ATI Inc. (ATI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.0%

$36.53

vs $174.08 price

Levered DCF

$87.12

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.95

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.94×	19.46×	14.17×	11.76×	10.99×	-1.35×	10.28×	12.23×
P/B	8.96×	3.87×	4.24×	3.64×	2.95×	4.07×	1.24×	1.68×
P/S	3.52×	1.64×	1.4×	0.99×	0.72×	0.71×	0.63×	0.78×
EV / EBITDA	22.09×	11.96×	12.86×	7.12×	6.22×	15.98×	7.82×	8.95×
Gross margin	21.8%	20.9%	19.8%	18.6%	11.9%	9.8%	15.5%	15.6%
Operating margin	13.8%	14.0%	11.2%	8.2%	4.2%	-43.7%	8.9%	8.9%
Net margin	8.8%	8.4%	9.8%	8.4%	6.6%	-52.7%	6.1%	5.5%
Current ratio	2.66×	2.44×	2.8×	2.57×	2.69×	3.16×	2.71×	2.68×
Debt / equity	1.08×	1.02×	1.59×	1.67×	2.69×	3.01×	0.67×	0.82×
Interest coverage	5.73×	4.9×	4.41×	3.43×	1.21×	-13.56×	3.49×	3.59×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.4%	19.9%	29.9%	30.9%	26.9%	-301.8%	12.1%	11.8%
Return on invested capital	12.3%	11.4%	11.5%	8.6%	2.9%	-38.3%	7.6%	7.4%
Return on assets	7.9%	7.0%	8.2%	7.3%	4.3%	-39.0%	4.5%	4.0%
Free cash flow yield	2.1%	2.3%	-2.0%	2.5%	-6.7%	1.4%	2.4%	8.0%
Earnings yield	2.5%	5.1%	7.1%	8.5%	9.1%	-74.1%	9.7%	7.0%
Enterprise value	$17.7B	$8.3B	$7.3B	$5B	$3.2B	$3B	$3.5B	$4.3B
Net debt / EBITDA	1.91×	1.69×	2.54×	1.67×	2.26×	4.84×	2.03×	2.39×
Cash conversion cycle (days)	145	144	139	136	168	143	119	128