ATI vs Parsons
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The short version
- Parsons is the larger business, with $6.4B of revenue in fiscal 2025 against $4.6B for ATI.
- ATI grew revenue faster (5.2%, against −5.7%).
- ATI kept more of each dollar of sales as operating profit (14.0% operating margin, against 6.6%).
- ATI turned more of its sales into free cash flow (7.3% FCF margin, against 6.5%).
- ATI earned a higher return on the capital invested in it (16.7%, against 9.8%).
- Investors pay more for each dollar of ATI’s earnings: a P/E of 46.0x against 23.5x for Parsons.
| Latest fiscal year | ATI · FY25 | PSN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.7B | $5.3B |
| Revenue | $4.6B | $6.4B |
| Free cash flow | $334M | $410M |
| Net income | $404M | $241M |
| Growth | ||
| Revenue growth | 5.2% | −5.7% |
| 5-year growth | 9.0% | 10.2% |
| Share count change | −3.3% | −2.2% |
| Profitability | ||
| Gross margin | 22.0% | 22.5% |
| Operating margin | 14.0% | 6.6% |
| Net margin | 8.8% | 3.8% |
| FCF margin | 7.3% | 6.5% |
| Return on capital | 16.7% | 9.8% |
| Return on equity | 22.1% | 9.5% |
| Balance sheet | ||
| Net debt | $1.3B | $781M |
| Net debt / EBITDA | 1.6x | 1.5x |
| Dividends and buybacks | $470M | $125M |
| Valuation & quality | ||
| P/E | 46.0x | 23.5x |
| Piotroski F-score | 9 | 7 |
Revenue
FY16
ATI $3.1B
PSN —
FY17
ATI $3.5B
PSN $3.0B
FY18
ATI $4.0B
PSN $3.6B
FY19
ATI $4.1B
PSN $4.0B
FY20
ATI $3.0B
PSN $3.9B
FY21
ATI $2.8B
PSN $3.7B
FY22
ATI $3.8B
PSN $4.2B
FY23
ATI $4.2B
PSN $5.4B
FY24
ATI $4.4B
PSN $6.8B
FY25
ATI $4.6B
PSN $6.4B
ATI
PSN
Operating margin
FY16
ATI −17.3%
PSN —
FY17
ATI 3.8%
PSN 5.0%
FY18
ATI 9.0%
PSN 5.8%
FY19
ATI 8.9%
PSN 2.3%
FY20
ATI −43.7%
PSN 4.5%
FY21
ATI 4.2%
PSN 3.6%
FY22
ATI 7.5%
PSN 4.4%
FY23
ATI 11.2%
PSN 5.3%
FY24
ATI 14.0%
PSN 6.3%
FY25
ATI 14.0%
PSN 6.6%
ATI
PSN
Free cash flow
FY16
ATI −$246M
PSN —
FY17
ATI −$100M
PSN $237M
FY18
ATI $254M
PSN $255M
FY19
ATI $61.9M
PSN $153M
FY20
ATI $30.4M
PSN $255M
FY21
ATI −$137M
PSN $184M
FY22
ATI $94.0M
PSN $207M
FY23
ATI −$115M
PSN $367M
FY24
ATI $168M
PSN $474M
FY25
ATI $334M
PSN $410M
ATI
PSN
Return on capital
FY16
ATI −13.1%
PSN —
FY17
ATI 3.4%
PSN —
FY18
ATI 10.9%
PSN —
FY19
ATI 11.8%
PSN 19.2%
FY20
ATI −44.4%
PSN 7.2%
FY21
ATI 3.5%
PSN 5.1%
FY22
ATI 12.6%
PSN 5.9%
FY23
ATI 18.1%
PSN 8.4%
FY24
ATI 16.4%
PSN 10.9%
FY25
ATI 16.7%
PSN 9.8%
ATI
PSN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.