21.1M $26.0M $29.1M $34.1M $29.0M
Acquisitions $0.0M $0.0M $10.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $140M $85.2M $260M $470M
Dividends paid $25.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $25.8M $0.0M $0.0M $0.0M $0.0M $0.0M $140M $85.2M $260M $470M
Balance sheet
Cash and short-term investments $230M $142M $382M $491M $646M $688M $584M $744M $721M $417M
Total debt $1.8B $1.5B $1.5B $1.4B $1.6B $1.7B $1.7B $2.1B $1.7B $1.7B
Finance lease liabilities $0.0M $0.0M $0.0M $14.5M $46.4M $84.6M $78.8M $102M $109M $110M
Current assets $1.8B $1.9B $2.2B $2.3B $2.1B $2.3B $2.5B $2.7B $2.9B $2.7B
Current liabilities $709M $713M $837M $849M $653M $856M $964M $977M $1.2B $1.0B
Inventory $1.0B $1.2B $1.2B $1.2B $997M $1.0B $1.2B $1.2B $1.4B $1.4B
Property and equipment, net $2.5B $2.5B $2.5B $2.5B $1.5B $1.5B $1.5B $1.7B $1.8B $1.9B
Total assets $5.2B $5.2B $5.5B $5.6B $4.0B $4.3B $4.4B $5.0B $5.2B $5.1B
Total liabilities $3.7B $3.3B $3.5B $3.4B $3.4B $3.5B $3.3B $3.5B $3.3B $3.2B
Shareholders' equity $1.4B $1.7B $1.9B $2.1B $521M $686M $1.0B $1.4B $1.9B $1.8B
Margins
Gross margin 7.1% 14.1% 15.6% 15.5% 9.8% 11.9% 18.6% 19.2% 20.6% 22.0%
Operating margin −17.3% 3.8% 9.0% 8.9% −43.7% 4.2% 7.5% 11.2% 14.0% 14.0%
EBITDA margin −11.9% 8.4% 12.8% 12.6% −38.9% 9.3% 11.2% 14.7% 17.4% 17.6%
Net margin −20.5% −2.6% 5.5% 6.1% −52.7% −1.4% 3.4% 9.8% 8.4% 8.8%
FCF margin −7.8% −2.9% 6.3% 1.5% 1.0% −4.9% 2.5% −2.8% 3.9% 7.3%
Returns
Return on capital −13.1% 3.4% 10.9% 11.8% −44.4% 3.5% 12.6% 18.1% 16.4% 16.7%
Return on capital employed −11.4% 3.0% 7.9% 7.8% −31.9% 3.5% 8.3% 12.5% 15.2% 15.8%
Return on equity −37.3% −5.9% 12.3% 12.7% −120.5% −6.3% 15.1% 34.0% 22.8% 22.1%
Return on assets −11.7% −1.8% 4.2% 4.5% −32.5% −0.9% 3.0% 8.7% 7.2% 7.8%
Growth
Revenue growth −15.7% 12.5% 14.8% 1.9% −27.7% −6.1% 37.0% 8.8% 4.5% 5.2%
Net income growth — — — 13.5% −722.8% — — 213.8% −10.5% 9.9%
EPS growth — — — 12.4% −786.7% — — 192.7% −9.3% 11.8%
FCF growth — — — −75.6% −50.9% −549.0% — −222.1% — 98.5%
Share count change 0.0% 2.6% 32.5% 0.4% −13.7% 0.5% 19.0% −0.8% −2.3% −3.3%
Financial health
Net debt / EBITDA — 4.7x 2.2x 1.7x — 3.9x 2.6x 2.3x 1.3x 1.6x
Debt / equity 1.3x 0.9x 0.8x 0.7x 3.0x 2.5x 1.6x 1.6x 0.9x 1.0x
Interest coverage −4.3x 1.0x 3.6x 3.5x −13.6x 1.2x 3.1x 5.0x 5.6x 5.8x
Current ratio 2.5x 2.7x 2.7x 2.7x 3.2x 2.7x 2.6x 2.8x 2.4x 2.7x
Quick ratio 1.0x 1.0x 1.2x 1.4x 1.6x 1.5x 1.3x 1.5x 1.3x 1.3x
Capital allocation
Capex / revenue 6.5% 3.5% 3.4% 4.1% 4.6% 5.5% 3.4% 4.8% 5.5% 6.1%
Stock comp / revenue — — — — 0.1% 0.8% 0.7% 0.7% 0.8% 0.6%
Payouts / FCF — — 0.0% 0.0% 0.0% — 148.8% — 154.7% 140.9%
Quality scores
Piotroski F-score 3.0 7.0 7.0 5.0 4.0 5.0 7.0 7.0 6.0 9.0
Altman Z'' 1.9 3.0 3.6 3.8 0.4 2.7 3.2 3.3 3.6 3.9
Accruals ratio −10.9% −2.2% −3.2% 0.4% −36.0% −1.3% −2.2% 6.9% −0.8% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0001018963). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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