ATIATI INC

Steel Pipe & Tubes

Revenue: $4.6B; 5.2% YoY
Operating margin: 14.0%; 0.1% YoY
EBITDA: $809M; 6.4% YoY
Market cap: $22.5B
Employees: 100; $46M revenue each
Net debt / EBITDA: 1.7×; $1.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
152% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$46M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$83M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.8B	$3.8B	$4.2B	$4.4B	$4.6B	5.2%
Operating income	$118M	$287M	$466M	$609M	$641M	5.3%
Net income	−$38M	$131M	$411M	$368M	$404M	9.9%
Operating cash flow	$16M	$225M	$86M	$407M	$614M	51%
Capex	$153M	$131M	$201M	$239M	$281M	17%
Stock-based comp	$21M	$26M	$29M	$34M	$29M	15%
Buybacks	$0	$140M	$85M	$260M	$470M	81%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $83M · 55
Net: −$83M

Pay vs performance

No pay-versus-performance disclosure yet.