What moves the needle: Gross margin has run about 28% and operating margin about 8.6% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 0.4% to 10% — on a steadier 28% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 6 regions, the largest United States at 41%.

Revenue by geography, FY2025

United States41%C$1.0B
Other Europe24%C$599M
Other17%C$427M
Germany10%C$251M
Canada5%C$131M
Italy3%C$88M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2023–2025

realized figures from each filing · older years to the left

2023’23	2024’24	2025’25	TTMTTMMar 2025
				Income statement
C$2.6B	C$3.0B	C$2.5B	C$2.5B	RevenueRevenue
28%	28%	26%	26%	Gross marginGross mgn
C$222M	C$315M	C$9M	C$9M	Operating incomeOp. inc.
8.6%	10.4%	0.4%	0.4%	Operating marginOp. mgn
C$127M	C$194M	(C$28M)	(C$28M)	Net incomeNet inc.
20%	21%	—	—	Effective tax rateTax rate
				Cash flow & returns
C$128M	C$21M	C$26M	C$26M	Operating cash flowOp. cash
C$26M	C$28M	C$34M	C$34M	DepreciationDeprec.
(C$25M)	(C$201M)	C$20M	C$20M	Working capital & otherWC & other
C$56M	C$59M	C$34M	C$34M	CapexCapex
2.2%	1.9%	1.3%	1.3%	Capex / revenueCapex/rev
C$102M	(C$8M)	(C$8M)	(C$8M)	Owner earningsOwner earn.
4.0%	−0.3%	−0.3%	−0.3%	Owner earnings marginOE mgn
C$72M	(C$38M)	(C$8M)	(C$8M)	Free cash flowFCF
2.8%	−1.3%	−0.3%	−0.3%	Free cash flow marginFCF mgn
C$21M	C$14K	C$45M	—	BuybacksBuybacks
8%	9%	—	—	ROICROIC
11%	12%	-2%	-2%	Return on equityROE
11%	12%	−2%	−2%	Retained to equityRetained/eq
				Balance sheet
C$160M	C$170M	C$226M	C$226M	Cash & investmentsCash+inv
C$400M	C$471M	C$719M	C$719M	ReceivablesReceiv.
C$257M	C$296M	C$320M	C$320M	InventoryInvent.
C$648M	C$604M	C$665M	C$665M	Accounts payablePayables
C$9M	C$163M	C$374M	C$374M	Operating working capitalOper. WC
C$1.5B	C$1.8B	C$1.9B	C$1.9B	Current assetsCur. assets
C$1.0B	C$1.0B	C$1.1B	C$1.1B	Current liabilitiesCur. liab.
1.4×	1.7×	1.7×	1.7×	Current ratioCurr. ratio
C$1.1B	C$1.2B	C$1.4B	C$1.4B	GoodwillGoodwill
C$3.5B	C$4.1B	C$4.6B	C$4.6B	Total assetsAssets
C$1.2B	C$1.2B	C$1.6B	C$1.6B	Total debtDebt
C$1.0B	C$1.0B	C$1.3B	C$1.3B	Net debt / (cash)Net debt
3.5×	4.6×	0.1×	0.1×	Interest coverageInt. cov.
C$1.1B	C$1.7B	C$1.7B	C$1.7B	Shareholders’ equityEquity
				Per share
91.8M	97.8M	98.0M	98.0M	Shares out (diluted)Shares
C$28.07	C$31.02	C$25.86	C$25.86	Revenue / shareRev/sh
C$1.39	C$1.98	C$-0.29	C$-0.29	EPS (diluted)EPS
C$1.11	C$-0.08	C$-0.08	C$-0.08	Owner earnings / shareOE/sh
C$0.78	C$-0.39	C$-0.08	C$-0.08	Free cash flow / shareFCF/sh
C$0.61	C$0.60	C$0.35	C$0.35	Cap. spending / shareCapex/sh
C$12.27	C$17.19	C$17.41	C$17.41	Book value / shareBVPS

The record, charted

FY2023–2025

Each measure over its full record; the current point and the worst year marked.

Share count

98Mpeak FY2025

Gross margin

26%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

(C$8M)owner earningsvs.(C$28M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2023FY2025

Owner-earnings bridge

FY2023–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a C$28M loss into (C$8M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023
Reported net income	(C$28M)	C$194M	C$127M
Depreciation & amortizationnon-cash charge added back	+C$34M	+C$28M	+C$26M
Working capital & othertiming of cash in and out, other non-cash items	+C$20M	−C$201M	−C$25M
Cash from operations	C$26M	C$21M	C$128M
Maintenance capital expenditurethe spending needed just to hold position and volume	−C$34M	−C$28M	−C$26M
Owner earnings	(C$8M)	(C$8M)	C$102M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−C$30M	−C$31M
Free cash flow	(C$8M)	(C$38M)	C$72M
Owner-earnings marginowner earnings ÷ revenue	0%	0%	4%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 40-F · source on SEC EDGAR →

Material weakness in financial controls

“Until the remediation steps set forth above are fully designed, implemented, and operate for a sufficient period of time such that they can be concluded to be operating effectively, the material weakness described above will not be considered remediated.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 0.1×

Does not cover its interest

Operating income C$9M ÷ interest expense C$92M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? C$1.3B · 145.3× operating profit

Heavy net debt

Cash C$226M − debt C$1.6B

What this means
Netting C$226M of cash and short-term investments against C$1.6B of debt leaves C$1.3B owed, about 145.3× a year's operating profit (169.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 37d

Tight

DSO 104 + DIO 62 − DPO 129 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 12%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin -0%

Consumes cash through the cycle

3-yr median margin, range -0%–4%; latest (C$8M) = operating cash C$26M − maintenance capex C$34M

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -0% of revenue this year, a -0% median across 3 years.
Are earnings backed by cash? C$26M

Loss, but cash-generative

Net income (C$28M) · cash from operations C$26M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 1.01×

Maintaining

Capex C$34M ÷ depreciation C$34M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 2 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · C$2.5B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Near

Current ratio ≥ 2× · 1.69×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · C$1.6B vs C$780M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$1.01/share (latest year C$-0.29), the averaged base the calculator's gate runs on, and book value is C$17.61/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Named as a competitive risk

Its FY2026 10-K names artificial intelligence as a competitive threat.

“These deficiencies could undermine the decisions, predictions, or analysis AI applications produce, subjecting the Company to competitive harm, legal liability, and brand or reputational harm.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsC$1.9B

Cash & short-term investmentsC$226M
ReceivablesC$719M
InventoryC$320M
Other current assetsC$640M

Current liabilitiesC$1.1B

Debt due within a yearC$27M
Accounts payableC$665M
Other current liabilitiesC$433M

Current ratio1.69×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.41×stricter: inventory excluded

Cash ratio0.20×strictest: cash alone against what's due

Working capitalC$780Mthe cushion left after near-term bills

Debt due this year vs. cashC$27M due · C$226M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2025 balance sheet

Deeper floors

Tangible book value(C$447M)equity stripped of goodwill & intangibles

Net current asset value(C$1.0B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesC$1.7BC$129M of it operating leases

Deferred revenueC$330Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 3-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangiblesC$2.2B47% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity82%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiringC$0over 3 years buying other businesses, against C$149M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Industrial Machinery

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
RRXRegal Rexnord Corporation	$5.9B	27%	9.9%	7%	9%
IEXIDEX Corp.	$3.5B	44%	22.3%	15%	18%
GTESGates Industrial	$3.4B	39%	12.9%	7%	9%
ESABEsab Corporation	$2.8B	36%	13.6%	10%	10%
NDSNNordson Corporation	$2.8B	55%	23.8%	13%	19%
ATSATS Corporation	C$2.5B	28%	8.6%	—	-0%
SYMSymbotic Inc.	$2.2B	15%	-21.3%	—	-4%
GGGGraco Inc.	$2.2B	53%	26.6%	32%	20%
Group median	—	37%	13.2%	—	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. ATS Corporation's US listing is the ordinary share itself; figures in this tool are translated at CAD 1 = $0.712 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in CAD.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what ATS Corporation has delivered.

ATS Corporation’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($6M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($6M) on 97M shares outstanding, per the 40-F cover, as of 2025-03-31; net debt $958M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ATS against another business →

Cite: Owner Scorecard, "ATS Corporation (ATS), the owner's record," https://ownerscorecard.com/c/ATS, data as of 2026-07-09.

Manual order: ← ATHM its page in the Manual AU →

Industry order: ← ALH the Industrial Machinery chapter AZ →