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1. Company Snapshot

1.a. Company Description

Atkore Inc.manufactures and sells electrical, safety, and infrastructure products in the United States and internationally.The company offers electrical products, including conduits cables, and installation accessories.


It also provides safety and infrastructure solutions, such as metal framing, mechanical pipe, perimeter security, and cable management.The company 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 brands.It serves a group of end markets, including new construction; maintenance, repair, and remodel, as well as infrastructure; diversified industrials; alternative power generation; healthcare; data centers; and government through electrical, industrial, and mechanical contractors, as well as original equipment manufacturers.


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.

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1.b. Last Insights on ATKR

Atkore Inc.'s recent performance was positively driven by its strategic review and activist involvement, which created upside potential. The company's plan to divest its HDPE business could boost margins by 40 bps and position it as a pure-play electrical infrastructure company. Additionally, the company's $144 million deployment towards share repurchases and dividend payments returned cash to shareholders. Atkore's Net Sales of $2.9 billion in fiscal 2025 and organic volume growth for the third consecutive year also contributed to its performance.

1.c. Company Highlights

2. Atkore's Q1 FY2026 Earnings: A Strong Start to the Year

Atkore's first quarter fiscal year 2026 performance was impressive, with net sales of $656 million and adjusted EBITDA of $69 million, both exceeding the outlook range. The company's adjusted EPS came in at $0.83, beating estimates of $0.64. Organic volume grew 2% driven by the Electrical segment, with over $30 million in productivity savings year-over-year. This strong start to the year was driven by healthy end markets and productivity gains, with the company reaffirming its full-year outlook.

Publication Date: Feb -16

📋 Highlights
  • Q1 FY2026 Outperformed Guidance:: Net sales of $656M and adjusted EBITDA of $69M exceeded expectations, with adjusted EPS at $0.83.
  • Organic Growth and Productivity:: Electrical segment drove 2% volume growth, while annual productivity savings reached $30M YoY.
  • Strategic Divestiture Completed:: Sold Tectron Mechanical Tube, aligning with 80/20 initiative and focusing on core electrical infrastructure.
  • 2026 Guidance Reaffirmed:: Net sales of $2.95–3.05B, adjusted EBITDA of $340–360M, and adjusted EPS of $5.05–5.55.
  • Cost Savings and Cash Position:: $10–12M savings expected from facility exits, with no debt maturities until 2030 and strong liquidity.

Segment Performance

The Electrical segment drove the company's organic volume growth, while the S&I segment's 16.2% margin is not considered sustainable, with a more realistic expectation of 12% to 14% adjusted EBITDA margin level. The solar business had a weak quarter due to project timing, but has a good backlog and commitments from OEMs. The Hobart facility, producing solar torque tubes, is performing well, driving productivity and helping with estimates for the year.

Guidance and Outlook

For fiscal year 2026, Atkore expects net sales between $2.95 billion and $3.05 billion, adjusted EBITDA between $340 million and $360 million, and adjusted EPS between $5.05 and $5.55. The company is focused on its electrical infrastructure portfolio, supported by megatrends, and is on track to deliver its fiscal year 2026 outlook. Productivity savings are expected to continue, with $10 million to $12 million in savings from the exit of three manufacturing facilities.

Valuation and Cash Flow

Atkore's valuation metrics indicate a P/E Ratio of -47.75, P/B Ratio of 1.58, and EV/EBITDA of 21.44. The company remains in a strong cash position with no debt maturity repayments required until 2030. Cash from operations is expected to improve, with a modestly price positive cash flow in the second quarter and a ramp-up in the third and fourth quarters. Analysts estimate next year's revenue growth at 3.5%.

Strategic Actions

The company is focused on creating long-term value for shareholders, executing strategic actions, and evaluating additional opportunities. The divestiture of its Tectron Mechanical Tube product line aligns with its 80/20 initiative, and the company is exploring domestic sources of supply to mitigate the impact of tariffs, particularly on aluminum.

3. NewsRoom

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27,889 Shares in Atkore Inc. $ATKR Bought by Fox Run Management L.L.C.

Feb -25

Source: defenseworld.net

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Semanteon Capital Management LP Acquires New Position in Atkore Inc. $ATKR

Feb -23

Source: defenseworld.net

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Atkore Inc. (ATKR) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript

Feb -18

Source: seekingalpha.com

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Harbor SMID Cap Value ETF Q4 2025 Performance Review

Feb -10

Source: seekingalpha.com

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New York State Common Retirement Fund Sells 32,135 Shares of Atkore Inc. $ATKR

Feb -09

Source: defenseworld.net

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Atkore Inc. (ATKR) Q1 2026 Earnings Call Transcript

Feb -03

Source: seekingalpha.com

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Atkore Inc. (ATKR) Q1 Earnings and Revenues Top Estimates

Feb -03

Source: zacks.com

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Atkore Inc. Announces First Quarter 2026 Results

Feb -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.74%)

6. Segments

Electrical

Expected Growth: 2.5%

Atkore Inc.'s Electrical segment growth of 2.5% is driven by increasing demand for electrical infrastructure in construction and industrial markets, as well as growing adoption of electric vehicles and renewable energy sources. Additionally, the company's focus on product innovation and strategic acquisitions has enabled it to capitalize on emerging trends and expand its market share.

Safety & Infrastructure

Expected Growth: 3.5%

Atkore Inc.'s Safety & Infrastructure segment growth of 3.5% is driven by increasing demand for electrical infrastructure, government investments in transportation and energy projects, and rising adoption of safety protocols in industrial and commercial settings, further supported by the company's strategic acquisitions and product innovations.

7. Detailed Products

Electrical Conduit Systems

Atkore's electrical conduit systems provide a safe and reliable way to route and protect electrical conductors in commercial, industrial, and residential applications.

Electrical Fittings

Atkore's electrical fittings are designed to connect, terminate, and splice electrical conductors in a wide range of applications.

Cable Tray Systems

Atkore's cable tray systems provide a flexible and efficient way to manage and route cables in data centers, industrial facilities, and commercial buildings.

Fiber Optic Cable Systems

Atkore's fiber optic cable systems provide high-speed data transmission and connectivity solutions for telecommunications, data centers, and industrial applications.

Metal Framing

Atkore's metal framing products provide a structural framework for building construction, including walls, floors, and roofs.

All Thread Rods

Atkore's all thread rods are used in a variety of applications, including construction, industrial, and OEM manufacturing.

Concrete Inserts

Atkore's concrete inserts provide a secure and reliable way to anchor objects to concrete structures.

8. Atkore Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Atkore Inc. operates in the electrical raceway products industry, which has a moderate threat of substitutes. While there are some alternative products available, they are not significantly cheaper or more effective, limiting the threat of substitutes.

Bargaining Power Of Customers

Atkore Inc.'s customers are primarily electrical contractors and distributors, who have limited bargaining power due to the company's strong brand recognition and wide distribution network.

Bargaining Power Of Suppliers

Atkore Inc. relies on a diverse supplier base for raw materials, which reduces the bargaining power of individual suppliers. However, the company is still somewhat dependent on these suppliers, which limits its negotiating power.

Threat Of New Entrants

The electrical raceway products industry has significant barriers to entry, including high capital requirements and the need for specialized manufacturing expertise, which limits the threat of new entrants.

Intensity Of Rivalry

The electrical raceway products industry is highly competitive, with several established players competing for market share. Atkore Inc. faces intense rivalry from companies such as Hubbell Incorporated and Legrand.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.59%
Debt Cost 4.91%
Equity Weight 62.41%
Equity Cost 14.88%
WACC 11.13%
Leverage 60.24%

11. Quality Control: Atkore Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EnerSys

A-Score: 5.8/10

Value: 4.9

Growth: 6.3

Quality: 5.8

Yield: 2.0

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Acuity Brands

A-Score: 5.2/10

Value: 2.9

Growth: 6.8

Quality: 7.1

Yield: 0.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Hubbell

A-Score: 5.1/10

Value: 2.3

Growth: 6.7

Quality: 7.0

Yield: 2.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Hayward Holdings

A-Score: 4.4/10

Value: 4.2

Growth: 3.1

Quality: 7.5

Yield: 0.0

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Advanced Energy Industries

A-Score: 4.3/10

Value: 0.6

Growth: 5.0

Quality: 6.5

Yield: 0.0

Momentum: 9.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Atkore

A-Score: 3.9/10

Value: 6.9

Growth: 4.3

Quality: 3.4

Yield: 2.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

61.59$

Current Price

61.59$

Potential

-0.00%

Expected Cash-Flows