Forensic Analysis · Primary Metals & Steel · as of Nov 8, 2026

Ati Inc (ATI)

A forensic read on Ati Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

3.9

Distress distance

Clean

Earnings quality

Forensic signals

22.1%

ROE

5.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ati Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.94×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.94× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

141% of FCF

FY2025

Shareholder returns. Returned $470M to shareholders (buybacks + dividends) in FY2025 — 141% of free cash flow, but 77% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $29M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 150%.

Key fundamentals

Latest Revenue$4.59B

Revenue Growth YoY+5.2%

Revenue CAGR (2yr)+4.8%

Net Margin8.8%

Free Cash Flow$333.7M

Return on Equity22.1%

Debt / Equity0.97x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ati Inc's actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.