ATI INC ATI

Basic materials SIC 3317 - Steel Pipe & Tubes NAICS Manufacturing › Primary Metal Manufacturing › Steel Product Manufacturing from Purchased Steel › Iron and Steel Pipe and Tube Manufacturing from Purchased Steel derived NYSE

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.

Last close 156.88 2026-10-23
Market cap $21.36B 2026-06-28 share count
52-week range 90.00 - 243.57

Valuation FY2025 figures against the last close

P/S4.7x
P/E55.0x
P/FCF64.0x
EV/EBITDA25.9x
Dividend yield—
Diluted EPS2.85

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Rest of World
  • China
  • United Kingdom
  • France
  • Germany
  • Canada
Revenue by geography, 7 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 2.6B (57.5%) 58% United States Rest of World, FY2025: 703M (15.3%) 15% Rest of World China, FY2025: 324.3M (7.1%) 7% China United Kingdom, FY2025: 277.2M (6.0%) 6% France, FY2025: 246.2M (5.4%) 5% France Germany, FY2025: 227.4M (5.0%) 5% Canada, FY2025: 169.5M (3.7%) 4% FY2024 United States, FY2024: 2.5B (57.9%) 58% Rest of World, FY2024: 676M (15.5%) 15% China, FY2024: 299.6M (6.9%) 7% United Kingdom, FY2024: 257.9M (5.9%) 6% France, FY2024: 227.5M (5.2%) 5% Germany, FY2024: 259.7M (6.0%) 6% Canada, FY2024: 116.2M (2.7%) FY2023 United States, FY2023: 2.3B (53.9%) 54% Rest of World, FY2023: 757.1M (18.1%) 18% China, FY2023: 333.3M (8.0%) 8% United Kingdom, FY2023: 259.1M (6.2%) 6% France, FY2023: 219.4M (5.3%) 5% Germany, FY2023: 243M (5.8%) 6% Canada, FY2023: 111M (2.7%)
Region FY2025FY2024FY2023
United States $2.64B $2.53B $2.25B
Rest of World $703.0M $676.0M $757.1M
China $324.3M $299.6M $333.3M
United Kingdom $277.2M $257.9M $259.1M
France $246.2M $227.5M $219.4M
Germany $227.4M $259.7M $243.0M
Canada $169.5M $116.2M $111.0M

As the company reported it, from the “Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.922.823.212.541.45-12.432.011.78-0.83-5.97
EPS, diluted 2.852.552.812.231.32-12.431.811.61-0.83-5.97
Shares, diluted (wtd. avg.) 141.8M146.6M150.0M151.2M152.7M126.5M146.5M145.9M110.1M107.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 3.1B Gross profit, FY2016: 222.8M Net income, FY2016: -640.9M Revenue, FY2017: 3.5B Gross profit, FY2017: 497M Net income, FY2017: -91.9M Revenue, FY2018: 4B Gross profit, FY2018: 630.3M Net income, FY2018: 222.4M Revenue, FY2019: 4.1B Gross profit, FY2019: 638M Net income, FY2019: 252.5M Revenue, FY2020: 3B Gross profit, FY2020: 292.8M Net income, FY2020: -1.6B Revenue, FY2021: 2.8B Gross profit, FY2021: 333.2M Net income, FY2021: 184.6M Revenue, FY2022: 3.8B Gross profit, FY2022: 714.2M Net income, FY2022: 323.5M Revenue, FY2023: 4.2B Gross profit, FY2023: 802.6M Net income, FY2023: 410.8M Revenue, FY2024: 4.4B Gross profit, FY2024: 898.2M Net income, FY2024: 367.8M Revenue, FY2025: 4.6B Gross profit, FY2025: 1B Net income, FY2025: 404.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.13B $3.53B $4.05B $4.12B $2.98B $2.80B $3.84B $4.17B $4.36B $4.59B
Gross profit $222.8M $497.0M $630.3M $638.0M $292.8M $333.2M $714.2M $802.6M $898.2M $1.01B
Net income -$640.9M -$91.9M $222.4M $252.5M -$1.57B $184.6M $323.5M $410.8M $367.8M $404.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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