ATI (ATI) Financials

$164.76 +9.41 (+6.06%)

Closing price 03:59 PM Eastern

Extended Trading

$165.50 +0.74 (+0.45%)

As of 05:07 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	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
Net Income / (Loss) Attributable to Common Shareholders	90	146	66	82	83	137	97	101	110	97	118
Consolidated Net Income / (Loss)	94	149	68	86	87	142	101	104	114	101	121
Net Income / (Loss) Continuing Operations	94	149	68	86	87	142	101	104	114	101	121
Total Pre-Tax Income	99	8.10	85	111	115	175	122	133	145	123	137
Total Operating Income	125	108	115	143	142	209	147	161	162	171	164
Total Gross Profit	195	206	197	227	225	249	236	243	255	273	263
Total Revenue	1,026	1,064	1,043	1,095	1,051	1,173	1,144	1,140	1,126	1,177	1,152
Operating Revenue	1,026	1,064	1,043	1,095	1,051	1,173	1,144	1,140	1,126	1,177	1,152
Total Cost of Revenue	831	858	846	868	826	924	909	898	870	904	889
Operating Cost of Revenue	831	858	846	868	826	924	909	898	870	904	889
Total Operating Expenses	69	97	82	85	83	40	89	82	93	103	99
Selling, General & Admin Expense	70	92	82	89	82	89	85	83	95	103	92
Other Operating Expenses / (Income)	0.10	-	0.00	-	-0.30	-	3.90	-	-1.30	-	0.00
Restructuring Charge	-0.50	5.50	0.20	-1.90	0.50	5.30	0.00	-1.30	-0.40	-0.20	7.00
Total Other Income / (Expense), net	-26	-100	-30	-32	-27	-34	-25	-28	-18	-48	-27
Interest Expense	24	23	27	28	28	51	3.90	25	30	-44	4.30
Interest & Investment Income	-	-	-	-	-	-	-23	-	-	-	-24
Other Income / (Expense), net	-2.40	-77	-3.30	-3.30	0.70	17	1.50	-2.30	12	7.10	0.80
Income Tax Expense	4.90	-141	17	25	28	33	21	29	31	22	16
Net Income / (Loss) Attributable to Noncontrolling Interest	3.90	3.50	2.30	3.70	3.90	5.00	3.50	3.30	3.60	3.90	2.30
Basic Earnings per Share	$0.70	$1.15	$0.52	$0.66	$0.64	$1.00	$0.68	$0.72	$0.80	$0.72	$0.86
Weighted Average Basic Shares Outstanding	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M
Diluted Earnings per Share	$0.62	$0.99	$0.46	$0.58	$0.57	$0.94	$0.67	$0.70	$0.78	$0.70	$0.85
Weighted Average Diluted Shares Outstanding	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M
Weighted Average Basic & Diluted Shares Outstanding	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	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
Net Change in Cash & Equivalents	166	311	-350	31	-19	315	-245	-156	53	45	-15
Net Cash From Operating Activities	-114	417	-99	101	24	381	-93	162	230	316	128
Net Cash From Continuing Operating Activities	-114	417	-99	101	4.80	398	-93	162	230	316	128
Net Income / (Loss) Continuing Operations	94	149	68	86	87	142	101	104	114	101	121
Consolidated Net Income / (Loss)	94	149	68	86	87	142	101	104	114	101	121
Depreciation Expense	36	40	36	38	39	39	41	42	43	43	45
Non-Cash Adjustments To Reconcile Net Income	-214	10	6.20	8.90	-14	-38	11	7.30	-4.20	6.90	11
Changes in Operating Assets and Liabilities, net	-30	218	-209	-31	-107	255	-245	8.60	78	165	-49
Net Cash From Investing Activities	-42	-50	-64	-53	-61	19	-51	-69	-30	-86	-54
Net Cash From Continuing Investing Activities	-42	-50	-64	-53	-61	19	-51	-69	-30	-86	-54
Purchase of Property, Plant & Equipment	-44	-53	-66	-60	-66	-47	-53	-72	-63	-93	-55
Divestitures	-	-	-	-	-	48	0.00	-	19	5.60	1.60
Other Investing Activities, net	-0.10	2.90	1.00	2.00	-	0.90	2.70	1.40	2.70	1.40	0.00
Net Cash From Financing Activities	322	-56	-187	-7.00	28	-94	-108	-258	-147	-187	-89
Net Cash From Continuing Financing Activities	322	-56	-187	-7.00	28	-94	-108	-258	-147	-187	-89
Repayment of Debt	-24	-10	-7.10	-2.10	-13	-7.50	-8.00	-8.30	-7.90	-158	-39
Repurchase of Common Equity	-45	-30	-175	-	-40	-71	-100	-250	-150	-4.40	-156
Issuance of Debt	392	-	-4.90	-	4.90	-	0.00	-	11	-11	106
Effect of Exchange Rate Changes	-	-	-	-	-	-	5.20	-	-	-	-0.80

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/1/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	136,936,299.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	136,936,299.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.62%	5.30%	0.46%	4.71%	2.50%	10.22%	9.73%	4.12%	7.07%	0.38%	0.62%
EBITDA Growth	27.95%	-78.48%	-0.27%	15.30%	14.52%	275.32%	25.29%	13.04%	19.74%	-17.70%	10.78%
EBIT Growth	39.23%	-89.38%	-1.15%	18.18%	16.37%	627.42%	29.13%	13.93%	22.18%	-22.47%	10.92%
NOPAT Growth	10.02%	1,373.06%	-13.89%	-4.88%	-9.94%	-91.50%	31.54%	14.12%	19.04%	-17.76%	18.92%
Net Income Growth	46.12%	-45.51%	-21.02%	-8.45%	-7.97%	-4.76%	46.93%	21.50%	31.18%	-29.28%	19.90%
EPS Growth	47.62%	-47.62%	-20.69%	-6.45%	-8.06%	-5.05%	45.65%	20.69%	36.84%	-25.53%	26.87%
Operating Cash Flow Growth	-192.85%	28.65%	65.36%	48.46%	121.02%	-8.70%	6.38%	59.74%	856.25%	-17.09%	238.59%
Free Cash Flow Firm Growth	-244.26%	807.44%	21.44%	16.62%	94.20%	-103.11%	60.01%	68.76%	189.89%	144.64%	284.04%
Invested Capital Growth	0.00%	25.63%	14.83%	14.11%	9.03%	7.31%	7.85%	6.70%	-0.84%	3.84%	-2.56%
Revenue Q/Q Growth	-1.95%	3.74%	-1.98%	5.02%	-4.03%	11.56%	-2.41%	-0.35%	-1.31%	4.58%	-2.17%
EBITDA Q/Q Growth	0.96%	-55.49%	74.00%	22.31%	0.28%	45.87%	-29.97%	8.10%	8.44%	1.66%	-5.07%
EBIT Q/Q Growth	1.49%	-74.76%	145.93%	27.79%	-0.07%	57.80%	-35.92%	9.83%	10.02%	1.78%	-7.37%
NOPAT Q/Q Growth	2.84%	1,576.31%	-88.22%	19.15%	-2.63%	58.27%	-28.37%	3.38%	1.57%	9.34%	3.58%
Net Income Q/Q Growth	0.64%	58.55%	-58.22%	25.15%	1.17%	64.09%	-29.28%	3.48%	9.23%	-11.53%	19.90%
EPS Q/Q Growth	0.00%	59.68%	-57.80%	26.09%	-1.72%	64.91%	-28.72%	4.48%	11.43%	-10.26%	21.43%
Operating Cash Flow Q/Q Growth	-267.69%	465.32%	-123.68%	202.33%	-76.26%	1,487.08%	-124.28%	274.59%	42.11%	37.60%	-59.40%
Free Cash Flow Firm Q/Q Growth	-768.00%	146.83%	-266.17%	8.80%	39.60%	74.93%	-189.58%	28.76%	273.81%	-87.55%	1,093.92%
Invested Capital Q/Q Growth	10.38%	-6.18%	8.10%	1.93%	5.47%	-7.66%	8.64%	0.84%	-1.98%	-3.31%	1.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.97%	19.33%	18.93%	20.76%	21.39%	21.20%	20.60%	21.26%	22.68%	23.23%	22.83%
EBITDA Margin	15.44%	6.63%	14.18%	16.52%	17.26%	22.56%	16.19%	17.56%	19.30%	18.76%	18.20%
Operating Margin	12.21%	10.18%	11.05%	13.02%	13.53%	17.81%	12.84%	14.12%	14.43%	14.49%	14.22%
EBIT Margin	11.97%	2.91%	10.73%	13.06%	13.59%	19.23%	12.63%	13.92%	15.51%	15.10%	14.29%
Profit (Net Income) Margin	9.18%	14.02%	6.56%	7.82%	8.24%	12.12%	8.78%	9.12%	10.09%	8.54%	10.46%
Tax Burden Percent	95.05%	1,841.98%	80.19%	77.19%	75.37%	81.20%	82.72%	78.02%	78.56%	81.77%	88.21%
Interest Burden Percent	80.62%	26.13%	76.23%	77.55%	80.41%	77.61%	84.08%	84.00%	82.82%	69.16%	82.99%
Effective Tax Rate	4.95%	-1,741.98%	19.81%	22.81%	24.63%	18.80%	17.28%	21.98%	21.44%	18.23%	11.79%
Return on Invested Capital (ROIC)	30.76%	298.82%	12.55%	14.09%	13.35%	20.87%	14.47%	14.96%	15.39%	17.05%	17.18%
ROIC Less NNEP Spread (ROIC-NNEP)	27.92%	156.83%	11.10%	12.59%	12.08%	18.76%	13.15%	13.65%	14.47%	13.93%	15.49%
Return on Net Nonoperating Assets (RNNOA)	36.08%	154.57%	14.20%	14.74%	11.93%	14.25%	12.53%	13.61%	11.66%	9.02%	11.39%
Return on Equity (ROE)	66.84%	453.39%	26.75%	28.84%	25.28%	35.13%	27.00%	28.56%	27.05%	26.07%	28.57%
Cash Return on Invested Capital (CROIC)	-169.08%	2.82%	8.44%	8.17%	10.47%	8.81%	7.98%	9.30%	16.96%	12.34%	18.59%
Operating Return on Assets (OROA)	20.85%	2.58%	9.89%	11.80%	11.80%	16.42%	11.31%	12.62%	14.12%	13.41%	12.61%
Return on Assets (ROA)	15.98%	12.41%	6.04%	7.06%	7.15%	10.35%	7.87%	8.27%	9.19%	7.58%	9.23%
Return on Common Equity (ROCE)	61.08%	415.78%	24.40%	26.47%	23.44%	32.96%	25.23%	26.61%	25.32%	24.61%	26.90%
Return on Equity Simple (ROE_SIMPLE)	44.23%	0.00%	32.07%	29.32%	21.76%	0.00%	22.15%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	119	1,995	92	110	107	170	122	126	128	140	144
NOPAT Margin	11.60%	187.49%	8.86%	10.05%	10.20%	14.46%	10.62%	11.01%	11.34%	11.85%	12.55%
Net Nonoperating Expense Percent (NNEP)	2.84%	141.99%	1.45%	1.50%	1.27%	2.11%	1.31%	1.30%	0.93%	3.11%	1.69%
Return On Investment Capital (ROIC_SIMPLE)	-	54.50%	-	-	-	4.41%	3.14%	3.35%	3.42%	3.81%	3.89%
Cost of Revenue to Revenue	81.03%	80.67%	81.07%	79.24%	78.61%	78.80%	79.40%	78.74%	77.32%	76.77%	77.17%
SG&A Expenses to Revenue	6.81%	8.67%	7.86%	8.12%	7.84%	7.59%	7.43%	7.26%	8.41%	8.72%	8.00%
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	6.77%	9.15%	7.88%	7.74%	7.86%	3.39%	7.77%	7.15%	8.25%	8.73%	8.61%
Earnings before Interest and Taxes (EBIT)	123	31	112	143	143	226	145	159	175	178	165
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	158	71	148	181	181	265	185	200	217	221	210
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.27	4.23	5.17	5.09	4.60	4.27	3.87	7.02	6.69	8.81	10.86
Price to Tangible Book Value (P/TBV)	5.23	5.06	6.30	6.12	5.27	4.87	4.40	8.08	7.70	10.06	12.44
Price to Revenue (P/Rev)	1.28	1.39	1.56	1.63	1.94	1.81	1.62	2.72	2.49	3.46	4.19
Price to Earnings (P/E)	9.90	14.12	16.64	17.97	21.91	21.51	18.17	29.33	25.66	39.30	45.19
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	10.10%	7.08%	6.01%	5.56%	4.56%	4.65%	5.50%	3.41%	3.90%	2.54%	2.21%
Enterprise Value to Invested Capital (EV/IC)	2.30	2.52	2.67	2.73	2.91	2.94	2.58	4.06	3.89	5.33	6.27
Enterprise Value to Revenue (EV/Rev)	1.74	1.76	2.01	2.07	2.31	2.11	1.97	3.09	2.85	3.78	4.52
Enterprise Value to EBITDA (EV/EBITDA)	9.05	13.75	15.77	15.70	16.95	11.86	10.80	16.68	15.00	21.05	24.61
Enterprise Value to EBIT (EV/EBIT)	11.04	18.93	21.77	21.43	22.96	14.74	13.37	20.63	18.48	26.44	30.92
Enterprise Value to NOPAT (EV/NOPAT)	14.90	10.98	12.83	13.61	15.86	19.17	17.24	26.58	24.01	33.75	38.69
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	85.50	30.91	28.69	22.20	22.56	21.21	29.39	19.23	28.22	24.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	99.31	33.80	35.55	28.95	34.51	33.56	45.11	22.83	44.05	33.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.61	1.47	1.58	1.48	0.99	0.97	0.96	1.02	1.04	0.91	0.97
Long-Term Debt to Equity	1.58	1.45	1.56	1.26	0.97	0.88	0.86	0.92	0.94	0.90	0.95
Financial Leverage	1.29	0.99	1.28	1.17	0.99	0.76	0.95	1.00	0.81	0.65	0.74
Leverage Ratio	3.49	3.58	3.51	3.37	3.00	2.97	2.97	2.99	2.69	2.67	2.69
Compound Leverage Factor	2.81	0.93	2.67	2.61	2.41	2.31	2.50	2.51	2.23	1.85	2.23
Debt to Total Capital	61.71%	59.55%	61.28%	59.66%	49.62%	49.22%	48.85%	50.43%	51.09%	47.72%	49.21%
Short-Term Debt to Total Capital	1.06%	0.87%	0.76%	8.71%	0.74%	4.69%	4.64%	4.78%	5.14%	0.85%	0.89%
Long-Term Debt to Total Capital	60.65%	58.68%	60.52%	50.95%	48.89%	44.54%	44.21%	45.64%	45.95%	46.87%	48.32%
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	3.30%	2.94%	3.09%	3.10%	3.18%	2.72%	2.83%	3.06%	3.18%	3.06%	3.12%
Common Equity to Total Capital	34.99%	37.51%	35.63%	37.24%	47.20%	48.06%	48.32%	46.52%	45.73%	49.22%	47.67%
Debt to EBITDA	2.76	4.08	4.07	3.89	3.24	2.45	2.33	2.26	2.19	2.12	2.17
Net Debt to EBITDA	2.21	2.69	3.33	3.13	2.54	1.52	1.75	1.88	1.76	1.62	1.69
Long-Term Debt to EBITDA	2.71	4.02	4.02	3.32	3.20	2.21	2.11	2.05	1.97	2.09	2.13
Debt to NOPAT	4.55	3.26	3.31	3.37	3.03	3.95	3.72	3.61	3.50	3.41	3.40
Net Debt to NOPAT	3.65	2.15	2.71	2.71	2.38	2.45	2.79	3.00	2.82	2.59	2.66
Long-Term Debt to NOPAT	4.47	3.21	3.27	2.88	2.99	3.58	3.37	3.26	3.15	3.35	3.34
Altman Z-Score	2.46	2.26	2.51	2.52	2.92	2.84	2.76	3.79	3.67	4.53	4.99
Noncontrolling Interest Sharing Ratio	8.63%	8.30%	8.79%	8.21%	7.27%	6.18%	6.53%	6.83%	6.40%	5.60%	5.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.13	2.80	2.81	2.13	2.94	2.44	2.53	2.52	2.50	2.66	2.67
Quick Ratio	1.35	1.40	1.24	0.92	1.20	1.18	1.15	1.03	1.02	1.10	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,989	1,400	-315	-287	-173	-43	-126	-90	156	19	232
Operating Cash Flow to CapEx	-269.98%	788.66%	-152.47%	182.82%	39.28%	1,257.10%	-173.55%	224.31%	443.91%	341.41%	232.25%
Free Cash Flow to Firm to Interest Expense	-125.60	61.13	-11.84	-8.94	-6.19	-0.86	-5.47	-3.53	5.20	0.00	53.88
Operating Cash Flow to Interest Expense	-4.80	18.22	-3.71	3.15	0.86	7.54	-4.02	6.36	7.65	0.00	29.81
Operating Cash Flow Less CapEx to Interest Expense	-6.58	15.91	-6.15	1.43	-1.33	6.94	-6.34	3.52	5.93	0.00	16.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.74	0.89	0.92	0.90	0.87	0.85	0.90	0.91	0.91	0.89	0.88
Accounts Receivable Turnover	0.00	6.93	5.78	5.91	6.02	6.54	5.77	5.98	6.36	6.58	6.16
Inventory Turnover	0.00	2.76	2.62	2.52	2.45	2.66	2.63	2.61	2.55	2.60	2.39
Fixed Asset Turnover	0.00	2.60	2.58	2.58	2.52	2.53	2.57	2.56	2.55	2.47	2.46
Accounts Payable Turnover	0.00	6.25	7.25	6.86	7.05	6.11	6.75	6.73	7.05	6.08	5.85
Days Sales Outstanding (DSO)	0.00	52.66	63.16	61.72	60.64	55.82	63.27	61.03	57.35	55.51	59.24
Days Inventory Outstanding (DIO)	0.00	132.27	139.58	144.70	148.68	137.01	138.77	140.07	142.93	140.49	152.61
Days Payable Outstanding (DPO)	0.00	58.36	50.34	53.22	51.75	59.74	54.11	54.22	51.80	60.01	62.44
Cash Conversion Cycle (CCC)	0.00	126.56	152.39	153.21	157.57	133.09	147.92	146.88	148.48	135.99	149.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,108	2,916	3,152	3,213	3,389	3,129	3,400	3,428	3,361	3,249	3,313
Invested Capital Turnover	2.65	1.59	1.42	1.40	1.31	1.44	1.36	1.36	1.36	1.44	1.37
Increase / (Decrease) in Invested Capital	3,108	595	407	397	281	213	247	215	-28	120	-87
Enterprise Value (EV)	7,161	7,344	8,417	8,758	9,846	9,188	8,772	13,930	13,067	17,334	20,772
Market Capitalization	5,291	5,801	6,528	6,900	8,248	7,910	7,245	12,245	11,414	15,889	19,230
Book Value per Share	$9.63	$10.76	$10.15	$10.89	$14.39	$12.97	$13.17	$12.36	$12.38	$13.28	$12.93
Tangible Book Value per Share	$7.87	$8.98	$8.33	$9.06	$12.57	$11.38	$11.58	$10.75	$10.75	$11.62	$11.28
Total Capital	3,541	3,660	3,547	3,639	3,795	3,851	3,876	3,748	3,733	3,666	3,714
Total Debt	2,185	2,180	2,174	2,171	1,883	1,895	1,893	1,890	1,907	1,749	1,828
Total Long-Term Debt	2,148	2,148	2,146	1,854	1,856	1,715	1,713	1,711	1,715	1,718	1,795
Net Debt	1,752	1,436	1,779	1,745	1,477	1,174	1,417	1,570	1,535	1,333	1,426
Capital Expenditures (CapEx)	42	53	65	55	61	30	53	72	52	93	55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,375	1,049	1,254	1,299	1,454	1,196	1,447	1,490	1,416	1,288	1,387
Debt-free Net Working Capital (DFNWC)	1,808	1,793	1,648	1,724	1,861	1,917	1,923	1,809	1,788	1,705	1,788
Net Working Capital (NWC)	1,770	1,761	1,621	1,407	1,833	1,737	1,743	1,630	1,597	1,674	1,755
Net Nonoperating Expense (NNE)	25	1,846	24	24	21	28	21	22	14	39	24
Net Nonoperating Obligations (NNO)	1,752	1,436	1,779	1,745	1,477	1,174	1,417	1,570	1,535	1,333	1,426
Total Depreciation and Amortization (D&A)	36	40	36	38	39	39	41	42	43	43	45
Debt-free, Cash-free Net Working Capital to Revenue	33.37%	25.12%	30.00%	30.71%	34.19%	27.41%	32.42%	33.04%	30.90%	28.08%	30.18%
Debt-free Net Working Capital to Revenue	43.88%	42.95%	39.44%	40.78%	43.75%	43.94%	43.08%	40.13%	39.02%	37.16%	38.92%
Net Working Capital to Revenue	42.97%	42.18%	38.79%	33.29%	43.10%	39.81%	39.04%	36.15%	34.84%	36.48%	38.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.59	$1.15	$0.52	$0.66	$0.64	$1.00	$0.68	$0.72	$0.80	$0.72	$0.86
Adjusted Weighted Average Basic Shares Outstanding	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M
Adjusted Diluted Earnings per Share	$0.52	$0.99	$0.46	$0.58	$0.57	$0.94	$0.67	$0.70	$0.78	$0.70	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M
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	127.58M	127.78M	124.44M	124.46M	142.64M	142.17M	141.07M	137.83M	135.86M	136.94M	136.47M
Normalized Net Operating Profit after Tax (NOPAT)	119	80	93	107	108	174	122	125	127	139	151
Normalized NOPAT Margin	11.56%	7.49%	8.87%	9.76%	10.23%	14.83%	10.62%	10.93%	11.31%	11.84%	13.08%
Pre Tax Income Margin	9.65%	0.76%	8.18%	10.13%	10.93%	14.92%	10.62%	11.69%	12.85%	10.44%	11.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.16	1.35	4.21	4.45	5.10	4.47	6.28	6.25	5.82	0.00	38.28
NOPAT to Interest Expense	5.00	87.11	3.47	3.43	3.83	3.36	5.28	4.95	4.25	0.00	33.60
EBIT Less CapEx to Interest Expense	3.38	-0.96	1.77	2.73	2.92	3.87	3.97	3.41	4.10	0.00	25.44
NOPAT Less CapEx to Interest Expense	3.22	84.80	1.04	1.71	1.65	2.76	2.97	2.11	2.53	0.00	20.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	3.78%	0.00%	0.00%	0.00%	4.18%	0.00%	0.00%	0.00%	3.15%	0.00%
Augmented Payout Ratio	18.49%	26.55%	61.82%	63.03%	62.98%	78.91%	50.77%	106.33%	123.95%	123.58%	127.84%

Financials Breakdown Chart

Key Financial Trends

ATI Inc. (NYSE: ATI) has shown a generally stable, profitable profile across the last four years, with notable momentum in late 2024 through 2025. Below is a concise, investor-focused snapshot of key trends drawn from ATI’s quarterly income statements, balance sheets, and cash flow statements from 2022 through 2025.

Net income attributable to common shareholders remains solid in 2025 quarters. Q1: about $97M; Q2: about $101M; Q3: about $110M; Q4: about $97M. This indicates consistent profitability at the bottom line on a per-share basis.
Operating income stays positive across all 2025 quarters. Q1: $146.9M; Q2: $161.0M; Q3: $162.4M; Q4: $170.6M. This shows persistent operating profitability despite revenue growth modesty.
Gross margins remain in the mid-20s% range overall in 2024–2025. For example, Q4 2025 gross margin is about 23.2% (273.4M gross profit on 1,177.1M revenue), indicating stable pricing and cost control.
Strong free cash generation signals in late 2025. Net cash from continuing operating activities (CFO) was robust in Q4 2025 (about $315.8M) and remained solid in Q3 and Q2, suggesting improving cash generation versus early-2025 weaknesses.
Healthy liquidity with solid cash balances across recent quarters. Cash & equivalents typically range from roughly $320M to $476M, providing a meaningful liquidity buffer for operations and flexibility.
Balance sheet remains solid and leverage appears stable. Total assets around $5.0B and long-term debt generally in the ~$1.7B–$1.9B band over 2023–2025; the mix supports ongoing financing capacity, though debt levels are non-trivial.
Operating cash flow strength vs. net income underscores resilient cash generation. Positive CFO alongside positive net income in most 2025 quarters suggests cash earnings are translating into real cash flow, even as working capital fluctuates.
Investing activity is generally modest/inactive relative to core operations. Purchases of property, plant & equipment are ongoing but tend to be offset by moderate asset divestitures/other investing activities, keeping investing outflows contained in recent quarters.
Capital returns through share repurchases are evident in financing activity. Net cash from financing activities has been negative in several 2024–2025 quarters due to buybacks and debt moves, reflecting a shareholder-friendly capital allocation stance but pressuring near-term cash flow.
Short-term earnings variability and financing outflows pose headwinds. Q1 2025 showed negative CFO and meaningful financing cash outflows; combined with ongoing debt, this could compress near-term liquidity if cash generation does not keep pace.

05/06/26 03:31 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About ATI's Financials

When does ATI's financial year end?

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

How has ATI's net income changed over the last 10 years?

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. Check out ATI's forecast to explore projected trends and price targets.

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

How has ATI's revenue changed over the last 10 years?

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%.

How much debt does ATI have?

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.

How much cash does ATI have?

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.

How has ATI's book value per share changed over the last 10 years?

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%.

Related Companies

Financial statements for NYSE:ATI last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ATI (ATI) Financials

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