Does ATI INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ATI INC (ATI) 28.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 50, balance-sheet safety 42, capital discipline 24.

Is ATI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $48.70 per share versus a recent price of $186.17 — 282% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ATI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 28.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ATI INC

ATI · Industrials · $25.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power1

Median gross margin 15.5% over 10y, variable.

Returns on capital50

Median ROIC 11.8%, above the 9% hurdle in 60% of years.

Balance-sheet safety42

Net debt/EBITDA 1.6x, interest coverage 6x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

282% above value

Owner earnings (normalized): $367.8M
Est. intrinsic value / share: $48.70
Recent price: $186.17
Discount to value: 282% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

ATI INC booked $4.6B of revenue in FY2025 in the Industrials sector and kept 22.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, 8.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $5.5B (FY2007) to $4.6B (FY2025) — about −1.0% a year compounded over 18 years.

It earned 16.4% on invested capital in FY2025, with a median of 5.7% across 19 filed years. The Returns on Capital filter above scores it 50/100.

The balance sheet carried $1.7B of total debt in FY2025 against $404.3M of owner earnings — roughly 4.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 42/100.

The share count rose 39.7% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Returns on Capital is the strongest of the four filters (50/100) and Pricing Power the weakest (1/100), which is how ATI lands at 29/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$4.6B FY2025

Gross marginRevenue kept after cost of goods22.0% FY2025

Return on invested capitalOperating profit on the capital employed16.4% FY2025

Owner earningsCash an owner could take out$404.3M FY2025

Gaps in a line mean that item isn’t in ATI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ATI has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#216 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#214RNGE RANGE IMPACT, INC.28.8 out of 100, No moatNo moat
#215NX QUANEX BUILDING PRODUCTS CORPORATION28.7 out of 100, No moatNo moat
#217RYZ Ryerson Holding Corp28.5 out of 100, No moatNo moat
#218TGEN TECOGEN INC.28.3 out of 100, No moatNo moat

Compare ATI with its nearest peers →All Industrials companies on the Index →

Common questions about ATI

Does ATI INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ATI INC (ATI) 28.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 50, balance-sheet safety 42, capital discipline 24.
Is ATI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $48.70 per share versus a recent price of $186.17 — 282% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ATI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 28.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows ATI’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/ATI"
  width="340" height="150" style="border:0"
  title="ATI Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ATI. See the disclaimer.