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what it is
Atkore makes the pipes, conduit, and fittings that move power and cables through buildings, factories, data centers, and solar projects.
how it gets paid
Last year Atkore made $2.9B in revenue.
why growth slowed
Revenue fell 11.0% last year. Revenue was $656 million, down 1% vs. prior year, while latest SEC-verified EPS was $0.44, down 66% vs. prior year.
what just happened
Atkore's last reported quarter was a reset: EPS landed at $0.69 versus a $1.25 estimate, a 44.8% miss.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
11.1x trailing p/e — the market's not buying it — or you found a deal
2.1% dividend yield — cash in your pocket every quarter
11.0% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Atkore makes the pipes, conduit, and fittings that move power and cables through buildings, factories, data centers, and solar projects.
Atkore wins because contractors need product on time, not a philosophy lecture. It has about 5,600 employees and a broad North American manufacturing footprint, which helps it keep shelves full when projects cannot wait. Vertical integration (owning more of the production stack) → more control over cost and supply → so what: when material prices jump, you are not relying on one outside supplier to save you.
How they make money
$2.9B
annual revenue · revenue declined -11.0% last year
total revenue
$2.9B
11.0%
The products that matter
electrical conduit and fittings
Electrical Raceway Products
core to the $2.9B revenue base
this is the backbone of the company. snapshot data does not break out segment revenue here, but the core business still sits inside a company that produced $2.9B in sales last year.
center of gravity
plastic conduit and pipe systems
PVC and HDPE Portfolio
price-sensitive lines
these products sit closest to the current legal and pricing pressure. revenue fell 11.0% last year, which tells you this part of the portfolio did not get pricing power when it mattered.
legal overhang
data center support products
Cable Management and Metal Framing
the offset story
management commentary points to these lines as a relative bright spot tied to electrical infrastructure buildouts. that matters, because quarterly revenue was only $656M and atkore needs pockets of demand that can offset weaker pricing elsewhere.
demand support
Key numbers
14%
18-month upside
The published 18-month target is $76 versus a $66.66 stock price. Plain English: even the base upside case is not huge unless earnings recover.
0.8%
operating margin
Operating margin (profit after running the business) → almost no buffer → so what: one bad pricing quarter can wreck earnings.
66%
EPS drop
Latest quarterly EPS fell to $0.44 from the prior year, which tells you the earnings slide is not theoretical. It is already here.
$757M
long-term debt
Debt is 26% of capital, which is manageable with a B+ balance sheet, but less comfortable when profit margins are this thin.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $757M (26% of capital)
- net profit margin 6.1% — keeps 6 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ATKR 3 years ago → it's now worth $4,730.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Atkore's last reported quarter was a reset: EPS landed at $0.69 versus a $1.25 estimate, a 44.8% miss.
Revenue was $656 million, down 1% vs. prior year, while latest SEC-verified EPS was $0.44, down 66% vs. prior year. Lower selling prices and higher material costs did the damage.
$656M
revenue
$0.44
eps
19.2%
gross margin
the number that mattered
Gross margin was 19.2%, down from 25.9% a year earlier. That 6.7-point drop explains why revenue barely moved but profit fell apart.
-
despite a small volume increase tied to nonresidential demand, lower average selling prices have weighed on the top-line tally.
-
meanwhile, material costs rose and cut further into earnings.the electrical segment has helped offset broader challenges due to strength in the buildout of data center infrastructure.
-
current headwinds are degrading atkore’s core business model.the company had previously mentioned that the expansion of the pvc and hdpe (highdensity polyethylene) portfolios was the primary goal. however, both segments have been underperforming as of late and show little sign of recovering in the near term. the company has an ongoing securities fraud class-action case for anticompetitive price fixing of pvc pipes. the ever-evolving tariff environment has also been costly for atkore due to its sourcing of metals outside the u.s. all told, these challenges will likely be accentuated by the ceo announcing that he will be stepping down. the rise of artificial intelligence, data centers, and cloud computing offers an opportunity for a shift in long-term strategy. cable management and metal framing products have been performing well, and atkore’s demand schedules are expected to continue their upward trend. the sale of its tectron tube product line in december of 2025, removing around $40 million in annual sales, emphasizes the shift toward higher-return electrical infrastructure. although the scope of these new markets remains unclear, there has been an uptick in project cancellations for data centers.
-
this equity is worth considering for patient accounts with a higher risk tolerance.capital recovery potential over the 3 to 5-year pull is above average, and management noted that it would consider a sale or merger of the entire company. these shares offer an average dividend yield, and they are pegged to match the broader-market averages for year-ahead relative price performance.
source: company earnings report, 2026
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What could go wrong
the #1 risk is pvc price-fixing and securities litigation around a business already losing pricing power.
med
pvc litigation turns into cash cost, not just headline risk
multiple lawsuits now sit over the stock, including antitrust and securities claims tied to pvc pricing. when a company already has legal smoke around a commodity product line, the market assumes there may be fire.
atkore generated $2.9B in revenue last year with a 6.1% net margin. that margin does not leave a huge cushion if settlements, legal costs, or business disruption build from here.
med
pricing keeps falling faster than volume can save it
nonresidential demand and some volume strength helped, but lower average selling prices still dragged revenue lower. this is the classic manufacturer problem: selling more units matters less if the price per unit is moving the wrong way.
revenue fell 11.0% last year, while full-year EPS dropped from $12.69 to $5.99. if pricing stays weak, earnings can keep falling much faster than sales.
med
portfolio transition does not offset weakness in the core
data center exposure, cable management, and metal framing are the brighter pieces of the story. but a $40M product-line sale and a CEO transition tell you management is still rearranging the portfolio while the core business is under pressure.
quarterly revenue was $656M and quarterly margin was -0.5%. if higher-return electrical infrastructure does not scale fast enough, the low multiple is just the market seeing the cycle clearly.
legal risk and pricing risk are stacking on top of each other. that matters more than the 11.1x p/e, because cheap stocks get cheaper when the earnings base is still moving down.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether eps gets back above $5.99
the stock does not need perfection. it does need proof that 2025 was a trough year rather than the new baseline.
risk
any update on pvc and securities cases
the legal overhang is now part of the valuation. progress toward dismissal, settlement, or expansion matters immediately.
trend
average selling prices versus input costs
this is the margin equation in one line. if prices stay soft while materials stay expensive, recovery gets pushed out again.
calendar
next earnings and any CEO transition detail
you want two things in the same update: cleaner pricing commentary and a credible plan for where the portfolio goes next.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts do not see a strong short-term edge here.
risk profile
average
stability score 3. that means roughly middle-of-the-road risk on paper, even if the headlines feel hotter.
chart momentum
average
technical score 3. the chart is not giving you a rescue signal or a collapse signal.
earnings predictability
45 / 100
earnings can surprise you here. after EPS fell from $12.69 to $5.99, that warning feels earned.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 136 buyers vs. 164 sellers in 3q2025. total institutional holdings: 32.5M shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$45
$106
$67
current price
$76
target midpoint · +14% from current · 3-5yr high: $120 (+80% · 17% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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