Revenue growth reached 30.1% in 2026Q4, yet structural margin pressure persists as evidenced by a decline in operating margin to 3.1% during the same period.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 2.97B | 2.53B | 3.03B | 2.58B | 2.18B | 1.43B | 1.43B | 1.25B | 1.11B | 1.01B | 1.04B | 936.08M | 683.36M | 591.1M | 595.36M | 485.26M | 577.78M | 855.12M | 663.27M | 614.54M | 725.77M | 770.93M | 616.91M | 581.42M | 549.55M | 678.97M | 530M | 515.3M | 403M | 249.8M |
| Revenue Growth % | 17.35% | -16.47% | 17.67% | 18.08% | 52.63% | 0.02% | 14.05% | 12.44% | 10.29% | -2.76% | 11.06% | 36.98% | 15.61% | -0.72% | 22.69% | -16.01% | -32.43% | 28.93% | 7.93% | -15.33% | -5.86% | 24.97% | 6.1% | 5.8% | -19.06% | 28.11% | 2.85% | 27.87% | 61.33% | 26.87% |
| Cost of Goods Sold | 2.12B | 1.89B | 2.18B | 1.85B | 1.57B | 1.05B | 1.07B | 924.9M | 826.77M | 760.25M | 780.95M | 691.07M | 501.68M | 441.18M | 438.73M | 371.91M | 506.42M | 707.98M | 594.7M | 513.84M | 605.47M | 621.84M | 511.44M | 471.68M | 436.82M | 515.85M | 396.3M | 366.9M | 305.1M | 187.7M |
| COGS % of Revenue | 71.38% | 74.47% | 71.79% | 71.84% | 71.94% | 73.13% | 74.67% | 73.78% | 74.15% | 75.2% | 75.12% | 73.83% | 73.41% | 74.64% | 73.69% | 76.64% | 87.65% | 82.79% | 89.66% | 83.61% | 83.42% | 80.66% | 82.9% | 81.13% | 79.49% | 75.97% | 74.77% | 71.2% | 75.71% | 75.14% |
| Gross Profit | 850.87M | 646.65M | 855.5M | 725.81M | 612.43M | 384.26M | 362.13M | 328.72M | 288.16M | 250.66M | 258.69M | 245.01M | 181.68M | 149.92M | 156.63M | 113.35M | 71.36M | 147.15M | 68.57M | 100.7M | 120.3M | 149.1M | 105.47M | 109.73M | 112.73M | 163.12M | 133.7M | 148.4M | 97.9M | 62.1M |
| Gross Margin % | 28.62% | 25.53% | 28.21% | 28.16% | 28.06% | 26.87% | 25.33% | 26.22% | 25.85% | 24.8% | 24.88% | 26.17% | 26.59% | 25.36% | 26.31% | 23.36% | 12.35% | 17.21% | 10.34% | 16.39% | 16.58% | 19.34% | 17.1% | 18.87% | 20.51% | 24.03% | 25.23% | 28.8% | 24.29% | 24.86% |
| Gross Profit Growth % | 31.58% | -24.41% | 17.87% | 18.51% | 59.38% | 6.11% | 10.17% | 14.08% | 14.96% | -3.11% | 5.58% | 34.86% | 21.19% | -4.29% | 38.18% | 58.85% | -51.5% | 114.6% | -31.91% | -16.29% | -19.31% | 41.37% | -3.89% | -2.65% | -30.9% | 22.01% | -9.91% | 51.58% | 57.65% | 33.84% |
| Operating Expenses | 628.96M | 637.39M | 540.11M | 503.32M | 425.82M | 264.65M | 266.52M | 213.92M | 202.7M | 178.72M | 181.94M | 178.02M | 120.64M | 93.27M | 96.38M | 77.87M | 82.79M | 81.09M | 59.65M | 140.03M | 219.75M | 108.56M | 92.5M | 96.3M | 93.12M | 91.5M | 74.9M | 85.8M | 51.9M | 30M |
| OpEx % of Revenue | 21.16% | 25.16% | 17.81% | 19.53% | 19.51% | 18.51% | 18.64% | 17.06% | 18.18% | 17.68% | 17.5% | 19.02% | 17.65% | 15.78% | 16.19% | 16.05% | 14.33% | 9.48% | 8.99% | 22.79% | 30.28% | 14.08% | 14.99% | 16.56% | 16.94% | 13.48% | 14.13% | 16.65% | 12.88% | 12.01% |
| Selling, General & Admin | 543.75M | 525.93M | 431.64M | 393.77M | 340.58M | 250.29M | 239.9M | 213.92M | 202.7M | 178.72M | 181.94M | 178.02M | 120.64M | 93.27M | 99.37M | 77.87M | 82.79M | 86.28M | 108.2M | 100.41M | 90.13M | 80.16M | 67.59M | 65.86M | 65.66M | 66.22M | 52.4M | 54.9M | 38.9M | 22.9M |
| SG&A % of Revenue | 18.29% | 20.76% | 14.23% | 15.28% | 15.6% | 17.5% | 16.78% | 17.06% | 18.18% | 17.68% | 17.5% | 19.02% | 17.65% | 15.78% | 16.69% | 16.05% | 14.33% | 10.09% | 16.31% | 16.34% | 12.42% | 10.4% | 10.96% | 11.33% | 11.95% | 9.75% | 9.89% | 10.65% | 9.65% | 9.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 85.21M | 111.46M | 108.47M | 109.55M | 85.24M | 14.36M | 26.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.99M | 0 | 0 | -5.19M | -48.54M | 39.62M | 129.62M | 28.4M | 24.91M | 30.43M | 27.46M | 25.28M | 22.5M | 30.9M | 13M | 7.1M |
| Operating Income | 221.91M | 9.26M | 315.39M | 222.49M | 186.61M | 119.61M | 95.61M | 114.8M | 85.46M | 71.94M | 76.76M | 66.99M | 61.03M | 56.65M | 60.25M | 35.48M | -11.43M | 66.06M | 8.91M | -39.33M | -99.45M | 40.54M | 12.97M | 13.44M | 19.61M | 71.62M | 58.8M | 62.6M | 46M | 32.1M |
| Operating Margin % | 7.46% | 0.37% | 10.4% | 8.63% | 8.55% | 8.36% | 6.69% | 9.16% | 7.67% | 7.12% | 7.38% | 7.16% | 8.93% | 9.58% | 10.12% | 7.31% | -1.98% | 7.72% | 1.34% | -6.4% | -13.7% | 5.26% | 2.1% | 2.31% | 3.57% | 10.55% | 11.09% | 12.15% | 11.41% | 12.85% |
| Operating Income Growth % | 2297.45% | -97.07% | 41.76% | 19.23% | 56.02% | 25.1% | -16.71% | 34.32% | 18.8% | -6.28% | 14.58% | 9.76% | 7.75% | -5.98% | 69.81% | 410.39% | -117.3% | 641.12% | 122.66% | 60.45% | -345.33% | 212.59% | -3.48% | -31.48% | -72.63% | 21.81% | -6.07% | 36.09% | 43.3% | -0.93% |
| EBITDA | 385.78M | 161.93M | 456.56M | 347.98M | 302.03M | 190.53M | 167.01M | 157.19M | 122.13M | 106.5M | 116.12M | 107.52M | 79.49M | 68.88M | 72.21M | 45.95M | 12.86M | 90.93M | 30.93M | -10.08M | -67.22M | 68.94M | 37.88M | 43.87M | 47.06M | 96.9M | 79.8M | 89.6M | 59M | 39.2M |
| EBITDA Margin % | 12.98% | 6.39% | 15.05% | 13.5% | 13.84% | 13.32% | 11.68% | 12.54% | 10.95% | 10.53% | 11.17% | 11.49% | 11.63% | 11.65% | 12.13% | 9.47% | 2.23% | 10.63% | 4.66% | -1.64% | -9.26% | 8.94% | 6.14% | 7.55% | 8.56% | 14.27% | 15.06% | 17.39% | 14.64% | 15.69% |
| EBITDA Growth % | 138.25% | -64.53% | 31.21% | 15.21% | 58.52% | 14.08% | 6.25% | 28.7% | 14.68% | -8.29% | 8% | 35.26% | 15.4% | -4.61% | 57.14% | 257.42% | -85.86% | 193.96% | 406.99% | 85.01% | -197.52% | 82.01% | -13.67% | -6.79% | -51.43% | 21.43% | -10.94% | 51.86% | 50.51% | 3.43% |
| D&A (Non-Cash Add-back) | 163.87M | 152.67M | 141.17M | 125.49M | 115.42M | 70.92M | 71.4M | 42.39M | 36.67M | 34.56M | 39.36M | 40.52M | 18.45M | 12.24M | 11.96M | 10.47M | 24.29M | 24.87M | 22.02M | 29.26M | 32.22M | 28.4M | 24.91M | 30.43M | 27.46M | 25.28M | 21M | 27M | 13M | 7.1M |
| EBIT | 199.74M | 15.3M | 317.37M | 224.45M | 187.12M | 121.23M | 97.68M | 119.9M | 87.39M | 72.59M | 76.94M | 67.14M | 61.27M | 56.86M | 60.54M | 36.16M | -11.43M | 66.39M | 9.83M | -39.33M | -99.45M | 40.54M | 12.97M | 13.44M | 19.61M | 71.62M | 58.8M | 62.6M | 46M | 32.1M |
| Net Interest Income | -99.58M | -92.19M | -68.7M | -62.72M | -32.2M | -40.15M | -28.07M | -20.91M | -23.77M | -25.55M | -26.65M | -11.93M | -3.02M | -2.01M | -1.56M | -1.06M | -2.05M | -350K | -630K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 956K | 6.05M | 1.98M | 1.96M | 508K | 1.62M | 2.06M | 5.11M | 1.92M | 656K | 183K | 149K | 232K | 219K | 294K | 684K | 0 | 332K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 100.53M | 98.24M | 70.68M | 64.68M | 32.71M | 41.77M | 30.14M | 26.02M | 25.69M | 26.21M | 26.84M | 12.08M | 3.25M | 2.23M | 1.86M | 1.74M | 2.05M | 682K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -122.71M | -92.19M | -68.7M | -62.72M | -32.2M | -40.15M | -28.07M | -20.91M | -23.77M | -25.55M | -26.65M | -11.93M | -3.02M | -2.01M | -1.56M | -1.06M | -2.05M | -350K | -630K | -1.03M | -1.83M | 1.29M | -11.08M | -5.11M | -515K | -959K | -1.5M | -2.9M | -2.5M | -1M |
| Pretax Income | 99.2M | -82.94M | 246.69M | 159.77M | 154.41M | 79.46M | 67.54M | 93.89M | 61.7M | 46.38M | 50.1M | 55.06M | 58.02M | 54.63M | 58.69M | 34.42M | -13.48M | 65.71M | 8.28M | -40.37M | -101.28M | 41.83M | 1.88M | 8.33M | 19.09M | 70.67M | 57.3M | 59.7M | 43.5M | 31.1M |
| Pretax Margin % | 3.34% | -3.27% | 8.13% | 6.2% | 7.07% | 5.56% | 4.72% | 7.49% | 5.53% | 4.59% | 4.82% | 5.88% | 8.49% | 9.24% | 9.86% | 7.09% | -2.33% | 7.68% | 1.25% | -6.57% | -13.96% | 5.43% | 0.31% | 1.43% | 3.47% | 10.41% | 10.81% | 11.59% | 10.79% | 12.45% |
| Income Tax | 27.47M | -54.96M | 52.51M | 32.07M | 33.02M | 15.35M | 14.59M | 23.12M | 14.49M | 11.36M | 10.51M | 16.16M | 8.6M | 13.56M | 14.67M | 6.57M | -25.64M | 8.17M | -3.93M | 36.2M | -33.75M | 11.03M | 5.62M | 4.4M | 6.5M | 24.47M | 21.6M | 22.5M | 16.1M | 11.5M |
| Effective Tax Rate % | 27.69% | 66.27% | 21.28% | 20.07% | 21.38% | 19.32% | 21.6% | 24.63% | 23.48% | 24.48% | 20.97% | 29.35% | 14.82% | 24.82% | 25% | 19.07% | 190.24% | 12.44% | -47.43% | -89.68% | 33.32% | 26.36% | 298.46% | 52.82% | 34.04% | 34.63% | 37.7% | 37.69% | 37.01% | 36.98% |
| Net Income | 71.64M | -28.05M | 193.74M | 127.43M | 122.1M | 64.09M | 52.9M | 70.74M | 47.16M | 34.99M | 39.55M | 54.96M | 62.17M | 15.03M | -59.59M | -85.28M | 12.16M | 48.02M | -23.42M | -85.02M | -69.29M | 9.3M | -2.25M | 2.34M | 12.59M | 46.19M | 35.7M | 37.2M | 27.4M | 19.6M |
| Net Margin % | 2.41% | -1.11% | 6.39% | 4.94% | 5.59% | 4.48% | 3.7% | 5.64% | 4.23% | 3.46% | 3.8% | 5.87% | 9.1% | 2.54% | -10.01% | -17.57% | 2.11% | 5.62% | -3.53% | -13.83% | -9.55% | 1.21% | -0.37% | 0.4% | 2.29% | 6.8% | 6.74% | 7.22% | 6.8% | 7.85% |
| Net Income Growth % | 355.4% | -114.48% | 52.03% | 4.37% | 90.51% | 21.16% | -25.23% | 49.99% | 34.78% | -11.53% | -28.04% | -11.6% | 313.63% | 125.22% | 30.12% | -801.11% | -74.67% | 305.03% | 72.45% | -22.69% | -845.25% | 512.69% | -196.16% | -81.39% | -72.74% | 29.39% | -4.03% | 35.77% | 39.8% | 2.08% |
| Net Income (Continuing) | 71.73M | -27.98M | 194.18M | 127.7M | 121.39M | 64.1M | 52.95M | 70.76M | 47.21M | 35.03M | 39.6M | 38.9M | 49.42M | 41.07M | 44.02M | 27.86M | 12.16M | 57.53M | 12.16M | -76.7M | -67.53M | 30.47M | 1.75M | 3.54M | 12.59M | 46.19M | 35.7M | 37.2M | 27.4M | 19.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.2M | 12.8M | -25.99M | -103.52M | -113.3M | 0 | -9.51M | -35.58M | -8.32M | -1.94M | -21.17M | -4M | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.7M | 3.58M | 3.28M | 3.73M | 4.09M | 12.01M | 553.62K | 311K | 292K | 248K | 215K | 170K | 129K | 83K | 78K | 0 | 0 | 0 | 0 | 1.89M | 645K | 677K | 405K | 1.05M | 2.96M | 2.58M | 2.1M | 2M | 1.5M | 300K |
| EPS (Diluted) | 0.73 | -0.29 | 1.97 | 1.38 | 1.32 | 0.69 | 0.57 | 0.75 | 0.50 | 0.38 | 0.43 | 0.60 | 0.69 | 0.17 | -0.68 | -0.98 | 0.14 | 0.60 | -0.33 | -1.42 | -1.09 | 0.14 | -0.04 | 0.04 | 0.20 | 0.71 | 0.64 | 0.60 | 0.47 | 0.37 |
| EPS Growth % | 351.72% | -114.72% | 42.75% | 4.55% | 91.3% | 21.05% | -24% | 50% | 31.58% | -11.63% | -28.33% | -13.04% | 305.88% | 125% | 30.61% | -800% | -76.67% | 281.82% | 76.76% | -30.28% | -878.57% | 476.34% | -200% | -81.4% | -71.83% | 10.94% | 6.67% | 27.66% | 27.03% | -9.76% |
| EPS (Basic) | 0.73 | -0.29 | 1.98 | 1.39 | 1.32 | 0.70 | 0.57 | 0.76 | 0.50 | 0.38 | 0.43 | 0.61 | 0.70 | 0.17 | -0.68 | -0.98 | 0.14 | 0.61 | -0.33 | -1.42 | -1.09 | 0.14 | -0.04 | 0.04 | 0.20 | 0.74 | 0.64 | 0.60 | 0.47 | 0.39 |
| Diluted Shares Outstanding | 98.14M | 97.98M | 98.58M | 92.24M | 92.63M | 92.37M | 92.46M | 94.05M | 94.04M | 92.81M | 92.66M | 92.31M | 90.08M | 88.78M | 87.83M | 87.65M | 87.48M | 79.39M | 70.53M | 59.87M | 63.65M | 66.62M | 61.01M | 62.95M | 64.45M | 65.32M | 58.78M | 62.47M | 58.89M | 52.97M |
| Basic Shares Outstanding | 97.9M | 97.98M | 97.76M | 91.84M | 92.21M | 92.2M | 92.1M | 93.54M | 93.73M | 92.57M | 92.18M | 91.16M | 88.93M | 87.58M | 87.31M | 87.28M | 87.28M | 79.28M | 70.49M | 59.87M | 63.65M | 66.62M | 60.53M | 62.95M | 64.45M | 62.84M | 55.6M | 62.47M | 58.89M | 50.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project Execution Margin Volatility
According to the latest quarterly financial disclosures, ATS Corporation experienced a notable 30.1% revenue growth in 2026Q4, yet this follows a period of significant volatility where year-over-year comparisons were frequently distorted by the project-based nature of their bespoke industrial automation and integration contract wins.
The recent revenue surge suggests a successful scaling of large-scale turnkey projects, though the inconsistency across the ten-quarter horizon indicates that top-line durability remains tethered to the timing of major capital expenditure cycles. Investors should monitor whether this growth is sustainable or merely a reflection of lumpy milestone recognition inherent in percentage-of-completion accounting.
As reported in recent income statements, ATS Corporation's gross margin reached 25.2% in 2026Q4, reflecting a persistent struggle to maintain profitability levels above the 30% threshold observed in prior periods due to the high variable costs associated with specialized engineering labor and third-party component integration.
The compression of margins appears to be a direct consequence of unforeseen engineering challenges and cost-overruns on fixed-price contracts. This suggests that while the company possesses technical expertise, its ability to protect margins against inflationary pressures and project-specific execution risks remains a critical vulnerability for institutional stakeholders.
Based on the provided financial data, ATS Corporation's operating margin fell to 3.1% in 2026Q4, demonstrating that the company's fixed overhead costs, including global sales and R&D, are currently scaling faster than gross profit, thereby limiting the potential for meaningful operating leverage in the near term.
The inability to consistently expand operating margins despite revenue growth suggests that the company's current operational framework is not yet optimized for scale. This warrants further investigation into whether the integration of recent acquisitions is creating excessive administrative drag or if the cost structure is fundamentally too heavy for the current project mix.
Financial filings indicate that ATS Corporation's net income has been highly erratic, culminating in a net loss of $16.1 million in 2026Q4, which highlights the significant impact of non-operating items and the inherent risks of relying on percentage-of-completion accounting for long-term industrial project revenue recognition.
The wide swings in net income, including the sharp negative performance in 2025Q4, suggest that reported earnings may not accurately reflect the underlying cash-generating capability of the business. Investors should be cautious of the potential for future earnings restatements or adjustments as management navigates the complexities of their aggressive M&A strategy.
Based on an analysis of the income statement, short-term margin volatility and the recurring net losses in recent quarters suggest that the company's business model may be more susceptible to project execution failures than the market's current valuation of the firm's industrial technology platform implies.
The persistent risk of cost-overruns on fixed-price contracts could lead to further earnings disappointments if the company fails to standardize its software-driven solutions. The market may be overestimating the stability of the Life Sciences and Nuclear segments while underestimating the potential for continued margin erosion in the competitive transportation automation space.
Quick answers to the most common questions about buying ATS stock.
For fiscal year 2026, ATS Corporation (ATS) reported total revenue of $2.97B. This represents a 1090.1% increase compared to $249.8M in 1997.
ATS Corporation (ATS) is profitable, generating $71.6M in net income for the fiscal year ending 2026 with a net profit margin of 2.4%.
ATS Corporation (ATS) reported an operating income of $221.9M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ATS Corporation (ATS) generated $850.9M in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.