One-glance verdict
Undervalued
$174.30 our estimate vs market $94.52
Wall Street consensus: $93.50 (-46.4% lower than our fair-value estimate)
46% below our estimate, below the bear case
Fundamentals snapshot
Atkore Inc.
ATKR · NYQ · Industrials · Electrical Equipment & Parts
Current price
$94.52
52-week range
$53.75 - $94.62
Market cap
$3.19B
Balance sheet
Watch
7.14x Adequate
Net debt $567.31M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 2.9% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Operating margin compressed from 31.5% to 9.7% over 3 years.
- Risk Return on equity was -11.9% last year — the company lost money on shareholders' equity.
What this company does
Atkore Inc.
Atkore makes essential products that protect and route electrical wires, like the metal and plastic tubing, cables, and fittings used inside buildings and for large infrastructure projects. The company earns most of its money from sales to the new construction and renovation markets, meaning its success is often linked to how much building is going on. Because these items are critical for data centers, hospitals, and power grids, demand for Atkore's products tends to follow overall spending on construction and infrastructure upgrades.
How the company got here
Atkore's story begins in 1959 when a company called Allied Tube & Conduit developed a new way to galvanize steel tubing. Over the years, it grew by acquiring other companies and was itself bought by Tyco International in 1987. Eventually, it was spun out of Tyco and became a standalone public company. This history of acquiring other businesses has helped it become a major player in its industry, holding top market positions in many of its product lines.
What it actually does
Think of all the wiring and cables needed in a big building like a hospital, data center, or factory. Atkore makes the products that protect, support, and organize that electrical wiring. This includes things like metal and plastic tubes (called conduit) that wires run through, trays and frames that hold the cables, and all the necessary fittings and connectors. Their products are essential for almost any new construction or renovation project, from office buildings to solar farms.
Electrical
This is Atkore's largest business segment and its historical core. It makes and sells the essential pathways for electrical systems, such as metal and plastic conduit, armored cables that have a protective metal covering, and the fittings that connect everything together. Customers are typically electrical contractors who buy these products through wholesale distributors for construction and renovation projects. This segment generates the majority of the company's revenue.
Safety & Infrastructure
This part of the business provides solutions that protect and support critical structures. It includes products like metal framing and support systems (under well-known brands like Unistrut) used to hold up pipes, wiring, and equipment in buildings. It also makes security products like barriers and bollards (short, sturdy posts used to create a protective barrier). The customers for these products are often contractors and original equipment manufacturers (OEMs), which are companies that build their own products using Atkore's components.
What management is betting on now
Management is focusing the company on its core electrical products to take advantage of major trends like the growth of data centers, upgrades to the electric grid, and the rise of solar power. They are selling off business lines that don't fit this core focus, such as a business that made plastic pipes for the telecom industry. The company is also focused on a strategy of returning cash to shareholders through stock buybacks (when a company buys its own shares to reduce the number available, which can increase the value of remaining shares).
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$154.31M
FY2025 Q1
$33.08M
FY2025 Q2
$64.23M
FY2025 Q3
$10.13M
FY2025 Q4
$188.22M
FY2026 Q1
$-67.25M
FY2026 Q2
$13.80M
FY2026 Q3
$-77.28M
Revenue
$794.80M
Net income
$745.00K
Diluted EPS
0.02
Operating cash flow
$-63.10M
Free cash flow
$-77.28M
Fetching…
Sources
Revenue
$731.38M
Net income
$-124.07M
Diluted EPS
-3.65
Operating cash flow
$28.27M
Free cash flow
$13.80M
Fetching…
Sources
Revenue
$655.55M
Net income
$15.03M
Diluted EPS
0.44
Operating cash flow
$-55.50M
Free cash flow
$-67.25M
Fetching…
Sources
Revenue
$752.01M
Net income
$-54.42M
Diluted EPS
-1.55
Operating cash flow
$210.40M
Free cash flow
$188.22M
Fetching…
Sources
Revenue
$735.04M
Net income
$42.96M
Diluted EPS
1.25
Operating cash flow
$31.42M
Free cash flow
$10.13M
Fetching…
Sources
Revenue
$701.73M
Net income
$-50.06M
Diluted EPS
-1.46
Operating cash flow
$86.57M
Free cash flow
$64.23M
Fetching…
Sources
Revenue
$661.60M
Net income
$46.34M
Diluted EPS
1.31
Operating cash flow
$74.37M
Free cash flow
$33.08M
Fetching…
Sources
Revenue
$788.30M
Net income
$73.12M
Diluted EPS
2.08
Operating cash flow
$199.08M
Free cash flow
$154.31M
Fetching…
Sources
Is it cheap or expensive?
Fair value $174.30 vs current price $94.52
Wall Street consensus is the average analyst price target: $93.50 (-46.4% lower than our fair-value estimate).
Our most-likely fair value is $174.30 a share — about 84.4% above today's price of $94.52, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $567.3M. Interest coverage 7.1x.
Net debt
$567.31M
Interest coverage
7.14x
Atkore Inc.'s profit covers its interest bill about 7.1 times over.
Watch
Worse cushion
Baseline
Better cushion
ATKR
BASELINE
Atkore Inc.
Total debt $913.52M Interest coverage 7.14x This is the baseline the peer rows are being compared against.
Total debt $1.63B Interest coverage 8.22x +15% vs ATKR Carries about 1.2x more debt cushion than ATKR.
Total debt $5.56B Interest coverage 18.86x +164% vs ATKR Carries about 2.6x more debt cushion than ATKR.
Total debt $542.82M Interest coverage 4.76x -33% vs ATKR Carries about 1.5x less debt cushion than ATKR.
Total debt $2.52M Interest coverage 1,067.94x +14,856% vs ATKR Carries about 149.6x more debt cushion than ATKR.
What you should know
The case for and against ATKR
3 Rewards
3 Risks
Rewards
-
Revenue grew 2.9% last year.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 1.4% with 3-year payout history.
Risks
-
Operating margin compressed from 31.5% to 9.7% over 3 years.
-
Return on equity was -11.9% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 1.0% (peer median: 1.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
14.78x
P/B
2.50x
P/S
1.09x
EV/EBITDA
12.84x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
20.6%
Operating margin
9.7%
Net margin
-5.5%
ROE
-11.9%
ROA
4.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.72x
Current ratio
2.73x
Quick ratio
1.91x
Total debt
$913.52M
Total cash
$346.22M
Growth
How the business has been compounding
Revenue TTM
$2.93B
Revenue 5Y CAGR
-0.7%
EPS TTM
-4.83
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$120.07M
Free CF TTM
$295.65M
FCF margin
10.1%
Dividend
Shareholder payout
Yield
1.4%
Payout ratio
40.1%
Last ex-div date
2026-08-18