Latest Ratios: P/E Ratio 65.5x · EV/EBITDA 33.2x · ROE 20.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.5B | $16.6B | $8.1B | $6.8B | $4.5B | $2.0B | $2.1B | $3.0B | $3.2B | $2.7B | $1.7B |
| Enterprise Value | $27.0B | $18.1B | $9.3B | $8.3B | $5.7B | $3.2B | $3.0B | $3.9B | $4.3B | $4.1B | $3.4B |
| P/E Ratio → | 65.46 | 41.04 | 21.75 | 16.18 | 13.39 | 12.16 | — | 11.41 | 13.52 | — | — |
| P/S Ratio | 5.55 | 3.62 | 1.87 | 1.63 | 1.18 | 0.72 | 0.71 | 0.73 | 0.78 | 0.75 | 0.55 |
| P/B Ratio | 13.80 | 8.65 | 4.16 | 4.61 | 3.90 | 2.43 | 3.31 | 1.38 | 1.59 | 1.44 | 1.18 |
| P/FCF | 76.30 | 49.70 | 48.42 | — | 48.03 | — | 69.78 | 48.90 | 12.52 | — | — |
| P/OCF | 41.45 | 27.00 | 19.99 | 79.40 | 20.07 | 125.76 | 12.71 | 13.15 | 8.09 | 118.65 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.95 | 2.14 | 1.98 | 1.48 | 1.14 | 1.02 | 0.95 | 1.07 | 1.15 | 1.07 |
| EV / EBITDA | 33.24 | 22.31 | 12.68 | 14.07 | 12.92 | 13.09 | — | 7.60 | 8.36 | 14.50 | — |
| EV / EBIT | 42.53 | 28.62 | 17.09 | 19.73 | 10.23 | 8.66 | 64.61 | 13.24 | 13.21 | 20.84 | — |
| EV / FCF | — | 54.28 | 55.41 | — | 60.41 | — | 100.11 | 63.57 | 17.10 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 21.8% | 20.9% | 19.8% | 18.6% | 11.9% | 9.8% | 15.5% | 15.6% | 14.1% | 7.5% |
| Operating Margin | 13.8% | 13.8% | 14.0% | 11.2% | 8.2% | 4.2% | -43.7% | 8.9% | 8.9% | 3.8% | -17.3% |
| Net Profit Margin | 8.8% | 8.8% | 8.4% | 9.8% | 8.4% | 6.6% | -52.7% | 6.1% | 5.5% | -2.6% | -20.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.9% | 20.9% | 21.4% | 31.1% | 32.5% | 25.0% | -111.0% | 12.1% | 11.6% | -5.6% | -35.3% |
| ROA | 7.8% | 7.8% | 7.2% | 8.7% | 7.4% | 4.4% | -32.5% | 4.5% | 4.2% | -1.8% | -11.7% |
| ROIC | 14.5% | 14.5% | 15.1% | 13.4% | 11.0% | 5.0% | -41.9% | 8.8% | 8.5% | 3.2% | -12.3% |
| ROCE | 15.6% | 15.6% | 15.2% | 12.5% | 9.1% | 3.5% | -31.9% | 7.8% | 7.9% | 3.0% | -11.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 0.97 | 1.47 | 1.51 | 2.21 | 2.44 | 0.64 | 0.77 | 0.84 | 1.30 |
| Debt / EBITDA | 2.40 | 2.40 | 2.58 | 3.71 | 3.98 | 7.58 | — | 2.70 | 2.97 | 5.51 | — |
| Net Debt / Equity | — | 0.80 | 0.60 | 0.97 | 1.01 | 1.39 | 1.44 | 0.41 | 0.58 | 0.76 | 1.14 |
| Net Debt / EBITDA | 1.89 | 1.89 | 1.60 | 2.45 | 2.65 | 4.75 | — | 1.76 | 2.24 | 5.00 | — |
| Debt / FCF | — | 4.59 | 6.98 | — | 12.38 | — | 30.33 | 14.67 | 4.57 | — | — |
| Interest Coverage | 5.72 | 5.72 | 4.39 | 3.96 | 6.03 | 3.79 | 0.49 | 2.83 | 3.25 | 1.46 | -0.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.66 | 2.66 | 2.44 | 2.80 | 2.57 | 2.69 | 3.16 | 2.71 | 2.68 | 2.69 | 2.49 |
| Quick Ratio | 1.27 | 1.27 | 1.32 | 1.53 | 1.33 | 1.47 | 1.64 | 1.35 | 1.24 | 1.04 | 1.03 |
| Cash Ratio | 0.41 | 0.41 | 0.60 | 0.76 | 0.61 | 0.80 | 0.99 | 0.58 | 0.46 | 0.20 | 0.32 |
| Asset Turnover | — | 0.90 | 0.83 | 0.84 | 0.86 | 0.65 | 0.74 | 0.73 | 0.74 | 0.68 | 0.61 |
| Inventory Turnover | 2.56 | 2.56 | 2.55 | 2.68 | 2.61 | 2.36 | 2.70 | 3.02 | 2.82 | 2.57 | 2.80 |
| Days Sales Outstanding | — | 60.38 | 65.67 | 59.83 | 61.21 | 68.30 | 47.09 | 52.47 | 52.23 | 56.46 | 52.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 1.5% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.4% | 4.6% | 6.2% | 7.5% | 8.2% | — | 8.8% | 7.4% | — | — |
| FCF Yield | 1.3% | 2.0% | 2.1% | — | 2.1% | — | 1.4% | 2.0% | 8.0% | — | — |
| Buyback Yield | 2.0% | 3.0% | 3.5% | 1.4% | 3.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 2.0% | 3.0% | 3.5% | 1.4% | 3.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.2% | 1.5% |
| Shares Outstanding | — | $142M | $147M | $150M | $151M | $127M | $127M | $147M | $146M | $110M | $107M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ATI stock.
ATI Inc.'s current P/E ratio is 65.5x. The historical average is 30.6x. This places it at the 83th percentile of its historical range.
ATI Inc.'s current EV/EBITDA is 33.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
ATI Inc.'s return on equity (ROE) is 20.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.5%.
Based on historical data, ATI Inc. is trading at a P/E of 65.5x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ATI Inc. has 21.8% gross margin and 13.8% operating margin. Operating margin between 10-20% is typical for established companies.
ATI Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Aerospace OEM production delays
Metrics are mathematically derived from official filings.
Margin Expansion from Aerospace Mix
Gross margin climbed to 24.6% in Q2 2026 from 19.2% in Q1 2024, per company financials, reflecting the strategic exit from standard stainless and a richer aerospace product mix.
Operating margin reached 17.4% in Q2 2026, the highest in the series, up from 11.0% in Q1 2024, indicating that operating leverage is now materializing as volumes scale. Net margin of 12.0% in Q2 2026 versus 6.3% in Q1 2024 underscores that the mix shift is translating into bottom-line profitability, though investors should monitor whether surcharge timing or one-time transformation costs distort quarterly comparisons.
ROIC Inflecting Higher on Mix Shift
ROIC improved to 4.9% in Q2 2026 from 2.8% in Q1 2024, as reported in quarterly filings, suggesting the company is beginning to compound returns on its invested capital.
The improvement in ROIC is driven primarily by margin expansion rather than asset turnover, which has remained flat at 0.22-0.23. ROE also rose to 7.8% in Q2 2026 from 4.6% in Q1 2024, but remains below peers like Howmet (34.4%) and Carpenter (25.9%), indicating that ATI's returns are still recovering from its legacy industrial footprint. The trajectory suggests that if the aerospace upcycle persists, ROIC could approach peer levels, but the capital-intensive nature of melting and forging means returns will likely remain structurally lower than downstream peers.
Working Capital Drag Persists
Cash conversion cycle averaged 151 days over the last ten quarters, with DIO at 155 days in Q2 2026, based on reported figures, indicating significant inventory build-up tied to aerospace demand.
DSO improved to 50 days in Q2 2026 from 71 days in Q5 2025, suggesting better collection efficiency, but DIO remains elevated at 155 days, reflecting the need to hold strategic inventory for long-cycle aerospace contracts. DPO has been relatively stable around 53-63 days, indicating limited supplier leverage. The extended CCC, driven by high inventory, is a structural feature of the specialty metals business, but investors should watch for inventory destocking risks if OEM production delays persist, as this could pressure cash flow.
Leverage Declining as Equity Expands
Debt-to-equity fell to 1.10 in Q2 2026 from 1.58 in Q1 2024, while interest coverage improved to 9.07 from 4.31, per balance sheet data, indicating a more comfortable debt service position.
Total debt remained flat at $2.2B, but equity expanded 46% to $1.9B, driven by retained earnings turning positive, which reduced leverage. D/EBITDA also improved to 7.09 in Q2 2026 from 14.38 in Q1 2024, though it remains elevated relative to peers like Howmet (0.57) and Carpenter (0.31). The improving interest coverage suggests that ATI's earnings are now more than sufficient to service debt, but the absolute leverage level still warrants monitoring given the cyclicality of aerospace demand.
Liquidity Buffer Strengthened by Cash Build
Current ratio improved to 2.33 in Q2 2026 from 2.13 in Q2 2024, with cash more than doubling to $783M, as reported in balance sheet data, indicating a robust liquidity position.
The quick ratio of 1.14 in Q2 2026, while lower than the current ratio, still suggests that ATI can cover short-term obligations without relying on inventory liquidation. The cash build provides a cushion against potential working capital swings, which have been volatile historically (e.g., FCF margin swung from -15.8% in Q1 2024 to 28.4% in Q4 2024). Under a severe aerospace downturn, the liquidity position appears adequate to absorb temporary cash flow disruptions, though the high fixed-cost base could quickly erode this buffer if volumes fall sharply.
Misapplied Metric: EV/EBITDA
EV/EBITDA of 40.28 appears optically expensive, but this metric is distorted by surcharge pass-throughs and LIFO accounting, which understate EBITDA during rising metal prices, per industry norms.
For specialty metals companies like ATI, EV/EBITDA is commonly misapplied because EBITDA includes surcharge revenue that flows through without contributing to operating profit, inflating the denominator and making the multiple appear lower than the true earnings power. Additionally, LIFO inventory accounting can depress reported earnings during inflationary periods, further distorting the ratio. A more appropriate metric is EV/surcharge-normalized EBITDA, which adjusts for metal price pass-throughs, or EV/EBIT, which better captures the operating leverage of the high-fixed-cost asset base. Investors should also consider P/FCF, which at 93.44 reflects the capital intensity and working capital volatility inherent in the business.