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ATI Inc.

Rank #390Value

ATI · NYSE · Industrials

ATI Inc. (ATI) — Rank #390 by gross profitability (GP/assets 0.18) · ROE 21.5% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001018963 · all metrics point-in-time as of the filing date.

About

ATI Inc. produces and sells specialty materials and complex components worldwide.

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It operates in two segments, High Performance Materials & Components, and Advanced Alloys & Solutions. The company produces high performance materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, advanced powder alloys and other specialty materials, and metallic powder alloys, as well as long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, seamless tubes, plus precision forgings, components, and machined parts. It also offers zirconium and related alloys, including hafnium and niobium, nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in various forms, such as plate, sheet, and precision rolled strip products. In addition, the company provides hot-rolling conversion services comprising carbon steel products. It serves medical and specialty energy, aerospace and defense, construction and mining, transportation, oil and gas, automotive, food equipment and appliances, and mining markets. The company was formerly known as Allegheny Technologies Incorporated. ATI Inc.

was founded in 1996 and is headquartered in Dallas, Texas.

Industry
Metal Fabrication
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 28

Price History

ATI+1008.0% · +61.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$25.12B

P/E (annual)

64.7

P/S (annual)

5.5

P/B

13.4

P/OCF (annual)

40.9

Shareholder Yield

-21.6%

Employees

7,600

Industry

Metal Fabrication

Exchange

NYSE

Signal Flags

3 green2 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.18
Return on equity
21.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.87
Current ratio
2.33×
Net cash
$399.40M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

0/2 pass
Revenue growth
-1.7%
Piotroski F-Score
6 / 9
Share dilution
21.6%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

26.5%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 21.6% — per-share value needs a total required return of 48.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 12.6%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

21.1%

r = 10% (base)

26.5%

r = 12%

31.1%

Net debt / market cap: -1.5%

Base FCF: $333.7M3Y mean FCF: -$60.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

35.4xFair
10.0xmed 22.3x137.6x

P / S

Price / revenue per share

2.5xExpensive
0.7xmed 1.0x2.5x

P / B

Price / book value per share

8.6xExpensive
1.2xmed 2.1x8.6x

P / GP

Price / gross profit per share

21.4xExpensive
4.3xmed 8.7x21.4x

P / FCF

Price / free cash flow per share

N/A
16.5xmed 78.1x269.6x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.18

Primary signal (Novy-Marx).

3rd of 6 SIC 33 peers

Return on equity

21.5%

Gross margin

22.0%

3rd of 6 SIC 33 peers

Revenue growth (YoY)

-1.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2011201220132022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

7.7%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.87

6th of 6 SIC 33 peers (best = lowest)

Current ratio

2.33×

4th of 6 SIC 33 peers

Quick ratio

1.01×

Net cash

$399.40M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$333.70M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.17

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20092022
Op. Leverage
Value
Decline
View full financial statements →