Latest Ratios: P/E Ratio 64.3x · EV/EBITDA 32.8x · ROE 20.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.1B | $16.6B | $8.1B | $6.8B | $4.5B | $2.0B | $2.1B | $3.0B | $3.2B | $2.7B | $1.7B |
| Enterprise Value | $26.6B | $18.1B | $9.3B | $8.3B | $5.7B | $3.2B | $3.0B | $3.9B | $4.3B | $4.1B | $3.4B |
| P/E Ratio → | 64.30 | 41.04 | 21.75 | 16.18 | 13.39 | 12.16 | — | 11.41 | 13.52 | — | — |
| P/S Ratio | 5.47 | 3.62 | 1.87 | 1.63 | 1.18 | 0.72 | 0.71 | 0.73 | 0.78 | 0.75 | 0.55 |
| P/B Ratio | 13.56 | 8.65 | 4.16 | 4.61 | 3.90 | 2.43 | 3.31 | 1.38 | 1.59 | 1.44 | 1.18 |
| P/FCF | 75.20 | 49.70 | 48.42 | — | 48.03 | — | 69.78 | 48.90 | 12.52 | — | — |
| P/OCF | 40.85 | 27.00 | 19.99 | 79.40 | 20.07 | 125.76 | 12.71 | 13.15 | 8.09 | 118.65 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.95 | 2.14 | 1.98 | 1.48 | 1.14 | 1.02 | 0.95 | 1.07 | 1.15 | 1.07 |
| EV / EBITDA | 32.79 | 22.31 | 12.68 | 14.07 | 12.92 | 13.09 | — | 7.60 | 8.36 | 14.50 | — |
| EV / EBIT | 41.95 | 28.54 | 17.09 | 19.73 | 10.23 | 8.66 | 64.61 | 13.24 | 13.21 | 20.84 | — |
| EV / FCF | — | 54.28 | 55.41 | — | 60.41 | — | 100.11 | 63.57 | 17.10 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 21.8% | 20.9% | 19.8% | 18.6% | 11.9% | 9.8% | 15.5% | 15.6% | 14.1% | 7.5% |
| Operating Margin | 13.8% | 13.8% | 14.0% | 11.2% | 8.2% | 4.2% | -43.7% | 8.9% | 8.9% | 3.8% | -17.3% |
| Net Profit Margin | 8.8% | 8.8% | 8.4% | 9.8% | 8.4% | 6.6% | -52.7% | 6.1% | 5.5% | -2.6% | -20.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.9% | 20.9% | 21.4% | 31.1% | 32.5% | 25.0% | -111.0% | 12.1% | 11.6% | -5.6% | -35.3% |
| ROA | 7.8% | 7.8% | 7.2% | 8.7% | 7.4% | 4.4% | -32.5% | 4.5% | 4.2% | -1.8% | -11.7% |
| ROIC | 14.5% | 14.5% | 15.1% | 13.4% | 11.0% | 5.0% | -41.9% | 8.8% | 8.5% | 3.2% | -12.3% |
| ROCE | 15.6% | 15.6% | 15.2% | 12.5% | 9.1% | 3.5% | -31.9% | 7.8% | 7.9% | 3.0% | -11.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 0.97 | 1.47 | 1.51 | 2.21 | 2.44 | 0.64 | 0.77 | 0.84 | 1.30 |
| Debt / EBITDA | 2.40 | 2.40 | 2.58 | 3.71 | 3.98 | 7.58 | — | 2.70 | 2.97 | 5.51 | — |
| Net Debt / Equity | — | 0.80 | 0.60 | 0.97 | 1.01 | 1.39 | 1.44 | 0.41 | 0.58 | 0.76 | 1.14 |
| Net Debt / EBITDA | 1.89 | 1.89 | 1.60 | 2.45 | 2.65 | 4.75 | — | 1.76 | 2.24 | 5.00 | — |
| Debt / FCF | — | 4.59 | 6.98 | — | 12.38 | — | 30.33 | 14.67 | 4.57 | — | — |
| Interest Coverage | 5.73 | 5.73 | 4.39 | 3.96 | 6.03 | 3.79 | 0.49 | 2.83 | 3.25 | 1.46 | -0.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.66 | 2.66 | 2.44 | 2.80 | 2.57 | 2.69 | 3.16 | 2.71 | 2.68 | 2.69 | 2.49 |
| Quick Ratio | 1.27 | 1.27 | 1.32 | 1.53 | 1.33 | 1.47 | 1.64 | 1.35 | 1.24 | 1.04 | 1.03 |
| Cash Ratio | 0.41 | 0.41 | 0.60 | 0.76 | 0.61 | 0.80 | 0.99 | 0.58 | 0.46 | 0.20 | 0.32 |
| Asset Turnover | — | 0.90 | 0.83 | 0.84 | 0.86 | 0.65 | 0.74 | 0.73 | 0.74 | 0.68 | 0.61 |
| Inventory Turnover | 2.56 | 2.56 | 2.55 | 2.68 | 2.61 | 2.36 | 2.70 | 3.02 | 2.82 | 2.57 | 2.80 |
| Days Sales Outstanding | — | 60.38 | 65.67 | 59.83 | 61.21 | 68.30 | 47.09 | 52.47 | 52.23 | 56.46 | 52.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | — | — | — | — | — | — | — | — | 1.5% |
| Payout Ratio | 3.3% | 3.3% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.4% | 4.6% | 6.2% | 7.5% | 8.2% | — | 8.8% | 7.4% | — | — |
| FCF Yield | 1.3% | 2.0% | 2.1% | — | 2.1% | — | 1.4% | 2.0% | 8.0% | — | — |
| Buyback Yield | 1.9% | 2.8% | 3.5% | 1.4% | 3.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 1.9% | 2.9% | 3.5% | 1.4% | 3.2% | 0.2% | 0.4% | 0.3% | 0.2% | 0.2% | 1.5% |
| Shares Outstanding | — | $142M | $147M | $150M | $151M | $127M | $127M | $147M | $146M | $110M | $107M |
Aerospace OEM production bottlenecks
According to current market data, ATI trades at a forward P/E of 44.68, which suggests that investors are pricing in significant future earnings growth as the company transitions into a pure-play aerospace supplier, despite the multiple appearing elevated relative to its own historical trading ranges.
The current valuation multiples, including an EV/EBITDA of 35.17, indicate that the market is increasingly aligning ATI with high-growth aerospace peers rather than traditional industrial metal fabricators. While this premium reflects the strategic shift toward high-barrier materials, it leaves little room for error regarding the execution of capacity expansions or potential delays in OEM production cycles.
Based on reported figures, ATI's ROIC has remained in a narrow band between 2.8% and 4.8% over the last ten quarters, which indicates that the company is still in the early stages of realizing the full return potential from its recent capital-intensive investments in metallurgical capacity.
The modest ROIC levels suggest that the company's heavy investment in vacuum induction melting and forging infrastructure has yet to be fully offset by the margin expansion expected from its high-performance aerospace portfolio. Investors should monitor whether these returns can scale as production volumes for next-generation engine programs increase and the company achieves better utilization of its specialized assets.
As reported in recent financial statements, ATI's cash conversion cycle has fluctuated between 145 and 165 days, reflecting the inherent complexity of managing long-lead-time aerospace inventory and the significant working capital requirements necessary to support its specialized manufacturing operations across the HPMC and AA&S segments.
The elevated days inventory outstanding (DIO), which has consistently remained above 135 days, highlights the company's reliance on maintaining substantial buffer stocks to meet the stringent qualification and delivery requirements of aerospace OEMs. This persistent working capital intensity suggests that cash flow generation will likely remain sensitive to inventory management efficiency until production throughput stabilizes at higher levels.
According to quarterly filings, ATI has successfully reduced its debt-to-equity ratio from 1.58 in 2024Q1 to 0.97 by 2026Q1, signaling a disciplined approach to capital structure management that significantly improves the company's ability to navigate cyclical downturns in the aerospace and industrial sectors.
The reduction in leverage, coupled with an interest coverage ratio that has improved to 7.21x, suggests that the company is better positioned to fund its capital-intensive projects without relying on excessive debt. This shift toward a healthier balance sheet provides a necessary buffer against the potential volatility associated with OEM production bottlenecks and raw material price fluctuations.
As indicated by the company's LIFO accounting practices and heavy surcharge-based revenue model, the standard P/E ratio is frequently misapplied to ATI, as it fails to account for the distortion caused by raw material price volatility and the timing of inventory cost recognition.
Investors should instead focus on surcharge-normalized revenue and EBITDA metrics to better assess the underlying operational performance of the business. Relying solely on P/E multiples may obscure the true earning power of the company, particularly during periods of significant metal price shifts or when the company is aggressively investing in long-term capacity expansion.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ATI stock.
ATI Inc.'s current P/E ratio is 64.3x. The historical average is 30.6x. This places it at the 83th percentile of its historical range.
ATI Inc.'s current EV/EBITDA is 32.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
ATI Inc.'s return on equity (ROE) is 20.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.5%.
Based on historical data, ATI Inc. is trading at a P/E of 64.3x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ATI Inc.'s current dividend yield is 0.05% with a payout ratio of 3.3%.
ATI Inc. has 21.8% gross margin and 13.8% operating margin. Operating margin between 10-20% is typical for established companies.
ATI Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.