Forensic Analysis · Materials / Mining & Chemicals · as of Aug 9, 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.
B · Sound & dependable
Forensic grade
Safe
Financial health
13.6
Distress distance
Clean
Earnings quality
4
Forensic signals
73.4
P / E (ttm)
22.4%
ROE
$31.1B
Market cap
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 (red flags, auditor quality, say on pay, board independence). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 13.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by dividend — suspended.
What the filings flag
suspended
FY2016→FY2019
Dividend — suspended.The dividend has been SUSPENDED — $26M paid in FY2016, then $0 in FY2019. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
0.94×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, 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.
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%.
$287M
FY2020–FY2020
Goodwill impairments.Took $287M of goodwill writedowns across 1 year (FY2020 ($287M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$4.59B
Revenue Growth YoY+5.2%
Revenue CAGR (3yr)+6.2%
Net Margin8.8%
Free Cash Flow$333.7M
Return on Equity22.4%
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?