ATI Inc

ATI Inc. is a U.S.-based specialty materials company that makes highly engineered metals, components, and finished parts for demanding industrial applications. Its business is built around materials science, advanced processing, and long-term customer relationships rather than commodity metal sales. The company serves aerospace & defense as its largest end market, while also supplying specialty energy, medical, electronics, and other industrial customers. ATI operates through two segments: High Performance Materials & Components and Advanced Alloys & Solutions, with the former focused on complex parts and the latter on differentiated alloy products and forms.

17,6 %

22,0 %

8,8 %

+5,2 %

2.66

1.27

— ATI Inc
%
High Performance Materials & Components53% Specialty materials, parts, and components sold mainly into aerospace & defense, specialty energy, and medical markets.
Advanced Alloys & Solutions47% Differentiated alloy products, strip, and related materials used across aerospace, energy, electronics, and industrial applications.

ATI sells primarily to large OEMs, tiered suppliers, and industrial customers that need materials with tight...

  • Aerospace & Defense OEMs and suppliersprimary

    Buy jet engine, airframe, and defense materials and components because ATI products meet stringent qualification and performance requirements.

  • Specialty energy customerssecondary

    Buy high-performance alloys and components for harsh operating environments where heat, pressure, and corrosion resistance are critical.

  • Medical device manufacturerssecondary

    Buy niobium superconducting wire, nitinol, and specialty alloys for MRI systems, stents, prosthetics, and other medical applications.

  • Electronics manufacturerssecondary

    Buy precision rolled strip and nickel alloys for smartphones, computers, and communications applications requiring specific physical properties.

  • Industrial end marketsemerging

    Buy specialty materials for automotive, construction, and mining uses where durability and performance matter more than commodity pricing.

ATI is headquartered in Dallas, Texas and operates as a global manufacturer with a meaningful international sales base...

  • •Headquartered in Dallas, Texas, United States
  • •International sales represented roughly 40-44% of sales in 2025 interim periods
  • •Foreign subsidiaries held a meaningful portion of cash
  • •Global aerospace supply chains drive cross-border demand
  • •International exposure increases FX, trade, and geopolitical risk

ATI’s strategy centers on using materials science and advanced process technology to win complex, qualification-heavy...

01
Deepen aerospace & defense penetrationshort-term

This is ATI’s largest and most profitable end market, and long-term OEM relationships create recurring demand and switching barriers.

02
Advance differentiated materials and componentsmedium-term

Higher technical content supports pricing power and makes ATI less exposed to commodity metal competition.

03
Improve operational efficiency and working capitalshort-term

The business is capital- and inventory-intensive, so throughput, inventory turns, and receivables management directly affect cash generation.

04
Refocus the portfolio on core marketsmedium-term

Divesting non-core assets can simplify the business and concentrate resources on higher-return segments.

ATI’s results are highly exposed to the cyclicality of aerospace and other industrial end markets, so demand can swing...

high

Cyclical demand in aerospace and industrial end markets

ATI’s largest end market depends on aircraft production, defense budgets, and macro conditions, which can change quickly.

Scope
Aerospace & defense and other core end markets
Materiality
high
high

Customer concentration and contract renewal risk

A small number of large OEMs and suppliers account for a substantial share of demand, and contracts may be renewed or repriced.

Scope
Major aerospace OEMs and suppliers
Materiality
high
high

Manufacturing process disruption

ATI’s products require exacting production standards, so equipment failures, supply interruptions, or labor issues can halt shipments.

Scope
Specialty materials and components manufacturing
Materiality
high
high

Cybersecurity breach

A breach could disrupt production, compromise proprietary data, and damage customer trust.

Scope
Global IT systems and manufacturing operations
Materiality
medium
medium

Raw material and pricing pressure

Inflation or supply shortages can raise input costs faster than ATI can reprice contracts.

Scope
Metal inputs and supply chain
Materiality
medium
medium

Foreign exchange and geopolitical exposure

A meaningful share of sales and cash is outside the U.S., increasing sensitivity to FX and cross-border disruptions.

Scope
International operations and sales
Materiality
medium
Revenue recognition and shipment timing
Quarterly revenue and margin volatility
Inventory valuation and managed working capital
Gross margin, cash flow, and working capital
Derivatives and foreign exchange
Other income/expense and earnings volatility
Pension and retirement obligations
Pension expense and adjusted earnings
Asset impairment and restructuring
Operating income and comparability

TEXAS INSTRUMENTS INC

TXN · Semiconductors & Related Devices

ITT INC.

ITT · Pumps & Pumping Equipment

UNITED STATES ANTIMONY CORP

UAMY · Primary Smelting & Refining of Nonferrous Metals

YETI Holdings, Inc.

YETI · Sporting & Athletic Goods, NEC

AT&T INC.

T · Telephone Communications (No Radiotelephone)

ABBOTT LABORATORIES

ABT · Pharmaceutical Preparations

: 11/08/2026