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ATI
(NYSE:ATI)
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Rating:74Outperform
Price Target:
$199.00
▲(0.61% Upside)
Action:Reiterated
Date:06/09/26
ATI scores well on improving financial performance and a strong technical uptrend, reinforced by a notably positive earnings call with raised guidance and backlog strength. The primary constraint on the overall score is valuation, with a high P/E and no dividend yield provided.
Positive Factors
Free Cash Flow Improvement
ATI's material free-cash-flow turnaround and higher FCF guidance indicate durable cash generation that supports reinvestment, debt reduction, and shareholder returns. TTM FCF (~$608M, +82%) and raised guidance create a stronger cushion for capital projects and refinancings over the next 2–6 months.
Negative Factors
Elevated Leverage
While leverage has improved versus prior years, a debt-to-equity near 1.08 leaves the company more reliant on external financing. Higher absolute debt increases interest and refinancing sensitivity, constraining flexibility for capex or buybacks if cash flow weakens during cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Improvement
ATI's material free-cash-flow turnaround and higher FCF guidance indicate durable cash generation that supports reinvestment, debt reduction, and shareholder returns. TTM FCF (~$608M, +82%) and raised guidance create a stronger cushion for capital projects and refinancings over the next 2–6 months.
Read all positive factors
ATI (ATI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$24.82B
Dividend YieldN/A
Average Volume (3M)1.63M
Price to Earnings (P/E)60.5
Beta (1Y)1.67
Revenue Growth2.93%
EPS Growth5.01%
CountryUS
Employees7,600
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)3.10
Shares Outstanding136,470,430
10 Day Avg. Volume1,432,391
30 Day Avg. Volume1,625,806
Financial Highlights & Ratios
PEG Ratio11.26
Price to Book (P/B)8.96
Price to Sales (P/S)3.52
P/FCF Ratio48.44
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$212.00Price Target Upside7.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)4.45
Revenue Forecast (FY)$4.98B
ATI Business Overview & Revenue Model
Company Description
ATI Inc. (NYSE: ATI) is a U.S.-based producer of specialty materials, primarily titanium- and nickel-based alloys and other advanced metals, serving customers in aerospace and defense, as well as select industrial and energy end markets. The compa...
How the Company Makes Money
ATI makes money by manufacturing and selling specialty metals and engineered products to OEMs and supply-chain customers, with aerospace and defense being its primary end market. Revenue is generated through (1) sales of high-performance mill prod...
ATI Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presents a clearly positive operational and financial trajectory: strong Q1 revenue and margin expansion, record $4.1B backlog, a substantial free-cash-flow turnaround, raised full-year guidance, notable defense and specialty energy contract wins, and tangible productivity gains. The principal risks are isolated: a Q1 airframe revenue decline, softer industrial/medical/electronics end markets, remaining debottlenecking capacity that only fully comes online later in 2026–2027, tariff uncertainty and some lumpy revenue timing. Overall, the positives (material margin expansion, backlog growth, cash-flow improvement, raised guidance and strategic contracts) materially outweigh the limited and manageable challenges cited.Positive Updates
Revenue and Mix
Q1 revenue of $1.15 billion with 69% attributed to aerospace & defense; company expects A&D to represent >70% of full year sales as mix shifts toward higher-value markets.
Negative Updates
Airframe Revenue Weakness
Airframe revenue declined 9% year-over-year in Q1 and is expected to be weighted to a second-half ramp; management expects stronger airframe contribution more meaningfully in 2027.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Mix
Q1 revenue of $1.15 billion with 69% attributed to aerospace & defense; company expects A&D to represent >70% of full year sales as mix shifts toward higher-value markets.
Read all positive updates
Company Guidance
ATI raised full‑year guidance, increasing adjusted EBITDA by $35M to a range of $1.01B–$1.06B (midpoint $1.035B, +20% YoY), with adjusted EPS of $4.20–$4.48 and adjusted free cash flow of $465M–$525M (midpoint $495M, +$115M or +30% YoY). Q2 guidance is $245M–$255M adjusted EBITDA (EPS $0.98–$1.04; midpoint +20% y/y and ~+8% sequential), and full‑year consolidated margins are expected to be 20%+, with HPMC mid‑20s and AA&S upper‑teens; consolidated incremental margins ~40%. Q1 performance exceeded guidance: revenue $1.15B, adjusted EBITDA $232M (+19% YoY, 20.1% margin, $11M above midpoint/$6M above high end), adjusted free cash flow $75M (vs a $143M use prior year, +$218M YoY), managed working capital 34.8% of sales (‑110 bps), Q1 CapEx $55M (incl. $21M customer‑funded), share repurchases $75M and $545M remaining buyback authorization. Other notable metrics underpinning the outlook: backlog $4.1B (up 10% seq), jet engine growth mid‑teens (Q1 +12%), aerospace & defense ~70%+ of sales (Q1 A&D +6%), specialty energy mid‑teens (Q1 +22%), and segment Q1 margins HPMC 24.9% (+250 bps) and AA&S 18.1% (+320 bps).ATI Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.59B | 4.59B | 4.36B | 4.17B | 3.84B | 2.80B |
| Gross Profit | 1.04B | 999.80M | 913.50M | 826.30M | 714.20M | 334.00M |
| EBITDA | 809.00M | 810.40M | 670.70M | 539.10M | 678.50M | 492.50M |
| Net Income | 425.50M | 404.30M | 367.80M | 410.80M | 323.50M | 184.60M |
Balance Sheet | ||||||
| Total Assets | 5.23B | 5.10B | 5.23B | 4.99B | 4.45B | 4.29B |
| Cash, Cash Equivalents and Short-Term Investments | 401.70M | 416.70M | 721.20M | 743.90M | 584.00M | 687.70M |
| Total Debt | 1.83B | 1.95B | 1.90B | 2.18B | 1.75B | 1.84B |
| Total Liabilities | 3.35B | 3.18B | 3.28B | 3.50B | 3.29B | 3.45B |
| Stockholders Equity | 1.77B | 1.80B | 1.85B | 1.37B | 1.05B | 685.60M |
Cash Flow | ||||||
| Free Cash Flow | 552.50M | 333.70M | 168.10M | -114.80M | 94.00M | -136.50M |
| Operating Cash Flow | 835.00M | 614.30M | 407.20M | 85.90M | 224.90M | 16.10M |
| Investing Cash Flow | -237.50M | -234.50M | -159.60M | -193.20M | -126.70M | -77.30M |
| Financing Cash Flow | -681.20M | -699.90M | -260.40M | 267.20M | -201.90M | 103.00M |
ATI Technical Analysis
Positive
197.80
Price Trends
186.94
Positive
170.19
Positive
143.28
Positive
Market Momentum
2.56
Negative
58.08
Neutral
86.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATI, the sentiment is Positive. The current price of 197.8 is above the 20-day moving average (MA) of 188.92, above the 50-day MA of 186.94, and above the 200-day MA of 143.28, indicating a neutral trend. The MACD of 2.56 indicates Negative momentum. The RSI at 58.08 is Neutral, neither overbought nor oversold. The STOCH value of 86.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATI.
ATI Risk Analysis
ATI disclosed 30 risk factors in its most recent earnings report. ATI reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ATI Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $24.82B | 60.46 | 24.23% | ― | 2.93% | 5.01% | |
74 Outperform | $14.79B | 17.01 | 27.33% | 1.33% | 14.81% | 21.29% | |
73 Outperform | $4.36B | 21.89 | 14.87% | 0.56% | 5.68% | -23.91% | |
73 Outperform | $25.03B | 49.07 | 24.41% | 0.13% | 8.59% | 41.34% | |
69 Neutral | $2.74B | 17.62 | 15.80% | 1.36% | 19.72% | 63.76% | |
65 Neutral | $5.21B | 25.98 | 9.70% | 0.50% | 6.63% | -24.56% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ATI
ATI
187.44
110.72
144.32%
AZZ
AZZ
144.72
39.11
37.04%
CRS
Carpenter Technology
519.66
262.58
102.14%
MLI
Mueller Industries
66.41
25.18
61.07%
WOR
Worthington Industries
56.21
-4.48
-7.38%
ESAB
ESAB Corporation
86.53
-43.36
-33.38%
ATI Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
ATI Completes $450 Million Senior Notes Offering
Positive
Jun 8, 2026
On June 8, 2026, ATI Inc. completed an offering of $450 million in unsecured 5.875% senior notes due June 15, 2033, issued under its existing indenture structure and shelf registration with the SEC. The notes pay cash interest semi-annually starti...
Business Operations and StrategyPrivate Placements and Financing
ATI Prices $450 Million Senior Notes Offering
Positive
Jun 3, 2026
On June 3, 2026, ATI Inc. priced a public offering of $450 million in unsecured 5.875% Senior Notes due 2033, which will pay semi-annual interest and mature on June 15, 2033, unless earlier redeemed or repurchased. The company plans to allocate ab...
Business Operations and StrategyPrivate Placements and Financing
ATI Announces Seven-Year Senior Notes Offering for Refinancing
Positive
Jun 3, 2026
On June 3, 2026, ATI Inc. announced plans to issue a series of seven-year senior notes in an underwritten public offering, with Goldman Sachs Co. LLC and J.P. Morgan Securities LLC acting as joint book-running managers and co-global coordinators....
Executive/Board ChangesShareholder Meetings
ATI Shareholders Reelect Directors and Approve Auditor
Positive
May 19, 2026
ATI Inc. held its 2026 Annual Meeting of Stockholders on May 14, 2026, with 136,462,390 common shares issued and outstanding as of the record date. Shareholders voted on the election of three directors for three-year terms expiring in 2029, an adv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.