Stock

ATI

ATI
50
Manufacturing - Metal Fabrication · Industrials
Price
$185.59
-3.72 (-1.97%)
Market Cap
$25.27B
Exchange
United States
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 28, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Good
11/20
Cash Flow
Exceptional
9/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Mixed
4/15
Dividends
Weak
1/5

50 of 100 counted points = Winston Score 50.

Share count rising — dilution

+11.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 127.1M (2021) → 141.8M (2025)

§Winston Score History

The full picture

ATI Inc. makes specialty metals and advanced alloys used in demanding applications like jet engines, aerospace structures, and defense systems. Its core products include titanium, nickel-based superalloys, and specialty steel components, sold mainly to commercial airlines, defense contractors, and industrial manufacturers. ATI is one of the largest producers of specialty titanium and nickel alloys in the United States.

ATI earns revenue by selling engineered metal products and long-term supply agreements with aerospace and defense customers, giving it relatively predictable order flow. The company operates primarily in the United States, with some international sales, and generates roughly several billion dollars in annual revenue. Its competitive position comes from technical expertise in difficult-to-produce alloys and deep relationships with major aerospace manufacturers like Boeing and Raytheon. The key growth driver is the ongoing recovery and expansion of commercial aerospace production, but the main risk is customer concentration — a slowdown in aircraft orders could meaningfully reduce demand for ATI's products.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+54.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$21M/ year

→ Flat (-4% vs prior year)

0.5% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$783M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

ATI is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
24.6%
Thin — 24.6% gross margin
Profit after running costs
Operating Margin
17.4%
Healthy — 17.4% operating margin
Return on the money invested
ROCE
17.8%
Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+4.6%
Slow sales growth (+4.6% YoY)
Profit growth
EPS YoY
+15.9%
Earnings growing fast (+15.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
196%
Turns 196% of profit into real cash
Spare cash per sale
FCF Margin
12.7%
Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.17
Elevated debt (1.17)
Covers its interest
Interest Cover
7.40x
Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
53.2x
Expensive — P/E 53.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+27.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (53.2 → 26.1)

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Dividends

Dividend
Dividend Yield
0.17%
Small dividend — 0.17% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-55.6%
Dividend cut (-55.6% YoY) — warning sign

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