ATI
ATI Inc.

ATI Inc.ATI

Industrials · Metal Fabrication
175.79USD
+4.43%
Nov 08, 2026
ATI overview ready
Qualified Specialty Materials and Forged Components Supplier to Aerospace and Defense
ATI is an upstream, qualification-intensive specialty-materials and forged-components supplier to aerospace and defense platforms, with particular relevance to jet-engine, airframe, naval-nuclear, and other extreme-performance applications.
Theme not measured
Aerospace Specialty Alloys has no leadership state this session.
Price structure is giving way
Longer-term context reads near trend floor, with a near-term setup of constructive pullback.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Unremarkable fundamentals
Primary risk
Dependence on aerospace and defense sector spending.
Market Nov 6Filing Sep 27Price action Nov 7Research Oct 1

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction5.4BusinessPerformance9.0BusinessQuality5.6Valuation2.8ThemeMomentum—Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from +0.4% to +27% year over year. Diluted EPS growth has strengthened to +76% year over year ($1.37), up from -27%. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Aerospace Specialty Alloys — Aerospace Specialty Alloys has only one or two priced members — no leadership state
Its economic family, Aerospace & Defense, reads Lagging (+0.8pp vs SPY) — the family’s reading, not this theme’s.
Price
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Price Action

Price structure is giving way
Longer-term context reads near trend floor, with a near-term setup of constructive pullback.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$23.9B
Avg Volume (60D)
1.7M
60 sessions
Revenue Growth YoY
+5.2%
FY2025 vs FY2024
Gross Margin
+24.5%
Trailing twelve months
Operating Margin
+16.5%
Trailing twelve months
Free Cash Flow Yield
+1.8%
Distance from 200DMA
+0.7%
P/E
43.0x
EV / EBITDA
25.2x
EV / Sales
5.0x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 27, 2026
Filed balance-sheet data as of Sep 27, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from +0.4% to +27% year over year. Diluted EPS growth has strengthened to +76% year over year ($1.37), up from -27%.

Latest reported: Q3 FY2026, ended Sep 27
Revenue growthAccelerating
+27%
$1.42B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +0.4%
  2. +0.6%
  3. +11%
  4. +27%
Earnings growthAccelerating
+76%
Diluted EPS $1.37 vs $0.78 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -27%
  2. +27%
  3. +56%
  4. +76%
Operating marginExpanding
19.1%
+4.7 pp YoY · gross margin 26.7% (+4.0 pp)

Business Quality

5.6 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
ATI Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at a 1.8% free-cash-flow yield and 25.2x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
ATI is an upstream, qualification-intensive specialty-materials and forged-components supplier to aerospace and defense platforms, with particular relevance to jet-engine, airframe, naval-nuclear, and other extreme-performance applications.
Opportunity
High opportunity
Defense and aerospace platform production, sustainment, and engine build-rate expansion requiring qualified domestic capacity for titanium, nickel-based superalloys, specialty steels, precision forgings, and other high-integrity materials.
Key risk
Dependence on aerospace and defense sector spending.

Economic classification

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Business & Markets

Industrials · Metal Fabrication
What they do

ATI Inc. produces and sells specialty metals and complex components globally through two segments: High Performance Materials & Components, and Advanced Alloys & Solutions.

How it earns

The company generates revenue primarily through transactional sales of specialty materials and precision-engineered components to industrial customers.

Products & services
Titanium and titanium-based alloys
Nickel- and cobalt-based superalloys
Advanced powder alloys
Metallic powder alloys
Long product forms (ingot, billet, bar, rod, wire, shapes, rectangles, seamless tubes)
Precision forgings, components, and machined parts
Customers & end markets
Aerospace manufacturers
Defense contractors
Industrial and energy sectors
Market position

Leader in qualification-intensive specialty materials and forged components for aerospace and defense applications.

Demand drivers
High cyclicality

Demand is closely tied to aerospace and defense production cycles, which are influenced by government budgets and commercial aerospace market conditions.

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