ATI INC ATI
When used in this Annual Report on Form 10-K, unless the context otherwise requires or unless otherwise specified, any reference to "year" is to the Company's fiscal year. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Fiscal years 2025, 2024 and 2023 ended on December 28, 2025, December 29, 2024, and December 31, 2023, respectively. All fiscal years presented include 52 weeks of operations.
ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies. Our mission is to solve the world's challenges through materials science. Aerospace & defense, our largest end markets, represent approximately 68% of total sales, led by products for jet engines and airframes in addition to a wide range of defense applications. Additionally, we have a strong presence the specialty energy market and also serve customers in several other markets including conventional energy, medical, electronics and other industrial markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.59B | $4.36B | $4.17B | $3.84B | $2.80B | $2.98B | $4.12B | $4.05B | $3.53B | $3.13B |
| Cost of revenue | $3.58B | $3.46B | $3.37B | $3.12B | $2.47B | $2.69B | $3.48B | $3.42B | $3.03B | $2.91B |
| Gross profit | $1.01B | $898.2M | $802.6M | $714.2M | $333.2M | $292.8M | $638.0M | $630.3M | $497.0M | $222.8M |
| R&D | $21.3M | $19.6M | $20.7M | $16.3M | $16.5M | $14.1M | $17.8M | $22.7M | $13.3M | $14.7M |
| SG&A | $365.1M | $342.3M | $328.1M | $297.5M | $226.9M | $201.0M | $267.2M | $268.2M | $248.0M | $240.8M |
| Operating income | $640.9M | $608.9M | $466.4M | $316.1M | $117.6M | -$1.30B | $366.3M | $362.1M | $134.6M | -$541.8M |
| Interest expense | — | $108.2M | $92.8M | $87.4M | — | — | — | — | — | — |
| Pre-tax income | $522.3M | $486.1M | $295.2M | $354.6M | $233.4M | -$1.48B | $236.5M | $247.7M | -$86.5M | -$734.0M |
| Income tax | $103.7M | $103.4M | $128.2M | $15.5M | $26.8M | $77.7M | $28.5M | $11.0M | $6.8M | $106.9M |
| Net income | $404.3M | $367.8M | $410.8M | $323.5M | $184.6M | -$1.57B | $252.5M | $222.4M | -$91.9M | -$640.9M |
| EPS, basic | 2.92 | 2.82 | 3.21 | 2.54 | 1.45 | -12.43 | 2.01 | 1.78 | -0.83 | -5.97 |
| EPS, diluted | 2.85 | 2.55 | 2.81 | 2.23 | 1.32 | -12.43 | 1.81 | 1.61 | -0.83 | -5.97 |
| Shares, diluted (wtd. avg.) | $141.8M | $146.6M | $150.0M | $151.2M | $152.7M | $126.5M | $146.5M | $145.9M | $110.1M | $107.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $416.7M | $721.2M | $743.9M | $584.0M | $687.7M | $645.9M | $490.8M | $382.0M | $141.6M | $229.6M |
| Receivables | $686.1M | $709.2M | $625.0M | $579.2M | $470.0M | $345.8M | $554.1M | $527.8M | $545.3M | $452.1M |
| Inventory | $1.40B | $1.35B | $1.25B | $1.20B | $1.05B | $997.1M | $1.16B | $1.21B | $1.18B | $1.04B |
| Total current assets | $2.68B | $2.94B | $2.74B | $2.48B | $2.31B | $2.07B | $2.30B | $2.25B | $1.92B | $1.77B |
| Property, plant and equipment | $1.94B | $1.78B | $1.67B | $1.55B | $1.53B | $1.47B | $2.45B | $2.48B | $2.50B | $2.50B |
| Goodwill | $225.2M | $227.2M | $227.2M | $227.2M | $227.9M | $240.7M | $525.8M | $534.7M | $531.4M | $641.9M |
| Total assets | $5.10B | $5.23B | $4.99B | $4.45B | $4.29B | $4.03B | $5.63B | $5.50B | $5.19B | $5.17B |
| Accounts payable | $568.2M | $609.1M | $524.8M | $553.3M | $375.5M | $290.6M | $521.2M | $498.8M | $420.1M | $294.3M |
| Short-term debt | $31.1M | $180.4M | $31.9M | $41.7M | $131.3M | $17.8M | $11.5M | $6.6M | $10.1M | $105.1M |
| Total current liabilities | $1.01B | $1.21B | $977.1M | $963.9M | $856.4M | $653.3M | $849.2M | $836.9M | $712.6M | $708.7M |
| Total liabilities | $3.18B | $3.28B | $3.50B | $3.29B | $3.45B | $3.39B | $3.44B | $3.51B | $3.34B | $3.73B |
| Retained earnings | $468.7M | $64.3M | -$70.1M | -$480.9M | -$777.7M | $106.5M | $1.68B | $1.43B | $1.18B | $1.28B |
| Total equity | $1.80B | $1.85B | $1.48B | $1.16B | $832.7M | $641.4M | $2.19B | $1.99B | $1.84B | $1.44B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $614.3M | $407.2M | $85.9M | $224.9M | $16.1M | $166.9M | $230.1M | $392.8M | $22.4M | -$43.7M |
| Depreciation and amortisation | $168.1M | $151.5M | $146.1M | $142.9M | $143.9M | $143.3M | $151.1M | $156.4M | $160.8M | $170.3M |
| Stock-based compensation | $29.0M | $34.1M | $29.1M | $26.0M | $21.1M | $2.9M | — | — | — | — |
| Capital expenditure | $280.6M | $239.1M | $200.7M | $130.9M | $152.6M | $136.5M | $168.2M | $139.2M | $122.7M | $202.2M |
| Investing cash flow | -$234.5M | -$159.6M | -$193.2M | -$126.7M | -$77.3M | -$128.7M | $81.7M | -$145.1M | -$119.6M | -$200.0M |
| Financing cash flow | -$699.9M | -$260.4M | $267.2M | -$201.9M | $103.0M | $116.9M | -$203.0M | -$7.3M | $9.2M | $323.5M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $0 | $25.8M |
| Buybacks | $470.0M | $260.0M | $85.2M | $139.9M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-010140.
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