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Arphra AIPlain-English read on ATI Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.8B | $3.84B | $4.17B | $4.36B | $4.59B | $4.98B | $5.45B | $5.83B | $6.21B |
| Cost of revenue | $2.47B | $3.12B | $3.35B | $3.45B | $3.59B | $3.89B | $4.3B | $4.61B | $4.81B |
| Gross profit | $334M | $714.2M | $826.3M | $913.5M | $999.8M | $1.07B | $1.16B | $1.25B | $1.32B |
| Gross margin | +11.93% | +18.62% | +19.80% | +20.94% | +21.79% | +21.37% | +21.25% | +21.40% | +21.30% |
| Operating | |||||||||
| Research & development | $20M | $17.7M | $22.1M | $22.1M | $21.3M | $25.12M | $27.39M | $28.74M | $30.39M |
| Selling, general & administrative | $33.1M | $159.1M | $407.8M | $368.6M | $343.8M | $416.87M | $458.55M | $503.47M | $531.18M |
| Total operating expenses | $216.4M | $398.1M | $359.9M | $304.6M | $365.1M | $382.27M | $422.71M | $465.97M | $488.42M |
| Operating income | $117.6M | $316.1M | $466.4M | $608.9M | $634.7M | $666.15M | $727.82M | $754M | $783.7M |
| Operating margin | +4.20% | +8.24% | +11.17% | +13.96% | +13.84% | +13.37% | +13.35% | +12.94% | +12.63% |
| EBITDA | $492.5M | $678.5M | $539.1M | $670.7M | $812.1M | $751.11M | $838.82M | $888.46M | $957.1M |
| EBIT | $367.1M | $555.1M | $418.5M | $544.9M | $634.7M | $609.42M | $645.69M | $709.61M | $768.87M |
| Below the line | |||||||||
| Interest expense | $96.9M | $92.1M | $105.8M | $124.2M | $110.7M | $127.25M | $140.74M | $151.45M | $164.75M |
| Interest income | $0 | $4.7M | $13M | $16M | $12.1M | $15.7M | $17.48M | $18.11M | $19.51M |
| Other income / expense | $115.8M | $38.5M | -$171.2M | -$122.8M | -$112.4M | — | — | — | — |
| Pre-tax income | $233.4M | $354.6M | $295.2M | $486.1M | $522.3M | $502.18M | $552.91M | $569.62M | $594.4M |
| Income tax expense | $26.8M | $15.5M | -$128.2M | $103.4M | $103.7M | $102.97M | $111.91M | $116.58M | $128.26M |
| Earnings | |||||||||
| Net income | $184.6M | $323.5M | $410.8M | $367.8M | $404.3M | $461.98M | $504.39M | $537.01M | $571.6M |
| Net income · continuing ops | $206.6M | $339.1M | $423.4M | $382.7M | $418.6M | $470.63M | $499.91M | $554.55M | $578.33M |
| Net margin | +6.59% | +8.43% | +9.84% | +8.43% | +8.81% | +9.27% | +9.25% | +9.22% | +9.21% |
| EPS · basic | $1.45 | $2.54 | $3.21 | $2.82 | $2.92 | $4.76 | $5.79 | $6.91 | $7.63 |
| EPS · diluted | $1.31 | $2.23 | $2.81 | $2.55 | $2.85 | $4.40 | $5.36 | $6.26 | $7.10 |
| EPS · low estimate | — | — | — | — | — | $4.14 | $5.08 | $5.74 | $6.96 |
| EPS · high estimate | — | — | — | — | — | $4.63 | $5.68 | $6.49 | $7.24 |
| Shares · basic | 127.1M | 127.5M | 128.1M | 130.4M | 138.6M | 138.99M | 139.6M | 139.21M | 138.17M |
| Shares · diluted | 127.1M | 151.2M | 150M | 146.8M | 141.8M | 141.25M | 141.88M | 140.44M | 142.31M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 4 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 4 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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