# ATI Inc. (ATI)

> Source: Nexqual · https://nexqual.com/ATI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ATI Inc. (ATI), nexqual.com/ATI" · informational, not investment advice.

**Price:** USD 161.84 (-10.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 180.69 · day 155.34–169.04 · 52w 83.15–243.57 · market cap $22.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $4.72B, net income $476M (10.1% margin), free cash flow $526M (SEC filings).
- Valuation: P/E 46.3x (avg 26.2x at the last 3 fiscal year-ends), EV/EBITDA 26.3x, net debt $1.41B.
- 2 of 80 tracked superinvestors hold ATI (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $56.1M; 1 not under a Rule 10b5-1 plan ($501K); 5 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 248.89 (range 228–270).
- Total return with dividends: 1Y +80.7% vs S&P 500 +14.9%; 5Y +913.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.37, revenue estimate $1.32B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.84B | $3.84B | $4.17B | $4.36B | $4.59B | $4.72B |
| Gross profit | $714M | $714M | $803M | $898M | $1.01B | — |
| Operating income | $287M | $316M | $466M | $609M | $641M | $717M |
| Net income | $131M | $324M | $411M | $368M | $404M | $476M |
| EPS (diluted) | $0.96 | $2.23 | $2.81 | $2.55 | $2.85 | — |
| Free cash flow | $94.0M | $94.0M | -$115M | $168M | $334M | $526M |
| Gross margin | 18.6% | 18.6% | 19.2% | 20.6% | 22.0% | — |
| Operating margin | 7.5% | 8.2% | 11.2% | 14.0% | 14.0% | 15.2% |
| Net margin | 3.4% | 8.4% | 9.8% | 8.4% | 8.8% | 10.1% |
| Revenue growth | +37.0% | +37.0% | +8.8% | +4.5% | +5.2% | — |
| Cash + short-term investments | $584M | $584M | $744M | $721M | $417M | — |
| Total debt | $1.75B | $1.75B | $2.18B | $1.90B | $1.75B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 46.3x · P/S 4.7x · EV/EBITDA 26.3x · EV/Sales 5.0x · P/FCF 41.9x · P/B 11.7x · FCF yield 2.39% · Earnings yield 2.16% · Buyback yield (TTM) 1.25% · Net debt $1.41B · EV $23.4B
P/E at fiscal year-ends: Dec 2025 40.2x, Dec 2024 21.9x, Dec 2023 16.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ATI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 1.39% | $161M | New position |
| Viking Global | Viking Global Investors | 0.65% | $227M | Reduced -65.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Harris Timothy J | Senior VP and CDIO | 9,000 | $1.7M | 9.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-14 | Harris Timothy J | Senior VP and CDIO | 16,500 | $3.2M | 14.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-08 | Harris Timothy J | Senior VP and CDIO | 16,500 | $3.4M | 12.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-02 | Morehouse David J | Director | 2,485 | $501K | 6.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | Harris Timothy J | Senior VP and CDIO | 16,500 | $3.5M | 11.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Harris Timothy J | Senior VP and CDIO | 16,500 | $3.4M | 10.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Fields Kimberly A | Chair, President and CEO | 24,845 | $5.7M | 19.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-28 | Fields Kimberly A | Chair, President and CEO | 31,757 | $6.1M | 20.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-07 | Fields Kimberly A | Chair, President and CEO | 40,000 | $7.3M | 20.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-22…2026-06-24 | Fields Kimberly A | Chair, President and CEO | 20,693 | $4.2M | 9.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Fields Kimberly A | Chair, President and CEO | 59,749 | $10.7M | 21.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Fields Kimberly A | President, CEO and Director | 40,000 | $6.4M | 12.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 248.89 (low 228, high 270).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Keybanc | Target lowered | Overweight | $258 → $228 |
| 2026-09-30 | Wells Fargo | Target lowered | Overweight | $275 → $240 |
| 2026-08-12 | Keybanc | Target raised | Overweight | $211 → $258 |
| 2026-08-07 | Susquehanna | Target raised | Positive | $215 → $265 |
| 2026-08-07 | BTIG | Target raised | Buy | $180 → $270 |
| 2026-07-13 | TD Cowen | Target raised | Buy | $170 → $210 |
| 2026-07-09 | Susquehanna | Target raised | Positive | $185 → $215 |
| 2026-06-30 | Keybanc | Target raised | Overweight | $175 → $211 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +80.7% | +913.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +81.1% | +58.7% |
| Volatility (annualized) | 41.6% | 42.7% |
| Max drawdown | -30.2% (Aug 2026→Oct 2026) | -36.0% (Aug 2024→Mar 2025) |

## Peers (Metal Fabrication)
CRS (Carpenter Technology Corporatio) USD 292.26 -20.62% · MLI (Mueller Industries, Inc.) USD 54.53 -5.23% · CMC (Commercial Metals Company) USD 63.79 -0.72% · ESAB (ESAB Corporation) USD 66.89 +0.80% · GPGI (GPGI, Inc.) USD 12.55 -2.86% · WOR (Worthington Enterprises, Inc.) USD 64.44 -1.01%

## More
Full page: https://nexqual.com/ATI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ATI's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1018963/000162828026010140/ati-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Boeing (BA) | "Large aircraft and jet engines are manufactured by a small number of companies, such as The Boeing Company (Boeing), Airbus S.A.S. (an Airbus Group company) including the former operations of Bombardier Aerospace, and Em…" |
| Supplier | Airbus | "Large aircraft and jet engines are manufactured by a small number of companies, such as The Boeing Company (Boeing), Airbus S.A.S. (an Airbus Group company) including the former operations of Bombardier Aerospace, and Em…" |
| Partner | Shanghai STAL Precision Stainless Steel Company | "The operations in this segment include our Specialty Rolled Products and Specialty Alloys & Components businesses in addition to our Shanghai STAL Precision Stainless Steel Company Limited (STAL) PRS joint venture in Chi…" |
| Partner | Uniti Group Inc. (UNIT) | "We terminated our Uniti, LLC joint venture with Russian-based VSMPO-AVISMA (Verkhnaya Salda Metallurgical Production Association - Berezniki Titanium-Magnesium Works), the purpose of which was to market and sell a range …" |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| AA&S | $742.6M | 52.2% | +28.4% |
| HPMC | $681.2M | 47.8% | +2.9% |
| Total revenue | $1.42B | 100% | — |

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $797.3M | 56.0% | +22.6% |
| Europe | $232.8M | 16.4% | -1.3% |
| Asia | $109.5M | 7.7% | -26.6% |
| South America, Middle East and other | $78.3M | 5.5% | +20.3% |
| Canada | $43.2M | 3.0% | +8.3% |
| Total revenue | $1.42B | 100% | — |
The lines above cover 88.6% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.37 | $1.16 | +18.2% | $1.32B | 8 |
| Next quarter (ends 2026-12-31) | $1.53 | $1.31 | +17.4% | $1.41B | 7 |
| Current fiscal year (ends 2026-12-31) | $5.13 | $4.47 | +14.7% | $5.14B | 9 |
| Next fiscal year (ends 2027-12-31) | $6.39 | $5.42 | +17.8% | $5.65B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±14.0%; last 8 reports averaged ±12.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 62.7% | ±14.0% |
| 2026-12-18 | 56 | 56.4% | ±17.7% |
| 2027-01-15 | 84 | 52.7% | ±20.2% |
| 2027-04-16 | 175 | 50.3% | ±27.6% |