ATS Stock: HOLD Call - Bookings Fell 18% Q4 FY2026

ATS Stock: HOLD Call - Bookings Fell 18% Q4 FY2026 ATS Corporation Q4 FY2026 Charged Alpha Pipeline X deep dive. Record revenue, but a softening order book. Q4 revenue C$744M (+3.2% YoY), adjusted EPS C$0.36, adjusted earnings-from-operations margin 10.3%. Order bookings C$704M fell 18.4% YoY; order backlog C$1.96B down 8.5%; trailing book-to-bill 0.99. Full-year net income swung positive after a prior-year loss. Stock fell about 14% on the soft order intake. Note: ATS reports in CAD; stock trades in USD on the NYSE. Charts: 1y price, order-intake decomposition, 8q trend, end markets, FCF bridge, margin quality, guidance card, catalyst calendar, peers, valuation triangle, quality card, the call (1/2 + 2/2), order backlog & book-to-bill, margin trajectory, balance sheet, dilution discipline. The Call: HOLD (conviction 3/5). Not financial advice. Informational only. https://chargedalpha.com