ATI Inc.ATI
NYSE•Industrials•Metal Fabrication
ATI Inc. produces and sells specialty materials and complex components worldwide. It operates in two segments, High Performance Materials & Components, and Advanced Alloys & Solutions. The company produces high performance materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, advanced powder alloys and other specialty materials, and metallic powder alloys, as well as long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, seamless tubes, plus precision forgings, components, and machined parts. It also offers zirconium and related alloys, including hafnium and niobium, nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in various forms, such as plate, sheet, and precision rolled strip products. In addition, the company provides hot-rolling conversion services comprising carbon steel products. It serves medical and specialty energy, aerospace and defense, construction and mining, transportation, oil and gas, automotive, food equipment and appliances, and mining markets. The company was formerly known as Allegheny Technologies Incorporated. ATI Inc. was founded in 1996 and is headquartered in Dallas, Texas.
ATI Inc. (ATI) reported trailing twelve months revenue of $4.59B as of March 2026, a 2.9% increase year-over-year. Quarterly revenue reached $1.15B, reflecting continued top-line momentum.
ATI Inc. generated $425.50M in TTM net income, with quarterly EBITDA of $208.80M. The operating margin expanded from 12.8% to 14.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (14.2%) and net margin (10.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 8.5% a year ago, signaling stronger bottom-line efficiency.
ATI trades at a P/E of 45.1x (a premium multiple) and a P/S of 4.2x. The price-to-book ratio of 10.8x indicates a significant premium over book value.
The company generated $73.00M in free cash flow over the trailing twelve months, a 150.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.23B in total assets with $1.79B in long-term debt against $1.77B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~14.3%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 23.9% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~8.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~14.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 9.9% — significant dilution, likely from stock compensation or capital raises.