NYSE : ATI
ATI Inc. — Financial statements
Industrials · Metal Fabrication · United States
Last price 175 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 23.83B
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Financial statements
ATI Inc. (ATI) reported revenue of 5.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.01B | 4.59B | 4.36B | 4.17B | 3.84B | 2.80B |
| Cost of Revenue | 3.76B | 3.56B | 3.45B | 3.35B | 3.12B | 2.47B |
| Gross Profit | 1.26B | 1.03B | 913.50M | 826.30M | 714.20M | 334.00M |
| Selling, General & Admin | 377.10M | 372.60M | 368.60M | 407.80M | 159.10M | -33.10M |
| Operating Expenses | 377.10M | 372.60M | 368.60M | 407.80M | 159.10M | -33.10M |
| Operating Income | 880.10M | 658.00M | 544.90M | 418.50M | 555.10M | 367.10M |
| Interest Expense | -106.40M | -110.70M | -124.20M | -105.80M | -92.10M | -97.60M |
| Interest & Investment Income | 12.10M | 12.10M | 16.00M | 13.00M | 4.70M | 700.00K |
| Earnings From Equity Investments | 12.60M | 100.00K | ||||
| Other Non Operating Income (Expenses) | 1.90M | 4.10M | 2.80M | 1.00M | 2.30M | 1.40M |
| EBT Excluding Unusual Items | 787.70M | 563.50M | 439.50M | 326.70M | 482.60M | 271.70M |
| Merger & Restructuring Charges | -90.70M | -48.80M | -22.10M | -31.40M | 4.80M | 10.50M |
| Gain (Loss) on Sale of Assets | 9.80M | 7.60M | 68.70M | -100.00K | -105.20M | 16.70M |
| Legal Settlements | -28.50M | |||||
| Other Unusual Items | -9.60M | 900.00K | -65.50M | |||
| Pretax Income | 697.20M | 522.30M | 486.10M | 295.20M | 354.60M | 233.40M |
| Income Tax Expense | 128.60M | 103.70M | 103.40M | -128.20M | 15.50M | 26.80M |
| Earnings From Continuing Operations | 568.60M | 418.60M | 382.70M | 423.40M | 339.10M | 206.60M |
| Minority Interest in Earnings | -13.00M | -14.30M | -14.90M | -12.60M | -15.60M | -22.00M |
| Net Income | 555.60M | 404.30M | 367.80M | 410.80M | 323.50M | 184.60M |
| Net Income to Common | 555.60M | 404.30M | 367.80M | 410.80M | 323.50M | 184.60M |
| Shares Outstanding (Basic) | 136.28M | 138.60M | 130.40M | 128.10M | 127.50M | 127.10M |
| Shares Outstanding (Diluted) | 138.72M | 141.80M | 146.60M | 150.00M | 151.20M | 152.70M |
| EPS (Basic) | 4.08 | 2.92 | 2.82 | 3.21 | 2.54 | 1.45 |
| EPS (Diluted) | 4.00 | 2.85 | 2.55 | 2.81 | 2.23 | 1.31 |
| Free Cash Flow | 421.10M | 333.70M | 168.10M | -114.80M | 94.00M | -136.50M |
| Free Cash Flow Per Share | 3.04 | 2.35 | 1.15 | -0.77 | 0.62 | -0.89 |
| Gross Margin | 25.08% | 22.47% | 20.94% | 19.80% | 18.62% | 11.93% |
| Operating Margin | 17.55% | 14.34% | 12.49% | 10.03% | 14.47% | 13.11% |
| Profit Margin | 11.08% | 8.81% | 8.43% | 9.84% | 8.43% | 6.59% |
| Free Cash Flow Margin | 8.40% | 7.27% | 3.85% | -2.75% | 2.45% | -4.88% |
| EBITDA | 1.04B | 811.60M | 670.70M | 539.10M | 678.50M | 492.50M |
| EBITDA Margin | 20.80% | 17.69% | 15.38% | 12.92% | 17.69% | 17.59% |
| D&A For EBITDA | 162.50M | 153.60M | 125.80M | 120.60M | 123.40M | 125.40M |
| EBIT | 880.10M | 658.00M | 544.90M | 418.50M | 555.10M | 367.10M |
| EBIT Margin | 17.55% | 14.34% | 12.49% | 10.03% | 14.47% | 13.11% |
| Effective Tax Rate | 18.45% | 19.85% | 21.27% | 4.37% | 11.48% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 442.30M | 416.70M | 721.20M | 743.90M | 584.00M | 687.70M |
| Trading Asset Securities | 700.00K | 1.40M | ||||
| Cash & Short-Term Investments | 442.30M | 416.70M | 721.20M | 744.60M | 585.40M | 687.70M |
| Receivables | 846.20M | 758.90M | 784.80M | 684.10M | 643.30M | 523.90M |
| Inventory | 1.66B | 1.40B | 1.35B | 1.25B | 1.20B | 1.05B |
| Prepaid Expenses | 100.20M | 99.50M | 85.00M | 61.40M | 36.70M | 41.10M |
| Other Current Assets | 1.30M | 1.70M | 1.00M | 100.00K | 15.30M | 7.70M |
| Total Current Assets | 3.05B | 2.68B | 2.94B | 2.74B | 2.48B | 2.31B |
| Property, Plant & Equipment | 2.04B | 1.94B | 1.78B | 1.67B | 1.55B | 1.53B |
| Long-Term Investments | 500.00K | |||||
| Goodwill | 225.20M | 225.20M | 227.20M | 227.20M | 227.20M | 227.90M |
| Other Intangible Assets | 35.90M | 43.70M | 51.10M | 58.50M | 65.90M | |
| Long-Term Deferred Charges | 16.70M | 15.60M | 12.00M | 8.10M | 7.30M | 5.20M |
| Other Long-Term Assets | 232.70M | 202.30M | 225.80M | 295.10M | 126.60M | 151.00M |
| Total Assets | 5.57B | 5.10B | 5.23B | 4.99B | 4.45B | 4.29B |
| Accounts Payable | 632.10M | 568.20M | 609.10M | 524.80M | 553.30M | 375.50M |
| Accrued Expenses | 279.30M | 153.30M | 137.50M | 126.00M | 112.60M | 107.90M |
| Current Portion of Long-Term Debt | 49.70M | 31.10M | 180.40M | 31.90M | 41.70M | 132.20M |
| Current Portion of Leases | 22.30M | |||||
| Current Unearned Revenue | 127.40M | 146.40M | 169.40M | 163.60M | 149.10M | 116.20M |
| Other Current Liabilities | 10.00M | 85.00M | 112.10M | 130.80M | 107.20M | 124.60M |
| Total Current Liabilities | 1.10B | 1.01B | 1.21B | 977.10M | 963.90M | 856.40M |
| Long-Term Debt | 1.70B | 1.61B | 1.61B | 2.15B | 1.71B | 1.71B |
| Long-Term Leases | 107.10M | 177.10M | 109.50M | |||
| Long-Term Unearned Revenue | 145.80M | 91.30M | 45.30M | 39.40M | 66.80M | |
| Pension & Post-Retirement Benefits | 187.90M | 199.90M | 201.50M | 214.90M | 410.50M | 673.50M |
| Other Long-Term Liabilities | 194.90M | 100.40M | 105.20M | 125.50M | 140.90M | 210.30M |
| Total Liabilities | 3.43B | 3.18B | 3.28B | 3.50B | 3.29B | 3.45B |
| Common Stock | 14.30M | 14.30M | 14.30M | 13.20M | 13.10M | 12.70M |
| Additional Paid-In Capital | 1.78B | 1.88B | 1.94B | 1.70B | 1.67B | 1.60B |
| Retained Earnings | 928.30M | 468.70M | 64.30M | -70.10M | -480.90M | 72.70M |
| Treasury Stock | -654.20M | -502.70M | -82.60M | -184.00M | -87.00M | -4.80M |
| Comprehensive Income & Other | -64.10M | -60.40M | -89.50M | -83.20M | -67.40M | -991.70M |
| Total Common Equity | 2.01B | 1.80B | 1.85B | 1.37B | 1.05B | 685.60M |
| Minority Interest | 126.70M | 112.20M | 104.80M | 107.50M | 111.30M | 147.10M |
| Shareholders' Equity | 2.13B | 1.92B | 1.96B | 1.48B | 1.16B | 832.70M |
| Total Liabilities & Equity | 5.57B | 5.10B | 5.23B | 4.99B | 4.45B | 4.29B |
| Total Debt | 1.86B | 1.84B | 1.90B | 2.18B | 1.75B | 1.84B |
| Net Cash (Debt) | -1.42B | -1.42B | -1.17B | -1.44B | -1.16B | -1.16B |
| Net Cash Per Share | -10.20 | -10.03 | -8.01 | -9.57 | -7.69 | -7.58 |
| Filing Date Shares Outstanding | 135.82M | 136.94M | 142.17M | 127.78M | 128.61M | 127.45M |
| Total Common Shares Outstanding | 135.82M | 135.93M | 141.39M | 126.88M | 128.27M | 127.25M |
| Working Capital | 1.95B | 1.67B | 1.74B | 1.76B | 1.51B | 1.45B |
| Book Value Per Share | 14.76 | 13.27 | 13.09 | 10.82 | 8.15 | 5.39 |
| Tangible Book Value | 1.78B | 1.54B | 1.58B | 1.09B | 760.20M | 391.80M |
| Tangible Book Value Per Share | 13.11 | 11.35 | 11.17 | 8.63 | 5.93 | 3.08 |
| Land | 30.20M | 31.20M | 30.80M | 32.30M | 31.50M | 34.40M |
| Buildings | 848.00M | 759.20M | 735.20M | 692.70M | 601.60M | 575.50M |
| Machinery | 3.51B | 3.39B | 3.15B | 3.02B | 2.90B | 2.87B |
| Order Backlog | 3.70B | 3.90B | 3.80B | 2.90B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 555.60M | 404.30M | 367.80M | 410.80M | 323.50M | 184.60M |
| Depreciation & Amortization | 162.50M | 153.60M | 125.80M | 120.60M | 123.40M | 125.40M |
| Other Amortization | 14.50M | 14.50M | 25.70M | 21.70M | 19.50M | 18.50M |
| Loss (Gain) From Sale of Assets | -9.90M | -7.80M | -68.60M | 111.30M | -16.70M | |
| Asset Writedown & Restructuring Costs | 5.10M | 6.80M | ||||
| Stock-Based Compensation | 30.00M | 29.00M | 34.10M | 29.10M | 26.00M | 21.10M |
| Other Operating Activities | 72.20M | 73.40M | 101.30M | -125.60M | 15.50M | 88.50M |
| Change in Accounts Receivable | -21.20M | 27.10M | -85.00M | -46.10M | -128.50M | -126.00M |
| Change in Inventory | -250.40M | -52.80M | -118.50M | -51.80M | -190.80M | -53.90M |
| Change in Accounts Payable | 110.90M | -43.40M | 87.60M | -29.80M | 156.10M | 88.50M |
| Change in Income Taxes | -26.40M | -26.40M | -300.00K | -4.80M | 2.50M | -2.60M |
| Change in Other Net Operating Assets | 87.50M | 42.80M | -62.70M | -245.00M | -233.60M | -311.30M |
| Operating Cash Flow | 730.40M | 614.30M | 407.20M | 85.90M | 224.90M | 16.10M |
| Capital Expenditures | -309.30M | -280.60M | -239.10M | -200.70M | -130.90M | -152.60M |
| Sale of Property, Plant & Equipment | 16.90M | 11.10M | 27.60M | 3.80M | 3.10M | 20.80M |
| Divestitures | 7.20M | 26.80M | 48.00M | -300.00K | 300.00K | 53.10M |
| Other Investing Activities | 3.90M | 8.20M | 3.90M | 4.00M | 800.00K | 1.40M |
| Investing Cash Flow | -281.30M | -234.50M | -159.60M | -193.20M | -126.70M | -77.30M |
| Long-Term Debt Issued | 425.00M | 697.40M | ||||
| Long-Term Debt Repaid | -182.60M | -34.50M | -39.20M | -28.70M | -515.60M | |
| Net Debt Issued (Repaid) | -80.10M | -182.60M | -34.50M | 385.80M | -28.70M | 181.80M |
| Repurchase of Common Stock | -281.60M | -504.10M | -286.00M | -96.40M | -145.60M | -4.80M |
| Other Financing Activities | -20.10M | -13.20M | 60.10M | -22.20M | -27.60M | -74.00M |
| Financing Cash Flow | -381.80M | -699.90M | -260.40M | 267.20M | -201.90M | 103.00M |
| Foreign Exchange Rate Adjustments | 2.80M | 15.60M | -7.60M | |||
| Miscellaneous Cash Flow Adjustments | -2.30M | |||||
| Net Cash Flow | 70.10M | -304.50M | -22.70M | 159.90M | -103.70M | 41.80M |
| Free Cash Flow | 421.10M | 333.70M | 168.10M | -114.80M | 94.00M | -136.50M |
| Free Cash Flow Margin | 8.40% | 7.27% | 3.85% | -2.75% | 2.45% | -4.88% |
| Free Cash Flow Per Share | 3.04 | 2.35 | 1.15 | -0.77 | 0.62 | -0.89 |
| Levered Free Cash Flow | 241.36M | 143.86M | 61.64M | 87.04M | 253.38M | 71.64M |
| Unlevered Free Cash Flow | 307.86M | 213.05M | 139.26M | 153.16M | 310.94M | 132.64M |
| Cash Interest Paid | 117.80M | 117.80M | 131.40M | 114.70M | 92.80M | 97.50M |
| Cash Income Tax Paid | 76.70M | 76.70M | 15.00M | 15.80M | 18.50M | 13.60M |
| Change in Working Capital | -99.60M | -52.70M | -178.90M | -377.50M | -394.30M | -405.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.49B | 15.89B | 7.91B | 5.80B | 3.86B | 2.03B |
| Enterprise Value | 23.91B | 17.54B | 9.51B | 7.67B | 5.39B | 3.45B |
| Last Close Price | 165.59 | 116.95 | 55.45 | 45.47 | 29.86 | 15.93 |
| PE Ratio | 41.42 | 39.30 | 21.50 | 14.12 | 11.95 | 10.98 |
| Forward PE | 26.79 | 32.24 | 21.05 | 18.54 | 14.18 | 26.86 |
| PS Ratio | 4.49 | 3.46 | 1.81 | 1.39 | 1.01 | 0.72 |
| PB Ratio | 11.22 | 8.29 | 4.04 | 3.92 | 3.34 | 2.43 |
| P/TBV Ratio | 12.64 | 10.29 | 5.01 | 5.30 | 5.08 | 5.17 |
| P/FCF Ratio | 53.41 | 47.62 | 47.05 | 41.11 | ||
| P/OCF Ratio | 30.79 | 25.87 | 19.42 | 67.53 | 17.18 | 125.91 |
| PEG Ratio | 0.82 | 1.31 | 1.65 | 0.08 | 0.08 | 2.99 |
| EV/Sales Ratio | 4.77 | 3.82 | 2.18 | 1.84 | 1.41 | 1.23 |
| EV/EBITDA Ratio | 22.93 | 21.61 | 14.18 | 14.23 | 7.94 | 7.01 |
| EV/EBIT Ratio | 27.16 | 26.66 | 17.45 | 18.32 | 9.71 | 9.40 |
| EV/FCF Ratio | 56.77 | 52.57 | 56.55 | 57.32 | ||
| Debt / Equity Ratio | 0.87 | 0.96 | 0.97 | 1.47 | 1.51 | 2.21 |
| Debt / EBITDA Ratio | 1.74 | 2.20 | 2.83 | 4.04 | 2.58 | 3.75 |
| Debt / FCF Ratio | 4.41 | 5.51 | 11.28 | 18.60 | ||
| Net Debt / Equity Ratio | 0.66 | 0.74 | 0.60 | 0.97 | 1.00 | 1.39 |
| Net Debt / EBITDA Ratio | 1.36 | 1.75 | 1.75 | 2.66 | 1.71 | 2.35 |
| Net Debt / FCF Ratio | 3.36 | 4.26 | 6.99 | -12.50 | 12.37 | -8.47 |
| Asset Turnover | 0.95 | 0.89 | 0.85 | 0.89 | 0.88 | 0.67 |
| Inventory Turnover | 2.45 | 2.58 | 2.65 | 2.74 | 2.79 | 2.41 |
| Quick Ratio | 1.17 | 1.17 | 1.25 | 1.46 | 1.27 | 1.42 |
| Current Ratio | 2.77 | 2.66 | 2.44 | 2.80 | 2.57 | 2.69 |
| Return on Equity (ROE) | 28.73% | 21.62% | 22.28% | 32.10% | 34.08% | 28.03% |
| Return on Assets (ROA) | 10.41% | 7.96% | 6.67% | 5.55% | 7.95% | 5.51% |
| Return on Invested Capital (ROIC) | 20.64% | 16.31% | 14.19% | 15.99% | 24.64% | 18.27% |
| Return on Capital Employed (ROCE) | 19.70% | 16.10% | 13.50% | 10.40% | 15.90% | 10.70% |
| Earnings Yield | 2.41% | 2.54% | 4.65% | 7.08% | 8.37% | 9.11% |
| FCF Yield | 1.87% | 2.10% | 2.12% | -1.98% | 2.43% | -6.73% |
| Buyback Yield / Dilution | 3.24% | 3.27% | 2.27% | 0.79% | 0.98% | -20.71% |
| Total Shareholder Return | 3.24% | 3.27% | 2.27% | 0.79% | 0.98% | -20.71% |