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AtkinsRealis
(TSX:ATRL)
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Rating:67Neutral
Price Target:
C$93.00
▲(10.50% Upside)
Action:Downgraded
Date:08/24/26
The score is primarily supported by improving fundamentals (strong multi-year revenue growth, reduced leverage, and a return to solid positive free cash flow). It is held back by weaker technical positioning (price below key moving averages with negative MACD) and a mixed valuation profile (high P/E partially offset by a very high dividend yield).
Positive Factors
Strong Revenue Growth
The substantial multi-year increase in revenue indicates expanding business activity across AtkinsRéalis’s engineering, infrastructure, energy, buildings, defense, and nuclear markets. Continued scale can support broader client relationships, staff utilization, and recurring project opportunities over the coming quarters.
Negative Factors
Volatile Profitability
Large fluctuations in reported margins reduce confidence that recent profitability fully reflects repeatable operating performance. If earnings remain influenced by volatile or non-recurring items, forecasting results and assessing sustainable returns over the next several quarters becomes more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
The substantial multi-year increase in revenue indicates expanding business activity across AtkinsRéalis’s engineering, infrastructure, energy, buildings, defense, and nuclear markets. Continued scale can support broader client relationships, staff utilization, and recurring project opportunities over the coming quarters.
Read all positive factors
AtkinsRealis (ATRL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$13.96B
Dividend Yield0.09%
Average Volume (3M)552.01K
Price to Earnings (P/E)33.3
Beta (1Y)1.20
Revenue Growth14.82%
EPS Growth-82.14%
CountryCA
Employees40,246
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.62
Shares Outstanding159,906,140
10 Day Avg. Volume520,289
30 Day Avg. Volume552,007
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.74
Price to Sales (P/S)1.37
P/FCF Ratio52.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$113.00Price Target Upside34.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4
Revenue Forecast (FY)C$12.12B
AtkinsRealis Business Overview & Revenue Model
Company Description
AtkinsRéalis Group Inc., founded in 1911 and headquartered in Montreal, Canada, provides extensive professional services, project management, and capital investment solutions worldwide. Its operations span the United Kingdom, Canada, the United St...
How the Company Makes Money
AtkinsRéalis primarily makes money by providing fee-based engineering and project-related services to public- and private-sector clients. Its revenue model is largely contract-driven and includes (1) professional services fees for consulting, engi...
AtkinsRealis Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial progress: record revenues and backlog, robust cash generation, material EPS improvement, and major nuclear contract wins. Management highlighted margin expansion initiatives, strategic acquisitions, an investment-grade balance sheet after monetizing Highway 407, and a confident 2026 outlook for Engineering Services and Nuclear. Key negatives center on legacy LSTK project closeouts causing notable near-term cash and EBIT drag, higher transformation costs, and some regional/sector softness (U.S. minerals & metals, Middle East reprioritization). Overall, the positive indicators (record metrics, cash, backlog, nuclear momentum, improved margins and EPS) substantially outweigh the limited, mostly one-time or transitional lowlights.Positive Updates
Record Annual Revenue for AtkinsRealis Services
AtkinsRealis Services generated record revenue of $11.0 billion in 2025, up 16% organic growth year-over-year with an approximate 10% segment adjusted EBIT-to-segment revenue ratio.
Negative Updates
LSTK Legacy Project Closeout Drag
LSTK projects produced negative full-year EBIT (-$112 million) and negative net cash of $25 million in 2025. Management expects LSTK cash flows to be negative $100 million to $150 million in 2026 while completing legacy light rail transit closeouts and settling final accounts and claims.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue for AtkinsRealis Services
AtkinsRealis Services generated record revenue of $11.0 billion in 2025, up 16% organic growth year-over-year with an approximate 10% segment adjusted EBIT-to-segment revenue ratio.
Read all positive updates
Company Guidance
The company’s 2026 guidance calls for Engineering Services regions organic revenue growth of 5%–7% with a segment adjusted EBITDA-to-net-revenue margin of 16.5%–17.5% (with EBITDA more weighted to H2), Nuclear revenues of approximately $2.5 billion with adjusted EBIT margin ~11%–12% (implying segment adjusted EBITDA in the mid‑20% range), corporate SG&A of $125–135 million, CapEx of $175–200 million, net cash from operating activities of ~ $500 million, LSTK cash flow drag of roughly negative $100–150 million, and an expected 2026 effective tax rate nearer the statutory 25%–30%; longer‑term targets were updated to Engineering Services organic CAGR 2025–27 of 5%–7% and Nuclear revenue of $2.6–3.0 billion by 2027 with adjusted EBIT-to-revenue targeted at 11%–13% (long‑term 12%–14%).AtkinsRealis Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.72B | 10.96B | 9.57B | 8.53B | 7.47B | 7.29B |
| Gross Profit | 924.41M | 822.29M | 665.27M | 574.53M | 251.22M | -122.17M |
| EBITDA | 1.01B | 3.45B | 693.40M | 673.37M | 283.59M | 383.82M |
| Net Income | 430.24M | 2.63B | 283.87M | 287.21M | 9.75M | 666.56M |
Balance Sheet | ||||||
| Total Assets | 12.46B | 12.53B | 11.29B | 10.28B | 9.46B | 9.88B |
| Cash, Cash Equivalents and Short-Term Investments | 884.02M | 1.17B | 679.01M | 486.63M | 599.35M | 628.04M |
| Total Debt | 1.32B | 1.72B | 2.20B | 2.37B | 2.49B | 2.16B |
| Total Liabilities | 6.99B | 6.96B | 7.50B | 6.99B | 6.58B | 6.88B |
| Stockholders Equity | 5.39B | 5.50B | 3.77B | 3.28B | 2.87B | 2.97B |
Cash Flow | ||||||
| Free Cash Flow | 517.52M | 284.70M | 365.86M | -25.82M | -355.19M | 27.91M |
| Operating Cash Flow | 705.15M | 461.28M | 525.78M | 65.96M | -245.36M | 134.20M |
| Investing Cash Flow | -218.88M | 1.96B | 70.27M | 9.48M | -82.47M | -263.71M |
| Financing Cash Flow | -635.37M | -1.93B | -408.35M | -170.91M | 283.12M | -192.53M |
AtkinsRealis Technical Analysis
Neutral
84.16
Price Trends
87.57
Negative
87.29
Negative
89.82
Negative
Market Momentum
-0.60
Negative
53.32
Neutral
80.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ATRL, the sentiment is Neutral. The current price of 84.16 is below the 20-day moving average (MA) of 86.01, below the 50-day MA of 87.57, and below the 200-day MA of 89.82, indicating a neutral trend. The MACD of -0.60 indicates Negative momentum. The RSI at 53.32 is Neutral, neither overbought nor oversold. The STOCH value of 80.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ATRL.
AtkinsRealis Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$11.44B | 22.98 | 15.26% | 0.92% | 9.97% | 15.80% | |
72 Outperform | C$25.19B | 26.54 | 9.52% | 0.80% | 10.24% | 14.12% | |
71 Outperform | C$3.89B | 65.04 | 13.41% | 1.20% | 7.38% | -39.80% | |
67 Neutral | C$13.96B | 33.31 | 7.89% | 0.09% | 14.82% | -82.14% | |
64 Neutral | C$2.84B | 28.64 | 24.14% | 0.91% | 16.24% | 10.17% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$3.09B | -49.52 | -6.76% | 1.70% | 21.48% | -323.81% |
* Industrials Sector Average
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AtkinsRealis
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AtkinsRealis Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
AtkinsRéalis lifts nuclear outlook as Q2 results hit record EBITDA
Positive
Aug 6, 2026
AtkinsRéalis reported second-quarter 2026 revenue of $3.0 billion, up 10% year over year, with Segment Adjusted EBIT also rising 10% and Adjusted EBITDA hitting a quarterly record high of $292.9 million. The company’s Engineering Servic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.