ATI Inc.
- Open
- 203.19
- Day high
- 207.57
- Day low
- 200.25
- Prev close
- 201.69
- Volume
- 1.6M
- Mkt cap
- $27.8B
- P/E (TTM)
- 58.6
- EPS (TTM)
- $3.49
- P/B
- 14.8
- P/S
- 5.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$29.8M over the last 3 months (0 open-market buys, 19 sales)
- 🏛Institutions accumulating (13F)
ATI Inc. (ATI) is a Industrials company listed on NYSE. The stock is up 163% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 19 sales (SEC Form 4). Drillr has 1 published research article covering ATI.
ATI Inc. (ATI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.03 | $1.23 | +19.4% | $1.3B | +3.7% |
| Apr 30, 2026 | $0.88 | $1.00 | +13.6% | $1.2B | -3.0% |
| Feb 3, 2026 | $0.89 | $0.93 | +4.5% | $1.2B | -0.3% |
| Jul 31, 2025 | $0.72 | $0.74 | +2.8% | $1.1B | -0.2% |
| May 1, 2025 | $0.58 | $0.72 | +24.1% | $1.1B | +0.2% |
| Feb 4, 2025 | $0.60 | $0.79 | +31.7% | $1.2B | +10.2% |
| Apr 30, 2024 | $0.41 | $0.48 | +16.2% | $1.0B | -1.2% |
| Feb 1, 2024 | $0.62 | $0.64 | +3.1% | $1.9B | +80.6% |
| Nov 2, 2023 | $0.54 | $0.55 | +2.2% | $1.9B | +77.6% |
| Aug 2, 2023 | $0.55 | $0.59 | +7.3% | $1.0B | -3.0% |
| May 4, 2023 | $0.48 | $0.49 | +2.1% | $1.0B | +2.2% |
| Feb 2, 2023 | $0.53 | $0.53 | +0.0% | $1.0B | -0.5% |
ATI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | Harris Timothy Jofficer: Senior VP and CDIO | Sell | 16,500 | $210.01 |
| Aug 26, 2026 | Harris Timothy Jofficer: Senior VP and CDIO | Sell | 16,500 | $206.92 |
| Aug 19, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 1,000 | $228.32 |
| Aug 19, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 4,598 | $232.43 |
| Aug 19, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 2,000 | $229.56 |
| Aug 19, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 8,131 | $230.66 |
| Aug 19, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 9,116 | $231.72 |
| Jul 30, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 31,757 | $190.99 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 4,878 | $184.34 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 11,826 | $182.66 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 2,200 | $181.36 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 388 | $185.10 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 15,908 | $183.50 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 400 | $187.50 |
| Jul 9, 2026 | Fields Kimberly Adirector, officer: Chair, President and CEO | Sell | 200 | $180.85 |
Source: ATI SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full ATI insider & 13F page →ATI Inc. company profile
Overview
ATI Inc. (NYSE:ATI) is a specialty materials manufacturer that has transformed itself from a diversified metals company into a focused aerospace and defense supplier. Founded in 1960 and formerly known as Allegheny Technologies Incorporated, the company underwent a strategic repositioning following the 2022 Russia-Ukraine conflict, which created significant opportunities in titanium and specialty alloy markets. Headquartered in Dallas, Texas, ATI has evolved into a critical supplier of advanced materials for jet engines, aircraft structures, and defense applications, with aerospace and defense now representing approximately 66% of total revenue as of 2025.
Business
ATI operates in the specialty metals manufacturing industry, producing advanced alloys and specialty materials that are essential for high-performance applications where standard metals cannot withstand extreme conditions. The company's products include titanium alloys (lightweight, corrosion-resistant metals crucial for aircraft), nickel-based superalloys (materials that maintain strength at extremely high temperatures in jet engines), and other specialty metals like zirconium, hafnium, and niobium. The company operates through two primary business segments: 1. High Performance Materials & Components (HPMC) - This segment represents the higher-margin, more specialized portion of the business, focusing on long-form products like ingots, billets, bars, rods, seamless tubes, and precision forgings. HPMC serves primarily aerospace and defense markets (92% of segment revenue), medical applications, and energy markets. The segment produces critical materials for jet engine hot sections, where temperatures can exceed 2,000°F and standard metals would fail. 2. Advanced Alloys & Solutions (AA&S) - This segment produces flat-rolled products including plates, sheets, and precision strip products. It also provides hot-rolling conversion services and serves a more diversified customer base across energy, aerospace and defense, automotive, and electronics markets. Aerospace and defense represents approximately 36% of this segment's revenue. The company's products are essential in applications where failure is not an option - from the turbine blades in commercial jet engines to the structural components of military aircraft and the reactor components in nuclear power plants.
Revenue model
ATI generates revenue primarily through direct product sales to industrial customers, with pricing typically structured through long-term contracts that can extend into the 2030s and 2040s. The company's customers include major aerospace manufacturers like Airbus and Boeing, jet engine manufacturers, defense contractors, and industrial companies requiring specialty materials. The business model benefits from several revenue-enhancing factors. Long-term customer relationships provide revenue visibility and pricing power, particularly given ATI's position as a sole-source supplier for 5 of 7 critical alloys used in jet engine hot sections. The aerospace market recovery following the COVID-19 pandemic has driven strong demand, with maintenance, repair, and overhaul (MRO) activities creating additional revenue streams as aging aircraft require more frequent service. However, margins face pressure from several factors. Raw material costs, particularly for nickel and other specialty metals, can fluctuate significantly and impact profitability when not fully passed through to customers. Operational complexity in specialty metals manufacturing means that equipment downtime or quality issues can substantially impact margins. The company has experienced challenges with vacuum melt shop operations and furnace outages that temporarily reduced production efficiency. Labor costs also present ongoing pressure, with the company recently ratifying a six-year labor agreement and hiring over 500 employees to meet growing demand. Tariff exposure represents another margin consideration, with potential impacts of approximately $50 million from trade policies, though the company has implemented mitigation strategies including diversified supply chains and contract pass-through mechanisms.
Competitive moat
ATI possesses a moderately strong competitive moat built primarily on technical expertise, customer relationships, and barriers to entry in specialty metals manufacturing. The company's strongest competitive advantage lies in its position as a sole-source supplier for critical jet engine alloys, where the qualification process with customers can take years and switching costs are extremely high due to safety and performance requirements in aerospace applications. The technical complexity of producing specialty alloys creates significant barriers to entry. Manufacturing titanium and nickel superalloys requires specialized equipment, precise process control, and extensive metallurgical expertise that takes decades to develop. The company's long-term contracts extending into the 2040s provide revenue stability and demonstrate customer confidence in ATI's capabilities. However, the moat faces several challenges. Cyclical demand in aerospace markets can create vulnerability during downturns, as evidenced by the Boeing work stoppage impact in 2024. Customer concentration in aerospace and defense creates dependency on specific end markets and major customers. The company also faces potential competition from international suppliers, particularly as geopolitical tensions could shift supply chain dynamics. Operational execution risk represents another vulnerability, as the company has experienced production challenges that temporarily impacted margins and delivery capabilities. While ATI has strong technical capabilities, the complexity of its manufacturing processes means that operational disruptions can quickly erode competitive advantages. The moat is strongest in jet engine applications where ATI has established technical leadership and long-term customer relationships, but weaker in more commoditized industrial applications where price competition is more intense.
Risks & safety
ATI demonstrates a moderate margin of safety with solid financial fundamentals but some leverage concerns. • Liquidity position: Strong with $476 million in cash and short-term investments as of Q1 2025, providing operational flexibility • Debt management: Debt-to-equity ratio of approximately 1.01, indicating moderate leverage that requires monitoring but is manageable given cash flow generation • Current ratio: 2.53 indicates good short-term liquidity to meet obligations • Cash flow generation: Positive operating cash flows of $407 million in 2024, though free cash flow has been variable ($168 million in 2024 vs. negative in some quarters) • Valuation metrics: - P/E ratio of 17.5 appears reasonable for a cyclical industrial company - EV/EBITDA of 14.0 suggests moderate valuation relative to earnings power - Price-to-book ratio of 3.6 indicates some premium valuation • Other considerations: Revenue concentration in aerospace markets creates cyclical risk, though long-term contracts provide some stability. Recent operational challenges highlight execution risks that could impact financial performance.
Recent development
Over the past several years, ATI has undergone a strategic transformation from a diversified metals company to a focused aerospace and defense supplier. The company accelerated this shift following the 2022 Russia-Ukraine conflict, which created opportunities to gain market share in titanium supply as customers sought alternatives to Russian sources. Capacity expansion has been a key focus, with the company increasing titanium melt capacity by 80% and bringing previously idled facilities back online. The company restarted its Oregon melt shop and made brownfield investments to expand production capabilities. Recent achievements include record levels of premium quality heat smelted and milestones in powder billet production. Contract wins have provided long-term revenue visibility, with ATI announcing over $4 billion in new sales commitments, including a $1 billion five-year contract with Airbus. These agreements extend into the 2030s and 2040s, demonstrating customer confidence in ATI's capabilities and providing revenue stability. Operational improvements have focused on reliability and efficiency, with investments in predictive maintenance, AI technology, and process optimization. The company resolved previous operational challenges including nickel melt shop design flaws and vacuum furnace outages that had impacted production in 2024. Market positioning has shifted dramatically, with aerospace and defense growing from 53% of revenue in 2022 to 66% in 2025. The company's GICS classification was changed to Aerospace & Defense, reflecting this strategic transformation. Defense revenues have grown particularly strongly, increasing 22% in 2024 to $490 million.
ATI company profile · for informational purposes only — not investment advice.
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