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Stock research / United States / ATI · Steel Pipe & Tubes · NYSE

ATI Inc. (ATI)

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ATI Inc. (ATI) reported revenue of $1.3 billion for Q2 FY2026, the quarter ended 28 June 2026, up 10.6% on the same quarter a year earlier. Net income was $151 million, up 50.0% on the year, and diluted earnings per share $1.09. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$1.3 billionup 10.6%
Net income$151 millionup 50.0%
Diluted EPS$1.09
QuarterQ2 FY2026ended 28 June 2026

ATI (ATI) in brief

ATI (ATI) reported revenue of $4.6 billion for fiscal 2025, the year ended 28 December 2025, up 5.2% on the year before.
Read moreNet income was $404 million and diluted earnings per share $2.85. Revenue was $4.4 billion in fiscal 2024, $4.2 billion in fiscal 2023, $3.8 billion in fiscal 2022 and $2.8 billion in fiscal 2021. Net income in the same years was $368 million, $411 million, $131 million and a loss of $38 million. Over the twelve months to 28 June 2026, ATI reported revenue of $4.7 billion and net income of $476 million. Revenue grew 9.0% a year, compounded, over the five years to fiscal 2025. ATI had 136 million shares outstanding at the latest filed count. At 28 June 2026 it carried $1.8 billion of debt and $783 million of cash. At the close of 8 October 2026 the market cap of ATI was $25.6 billion, 55.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE25.4%
ROCE19.5%
Operating margin15.2%
Net margin10.1%
FCF margin11.2%
Interest covern/a
Debt to equity0.96
Cash conversion1.69
Share count, 1 year-1.2%
Sales CAGR, 3 years6.1%
Profit CAGR, 3 years45.6%
EPS, TTM$3.41

At the close of 8 October 2026

Price$188.13
Market cap$25.6 billion
Stock P/E55.17
Price to book13.65
EV / EBITDA29.89
Dividend yield0.0%
Market cap / sales5.43
52-week high$231.78
52-week low$80.04
Price, 1 year124.2%
Price CAGR, 3 years67.6%
Price CAGR, 5 years61.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the one borrowings figure ATI Inc. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.
ATIgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ATI

Filings20 in twelve months: 11 current reports (8-K), about 4 results of operations; 4 other events; 2 officer or director change; 1 material agreement; 1 new financial obligation
Planned insider sales28 Form 144 notices in twelve months, $117.9 million; latest 21 September 2026
Options tapeput/call 0.71 by open interest at the 8 October 2026 close; the straddle prices a 5.3% move to 16 October 2026
13F holders12 of the followed funds hold it; largest Capital Research Global Investors; 6 Schedule 13D or 13G filings in twelve months
Insider trading57 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.3 million shares short, 2.79 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,0261,0641,0431,0951,0511,1731,1441,1401,1261,1771,1521,261
Cost of revenue831n/a846868826924909898870904889951
Gross profit195n/a197227225249236242255273263310
Gross margin19%n/a19%21%21%21%21%21%23%23%23%25%
SG&A69.8n/a82.088.982.489.085.082.894.610392.195.7
Operating income125108115143142209147161162171164220
Operating margin12%10%11%13%14%18%13%14%14%14%14%17%
Pre-tax income99.0n/a85.3111115175122133145123137193
Tax rate5%n/a20%23%25%19%17%22%21%18%12%20%
Net income90.214666.181.982.713797.010111096.6118151
Net margin9%14%6%7%8%12%8%9%10%8%10%12%
Diluted EPS$0.62$0.99$0.46$0.58$0.57$0.94$0.67$0.70$0.78$0.69$0.85$1.09
Operating cash flow-114n/a-98.810124.0381-92.5162230316128132
Capital expenditure44.0n/a65.860.265.847.353.372.162.592.755.268.6
Free cash flow-158n/a-16540.9-41.8334-14689.416722373.063.2
Buybacks45.0n/a1500.040.070.070.02501500.075.050.0
Shares outstanding128m127m124m124m143m141m141m138m136m136m136m136m
Filing10-K10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue4,2233,7203,1353,5254,0474,1222,9822,8003,8364,1744,3624,5874,715
Cost of revenue3,8453,6592,9123,0283,4163,4852,6892,4673,1223,3713,4643,5803,614
Gross profit37960.32234976306382933337148038981,0071,101
Gross margin9.0%1.6%7.1%14.1%15.6%15.5%9.8%11.9%18.6%19.2%20.6%22.0%23.4%
Research and development17.414.214.713.322.717.814.116.516.320.719.621.3n/a
Selling, general and administrative272239241248268267201227298328342365385
Operating income106-369-542135362366-1,303118287466609641717
Operating margin2.5%-9.9%-17.3%3.8%8.9%8.9%-43.7%4.2%7.5%11.2%14.0%14.0%15.2%
Interest expense11011112513510210596.197.692.192.8108111n/a
Pre-tax income1.5-478-734-86.5248236-1,48210.6162295486522597
Income tax-8.7-112-107-6.811.0-28.577.726.815.5-128103104108
Effective tax rate-580.0%n/an/an/a4.4%-12.1%n/a252.8%9.6%-43.4%21.3%19.9%18.1%
Net income-2.6-378-641-91.9222252-1,573-38.2131411368404476
Net margin-0.1%-10.2%-20.4%-2.6%5.5%6.1%-52.7%-1.4%3.4%9.8%8.4%8.8%10.1%
Diluted EPS-$0.03-$3.53-$5.97-$0.83$1.61$1.81-$12.43-$0.30$0.96$2.81$2.55$2.85$3.41
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,2512,5252,64057.5%
Rest of World75767670315.3%
China3333003247.1%
United Kingdom2592582776.0%
France2192282465.4%
Germany2432602275.0%
Canada1111161703.7%
United StatesRest of WorldChinaUnited KingdomFranceGermanyCanada
4,174FY20234,362FY20244,587FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow55.9131-43.722.439323016716.122585.9407614805
Capital expenditure226144202123139168136153131201239281279
Free cash flow-170-13.1-246-10025461.930.4-13694.0-115168334526
Free cash flow margin-4.0%-0.4%-7.8%-2.8%6.3%1.5%1.0%-4.9%2.5%-2.8%3.9%7.3%11.2%
Cash from investing-316-145-200-120-14581.7-129-77.3-127-193-160-234-232
Cash from financing-497-1063249.2-7.3-203117103-202267-260-700-111
Depreciation and amortisation177190170161156151143144143146152168175
Share-based compensationn/an/an/an/an/an/a2.921.126.029.134.129.028.5
Buybacksn/an/an/an/an/an/a0.00.014085.2260470275
Dividends paid77.166.525.80.00.00.0n/an/an/an/an/an/an/a
Dividend per share$0.72$0.62$0.24$0.00$0.00n/an/an/an/an/an/an/an/a
Diluted shares, weighted107m107m107m110m146m146m126m127m151m150m147m142m138m
Shares outstanding at period end109m109m109m126m126m126m127m127m128m127m141m136m136m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity2,5982,0831,3551,7391,8862,0905216861,0461,3731,8501,8041,877
Non-controlling interest11110289.6105106103120147111108105112122
Redeemable equity12.112.10.00.0n/an/an/an/an/an/an/an/an/a
Debt1,4981,4921,7721,5311,5361,3871,5501,7121,7062,1481,7151,7181,808
Other liabilities2,3632,0631,9531,8101,9752,0541,8441,7411,5821,3571,5601,4651,932
Total liabilities and equity6,5835,7525,1705,1855,5025,6354,0354,2854,4464,9855,2315,1005,739
Owned
Fixed assets2,9622,9282,4992,4962,4752,4501,4691,5281,5491,6661,7771,9411,981
Goodwill780651642531535526241228227227227225225
Cash and equivalents270150230142382491646688584744721417783
Receivables604400452545528554346470579625709686647
Inventory1,4731,2721,0371,1761,2111,1559971,0461,1961,2481,3531,4031,668
Other assets494350310295371458336325310476443428436
Total assets6,5835,7525,1705,1855,5025,6354,0354,2854,4464,9855,2315,1005,739
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.1%9.0%6.1%4.6%
Profit growth, compoundedn/an/a45.6%14.0%
Return on equity, average-25.1%15.8%24.1%22.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Steel Works Etc

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Corning Inc. GLW$131.6 billion69.7915.1%15.3%19.4%0.620.7%
Howmet Aerospace Inc. HWM$89.1 billion48.0132.6%27.4%18.1%0.790.3%
Nucor Corp. NUE$55.8 billion19.6313.0%n/a17.2%0.290.9%
Steel Dynamics Inc. STLD$33.6 billion21.2317.1%10.0%19.8%0.450.9%
ATI Inc. ATI$25.6 billion55.1725.4%15.2%4.6%0.960.0%
Carpenter Technology Corp. CRS$19.2 billion36.8023.8%22.5%8.6%0.310.2%
POSCO Holdings Inc. PKX *$17.2 billion33.441.2%2.1%-6.1%0.513.8%
Mueller Industries Inc. MLI$13.4 billion15.7524.0%23.0%14.8%0.000.8%
Alcoa Corp. AA$11.3 billion8.9017.3%n/a6.5%0.300.2%
Commercial Metals Co. CMC$7.0 billion11.8813.1%7.6%15.2%0.711.1%
Belden Inc. BDC$4.2 billion17.5517.6%11.9%9.4%0.890.2%
No other company here shares its SEC industry code (Steel Pipe & Tubes); these are the names nearest in size in its wider industry, Steel Works Etc, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q28 June 20266 August 2026EDGAR
10-Q29 March 202630 April 2026EDGAR
10-K28 December 202520 February 2026EDGAR
10-Q28 September 202528 October 2025EDGAR
10-Q29 June 202531 July 2025EDGAR
10-Q30 March 20251 May 2025EDGAR
10-K29 December 202421 February 2025EDGAR
10-Q29 September 202429 October 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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