ATI Inc. Financial Ratios — ATI Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	1.4	3.16	9.3	6.58	6.24	-0.11	-17.32	-39.5	-7.4	16.9	16.15	-173.65	180.45	- -	- -
Return on Assets (%)	0.74	1.6	4.07	2.58	2.34	-0.04	-6.14	-11.74	-1.77	4.16	4.53	-32.53	4.44	7.41	8.71
Return on Capital (%)	1.17	3.01	7.23	4.95	- -	- -	- -	- -	- -	10.32	- -	- -	12.83	22.84	- -
Return on Invested Capital (%)	1.87	3.64	7.45	5.11	- -	- -	- -	- -	- -	10.02	- -	- -	3.86	14.31	- -
Gross Margin (%)	13.37	12.11	15.31	13.4	6.25	8.96	1.62	7.11	14.1	15.58	15.48	9.82	11.9	18.62	19.23
EBITDA Margin (%)	7.38	8.08	12.22	10.67	4.11	6.7	0.31	4.86	11.63	12.81	12.66	8.03	8.94	14.59	14.87
Operating Margin (%)	3.03	4.58	8.59	6.51	-0.59	2.51	-4.8	-0.57	7.06	8.95	8.99	3.22	3.8	10.86	11.37
Incremental Operating Margin (%)	34.44	9.34	29.85	75.45	- -	72.21	- -	- -	68.37	21.69	11.46	24.09	-5.6	29.96	17.12
Pretax Margin (%)	2.12	3.11	6.69	4.98	-3.83	0.04	-12.85	-23.42	-2.45	6.12	5.74	-49.69	8.34	9.24	7.07
Profit Margin (%)	1.04	1.75	4.45	3.39	3.81	-0.06	-10.17	-20.45	-2.61	5.5	6.12	-52.73	6.59	8.43	9.84
Net Income to Common Margin (%)	1.04	1.75	4.45	3.39	3.81	-0.06	-10.17	-20.45	-2.61	5.5	6.12	-52.73	6.59	8.43	9.84
Effective Tax Rate (%)	41.45	37.39	34.28	31.17	- -	- -	- -	- -	- -	4.44	- -	- -	11.48	4.37	- -
Dvd Payout Ratio (%)	161.17	81.66	33.88	45.19	-91.99	344.2	-18.81	-4.21	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-0.85	0.58	6.15	3.61	11.97	0.26	-20.58	-41.16	-7.4	16.9	16.15	-173.65	180.45	- -	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,071	1,063	1,509	1,480	1,947	1,516	1,496	1,877	1,541	1,542	1,399	1,568	1,843	1,748	2,180
ST Debt	34	141	27	17	420	18	4	105	10	7	12	18	131	42	32
LT Debt	1,038	922	1,482	1,463	1,527	1,498	1,492	1,772	1,531	1,536	1,387	1,550	1,712	1,706	2,148
Total Debt/EBITDA	4.75	3.25	2.57	2.97	11.72	5.36	131.2	12.32	3.76	2.97	2.68	6.55	7.37	3.12	3.51
Net Debt/EBITDA	1.61	1.93	1.92	2.36	5.54	4.41	118.06	10.82	3.41	2.24	1.74	3.85	4.62	2.08	2.31
Total Debt/EBIT	11.55	5.74	3.65	4.87	-81.82	14.29	-8.38	-104.28	6.19	4.26	3.77	16.31	17.34	4.19	4.59
Net Debt/EBIT	3.91	3.4	2.73	3.87	-38.68	11.75	-7.54	-91.52	5.62	3.2	2.45	9.59	10.87	2.79	3.03
EBITDA to Interest Expense	11.67	5.21	6.37	6.95	2.55	2.6	0.1	1.23	3.06	5.08	4.98	2.49	2.56	6.08	5.87
EBITDA-CapEx/Interest Expense	-9.85	1.72	3.36	1.62	-6.85	0.53	-1.21	-0.4	2.15	3.71	3.37	1.07	1	4.65	3.97
EBIT to Interest Expense	4.8	2.96	4.48	4.24	-0.37	0.98	-1.62	-0.15	1.86	3.55	3.53	1	1.09	4.52	4.48
Interest Expense	19	63	92	72	65	109	110	124	134	102	105	96	98	92	106
Common Equity/Total Assets	51.56	49.74	39.23	39.03	36.26	36.67	34.02	24.91	23.08	26.08	30.03	2.95	1.99	-10.52	-1.14
Long-Term Debt/Equity (%)	49.66	43.29	57.63	56.55	51	55.3	68.29	122.64	82.98	77.1	63.26	241.66	205.55	147.45	145.07
Long-Term Debt/Capital (%)	30.61	27.22	37.25	36.34	33.58	37.11	41.97	54.44	53.84	49.81	43.44	85.76	82.47	122.62	96.3
Long-Term Debt/Total Assets (%)	23.87	20.52	24.51	23.42	22.14	22.8	25.94	34.27	29.52	27.91	24.62	38.41	39.94	38.38	43.08
Total Debt/Equity (%)	51.26	49.93	58.69	57.21	65.02	55.96	68.47	129.91	83.53	77.43	63.78	244.43	221.32	151.05	147.22
Total Debt/Capital (%)	31.6	31.39	37.94	36.76	42.81	37.55	42.08	57.67	54.2	50.02	43.8	86.75	88.8	125.62	97.73
Total Debt/Total Assets (%)	24.65	23.66	24.96	23.69	28.23	23.07	26	36.31	29.71	28.03	24.83	38.86	43.01	39.32	43.72
Net Debt to Equity	17.34	29.63	43.89	45.44	30.74	46.01	61.61	114.02	75.85	58.25	41.41	143.73	138.73	100.59	96.97
Net Debt/Capital (%)	13.52	21.36	31.37	31.59	26.13	33.09	39.53	54.46	51.8	42.96	33.59	79.38	83.25	144.15	96.6
EBITDA	225	327	588	498	166	283	11	152	410	518	522	239	250	560	621
EBITDA-CapEx	-190	108	310	116	-447	57	-133	-50	287	379	354	103	98	429	420
Operating Income (Loss)	93	185	414	304	-24	106	-178	-18	249	362	371	96	106	417	474

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.13	0.55	0.44	0.35	0.85	0.3	0.22	0.32	0.2	0.46	0.58	0.99	0.8	0.61	0.76
Current Ratio	3.2	2.67	2.98	2.88	2.44	2.76	2.72	2.49	2.69	2.68	2.71	3.16	2.69	2.57	2.8
Quick Ratio	1.76	1.24	1.26	1.05	1.28	0.97	0.8	0.96	0.96	1.15	1.28	1.58	1.41	1.27	1.46
CFO/Avg Current Liab	0.33	0.04	0.36	0.49	0.35	0.05	0.17	-0.06	0.03	0.51	0.27	0.22	0.02	0.25	0.09
Common Equity/Total Assets	51.56	49.74	39.23	39.03	36.26	36.67	34.02	24.91	23.08	26.08	30.03	2.95	1.99	-10.52	-1.14
Long-Term Debt/Equity (%)	49.66	43.29	57.63	56.55	51	55.3	68.29	122.64	82.98	77.1	63.26	241.66	205.55	147.45	145.07
Long-Term Debt/Capital (%)	30.61	27.22	37.25	36.34	33.58	37.11	41.97	54.44	53.84	49.81	43.44	85.76	82.47	122.62	96.3
Long-Term Debt/Total Assets (%)	23.87	20.52	24.51	23.42	22.14	22.8	25.94	34.27	29.52	27.91	24.62	38.41	39.94	38.38	43.08
Total Debt/Equity (%)	51.26	49.93	58.69	57.21	65.02	55.96	68.47	129.91	83.53	77.43	63.78	244.43	221.32	151.05	147.22
Total Debt/Capital (%)	31.6	31.39	37.94	36.76	42.81	37.55	42.08	57.67	54.2	50.02	43.8	86.75	88.8	125.62	97.73
Total Debt/Total Assets (%)	24.65	23.66	24.96	23.69	28.23	23.07	26	36.31	29.71	28.03	24.83	38.86	43.01	39.32	43.72
CFO/Total Liabilities	9.68	1.15	8.54	11.68	9.44	1.45	3.68	-1.17	0.67	11.19	6.69	4.92	0.47	6.84	2.45
CFO/CapEx	0.53	0.12	1.07	1.12	0.6	0.25	0.91	-0.22	0.18	2.82	1.37	1.22	0.11	1.72	0.43
Altman's Z-Score	3.06	3.49	2.93	2.25	1.93	2.25	1.63	1.63	2.08	2.26	2.3	1.76	1.6	2.2	2.63

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	6.62	8.64	7.67	7.06	7.08	7.46	7.41	7.35	7.07	7.54	7.62	6.63	6.86	7.31	6.93
Days Sales Outstanding	55.11	42.26	47.58	51.71	51.52	48.91	49.26	49.63	51.64	48.4	47.89	55.07	53.18	49.92	52.66
Inventory Turnover	3.09	3.85	3.38	2.77	2.65	2.75	2.67	2.52	2.74	2.86	2.94	2.5	2.41	2.78	2.76
Days Inventory Outstanding	118.13	94.91	107.87	131.9	137.62	132.66	136.87	144.69	133.38	127.53	123.94	146.07	151.19	131.07	132.27
Accounts Payable Turnover	8.8	10.69	10.03	8.47	7.36	7.77	7.38	7.93	8.87	7.51	6.72	6.24	7.55	7.04	6.35
Accounts Payable Turnover Days	41.46	34.14	36.41	43.11	49.58	46.98	49.48	46.02	41.17	48.59	54.29	58.53	48.32	51.82	57.48
Cash Conversion Cycle	131.79	103.03	119.03	140.5	139.56	134.59	136.65	148.3	143.85	127.33	117.54	142.6	156.04	129.17	127.44
Inventory to Cash Days	-63.02	-52.64	-60.29	-80.19	-86.1	-83.76	-87.62	-95.07	-81.74	-79.13	-76.04	-90.99	-98.01	-81.15	-79.61
Inventories	826	1,024	1,384	1,537	1,322	1,473	1,272	1,037	1,176	1,211	1,155	997	1,046	1,196	1,248
Raw Materials	158	169	206	352	278	249	216	150	163	192	165	208	160	214	235
Work In Process	674	893	1,150	1,127	985	1,184	990	838	956	914	900	691	830	941	974
Finished Goods	96	126	200	209	162	172	184	162	165	191	161	182	122	112	114
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	3,798	4,764	4,397	2,952	3,571	3,564	1,188	1,709	2,658	2,726	2,599	2,121	2,025	3,807	5,825
- Cash & Cash Equivalents	709	432	381	305	1,027	270	150	230	142	382	491	646	688	584	744
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	77	89	96	108	100	111	102	90	105	106	103	120	147	111	108
+ Total Debt	1,071	1,063	1,509	1,480	1,947	1,516	1,496	1,877	1,541	1,542	1,399	1,568	1,843	1,748	2,180
Enterprise Value	4,238	5,484	5,622	4,235	4,592	4,922	2,635	3,446	4,162	3,992	3,610	3,164	3,327	5,082	7,368
Total Capital	3,389	3,387	3,978	4,026	4,549	4,037	3,554	3,255	2,843	3,083	3,194	1,807	2,075	1,392	2,230
Total Debt/Capital (%)	31.6	31.39	37.94	36.76	42.81	37.55	42.08	57.67	54.2	50.02	43.8	86.75	88.8	125.62	97.73
Total Debt / EV	0.25	0.19	0.27	0.35	0.42	0.31	0.57	0.54	0.37	0.39	0.39	0.5	0.55	0.34	0.3
EV/Sales	1.39	1.35	1.17	0.91	1.14	1.17	0.71	1.1	1.18	0.99	0.88	1.06	1.19	1.32	1.77
EV/EBITDA	18.81	16.77	9.56	8.51	27.65	17.4	231.15	22.63	10.16	7.7	6.92	13.21	13.3	9.08	11.87
EV/EBIT	45.72	29.58	13.59	13.94	- -	46.39	- -	- -	16.71	11.02	9.74	32.92	31.3	12.2	15.53
EV/Cash Flow to Firm	18.44	82.64	15.73	8.88	11.29	6.19	12.21	55.37	28.57	8.14	10.38	11.8	32.46	16.24	31
EV/Free Cash Flow to Firm	6.57	19.21	8.85	4.93	4.5	4.82	7.31	13.03	15.51	6.34	7	7.82	13.04	11.45	16.81
Diluted Market Cap	3,833	4,823	4,887	3,244	3,571	3,564	1,188	1,709	2,658	3,176	3,027	2,121	2,025	4,515	6,820
Diluted Enterprise Value	4,273	5,542	6,112	4,527	4,592	4,922	2,635	3,446	4,162	4,442	4,038	3,164	3,327	5,790	8,364
EV per Share	43.6	56.24	54.85	39.92	43	45.96	24.56	32.12	37.8	31.88	28.7	25.01	26.18	39.86	57.52
TTM Sales	3,055	4,048	4,812	4,667	4,044	4,223	3,720	3,135	3,525	4,047	4,122	2,982	2,800	3,836	4,174
TTM EBITDA	225	327	588	498	166	283	11	152	410	518	522	239	250	560	621
TTM Operating Income	93	185	414	304	-24	106	-178	-18	249	362	371	96	106	417	474
TTM Cash Flow to Firm	230	66	357	477	407	795	216	62	146	490	348	268	102	313	238
TTM Free Cash Flow to Firm	645	285	636	859	1,020	1,021	360	264	268	630	516	405	255	444	438

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings

ATI Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples