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Designs and builds custom automation systems and equipment for life sciences, EV/battery, food and other manufacturing industries.
Designs and builds custom automation systems and equipment for life sciences, EV/battery, food and other manufacturing industries.
Builds one-off automated production lines to a customer's order, with revenue recognised as work progresses, so results follow a backlog of multi-month projects. It aims to add steadier service and repeat work on lines it has installed, and customers' capital budgets drive the timing of orders.
In one line: A custom factory automation systems integrator.
Moat: narrow (process know-how, customer qualification). Engineering expertise in complex custom automation and long-term OEM manufacturing relationships create switching costs.
Headquarters: Cambridge, Canada · Founded: 1978 · Employees: 7,000
Size ATS (ATS.TO) is a Canada Industrials company (Industrial Machinery) with a market value of $1.68B, the 196th largest of 420 Canada companies the cockpit tracks. Shares closed at C$24.00 on 6 Nov 2026.
Performance Over six months the shares fell 49.4%, against -17.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +12.2%); the operating margin is 5.8% (peer median 8.4%).
Valuation It trades at 15.9× forward earnings against a peer median of 22.7× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.2 points below its cost of capital (7.3% WACC).
Backlog Backlog (remaining performance obligations) was C$2.14B at 31 Mar 2025, up 19% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Credit ATS has 1 bond outstanding ($350M), rated BB by the agencies and trading like BB- at a weighted spread of 190 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.87B | C$2.98B | C$2.53B | C$3.03B | C$2.58B |
| Revenue growth | — | +18% | -17% | +17% | — |
| Gross profit | C$709M | C$791M | C$552M | C$772M | C$640M |
| EBITDA | C$329M | C$415M | C$192M | C$470M | C$457M |
| Net income | C$8.58M | C$71.6M | -C$28.0M | C$194M | C$127M |
| Free cash flow | C$300M | C$415M | -C$8.18M | -C$38.0M | C$71.7M |
| Capital expenditure | C$75.9M | C$76.8M | C$78.0M | C$88.5M | C$80.3M |
| Total debt | C$1.42B | C$1.44B | C$1.70B | C$1.29B | C$1.26B |
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 |
|---|---|---|---|---|---|---|
| ATS ATS.TO | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% |
| Rockwell Automation ROK | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% |
| Krones KRN.DE | $3.94B | -7% | +3% | 7% | 11.2× | -1.8% |
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 | ATS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | -7.3% | 9th highest of 21 |
| 6-month return | -49.4% | -17.2% | 2nd lowest of 21 |
| Distance from 52-week high | -51.5% | -43.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +6.5% | +12.2% | 9th lowest of 21 |
| Operating margin | 5.8% | 8.4% | 7th lowest of 21 |
| Forward P/E | 15.9× | 22.7× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 9.9% | 7th least demanding of 15 |
| Growth delivered (Del g) | +15.8% | +9.0% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -7.1 pp | -1.1 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | -3.2 pp | -0.5 pp | 6th lowest of 21 |
| EV / EBITDA | 10.8× | 8.9× | 5th cheapest of 9 |
| Net debt / EBITDA | 3.6× | -0.6× | 2nd most indebted of 9 |
| Bond spread | 190 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |
| Hunan Yujing Machinery 002943.SZ | China | $1.60B | -42% | -36% | -23% | 37.5× | n/a | n/a |
| Tongyu Heavy Industry 300185.SZ | China | $1.59B | -17% | +6% | 4% | 43.7× | 6.3% | +3.1% |
ATS has 1 bond outstanding with $350M face value. The agencies rate it BB; its bonds trade like BB-. Weighted yield 6.42%, a spread of 190 bp over government bonds.
ATS reported C$2.14B of remaining performance obligations at 31 Mar 2025, up 19% from a year earlier. That is 0.8 years of trailing revenue already under contract.