# Atkore International Group (ATKR.US)

Canonical: https://gigainvestors.com/s/ATKR

Analysis as of: 2026-10-16T07:26:40.046Z. Financial observations: FY2012–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $94.92 per share; close as of 2026-10-15.

Estimated value: low $172.26 per share, central $194.84 per share, high $224.89 per share. Buy at or below the central value $194.84 per share. Valuation as of 2026-10-16T07:26:40.046Z; scenarios are not confidence intervals.

Expected annual return: 18.6% at the stated quote. About 18.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.12×

- FY2020: 0.13×

- FY2021: 0.27×

- FY2022: 0.32×

- FY2023: 0.25×

- FY2024: 0.20×

- FY2025: 0.08×

- LTM to Jun 2026: 0.05×

### moat: pass

- ROIC, median of available years: 22.5%

- ROIC, second-lowest year: 14.2%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 25.1%

- Recent gross margin (lower of latest and 3-year median): 22.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 19.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.5%

- FY2017: 14.2%

- FY2018: 20.5%

- FY2019: 21.3%

- FY2020: 23.6%

- FY2021: 67.7%

- FY2022: 66.9%

- FY2023: 43.8%

- FY2024: 27.6%

- FY2025: 12.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $2.6B

- Return on incremental invested capital: 49.1%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 23.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 1.00×

- FY2023: 0.88×

- FY2024: 1.00×

- FY2025: -2.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.5% vs 27.6%

- Per-share earnings: 0.94 to 12.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.9%

- Ordinary dilution, 5-year annual growth: -6.7%

- Market cap gain: $877M

- Cumulative retained earnings: $932M

- Diluted shares, 10-year annual growth: -5.9%

- Diluted shares, 5-year annual growth: -6.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 38.7%

- Per-share value change: $11.92

- Per-share value, starting three-year median: $0.94

- Per-share value, ending three-year median: $12.85

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 9.3%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $396M

- Cumulative net income, 10 years: $3.2B

- ROIC, first three-year median: 15.5%

- ROIC, last three-year median: 27.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.94

- FY2017: $1.27

- FY2018: $2.53

- FY2019: $2.91

- FY2020: $3.17

- FY2021: $12.43

- FY2022: $20.63

- FY2023: $17.54

- FY2024: $12.85

- FY2025: -$0.45

### accounting: pass

- Sloan accruals: -14.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.4%

- FY2017: -3.0%

- FY2018: -0.7%

- FY2019: -4.9%

- FY2020: -6.2%

- FY2021: 0.7%

- FY2022: 4.9%

- FY2023: -4.0%

- FY2024: -2.5%

- FY2025: -14.7%

## Holders

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 50% since Mar 2024 · "Atkore shares sink after Q4 loss, lower margins; 2026 outlook trails analyst estimate" (seekingalpha.com, Nov 2025) · sales +2.9%

Story as of 2026-10-16T09:58:20.662Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.8% a year for ten years

- 2025-04-22: Atkore Expects Strong Solid Q2 Performance Despite Flags Impairment Charge, Reaffirms FY25 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/atkore-expects-strong-solid-q2-184540862.html))

- 2025-05-19: ATKR Q1 Earnings Call: Tariffs and Data Center Demand Shape Outlook Amid Volume Recovery ([finance.yahoo.com](https://finance.yahoo.com/news/atkr-q1-earnings-call-tariffs-122945224.html))

- 2025-08-13: ATKR Q2 Deep Dive: Tariff Impacts, CEO Transition, and Margin Pressures Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/atkr-q2-deep-dive-tariff-030830347.html))

- 2025-11-20: Atkore shares sink after Q4 loss, lower margins; 2026 outlook trails analyst estimate ([seekingalpha.com](https://seekingalpha.com/news/4524554-atkore-shares-sink-after-q4-loss-lower-margins-2026-outlook-trails-analyst-estimate?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-07: Atkore (ATKR) Valuation In Focus After Earnings Beat Sales Rebound And Legal Settlement ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/atkore-atkr-valuation-focus-earnings-021845443.html))

- 2026-08-03: Atkore Jumps After Earnings Beat and Prysmian Agrees $95-a-Share Acquisition ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/atkore-jumps-earnings-beat-prysmian-102911450.html))

### Sales · FY2025–2026

sales +2.9%; source https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm; observed 2025-11-26.

- FY2017: $1.5B 

- FY2018: $1.8B 

- FY2019: $1.9B 

- FY2020: $1.8B 

- FY2021: $2.9B 

- FY2022: $3.9B 

- FY2023: $3.5B 

- FY2024: $3.2B 

- FY2025: $2.9B 

- FY2026: $2.9B 

### Gross margin · FY2025

gross margin 22.2%; source https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm; observed 2025-11-26.

- FY2016: 22.7% 

- FY2017: 22.5% 

- FY2018: 22.1% 

- FY2019: 24.2% 

- FY2020: 26.0% 

- FY2021: 37.3% 

- FY2022: 41.0% 

- FY2023: 38.1% 

- FY2024: 31.9% 

- FY2025: 22.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm (filed 2025-11-26); FY2025: revenue 2850378000; grossProfit 634168000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATKR.US: Atkore Inc. engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. It operates through two segments, Electrical, and Safety & Infrastructure. The company offers metal electrical conduit and fittings; plastic pipe conduit and fittings; electrical cable and flexible conduit; and international cable management systems; and mechanical tubes and pipes, metal framing and fittings, construction services, perimeter security, and cable management for the protection and reliability of critical infrastructure. It offers its products under the Allied Tube & Conduit, AFC Cable Systems, Kaf-Tech, Heritage Plastics, Unistrut, Power-Strut, Cope, US Tray, FRE Composites, Calbond, and Calpipe. The company serves various end markets, including new construction; maintenance, repair, and remodel; infrastructure; diversified industrials; alternative power generation; healthcare; data centers; and governments. The company was formerly known as Atkore International Group Inc. and changed its name to Atkore Inc. in February 2021. Atkore Inc. was founded in 1959 and is headquartered in Harvey, Illinois.

### Why customers stay

Margins ranged from 22.2% to 38.1% during 2023–25; it earns 22.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2023: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2024: grossProfit / revenue = 31.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm (filed 2025-11-26); FY2025: grossProfit / revenue = 22.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); 10-year return on capital observations [[2016,0.15533232408181707],[2017,0.14189170748669797],[2018,0.20504697303373026],[2019,0.21342675590717047],[2020,0.23563157088912332],[2021,0.6767072131192031],[2022,0.6687573918617087],[2023,0.4384784885206323],[2024,0.2755663296238906],[2025,0.12274325251458983]]; median 0.22452916339814688. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 106.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2016: growth capex 0; upkeep 16830000; owner earnings 96983000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2017: growth capex 0; upkeep 25122000; owner earnings 114244000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2018: growth capex 0; upkeep 38501000; owner earnings 165034000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2019: growth capex 0; upkeep 34860000; owner earnings 176538000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2020: growth capex 0; upkeep 33770000; owner earnings 207805000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2021: growth capex 0; upkeep 64474000; owner earnings 616455000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2022: growth capex 37445000; upkeep 98331000; owner earnings 913434000. Growth capex / owner earnings = 0.040993656903509174.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2023: growth capex 0; upkeep 218888000; owner earnings 606856000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); FY2024: growth capex 0; upkeep 149861000; owner earnings 474223000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm (filed 2025-11-26); FY2025: growth capex 0; upkeep 107108000; owner earnings 37559000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); Dividend observations: [[2016,0],[2017,595750000],[2018,784217000],[2019,39000000],[2020,2972000],[2021,798000000],[2022,0],[2023,15748000],[2024,34461000],[2025,44204000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm (filed 2025-11-26); FY2025: cash repurchases 106240000 USD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATKR.US SharesStats.PercentInsiders = 0.9740000000000001 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm (filed 2025-11-26); luminum, electricity, natural gas and diesel fuel. The prices at which we sell our products may adjust upward or downward based on raw material price changes. We believe several factors drive the pricing of our products, including the quality of our products, the ability to meet customer delivery expectations and co-loading capabilities, as well as the prices of our raw material inputs. Historically, we have not engaged in hedging strategies for raw material purchases. Our results may be impacted by inventory sales at costs higher or lower than current prices we pay for similar items.

Import tariffs and potential import tariffs have resulted or may result in increased prices for imported goods and raw materials and, in some cases, may result or have resulted in price increases for domestically sourced goods and materials. Changes in U.S. trade policy have resulted and could result in additional reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import goods and materials from those countries. These measures could also result in increased costs for goods imported into the U.S. or may cause us to adjust our worldwide supply chain. Either of these could require us to increase prices to our customers which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold.

Working Capital. Our working capital requirements are impacted by our operational activities. Our inventory levels may be impacted from time to time, due to delivery lead times from our suppliers. Our cash collection cycle is generally one to two months longer than our cash payment cycle. If our working capital requirements increase and we are unable to finance our working capital on terms and conditions acceptable to us, we may not be able to obtain raw materials to respond to customer demand, which could result in a loss of sales.

Labor Cost and Availability. Labor costs are a direct input into the manufacture of our products. Labor costs are capitalized as a cost of inventory.

Seasonality. In a typical year, our operating results are impacted by seasonality. Historically, sales of our products have been higher in the third and fourth quarters of each fiscal year due to favorable weather for construction-related activities.

Divestitures and restructuring. On September 29, 2025, we announced our intention to reduce costs through headcount reductions, site closures and strategic divestitures. As of September 30, 2025, we have accrued $1.3 million of costs related to the aforementioned restructuring activity. We also recognized a $66.7 million impairment charge related to the potential sale of the HDPE business. We expect to incur additional restructuring costs in fiscal 2026 and may incur additional losses related to divestiture activity.

F

### What the price says

The price assumes cash profits shrink 8.8% yearly over ten years; actual growth was 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-26); Ten-year compound average after fade. Initial solved rate -0.13607330079976981. Price 94.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.4423848897276377 → FY2025 1.1035404730424563. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $18.80 per share

- 2016-11: $21.45 per share

- 2016-12: $23.91 per share

- 2017-01: $26.72 per share

- 2017-02: $26.22 per share

- 2017-03: $26.28 per share

- 2017-04: $26.26 per share

- 2017-05: $20.86 per share

- 2017-06: $22.55 per share

- 2017-07: $20.82 per share

- 2017-08: $16.66 per share

- 2017-09: $19.51 per share

- 2017-10: $19.31 per share

- 2017-11: $21.28 per share

- 2017-12: $21.45 per share

- 2018-01: $23.38 per share

- 2018-02: $21.74 per share

- 2018-03: $19.85 per share

- 2018-04: $17.77 per share

- 2018-05: $21.60 per share

- 2018-06: $20.77 per share

- 2018-07: $23.66 per share

- 2018-08: $27.38 per share

- 2018-09: $26.53 per share

- 2018-10: $19.26 per share

- 2018-11: $20.42 per share

- 2018-12: $19.84 per share

- 2019-01: $23.19 per share

- 2019-02: $23.10 per share

- 2019-03: $21.53 per share

- 2019-04: $24.76 per share

- 2019-05: $23.39 per share

- 2019-06: $25.87 per share

- 2019-07: $27.29 per share

- 2019-08: $29.01 per share

- 2019-09: $30.35 per share

- 2019-10: $34.70 per share

- 2019-11: $41.72 per share

- 2019-12: $40.46 per share

- 2020-01: $39.70 per share

- 2020-02: $36.91 per share

- 2020-03: $21.07 per share

- 2020-04: $24.34 per share

- 2020-05: $26.84 per share

- 2020-06: $27.35 per share

- 2020-07: $26.67 per share

- 2020-08: $26.73 per share

- 2020-09: $22.73 per share

- 2020-10: $20.69 per share

- 2020-11: $38.98 per share

- 2020-12: $41.11 per share

- 2021-01: $44.36 per share

- 2021-02: $67.65 per share

- 2021-03: $71.90 per share

- 2021-04: $78.28 per share

- 2021-05: $77.20 per share

- 2021-06: $71.00 per share

- 2021-07: $75.11 per share

- 2021-08: $92.77 per share

- 2021-09: $86.92 per share

- 2021-10: $94.53 per share

- 2021-11: $106.50 per share

- 2021-12: $111.19 per share

- 2022-01: $107.78 per share

- 2022-02: $101.71 per share

- 2022-03: $98.44 per share

- 2022-04: $96.10 per share

- 2022-05: $108.92 per share

- 2022-06: $83.01 per share

- 2022-07: $99.27 per share

- 2022-08: $84.41 per share

- 2022-09: $77.81 per share

- 2022-10: $95.30 per share

- 2022-11: $122.15 per share

- 2022-12: $113.42 per share

- 2023-01: $130.25 per share

- 2023-02: $146.02 per share

- 2023-03: $140.48 per share

- 2023-04: $126.33 per share

- 2023-05: $116.77 per share

- 2023-06: $155.94 per share

- 2023-07: $158.67 per share

- 2023-08: $153.97 per share

- 2023-09: $149.19 per share

- 2023-10: $124.28 per share

- 2023-11: $129.90 per share

- 2023-12: $160.00 per share

- 2024-01: $152.53 per share

- 2024-02: $169.40 per share

- 2024-03: $190.36 per share

- 2024-04: $175.30 per share

- 2024-05: $152.15 per share

- 2024-06: $134.93 per share

- 2024-07: $135.00 per share

- 2024-08: $93.33 per share

- 2024-09: $84.74 per share

- 2024-10: $85.76 per share

- 2024-11: $94.31 per share

- 2024-12: $83.45 per share

- 2025-01: $81.44 per share

- 2025-02: $61.50 per share

- 2025-03: $59.99 per share

- 2025-04: $63.87 per share

- 2025-05: $65.10 per share

- 2025-06: $70.55 per share

- 2025-07: $77.02 per share

- 2025-08: $58.19 per share

- 2025-09: $62.74 per share

- 2025-10: $69.25 per share

- 2025-11: $66.95 per share

- 2025-12: $63.25 per share

- 2026-01: $69.45 per share

- 2026-02: $64.71 per share

- 2026-03: $58.91 per share

- 2026-04: $78.15 per share

- 2026-05: $82.81 per share

- 2026-06: $76.04 per share

- 2026-07: $72.96 per share

- 2026-08: $93.69 per share

- 2026-09: $94.75 per share

- 2026-10: $94.92 per share

## Annual estimated value (USD per share)

- FY2016: low $6.95 per share, central $7.53 per share, high $8.31 per share

- FY2017: low $4.19 per share, central $4.73 per share, high $5.46 per share

- FY2018: low $25.27 per share, central $28.53 per share, high $32.86 per share

- FY2019: low $35.09 per share, central $39.68 per share, high $45.79 per share

- FY2020: low $41.31 per share, central $46.29 per share, high $52.92 per share

- FY2021: low $73.26 per share, central $81.85 per share, high $93.29 per share

- FY2022: low $148.46 per share, central $209.07 per share, high $244.37 per share

- FY2023: low $217.86 per share, central $307.75 per share, high $360.10 per share

- FY2024: low $211.69 per share, central $298.78 per share, high $349.60 per share

- FY2025: low $171.08 per share, central $192.85 per share, high $221.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1666138/000162828025054049/atkr-20250930.htm); period 2025-09-30, filed 2025-11-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.