# Atmus Filtration Technologies (ATMU.US)

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

Analysis as of: 2026-10-16T07:26:40.117Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $43.98 per share; close as of 2026-10-15.

Estimated value: low $30.05 per share, central $33.82 per share, high $38.84 per share. Buy at or below the central value $33.82 per share. Valuation as of 2026-10-16T07:26:40.117Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.12×

- FY2020: 0.16×

- FY2021: 0.15×

- FY2022: 0.13×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 38.9%

- ROIC, second-lowest year: 35.9%

- Typical minus recent gross margin: -3.3 pp

- Typical gross margin (annual median): 25.1%

- Recent gross margin (lower of latest and 3-year median): 28.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 28.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 38.1%

- FY2021: 46.3%

- FY2022: 39.7%

- FY2023: 41.4%

- FY2024: 35.7%

- FY2025: 35.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $852M

- Net income, five-year total: $905M

- Working capital / revenue, annual change: 0.3 pp

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

- FY2021: 1.00×

- FY2022: 0.98×

- FY2023: 0.90×

- FY2024: 0.90×

- FY2025: 0.93×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 1.82 to 2.22 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Per-share value growth: 5.0%

- Per-share value change: $0.40

- Per-share value, starting three-year median: $1.82

- Per-share value, ending three-year median: $2.22

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 35.9%

Chart: Earnings per share; fiscal year observations.

- FY2019: $1.82

- FY2020: $1.71

- FY2021: $2.04

- FY2022: $2.05

- FY2023: $2.05

- FY2024: $2.22

- FY2025: $2.50

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -8.9%

- FY2021: -4.7%

- FY2022: 0.5%

- FY2023: -1.6%

- FY2024: 6.7%

- FY2025: 0.3%

## Holders

## Price story

Down 32% since Feb 2026 · "Aftermarket demand remained soft throughout 2025." (SEC filing, Feb 2026) · sales +5.7%

Story as of 2026-10-16T09:58:20.707Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

- 2025-08-08: Atmus raises 2025 revenue outlook to up 1%-4% while accelerating $50M share repurchases ([seekingalpha.com](https://seekingalpha.com/news/4482767-atmus-raises-2025-revenue-outlook-to-up-1-percentminus-4-percent-while-accelerating-50m-share?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-09: Atmus Filtration Technologies (ATMU) Is Up 5.3% After Boosting 2025 Outlook and Increasing Dividend ([finance.yahoo.com](https://finance.yahoo.com/news/atmus-filtration-technologies-atmu-5-101113709.html))

- 2026-02-13: Atmus Filtration Expects Annual Results To Improve; Stock Up Over 3% In Pre-Market ([nasdaq.com](https://www.nasdaq.com/articles/atmus-filtration-expects-annual-results-improve-stock-over-3-pre-market))

### Sales · FY2024–2025

sales +5.7%; source https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm; observed 2026-02-13.

- FY2019: $1.3B 

- FY2020: $1.2B 

- FY2021: $1.4B 

- FY2022: $1.6B 

- FY2023: $1.6B 

- FY2024: $1.7B 

- FY2025: $1.8B 

### Gross margin · FY2025

gross margin 28.9%; source https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm; observed 2026-02-13.

- FY2019: 24.4% 

- FY2020: 25.1% 

- FY2021: 24.3% 

- FY2022: 23.0% 

- FY2023: 27.1% 

- FY2024: 28.4% 

- FY2025: 28.9% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm (filed 2026-02-13); FY2025: revenue 1764300000; grossProfit 509500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATMU.US: Atmus Filtration Technologies Inc. designs, manufactures, and sells filtration products under the Fleetguard brand in the United States and internationally. It offers fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters and coolants and other chemicals for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment. The company also develops filtration technologies, including filtration media, filter element formation, filtration systems integration; and service-related solutions, such as remote digital diagnostic and prognostic platforms, and analytics. Atmus Filtration Technologies Inc. was founded in 1958 and is headquartered in Nashville, Tennessee.

### Why customers stay

Margins ranged from 27.1% to 28.9% during 2023–25; it earns 38.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 28.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 7-year return on capital observations [[2020,0.381424385969716],[2021,0.4625255516286178],[2022,0.39692282383691974],[2023,0.41406864885947237],[2024,0.3566448185256836],[2025,0.358635581665428]]; median 0.38917360490331787. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.3% of cash earnings on expansion; paid dividends in 2 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 20000000; owner earnings 152800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 26500000; owner earnings 137000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 11800000; upkeep 21600000; owner earnings 170100000. Growth capex / owner earnings = 0.06937095825984715.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 13320181.463386368; upkeep 24179818.536613632; owner earnings 167820181.46338636. Growth capex / owner earnings = 0.07937174985293682.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 7368339.922580771; upkeep 38431660.07741923; owner earnings 154368339.92258078. Growth capex / owner earnings = 0.04773219642237625.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 4632145.1256098; upkeep 43967854.8743902; owner earnings 166432145.12560982. Growth capex / owner earnings = 0.027832034022717327.

- Source: https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm (filed 2026-02-13); FY2025: growth capex 10204523.82142485; upkeep 43695476.17857515; owner earnings 193704523.82142484. Growth capex / owner earnings = 0.0526808750777155.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,8300000],[2025,17300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1921963/000192196326000015/atmu-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 60700000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATMU.US SharesStats.PercentInsiders = 0.522 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.05056016826907472. Price 43.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2023-05: $20.74 per share

- 2023-06: $21.96 per share

- 2023-07: $23.85 per share

- 2023-08: $23.05 per share

- 2023-09: $20.85 per share

- 2023-10: $18.76 per share

- 2023-11: $21.88 per share

- 2023-12: $23.49 per share

- 2024-01: $22.33 per share

- 2024-02: $23.87 per share

- 2024-03: $32.25 per share

- 2024-04: $30.29 per share

- 2024-05: $30.84 per share

- 2024-06: $28.78 per share

- 2024-07: $30.84 per share

- 2024-08: $35.85 per share

- 2024-09: $37.53 per share

- 2024-10: $38.94 per share

- 2024-11: $43.29 per share

- 2024-12: $39.18 per share

- 2025-01: $41.82 per share

- 2025-02: $39.80 per share

- 2025-03: $36.73 per share

- 2025-04: $34.67 per share

- 2025-05: $36.02 per share

- 2025-06: $36.42 per share

- 2025-07: $38.91 per share

- 2025-08: $44.52 per share

- 2025-09: $45.09 per share

- 2025-10: $45.48 per share

- 2025-11: $50.61 per share

- 2025-12: $51.91 per share

- 2026-01: $57.97 per share

- 2026-02: $64.53 per share

- 2026-03: $56.77 per share

- 2026-04: $63.40 per share

- 2026-05: $46.78 per share

- 2026-06: $50.99 per share

- 2026-07: $51.63 per share

- 2026-08: $47.23 per share

- 2026-09: $43.42 per share

- 2026-10: $43.98 per share

## Annual estimated value (USD per share)

- FY2023: low $25.34 per share, central $28.61 per share, high $32.96 per share

- FY2024: low $25.26 per share, central $28.49 per share, high $32.79 per share

- FY2025: low $27.45 per share, central $30.90 per share, high $35.49 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/1921963/000192196326000015/atmu-20251231.htm); period 2025-12-31, filed 2026-02-13.

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.