ATI has achieved structural profitability improvements, with gross margins rising from 19.2% in 2024Q1 to 22.8% in 2026Q1 as the company shifts toward high-performance materials.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.59B | 4.59B | 4.36B | 4.17B | 3.84B | 2.8B | 2.98B | 4.12B | 4.05B | 3.53B | 3.13B | 3.72B | 4.22B | 4.04B | 4.67B | 5.18B | 4.05B | 3.05B | 5.31B | 5.45B | 4.94B | 3.54B | 2.73B | 1.94B | 1.91B | 2.13B | 2.46B | 2.3B | 3.92B | 3.75B | 3.82B |
| Revenue Growth % | 2.93% | 5.16% | 4.51% | 8.8% | 37.01% | -6.11% | -27.66% | 1.88% | 14.79% | 12.46% | -15.73% | -11.93% | 4.45% | -13.36% | -9.96% | 28.04% | 32.5% | -42.47% | -2.62% | 10.38% | 39.54% | 29.52% | 41.07% | 1.55% | -10.35% | -13.51% | 7.16% | -41.48% | 4.76% | -1.85% | - |
| Cost of Goods Sold | 3.56B | 3.59B | 3.45B | 3.35B | 3.12B | 2.47B | 2.69B | 3.48B | 3.42B | 3.03B | 2.9B | 3.66B | 3.84B | 3.79B | 4.04B | 4.37B | 3.56B | 2.65B | 4.16B | 4B | 3.74B | 2.89B | 2.49B | 1.87B | 1.74B | 1.86B | 2B | 1.78B | 2.95B | 2.83B | 2.9B |
| COGS % of Revenue | - | 78.21% | 79.06% | 80.2% | 81.38% | 88.07% | 90.18% | 84.52% | 84.42% | 85.9% | 92.53% | 98.38% | 91.04% | 93.75% | 86.6% | 84.31% | 87.89% | 86.63% | 78.31% | 73.42% | 75.79% | 81.63% | 91.04% | 96.71% | 91.44% | 87.51% | 81.23% | 77.64% | 75.2% | 75.53% | 76.05% |
| Gross Profit | 1.04B | 999.8M | 913.5M | 826.3M | 714.2M | 334M | 292.8M | 638M | 630.3M | 497M | 234.1M | 60.3M | 378.6M | 252.6M | 625.5M | 813.2M | 490.3M | 408.4M | 1.15B | 1.45B | 1.2B | 650.2M | 244.9M | 63.8M | 163.3M | 265.7M | 461.9M | 513.5M | 973.2M | 916.3M | 913.9M |
| Gross Margin % | 22.53% | 21.79% | 20.94% | 19.8% | 18.62% | 11.93% | 9.82% | 15.48% | 15.58% | 14.1% | 7.47% | 1.62% | 8.96% | 6.25% | 13.4% | 15.69% | 12.11% | 13.37% | 21.69% | 26.58% | 24.21% | 18.37% | 8.96% | 3.29% | 8.56% | 12.49% | 18.77% | 22.36% | 24.8% | 24.47% | 23.95% |
| Gross Profit Growth % | - | 9.45% | 10.55% | 15.7% | 113.83% | 14.07% | -54.11% | 1.22% | 26.82% | 112.3% | 288.23% | -84.07% | 49.88% | -59.62% | -23.08% | 65.86% | 20.05% | -64.55% | -20.53% | 21.21% | 83.91% | 165.5% | 283.86% | -60.93% | -38.54% | -42.48% | -10.05% | -47.24% | 6.21% | 0.26% | - |
| Operating Expenses | 370.5M | 365.1M | 304.6M | 359.9M | 398.1M | 216.4M | 1.6B | 271.7M | 268.2M | 362.4M | 775.9M | 429.7M | 272.5M | 295.2M | 321.6M | 382.1M | 304.9M | 315.7M | 282.7M | 296.7M | 295.3M | 275.8M | 233.3M | 248.8M | 188.3M | 198.8M | 203.7M | 324.4M | 503.6M | 484.1M | 515.5M |
| OpEx % of Revenue | - | 7.96% | 6.98% | 8.62% | 10.38% | 7.73% | 53.5% | 6.59% | 6.63% | 10.28% | 24.75% | 11.55% | 6.45% | 7.3% | 6.89% | 7.37% | 7.53% | 10.33% | 5.32% | 5.44% | 5.98% | 7.79% | 8.54% | 12.84% | 9.87% | 9.34% | 8.28% | 14.13% | 12.84% | 12.93% | 13.51% |
| Selling, General & Admin | 372.2M | 343.8M | 368.6M | 407.8M | 159.1M | 33.1M | 245.7M | 340.8M | 302.1M | 302.3M | 310.1M | 221.2M | 271.8M | 276.4M | 321.6M | 382.1M | 304.9M | 315.7M | 282.7M | 296.7M | 295.3M | 275.8M | 233.3M | 248.8M | 188.3M | 198.8M | 203.7M | 229.1M | 503.6M | 484.1M | 515.5M |
| SG&A % of Revenue | - | 7.49% | 8.45% | 9.77% | 4.15% | 1.18% | 8.24% | 8.27% | 7.47% | 8.58% | 9.89% | 5.95% | 6.44% | 6.84% | 6.89% | 7.37% | 7.53% | 10.33% | 5.32% | 5.44% | 5.98% | 7.79% | 8.54% | 12.84% | 9.87% | 9.34% | 8.28% | 9.98% | 12.84% | 12.93% | 13.51% |
| Research & Development | 0 | 21.3M | 22.1M | 22.1M | 17.7M | 20M | 14.8M | 20.2M | 24.9M | 14.7M | 16.9M | 15.7M | 20.1M | 18.8M | 23.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.46% | 0.51% | 0.53% | 0.46% | 0.71% | 0.5% | 0.49% | 0.62% | 0.42% | 0.54% | 0.42% | 0.48% | 0.46% | 0.51% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -86.1M | -70M | 221.3M | 163.3M | 1.33B | -89.3M | -58.8M | 45.4M | 448.9M | 192.8M | -19.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 664.6M | 634.7M | 608.9M | 466.4M | 316.1M | 117.6M | -1.3B | 366.3M | 362.1M | 134.6M | -541.8M | -369.4M | 106.1M | -42.6M | 303.9M | 431.1M | 185.4M | 92.7M | 869.2M | 1.15B | 897.4M | 403.1M | -32.1M | -117.5M | 19.5M | 140.9M | 273.2M | 183.7M | 528.7M | 369.6M | 377.4M |
| Operating Margin % | 14.47% | 13.84% | 13.96% | 11.17% | 8.24% | 4.2% | -43.68% | 8.89% | 8.95% | 3.82% | -17.28% | -9.93% | 2.51% | -1.05% | 6.51% | 8.32% | 4.58% | 3.03% | 16.37% | 21.03% | 18.17% | 11.39% | -1.17% | -6.06% | 1.02% | 6.62% | 11.1% | 8% | 13.48% | 9.87% | 9.89% |
| Operating Income Growth % | - | 4.24% | 30.55% | 47.55% | 168.79% | 109.03% | -455.64% | 1.16% | 169.02% | 124.84% | -46.67% | -448.16% | 349.06% | -114.02% | -29.51% | 132.52% | 100% | -89.33% | -24.19% | 27.76% | 122.62% | 1355.76% | 72.68% | -702.56% | -86.16% | -48.43% | 48.72% | -65.25% | 43.05% | -2.07% | - |
| EBITDA | 836.9M | 812.1M | 734.7M | 587M | 439.5M | 243M | -1.15B | 517.4M | 518.5M | 279.8M | -389.9M | -199.8M | 263M | 147.3M | 497.9M | 605.5M | 326.9M | 225.3M | 988M | 1.25B | 981.6M | 480.4M | 44M | -42.9M | 109.5M | 239.5M | 372.9M | 279M | 637.7M | 468.1M | 482.7M |
| EBITDA Margin % | 18.22% | 17.7% | 16.84% | 14.06% | 11.46% | 8.68% | -38.61% | 12.55% | 12.81% | 7.94% | -12.44% | -5.37% | 6.23% | 3.64% | 10.67% | 11.68% | 8.08% | 7.38% | 18.61% | 22.91% | 19.87% | 13.57% | 1.61% | -2.21% | 5.74% | 11.25% | 15.16% | 12.15% | 16.25% | 12.5% | 12.65% |
| EBITDA Growth % | 7.86% | 10.53% | 25.16% | 33.56% | 80.86% | 121.1% | -322.54% | -0.21% | 85.31% | 171.76% | -95.15% | -175.97% | 78.55% | -70.42% | -17.77% | 85.22% | 45.1% | -77.2% | -20.92% | 27.28% | 104.33% | 991.82% | 202.56% | -139.18% | -54.28% | -35.77% | 33.66% | -56.25% | 36.23% | -3.02% | - |
| D&A (Non-Cash Add-back) | 172.3M | 177.4M | 125.8M | 120.6M | 123.4M | 125.4M | 151.3M | 151.1M | 156.4M | 145.2M | 151.9M | 169.6M | 156.9M | 189.9M | 194M | 174.4M | 141.5M | 132.6M | 118.8M | 102.9M | 84.2M | 77.3M | 76.1M | 74.6M | 90M | 98.6M | 99.7M | 95.3M | 109M | 98.5M | 105.3M |
| EBIT | 672.9M | 634.7M | 544.9M | 418.5M | 555.1M | 367.1M | 47.1M | 297.2M | 328.2M | 194.7M | -77.3M | -178.5M | 106.8M | -23.8M | 303.9M | 414.4M | 188.4M | 84.2M | 871.2M | 1.15B | 903.9M | 378.4M | 11.6M | -185M | -25M | 66.9M | 258.2M | 189.1M | 326.3M | 468.2M | 375.9M |
| Net Interest Income | -99.3M | -98.6M | -108.2M | -92.8M | -87.4M | -96.9M | -94.4M | -99M | -101M | -133.8M | -124M | -110.2M | -108.7M | -65.2M | -71.6M | -92.3M | -62.7M | -19.3M | -3.5M | -4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 12.1M | 16M | 13M | 4.7M | 0 | 1.7M | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 99.3M | 110.7M | 124.2M | 105.8M | 92.1M | 96.9M | 96.1M | 104.9M | 101M | 133.8M | 124M | 110.2M | 108.7M | 65.2M | 71.6M | 92.3M | 62.7M | 19.3M | 3.5M | 4.8M | 0 | 350.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -127.2M | -112.4M | -122.8M | -171.2M | 38.5M | 115.8M | -179.2M | -129.8M | -114.4M | -221.1M | -192.2M | -108.6M | -104.6M | -112.2M | -71.6M | -91.7M | -59.7M | -27.8M | -1.5M | -5.4M | -31.3M | -67.3M | 51.9M | -2.62B | -78.8M | -103.3M | -49.4M | -14.9M | -137.5M | 56M | 42.5M |
| Pretax Income | 537.4M | 522.3M | 486.1M | 295.2M | 354.6M | 233.4M | -1.48B | 236.5M | 247.7M | -86.5M | -734M | -478M | 1.5M | -154.8M | 232.3M | 339.4M | 125.7M | 64.9M | 860.1M | 1.15B | 869.2M | 307.1M | 19.8M | -2.8B | -103.8M | -36.4M | 208.8M | 174.2M | 391.2M | 475.2M | 384.7M |
| Pretax Margin % | 11.7% | 11.39% | 11.14% | 7.07% | 9.24% | 8.34% | -49.69% | 5.74% | 6.12% | -2.45% | -23.42% | -12.85% | 0.04% | -3.83% | 4.98% | 6.55% | 3.11% | 2.12% | 16.2% | 21.04% | 17.6% | 8.68% | 0.72% | -144.63% | -5.44% | -1.71% | 8.49% | 7.59% | 9.97% | 12.69% | 10.08% |
| Income Tax | 98.8M | 103.7M | 103.4M | -128.2M | 15.5M | 26.8M | 77.7M | -28.5M | 11M | -6.8M | -106.9M | -112.1M | -8.7M | -63.6M | 72.4M | 116.3M | 47M | 26.9M | 294.2M | 400.2M | 297.3M | -54.7M | -8.2M | 33.1M | -38M | -11.2M | 76.3M | 63.2M | 150M | 177.6M | 158.2M |
| Effective Tax Rate % | 18.38% | 19.85% | 21.27% | -43.43% | 4.37% | 11.48% | -5.24% | -12.05% | 4.44% | 7.86% | 14.56% | 23.45% | -580% | 41.09% | 31.17% | 34.27% | 37.39% | 41.45% | 34.21% | 34.88% | 34.2% | -17.81% | -41.41% | -1.18% | 36.61% | 30.77% | 36.54% | 36.28% | 38.34% | 37.37% | 41.12% |
| Net Income | 425.5M | 404.3M | 367.8M | 410.8M | 323.5M | 184.6M | -1.57B | 252.5M | 222.4M | -91.9M | -640.9M | -377.9M | -2.6M | 154M | 150.5M | 214.3M | 70.7M | 31.7M | 565.9M | 747.1M | 571.9M | 359.8M | 19.8M | -314.6M | -65.8M | -25.2M | 132.5M | 300.2M | 241.2M | 297.6M | 213M |
| Net Margin % | 9.26% | 8.81% | 8.43% | 9.84% | 8.43% | 6.59% | -52.73% | 6.12% | 5.5% | -2.61% | -20.45% | -10.16% | -0.06% | 3.81% | 3.22% | 4.13% | 1.75% | 1.04% | 10.66% | 13.7% | 11.58% | 10.16% | 0.72% | -16.24% | -3.45% | -1.18% | 5.39% | 13.07% | 6.15% | 7.95% | 5.58% |
| Net Income Growth % | 6.72% | 9.92% | -10.47% | 26.99% | 75.24% | 111.74% | -722.81% | 13.53% | 342% | 85.66% | -69.6% | -14434.62% | -101.69% | 2.33% | -29.77% | 203.11% | 123.03% | -94.4% | -24.25% | 30.63% | 58.95% | 1717.17% | 106.29% | -378.12% | -161.11% | -119.02% | -55.86% | 24.46% | -18.95% | 39.72% | - |
| Net Income (Continuing) | 438.6M | 418.6M | 382.7M | 423.4M | 339.1M | 206.6M | -1.56B | 265M | 236.7M | -79.7M | -627.1M | -365.9M | 10.2M | -91.2M | 0 | 211.7M | 78.7M | 38M | 573.5M | 753.9M | 580M | 364.4M | 24.6M | -313.3M | -65.8M | -25.2M | 132.5M | 111M | 155M | 328.8M | 248.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 252.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 115.8M | 112.2M | 104.8M | 107.5M | 111.3M | 147.1M | 120.3M | 103.1M | 105.9M | 105.1M | 89.6M | 101.6M | 110.9M | 100.5M | 107.5M | 96.3M | 88.6M | 77.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.05 | 2.85 | 2.55 | 2.81 | 2.23 | 1.31 | -12.43 | 1.81 | 1.61 | -0.83 | -5.97 | -3.52 | -0.02 | -0.93 | 1.36 | 1.97 | 0.72 | 0.32 | 5.67 | 7.26 | 5.61 | 3.59 | 0.22 | -3.89 | -0.82 | -0.31 | 1.60 | 3.13 | 4.86 | 3.73 | 2.65 |
| EPS Growth % | 9.82% | 11.76% | -9.25% | 26.01% | 70.23% | 110.54% | -786.74% | 12.42% | 293.98% | 86.1% | -69.6% | -16272.09% | 97.69% | -168.38% | -30.96% | 173.61% | 125% | -94.36% | -21.9% | 29.41% | 56.27% | 1531.82% | 105.66% | -374.39% | -164.52% | -119.38% | -48.88% | -35.6% | 30.29% | 40.75% | - |
| EPS (Basic) | - | 2.92 | 2.82 | 3.21 | 2.54 | 1.45 | -12.43 | 2.01 | 1.78 | -0.83 | -5.97 | -3.52 | -0.02 | -0.93 | 1.42 | 2.09 | 0.73 | 0.33 | 5.71 | 7.35 | 5.76 | 3.77 | 0.23 | -3.89 | -0.82 | -0.31 | 1.60 | 3.15 | 4.90 | 3.73 | 2.65 |
| Diluted Shares Outstanding | 139.4M | 141.8M | 146.8M | 150M | 151.2M | 127.1M | 126.5M | 146.5M | 145.9M | 110.1M | 107.3M | 107.3M | 107.1M | 106.8M | 116.6M | 113.9M | 98.7M | 98.1M | 99.8M | 102.96M | 102.34M | 100.84M | 90.49M | 80.87M | 80.24M | 81.29M | 82.81M | 95.91M | 96.85M | 87.47M | 88.05M |
| Basic Shares Outstanding | 135.9M | 138.6M | 130.4M | 128.1M | 127.5M | 127.1M | 126.5M | 125.8M | 145.9M | 110.1M | 107.3M | 107.21M | 107.1M | 106.24M | 106.1M | 102.5M | 97.5M | 97.2M | 99.1M | 101.69M | 99.67M | 96.23M | 86.63M | 80.87M | 80.24M | 81.29M | 82.81M | 95.3M | 96.85M | 87.47M | 88.05M |
| Dividend Payout Ratio | - | 3.26% | - | - | - | - | - | - | - | - | - | - | - | 49.94% | 50.83% | 34.86% | 100.14% | 222.71% | 12.62% | 7.78% | 7.54% | 7.53% | 107.07% | - | - | - | 49.81% | 40.67% | 50.7% | 37.7% | 49.81% |
Aerospace OEM production bottlenecks
According to recent financial filings, ATI's revenue growth has remained largely stable, hovering near low single-digit percentage increases, as the company navigates the complex supply chain requirements of aerospace OEMs while transitioning away from lower-margin commodity steel products to focus on high-performance materials and components.
The revenue trajectory appears to reflect a deliberate strategic pivot rather than a lack of market demand. By prioritizing high-barrier aerospace alloys, the company may be sacrificing top-line volume for improved quality of earnings, which warrants close monitoring as the aerospace build cycle matures.
As reported in quarterly statements, ATI has successfully expanded its gross margin to 22.8% in 2026Q1, a clear improvement from the 19.2% levels observed in early 2024, suggesting that the strategic exit from standard stainless steel is yielding the anticipated structural benefits to profitability.
This margin expansion appears to be driven by a more favorable product mix within the HPMC segment. Investors should consider whether this trend is sustainable, as it depends heavily on the company's ability to maintain pricing power in the face of potential raw material volatility.
Based on the provided income statement data, ATI has demonstrated effective operating leverage, with operating income scaling to $170.8 million in 2026Q1, as management maintains disciplined control over SG&A expenses despite the inherent capital intensity of its specialized metallurgical manufacturing and vacuum induction melting operations.
The ability to grow operating income while keeping SG&A relatively contained suggests that the company is successfully leveraging its existing infrastructure. This operational efficiency appears to be a key factor in the company's improved profitability profile compared to previous periods.
While the company's pivot to aerospace is strategically sound, data indicates that ATI remains highly sensitive to OEM production bottlenecks, which could lead to inventory accumulation and deferred revenue recognition, potentially creating volatility in cash flow that may not be fully captured by current margin trends.
Short-term investors should monitor the risk of 'air pockets' in demand caused by Tier 1 supplier destocking cycles. If OEM production rates fail to meet expectations, the high fixed-cost nature of ATI's mills could lead to rapid margin compression, challenging the current optimistic valuation narrative.
Quick answers to the most common questions about buying ATI stock.
For fiscal year 2025, ATI Inc. (ATI) reported total revenue of $4.59B. This represents a 20.2% increase compared to $3.82B in 1996.
ATI Inc. (ATI) is profitable, generating $404.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
ATI Inc. (ATI) reported an operating income of $634.7M, resulting in an operating profit margin of 13.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ATI Inc. (ATI) generated $999.8M in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.