ATI vs Leonardo DRS
ATI reported revenue of $4.6 billion in fiscal 2025, 1.3 times Leonardo DRS's $3.6 billion in fiscal 2025. ATI's revenue grew 5.2% in its latest year, and Leonardo DRS's grew 12.8%. ATI had an operating margin of 14.0%, against 9.5% at Leonardo DRS. Free cash flow was $334 million at ATI and $227 million at Leonardo DRS. Their fiscal years end in different months (December 28 and December 31), so the periods don't line up exactly.
Side by side
| ATI | Leonardo DRS | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 28, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.6B | $3.6B |
| Revenue growth | 5.2% | 12.8% |
| Revenue growth a year, last 5 years | 9.0% | 5.6% |
| Gross margin | 21.9% | 23.8% |
| Operating margin | 14.0% | 9.5% |
| Net margin | 8.8% | 7.6% |
| Free cash flow | $334M | $227M |
| Free cash flow margin | 7.3% | 6.2% |
| Return on capital | 16.7% | 11.6% |
| Net debt to EBITDA | 1.6x | −0.4x |
| Dividends and buybacks | $470M | $35M |
| Change in diluted share count | −3.3% | 0.4% |
| Last close | $164.54 | $35.84 |
| P/E at the last close | 48.3× | 30.1× |
| Insider trades, last 12 months | sold $82.6 million | bought $1.1 million, sold $9.2 million |
| Piotroski F-score | 9 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
ATILeonardo DRS
Operating margin
Percent of revenue
ATILeonardo DRS
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ATILeonardo DRS
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the ATI and Leonardo DRS pages.