Ati Inc (NYSE: ATI)

Ati Inc produces specialty materials, highly differentiated by its materials science expertise and advanced process technologies. The company's mission is to solve global challenges through materials science, with a strong focus on the aerospace and defense sectors, which represent approximately 68% of its total sales. Additionally, Ati Inc serves the specialty energy market and other industries such as conventional energy, medical, electronics, and industrial markets.

Ati Inc generates revenue through the production and sale of a wide range of high-performance materials, components, and advanced metallic powder alloys. These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and various other specialty materials. The company's primary customer base includes manufacturers in the aerospace, defense, energy, medical, electronics, and industrial sectors.

• High Performance Materials & Components (HPMC): This segment produces a wide range of high-performance materials, components, and advanced metallic powder alloys. These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and other specialty materials. The HPMC segment's capabilities range from cast/wrought and powder alloy development to the production of highly engineered finished components and 3D-printed aerospace products. The segment's primary focus is on maximizing jet engine materials and components growth, with approximately 92% of its revenue derived from the aerospace and defense markets, including nearly 68% from products for commercial jet engines. The segment also experienced strong growth in defense products, with fiscal year 2025 sales growth of 24%. Sales of defense products comprise almost 11% of HPMC's total sales.

• Advanced Alloys & Solutions (AA&S): This segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys, including zirconium, hafnium, and niobium, in a variety of forms such as plate, sheet, and strip products. AA&S focuses on high-value materials that are utilized in technically challenging and extreme environments, which require materials that can withstand extreme heat, radiation, and corrosion. The segment continued its focus on growing sales to the aerospace and defense end markets, with fiscal year 2025 sales to those markets increasing 15%. Aerospace and defense now comprise approximately 41% of AA&S total revenue. AA&S also serves customers across several other markets, notably specialty energy and conventional energy, as well as electronics and certain industrial markets.

Ati Inc holds a significant position within the specialty materials industry, particularly in the aerospace and defense sectors. Key competitors include Berkshire Hathaway Inc., Howmet Aerospace Inc., Carpenter Technology Corporation, and Aubert & Duval. The company's competitive advantages lie in its materials science expertise, advanced process technologies, and long-term supply agreements with major aerospace market original equipment manufacturers (OEMs). Ati Inc's research and development capabilities also give it a competitive edge in developing new products and manufacturing processes that contribute to the long-term profitable growth potential of its businesses.

The company's customer base is diverse and includes manufacturers in the aerospace, defense, energy, medical, electronics, and industrial sectors. Specific customers mentioned include The Boeing Company, Airbus S.A.S., Empresa Brasileira de Aeronáutica S.A., GE Aerospace, Rolls-Royce plc, Pratt & Whitney, and Safran Aircraft Engines. These companies and their suppliers form a substantial part of Ati Inc's customer base, particularly in the aerospace and defense markets.