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US specialty metals producer making titanium, nickel-based alloys and specialty steel for aerospace and defense.
US specialty metals producer making titanium, nickel-based alloys and specialty steel for aerospace and defense.
Sells specialty metals to aerospace engine and airframe makers under long-term supply agreements, so earnings follow aircraft and engine production and demand for jet-engine spares. It has largely exited commodity stainless steel to concentrate on these higher-value alloys.
Moat: narrow (customer qualification, process know-how, IP / patents). Qualifying alloys for aerospace engines takes years, locking in long-term supply agreements.
Headquarters: Dallas, Texas, US · Founded: 1996 · Employees: 7,600
Size ATI (ATI) is a United States Materials company (Other Metals/Minerals) with a market value of $23.9B, the 442nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $175.79 on 6 Nov 2026.
Performance Over six months the shares gained 11.0%, against -19.7% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +24.9%); the operating margin is 17.5% (peer median 16.7%).
Valuation It trades at 28.0× forward earnings against a peer median of 12.7× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.9 points above its cost of capital (10.0% WACC).
Backlog Backlog (remaining performance obligations) was $4.30B at 27 Sep 2026, up 19% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit ATI has 4 bonds outstanding ($1.55B), rated BB by the agencies and trading like BBB- at a weighted spread of 125 bp.
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.01B | $4.59B | $4.36B | $4.17B | $3.84B |
| Revenue growth | — | +5% | +5% | +9% | — |
| Gross profit | $1.23B | $1,000M | $882M | $806M | $682M |
| EBITDA | $1.06B | $812M | $699M | $632M | $537M |
| Net income | $556M | $404M | $368M | $411M | $324M |
| Free cash flow | $421M | $334M | $168M | -$115M | $94.0M |
| Capital expenditure | $309M | $281M | $239M | $201M | $131M |
| Total debt | $1.86B | $1.86B | $1.98B | $2.27B | $1.75B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ATI ATI | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% |
| Carpenter Technology CRS | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% |
| Howmet Aerospace HWM | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% |
| Acerinox ACX.MC | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% |
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | -14.3% | 5th highest of 21 |
| 6-month return | +11.0% | -19.7% | highest of 21 |
| Distance from 52-week high | -27.8% | -35.8% | 6th highest of 21 |
| Revenue growth (TTM) | +9.4% | +24.9% | 3rd lowest of 21 |
| Operating margin | 17.5% | 16.7% | 10th highest of 21 |
| Forward P/E | 28.0× | 12.7× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.6% | 6.3% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +9.0% | +10.7% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +11.6 pp | +0.9 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | +8.9 pp | +3.5 pp | 5th highest of 21 |
| EV / EBITDA | 24.1× | 8.8× | 2nd most expensive of 16 |
| Net debt / EBITDA | 1.3× | 0.7× | 6th most indebted of 17 |
| Bond spread | 125 bp | 135 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Antofagasta ANTO.L | United Kingdom | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% | +10.3% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Anglo American AAL.L | United Kingdom | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% | -6.7% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
ATI has 4 bonds outstanding with $1.55B face value. The agencies rate it BB; its bonds trade like BBB-. Weighted yield 5.82%, a spread of 125 bp over government bonds.
ATI reported $4.30B of remaining performance obligations at 27 Sep 2026, up 19% from a year earlier and down 2% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.93.