ATI INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ATI INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2023	FY2024	FY2025
Revenue	4,047	4,123	2,982	2,800	2,800	3,836	3,836	4,174	4,362	4,587
Cost of revenue	3,416	3,485	2,689	2,467	2,467	3,122	3,122	3,371	3,464	3,580
Gross profit	630	638	293	333	333	714	714	803	898	1,007
Research and development	22.7	17.8	14.1	16.5	16.5	16.3	16.3	20.7	19.6	21.3
Selling, general and administrative	268	267	201	227	227	298	298	328	342	365
Operating income	362	366	-1,303	118	118	287	316	466	609	641
Interest expense	102	105	96.1	97.6	97.6	92.1	87.4	92.8	108	111
Interest income	1.1	5.9	1.7	0.7	0.7	4.7	4.7	13	16	12.1
Other non-operating income	20.5	64.4	-1.2	18.2	18.2	-12.5	-12.5	1.3	14.4	14.6
Pre-tax income	248	237	-1,482	10.6	233	162	355	295	486	522
Income tax	11	-28.5	77.7	26.8	26.8	15.5	15.5	-128	103	104
Income from continuing operations	222	253	-1,573	-38.2	185	131	324	411	368
Net income to minority interests	14.3	12.5	13	22	22	15.6	15.6	12.6	14.9	14.3
Net income	222	253	-1,573	-38.2	185	131	324	411	368	404
EBITDA	519	517	-1,159	262	262	430	459	613	760	809
EPS, basic	1.78	2.01	-12.43	-0.30	1.45	1.03	2.54	3.21	2.82	2.92
EPS, diluted	1.61	1.81	-12.43	-0.30	1.32	0.96	2.23	2.81	2.55	2.85
Shares, basic (weighted)	125	126	127	127	127	128	128	128	130	139
Shares, diluted (weighted)	146	147	127	127	153	151	151	150	147	142
Dividend per share	0.00

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	382	491	646	688	688	584	584	744	721	417
Receivables	528	554	346	470		579	579	625	709	686
Inventory	1,211	1,155	997	1,046		1,196	1,196	1,248	1,353	1,403
Other current assets	74.6	64.3	38.3	48.8		53.4	53.4	62.2	86	101
Total current assets	2,247	2,303	2,066	2,307		2,476	2,476	2,738	2,945	2,680
Property, plant and equipment	2,475	2,450	1,469	1,529		1,549	1,549	1,666	1,777	1,941
Goodwill	535	526	241	228		227	227	227	227	225
Other non-current assets	245	356	259	222		193	193	354	282	254
Total assets	5,502	5,635	4,035	4,285	4,285	4,446	4,446	4,985	5,231	5,100
Accounts payable	499	521	291	376		553	553	525	609	568
Accrued liabilities	260	238	233	233		220	101	257	250	241
Deferred revenue	71.4	78.7	112	116	116	149	149	164	169	146
Short-term debt	6.6	11.5	17.8	131		41.7	41.7	31.9	180	31.1
Total current liabilities	837	849	653	856		964	964	977	1,209	1,006
Long-term debt	1,536	1,387	1,550	1,712		1,706	1,706	2,148	1,715	1,718
Other non-current liabilities	89.4	161	190	211		208	208	165	151	258
Total liabilities	3,510	3,441	3,394	3,453		3,288	3,288	3,505	3,275	3,183
Total debt	1,536	1,387	1,550	1,712		1,706	1,706	2,148	1,895	1,749
Paid-in capital	1,615	1,618	1,626	1,597		1,668	1,668	1,697	1,944	1,885
Retained earnings	1,427	1,679	107	72.7	-778	177	-481	-70.1	64.3	469
Treasury stock	-30.6	-18.2	0	-4.8		-87	-87	-184	-82.6	-503
Other comprehensive income	-1,134	-1,202	-1,224	-992	-141	-725	-67.4	-83.2	-89.5	-60.4
Shareholders' equity	1,886	2,090	521	686		1,046	1,046	1,373	1,850	1,805
Minority interests	106	103	120	147		111	111	108	105	112
Total equity	1,992	2,193	641	833	833	1,157	1,157	1,481	1,955	1,917
Total liabilities and equity	5,502	5,635	4,035	4,285		4,446	4,446	4,985	5,231	5,100
Shares outstanding	126	126	127	127		128	128	127	141	136

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2023	FY2024	FY2025
Net income	237	265	-1,560	-16.2	207	147	339	423	383	419
Depreciation and amortization	156	151	143	144	144	143	143	146	152	168
Stock-based compensation			2.9	21.1	21.1	26	26	29.1	34.1	29
Deferred income tax	0.7	-39	71.5	17	17	-3.2	-3.2	-140	89.8	59.8
Change in receivables	16	-52.1	208	-126	-126	-129	-129	-46.1	-85	27.1
Change in inventory	-109	25.2	158	-53.9	-53.9	-191	-191	-51.8	-119	-52.8
Cash from operations	393	230	167	16.1	16.1	225	225	85.9	407	614
Capital expenditures	-139	-168	-137	-153	-153	-131	-131	-201	-239	-281
Acquisitions	-10	0	0
Cash from investing	-145	81.7	-129	-77.3	-77.3	-127	-127	-193	-160	-235
Debt issued	7.1	350	391	676	676	0	0	425	0	0
Stock issued	0	0
Share buybacks			0	0	0	-140	-140	-85.2	-260	-470
Dividends paid	0	0
Cash from financing	-7.3	-203	117	103	103	-202	-202	267	-260	-700
Exchange rate effect							0	0	-7.6	15.6
Net change in cash	240	109	155	41.8	41.8	-104	-104	160	-22.7	-305
Free cash flow	254	61.9	30.4	-137	-137	94	94	-115	168	334
Interest paid	103	106	95.4	97.5	97.5	92.8	92.8	115	131	118
Income taxes paid	8.1	5.9	5.3	13.6	13.6	18.5	18.5	15.8	15	76.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $185.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.4%	Gross profit / revenue.
Operating margin	15.2%	Operating income / revenue.
EBITDA margin	18.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.7%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	11.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	18.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	17.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.9%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	5.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	6.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	9.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	11.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	50.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	39.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	98.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	52.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-2.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.33x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.2%	Total debt / total assets.
Liabilities / assets	65.2%	Total liabilities / total assets.
Net debt	$1.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.87B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	2.38x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Receivables turnover	7.29x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	152 days	Days inventory + days sales outstanding - days payables.
FCF conversion	110.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$34.09	Revenue / diluted weighted shares.
FCF per share	$3.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.82	Cash from operations / diluted weighted shares.
Book value per share	$13.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.13	Tangible book value / shares outstanding.
Cash per share	$5.75	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	52.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.26B	Share price x shares outstanding.
Enterprise value	$26.67B	Market cap + total debt - cash - short-term investments.
P/E	53.1x	Market cap / net income. Only when net income is positive.
P/S	5.36x	Market cap / revenue.
P/B	13.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.3x	Market cap / tangible book value, when positive.
P/FCF	48.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.4x	Market cap / cash from operations, when positive.
EV/Sales	5.66x	Enterprise value / revenue.
EV/EBIT	37.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	50.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	1.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	6.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ATI INC's revenue in fiscal 2025?

ATI INC reported revenue of $4.59B for fiscal 2025, 5.2% higher than the year before.

Was ATI INC profitable in fiscal 2025?

Yes. Net income was $404.3M, a net margin of 8.8%.

How much free cash flow did ATI INC generate in fiscal 2025?

Cash from operations of $614.3M minus capital expenditures of $280.6M left free cash flow of $333.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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