What is ATI's operating income?

ATI's total operating income in 2025 was $640.90 million, based on the following breakdown: Total Gross Profit: $1.01 billion Total Operating Expenses: $366.10 million

ATI (ATI) Financials

$228.76 +1.54 (+0.68%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$228.50 -0.25 (-0.11%)

As of 08/14/2026 07:58 PM Eastern

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Annual Income Statements for ATI

This table shows ATI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	-378	-641	-92	222	253	-1,573	185	324	411	368	404
Consolidated Net Income / (Loss)	-366	-627	-80	237	265	-1,560	207	339	423	383	419
Net Income / (Loss) Continuing Operations	-366	-627	-80	237	265	-1,560	207	339	423	383	419
Total Pre-Tax Income	-478	-734	-87	248	237	-1,482	233	355	295	486	522
Total Operating Income	-369	-542	135	362	366	-1,303	118	316	466	609	641
Total Gross Profit	60	223	497	630	638	293	333	714	803	898	1,007
Total Revenue	3,720	3,135	3,525	4,047	4,123	2,982	2,800	3,836	4,174	4,362	4,587
Operating Revenue	3,720	3,135	3,525	4,047	4,123	2,982	2,800	3,836	4,174	4,362	4,587
Total Cost of Revenue	3,659	2,912	3,028	3,416	3,485	2,689	2,467	3,122	3,371	3,464	3,580
Operating Cost of Revenue	3,659	2,912	3,028	3,416	3,485	2,689	2,467	3,122	3,371	3,464	3,580
Total Operating Expenses	430	765	362	268	272	1,596	216	398	336	289	366
Selling, General & Admin Expense	239	241	248	268	267	201	227	298	328	342	365
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	-	0.40	-57	2.90
Restructuring Charge	64	524	0.00	0.00	4.50	1,108	-11	-4.80	7.70	4.10	-1.90
Total Other Income / (Expense), net	-109	-192	-221	-114	-130	-179	116	39	-171	-123	-119
Interest Expense	110	124	171	135	121	116	162	87	80	29	35
Interest & Investment Income	-	-	-	-	-	-	-	-	-93	-108	-99
Other Income / (Expense), net	1.60	-68	-50	21	-9.20	-63	278	126	1.30	14	15
Income Tax Expense	-112	-107	-6.80	11	-29	78	27	16	-128	103	104
Net Income / (Loss) Attributable to Noncontrolling Interest	12	14	12	14	13	13	22	16	13	15	14
Basic Earnings per Share	($3.53)	($5.97)	($0.83)	$1.78	$2.01	($12.43)	$1.45	$2.54	$3.21	$2.82	$2.92
Weighted Average Basic Shares Outstanding	107.30M	107.30M	110.10M	125.20M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M
Diluted Earnings per Share	($3.53)	($5.97)	($0.83)	$1.61	$1.81	($12.43)	$1.32	$2.23	$2.81	$2.55	$2.85
Weighted Average Diluted Shares Outstanding	107.30M	107.30M	110.10M	125.20M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M
Weighted Average Basic & Diluted Shares Outstanding	107.30M	107.30M	110.10M	125.20M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M

This table shows ATI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Income / (Loss) Attributable to Common Shareholders	146	66	82	83	137	97	101	110	97	118	151
Consolidated Net Income / (Loss)	149	68	86	87	142	101	104	114	101	121	154
Net Income / (Loss) Continuing Operations	149	68	86	87	142	101	104	114	101	121	154
Total Pre-Tax Income	8.10	85	111	115	175	122	133	145	123	137	193
Total Operating Income	108	115	143	142	209	147	161	162	171	164	220
Total Gross Profit	206	197	227	225	249	236	243	255	273	263	310
Total Revenue	1,064	1,043	1,095	1,051	1,173	1,144	1,140	1,126	1,177	1,152	1,261
Operating Revenue	1,064	1,043	1,095	1,051	1,173	1,144	1,140	1,126	1,177	1,152	1,261
Total Cost of Revenue	858	846	868	826	924	909	898	870	904	889	951
Operating Cost of Revenue	858	846	868	826	924	909	898	870	904	889	951
Total Operating Expenses	97	82	85	83	40	89	82	93	103	99	90
Selling, General & Admin Expense	92	82	89	82	89	85	83	95	103	92	96
Other Operating Expenses / (Income)	-	0.00	-	-0.30	-	3.90	0.00	-1.30	-	0.00	-9.80
Restructuring Charge	5.50	0.20	-1.90	0.50	5.30	0.00	-1.30	-0.40	-0.20	7.00	3.90
Total Other Income / (Expense), net	-100	-30	-32	-27	-34	-25	-28	-18	-48	-27	-27
Interest Expense	23	27	28	28	51	3.90	4.10	30	-44	4.30	4.30
Interest & Investment Income	-	-	-	-	-	-23	-25	-	-	-24	-24
Other Income / (Expense), net	-77	-3.30	-3.30	0.70	17	1.50	1.80	12	7.10	0.80	1.10
Income Tax Expense	-141	17	25	28	33	21	29	31	22	16	39
Net Income / (Loss) Attributable to Noncontrolling Interest	3.50	2.30	3.70	3.90	5.00	3.50	3.30	3.60	3.90	2.30	3.30
Basic Earnings per Share	$1.15	$0.52	$0.66	$0.64	$1.00	$0.68	$0.72	$0.80	$0.72	$0.86	$1.11
Weighted Average Basic Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M
Diluted Earnings per Share	$0.99	$0.46	$0.58	$0.57	$0.94	$0.67	$0.70	$0.78	$0.70	$0.85	$1.09
Weighted Average Diluted Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M
Weighted Average Basic & Diluted Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M

This table details how cash moves in and out of ATI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	-120	80	-88	240	109	155	42	-104	160	-23	-305
Net Cash From Operating Activities	131	-44	22	393	230	167	16	225	86	407	614
Net Cash From Continuing Operating Activities	131	-44	22	393	230	167	16	225	86	405	614
Net Income / (Loss) Continuing Operations	-366	-627	-80	237	265	-1,560	207	339	423	383	419
Consolidated Net Income / (Loss)	-366	-627	-80	237	265	-1,560	207	339	423	383	419
Depreciation Expense	190	170	161	156	151	143	144	143	146	152	168
Non-Cash Adjustments To Reconcile Net Income	181	471	151	-17	-51	1,350	-1.70	86	-240	-37	21
Changes in Operating Assets and Liabilities, net	126	-58	-210	17	-136	233	-333	-343	-244	-93	6.40
Net Cash From Investing Activities	-145	-200	-120	-145	82	-129	-77	-127	-193	-160	-235
Net Cash From Continuing Investing Activities	-145	-200	-120	-145	82	-129	-77	-127	-193	-160	-235
Purchase of Property, Plant & Equipment	-145	-202	-123	-139	-168	-137	-153	-131	-201	-239	-281
Sale of Property, Plant & Equipment	-	-	2.70	2.80	92	5.90	21	3.10	3.80	28	11
Divestitures	-	-	-	0.00	158	0.00	53	0.30	-0.30	48	27
Other Investing Activities, net	-0.10	2.20	0.40	1.30	-0.20	1.90	1.40	0.80	4.00	3.90	8.20
Net Cash From Financing Activities	-106	324	9.20	-7.30	-203	117	103	-202	267	-260	-700
Net Cash From Continuing Financing Activities	-106	324	9.20	-7.30	-203	117	103	-202	267	-260	-700
Repayment of Debt	-24	-13	-390	-12	-529	-240	-568	-29	-31	-35	-183
Repurchase of Common Equity	-1.40	0.00	-4.80	-6.50	-9.90	-7.80	-4.80	-146	-96	-286	-504
Payment of Dividends	-83	-54	-8.00	-10	-14	-7.20	0.00	-34	-16	-16	-13
Issuance of Debt	1.50	391	10	7.10	350	391	676	0.00	411	0.00	0.00
Other Financing Activities, net	-	-	-	0.00	0.00	-19	-	0.00	0.00	76	0.00
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	-7.60	16

This table details how cash moves in and out of ATI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Change in Cash & Equivalents	311	-350	31	-19	315	-245	-156	53	45	-15	381
Net Cash From Operating Activities	417	-99	101	24	381	-93	162	230	316	128	132
Net Cash From Continuing Operating Activities	417	-99	101	4.80	398	-93	162	230	316	128	132
Net Income / (Loss) Continuing Operations	149	68	86	87	142	101	104	114	101	121	154
Consolidated Net Income / (Loss)	149	68	86	87	142	101	104	114	101	121	154
Depreciation Expense	40	36	38	39	39	41	42	43	43	45	44
Non-Cash Adjustments To Reconcile Net Income	10	6.20	8.90	-14	-38	11	7.30	-4.20	6.90	11	-1.90
Changes in Operating Assets and Liabilities, net	218	-209	-31	-107	255	-245	8.60	78	165	-49	-65
Net Cash From Investing Activities	-50	-64	-53	-61	19	-51	-69	-30	-86	-54	-63
Net Cash From Continuing Investing Activities	-50	-64	-53	-61	19	-51	-69	-30	-86	-54	-63
Purchase of Property, Plant & Equipment	-53	-66	-60	-66	-47	-53	-72	-63	-93	-55	-69
Divestitures	-	-	-	-	48	0.00	-	19	5.60	1.60	-0.20
Net Cash From Financing Activities	-56	-187	-7.00	28	-94	-108	-258	-147	-187	-89	312
Net Cash From Continuing Financing Activities	-56	-187	-7.00	28	-94	-108	-258	-147	-187	-89	312
Repayment of Debt	-10	-7.10	-2.10	-13	-7.50	-8.00	-8.30	-7.90	-158	-39	33
Repurchase of Common Equity	-30	-175	-	-40	-71	-100	-250	-150	-4.40	-156	-51
Issuance of Debt	-	-4.90	-	4.90	-	0.00	-	11	-11	106	347
Effect of Exchange Rate Changes	-	-	-	-	-	5.20	-	-	-	-0.80	0.50

This table presents ATI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Total Assets	5,752	5,170	5,185	5,502	5,635	4,035	4,285	4,446	4,985	5,231	5,100
Total Current Assets	1,868	1,767	1,916	2,247	2,303	2,066	2,307	2,476	2,738	2,945	2,680
Cash & Equivalents	150	230	142	382	491	646	688	584	744	721	417
Accounts Receivable	400	452	545	528	554	346	470	579	625	709	686
Inventories, net	1,272	1,037	1,176	1,211	1,155	997	1,046	1,196	1,248	1,353	1,403
Other Current Assets	46	48	53	126	103	77	103	118	121	162	174
Plant, Property, & Equipment, net	2,928	2,499	2,496	2,475	2,450	1,469	1,529	1,549	1,666	1,777	1,941
Total Noncurrent Assets	956	905	774	780	882	500	450	420	582	509	479
Goodwill	651	642	531	535	526	241	228	227	227	227	225
Other Noncurrent Operating Assets	305	263	243	245	356	259	222	193	354	282	254
Total Liabilities & Shareholders' Equity	5,752	5,170	5,185	5,502	5,635	4,035	4,285	4,446	4,985	5,231	5,100
Total Liabilities	3,555	3,725	3,341	3,510	3,441	3,394	3,453	3,288	3,505	3,275	3,183
Total Current Liabilities	687	709	713	837	849	653	856	964	977	1,209	1,006
Short-Term Debt	3.90	105	10	6.60	12	18	131	42	32	180	31
Accounts Payable	381	294	420	499	521	291	376	553	525	609	568
Accrued Expenses	302	309	282	260	-	-	-	-	-	-	241
Current Deferred Revenue	-	-	-	-	79	112	116	149	164	169	146
Other Current Liabilities	-	-	0.00	71	238	233	233	220	257	250	20
Total Noncurrent Liabilities	2,869	3,017	2,628	2,673	2,592	2,740	2,596	2,325	2,528	2,067	2,177
Long-Term Debt	1,492	1,772	1,531	1,536	1,387	1,550	1,712	1,706	2,148	1,715	1,718
Noncurrent Employee Benefit Liabilities	1,193	1,146	1,015	1,048	1,044	1,000	674	411	215	202	200
Other Noncurrent Operating Liabilities	108	83	73	89	161	190	211	208	165	151	258
Total Equity & Noncontrolling Interests	2,184	1,445	1,845	1,992	2,193	641	833	1,157	1,481	1,955	1,917
Total Preferred & Common Equity	2,083	1,355	1,739	1,886	2,090	521	686	1,046	1,373	1,850	1,805
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,083	1,355	1,739	1,886	2,090	521	686	1,046	1,373	1,850	1,805
Common Stock	1,173	1,200	1,609	1,628	1,631	1,638	1,609	1,681	1,710	1,958	1,899
Retained Earnings	1,946	1,277	1,184	1,422	1,679	107	73	-481	-70	64	469
Treasury Stock	-21	-28	-26	-31	-18	0.00	-4.80	-87	-184	-83	-503
Accumulated Other Comprehensive Income / (Loss)	-1,015	-1,094	-1,028	-1,134	-1,202	-1,224	-992	-67	-83	-90	-60
Noncontrolling Interest	102	90	105	106	103	120	147	111	108	105	112

This table presents ATI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026	6/28/2026
Total Assets	4,287	4,435	4,731	4,782	4,921	5,066	5,184	5,021	5,003	5,234	5,739
Total Current Assets	2,316	2,459	2,600	2,518	2,653	2,778	2,880	2,703	2,660	2,805	3,280
Cash & Equivalents	196	267	433	394	426	407	476	320	372	402	783
Accounts Receivable	726	710	683	721	720	730	827	788	710	664	647
Inventories, net	1,294	1,380	1,354	1,285	1,318	1,415	1,397	1,413	1,406	1,580	1,668
Other Current Assets	101	101	130	118	190	227	180	182	172	158	183
Plant, Property, & Equipment, net	1,552	1,568	1,626	1,689	1,706	1,747	1,788	1,818	1,853	1,952	1,981
Total Noncurrent Assets	419	408	505	575	563	541	516	501	490	478	478
Goodwill	227	227	227	227	227	227	227	227	225	225	225
Other Noncurrent Operating Assets	192	181	278	348	336	314	289	273	265	253	253
Total Liabilities & Shareholders' Equity	4,287	4,435	4,731	4,782	4,921	5,066	5,184	5,021	5,003	5,234	5,739
Total Liabilities	3,073	3,126	3,375	3,409	3,454	3,154	3,202	3,163	3,177	3,348	3,741
Total Current Liabilities	824	898	829	897	1,246	945	1,137	1,073	1,063	1,050	1,410
Short-Term Debt	25	74	38	27	317	28	180	179	192	33	384
Accounts Payable	448	468	435	483	525	529	563	532	494	655	657
Accrued Expenses	202	218	247	226	243	242	207	189	219	189	209
Current Deferred Revenue	-	-	-	-	-	-	-	172	-	154	144
Other Current Liabilities	150	138	110	162	161	147	187	-	159	18	17
Total Noncurrent Liabilities	2,249	2,228	2,546	2,512	2,208	2,209	2,065	2,090	2,114	2,298	2,331
Long-Term Debt	1,702	1,700	2,148	2,146	1,854	1,856	1,713	1,711	1,715	1,795	1,808
Noncurrent Employee Benefit Liabilities	354	349	213	209	205	201	197	193	189	197	194
Other Noncurrent Operating Liabilities	193	179	185	156	149	152	154	187	210	307	329
Total Equity & Noncontrolling Interests	1,214	1,309	1,356	1,373	1,468	1,912	1,982	1,858	1,826	1,886	1,998
Total Preferred & Common Equity	1,097	1,194	1,239	1,264	1,355	1,791	1,873	1,743	1,707	1,771	1,877
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,097	1,194	1,239	1,264	1,355	1,791	1,873	1,743	1,707	1,771	1,877
Common Stock	1,688	1,695	1,703	1,717	1,726	1,952	1,888	1,894	1,901	1,781	1,787
Retained Earnings	247	323	399	-4.00	78	-73	161	262	372	587	739
Treasury Stock	-108	-108	-154	-360	-359	-13	-105	-356	-507	-535	-584
Accumulated Other Comprehensive Income / (Loss)	-731	-716	-709	-89	-90	-75	-72	-57	-59	-63	-65
Noncontrolling Interest	118	115	117	110	113	121	110	115	119	116	122

This table displays calculated financial ratios and metrics derived from ATI's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	1/2/2022	1/1/2023	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.93%	-15.73%	12.46%	14.79%	1.88%	-27.66%	-6.11%	37.01%	8.80%	4.51%	5.16%
EBITDA Growth	-161.99%	-147.16%	155.74%	119.91%	-5.71%	-340.59%	144.14%	8.38%	-8.69%	45.07%	6.30%
EBIT Growth	-433.76%	-65.85%	113.82%	353.86%	-6.66%	-482.53%	128.98%	11.67%	-12.22%	60.64%	5.17%
NOPAT Growth	-135.84%	-46.67%	124.84%	267.25%	18.62%	-322.17%	111.42%	190.39%	121.30%	-28.34%	7.15%
Net Income Growth	-3,911.46%	-71.39%	87.29%	396.99%	11.96%	-688.53%	113.25%	64.13%	24.86%	-9.61%	9.38%
EPS Growth	-11,666.67%	-69.12%	86.10%	293.98%	12.42%	-786.74%	110.62%	68.94%	26.01%	-9.25%	11.76%
Operating Cash Flow Growth	135.06%	-133.26%	151.26%	1,653.57%	-41.42%	-27.47%	-90.35%	1,296.89%	-61.81%	374.04%	50.86%
Free Cash Flow Firm Growth	-75.04%	-57.50%	-180.60%	865.86%	5.23%	35.86%	-151.19%	90.32%	338.41%	260.08%	47.80%
Invested Capital Growth	-10.72%	-12.71%	4.90%	-2.83%	-1.60%	-49.59%	27.16%	16.77%	25.63%	7.31%	3.84%
Revenue Q/Q Growth	-7.66%	1.86%	3.34%	3.27%	-0.47%	-10.78%	3.98%	0.00%	1.30%	2.56%	0.10%
EBITDA Q/Q Growth	-188.33%	42.54%	36.09%	5.58%	-7.18%	-3,831.51%	162.29%	0.00%	-32.49%	33.43%	-5.45%
EBIT Q/Q Growth	-2,585.14%	35.37%	336.79%	8.29%	-9.27%	-676.58%	139.21%	0.00%	-40.20%	45.36%	-7.28%
NOPAT Q/Q Growth	-3,369.03%	42.67%	6.40%	-0.65%	22.02%	-1,023.99%	114.33%	0.00%	39.19%	-22.77%	-5.61%
Net Income Q/Q Growth	-211.94%	27.43%	-11.94%	20.21%	3.88%	-301.54%	118.65%	0.00%	-22.74%	-1.82%	-9.04%
EPS Q/Q Growth	-191.74%	27.11%	-7.79%	19.26%	4.02%	-287.23%	114.75%	0.00%	-24.26%	-1.92%	-7.77%
Operating Cash Flow Q/Q Growth	-35.27%	51.01%	57.75%	103.73%	-13.56%	-41.46%	113.10%	0.00%	1,327.14%	-8.18%	-9.58%
Free Cash Flow Firm Q/Q Growth	-61.74%	182.58%	-156.09%	355.81%	-8.36%	48.20%	-349.40%	-101.58%	102.81%	-21.71%	-31.25%
Invested Capital Q/Q Growth	-7.41%	-4.86%	0.21%	-9.66%	-6.65%	-44.54%	1.22%	0.00%	-6.18%	-7.66%	-3.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	1.62%	7.11%	14.10%	15.58%	15.48%	9.82%	11.90%	18.62%	19.23%	20.59%	21.95%
EBITDA Margin	-4.78%	-14.03%	6.95%	13.32%	12.33%	-41.00%	19.28%	15.25%	12.80%	17.76%	17.95%
Operating Margin	-9.93%	-17.28%	3.82%	8.95%	8.89%	-43.68%	4.20%	8.24%	11.17%	13.96%	13.97%
EBIT Margin	-9.89%	-19.46%	2.39%	9.45%	8.66%	-45.81%	14.14%	11.52%	9.30%	14.29%	14.29%
Profit (Net Income) Margin	-9.84%	-20.01%	-2.26%	5.85%	6.43%	-52.30%	7.38%	8.84%	10.14%	8.77%	9.13%
Tax Burden Percent	76.55%	85.44%	92.14%	95.56%	112.05%	105.24%	88.52%	95.63%	143.43%	78.73%	80.15%
Interest Burden Percent	129.96%	120.33%	-102.61%	64.74%	66.23%	108.48%	58.97%	80.23%	76.08%	77.99%	79.68%
Effective Tax Rate	0.00%	0.00%	0.00%	4.44%	-12.05%	0.00%	11.48%	4.37%	-43.43%	21.27%	19.85%
Return on Invested Capital (ROIC)	-6.89%	-11.43%	2.97%	10.82%	13.13%	-39.10%	5.86%	14.03%	25.55%	15.86%	16.11%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.17%	-27.99%	-8.44%	2.28%	-0.94%	-109.89%	15.73%	17.21%	6.65%	8.45%	8.52%
Return on Net Nonoperating Assets (RNNOA)	-7.99%	-23.01%	-7.82%	1.52%	-0.46%	-70.94%	22.17%	20.05%	6.56%	6.42%	5.52%
Return on Equity (ROE)	-14.88%	-34.44%	-4.85%	12.34%	12.66%	-110.04%	28.03%	34.08%	32.10%	22.28%	21.62%
Cash Return on Invested Capital (CROIC)	4.45%	2.14%	-1.81%	13.70%	14.74%	26.85%	-18.05%	-1.44%	2.82%	8.81%	12.34%
Operating Return on Assets (OROA)	-5.97%	-11.17%	1.63%	7.16%	6.41%	-28.25%	9.51%	10.13%	8.23%	12.20%	12.69%
Return on Assets (ROA)	-5.94%	-11.48%	-1.54%	4.43%	4.76%	-32.26%	4.97%	7.77%	8.98%	7.49%	8.10%
Return on Common Equity (ROCE)	-14.16%	-32.52%	-4.56%	11.66%	12.03%	-101.37%	22.95%	29.66%	29.44%	20.90%	20.41%
Return on Equity Simple (ROE_SIMPLE)	-17.57%	-46.27%	-4.58%	12.55%	12.68%	-299.29%	30.13%	32.42%	30.84%	20.68%	0.00%
Net Operating Profit after Tax (NOPAT)	-259	-379	94	346	410	-912	104	302	669	479	514
NOPAT Margin	-6.95%	-12.10%	2.67%	8.55%	9.96%	-30.58%	3.72%	7.88%	16.03%	10.99%	11.20%
Net Nonoperating Expense Percent (NNEP)	8.28%	16.56%	11.42%	8.54%	14.06%	70.79%	-9.87%	-3.18%	18.89%	7.41%	7.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.40%	18.28%	12.45%	14.01%
Cost of Revenue to Revenue	98.38%	92.89%	85.90%	84.42%	84.52%	90.18%	88.10%	81.38%	80.77%	79.41%	78.05%
SG&A Expenses to Revenue	6.42%	7.68%	7.04%	6.63%	6.48%	6.74%	8.10%	7.76%	7.86%	7.85%	7.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.55%	24.39%	10.28%	6.63%	6.59%	53.50%	7.70%	10.38%	8.06%	6.63%	7.98%
Earnings before Interest and Taxes (EBIT)	-368	-610	84	383	357	-1,366	396	442	388	623	656
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-178	-440	245	539	508	-1,223	540	585	534	775	824
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.58	1.28	1.51	1.45	1.25	4.08	2.96	3.71	4.23	4.27	8.81
Price to Tangible Book Value (P/TBV)	0.84	2.43	2.18	2.03	1.67	7.58	4.43	4.74	5.06	4.87	10.06
Price to Revenue (P/Rev)	0.33	0.55	0.75	0.68	0.63	0.71	0.72	1.01	1.39	1.81	3.46
Price to Earnings (P/E)	0.00	0.00	0.00	12.30	10.32	0.00	10.98	11.99	14.12	21.51	39.30
Dividend Yield	5.60%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	8.13%	9.69%	0.00%	9.11%	8.34%	7.08%	4.65%	2.54%
Enterprise Value to Invested Capital (EV/IC)	0.75	1.12	1.27	1.27	1.17	2.03	1.67	2.22	2.52	2.94	5.33
Enterprise Value to Revenue (EV/Rev)	0.72	1.11	1.17	0.99	0.88	1.06	1.19	1.34	1.76	2.11	3.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	16.86	7.43	7.12	0.00	6.17	8.81	13.75	11.86	21.05
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	49.02	10.46	10.13	0.00	8.41	11.66	18.93	14.74	26.44
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	43.86	11.57	8.81	0.00	31.98	17.05	10.98	19.17	33.75
Enterprise Value to Operating Cash Flow (EV/OCF)	20.31	0.00	184.47	10.19	15.72	18.99	206.79	22.92	85.50	22.56	28.22
Enterprise Value to Free Cash Flow (EV/FCFF)	15.99	48.95	0.00	9.14	7.85	5.06	0.00	0.00	99.31	34.51	44.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	1.30	0.84	0.77	0.64	2.44	2.21	1.51	1.47	0.97	0.91
Long-Term Debt to Equity	0.68	1.23	0.83	0.77	0.63	2.42	2.06	1.47	1.45	0.88	0.90
Financial Leverage	0.53	0.82	0.93	0.67	0.49	0.65	1.41	1.17	0.99	0.76	0.65
Leverage Ratio	2.51	3.00	3.15	2.79	2.66	3.41	5.64	4.39	3.58	2.97	2.67
Compound Leverage Factor	3.26	3.61	-3.23	1.80	1.76	3.70	3.33	3.52	2.72	2.32	2.13
Debt to Total Capital	40.51%	56.51%	45.51%	43.64%	38.94%	70.97%	68.88%	60.17%	59.55%	49.22%	47.72%
Short-Term Debt to Total Capital	0.11%	3.16%	0.30%	0.19%	0.32%	0.81%	4.91%	1.44%	0.87%	4.69%	0.85%
Long-Term Debt to Total Capital	40.40%	53.34%	45.21%	43.45%	38.62%	70.16%	63.97%	58.73%	58.68%	44.54%	46.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.08%	2.70%	3.10%	3.00%	2.87%	5.45%	5.50%	3.83%	2.94%	2.72%	3.06%
Common Equity to Total Capital	56.41%	40.80%	51.38%	53.36%	58.19%	23.59%	25.62%	36.00%	37.51%	48.06%	49.22%
Debt to EBITDA	-8.41	-4.27	6.29	2.86	2.75	-1.28	3.41	2.99	4.08	2.45	2.12
Net Debt to EBITDA	-7.57	-3.75	5.71	2.15	1.79	-0.75	2.14	1.99	2.69	1.52	1.62
Long-Term Debt to EBITDA	-8.39	-4.03	6.24	2.85	2.73	-1.27	3.17	2.92	4.02	2.21	2.09
Debt to NOPAT	-5.78	-4.95	16.35	4.46	3.41	-1.72	17.70	5.78	3.26	3.95	3.41
Net Debt to NOPAT	-5.21	-4.34	14.85	3.35	2.21	-1.01	11.10	3.85	2.15	2.45	2.59
Long-Term Debt to NOPAT	-5.77	-4.67	16.25	4.44	3.38	-1.70	16.44	5.64	3.21	3.58	3.35
Altman Z-Score	1.36	1.09	1.80	2.10	2.12	0.46	1.74	2.16	2.49	3.09	4.84
Noncontrolling Interest Sharing Ratio	4.81%	5.58%	5.92%	5.50%	4.99%	7.88%	18.14%	12.99%	8.30%	6.18%	5.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.72	2.49	2.69	2.68	2.71	3.16	2.69	2.57	2.80	2.44	2.66
Quick Ratio	0.80	0.96	0.96	1.09	1.23	1.52	1.35	1.21	1.40	1.18	1.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	167	71	-57	438	461	626	-321	-31	74	266	394
Operating Cash Flow to CapEx	90.93%	-21.61%	18.67%	287.98%	301.97%	127.79%	12.22%	175.98%	43.63%	192.53%	227.94%
Free Cash Flow to Firm to Interest Expense	1.51	0.57	-0.33	3.25	3.82	5.40	-1.97	-0.35	0.80	1.94	11.37
Operating Cash Flow to Interest Expense	1.19	-0.35	0.13	2.91	1.91	1.44	0.10	2.57	0.93	2.97	17.75
Operating Cash Flow Less CapEx to Interest Expense	-0.12	-1.98	-0.57	1.90	1.28	0.31	-0.71	1.11	-1.20	1.43	9.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.57	0.68	0.76	0.74	0.62	0.67	0.88	0.89	0.85	0.89
Accounts Receivable Turnover	7.41	7.35	7.07	7.54	7.62	6.63	6.86	7.31	6.93	6.54	6.58
Inventory Turnover	2.67	2.52	2.74	2.86	2.95	2.50	2.41	2.78	2.76	2.66	2.60
Fixed Asset Turnover	1.26	1.16	1.41	1.63	1.67	1.52	1.87	2.49	2.60	2.53	2.47
Accounts Payable Turnover	7.81	8.63	8.48	7.44	6.83	6.63	7.41	6.72	6.25	6.11	6.08
Days Sales Outstanding (DSO)	49.26	49.63	51.64	48.40	47.89	55.07	53.18	49.92	52.66	55.82	55.51
Days Inventory Outstanding (DIO)	136.87	144.69	133.38	127.53	123.94	146.07	151.19	131.07	132.27	137.01	140.49
Days Payable Outstanding (DPO)	46.76	42.31	43.06	49.09	53.42	55.09	49.28	54.30	58.36	59.74	60.01
Cash Conversion Cycle (CCC)	139.37	152.01	141.96	126.83	118.41	146.05	155.08	126.69	126.56	133.09	135.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,542	3,092	3,244	3,152	3,101	1,563	1,988	2,321	2,916	3,129	3,249
Invested Capital Turnover	0.99	0.94	1.11	1.27	1.32	1.28	1.58	1.78	1.59	1.44	1.44
Increase / (Decrease) in Invested Capital	-426	-450	151	-92	-50	-1,538	425	333	595	213	120
Enterprise Value (EV)	2,668	3,472	4,132	4,002	3,616	3,169	3,329	5,154	7,344	9,188	17,334
Market Capitalization	1,209	1,735	2,628	2,736	2,605	2,127	2,027	3,879	5,801	7,910	15,889
Book Value per Share	$19.07	$12.44	$15.98	$15.00	$16.58	$4.11	$5.39	$8.13	$10.76	$12.97	$13.28
Tangible Book Value per Share	$13.11	$6.55	$11.10	$10.75	$12.41	$2.21	$3.60	$6.37	$8.98	$11.38	$11.62
Total Capital	3,692	3,322	3,385	3,534	3,592	2,209	2,676	2,905	3,660	3,851	3,666
Total Debt	1,496	1,877	1,541	1,542	1,399	1,568	1,843	1,748	2,180	1,895	1,749
Total Long-Term Debt	1,492	1,772	1,531	1,536	1,387	1,550	1,712	1,706	2,148	1,715	1,718
Net Debt	1,346	1,647	1,399	1,160	908	922	1,155	1,164	1,436	1,174	1,333
Capital Expenditures (CapEx)	145	202	120	136	76	131	132	128	197	212	270
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,035	933	1,072	1,034	975	785	894	970	1,049	1,196	1,288
Debt-free Net Working Capital (DFNWC)	1,185	1,163	1,213	1,416	1,465	1,431	1,582	1,554	1,793	1,917	1,705
Net Working Capital (NWC)	1,181	1,058	1,203	1,410	1,454	1,413	1,450	1,513	1,761	1,737	1,674
Net Nonoperating Expense (NNE)	107	248	174	109	145	648	-103	-37	246	97	95
Net Nonoperating Obligations (NNO)	1,346	1,647	1,399	1,160	908	922	1,155	1,164	1,436	1,174	1,333
Total Depreciation and Amortization (D&A)	190	170	161	156	151	143	144	143	146	152	168
Debt-free, Cash-free Net Working Capital to Revenue	27.83%	29.77%	30.40%	25.56%	23.64%	26.31%	31.93%	25.29%	25.12%	27.41%	28.08%
Debt-free Net Working Capital to Revenue	31.86%	37.10%	34.42%	35.00%	35.54%	47.97%	56.49%	40.52%	42.95%	43.94%	37.16%
Net Working Capital to Revenue	31.75%	33.75%	34.13%	34.84%	35.27%	47.37%	51.80%	39.43%	42.18%	39.81%	36.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.53)	($5.97)	($0.83)	$1.78	$2.05	($12.43)	($0.30)	$1.03	$3.21	$2.82	$2.92
Adjusted Weighted Average Basic Shares Outstanding	108.91M	108.77M	125.66M	125.68M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M
Adjusted Diluted Earnings per Share	($3.53)	($5.97)	($0.83)	$1.61	$1.85	($12.43)	($0.30)	$0.96	$2.81	$2.55	$2.85
Adjusted Weighted Average Diluted Shares Outstanding	108.91M	108.77M	125.66M	125.68M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.91M	108.77M	125.66M	125.68M	126.09M	126.83M	127.45M	128.61M	127.78M	142.17M	136.94M
Normalized Net Operating Profit after Tax (NOPAT)	-125	-13	174	346	260	64	94	398	332	483	512
Normalized NOPAT Margin	-3.36%	-0.40%	4.94%	8.55%	6.30%	2.15%	3.36%	10.39%	7.95%	11.06%	11.16%
Pre Tax Income Margin	-12.85%	-23.42%	-2.45%	6.12%	5.74%	-49.69%	8.34%	9.24%	7.07%	11.14%	11.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.34	-4.92	0.49	2.84	2.96	-11.79	2.44	5.06	4.18	4.54	18.95
NOPAT to Interest Expense	-2.35	-3.06	0.55	2.57	3.40	-7.87	0.64	3.46	7.21	3.49	14.85
EBIT Less CapEx to Interest Expense	-4.65	-6.55	-0.21	1.83	2.33	-12.91	1.63	3.60	2.06	3.00	11.16
NOPAT Less CapEx to Interest Expense	-3.66	-4.69	-0.15	1.55	2.77	-8.99	-0.17	2.00	5.09	1.95	7.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-22.55%	-8.61%	-10.04%	4.22%	5.28%	-0.46%	0.00%	10.03%	3.78%	4.18%	3.15%
Augmented Payout Ratio	-22.93%	-8.61%	-16.06%	6.97%	9.02%	-0.96%	2.32%	52.96%	26.55%	78.91%	123.58%

This table displays calculated financial ratios and metrics derived from ATI's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	136,936,299.00	136,470,427.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	136,936,299.00	136,470,427.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.86	1.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.30%	0.46%	4.71%	2.50%	10.22%	9.73%	4.12%	7.07%	0.38%	0.62%	10.58%
EBITDA Growth	-78.48%	-0.27%	15.30%	14.52%	275.32%	25.29%	13.04%	19.74%	-17.70%	10.78%	29.70%
EBIT Growth	-89.38%	-1.15%	18.18%	16.37%	627.42%	29.13%	13.93%	22.18%	-22.47%	10.92%	35.81%
NOPAT Growth	1,373.06%	-13.89%	-4.88%	-9.94%	-91.50%	31.54%	14.12%	19.04%	-17.76%	18.92%	40.10%
Net Income Growth	-45.51%	-21.02%	-8.45%	-7.97%	-4.76%	46.93%	21.50%	31.18%	-29.28%	19.90%	48.37%
EPS Growth	-47.62%	-20.69%	-6.45%	-8.06%	-5.05%	45.65%	20.69%	36.84%	-25.53%	26.87%	55.71%
Operating Cash Flow Growth	28.65%	65.36%	48.46%	121.02%	-8.70%	6.38%	59.74%	856.25%	-17.09%	238.59%	-18.39%
Free Cash Flow Firm Growth	807.44%	21.44%	16.62%	94.20%	-103.11%	60.01%	68.76%	189.89%	144.64%	284.04%	319.85%
Invested Capital Growth	25.63%	14.83%	14.11%	9.03%	7.31%	7.85%	6.70%	-0.84%	3.84%	-2.56%	-0.62%
Revenue Q/Q Growth	3.74%	-1.98%	5.02%	-4.03%	11.56%	-2.41%	-0.35%	-1.31%	4.58%	-2.17%	9.52%
EBITDA Q/Q Growth	-55.49%	74.00%	22.31%	0.28%	45.87%	-29.97%	8.10%	8.44%	1.66%	-5.07%	26.48%
EBIT Q/Q Growth	-74.76%	145.93%	27.79%	-0.07%	57.80%	-35.92%	9.83%	10.02%	1.78%	-7.37%	34.33%
NOPAT Q/Q Growth	1,576.31%	-88.22%	19.15%	-2.63%	58.27%	-28.37%	3.38%	1.57%	9.34%	3.58%	21.79%
Net Income Q/Q Growth	58.55%	-58.22%	25.15%	1.17%	64.09%	-29.28%	3.48%	9.23%	-11.53%	19.90%	28.05%
EPS Q/Q Growth	59.68%	-57.80%	26.09%	-1.72%	64.91%	-28.72%	4.48%	11.43%	-10.26%	21.43%	28.24%
Operating Cash Flow Q/Q Growth	465.32%	-123.68%	202.33%	-76.26%	1,487.08%	-124.28%	274.59%	42.11%	37.60%	-59.40%	2.81%
Free Cash Flow Firm Q/Q Growth	146.83%	-266.17%	8.80%	39.60%	74.93%	-189.58%	28.76%	273.81%	-87.55%	1,093.92%	-14.90%
Invested Capital Q/Q Growth	-6.18%	8.10%	1.93%	5.47%	-7.66%	8.64%	0.84%	-1.98%	-3.31%	1.94%	2.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.33%	18.93%	20.76%	21.39%	21.20%	20.60%	21.26%	22.68%	23.23%	22.83%	24.57%
EBITDA Margin	6.63%	14.18%	16.52%	17.26%	22.56%	16.19%	17.56%	19.30%	18.76%	18.20%	21.02%
Operating Margin	10.18%	11.05%	13.02%	13.53%	17.81%	12.84%	14.12%	14.43%	14.49%	14.22%	17.45%
EBIT Margin	2.91%	10.73%	13.06%	13.59%	19.23%	12.63%	13.92%	15.51%	15.10%	14.29%	17.53%
Profit (Net Income) Margin	14.02%	6.56%	7.82%	8.24%	12.12%	8.78%	9.12%	10.09%	8.54%	10.46%	12.24%
Tax Burden Percent	1,841.98%	80.19%	77.19%	75.37%	81.20%	82.72%	78.02%	78.56%	81.77%	88.21%	79.99%
Interest Burden Percent	26.13%	76.23%	77.55%	80.41%	77.61%	84.08%	84.00%	82.82%	69.16%	82.99%	87.25%
Effective Tax Rate	-1,741.98%	19.81%	22.81%	24.63%	18.80%	17.28%	21.98%	21.44%	18.23%	11.79%	20.01%
Return on Invested Capital (ROIC)	298.82%	12.55%	14.09%	13.35%	20.87%	14.47%	14.96%	15.39%	17.05%	17.18%	19.25%
ROIC Less NNEP Spread (ROIC-NNEP)	156.83%	11.10%	12.59%	12.08%	18.76%	13.15%	13.65%	14.47%	13.93%	15.49%	17.80%
Return on Net Nonoperating Assets (RNNOA)	154.57%	14.20%	14.74%	11.93%	14.25%	12.53%	13.61%	11.66%	9.02%	11.39%	13.75%
Return on Equity (ROE)	453.39%	26.75%	28.84%	25.28%	35.13%	27.00%	28.56%	27.05%	26.07%	28.57%	33.00%
Cash Return on Invested Capital (CROIC)	2.82%	8.44%	8.17%	10.47%	8.81%	7.98%	9.30%	16.96%	12.34%	18.59%	17.80%
Operating Return on Assets (OROA)	2.58%	9.89%	11.80%	11.80%	16.42%	11.31%	12.62%	14.12%	13.41%	12.61%	15.37%
Return on Assets (ROA)	12.41%	6.04%	7.06%	7.15%	10.35%	7.87%	8.27%	9.19%	7.58%	9.23%	10.72%
Return on Common Equity (ROCE)	415.78%	24.40%	26.47%	23.44%	32.96%	25.23%	26.61%	25.32%	24.61%	26.90%	30.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	32.07%	29.32%	21.76%	0.00%	22.15%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,995	92	110	107	170	122	126	128	140	144	176
NOPAT Margin	187.49%	8.86%	10.05%	10.20%	14.46%	10.62%	11.01%	11.34%	11.85%	12.55%	13.95%
Net Nonoperating Expense Percent (NNEP)	141.99%	1.45%	1.50%	1.27%	2.11%	1.31%	1.30%	0.93%	3.11%	1.69%	1.46%
Return On Investment Capital (ROIC_SIMPLE)	54.50%	-	-	-	4.41%	3.14%	3.35%	3.42%	3.81%	3.89%	4.20%
Cost of Revenue to Revenue	80.67%	81.07%	79.24%	78.61%	78.80%	79.40%	78.74%	77.32%	76.77%	77.17%	75.43%
SG&A Expenses to Revenue	8.67%	7.86%	8.12%	7.84%	7.59%	7.43%	7.26%	8.41%	8.72%	8.00%	7.59%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.15%	7.88%	7.74%	7.86%	3.39%	7.77%	7.15%	8.25%	8.73%	8.61%	7.12%
Earnings before Interest and Taxes (EBIT)	31	112	143	143	226	145	159	175	178	165	221
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	148	181	181	265	185	200	217	221	210	265
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.23	5.17	5.09	4.60	4.27	3.87	7.02	6.69	8.81	10.86	14.35
Price to Tangible Book Value (P/TBV)	5.06	6.30	6.12	5.27	4.87	4.40	8.08	7.70	10.06	12.44	16.31
Price to Revenue (P/Rev)	1.39	1.56	1.63	1.94	1.81	1.62	2.72	2.49	3.46	4.19	5.71
Price to Earnings (P/E)	14.12	16.64	17.97	21.91	21.51	18.17	29.33	25.66	39.30	45.19	56.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.08%	6.01%	5.56%	4.56%	4.65%	5.50%	3.41%	3.90%	2.54%	2.21%	1.77%
Enterprise Value to Invested Capital (EV/IC)	2.52	2.67	2.73	2.91	2.94	2.58	4.06	3.89	5.33	6.27	8.36
Enterprise Value to Revenue (EV/Rev)	1.76	2.01	2.07	2.31	2.11	1.97	3.09	2.85	3.78	4.52	6.04
Enterprise Value to EBITDA (EV/EBITDA)	13.75	15.77	15.70	16.95	11.86	10.80	16.68	15.00	21.05	24.61	31.47
Enterprise Value to EBIT (EV/EBIT)	18.93	21.77	21.43	22.96	14.74	13.37	20.63	18.48	26.44	30.92	39.00
Enterprise Value to NOPAT (EV/NOPAT)	10.98	12.83	13.61	15.86	19.17	17.24	26.58	24.01	33.75	38.69	48.50
Enterprise Value to Operating Cash Flow (EV/OCF)	85.50	30.91	28.69	22.20	22.56	21.21	29.39	19.23	28.22	24.88	35.35
Enterprise Value to Free Cash Flow (EV/FCFF)	99.31	33.80	35.55	28.95	34.51	33.56	45.11	22.83	44.05	33.29	46.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.47	1.58	1.48	0.99	0.97	0.96	1.02	1.04	0.91	0.97	1.10
Long-Term Debt to Equity	1.45	1.56	1.26	0.97	0.88	0.86	0.92	0.94	0.90	0.95	0.91
Financial Leverage	0.99	1.28	1.17	0.99	0.76	0.95	1.00	0.81	0.65	0.74	0.77
Leverage Ratio	3.58	3.51	3.37	3.00	2.97	2.97	2.99	2.69	2.67	2.69	2.79
Compound Leverage Factor	0.93	2.67	2.61	2.41	2.31	2.50	2.51	2.23	1.85	2.23	2.43
Debt to Total Capital	59.55%	61.28%	59.66%	49.62%	49.22%	48.85%	50.43%	51.09%	47.72%	49.21%	52.31%
Short-Term Debt to Total Capital	0.87%	0.76%	8.71%	0.74%	4.69%	4.64%	4.78%	5.14%	0.85%	0.89%	9.15%
Long-Term Debt to Total Capital	58.68%	60.52%	50.95%	48.89%	44.54%	44.21%	45.64%	45.95%	46.87%	48.32%	43.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.94%	3.09%	3.10%	3.18%	2.72%	2.83%	3.06%	3.18%	3.06%	3.12%	2.90%
Common Equity to Total Capital	37.51%	35.63%	37.24%	47.20%	48.06%	48.32%	46.52%	45.73%	49.22%	47.67%	44.79%
Debt to EBITDA	4.08	4.07	3.89	3.24	2.45	2.33	2.26	2.19	2.12	2.17	2.42
Net Debt to EBITDA	2.69	3.33	3.13	2.54	1.52	1.75	1.88	1.76	1.62	1.69	1.56
Long-Term Debt to EBITDA	4.02	4.02	3.32	3.20	2.21	2.11	2.05	1.97	2.09	2.13	2.00
Debt to NOPAT	3.26	3.31	3.37	3.03	3.95	3.72	3.61	3.50	3.41	3.40	3.73
Net Debt to NOPAT	2.15	2.71	2.71	2.38	2.45	2.79	3.00	2.82	2.59	2.66	2.40
Long-Term Debt to NOPAT	3.21	3.27	2.88	2.99	3.58	3.37	3.26	3.15	3.35	3.34	3.08
Altman Z-Score	2.26	2.51	2.52	2.92	2.84	2.76	3.79	3.67	4.53	4.99	5.84
Noncontrolling Interest Sharing Ratio	8.30%	8.79%	8.21%	7.27%	6.18%	6.53%	6.83%	6.40%	5.60%	5.82%	6.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.80	2.81	2.13	2.94	2.44	2.53	2.52	2.50	2.66	2.67	2.33
Quick Ratio	1.40	1.24	0.92	1.20	1.18	1.15	1.03	1.02	1.10	1.02	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,400	-315	-287	-173	-43	-126	-90	156	19	232	197
Operating Cash Flow to CapEx	788.66%	-152.47%	182.82%	39.28%	1,257.10%	-173.55%	224.31%	443.91%	341.41%	232.25%	192.13%
Free Cash Flow to Firm to Interest Expense	61.13	-11.84	-8.94	-6.19	-0.86	-5.47	-3.53	5.20	0.00	53.88	45.86
Operating Cash Flow to Interest Expense	18.22	-3.71	3.15	0.86	7.54	-4.02	6.36	7.65	0.00	29.81	30.65
Operating Cash Flow Less CapEx to Interest Expense	15.91	-6.15	1.43	-1.33	6.94	-6.34	3.52	5.93	0.00	16.98	14.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.89	0.92	0.90	0.87	0.85	0.90	0.91	0.91	0.89	0.88	0.88
Accounts Receivable Turnover	6.93	5.78	5.91	6.02	6.54	5.77	5.98	6.36	6.58	6.16	6.57
Inventory Turnover	2.76	2.62	2.52	2.45	2.66	2.63	2.61	2.55	2.60	2.39	2.35
Fixed Asset Turnover	2.60	2.58	2.58	2.52	2.53	2.57	2.56	2.55	2.47	2.46	2.48
Accounts Payable Turnover	6.25	7.25	6.86	7.05	6.11	6.75	6.73	7.05	6.08	5.85	6.08
Days Sales Outstanding (DSO)	52.66	63.16	61.72	60.64	55.82	63.27	61.03	57.35	55.51	59.24	55.52
Days Inventory Outstanding (DIO)	132.27	139.58	144.70	148.68	137.01	138.77	140.07	142.93	140.49	152.61	155.55
Days Payable Outstanding (DPO)	58.36	50.34	53.22	51.75	59.74	54.11	54.22	51.80	60.01	62.44	60.04
Cash Conversion Cycle (CCC)	126.56	152.39	153.21	157.57	133.09	147.92	146.88	148.48	135.99	149.41	151.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,916	3,152	3,213	3,389	3,129	3,400	3,428	3,361	3,249	3,313	3,407
Invested Capital Turnover	1.59	1.42	1.40	1.31	1.44	1.36	1.36	1.36	1.44	1.37	1.38
Increase / (Decrease) in Invested Capital	595	407	397	281	213	247	215	-28	120	-87	-21
Enterprise Value (EV)	7,344	8,417	8,758	9,846	9,188	8,772	13,930	13,067	17,334	20,772	28,470
Market Capitalization	5,801	6,528	6,900	8,248	7,910	7,245	12,245	11,414	15,889	19,230	26,939
Book Value per Share	$10.76	$10.15	$10.89	$14.39	$12.97	$13.17	$12.36	$12.38	$13.28	$12.93	$13.75
Tangible Book Value per Share	$8.98	$8.33	$9.06	$12.57	$11.38	$11.58	$10.75	$10.75	$11.62	$11.28	$12.10
Total Capital	3,660	3,547	3,639	3,795	3,851	3,876	3,748	3,733	3,666	3,714	4,190
Total Debt	2,180	2,174	2,171	1,883	1,895	1,893	1,890	1,907	1,749	1,828	2,192
Total Long-Term Debt	2,148	2,146	1,854	1,856	1,715	1,713	1,711	1,715	1,718	1,795	1,808
Net Debt	1,436	1,779	1,745	1,477	1,174	1,417	1,570	1,535	1,333	1,426	1,409
Capital Expenditures (CapEx)	53	65	55	61	30	53	72	52	93	55	69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,049	1,254	1,299	1,454	1,196	1,447	1,490	1,416	1,288	1,387	1,471
Debt-free Net Working Capital (DFNWC)	1,793	1,648	1,724	1,861	1,917	1,923	1,809	1,788	1,705	1,788	2,254
Net Working Capital (NWC)	1,761	1,621	1,407	1,833	1,737	1,743	1,630	1,597	1,674	1,755	1,871
Net Nonoperating Expense (NNE)	1,846	24	24	21	28	21	22	14	39	24	22
Net Nonoperating Obligations (NNO)	1,436	1,779	1,745	1,477	1,174	1,417	1,570	1,535	1,333	1,426	1,409
Total Depreciation and Amortization (D&A)	40	36	38	39	39	41	42	43	43	45	44
Debt-free, Cash-free Net Working Capital to Revenue	25.12%	30.00%	30.71%	34.19%	27.41%	32.42%	33.04%	30.90%	28.08%	30.18%	31.20%
Debt-free Net Working Capital to Revenue	42.95%	39.44%	40.78%	43.75%	43.94%	43.08%	40.13%	39.02%	37.16%	38.92%	47.81%
Net Working Capital to Revenue	42.18%	38.79%	33.29%	43.10%	39.81%	39.04%	36.15%	34.84%	36.48%	38.20%	39.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.15	$0.52	$0.66	$0.64	$1.00	$0.68	$0.72	$0.80	$0.72	$0.86	$1.11
Adjusted Weighted Average Basic Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M
Adjusted Diluted Earnings per Share	$0.99	$0.46	$0.58	$0.57	$0.94	$0.67	$0.70	$0.78	$0.70	$0.85	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M	136.17M
Normalized Net Operating Profit after Tax (NOPAT)	80	93	107	108	174	122	125	127	139	151	179
Normalized NOPAT Margin	7.49%	8.87%	9.76%	10.23%	14.83%	10.62%	10.93%	11.31%	11.84%	13.08%	14.20%
Pre Tax Income Margin	0.76%	8.18%	10.13%	10.93%	14.92%	10.62%	11.69%	12.85%	10.44%	11.86%	15.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.35	4.21	4.45	5.10	4.47	6.28	6.25	5.82	0.00	38.28	51.42
NOPAT to Interest Expense	87.11	3.47	3.43	3.83	3.36	5.28	4.95	4.25	0.00	33.60	40.92
EBIT Less CapEx to Interest Expense	-0.96	1.77	2.73	2.92	3.87	3.97	3.41	4.10	0.00	25.44	35.47
NOPAT Less CapEx to Interest Expense	84.80	1.04	1.71	1.65	2.76	2.97	2.11	2.53	0.00	20.77	24.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.78%	0.00%	0.00%	0.00%	4.18%	0.00%	0.00%	0.00%	3.15%	0.00%	0.00%
Augmented Payout Ratio	26.55%	61.82%	63.03%	62.98%	78.91%	50.77%	106.33%	123.95%	123.58%	127.84%	73.90%

Financials Breakdown Chart

Key Financial Trends

ATI’s latest quarter shows a solid operating business, but cash generation and leverage remain the key things investors should watch. In Q1 2026, revenue rose modestly year over year, operating income held up well, and earnings improved from the prior-year quarter. However, the balance sheet still carries significant debt, and free cash flow was pressured by capital spending and shareholder returns.

Revenue growth resumed: Q1 2026 revenue increased to $1.15 billion from $1.14 billion in Q1 2025, showing the business is still growing.
Operating profit improved: Operating income climbed to $163.8 million from $146.9 million a year ago, helped by better gross profit and tighter cost control.
Net income increased: Common shareholder earnings rose to $118.2 million, up from $97.0 million in Q1 2025.
EPS also improved: Diluted EPS came in at $0.85 versus $0.67 in the prior-year quarter.
Cash from operations remained healthy: ATI generated $128.2 million of operating cash flow in Q1 2026.
Gross margin held up reasonably well: Gross profit was $262.9 million, or about 22.8% of revenue, which is broadly consistent with recent periods.
Inventory remains elevated: Inventory was $1.58 billion at quarter-end, which is a large working-capital investment and could weigh on cash if demand softens.
Debt load is still substantial: ATI ended Q1 2026 with about $1.83 billion of total debt, including $1.79 billion of long-term debt.
Share repurchases continue: The company bought back $156.1 million of stock in Q1 2026, supporting EPS but using a meaningful amount of cash.
Free cash flow was negative after investing and financing outflows: Operating cash flow was offset by $55.2 million of capex and large buybacks, leaving cash down $15 million in the quarter.

Looking at the bigger trend over the last four years, ATI has clearly improved from the weaker 2023 period. Revenue has generally trended higher, profitability recovered sharply in 2024 and stayed strong into 2025 and 2026, and cash flow from operations improved materially after the early-2023 weakness. That said, ATI is still a capital-intensive industrial business, so returns can be sensitive to working capital swings, debt levels, and the pace of buybacks.

The balance sheet is somewhat improved versus early 2024, but not low-risk. Total liabilities were $3.35 billion in Q1 2026 versus $3.20 billion in Q1 2025, while equity declined to $1.77 billion from $1.87 billion at the end of Q1 2025. The company has maintained a solid cash position of $401.7 million, but leverage remains meaningful and interest expense is still a noticeable drag on pretax earnings.

Bottom line: ATI looks like a company with improving earnings power and decent operating momentum, but investors should balance that against heavy debt, working-capital needs, and ongoing cash deployment to buybacks. The setup is constructive, but not without risk.

08/15/26 06:16 PM ETAI Generated. May Contain Errors.

ATI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ATI's financial year ends in December. Their financial year 2025 ended on December 28, 2025.

ATI's net income appears to be on a downward trend, with a most recent value of $418.60 million in 2025, falling from -$365.90 million in 2015. The previous period was $382.70 million in 2024. See ATI's forecast for analyst expectations on what's next for the company.

ATI's total operating income in 2025 was $640.90 million, based on the following breakdown:

Total Gross Profit: $1.01 billion
Total Operating Expenses: $366.10 million

Over the last 10 years, ATI's total revenue changed from $3.72 billion in 2015 to $4.59 billion in 2025, a change of 23.3%.

ATI's total liabilities were at $3.18 billion at the end of 2025, a 2.8% decrease from 2024, and a 10.5% decrease since 2015.

In the past 10 years, ATI's cash and equivalents has ranged from $141.60 million in 2017 to $743.90 million in 2023, and is currently $416.70 million as of their latest financial filing in 2025.

Over the last 10 years, ATI's book value per share changed from 19.07 in 2015 to 13.28 in 2025, a change of -30.4%.

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Financial statements for NYSE:ATI last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ATI (ATI) Financials

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