Detailed financial statements for ATI Inc. (ATI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Globally, ATI Inc. stands as a premier manufacturer and supplier of specialized materials and complex components. The enterprise's operations are strategically divided into two primary divisions: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S).
Analysis Summary
ATI Inc. reported revenue of $4.59B in the most recent fiscal year, growing at a 5-year CAGR of 9.0%.
Trailing-twelve-month margins: gross margin 24.5%, operating margin 16.6%, net margin 11.1%. Free cash flow grew at 61.5% CAGR over 5 years.
At $165.59 (closing price, October 30, 2026), ATI trades at a P/E of 41.40 and an ROE of 29.80%. Market capitalisation stands at $22.5B, placing it among large-cap names.
Balance sheet quality for ATI: current ratio of 2.7, net debt of $1.53B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $333.7M represents 83% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.13B | $3.53B | $4.05B | $4.12B | $2.98B | $2.80B | $3.84B | $4.17B | $4.36B | $4.59B |
| Cost of Revenue | $2.90B | $3.03B | $3.42B | $3.48B | $2.69B | $2.47B | $3.12B | $3.35B | $3.45B | $3.59B |
| Gross Profit | $234.1M | $497.0M | $630.3M | $638.0M | $292.8M | $334.0M | $714.2M | $826.3M | $913.5M | $999.8M |
| Research & Development | $16.9M | $14.7M | $24.9M | $20.2M | $14.8M | $20.0M | $17.7M | $22.1M | $22.1M | $21.3M |
| Selling, General & Admin | $310.1M | $302.3M | $302.1M | $340.8M | $245.7M | $33.1M | $159.1M | $407.8M | $368.6M | $343.8M |
| Operating Expenses | $775.9M | $362.4M | $268.2M | $271.7M | $1.60B | $216.4M | $398.1M | $359.9M | $304.6M | $365.1M |
| Operating Income | -$541.8M | $134.6M | $362.1M | $366.3M | -$1.30B | $117.6M | $316.1M | $466.4M | $608.9M | $634.7M |
| EBITDA | $93.0M | $355.5M | $484.6M | $448.3M | $190.4M | $511.0M | $698.0M | $564.6M | $696.4M | $801.1M |
| Interest Expense | $124.0M | $133.8M | $101.0M | $104.9M | $96.1M | $96.9M | $92.1M | $105.8M | $124.2M | $110.7M |
| Pre-tax Income | -$734.0M | -$86.5M | $247.7M | $236.5M | -$1.48B | $233.4M | $354.6M | $295.2M | $486.1M | $522.3M |
| Income Tax | -$106.9M | -$6.8M | $11.0M | -$28.5M | $77.7M | $26.8M | $15.5M | -$128.2M | $103.4M | $103.7M |
| Net Income | -$640.9M | -$91.9M | $222.4M | $252.5M | -$1.57B | $184.6M | $323.5M | $410.8M | $367.8M | $404.3M |
| EPS | $-5.97 | $-0.83 | $1.78 | $2.01 | $-12.43 | $1.45 | $2.54 | $3.21 | $2.82 | $2.92 |
| EPS (Diluted) | $-5.97 | $-0.83 | $1.61 | $1.81 | $-12.43 | $1.31 | $2.23 | $2.81 | $2.55 | $2.85 |
| Shares Outstanding (Diluted) | 107.3 M | 110.1 M | 145.9 M | 146.5 M | 126.5 M | 127.1 M | 151.2 M | 150.0 M | 146.8 M | 141.8 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.18B | $1.15B | $1.26B | $1.42B |
| Gross Profit | $273.2M | $262.9M | $309.8M | $380.2M |
| Operating Income | $170.5M | $170.8M | $220.0M | $271.9M |
| EBITDA | $190.1M | $205.3M | $260.8M | $312.3M |
| Net Income | $96.6M | $118.2M | $151.0M | $189.8M |
| EPS | $0.71 | $0.87 | $1.11 | $1.39 |
| EPS (Diluted) | $0.69 | $0.85 | $1.09 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $229.6M | $141.6M | $382.0M | $490.8M | $645.9M | $687.7M | $584.0M | $743.9M | $721.2M | $416.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $452.1M | $545.3M | $579.0M | $592.6M | $384.7M | $523.9M | $643.3M | $684.1M | $784.8M | $758.9M |
| Inventory | $1.04B | $1.18B | $1.21B | $1.16B | $997.1M | $1.05B | $1.20B | $1.25B | $1.35B | $1.40B |
| Total Current Assets | $1.77B | $1.92B | $2.25B | $2.30B | $2.07B | $2.31B | $2.48B | $2.74B | $2.94B | $2.68B |
| Property, Plant & Equipment | $2.50B | $2.50B | $2.48B | $2.45B | $1.47B | $1.53B | $1.55B | $1.67B | $1.78B | $1.94B |
| Goodwill | $641.9M | $531.4M | $534.7M | $525.8M | $240.7M | $227.9M | $227.2M | $227.2M | $227.2M | $225.2M |
| Intangible Assets | 0 | 0 | 0 | 0 | $87.9M | $65.9M | 0 | 0 | $43.7M | $35.9M |
| Total Assets | $5.17B | $5.19B | $5.50B | $5.63B | $4.03B | $4.29B | $4.45B | $4.99B | $5.23B | $5.10B |
| Accounts Payable | $294.3M | $420.1M | $498.8M | $521.2M | $290.6M | $375.5M | $553.3M | $524.8M | $609.1M | $568.2M |
| Short-term Debt | $105.1M | $10.1M | $6.6M | $11.5M | $17.8M | $131.3M | $41.7M | $31.9M | $180.4M | $53.4M |
| Total Current Liabilities | $708.7M | $712.6M | $836.9M | $849.2M | $653.3M | $856.4M | $963.9M | $977.1M | $1.21B | $1.01B |
| Long-term Debt | $1.77B | $1.53B | $1.54B | $1.39B | $1.55B | $1.71B | $1.71B | $2.15B | $1.71B | $1.81B |
| Total Liabilities | $3.73B | $3.34B | $3.51B | $3.44B | $3.39B | $3.45B | $3.29B | $3.50B | $3.28B | $3.18B |
| Retained Earnings | $1.28B | $1.18B | $1.42B | $1.68B | $106.5M | $72.7M | -$480.9M | -$70.1M | $64.3M | $468.7M |
| Total Equity | $1.36B | $1.74B | $1.89B | $2.09B | $521.1M | $685.6M | $1.05B | $1.37B | $1.85B | $1.80B |
| Total Debt | $1.88B | $1.54B | $1.54B | $1.40B | $1.57B | $1.84B | $1.75B | $2.18B | $1.90B | $1.95B |
| Net Debt | $1.65B | $1.40B | $1.16B | $908.1M | $921.9M | $1.16B | $1.16B | $1.44B | $1.17B | $1.53B |
| Working Capital | $1.06B | $1.20B | $1.41B | $1.45B | $1.41B | $1.45B | $1.51B | $1.76B | $1.74B | $1.67B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $372.2M | $416.7M | $401.7M | $783.0M |
| Total Assets | $5.00B | $5.10B | $5.23B | $5.74B |
| Total Liabilities | $3.18B | $3.18B | $3.35B | $3.74B |
| Total Equity | $1.71B | $1.80B | $1.77B | $1.88B |
| Total Debt | $1.91B | $1.95B | $1.83B | $2.19B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$627.1M | -$79.7M | $236.7M | $265.0M | -$1.56B | $206.6M | $339.1M | $423.4M | $382.7M | $418.6M |
| Depreciation & Amortization | $170.3M | $160.8M | $156.4M | $151.1M | $143.3M | $143.9M | $142.9M | $146.1M | $151.5M | $168.1M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $2.9M | $21.1M | $26.0M | $29.1M | $34.1M | $29.0M |
| Change in Working Capital | $61.6M | -$208.2M | $14.7M | -$94.6M | $163.3M | -$405.3M | -$394.3M | -$377.5M | -$178.9M | -$52.7M |
| Operating Cash Flow | -$43.7M | $22.4M | $392.8M | $230.1M | $166.9M | $16.1M | $224.9M | $85.9M | $407.2M | $614.3M |
| Capital Expenditure | -$202.2M | -$122.7M | -$139.2M | -$168.2M | -$136.5M | -$152.6M | -$130.9M | -$200.7M | -$239.1M | -$280.6M |
| Acquisitions | 0 | 0 | -$10.0M | $158.1M | 0 | $53.1M | $300,000 | -$300,000 | $48.0M | $26.8M |
| Stock Repurchased | 0 | -$4.8M | -$6.5M | -$9.9M | -$7.8M | -$4.8M | -$145.6M | -$96.4M | -$286.0M | -$504.1M |
| Dividends Paid | -$25.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$245.9M | -$100.3M | $253.6M | $61.9M | $30.4M | -$136.5M | $94.0M | -$114.8M | $168.1M | $333.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $229.5M | $315.8M | $128.2M | $131.8M |
| Capital Expenditure | -$62.5M | -$92.7M | -$55.2M | -$68.6M |
| Free Cash Flow | $167.0M | $223.1M | $73.0M | $63.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.7M | $6.7M | $6.4M | $7.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.5% | +14.8% | +1.9% | -27.7% | -6.1% | +37.0% | +8.8% | +4.5% | +5.2% | |
| Net Income Growth (YoY) | +85.7% | +342.0% | +13.5% | -722.8% | +111.7% | +75.2% | +27.0% | -10.5% | +9.9% | |
| EPS Growth (YoY) | +86.1% | +314.5% | +12.9% | -718.4% | +111.7% | +75.2% | +26.4% | -12.1% | +3.5% | |
| Shares Change (YoY) | +2.6% | +32.5% | +0.4% | -13.7% | +0.5% | +19.0% | -0.8% | -2.1% | -3.4% | |
| FCF Growth (YoY) | +59.2% | +352.8% | -75.6% | -50.9% | -549.0% | +168.9% | -222.1% | +246.4% | +98.5% | |
| Gross Margin | 7.5% | 14.1% | 15.6% | 15.5% | 9.8% | 11.9% | 18.6% | 19.8% | 20.9% | 21.8% |
| Operating Margin | -17.3% | 3.8% | 8.9% | 8.9% | -43.7% | 4.2% | 8.2% | 11.2% | 14.0% | 13.8% |
| EBITDA Margin | 3.0% | 10.1% | 12.0% | 10.9% | 6.4% | 18.3% | 18.2% | 13.5% | 16.0% | 17.5% |
| Net Margin | -20.4% | -2.6% | 5.5% | 6.1% | -52.7% | 6.6% | 8.4% | 9.8% | 8.4% | 8.8% |
| FCF Margin | -7.8% | -2.8% | 6.3% | 1.5% | 1.0% | -4.9% | 2.5% | -2.8% | 3.9% | 7.3% |
| Effective Tax Rate | 14.6% | 7.9% | 4.4% | -12.1% | -5.2% | 11.5% | 4.4% | -43.4% | 21.3% | 19.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.29 | $-0.91 | $1.74 | $0.42 | $0.24 | $-1.07 | $0.62 | $-0.77 | $1.15 | $2.35 |
| Dividends Per Share | $0.24 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 107.3 M | 110.1 M | 145.9 M | 125.8 M | 126.5 M | 127.1 M | 127.5 M | 128.1 M | 130.4 M | 138.6 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 29.80% |
| Return on Invested Capital | 15.04% |
| Return on Assets | 9.98% |
| Gross Margin | 24.46% |
| Operating Margin | 16.62% |
| Net Margin | 11.08% |
Financial Health
| Debt / Equity | 0.93 |
| Current Ratio | 2.77 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.67 | -29.08 | 12.23 | 10.28 | -1.35 | 10.99 | 11.76 | 14.17 | 19.46 | 39.94 |
| P/B | 1.26 | 1.53 | 1.68 | 1.24 | 4.07 | 2.95 | 3.64 | 4.24 | 3.87 | 8.96 |
| P/S | 0.55 | 0.75 | 0.78 | 0.63 | 0.71 | 0.72 | 0.99 | 1.40 | 1.64 | 3.52 |
| Gross Margin | 7.5% | 14.1% | 15.6% | 15.5% | 9.8% | 11.9% | 18.6% | 19.8% | 20.9% | 21.8% |
| Operating Margin | -17.3% | 3.8% | 8.9% | 8.9% | -43.7% | 4.2% | 8.2% | 11.2% | 14.0% | 13.8% |
| Net Margin | -20.4% | -2.6% | 5.5% | 6.1% | -52.7% | 6.6% | 8.4% | 9.8% | 8.4% | 8.8% |
Related companies: HWM · CRS · HXL · CSTM · MTRN · DPC
Explore sector: Industrials · Manufacturing - Metal Fabrication
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