ATS reported adjusted EPS of C$0.27 for its fiscal second quarter, beating the calendar estimate of C$0.23. But lower revenue and margins, along with a net loss, make the results more mixed than the headline suggests.
ATS Corporation (TSX: ATS), also known as ATS.TO, reported adjusted basic earnings per share of C$0.27 for the three months ended September 27, 2026. That was 17.4% above the C$0.23 estimate in the earnings calendar. Revenue fell 8.6% year over year to C$665.8 million, and the company reported a net loss of C$5.0 million. For Canadian investors, the key question is whether stronger bookings and a record life sciences backlog can offset near-term weakness in other automation markets.
Recent earnings trend
ATS CORP
ATS.TO
ATS.TO
ATS CORP
WealthAwesomeMarket cap
$2.41B
P/E
51.2x
52W high
$49.48
52W low
$23.84
1W change
-8.25%
Beta
1.18
Analyst Price Targets
Based on analyst covering ATS · as of Oct 19, 2026
Wall Street analysts forecast ATS stock price to rise 50.7% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$37.05
+50.7% Upside
Previously C$37.30 on Oct 1, 2026
Current Price
C$24.59
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on ATS's historical volatility
30-Day Vol
34.3%
Annualized
90-Day Vol
62.4%
Annualized
Trend (90d)
-47.1%
Annualized drift
90d Mean
C$20.78
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$23.25 | C$20.65 – C$26.17 |
| 60 trading days | C$21.98 | C$18.59 – C$25.99 |
| 90 trading days | C$20.78 | C$16.93 – C$25.51 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 8 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-04 | 0.2700 | 0.2300 | +17.4% |
| 2026-06-30 | 2026-08-06 | 0.3500 | 0.4200 | -16.7% |
| 2026-03-31 | 2026-05-28 | 0.3600 | 0.4400 | -18.2% |
| 2025-12-31 | 2026-02-04 | 0.4800 | 0.4400 | +9.1% |
| 2025-09-30 | 2025-11-05 | 0.4500 | 0.4300 | +4.7% |
| 2025-06-30 | 2025-08-07 | 0.4100 | 0.4200 | -2.4% |
Investor takeaway: The EPS beat is encouraging, but it doesn’t offset lower revenue and adjusted operating margins or the reported net loss. ATS said bookings rose both year over year and from the previous quarter, led by life sciences. Delays in non-life sciences orders, including packaging automation, remain a near-term challenge. Keep in mind that the calendar’s C$0.27 figure is adjusted EPS; ATS reported a basic loss of C$0.05 per share.
C$827 million in quarterly order bookings
Bookings rose 12.7% year over year and 26.1% from the previous quarter, pointing to stronger demand despite lower revenue. Life sciences led the increase, while some non-life sciences customers delayed capital spending decisions, according to ATS.
Bull case
Order bookings reached C$827 million, up 12.7% year over year and 26.1% from the previous quarter. Life sciences bookings were especially strong, and the segment’s backlog hit a record. ATS also reported growth in energy and services, with its trailing 12-month book-to-bill ratio at about 1.05:1. If delayed customer decisions resume and the fixed-cost transformation improves execution, stronger orders and service revenue could help the business recover.
Bear case
Revenue fell to C$665.8 million from C$728.5 million a year earlier. Adjusted EBITDA dropped to C$80.7 million from C$103.7 million, and adjusted earnings from operations margin narrowed to 8.6% from 10.9%, mainly because of lower volumes and a less favorable mix. ATS also reported a C$5.0 million net loss. Its backlog stood at C$2.009 billion, down from C$2.070 billion a year earlier. The company cited delays in non-life sciences bookings, including amid tariff uncertainty. Its share price also remains below its 50- and 200-day moving averages.
Analysis
ATS beat the earnings-calendar estimate with adjusted EPS of C$0.27 versus C$0.23, a 17.4% positive surprise. That’s a turnaround from misses in the previous two comparable quarters: C$0.35 versus C$0.42 in June and C$0.36 versus C$0.44 in March.
The company’s results show why the EPS beat needs context. Revenue fell 8.6% year over year to C$665.8 million from C$728.5 million. ATS reported a net loss of C$5.0 million, compared with net income of C$33.6 million a year earlier. Adjusted EBITDA fell to C$80.7 million from C$103.7 million, while adjusted earnings from operations margin narrowed to 8.6% from 10.9% as volumes and mix weakened. The calendar’s adjusted EPS figure is not the same as ATS’s reported basic loss of C$0.05 per share.
ATS shares closed at C$24.59 on November 4, down 7.21% that day. The available figures don’t show whether the earnings release alone caused the decline.
Analysis
The strongest signal in the release was order activity. Bookings totalled C$827 million, up 12.7% year over year and 26.1% from the first quarter. ATS said life sciences bookings reached their highest quarterly level since the second quarter of fiscal 2025, and the segment ended the quarter with a record backlog. Total backlog was C$2.009 billion, however, below the C$2.070 billion reported a year earlier.
Management described healthy pipelines across its markets and pointed to momentum in radiopharmaceuticals and nuclear. It also noted that awards in those markets can vary in timing and size. Non-life sciences bookings faced delays, particularly in packaging automation. Tariff uncertainty was one factor behind postponed capital decisions.
ATS is moving ahead with a fixed-cost transformation program and said services are contributing more revenue. For investors following ATS on the TSX, the next test is whether stronger bookings turn into revenue and improved margins without further delays.
Analysis
Analyst targets and a statistical model give very different signals, and neither is a guarantee. The average analyst target is C$37.05, compared with the last close of C$24.59, implying 50.7% upside to the average. The supplied rating label is bullish based on that target comparison. A formal rating isn’t available for this Canadian listing. See the analyst targets for ATS for details.
Wealth Awesome’s statistical 90-day price model gives a mean forecast of C$20.78. Its 68% range is C$16.93 to C$25.51, and its 95% range is C$13.79 to C$31.32. This model is uncertain and isn’t financial advice. You can review the ATS price forecast alongside the company’s results.
The supplied consensus for next quarter is C$0.44 EPS, based on eight analysts, and revenue of C$748.17 million. The EPS estimate slipped from C$0.45 over the past 30 days, with one downward revision and none upward. Watch whether bookings convert into sales, margins stabilize, and the company’s cost and execution plans show measurable progress.
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