AT & S Austria Technologie & Systemtechnik AG/€ATS
1D1W1MYTD1Y5YMAX
Capital at risk
About AT & S Austria Technologie & Systemtechnik AG
AT & S Austria Technologie & Systemtechnik AG, established in 1987 and headquartered in Leoben, Austria, specializes in the design and manufacture of high-end printed circuit boards (PCBs) and integrated circuit (IC) substrates. The company's product portfolio includes double-sided and multilayer PCBs, high-density interconnect (HDI) microvia PCBs, flexible and rigid-flex PCBs, and IC substrates, serving sectors such as mobile devices, automotive, industrial, and medical. AT&S operates production facilities in Austria (Leoben, Fehring), India (Nanjangud), China (Shanghai, Chongqing), and Korea (Ansan near Seoul), with a new high-end production site under development in Kulim, Malaysia. The company employs approximately 13,500 people as of 2023/24. AT&S's strategic focus includes advancing technologies for applications such as 5G networks, IoT, autonomous driving, and artificial intelligence.
- Ticker
- €ATS
- Sector
- Digital Hardware
- Primary listing
- VSE
- Employees
- 14,569
- Headquarters
- Leoben, Austria
- Website
- ats.net
ATS Metrics
BasicAdvanced
€6B
111.87
€1.37
1.33
-
Price and volume
Market cap
€6B
Beta
1.33
52-week high
€236.50
52-week low
€20.00
Average daily volume
112K
Financial strength
Current ratio
1.762
Quick ratio
1.506
Long term debt to equity
1.136
Total debt to equity
1.43
Dividend payout ratio (TTM)
24.60%
Interest coverage (TTM)
2.10%
Profitability
EBITDA (TTM)
503.229
Gross margin (TTM)
15.63%
Net profit margin (TTM)
3.67%
Operating margin (TTM)
8.67%
Effective tax rate (TTM)
-6.14%
Revenue per employee (TTM)
€130,000
Management effectiveness
Return on assets (TTM)
2.16%
Return on equity (TTM)
5.93%
Valuation
Price to earnings (TTM)
111.872
Price to revenue (TTM)
3.078
Price to book
7.71
Price to tangible book (TTM)
7.82
Price to free cash flow (TTM)
55.259
Free cash flow yield (TTM)
1.81%
Free cash flow per share (TTM)
2.78
Growth
Revenue change (TTM)
18.38%
Earnings per share change (TTM)
6.03%
3-year revenue growth (CAGR)
5.55%
10-year revenue growth (CAGR)
10.01%
3-year earnings per share growth (CAGR)
40.03%
10-year earnings per share growth (CAGR)
8.92%
Bulls say / Bears say
AT&S delivered a sharp Q1 turnaround: currency-adjusted revenue rose 40%, EBITDA increased 134% to €165 million, and profit reached €41 million versus a €56 million loss a year earlier. (AT&S)
Management raised and then reaffirmed FY2026/27 guidance for 45–55% currency-adjusted revenue growth and a 32–37% EBITDA margin, indicating strong demand and substantial operating leverage. (AT&S)
The expansion of AI-substrate capacity in Kulim is backed by long-term customer commitments, while the company’s net-debt-to-EBITDA ratio improved to 1.9x at June 30, 2026, strengthening its ability to fund growth. (AT&S)
AT&S’s AI-driven expansion requires €1.0–1.2 billion of capital expenditure in FY2026/27, while the company also placed a €400 million hybrid convertible bond and suspended its dividend; this increases financing and potential dilution risk. (AT&S)
Despite strong earnings, Q1 operating cash flow fell to €39.9 million from €184 million and operating free cash flow declined to €5 million from €130 million, leaving limited internally generated cash relative to the planned investment program. (AT&S)
The additional €1.5–2.0 billion Kulim investment is supported by long-term customer agreements that remain subject to final negotiation and execution; delays, weaker demand or customer changes could undermine the upgraded outlook. (AT&S)
Data summarised monthly by Lightyear AI. Last updated on 10 Sept 2026.
Upcoming events
No upcoming events
Funds containing ATS
AllEURGBPUSD
Fund name | Fund size | €ATS weighting |
|---|---|---|
iShares ATX€EXXX | €171M | 4.86% |
iShares STOXX Europe 600 Technology€EXV3 | €224M | 0.49% |
iShares STOXX Europe 600 Technology€STEC | €26M | 0.49% |
Xtrackers MSCI Europe Small Cap€DX2J | €3.2B | 0.28% |
Xtrackers MSCI Europe Small Cap£XXSC | £2.8B | 0.28% |
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