ATI Inc (ATI) is overvalued and Commercial Metals Co (CMC) is slightly undervalued.
Against our estimates of intrinsic value, CMC trades at the wider discount: a margin of safety of +16%, against -228% for ATI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.7% (average of 3 methods) values the shares at $56.85; the price of $186.56 is 228% above that value, and 74% of that value comes from beyond year five.
Leak Score 69/100 on 10 of 12 signals
Discounting its cash flows at 9.7% (average of 3 methods) values the shares at $77.55; the price of $65.00 is 16% below that value, and 74% of that value comes from beyond year five.
Leak Score 49/100 on 3 of 12 signals
| Metric | ATI | CMC |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $186.56 | $65.00 |
| Intrinsic value | $56.85 | $77.55 |
| Margin of safety | -228% | +16% |
| Leak Score | 69/100 (10/12) | 49/100 (3/12) |
| Market cap | $25.4B | $7.2B |
| Revenue growth, 5 years | 9.0% | 7.3% |
| Operating margin | 16.0% | 9.1% |
| Net margin | 10.1% | 6.7% |
| Return on equity | 26.3% | 13.8% |
| Debt to equity | 1.17 | 0.80 |
| P/E | 54.5x | 12.3x |
| Forward P/E | 29.8x | 9.0x |
| P/B | 13.5x | 1.6x |
| Dividend yield | — | 1.2% |