olivLaw · US equity research
ATS Corporation ATS
General Industrial Machinery & Equipment, NEC · SIC 3569 · Vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)
ATS Corporation is a Canadian company listed on the NYSE and Toronto whose activity centres on industrial automation and engineering. Its fiscal 2026 annual report shows that the macroeconomic environment, supply chains and currency exchange remain factors on which the company's performance depends.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, ATS Corporation (ATS) stock was 18.97 USD (+3.15% on the day), with beta 1.49, 52-week range 17.26–35.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.3
- neutral
- Bollinger (20, 2)
- 17.14 – 19.62
- in the upper half of the band · %B 0.74 · band width 13.5%
- SMA 50 / 200
- 18.79 / 26.57
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.9% | −2.3% | +6.2 pp | — |
| 3 months | −31.7% | −0.8% | −30.9 pp | — |
| 6 months | −40.9% | +4.7% | −45.7 pp | — |
| Year to date | −31.1% | +10.2% | −41.3 pp | — |
| 1 year | −30.9% | +10.3% | −41.2 pp | −22.2% |
| 3 years | −44.9% | +73.0% | −117.9 pp | +25.2% |
| 5 years | −51.1% | +61.8% | −112.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.6 bn | 3.0 bn | 2.5 bn |
| Revenue YoY | unavailable | +17.7% | −16.5% |
| Net income | 127.4 m | 193.7 m | -28.0 m |
| Net income YoY | unavailable | +52.0% | −114.5% |
| Diluted EPS | 1.38 | 1.97 | -0.29 |
| Diluted EPS YoY | unavailable | +42.8% | −114.7% |
| net % | 4.9% | 6.4% | -1.1% |
| Free cash flow | 71.7 m | -38.1 m | -8.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 225.9 m CAD
- Financial debt
- 1.6 bn CAD
- Net debt
- 1.3 bn CAD
- Equity
- 1.7 bn CAD
- Total assets
- 4.6 bn CAD
- Debt / equity
- 0.92x
- Current ratio
- 1.69x
- ROE
- -1.7%
- ROA
- -0.6%
- FCF margin
- -0.3%
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.6 bn | 3.0 bn | 2.5 bn | SEC (XBRL)· 29 May 2025verified |
| Cost of revenue | 1.9 bn | 2.2 bn | 1.9 bn | SEC (XBRL)· 29 May 2025verified |
| Gross profit | 725.8 m ≈ | 855.5 m ≈ | 646.6 m ≈ | SEC (XBRL)· 29 May 2025derived |
| Research & development | — | 10.2 m | 10.6 m | SEC (XBRL)· 29 May 2025verified |
| Operating income | 222.5 m | 315.4 m | 9.3 m | SEC (XBRL)· 29 May 2025verified |
| Interest expense | 62.7 m | 68.7 m | 92.2 m | SEC (XBRL)· 29 May 2025verified |
| Pre-tax income | 159.8 m | 246.7 m | -82.9 m | SEC (XBRL)· 29 May 2025verified |
| Income tax | 32.1 m | 52.5 m | -55.0 m | SEC (XBRL)· 29 May 2025verified |
| Net income | 127.4 m | 193.7 m | -28.0 m | SEC (XBRL)· 29 May 2025verified |
| Diluted EPS | 1.38 | 1.97 | -0.29 | SEC (XBRL)· 29 May 2025verified |
| Weighted average diluted shares | 92.2 m | 98.6 m | 98.0 m | SEC (XBRL)· 29 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 159.9 m | 170.2 m | 225.9 m | SEC (XBRL)· 29 May 2025verified |
| Receivables | 399.7 m | 471.3 m | 719.4 m | SEC (XBRL)· 29 May 2025verified |
| Inventories | 256.9 m | 295.9 m | 320.2 m | SEC (XBRL)· 29 May 2025verified |
| Current assets | 1.5 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 29 May 2025verified |
| Property, plant & equipment, net | 263.1 m | 297.0 m | 325.0 m | SEC (XBRL)· 29 May 2025verified |
| Goodwill | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 29 May 2025verified |
| Intangibles (excl. goodwill) | 593.2 m | 679.5 m | 758.5 m | SEC (XBRL)· 29 May 2025verified |
| Total assets | 3.5 bn | 4.1 bn | 4.6 bn | SEC (XBRL)· 29 May 2025verified |
| Accounts payable | 647.6 m | 604.5 m | 665.1 m | SEC (XBRL)· 29 May 2025verified |
| Short-term debt | 5.8 m | 4.1 m | 27.3 m | SEC (XBRL)· 29 May 2025verified |
| Long-term debt | 1.2 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 29 May 2025verified |
| Current liabilities | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 29 May 2025verified |
| Total liabilities | 2.4 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 29 May 2025verified |
| Equity | 1.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 29 May 2025verified |
| Shares outstanding at year end | — | 98.2 m | 96.9 m | SEC (XBRL)· 29 May 2025verified |
Cash flow · CAD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 127.8 m | 20.8 m | 25.8 m | SEC (XBRL)· 29 May 2025verified |
| Capex | 56.1 m | 58.8 m | 34.0 m | SEC (XBRL)· 29 May 2025verified |
| Free cash flow | 71.7 m ≈ | -38.1 m ≈ | -8.2 m ≈ | SEC (XBRL)· 29 May 2025derived |
| Investing cash flow | -109.0 m | -341.8 m | -268.4 m | SEC (XBRL)· 29 May 2025verified |
| Financing cash flow | 4.9 m | 330.7 m | 290.3 m | SEC (XBRL)· 29 May 2025verified |
| Share repurchases | 21.1 m | 14.0 k | 45.0 m | SEC (XBRL)· 29 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.3% | 50 (vs peers) | 38% |
| Net margin · Quality | -1.1% | 50 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ATS Corp /ATS (ATS). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 2.5 bn CAD in 2025; YoY growth -16.5%; net margin -1.1%; ROE -1.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- Interest coverage: 0.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
General Industrial Machinery & Equipment, NEC (SIC 3569) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYMSymbotic Inc. | 22.5 bn | 774.7 | 1.8% | 0.3% | +25.7% | −56% / −30% |
| NDSNNordson Corporation | 18.2 bn | 33.1 | 17.8% | 18.6% | +3.8% | +38% / +39% |
| RRXRegal Rexnord Corp | 10.7 bn | 33.2 | 4.8% | 5.4% | −1.6% | +10% / +34% |
| ESABESAB Corporation | 4.7 bn | 27.3 | 7.5% | 5.7% | +3.7% | −32% / −1% |
| OUSTOuster, Inc. | 2.0 bn | — | -18.0% | -26.0% | +52.5% | +23% / +451% |
| HSAIHesai Group | 1.9 bn | 28.6 | 6.9% | 14.4% | +52.1% | −36% / +16% |
| CHRNChronoscale Holdings Corporation | 1.9 bn | — | -42.0% | -70.3% | +459.4% | +175% / −50% |
| HLPHongli Group Inc. | 298.9 m | 135.7 | 3.5% | 9.9% | +39.0% | +148% / +72% |
| AZA2z Cust2mate Solutions Corp. | 268.6 m | — | -82.1% | -477.6% | +47.0% | −12% / +63% |
| SERVServe Robotics Inc. | 217.6 m | — | -64.6% | -2,315.8% | +46.2% | −76% / unavailable |
| TAYDTaylor Devices, Inc. | 182.3 m | 26.7 | 9.9% | 17.5% | −10.0% | +14% / +143% |
| RRRichtech Robotics Inc. | 18.1 m | — | -16.2% | -700.1% | +19.0% | −76% / −80% |
| KITTNauticus Robotics, Inc. | 10.2 m | — | — | -1,132.2% | +191.8% | −97% / −100% |
| INLFInlif Limited | 1.9 m | — | -41.3% | -29.6% | +16.5% | −100% / unavailable |
| ATSATS Corp | — | — | -1.7% | -1.1% | −16.5% | −31% / −45% |
1- and 3-year price returns: for ATS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 May 2026; since then the company filed 6-K (02 Nov 2026), 6-K (03 Sept 2026), 6-K (11 Aug 2026), 6-K (07 Aug 2026), 6-K (06 Aug 2026), 6-K (27 Jul 2026).
In brief
ATS Corporation is a Canadian company listed on the NYSE and Toronto whose activity centres on industrial automation and engineering. Its fiscal 2026 annual report shows that the macroeconomic environment, supply chains and currency exchange remain factors on which the company's performance depends.
SWOT
Strengths
- The ABM provides a clear framework for growth both organically and through acquisitions, giving the strategy coherence.
- The company has access to capital markets in Toronto and New York, which may give it flexibility in financing.
- An independent audit and an audit committee with designated members reflect a structured governance framework.
Weaknesses
- The company has reported a material weakness in internal control over financial reporting that requires remediation.
- Dependence on clients' capital expenditure decisions makes order volume difficult to forecast.
- Reporting under IFRS and in Canadian dollars makes direct comparisons with U.S. companies harder for investors.
Opportunities
- Expansion into emerging markets and new business platforms could open additional sources of revenue.
- Digitalization and product innovation could strengthen the company's position in the services market.
- Strategic acquisitions, if integrated effectively, could bring new capabilities and synergies.
Threats
- An economic slowdown or a prolonged downturn could postpone clients' projects.
- Regional or global conflicts and supply chain disruptions could raise costs.
- Currency fluctuations and interest rate changes could affect reported results and the cost of financing.
Risks
- Material weakness in internal controlhigh
The company mentions a remediation plan for a material weakness in internal control over financial reporting; if remediation is delayed, confidence in the financial statements could be affected.
- Dependence on large clientsmedium
The report flags customer concentration risk, and the loss or postponement of a major contract could have a visible impact on revenue.
- Currency exposuremedium
The weakness of the Canadian dollar and currency risk could change the value of revenues and costs expressed in U.S. dollars.
- Cost pressuresmedium
Rising energy, materials and labour prices, combined with inflation, could compress margins if they cannot be passed on to clients.
- Litigation and contingencieslow
The outcome of lawsuits and claims could give rise to material liabilities for which no provisions have been recorded, according to the report's warning.
Investment thesis
What would need to be true (bull case)
- If the growth strategy built on the ABM and digitalization converts into new orders, the company could benefit from demand for industrial automation.
- If remediation of internal control is completed on schedule, the perception of risk could ease.
- Well-integrated acquisitions could broaden the offering and diversify sources of revenue.
What would break the thesis
- If client demand stays postponed due to macroeconomic uncertainty, order volume could decline.
- If the internal control weakness is not remediated effectively, restatements or additional costs could arise.
- If costs rise faster than contract prices, margins could be compressed.
What to watch
- Progress on remediation of the material weakness in internal controlnext 10-K
- Development of order volumes and their variability across regionsQ1 2027
- Realization of reorganization savings on the expected timeline2027
- Effect of the CAD/USD exchange rate on reported resultsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 May 2026; since then the company filed 6-K (02 Nov 2026), 6-K (03 Sept 2026), 6-K (11 Aug 2026), 6-K (07 Aug 2026), 6-K (06 Aug 2026), 6-K (27 Jul 2026).
The business
ATS Corporation files its annual report on Form 40-F under the multijurisdictional disclosure system, meaning its financial statements are prepared under IFRS rather than US GAAP and are not directly comparable with those of U.S. companies. The company bases its strategy on what it calls the 'ATS Business Model' (ABM), which pursues organic growth, development of new markets and business platforms, expanded service offerings and strategic acquisitions. For fiscal 2026 the reports are presented in Canadian dollars, and the source gives a rate of C$1.00 = U.S.$0.7174 on March 31, 2026 1.
Segments
Industrial automation and services
The source does not detail business segments in this document; by its general description the company operates in industrial automation solutions and associated services, and extending its service offering is part of its stated strategy 1.
Innovation and digitalization
The company cites developing digital capabilities and investing in innovation and product development as pillars of its growth strategy, including the upgrade of its ERP system 1.
Market context
The report indicates that customer demand depends on capital expenditure decisions that can be spread over time and differ by region, making order volumes variable. Currencies, particularly the Canadian dollar against the U.S. dollar, influence how results are reported 1.
The markets ATS serves are sensitive to inflation, energy and materials costs and interest rates, factors the report explicitly names as sources of uncertainty 1.
Trends
- Strain in supply chainsheadwind
The report mentions difficulties in securing labour, materials and energy in some jurisdictions, which could delay projects and compress margins.
- Trade and currency shiftsmixed
Shifting trade dynamics and the relative weakness of the Canadian dollar are cited as factors that may affect reported results and competitiveness, depending on how they evolve.
- Digitalization and automationtailwind
Developing digital capabilities is presented as a growth direction, which could support demand for new services and solutions if investments deliver the expected results 1.
- Reorganization and internal controlmixed
The company has announced reorganization activities and a remediation plan for a material weakness in internal control over financial reporting; the effects depend on savings achieved and whether timelines are met 1.
Competitive position
The source does not explicitly name the company's main competitors. From the context of the report, competition appears to play out mainly on price, on the availability of skilled labour and on the ability to deliver large projects on time.
Competitive pressure could increase if demand falls or if clients postpone capital investments, a situation the report links to possible margin compression 1.
- Competitors not named in the source
The report does not name direct competitors; no tickers are assigned.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)02 Jul 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)28 May 2026
- Current report (foreign issuer)18 May 2026
Sources
- [1] Form 40-F, fiscal year ended 2026-03-31 · SEC / ATS Corporation · 28 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.