At a glance
Allegheny Technologies Incorporated is worth $22.45B, about 58 times its fiscal 2025 earnings. Revenue grew 5.2% to $4.59B in fiscal 2025, with 8.8% kept as profit; over 5 years it has grown 9.0% a year. It pays no dividend; it spent $955.1M buying back its shares over FY2021–FY2025. The stock returned +67.8% over the past year with dividends reinvested and +58.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 74.4% in the 2020 crash (S&P 500: 33.7%) and 30.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 1 month after the lows.
The business in plain English
ATI Inc., based in Dallas, makes specialty metals and the parts made from them. Its alloys of nickel, titanium, zirconium, hafnium and niobium are designed to withstand extreme heat, corrosion and radiation. Aerospace and defense is its largest market. It made up about 68% of sales in the fiscal year ended December 28, 2025, when revenue totaled $4.6 billion. Products include jet engine disks, blades and shafts, landing gear and airframe parts, and materials for naval nuclear, armor and munitions uses.
The company reports two segments. High Performance Materials & Components (HPMC) brought in 53% of fiscal 2025 revenue. About 92% of its sales go to aerospace and defense, and nearly 68% come from commercial jet engine products. It sells mostly directly to a small group of aircraft and engine makers, such as Boeing, Airbus, GE Aerospace, Rolls-Royce, Pratt & Whitney and Safran, and to their suppliers. Many of these sales are under multi-year agreements. Advanced Alloys & Solutions (AA&S) brought in 47% and makes plate, sheet and strip. Aerospace and defense is about 41% of its revenue. Most of the rest comes from energy customers, including nuclear power and oil and gas, plus electronics and industrial buyers.
The United States made up 57.5% of fiscal 2025 revenue. The largest foreign markets broken out separately were China (7.1%), the United Kingdom (6%), France (5.4%) and Germany (5%).
Price history
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ATI +67.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $2.64B | 57.5% |
| Rest of World | $703.0M | 15.3% |
| China | $324.3M | 7.1% |
| United Kingdom | $277.2M | 6% |
| France | $246.2M | 5.4% |
| Germany | $227.4M | 5% |
| Canada | $169.5M | 3.7% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $1.42B, up 26.5% from a year earlier, and net income was $189.8M (+72.5%).
- For fiscal 2025, revenue was $4.59B (+5.2% year over year; +9.0% a year from FY2020 to FY2025) with a 8.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 14% watch |
| Free cash flow margin | 7.3% watch |
| Return on equity (FY2025) | 22.4% good |
| Return on assets (FY2025) | 7.9% watch |
| Net cash (cash minus debt) | $-1.42B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.98B | $-1.57B | $30.4M |
| FY2021 | $2.80B | $184.6M | $-136.5M |
| FY2022 | $3.84B | $323.5M | $94.0M |
| FY2023 | $4.17B | $410.8M | $-114.8M |
| FY2024 | $4.36B | $367.8M | $168.1M |
| FY2025 | $4.59B | $404.3M | $333.7M |
Valuation snapshot
| Market value | $22.45B |
|---|---|
| P/E ratio | 58 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Allegheny Technologies Incorporated’s market value went from $1.74B at the end of 2016 to $22.45B on Oct 28, 2026, about 12.9 times as much; since the end of 2025 it is up 44%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $22.45B | +44.0% |
| 2025 | $15.59B | +98.6% |
| 2024 | $7.85B | +35.3% |
| 2023 | $5.80B | +50.1% |
| 2022 | $3.86B | +90.6% |
| 2021 | $2.03B | -4.7% |
| 2020 | $2.13B | -18.4% |
| 2019 | $2.60B | -4.8% |
| 2018 | $2.74B | +4.1% |
| 2017 | $2.63B | +51.4% |
| 2016 | $1.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ATI price data to Oct 28, 2026 | +44.0% | +67.8% | +63.8% | +58.1% | +28.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.0% |
| 2025 | +108.5% |
| 2024 | +21.1% |
| 2023 | +52.3% |
| 2022 | +87.5% |
| 2021 | -5.0% |
| 2020 | -18.8% |
| 2019 | -5.1% |
| 2018 | -9.8% |
| 2017 | +51.5% |
| 2016 | +43.9% |
| 2015 | -66.8% |
| 2014 | -0.4% |
| 2013 | +20.1% |
| 2012 | -35.1% |
| 2011 | -12.2% |
| 2010 | +25.0% |
| 2009 | +79.5% |
| 2008 | -70.0% |
| 2007 | -4.2% |
| 2006 | +152.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.4% over that stretch · deepest drop along the way 86.7%, back to its old high 203.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 74.3% over that stretch · deepest drop along the way 74.4%, back to its old high 11 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 67.5% over that stretch · deepest drop along the way 30.9%, back to its old high 1.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 40 sales ($57.1M), 37 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 28, 2026 | Kimberly A Fields Chair, President and CEO, Director | sell (plan) | $6.1M |
| Jun 2, 2026 | Kimberly A Fields Chair, President and CEO, Director | sell (plan) | $4.6M |
| Aug 31, 2026 | Timothy J Harris Senior VP and CDIO | sell (plan) | $3.5M |
| Sep 8, 2026 | Timothy J Harris Senior VP and CDIO | sell (plan) | $3.4M |
| Aug 24, 2026 | Timothy J Harris Senior VP and CDIO | sell (plan) | $3.4M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Sep 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Capital International Investors | 4.5% | Mar 31, 2026 |
| Capital World Investors | 4.2% | Mar 31, 2026 |
| FMR LLC | 3.5% | Mar 31, 2025 |
ETFs with the most weight in ATI
| XME SPDR S&P Metals & Mining ETF | 4.7% |
| SLX VanEck Steel ETF | 4.54% |
| RSHO Tema American Reshoring ETF | 2.74% |
| GCAD Gabelli Commercial Aerospace and Defense ETF | 2.43% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.24% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 1.22% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.07% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.84% |
What could go wrong
- Heavy reliance on commercial aerospace. Aerospace and defense make up about 68% of sales. Commercial aerospace has a history of booms and busts. Weaker airline profits, travel demand or build rates can cut ATI's volumes and prices.
- Reliance on a few key customers. A handful of companies build jet engines and large aircraft. Long-term contracts come up for renewal and repricing. Losing one, or re-pricing it badly, could materially cut revenue.
- Raw material costs and pricing pressure. ATI depends on critical raw materials and supplies whose prices and availability swing. Long lead times and existing contract terms can delay price increases. Competition and excess capacity can push prices down.
- Swings in industrial and energy demand. The AA&S segment sells to oil and gas, automotive, food equipment and appliance, and construction and mining customers. These markets are highly cyclical, and weak demand from them has hurt results at times.
- Trade rules and international sales. The US made up 57.5% of fiscal 2025 revenue, and the rest came from abroad, including 7.1% from China. Trade disputes, tariffs or export rules could raise costs or limit sales.
- Debt and retirement benefit obligations. As of June 28, 2026, ATI had about $2.2 billion of debt and $783 million of cash. Debt payments and retirement benefit costs could strain its finances, especially in a downturn.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
ATI pays no dividend. It paid none in fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. For an income investor, that means no regular cash payments, so any return has to come from a rising share price. ATI has returned cash through buybacks instead. It spent about $955 million on them over fiscal 2021–2025, including $470 million in fiscal 2025. Even so, its share count rose about 7% between October 2021 and August 2026.
The stock has fallen hard in past downturns. It dropped 86.7% from October 2007 to November 2008 and did not regain that peak until October 28, 2025. In the 2020 COVID crash it lost 74.4% and took about 11 months to recover. In 2022 it dipped 30.9% but recovered in about a month, and it rose 67.5% while the broad market fell. Single stocks carry more risk than diversified funds, because one company's setbacks are not cushioned by others.
Questions investors ask
How does ATI make money?
ATI, formerly Allegheny Technologies, makes money by producing specialty metals and the parts made from them. Its nickel, titanium, zirconium, hafnium and niobium alloys go into jet engine disks and blades, airframe parts and landing gear, naval nuclear and armor products, nuclear reactor components, MRI wire and medical implants. Aerospace and defense made up about 68% of fiscal 2025 revenue of $4.6 billion. Many sales are under long-term agreements with aircraft and engine makers.
Does ATI pay a dividend?
No. ATI paid no dividends in fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. It has returned cash through share buybacks instead, spending about $955 million over those five years, including $470 million in fiscal 2025. Buybacks can raise each share's slice of profits, though ATI's share count still rose about 7% between October 2021 and August 2026. Unlike dividends, buybacks send no cash to shareholders who keep their shares.
Who are ATI's biggest customers?
Aircraft and jet engine makers and their suppliers. ATI's 10-K names Boeing, Airbus, Embraer, GE Aerospace, Rolls-Royce, Pratt & Whitney and Safran Aircraft Engines as a substantial part of the customer base for its High Performance Materials & Components segment, which made 53% of fiscal 2025 revenue. ATI has long-term agreements with most major aerospace manufacturers. The trade-off is concentration. The company warns that losing one or more aerospace or defense customers could materially hurt its results.
How has ATI stock performed?
Strongly in recent years, with deep swings along the way. As of October 28, 2026, the share price had gained 67.8% over one year. It averaged 58.1% a year over five years and 28.4% a year over ten. It rose 108.5% in 2025 but fell 66.8% in 2015. Its worst drop in about 21 years of price history was 94.7%. Its one-year beta, a gauge of how strongly a stock reacts to market moves, was 1.65. That means it has swung more sharply than the overall market.
What is ATI's P/E ratio?
About 58 as of October 28, 2026, based on fiscal 2025 diluted earnings of $2.85 per share. The price-to-earnings (P/E) ratio divides the share price by a year of profit per share. A high P/E means investors are paying for growth, which ATI expects to come mainly from commercial aerospace. In the quarter ended June 28, 2026, net income rose 50% and revenue 10.6% from a year earlier. If growth disappoints, a high P/E leaves room for the price to fall.