ATS Corporation (ATS.TO) 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

+0.8%

CA$26.66

vs CA$26.45 price

Levered DCF

CA$16.01

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.86

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	53.71×	-123.69×	23.09×	40.71×	34.17×	37.81×	28.88×	26.32×
P/B	2.16×	2.06×	2.66×	4.61×	4.24×	2.73×	1.75×	2.37×
P/S	1.29×	1.39×	1.47×	2.02×	1.91×	1.71×	1.06×	1.49×
EV / EBITDA	13.74×	29.7×	12.18×	17.99×	16.94×	14.35×	10.78×	12.29×
Gross margin	28.6%	25.5%	28.2%	28.2%	28.1%	26.9%	25.3%	26.2%
Operating margin	7.5%	0.4%	10.4%	8.6%	8.5%	8.4%	6.7%	9.2%
Net margin	2.4%	-1.1%	6.4%	4.9%	5.6%	4.5%	3.7%	5.6%
Current ratio	1.64×	1.69×	1.7×	1.39×	1.36×	1.4×	2.13×	1.65×
Debt / equity	0.81×	1×	0.77×	1.12×	1.12×	0.56×	0.77×	0.44×
Interest coverage	2.21×	0.09×	4.46×	3.44×	5.71×	2.86×	3.17×	4.41×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	-1.6%	11.5%	11.3%	12.4%	7.2%	6.1%	9.0%
Return on invested capital	4.8%	0.1%	8.0%	7.0%	6.5%	6.2%	4.5%	6.9%
Return on assets	1.7%	-0.6%	4.7%	3.6%	4.0%	2.9%	2.5%	4.2%
Free cash flow yield	9.7%	-1.5%	-1.5%	0.9%	3.9%	6.3%	-2.4%	4.6%
Earnings yield	1.9%	-0.8%	4.3%	2.5%	2.9%	2.6%	3.5%	3.8%
Enterprise value	CA$5B	CA$5B	CA$5.6B	CA$6.3B	CA$5.1B	CA$2.8B	CA$1.8B	CA$2B
Net debt / EBITDA	3.17×	8.78×	2.44×	3.14×	3.19×	1.65×	1.82×	0.77×
Cash conversion cycle (days)	66	118	108	58	56	63	58	53