ATS Corporation ATS

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsCanada

Last close 26.45 CAD on Nov 2, 2026, −30.0% year to date

Quant rating

Quant rating D Rank 44 of 53 in Industrials

Growth D 40 of 53
Valuation B 16 of 53
Quality D 39 of 53
Revisions C 29 of 53
Momentum D 51 of 53

Wall Street consensus Buy (2.14)Average target 38.29 CAD +44.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 3.7B
52-week range: 24.40 – 49.48
3-year range: 24.40 – 59.55
Dividend yield: –
Beta (5 years): 1.17
Shares outstanding: 95.9M
Next earnings: Nov 4, 2026

About the company

ATS Corporation is an automation solutions provider. The Company uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added solutions including pre-automation and after-sales services, to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, transportation, food & beverage, consumer products, and energy. Life sciences includes automation solutions for high performance medical devices and hand-held and on-body monitoring devices, and others. Food and beverage includes automation solutions for food processing and packaging, optical sorting, and others. Consumer products includes automation solutions for the production and packaging of personal care items, cosmetics, and others. Transportation includes automation solutions that support the assembly and testing of automotive components and systems, primarily for electric vehicles.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,973	2,533	3,033	2,577	2,183	–
Revenue growth	17.4%	−16.5%	17.7%	18.1%	52.6%	15.8%
EPS (basic, normalized)	1.69	1.47	2.61	2.37	2.17	–
EPS growth	15.0%	−43.7%	10.1%	9.2%	–	–
Gross margin	28.9%	25.9%	28.4%	28.3%	28.1%	27.9%
Net margin	2.4%	−1.1%	6.4%	4.9%	5.6%	3.6%
ROE	4.1%	−1.7%	13.8%	12.1%	13.0%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	199
Current ratio	1.63x
Long-term debt (mil)	1,353
Net debt (mil)	1,194
Total equity (mil)	1,801
Net debt / equity	0.66x
Net debt / EBITDA	2.89x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,973	+17.4%	1.3x	413	+12.5%	9.0x	1.69	+15.0%	15.7x
2027	2,853	−4.0%	1.3x	378	−8.5%	9.9x	1.50	−11.5%	17.7x
2028	2,974	+4.2%	1.3x	428	+13.1%	8.7x	2.02	+34.7%	13.1x
2029	3,182	+7.0%	1.2x	465	+8.7%	8.0x	2.33	+15.6%	11.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,853	−0.1%	−6.1%	−7.9%	1.50	+1.2%	−19.9%	−28.1%
2028	2,974	−0.6%	−6.7%	−9.7%	2.02	+1.9%	−10.3%	−13.1%
2029	3,182	0.0%	–	–	2.33	0.0%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	792	694	613	652	574	737	728	761	747	698
Sales mean (mil)	721	699	644	648	687	713	724	726	736	725
Surprise	+9.7%	−0.7%	−4.9%	+0.6%	−16.4%	+3.3%	+0.6%	+4.8%	+1.5%	−3.7%
EPS reported	0.65	0.50	0.25	0.32	0.41	0.41	0.45	0.48	0.36	0.35
EPS mean	0.55	0.52	0.32	0.32	0.37	0.42	0.43	0.43	0.44	0.41
Surprise	+17.6%	−3.3%	−21.5%	−0.4%	+10.4%	−1.9%	+3.6%	+10.3%	−17.9%	−14.3%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATS ATS Corporation	2.5B	2.89x	2.4%	1.42x	17.7x	13.1x	9.9x	8.7x
SYM Symbotic Inc.	31.5B	−8.96x	−0.8%	6.77x	69.1x	52.3x	62.8x	43.2x
NDSN Nordson Corporation	25.5B	1.82x	17.4%	5.58x	27.4x	25.2x	20.4x	19.2x
TIH Toromont Industries Ltd	15.8B	−0.33x	9.5%	4.57x	26.9x	20.8x	13.1x	11.5x
RBC RBC Bearings Incorporated	20.9B	1.04x	15.4%	4.21x	31.8x	28.3x	22.4x	20.1x
GGG Graco Inc.	15.5B	−0.01x	23.3%	4.48x	21.3x	20.1x	14.8x	14.1x
Mean		−0.59x	11.2%	4.51x	32.4x	26.7x	23.9x	19.5x
Median		0.51x	12.5%	4.52x	27.2x	23.0x	17.6x	16.6x

Technical analysis

1M+1.6%
3M−30.8%
1Y−31.4%
3Y−42.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, ATS Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,973	2,533	3,033	2,577	2,183	1,430
Cost of revenue	2,114	1,878	2,170	1,849	1,569	1,056
Gross profit	859	655	863	728	614	374
Selling, general & administrative expenses	548	498	441	393	422	257
Research & development	–	–	–	–	–	–
Depreciation/amortization	85.2	87.5	85.7	82.1	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	28.5	65.3	20.7	30.6	5.3	−1.8
Other operating expenses	−1.5	−5.3	0	0	0	0
Operating income	199	9.3	315	222	187	120
Net interest income (expense)	−99.6	−92.2	−68.7	−62.7	−32.2	−40.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	99.2	−82.9	247	160	154	79.5
Provision for taxes	27.5	−55.0	52.5	32.1	33.0	15.4
Minority interest	−0.1	−0.1	−0.4	−0.3	0.7	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	71.6	−28.0	194	127	122	64.1
Extraordinary items	–	–	–	–	–	–
Net income	71.6	−28.0	194	127	122	64.1
EBIT, normalized	227	221	336	253	210	118
EBITDA, normalized	391	374	477	379	325	189
Basic EPS, normalized	1.69	1.47	2.61	2.37	2.17	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, ATS Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	285	226	170	160	135	187
Receivables	994	1,280	1,209	956	745	567
Total inventory	295	320	296	257	208	138
Prepaid expenses	40.6	41.2	38.0	29.8	21.9	16.2
Other current assets	91.2	38.5	40.7	49.8	36.6	21.6
Total current assets	1,706	1,905	1,754	1,452	1,146	930
Property, plant & equipment	407	447	403	357	303	264
Goodwill	1,399	1,395	1,229	1,118	1,025	663
Intangibles	704	759	680	593	568	278
Long-term investments	–	–	–	–	–	–
Note receivable	4.1	5.7	–	–	0	52.4
Other long-term assets	119	110	24.3	23.0	26.6	17.0
Total assets	4,340	4,622	4,089	3,544	3,069	2,205
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	529	567	553	648	501	367
Accrued expenses	–	–	–	–	–	–
Short-term debt	6.7	27.3	4.1	5.8	1.8	1.1
Current portion of long-term debt	35.4	32.9	27.7	24.1	20.0	15.3
Other current liabilities	467	498	444	366	322	280
Total current liabilities	1,038	1,125	1,029	1,044	845	663
Long-term debt	1,394	1,640	1,256	1,229	1,080	488
Minority interest	1.7	3.6	3.3	3.7	4.1	17.6
Other liabilities	128	147	120	141	159	140
Total liabilities	2,562	2,916	2,408	2,417	2,088	1,310
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	853	842	866	521	530	526
Additional paid-in capital	30.8	36.5	26.1	15.5	11.7	11.2
Retained earnings (accumulated deficit)	723	660	724	531	417	298
Treasury stock	–	–	–	–	–	–
Other equity	172	167	64.2	60.0	22.8	59.8
Total equity	1,778	1,706	1,681	1,127	982	895
Total liabilities & shareholders' equity	4,340	4,622	4,089	3,544	3,069	2,205

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, ATS Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	71.7	−28.0	194	128	121	64.1
Depreciation, depletion & amortization	164	153	141	125	115	70.9
Deferred taxes	−37.5	−84.5	−29.9	−37.5	−35.6	−29.1
Non-cash items	3.7	−6.4	−9.0	21.6	29.3	15.1
Changes in working capital	247	−8.0	−276	−109	−14.3	64.1
Cash from operations	448	25.8	20.8	128	216	185
Investing activities
Capital expenditures	−76.8	−78.0	−88.5	−80.3	−53.3	−31.6
Other investing cash flows	0.7	−190	−253	−28.7	−744	−56.6
Cash from investing	−76.0	−268	−342	−109	−797	−88.1
Financing activities
Financing cash flow items	−4.4	24.3	−0.2	−0.5	−38.2	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−309	266	331	5.3	570	−259
Cash from financing	−313	290	331	4.9	532	−259
Foreign exchange effects	−0.3	8.2	0.6	0.9	−2.4	−9.1
Net change in cash	59.0	55.8	10.3	24.6	−52.2	−171
Free cash flow	372	−52.3	−67.7	47.5	163	154

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.