AtkinsRealis (ATRL) AI Stock Analysis

• Market Cap: C$15.94B
• Dividend Yield: 0.09%
• Average Volume (3M): 689.18K
• Price to Earnings (P/E): 5.7
• Beta (1Y): 1.26
• Revenue Growth: 13.97%
• EPS Growth: 715.65%
• Country: CA
• Employees: 38,446
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.97
• Shares Outstanding: 164,491,760
• 10 Day Avg. Volume: 595,252
• 30 Day Avg. Volume: 689,178
• PEG Ratio: <0.01
• Price to Book (P/B): 2.74
• Price to Sales (P/S): 1.37
• P/FCF Ratio: 52.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$119.38
• Price Target Upside: 25.05% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 3.98
• Revenue Forecast (FY): C$11.76B

• Rating: 73 Outperform
• Price Target: C$105.00 ▲(9.99% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is driven primarily by improved financial performance (stronger revenue/profitability and lower leverage) and very attractive valuation (low P/E and high dividend yield). Offsetting these positives are mixed cash-flow conversion and only neutral-to-weak technical momentum, which temper confidence in near-term performance.

Positive Factors

Revenue Growth

Sustained top-line growth across 2022–2024 into the TTM suggests improving market demand and scale for AtkinsRéalis' services. Steadier revenue underpins recurring fee opportunities, better utilization and supports reinvestment in capabilities across multi-year programs and bids.

Improved Balance Sheet

Meaningfully lower leverage and an expanded equity base increase financial flexibility for bidding, absorbing project timing swings, and funding strategic investments. A healthier capital structure reduces refinancing risk and bolsters resilience through infrastructure investment cycles.

Backlog & Sector Strength (Nuclear)

Notable backlog and growth in nuclear/Linxon work provide multi-year revenue visibility and higher-margin, specialized project opportunities. Exposure to large, long-duration public/energy programs creates structural demand and higher barriers to entry versus generic engineering work.

Negative Factors

Inconsistent Cash Conversion

Irregular operating and free cash flow history indicates working-capital swings and timing effects that can strain liquidity when project receipts lag. Persistent conversion variability raises execution risk and can limit the firm's ability to sustainably self-fund growth or cushion downturns.

Profitability Volatility

Earnings and margins have swung materially across periods, implying sensitivity to project mix, cost overruns, or one-offs. This volatility reduces predictability of cash generation and returns, complicating long-term planning, investor confidence, and performance-based contract pricing.

Regional / Execution Risks

Operational exposure to weaker regions and segments creates concentrated execution risk: localized public spending or competitive pressure can depress revenue and margins. Reliance on specific geographies or sectors makes diversified, stable growth harder to sustain over cycles.

AtkinsRealis Business Overview & Revenue Model

Company Description

AtkinsRéalis Group Inc., together with its subsidiaries, provides professional services and project management, and capital investment services in United Kingdom, Canada, the United States, Saudi Arabia, and internationally. It operates through eight segments: Canada, UKI, USLA, AMEA, Nuclear, Linxon, LSTK Projects, and Capital. The company provides consultancy, strategy, advisory, engineering, design, project & program management and project delivery services for building and places, defence, industrial, power and renewables, and transportation and water markets; and operations, maintenance, and asset management solutions for various assets. It also offers services for clients across the nuclear life cycle from consultancy, engineering, procurement and construction management, field, technology, decommissioning, and waste management services, as well as spare parts; and new-build and full refurbishment services for reactors. In addition, the company is involved in installation of alternative current power substations, including expansions and electrification, notably through repetitive engineering, procurement and construction offerings for utilities, renewables and conventional generation, transportation, and data centers markets; and provision of lump-sum turnkey LSTK construction contracts for the mass transit projects. Further, it engages in developing projects, arranging financing, investing in equity, undertaking complex financial modeling, and managing its infrastructure investments, such as bridges and highways, mass transit systems, power facilities, energy infrastructure, water treatment plants, and social infrastructure. Additionally, it offers staff augmentation services. The company was formerly known as SNC-Lavalin Group Inc. and changed its name to AtkinsRéalis in September 2023. AtkinsRéalis Group Inc. was founded in 1911 and is headquartered in Montreal, Canada.

How the Company Makes Money

AtkinsRealis generates revenue through multiple streams primarily focused on service delivery. The company earns money by charging clients for project management, engineering, and consulting services on a fee-for-service basis. Key revenue streams include long-term contracts with governmental agencies for infrastructure projects, private sector contracts related to construction management and environmental consulting, and specialized advisory services for sustainability initiatives. Additionally, strategic partnerships with other firms in the construction and engineering sectors enhance its market reach and contribute to its earnings, allowing the company to secure larger projects and diversify its service offerings.

AtkinsRealis Financial Statement Overview

Summary

Strong turnaround: revenue and profitability have improved materially into TTM, and leverage has declined, boosting flexibility. The main offsets are uneven earnings/margins across years and mixed cash-flow quality (inconsistent FCF historically and weak cash conversion vs. earnings in TTM), which raises execution and working-capital risk. KPI insights support strength in Nuclear and Linxon growth/backlog, but note softness in some Engineering Services regions.

Income Statement

Revenue has grown steadily from 2022–2024 and is up further in TTM (Trailing-Twelve-Months), indicating improving scale and demand. Profitability has also improved markedly versus 2020–2022, with much stronger earnings and margins in 2023–2024 and especially in TTM. The main drawback is margin volatility across the cycle (losses/very low profitability in earlier years), which suggests results can be sensitive to project mix, costs, or one-time items.

Balance Sheet

Leverage has improved meaningfully, with debt-to-equity declining from higher levels in 2022–2024 to a much lower level in TTM (Trailing-Twelve-Months), which increases financial flexibility. Equity has expanded over time, supporting a stronger capital base. A watch item is that returns on equity swing widely across years (including negative in 2020 and extremely high in TTM), implying earnings can be uneven and potentially influenced by non-recurring factors.

Cash Flow

Cash generation is positive overall, with operating cash flow and free cash flow positive in most periods and a sharp free-cash-flow rebound in TTM (Trailing-Twelve-Months). However, cash flow quality is mixed: cash flow has been inconsistent (negative operating/free cash flow in 2022 and negative free cash flow in 2023), and recent operating cash flow covers only a small portion of earnings in TTM, suggesting working-capital swings or timing effects are materially impacting cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.96B	9.57B	8.53B	7.47B	7.29B
Gross Profit	822.29M	665.27M	574.53M	251.22M	-122.17M
EBITDA	948.97M	693.40M	673.37M	283.59M	383.82M
Net Income	2.63B	283.87M	287.21M	9.75M	666.56M
Balance Sheet
Total Assets	12.53B	11.29B	10.28B	9.46B	9.88B
Cash, Cash Equivalents and Short-Term Investments	1.17B	679.01M	486.63M	599.35M	628.04M
Total Debt	1.72B	2.20B	2.37B	2.49B	2.16B
Total Liabilities	6.96B	7.50B	6.99B	6.58B	6.88B
Stockholders Equity	5.50B	3.77B	3.28B	2.87B	2.97B
Cash Flow
Free Cash Flow	284.70M	365.86M	-25.82M	-355.19M	27.91M
Operating Cash Flow	461.28M	525.78M	65.96M	-245.36M	134.20M
Investing Cash Flow	1.96B	70.27M	9.48M	-82.47M	-263.71M
Financing Cash Flow	-1.93B	-408.35M	-170.91M	283.12M	-192.53M

AtkinsRealis Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 95.46
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ATRL, the sentiment is Positive. The current price of 95.46 is below the 20-day moving average (MA) of 97.64, above the 50-day MA of 95.13, and above the 200-day MA of 94.76, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 51.75 is Neutral, neither overbought nor oversold. The STOCH value of 84.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ATRL.

AtkinsRealis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATRL	73 Outperform	C$15.94B	5.72	56.38%	0.09%	13.97%	715.65%
WSP	70 Outperform	C$31.68B	33.67	11.21%	0.60%	18.85%	29.60%
BDT	69 Neutral	C$1.80B	13.18	21.68%	2.88%	6.26%	0.52%
STN	66 Neutral	C$14.72B	30.82	15.59%	0.67%	11.73%	41.17%
BDGI	66 Neutral	$2.50B	12.95	22.05%	0.99%	13.02%	52.88%
ARE	65 Neutral	C$2.39B	9.42	0.92%	2.38%	25.68%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

AtkinsRealis Corporate Events

AtkinsRéalis Posts Double-Digit 2025 Growth and Record Backlog on Nuclear and Engineering Demand

AtkinsRéalis reported strong fourth-quarter and full-year 2025 results, with total annual revenue rising 14% to $11.0 billion and services revenue up 16%, driven by robust demand in its Engineering Services Regions and Nuclear divisions. Segment Adjusted EBIT grew 19%, diluted EPS from professional services and project management rose sharply, and net cash from operating activities reached $461 million.

The company ended 2025 with a record $21.2 billion backlog, reflecting sustained demand and particularly strong nuclear orders, while also achieving margin expansion in core segments. Management highlighted progress on its Delivering Excellence, Driving Growth strategy, including three acquisitions in the U.S. and Australia to support its Land and Expand approach, and the substantial completion of Toronto’s Eglinton rail project, reinforcing its positioning in large-scale infrastructure and nuclear markets.

The most recent analyst rating on (TSE:ATRL) stock is a Buy with a C$121.00 price target. To see the full list of analyst forecasts on AtkinsRealis stock, see the TSE:ATRL Stock Forecast page.