ATI Inc.

Steel Pipe & Tubes

ATIStrong8 of 10 basics passed

$191.84

+1.97%

Market cap $26.1B

$191.84

+1.97%

Market cap $26.1B

ATI Inc supplies specialty metals to various end markets, including aerospace and defense, oil and gas, automotive, and electrical energy, among many others. The company's operating segment includes High-Performance Materials and Components and Advanced Alloys and Solutions.

It is a $26.1B industrial company. Revenue grew 4.6% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 54.9× earnings — around the middle of its own history.

Website: atimaterials.com
Location: Dallas, TX
Employees: 7 600
Sector: Industrials
Founded: 1925

Share price · 3 years

$40.78 → $191.84+370.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $4.72B
Profit: keeps 10¢ of every $1 sold; $476M
Free cash flow: cash left after running the business; $526M
Net debt: debt minus cash on hand; $1.33B
P/E: years of profit in the price; 54.9
EPS: earnings per share, TTM; $3.35
Shares: up 11% since 2016 — dilution; 141.9M
Volatility: beta vs the market — under 1 swings less; 1.06

Revenue, last 10 years

52-week range

Low $80.04$191.84High $231.78

Today's price is 74% of the way from the year's low to its high.

P/E vs its history5y

54.9×median 29.1×

Higher than 65% of past days — around the middle of its own history.

Valuation vs own history

P/E

54.9×

35%

P/S

5.5×

EV/EBITDA

36.8×

12%

P/B

13.1×

FCF yield

2.0%

64%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$27.5Mnet selling

Purchases$0

Sales$27.5M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$26.1Btop 39%
Revenue growth+6%top 37%
Net margin10%top 50%
Return on equity27%top 30%
P/E54.9×top 92%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability, health and quality; Valuation, Growth and Moat lag behind.

Valuation27

P/E vs own history65th pct · 5/25
FCF yield2.0% · 5/25
P/S5.5x · 12/25
EV/EBITDA30.9x · 5/25

Growth45

Revenue CAGR13.1% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth46.4% · 25/25

Profitability77

ROIC12.9% · 12/25
ROE26.6% · 25/25
Net margin10.1% · 20/25
Operating margin15.2% · 20/25

Health80

Altman Z5.40 · 25/25
Current ratio2.33 · 25/25
Interest coverage6.3x · 18/25
Net cash / debtD/A 26% · 12/25

Quality87

Piotroski F9/9 · 25/25
Beneish M-2.81 · 25/25
FCF conversion111% · 25/25
Margin stabilityσ 12.0% · 12/25

Moat16

ROIC >12% years4/10 yrs · 6/25
Median gross margin15.5% · 0/25
FCF-positive years6/10 yrs · 10/25
Worst-year net marginworst -52.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$411M net income
FY2018Financial
Turned profitable
$222M net income after a loss year
FY2016Financial
Revenue already above $1B
$3.13B in first reported year
1925Founded
Established in 1925 to serve as a national center for depositing and distributing microbiological specimens, ATCC…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$116 904 today — price return only

$4.6B revenue in FY2025

Profitable 4 years in a row

7 600 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 6.3× by operating earnings
Piotroski F-Score 9/9 — fundamentally strong checklist
Altman Z-Score 5.40 — low bankruptcy-risk zone

Watch-outs

Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+4.6% YoY
Profitable — makes more than it spends$476M TTM
Profit growing — earnings are higher than last year+48.8% YoY
Generates cash — cash left after running and investing$526M TTM
Debt under control — could handle its obligations~2.5y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$26.1B market cap
Not printing shares — share count not ballooning — you keep your slice+12.1% shares over ~5y
Proven track record — years of profitability behind it6/10 profitable years
Financially stable — balance sheet not near distressAltman Z 5.4 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 54.9

Peer comparisonATI Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ATI this company	$26.1B	54.9	+4.6%	10.1%	Strong
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: ATI vs LRCX · ATI vs CAT · ATI vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 10Hold 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.72B · net income $476M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$4.72B

YoY 4.6%

Net income (TTM)

$476M

Margin 10.1%

Gross margin

24.2%

Operating margin

15.2%

P/E ratio

54.9

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.0	2.8	3.8	4.2	4.4	4.6
Gross profit	0.3	0.3	0.7	0.8	0.9	1.0
Operating income (EBIT)	-1.3	0.4	0.3	0.5	0.6	0.6
Net income	-1.6	-0.0	0.1	0.4	0.4	0.4
EPS (diluted)	-12.43	-0.30	0.90	2.81	2.00	2.85

Cash flowFree cash flow $526M · operating cash flow $805M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$526M

Margin 11.2%

Operating cash flow (TTM)

$805M

FCF margin

11.2%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.0	0.2	0.1	0.4	0.6
Capital expenditure	-0.1	-0.2	-0.1	-0.2	-0.2	-0.3
Free cash flow	0.0	-0.1	0.1	-0.1	0.2	0.3
FCF margin	1.0%	-4.9%	2.5%	-2.8%	3.9%	7.3%

Balance sheetAssets $5.10B · net debt $1.33B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $5.10B of assets is financed

64%

36%

Liabilities $3.18B — borrowed moneyEquity $1.80B — owners' stake

Cash vs debt

Total debt $1.75B − cash $417M = net debt $1.33B

Cash on hand covers 24% of debt.

Altman Z-Score

5.40

Safe zone

Debt repayment

2.7 yrs

Years of free cash flow to clear net debt

Interest coverage

6.3x

EBIT ÷ interest expense

ROE

26.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.7	0.6	0.7	0.7	0.4
Total assets	4.0	4.3	4.4	5.0	5.2	5.1
Total liabilities	3.4	3.5	3.3	3.5	3.3	3.2
Total debt	1.6	1.8	1.7	2.2	1.9	1.7
Equity	0.5	0.7	1.0	1.4	1.9	1.8
Net debt	0.9	1.2	1.2	1.4	1.2	1.3

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ATI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $191.84 · market cap $26.1B.