olivLaw · European equity research
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft ATS.VI
Austria · Wiener Börse · ISIN AT0000969985 · Vertical: Listed companies from Austria
AT&S is an Austrian maker of high-performance printed circuit boards and IC substrates, with plants in Asia and Europe. The company is steering investment toward substrates for artificial intelligence infrastructure, and its guidance for fiscal 2026/27 points to currency-adjusted revenue growth of 30 to 35%, from 1.8 billion euro in fiscal 2025/26.
At the close of 04 Nov 2026, AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS.VI) stock was 130.60 EUR (−5.36% on the day), with market capitalisation 3.0 bn EUR, beta 2.10, 52-week range 26.25–239.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.3
- weak (30–45)
- Bollinger (20, 2)
- 108.46 – 232.42
- in the lower half of the band · %B 0.18 · band width 72.7%
- SMA 50 / 200
- 175.16 / 126.83
- mixed trend
- MACD (12, 26, 9)
- -14.88 / -10.01
- MACD below 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.5% | −1.5% | −41.0 pp | — |
| 3 months | −8.5% | −5.3% | −3.3 pp | — |
| 6 months | +28.5% | +4.7% | +23.9 pp | — |
| Year to date | +305.6% | +6.0% | +299.6 pp | — |
| 1 year | +297.0% | +8.2% | +288.8 pp | +4.0% |
| 3 years | +389.9% | +47.2% | +342.7 pp | +3.6% |
| 5 years | +222.1% | +41.8% | +180.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 2025 | 2026 |
|---|---|---|
| Revenue | 1.6 bn | 1.8 bn |
| Revenue YoY | unavailable | +12.7% |
| Net income | 89.7 m | -25.6 m |
| Net income YoY | unavailable | −128.5% |
| Diluted EPS | 1.86 | -1.11 |
| Diluted EPS YoY | unavailable | −159.7% |
| net % | 5.6% | -1.4% |
| Free cash flow | -490.6 m | 234.3 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 738.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 4.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.30x
- ROE
- -2.4%
- ROA
- -0.6%
- FCF margin
- 13.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.6 bn | 1.8 bn | esef· 25 Jun 2026verified |
| Cost of revenue | 1.4 bn | 1.6 bn | esef· 25 Jun 2026verified |
| Gross profit | 177.9 m | 203.5 m | esef· 25 Jun 2026verified |
| Operating income | 277.4 m | 65.6 m | esef· 25 Jun 2026verified |
| Interest expense | 128.3 m | 125.3 m | esef· 25 Jun 2026verified |
| Pre-tax income | 193.9 m | -34.3 m | esef· 25 Jun 2026verified |
| Income tax | 104.2 m | -8.7 m | esef· 25 Jun 2026verified |
| Net income | 89.7 m | -25.6 m | esef· 25 Jun 2026verified |
| Diluted EPS | 1.86 | -1.11 | esef· 25 Jun 2026verified |
Balance sheet · EUR
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 485.1 m | 738.5 m | esef· 25 Jun 2026verified |
| Receivables | 482.2 m | 388.8 m | esef· 25 Jun 2026verified |
| Inventories | 145.5 m | 234.9 m | esef· 25 Jun 2026verified |
| Current assets | 1.2 bn | 1.4 bn | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | 3.3 bn | 3.2 bn | esef· 25 Jun 2026verified |
| Intangibles (excl. goodwill) | 18.0 m | 12.1 m | esef· 25 Jun 2026verified |
| Total assets | 4.6 bn | 4.7 bn | esef· 25 Jun 2026verified |
| Current liabilities | 979.7 m | 1.1 bn | esef· 25 Jun 2026verified |
| Total liabilities | 3.5 bn | 3.6 bn | esef· 25 Jun 2026verified |
| Equity | 1.1 bn | 1.1 bn | esef· 25 Jun 2026verified |
| Shares outstanding at year end | 48.2 m | 23.1 m | esef· 25 Jun 2026derived |
Cash flow · EUR
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -74.5 m | 413.7 m | esef· 25 Jun 2026verified |
| Capex | 416.1 m | 179.4 m | esef· 25 Jun 2026verified |
| Free cash flow | -490.6 m ≈ | 234.3 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | -140.7 m | -135.4 m | esef· 25 Jun 2026verified |
| Financing cash flow | 19.9 m | -3.9 m | esef· 25 Jun 2026verified |
≈ 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.4% | 18 (vs peers) | 25% |
| 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 | 0.5x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.8% | 97 (on a fixed band) | 33% |
| 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 sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial97/100 · 1/3 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
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS.VI). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 1.8 bn EUR in 2026; YoY growth 12.7%; net margin -1.4%; ROE -2.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- FCF yield: 7.8%
What contradicts it
- Net margin: -1.4%
- Interest coverage: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.4 bn | 23.3 | 8.9% | 6.3% | −7.2% | +52% / +85% |
| VER.VIVerbund AG | 24.1 bn | 16.2 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 11.9 bn | 12.9 | 17.2% | 4.9% | +7.4% | +33% / +171% |
| ANDR.VIAndritz AG | 8.0 bn | 17.6 | 19.3% | 5.8% | −5.2% | +32% / +65% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.1 | 5.7% | 2.8% | −4.3% | +13% / +62% |
| EVN.VIEvn AG | 5.4 bn | 12.4 | 6.9% | 14.6% | +3.8% | +14% / +12% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +0% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.5 | 5.9% | 3.6% | +1.2% | −41% / −33% |
| LNZ.VILenzing Aktiengesellschaft | 1.7 bn | — | -11.8% | -5.2% | −2.3% | −51% / −67% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.5 | 3.6% | 1.9% | −4.8% | −19% / −40% |
| POS.VIPorr AG | 1.2 bn | 10.8 | 12.9% | 1.8% | +1.7% | +6% / +168% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.6 | 4.7% | 2.3% | +2.1% | +35% / +20% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +86% / −47% |
| FQT.VIFrequentis AG | 830.6 m | 29.5 | 15.5% | 4.9% | +20.8% | −9% / +122% |
| ETS.VIEuroTeleSites AG | 730.3 m | 21.9 | 8.8% | 11.9% | +3.7% | −7% / +31% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 729.2 m | — | -3.6% | -1.2% | −7.9% | −2% / −14% |
| FACC.VIFacc AG | 607.0 m | 28.7 | 9.1% | 2.2% | +11.3% | +23% / +129% |
| ROS.VIRosenbauer International AG | 600.7 m | 12.1 | 17.4% | 3.5% | +9.4% | +37% / +107% |
| 1AST.VIASTA Energy Solutions AG | 515.6 m | 17.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 451.1 m | 19.1 | 5.2% | 5.2% | −18.8% | +4% / −31% |
| SEM.VISemperit Aktiengesellschaft Holding | 380.1 m | 905.0 | 0.1% | 0.1% | −2.1% | +40% / +28% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +77% / +65% |
1- and 3-year price returns: for ATS.VI 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
AT&S is an Austrian maker of high-performance printed circuit boards and IC substrates, with plants in Asia and Europe. The company is steering investment toward substrates for artificial intelligence infrastructure, and its guidance for fiscal 2026/27 points to currency-adjusted revenue growth of 30 to 35%, from 1.8 billion euro in fiscal 2025/26 1.
SWOT
Strengths
- The company holds substantial liquidity and a portfolio of long-term contracts with important customers that support capacity investments.
- Partnerships with market leaders in the AI segment offer opportunities for joint technology development.
- International presence in the main production regions of the electronics industry provides operational flexibility.
Weaknesses
- High debt from rapid capacity expansion limits the ability to respond quickly to market changes.
- Dependence on a few customers and a few end markets increases vulnerability to demand swings.
- Assets were impaired in fiscal 2024/25 because of conditions in the substrate market, which shows sensitivity to the cycle.
Opportunities
- If demand for high-end IC substrates stays strong, the capacity expansion could generate significant revenue and margin growth.
- Long-term customer contracts can finance part of the investment and reduce the risk of expansion.
- The R&D centre at Leoben could accelerate new technologies in the substrate segment.
Threats
- Trade restrictions and export controls between the USA and China can fragment markets and reduce addressable sales.
- Industry overcapacity and price pressure could erode margins, especially if new competitors enter.
- Shortages of critical materials and higher logistics costs could disrupt production and slow deliveries.
Risks
- Dependence on AI substrateshigh
Demand for AI-related components is the main growth driver, and a slowdown in this segment would directly affect the company's expansion plans.
- High indebtednesshigh
Large investments and financing through hybrid instruments increase pressure on cash flows and could limit financial flexibility if revenue falls.
- Currency riskmedium
Revenue is largely in US dollars while costs are in Chinese yuan and Malaysian ringgit, exposing the company to exchange-rate effects on results.
- Geopolitical risk in Chinamedium
Operations in China can be affected by political tensions, trade restrictions or state intervention, and land use rights or permits could be challenged.
- Supply and raw material pricesmedium
The shortage of glass cloth and rising prices of precious metals and chemicals could raise costs and delay production.
Investment thesis
What would need to be true (bull case)
- If demand for IC substrates stays strong, the guidance for revenue growth and EBITDA margin could be reached, with improving profitability.
- Long-term contracts with important customers could reduce investment risk and support the financing of the expansion.
- Its position as a supplier to leaders in the AI market offers medium-term growth potential if customer relationships deepen.
What would break the thesis
- If demand for electronics stays weak in automotive and industrial markets, overcapacity could compress margins and slow the recovery.
- High debt and large investments could limit flexibility if operating results do not improve sufficiently.
- Geopolitical tensions and trade restrictions could reduce addressable markets and slow expansion plans in Asia.
What to watch
- Delivery against guidance for currency-adjusted revenue growth and EBITDA margin2026/27
- Issuance of the hybrid convertible bond or hybrid bond and the terms obtainedQ2-Q3 2026
- Capital expenditure trajectory and progress of capacity expansion at Kulim and Chongqing2026/27
- Availability of glass cloth and the evolution of raw material costsQ1 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.
The business
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft, headquartered in Leoben-Hinterberg, develops and manufactures printed circuit boards and IC substrates, which it supplies to customers in electronics and semiconductors. The annual report shows that most operations are outside Austria, particularly in China and Malaysia, where the company has production capacity in Chongqing and Kulim 1. For fiscal 2025/26 revenue was about 1.8 billion euro, and more than 80% of revenue comes from US companies, mostly billed in US dollars 1.
The corporate strategy aims to expand presence in high-end printed circuit boards and IC substrate markets, a capital-intensive and niche-oriented segment. In fiscal 2025/26 the company reported cash and cash equivalents of 738 million euro at March 31 2026 1. For 2026/27 management plans capital expenditure of roughly 400 million euro, compared with 178 million in the previous year, reflecting capacity expansion for AI substrates 1.
The company intends to issue a hybrid convertible bond and/or a hybrid bond with a total volume of up to 500 million euro in the second or third quarter of 2026, to refinance and strengthen its capital base 1. Management explicitly names the high debt from rapid expansion of capital-intensive business as a strategic risk 1.
Segments
Printed circuit boards (PCB)
The PCB segment covers high-performance boards for customers in electronics and automotive. The annual report notes that established companies were the ones investing in new PCB capacity, and price pressure and overcapacity are present in most segments 1.
IC substrates
IC substrates are the main growth driver named by management, linked to demand for processors used in artificial intelligence. The company is expanding capacity in Chongqing and Kulim, with investments backed by long-term customer agreements, and recorded impairments of assets linked to the substrate market situation in fiscal 2024/25 1.
Research and development
An R&D centre with prototype production and a series production facility is under construction at Leoben-Hinterberg. It is meant to develop new technologies and reduce technology risk in the IC substrate segment 1.
Market context
The printed circuit board and IC substrate markets are cyclical, and demand for electronics was generally subdued in 2025, apart from niches such as data centres and AI applications 1. Elevated inventories in the supply chain and geopolitical tensions could delay a recovery in demand, and raw material prices such as copper and gold reached record levels at the end of 2025 1.
The company cites a global shortage of glass cloth, a critical input, and has qualified several suppliers to reduce supply risk 1. Dependence on a few end markets and a few major customers remains a source of vulnerability 1.
Trends
- Demand for artificial intelligencetailwind
Rising computing power needs for AI applications led a key customer to request more high-end IC substrates, which prompted the capacity expansion 1. If this demand persists, it could support segment revenue.
- Trade and geopolitical tensionsheadwind
Export controls between the USA and China and tougher trade tariffs could fragment global markets and slow demand. The report says business activity in China is particularly exposed to these tensions 1.
- Raw material and freight costsheadwind
Higher prices for gold, copper and palladium, along with oil-linked costs for chemicals, plastics and resins, raise input costs. Longer transit times and freight surcharges also add to logistics expenses 1.
- Capacity investment and financingmixed
Capacity expansion is partly supported by long-term customer contracts and new hybrid instruments. Large investments could improve profitability if demand materialises, but they also increase pressure on debt 1.
Competitive position
Most PCB and IC substrate segments face overcapacity and price pressure, and new entrants have invested heavily in IC substrates 1. Several competitors belong to larger conglomerates with diversified portfolios, which makes them more resilient and more flexible in procuring and deploying capital than specialised producers 1.
The annual report does not name individual competitors, which makes a direct comparison of market shares difficult. The company stresses that its advantage lies in close partnerships with market leaders and in co-developing technology with them 1.
- Asian IC substrate and PCB producers
The source refers generically to diversified conglomerates competing in IC substrates, without naming them.
- New entrants in IC substrates
New market participants have made significant investments in IC substrate capacity, which adds to overcapacity in the segment.
- Established PCB manufacturers
Companies already present in the PCB market have expanded capacity, according to the report, which intensifies competition.
- Suppliers within diversified conglomerates
Competitors integrated into larger groups may be more flexible in financing, but the source does not identify them by name.
News & filings
In the press
- Inside AT&S and the race to make the critical layer beneath AI chipsCNBC — Top News · 26 Sept 2026 · EN
- AI chip boom shifts bottleneck to advanced packaging, says AT&S CEONikkei Asia · 28 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202625 Jun 2026
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / AT&S Austria Technologie & Systemtechnik Aktiengesellschaft · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.