Atmus Filtration Technologies

ATMU on NYSE. Atmus sells filters to makers and owners of trucks, farm, and construction equipment. Market value $3.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
5.1%fair

For every $100 of what the whole company costs, it produced $5.08 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
13.8×fair

You pay 13.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
33.1%five-year median

Each dollar kept in the business earns 33 cents a year. Above 10 is good.

Quality score: 84 of 100. Price score: 90 of 100. Our list needs 70 on quality and 60 on price.

$45.96 a share, 8% above its 1-year low

Over the past year the price has ranged from $42.60 to $66.50.

Dividend: 0.5% a year

Paid every year for 2 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.1
0.2
20232024202512 monthsto Jun '26
Revenue
$1.6bn$1.7bn$1.8bn
Operating margin
15.3%15.9%16.9%
Debt to equity
7.442.611.51
Shares outstanding
0.08bn0.08bn0.08bn

Health checks

  • Free cash flow positive3 of 3 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt1.51× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $528 million last quarter, up 16% on a year ago.
  • Profit: $64 million, up 7% on a year ago.
  • It keeps 17 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
  • Spare cash over the past 12 months: $190 million, up from $113 million.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $742 million more than cash, up from $395 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$404m
December 2024$407m
March 2025$417m
June 2025$454m
September 2025$448m
December 2025$447m
March 2026$478m
June 2026$528m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$44m
December 2024$40m
March 2025$45m
June 2025$60m
September 2025$55m
December 2025$48m
March 2026$48m
June 2026$64m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

5 long-term investors we follow own it, up from 4 last quarter. 335 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $209,543 of shares on the open market. 5 sold $2m.

  • Swan Renee
    Chief People Officer
    Sold
    Date
    17 August 2026
    Shares
    3,870
    Price
    $50.89
    Value
    $196,956
  • Macadam Stephen E.
    Director
    Bought
    Date
    12 August 2026
    Shares
    2,000
    Price
    $49.78
    Value
    $99,551
  • Swan Renee
    Chief People Officer
    Sold
    Date
    1 June 2026
    Shares
    2,566
    Price
    $45.25
    Value
    $116,112
  • Kienzler Jack
    Chief Financial Officer
    Sold
    Date
    1 June 2026
    Shares
    5,132
    Price
    $45.25
    Value
    $232,223
  • Masters Charles
    Senior Vice President
    Sold
    Date
    1 June 2026
    Shares
    2,890
    Price
    $45.25
    Value
    $130,773
  • Disher Stephanie
    Chief Executive Officer, Director
    Sold
    Date
    1 June 2026
    Shares
    25,652
    Price
    $45.25
    Value
    $1m
  • HAGGERTY GRETCHEN R
    Director
    Bought
    Date
    12 May 2026
    Shares
    1,973
    Price
    $55.74
    Value
    $109,992
  • Donoso Diego
    Director
    Sold
    Date
    13 November 2025
    Shares
    20
    Price
    $48.84
    Value
    $977

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Increased tariffs or the imposition of other barriers to international trade could impact the cost of our products, demand for our products and our competitive position.

    Already happened
    For example, since February 2025, the U.S. presidential administration has announced new and substantial tariff increases on imports to the United States from China, Mexico, Canada and India. Since then, various modifications and delays to these tariffs have been implemented, with further changes anticipated. These modifications include additional sector-specific tariffs or other measures. These actions have prompted a variety of tariff responses by countries, which have the potential to affect our business. Several tariff announcements have been followed by announcements of temporary pauses and limited exemptions, such as the temporary exemption for goods that enter the U.S. as qualifying goods under the United States-Mexico-Canada Agreement (“USMCA”), for which the majority of our products from Mexico for the U.S. market are certified compliant, or expected to be certified compliant. These temporary exemptions, including those we are availing ourselves to under the USMCA, may be reduced or eliminated in the future. The ongoing trade disputes associated with these tariff measures and the potential escalation of trade disputes would pose a significant risk to our business and would affect our revenue and cost of goods sold. For instance, we have raised the prices of certain of our products in response to cost increases we have incurred on purchases of finished and other goods and some raw materials due to tariffs. The extent and duration of the tariffs and the resulting impact on general economic conditions and our business are uncertain and depend on various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand for our products in affected markets. Further, actions we take to adapt to new tariffs or trade restrictions, including raising the prices of our products or shifting supply sourcing or production locations, may cause us to modify our operations, lose customers, experience increased costs, or forgo business opportunities.
    Read more
  • Our information technology environment and our products are exposed to potential security or data breaches or other disruptions, which may adversely impact our operations.

    Could happen
    A number of our operations depend on information technology infrastructure and assets that are increasing in complexity, which are undergoing changes as a result of the Separation .

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It's near its lowest price in a year. The deep dive tells you if that's a bargain or a warning.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.