What is vacuum induction melting (VIM) and vacuum arc remelting (VAR) and why do aerospace alloys require it?

Conventional melting limitations: steel is typically melted in electric arc furnaces (EAF) or basic oxygen furnaces (BOF) open to the atmosphere; at melt temperatures (1,400-1,600°C), oxygen from the air reacts with aluminum, titanium, and other alloying elements in the molten metal; the products (alumina Al2O3, titania TiO2) form particles called inclusions; in commodity steel, small inclusions are acceptable; in aerospace rotating components (jet engine turbine discs spinning at 10,000-15,000 RPM), an inclusion under high centrifugal stress can become a fatigue crack initiation site, leading to disc failure and catastrophic engine loss. Vacuum induction melting (VIM): melts raw materials and alloy additions in an induction furnace (using electromagnetic induction to heat the charge) under vacuum (10-50 micron Hg); without atmospheric oxygen, inclusions do not form; the vacuum also removes dissolved gas (hydrogen, nitrogen) that creates porosity; VIM produces an alloy with controlled chemistry but the electrode surface still has some surface defects. Vacuum arc remelting (VAR): the VIM electrode is placed in a water-cooled copper crucible under vacuum; an electric arc melts the VIM electrode from the bottom up; the metal solidifies directionally upward; this controlled solidification eliminates segregation (uneven alloy element distribution) and surface defects from VIM; the VAR ingot has extremely homogeneous chemistry and no inclusions. Aviation requirement: ASTM and OEM specifications for rotating engine components require evidence of VIM-VAR or VIM-ESR (electro-slag remelting) processing; the ultrasonic testing and certification requirements are stringent; suppliers without VIM-VAR capability cannot supply these specifications regardless of price.

What is ATI's titanium business and why is it significant?

Titanium fundamentals: titanium (Ti) is a metal with exceptional specific strength (strength per unit weight) — titanium alloys (Ti-6Al-4V is the most common) have comparable strength to steel at 40-45% of steel's weight; titanium also has excellent corrosion resistance, biocompatibility, and ability to bond to bone (making it ideal for medical implants). Aerospace titanium applications: commercial aircraft increasingly use titanium to reduce weight and fuel consumption; the Boeing 787 uses approximately 15% titanium by weight (versus 2-3% in aluminum airframes of earlier generations); a 787 uses approximately 50 tons of titanium; Airbus A350 similarly uses substantial titanium in critical structural sections, engine pylons, and landing gear; titanium fan blades in modern turbofan engines (LEAP, GE9X) are titanium because titanium is the right density for the blade rotation dynamics. ATI's titanium position: ATI operates titanium melting (using vacuum arc remelting of titanium sponge feedstock), hot rolling mills, and finishing operations; ATI produces titanium mill products (plate, sheet, bar, billet) and fabricated titanium components (forgings, castings); ATI is among the largest U.S. aerospace-grade titanium producers with qualifications on Boeing, Airbus, GE, and Pratt & Whitney programs. Supply chain: the global aerospace titanium supply chain has been tight since Russia (a major titanium supplier via VSMPO-AVISMA) restricted exports following the Ukraine invasion; Western aerospace manufacturers have been accelerating qualification of alternative non-Russian titanium suppliers including ATI.

How do aerospace alloy qualifications create barriers in specialty metals?

Material qualification for aerospace: an aerospace OEM (Boeing, Airbus, GE) or Tier 1 supplier (Howmet, Spirit AeroSystems) develops a component design and selects a specific material (e.g., ATI's Ti-6Al-4V per AMS 4928 specification); qualification involves: chemistry qualification (certifying that ATI's specific alloy meets the chemistry specification); process qualification (certifying ATI's specific melt route, hot work process, and heat treatment produce the required microstructure and mechanical properties); testing (fatigue life testing of representative samples, fracture toughness testing, tensile testing at temperature); traceability (ATI must maintain records tracing each production lot from raw material through shipping); certification (NADCAP accreditation of ATI's melting and processing operations). Time and cost: a new material or supplier qualification for a rotating aerospace component can take 3-5 years and cost millions in testing; the OEM pays these costs to verify the supplier can produce conforming material; once qualified, the OEM is reluctant to re-qualify another supplier (additional cost and time without improving the component). Result: ATI's titanium qualifications on the 787, A350, F-35, and LEAP engine are decades-long moats; a new titanium producer couldn't displace ATI on these programs even if their material was equal quality; the qualification barrier is the competitive moat.

brimindinvest.com / compare / crs-vs-atmLIVE

CRS

Carpenter Technology Corporation · Materials - Specialty Metals & Alloys

$586.47

+44.32% this month

VERSUS

⟷

COMPARE

ATI

ATI Inc. · Materials - Specialty Metals & Alloys / Aerospace

$201.34

+33.83% this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

CRS

0

ATI

4

ATI LEADS 4/5

Comparison scoreboard

ATI LEADS 4/5

AI Score

CRS 64.2

ATI ✓69.4

1Y Return

CRS +134.31%

ATI ✓+145.00%

Fwd P/E

CRS 46.28

ATI ✓37.24

Target Up.

CRS -19.94%

ATI ✓-9.83%

Op. Margin

CRS N/A

ATI N/A

Metrics last refreshed: 6/20/2026

Quick take

CRS vs ATI Stock Comparison: AI Score, Valuation, Performance and Upside

CRS (Carpenter Technology) and ATI (ATI Inc.) are both U.S. specialty alloy metal manufacturers serving the demanding aerospace, defense, and medical markets — Carpenter Technology focuses on specialty stainless steels, high-temperature alloys, and medical implant metals with a diversified market focus, while ATI has pivoted to a pure-play aerospace and defense specialty materials strategy (titanium, nickel superalloys) after divesting commodity stainless operations.

CRS vs ATI is specialty alloy manufacturer with aerospace, medical, and energy market diversification (Carpenter Technology's proprietary high-temperature nickel alloys, medical implant stainless steels, and energy application specialty materials — broad market reach across aerospace, medical, and industrial applications) versus pure-play aerospace and defense specialty materials after commodity exit (ATI's titanium and nickel superalloy focus exclusively on the highest-specification aerospace applications — pure aerospace leverage with titanium expertise and zirconium specialty products) — diversified specialty metals versus concentrated aerospace materials play.

Live analysis · updated 6/20/2026

ATI holds the edge across 4 of 5 key metrics in this comparison. ATI leads on both 1-year return (+145.00%) and forward P/E (37.24x vs 46.28x for CRS), a relatively favorable combination of momentum and valuation. Analyst consensus implies meaningfully more upside for ATI (-9.83%) than for CRS (-19.94%).

Normalized 1Y performance

CRS

ATI

Recent returns

CRS

ATI

Analyst price targets & sentiment

CRS · 8 analysts

STRONG BUYHOLDSTRONG SELL

Strong Buy (1.3/5.0)

Price target range

analyst low$400.00
analyst high$580.00
analyst mean$469.50
current price$586.47

-19.9% upside to analyst mean

ATI · 9 analysts

STRONG BUYHOLDSTRONG SELL

Strong Buy (1.1/5.0)

Price target range

analyst low$170.00
analyst high$212.00
analyst mean$181.56
current price$201.34

-9.8% upside to analyst mean

Who should consider this stock?

CRS may suit investors who:

→Value Carpenter's medical implant alloy business as providing non-cyclical, demographically-driven demand alongside the aerospace cycle
→See Carpenter's proprietary high-temperature alloy qualification positions (Custom 455, Custom 465) as creating durable sole-source revenue streams from GE Aerospace, Pratt & Whitney, and Rolls-Royce
→Want specialty metals exposure with broader end-market diversification (aerospace, medical, energy, industrial) rather than concentrated aerospace-only exposure

ATI may suit investors who:

→Value ATI's pure-play aerospace focus as providing cleaner earnings leverage to commercial and military aircraft production rates without commodity stainless dilution
→See ATI's titanium expertise (serving both airframe and engine applications) as a unique positioning in the most structurally growing aerospace material category (driven by 787, A350, and next-generation aircraft designs)
→Believe the F-35 production ramp, LEAP engine growth, and defense modernization provide multi-year aerospace volume tailwinds that will benefit ATI's specialty materials mix disproportionately

Performance & AI score

Metric	CRS	ATI
AI score	64.2	69.4
AI rank	#75	#40
Latest close	$586.47	$201.34
1M return	+44.32%	+33.83%
6M return	+85.52%	+86.62%
1Y return	+134.31%	+145.00%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	CRS	ATI
1Y ago	$23.49K (+134.9%) started 2025-06-18	$24.5K (+145.0%) started 2025-06-18
5Y ago	$165.37K (+1553.7%) started 2021-06-18	$95.69K (+856.9%) started 2021-06-18
10Y ago	$238.19K (+2281.9%) started 2016-06-20	$145.73K (+1357.3%) started 2016-06-20

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	CRS	ATI
Market cap	$29.14B	$27.48B
Trailing P/E	61.80	66.67
Forward P/E	46.28	37.24
Price/Sales	9.62	5.98
EV/Revenue	9.35	6.17
Analyst target	$469.50	$181.56
Target upside	-19.94%	-9.83%

Growth, profitability & risk

Metric	CRS	ATI
Revenue growth	11.60%	0.60%
Earnings growth	47.30%	26.90%
EPS growth	+47.30%	+26.90%
FCF margin	+9.93%	+7.42%
Operating margin	N/A	N/A
Profit margin	15.82%	9.26%
ROIC proxy	24.89%	22.67%
Return on equity	24.89%	22.67%
Dividend yield	0.14%	0.00%
Beta	1.27	0.98
Debt/equity	33.82	96.90
Current ratio	3.73	2.67
Quick ratio	1.92	1.08

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

CRS max drawdown19.08%

ATI max drawdown25.31%

CRS max wkly drop10.60%

ATI max wkly drop20.98%

5Y risk snapshot

CRS max drawdown41.86%

ATI max drawdown38.02%

CRS max wkly drop17.18%

ATI max wkly drop20.98%

10Y risk snapshot

CRS max drawdown74.70%

ATI max drawdown82.43%

CRS max wkly drop44.27%

ATI max wkly drop39.64%

Performance metrics by period

Period	Metric	CRS	ATI
1Y	Growth	+134.31%	+145.00%
	CAGR	+134.45%	+145.15%
	Sharpe ratio	1.91	2.23
	Max drawdown	19.08%	25.31%
	Max daily drop	12.07%	18.36%
	Max wkly drop	10.60%	20.98%
5Y	Growth	+1449.17%	+856.94%
	CAGR	+73.00%	+57.11%
	Sharpe ratio	1.32	1.16
	Max drawdown	41.86%	38.02%
	Max daily drop	12.07%	18.36%
	Max wkly drop	17.18%	20.98%
10Y	Growth	+1887.04%	+1350.78%
	CAGR	+34.87%	+30.69%
	Sharpe ratio	0.77	0.69
	Max drawdown	74.70%	82.43%
	Max daily drop	24.12%	19.90%
	Max wkly drop	44.27%	39.64%

Business comparison

Category	CRS	ATI
Company	Carpenter Technology Corporation	ATI Inc.
Sector	Materials - Specialty Metals & Alloys	Materials - Specialty Metals & Alloys / Aerospace
Industry	N/A	N/A
Core business	Carpenter Technology is a specialty metals manufacturer producing premium stainless steels, high-temperature alloys (nickel and cobalt superalloys), titanium alloys, and special alloys for demanding applications. Carpenter's products serve aerospace/defense (jet engine turbine discs, blades, casings, fasteners), medical (surgical instruments, orthopedic implants, dental instruments), energy (oil and gas downhole tools, power generation turbines), and industrial markets. Carpenter's manufacturing process starts with raw materials (nickel, chromium, cobalt, titanium, molybdenum) and produces specialty alloy via vacuum induction melting (VIM) and vacuum arc remelting (VAR) or electro-slag remelting (ESR) — processes that eliminate impurities producing ultra-clean, high-quality alloys that meet aerospace cleanliness specifications. Products are sold as billets, bars, wire, strip, and plate.	ATI Inc. (formerly Allegheny Technologies Incorporated) is a specialty materials manufacturer focused on aerospace and defense, with additional exposure to energy, medical, and industrial markets. ATI's two segments: Advanced Alloys & Solutions (high-temperature nickel alloys and superalloys, specialty stainless steels, titanium alloys, and zirconium/hafnium specialty products primarily for aerospace jet engine components and defense); and High-Performance Materials & Components (titanium mill products, specialty forgings, and investment castings for airframe and engine structural applications). ATI has divested commodity stainless steel operations to focus exclusively on high-value specialty materials and precision components where aerospace demand is structural and long-term.
Investor focus	Investors track Carpenter's aerospace order backlog, shipment volumes in aerospace (the highest-margin, highest-specification segment), gross margins (reflecting aerospace mix and premium alloy pricing), energy market exposure, and operating leverage from the specialty alloys business.	Investors track ATI's aerospace segment revenue growth (particularly engine programs like CFM LEAP, GE9X, and military programs), titanium shipment volumes, nickel superalloy mix, EBITDA margin improvement, and the strategic portfolio focus on pure aerospace/defense after commodity divestiture.

CRS strengths

→Aerospace high-temperature alloy leadership — Carpenter's proprietary nickel superalloys (Custom 455, Custom 465, Pyromet alloys) are specified by GE Aerospace, Pratt & Whitney, and Rolls-Royce for jet engine rotating components; these qualification positions take years to earn and create durable revenue streams
→Medical implant alloy expertise provides a non-cyclical, high-margin end market — Carpenter's ASTM F138/F1537 surgical stainless steels and cobalt alloys are used in orthopedic implants (hip stems, knee components); medical demand is driven by demographics (aging populations) rather than economic cycles
→Ultra-clean melting expertise (VIM-VAR, VIM-ESR) is a significant technical barrier — aerospace rotating component manufacturers require alloys with virtually zero inclusions (non-metallic particles); the specialized melting equipment and process control required to meet these specifications limits the number of capable suppliers globally

ATI strengths

→Pure-play aerospace and defense strategic focus after commodity stainless divestiture creates a higher-quality, higher-margin business — ATI exited commodity stainless steel (highly cyclical, low-margin) to focus exclusively on aerospace-grade titanium, nickel superalloys, and specialty materials where qualification barriers are high and margins are superior
→Titanium expertise is a unique capability serving both airframe (structural weight-reduction) and engine (fan blades, compressor discs) applications — ATI's titanium melting and processing capabilities serve Boeing 787 (heavily titanium-intensive airframe) and engine manufacturers; titanium expertise and aerospace qualification are significant competitive moats
→Zirconium and hafnium specialty products serve nuclear power and semiconductor markets — ATI's zirconium alloys are used in nuclear fuel rod cladding (a highly specialized, regulated material); hafnium is used in semiconductor gate dielectrics; these specialty products provide non-aerospace income diversification

Risks to watch — CRS

→Aerospace production rates drive Carpenter's revenue cycle — Boeing and Airbus production schedules, engine program ramp rates, and defense aircraft programs determine Carpenter's alloy demand; production delays (737 MAX issues, supply chain disruptions) reduce alloy order rates
→Raw material cost volatility (nickel, cobalt, chromium) creates margin risk — Carpenter purchases significant quantities of nickel (approximately $8-12/lb), cobalt (~$15-25/lb), and chromium; commodity price spikes can compress margins if long-term fixed-price contracts prevent pass-through
→Competition from Haynes International, Allegheny Technologies (ATI), and international specialty metals producers — the high-temperature alloy market has a limited number of qualified producers, but each competes aggressively for aerospace qualification slots and contract renewals

Risks to watch — ATI

→Boeing production quality issues and 737 MAX rate constraints directly impact ATI's titanium and specialty alloy shipments — ATI is a significant Boeing supplier; any Boeing production reduction creates direct volume headwinds
→Defense program shifts can affect ATI's military material demand — ATI supplies titanium and specialty alloys for F-35 (Lockheed Martin), military aircraft, and naval propulsion; program delays or budget cuts affect demand
→Nickel alloy production requires significant capital intensity — specialty alloy manufacturing requires VIM-VAR melting capacity and large-scale forging press infrastructure; expanding capacity for aerospace growth requires multi-year capital commitments

Frequently asked questions

Commodity vs specialty metals: commodity steel (AISI 1008-1020 carbon steel, structural A36) is made in large quantities for construction, automotive, and general machinery; price is set by the global steel market; the primary competitive variable is cost per ton; minimal differentiation between producers at the same grade specification. Specialty alloys: small-volume metals with precisely engineered chemistry and processing history for specific demanding applications. Nickel superalloys: nickel-base alloys (Inconel 718, Waspaloy, René 41, Carpenter's Pyromet alloys) retain strength and oxidation resistance above 800°C; produced via vacuum melting to eliminate impurities; used in jet engine hot sections where commodity steels would fail catastrophically. Specialty stainless steels: high-nitrogen austenitic stainless (Carpenter 22Cr-13Ni-5Mn), precipitation-hardening stainless (Custom 455, 17-4 PH) with very high strength-to-weight ratios; used in surgical instruments, orthopedic implants, and aerospace fasteners where the combination of corrosion resistance, strength, and biocompatibility is required. Titanium: 50-60% lighter than steel with comparable strength; requires vacuum melting; used in aircraft weight reduction; produced by a small number of qualified global suppliers. Key economics: specialty alloy pricing is set by technical specification, qualification cost, and production economics; not by commodity market prices; pricing power comes from qualifying the alloy on specific programs where switching is expensive; typical specialty alloy pricing is $10-100/lb versus $0.30-0.60/lb for commodity carbon steel.

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