ATKR Spreadsheet & Bonus DD

ATKR Atkore: Here is a consolidated spreadsheet of Atkore tracking pricing changes and its impact on revenues between 2018 Q1 and 2025 Q1. Clearly they have grown volume steadily and were able to pass on input costs to customers in different market cycles.

Shareholder equity went up from $122 Million to $1.51 Billion from 2018 to 2025 Q1. Solid balance sheet with authorization to buy back 20% market cap at current prices.

Great capital allocation strategy with shareholder friendly management team returning profits to shareholders via share buybacks and dividend. Current dividend rate is less than 25% yearly net profits. So, room to grow dividend in future.

Simply compare net profit in 2019 Q4 vs 2025 Q1. With same net profit, EPS is 61% higher. Also, in the latest quarter they reported same net profit as prior to covid with much higher volumes. Yes, there is price pressure for sure from PVC conduit and steel conduit imports.

Once that normalizes, they should be back to growing EPS per year, which is projected to be 2026 with this year being the bottom. All this, with 2025 projected midpoint EPS of 6.3, trading at P/E of 10.3