ATI (ATI) Beneish M-Score: -3.08 (As of Jun. 24, 2026)


ATI ATI Inc ATI
70 GF Score
Price $197.59
GF Value $69.32
Valuation Significantly Overvalued
! 5 Warning Signs
View Full Analysis

What is ATI Beneish M-Score?

ATI ATI -1.01% 70 Beneish M-Score is -3.08 as of Jun. 24, 2026. GuruFocus rates ATI with a GF Score™ of 70/100 and a GF Value™ of $69.32 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,926 Industrial Products companies, ATI ranks better than 89.78% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ATI's Beneish M-Score or its related term are showing as below:

ATI' s Beneish M-Score Range Over the Past 10 Years
Min: -6.76   Med: -2.49   Max: -1.97
Current: -3.08

During the past 13 years, the highest Beneish M-Score of ATI was -1.97. The lowest was -6.76. And the median was -2.49.

ATI Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ATI's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

ATI Beneish M-Score Chart

ATI Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.40 -2.39 -1.97 -2.48 -2.72

ATI Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.45 -2.54 -2.81 -2.72 -3.08

ATI vs CRS, MLI, CMC: Beneish M-Score Comparison

For the Metal Fabrication subindustry, ATI's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

ATI Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, ATI's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ATI's Beneish M-Score falls into.


ATI
70GF Score
ATI Inc ATI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ATI Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of ATI for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7742+0.528 * 0.9323+0.404 * 0.9177+0.892 * 1.0293+0.115 * 0.9908
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0472+4.679 * -0.073422-0.327 * 0.9882
=-3.08

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $728 Mil.
Revenue was 1151.5 + 1177.1 + 1125.5 + 1140.4 = $4,595 Mil.
Gross Profit was 262.9 + 273.4 + 255.3 + 242.5 = $1,034 Mil.
Total Current Assets was $2,805 Mil.
Total Assets was $5,234 Mil.
Property, Plant and Equipment(Net PPE) was $1,952 Mil.
Depreciation, Depletion and Amortization(DDA) was $172 Mil.
Selling, General, & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $1,050 Mil.
Long-Term Debt & Capital Lease Obligation was $1,795 Mil.
Net Income was 118.2 + 96.6 + 110 + 100.7 = $426 Mil.
Non Operating Income was -10.5 + -23.7 + 10 + -1 = $-25 Mil.
Cash Flow from Operations was 128.2 + 315.8 + 229.5 + 161.5 = $835 Mil.
 Total Receivables was $913 Mil.
Revenue was 1144.4 + 1172.7 + 1051.2 + 1095.3 = $4,464 Mil.
Gross Profit was 235.8 + 248.6 + 224.8 + 227.4 = $937 Mil.
Total Current Assets was $2,880 Mil.
Total Assets was $5,184 Mil.
Property, Plant and Equipment(Net PPE) was $1,788 Mil.
Depreciation, Depletion and Amortization(DDA) was $156 Mil.
Selling, General, & Admin. Expense(SGA) was $345 Mil.
Total Current Liabilities was $1,137 Mil.
Long-Term Debt & Capital Lease Obligation was $1,713 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(727.5 / 4594.5) / (912.9 / 4463.6)
=0.158341 / 0.204521
=0.7742

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(936.6 / 4463.6) / (1034.1 / 4594.5)
=0.209831 / 0.225073
=0.9323

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (2804.6 + 1951.5) / 5234.1) / (1 - (2880 + 1788.1) / 5184)
=0.091324 / 0.099518
=0.9177

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=4594.5 / 4463.6
=1.0293

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(156.3 / (156.3 + 1788.1)) / (172.3 / (172.3 + 1951.5))
=0.080385 / 0.081128
=0.9908

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(372.2 / 4594.5) / (345.3 / 4463.6)
=0.08101 / 0.077359
=1.0472

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1794.7 + 1049.5) / 5234.1) / ((1713.3 + 1137.2) / 5184)
=0.543398 / 0.549865
=0.9882

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(425.5 - -25.2 - 835) / 5234.1
=-0.073422

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

ATI has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.08 mean?
ATI (ATI) has a Beneish M-Score of -3.08 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ATI and its competitors. According to the industry distribution chart, ATI ranks #299 out of 2926 companies in the Industrial Products industry, placing it in the top 10.2%.
Is ATI's Beneish M-Score too high?
ATI's current Beneish M-Score is -3.08. Based on the distribution chart, ATI ranks #299 out of 2926 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, ATI has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ATI's Beneish M-Score compare to CRS and MLI?
According to the Industrial Products industry distribution chart, ATI ranks #299 out of 2926 companies for Beneish M-Score. This places ATI in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ATI and its competitors. ATI's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ATI stock overvalued right now?
Based on GuruFocus' analysis, ATI (ATI) is currently considered Significantly Overvalued. The stock's GF Value™ is $69.32, compared to a current price of $197.59 — trading 185% above its estimated fair value. The current Beneish M-Score is -3.08. ATI's overall GF Score™ is 70/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For ATI (ATI), the current Beneish M-Score is -3.08 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is ATI (ATI) Overvalued in 2026?

Based on GuruFocus' analysis, ATI stock appears to be overvalued. The current stock price of $197.59 is trading 185% above its estimated GF Value™ of $69.32. GuruFocus considers ATI to be Significantly Overvalued.

Key valuation signals for ATI:

  • Beneish M-Score: -3.08
  • GF Value™: $69.32 vs. price of $197.59 (185% above fair value)
  • GF Score™: 70/100 with 5 warning signs

No single metric tells the full story. See the ATI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ATI Business Description

Other Exchanges ATI:MexicoATD:Germany
Address 2021 McKinney Avenue, Dallas, TX, USA, 75201
ATI Inc supplies specialty metals to various end markets, including aerospace and defense, oil and gas, automotive, and electrical energy, among many others. The company's operating segment includes High-Performance Materials and Components and Advanced Alloys and Solutions. The majority of revenue is from the High-Performance Materials segment. The High-Performance Materials segment is focused on a wide range of high-performance specialty materials, parts, and components for several the majority of end markets, including the aerospace & defense, medical, and energy markets. Geographically, it operates in the United States, China, the United Kingdom, Germany, France, Canada, and Others, the majority is from the United States.
70GF Score

Get the complete analysis for ATI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$197.59
Price
$69.32
GF Value