ATI
ATI · NYSESteel Pipe & Tubes · Fiscal year ends Dec 28
ATI reported revenue of $4.6B in the fiscal year ended Dec 2025, up 5.2% from the year before. Operating income was $641M, an operating margin of 14.0%, and net income was $404M. Operating cash flow of $614M less capital expenditure of $281M left free cash flow of $334M. Net debt was $1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $3.8B | $4.2B | $4.4B | $4.6B |
| Cost of revenue | $3.1B | $3.1B | $3.4B | $3.5B | $3.6B |
| Gross profit | $714M | $714M | $803M | $898M | $1B |
| Research & development | $16M | $16M | $21M | $20M | $21M |
| Selling, general & admin | $298M | $298M | $328M | $342M | $365M |
| Operating income | $287M | $316M | $466M | $609M | $641M |
| Interest expense | $92M | $87M | $93M | $108M | $111M |
| Pre-tax income | $162M | $355M | $295M | $486M | $522M |
| Income tax | $16M | $16M | −$128M | $103M | $104M |
| Net income | $131M | $324M | $411M | $368M | $404M |
| Diluted EPS | 0.96 | 2.23 | 2.81 | 2.55 | 2.85 |
| Diluted shares | 151M | 151M | 150M | 147M | 142M |
Balance sheet
| Fiscal year | Dec 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $584M | $584M | $744M | $721M | $417M |
| Receivables | $579M | $579M | $625M | $709M | $686M |
| Inventory | $1.2B | $1.2B | $1.2B | $1.4B | $1.4B |
| Current assets | $2.5B | $2.5B | $2.7B | $2.9B | $2.7B |
| Net PP&E | $1.5B | $1.5B | $1.7B | $1.8B | $1.9B |
| Goodwill | $227M | $227M | $227M | $227M | $225M |
| Total assets | $4.4B | $4.4B | $5B | $5.2B | $5.1B |
| Payables | $553M | $553M | $525M | $609M | $568M |
| Deferred revenue | $149M | $149M | $164M | $169M | $146M |
| Current liabilities | $964M | $964M | $977M | $1.2B | $1B |
| Short-term debt | $42M | $42M | $32M | $180M | $31M |
| Long-term debt | $1.7B | $1.7B | $2.1B | $1.7B | $1.7B |
| Total liabilities | $3.3B | $3.3B | $3.5B | $3.3B | $3.2B |
| Shareholders' equity | $1B | $1B | $1.4B | $1.9B | $1.8B |
| Backlog (remaining obligations) | $2.9B | $2.9B | $3.8B | $3.9B | $3.7B |
Cash flow
| Fiscal year | Dec 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $225M | $225M | $86M | $407M | $614M |
| Capital expenditure | $131M | $131M | $201M | $239M | $281M |
| Free cash flow | $94M | $94M | −$115M | $168M | $334M |
| Depreciation & amortisation | $143M | $143M | $146M | $152M | $168M |
| Stock-based compensation | $26M | $26M | $29M | $34M | $29M |
| Share buybacks | $140M | $140M | $85M | $260M | $470M |
Key ratios
| Fiscal year | Dec 2022 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.0% | 8.8% | 4.5% | 5.2% |
| Operating income growth (YoY) | – | 10.0% | 47.5% | 30.6% | 5.3% |
| EPS growth (YoY) | – | 132.3% | 26.0% | −9.3% | 11.8% |
| Gross margin | 18.6% | 18.6% | 19.2% | 20.6% | 22.0% |
| Operating margin | 7.5% | 8.2% | 11.2% | 14.0% | 14.0% |
| Net margin | 3.4% | 8.4% | 9.8% | 8.4% | 8.8% |
| Return on equityBlank when equity is negative | 12.5% | 30.9% | 29.9% | 19.9% | 22.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.3% | 9.1% | 11.6% | 15.1% | 15.7% |
| Free cash flow margin | 2.5% | 2.5% | −2.8% | 3.9% | 7.3% |
| Cash conversion (CFO ÷ net income) | 1.72x | 0.70x | 0.21x | 1.11x | 1.52x |
| Receivable days | 55 | 55 | 55 | 59 | 55 |
| Inventory days | 140 | 140 | 135 | 143 | 143 |
| Payable days | 65 | 65 | 57 | 64 | 58 |
| Interest cover | 3.12x | 3.62x | 5.03x | 5.63x | 5.79x |
| Debt ÷ equity | 1.67x | 1.67x | 1.59x | 1.02x | 0.97x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $1.2B | $1.4B | $1.2B | $1.3B |
| Current ratio | 2.57x | 2.57x | 2.80x | 2.44x | 2.66x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.