ATI Inc
ATI
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+ FollowMarket Cap$21.36B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2 performance; major margin expansion and record EBITDA strength
- Q2 adjusted EBITDA: $284m, +37% YoY, and $29m above the high end of prior guidance (excluding a $10m asset sale gain).
- Adjusted EBITDA margin: 22.6%, +440 bps YoY (driven by better commercial terms, mix, execution, and Elevation operational improvements).
- Revenue: $1.3B, +11% YoY; annualized run-rate >$5B.
- Backlog: $4.4B, +18% YoY and +7% sequentially; increasingly long-term agreements/sole-source for multi-year visibility.
Guidance raised across the board (2026 outlook) + clear H2 acceleration
- Full-year adjusted EBITDA midpoint: $1.160B (+35% YoY).
- Full-year adjusted EPS midpoint: $5.04 (+56% YoY).
- Full-year adjusted free cash flow midpoint: $575m (+51% YoY).
- Q3 outlook: adjusted EBITDA $305m–$315m (midpoint +38% YoY, +9% sequentially); EPS $1.31–$1.37.
- Management expects stronger sequential margins in Q3 and the strongest quarter in Q4 (midpoint implies ~$335m EBITDA).
“Good” strategic story: AA&S transformation is now a durable earnings engine
- AA&S Q2 underlying margin: ~22% vs 14% a year ago (excluding asset sale gain), attributed to portfolio optimization (80/20), better pricing/mix, improved execution.
- Aerospace & defense share in AA&S: ~44% of AA&S revenue, more than double vs ~5 years ago.
- AA&S Q2 margin: 23.7% (all-time high); management expects AA&S EBITDA margins consistently >20% and mid-20% range going forward (structural, not just cycle).
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$86.95
44.6% downside
Current Fair Value
44.6% downsideOvervalued by 44.6% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $21.36 Billion |
|---|---|
| Enterprise Value | $22.91 Billion |
| Dividend Yield | $- (-) |
| Earnings per Share | $2.92 |
| Beta | 1 |
| Outstanding Shares | 136,036,036 |
Return
| Return on Equity | 25.35% |
|---|---|
| Return on Assets | 8.29% |
| Return on Invested Capital | 16.29% |
Valuation & Multiples
| P/E Ratio | 44.95 |
|---|---|
| PEG | 89.99 |
| Price to Sales | 4.61 |
| Price to Book Ratio | 11.21 |
| Enterprise Value to Revenue | 4.86 |
| Enterprise Value to EBIT | 32.49 |
| Enterprise Value to Net Income | 48 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 1.24 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$1.03
Average shareholder expectationRevenue Estimate
$1.22 B
Average shareholder expectationNext Earnings Call
Expected Date
October 27, 2026
EPS Estimate
$1.37
Average shareholder expectationRevenue Estimate
$1.32 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 80.02% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.38%▼ 92.80% |
|---|---|
| Total Invested | $613.09M▼ 97.58% |
| Investors Holding | 185▼ 647.00% |
ESG Score
No data
About Allegheny Technologies Inc
8,100 employees
CEO: Robert Wetherbee ATI is a $3 billion global manufacturer solving the world's most difficult challenges through materials science; advanced, integrated process technologies; and relentlessly innovative people. They serve customers whose demanding applicat...