ATI vs StandardAero
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KIRAβs take AI analyst
I put ATI and StandardAero side by side, using each oneβs latest annual report. Here is what stands out:
- 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 ATIβs earnings: a P/E of 48.3x against 23.1x for StandardAero.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
ATI
ATI
9/10
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
StandardAero
SARO
1/10
Revenue growth
Side by side
Best in the row
| Latest fiscal year | ATI FY25 | SARO FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.8B | $7.5B |
| 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% | β |
| Share count change | β3.3% | 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 | 48.3x | 23.1x |
| Piotroski F-score | 9 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.