ATI vs StandardAero
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The short version
- StandardAero is the larger business, with $6.1B of revenue in fiscal 2025 against $4.6B for ATI.
- StandardAero grew revenue faster (15.8%, against 5.2%).
- ATI kept more of each dollar of sales as operating profit (14.0% operating margin, against 9.1%).
- ATI turned more of its sales into free cash flow (7.3% FCF margin, against 3.9%).
- ATI earned a higher return on the capital invested in it (16.7%, against 8.9%).
- Investors pay more for each dollar of ATI’s earnings: a P/E of 46.0x against 22.5x for StandardAero.
| Latest fiscal year | ATI · FY25 | SARO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.7B | $7.2B |
| Revenue | $4.6B | $6.1B |
| Free cash flow | $334M | $234M |
| Net income | $404M | $277M |
| Growth | ||
| Revenue growth | 5.2% | 15.8% |
| 5-year growth | 9.0% | — |
| Share count change | −3.3% | 15.4% |
| Profitability | ||
| Gross margin | 22.0% | 14.8% |
| Operating margin | 14.0% | 9.1% |
| Net margin | 8.8% | 4.6% |
| FCF margin | 7.3% | 3.9% |
| Return on capital | 16.7% | 8.9% |
| Return on equity | 22.1% | 11.0% |
| Balance sheet | ||
| Net debt | $1.3B | $1.9B |
| Net debt / EBITDA | 1.6x | 2.6x |
| Dividends and buybacks | $470M | $0.0M |
| Valuation & quality | ||
| P/E | 46.0x | 22.5x |
| Piotroski F-score | 9 | 8 |
Revenue
FY16
ATI $3.1B
SARO —
FY17
ATI $3.5B
SARO —
FY18
ATI $4.0B
SARO —
FY19
ATI $4.1B
SARO —
FY20
ATI $3.0B
SARO —
FY21
ATI $2.8B
SARO —
FY22
ATI $3.8B
SARO $4.2B
FY23
ATI $4.2B
SARO $4.6B
FY24
ATI $4.4B
SARO $5.2B
FY25
ATI $4.6B
SARO $6.1B
ATI
SARO
Operating margin
FY16
ATI −17.3%
SARO —
FY17
ATI 3.8%
SARO —
FY18
ATI 9.0%
SARO —
FY19
ATI 8.9%
SARO —
FY20
ATI −43.7%
SARO —
FY21
ATI 4.2%
SARO —
FY22
ATI 7.5%
SARO 6.3%
FY23
ATI 11.2%
SARO 7.4%
FY24
ATI 14.0%
SARO 7.7%
FY25
ATI 14.0%
SARO 9.1%
ATI
SARO
Free cash flow
FY16
ATI −$246M
SARO —
FY17
ATI −$100M
SARO —
FY18
ATI $254M
SARO —
FY19
ATI $61.9M
SARO —
FY20
ATI $30.4M
SARO —
FY21
ATI −$137M
SARO —
FY22
ATI $94.0M
SARO −$14.0M
FY23
ATI −$115M
SARO $12.8M
FY24
ATI $168M
SARO −$26.6M
FY25
ATI $334M
SARO $234M
ATI
SARO
Return on capital
FY16
ATI −13.1%
SARO —
FY17
ATI 3.4%
SARO —
FY18
ATI 10.9%
SARO —
FY19
ATI 11.8%
SARO —
FY20
ATI −44.4%
SARO —
FY21
ATI 3.5%
SARO —
FY22
ATI 12.6%
SARO —
FY23
ATI 18.1%
SARO —
FY24
ATI 16.4%
SARO 4.6%
FY25
ATI 16.7%
SARO 8.9%
ATI
SARO
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.