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Atmus Filtration Technologies Inc. (ATMU) is a global leader in filtration products for on-highway and off-highway commercial vehicles and industrial equipment. Spun off from Cummins, it is now an independent leader in engine protection.
Investment Thesis
Atmus is a 'razor and blade' powerhouse in the industrial sector. They manufacture the high-performance filters required for modern, low-emission engines. Once a truck or generator is sold with an Atmus filter system, the owner is locked into a multi-year cycle of purchasing high-margin replacement filters. As environmental regulations globally become stricter, the technical requirements—and the price—of these filters increase. Atmus's dominant position in the 'First-Fit' market guarantees its future 'Aftermarket' revenue. It is a high-margin, high-ROE business with exceptional earnings visibility.
Key Growth Drivers
Dominant Aftermarket Mix
The majority of ATMU's profit comes from the recurring sale of replacement filters, providing a steady and recession-proof cash flow stream.
Emission Regulation Tailwinds
Stricter global standards for diesel and natural gas engines require more advanced filtration, driving higher average selling prices for Atmus.
Independent Execution Catalyst
As a standalone company, Atmus is now able to pursue its own capital allocation strategy, focusing on margin expansion and aggressive debt reduction.
Valuation & Financial Modeling
ATMU trades at a significant discount to other high-quality industrial component makers. We believe the market is treating it as a cyclical auto supplier rather than a high-margin filtration leader. The stock offers a compelling value entry point.
Risk Factors & Bear Case
A sudden, widespread adoption of battery-electric vehicles in the heavy-duty sector would reduce the demand for engine filters over the long term. However, the vocational and off-highway markets are expected to remain engine-reliant for decades.
Conclusion
Atmus Filtration is a premier industrial compounder. It offers defensive recurring revenue and a clear path to multiple expansion. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Consumer Discretionary Sector Median (N=442)
Metric
ATMU
Benchmark
P/E Ratio
25.4x
+4%
EV/EBITDA
19.6x
+300%
Price / Book
13.6x
+586%
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-82.7%
$10.96Spot: $63.20
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
53.7%
Sector: 6.2%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Atmus Filtration Technologies Inc. (ATMU) receives a "Hold" rating with a composite score of 52.8/100, ranked #1141 out of 4446 stocks. Key factor scores: Quality 50/100, Value 62/100, Momentum 65/100. This is quantitative analysis only — not investment advice.
Atmus Filtration Technologies Inc. (ATMU) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Atmus Filtration Technologies Inc. Do?
Atmus is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power generation vehicles and equipment. We design and manufacture advanced filtration products, principally under the Fleetguard brand, that enable lower emissions and provide superior asset protection. We estimate that approximately 16% of our net sales in 2022 were generated through first-fit sales to OEMs, where our products are installed as components for new vehicles and equipment, and approximately 84% were generated in the aftermarket, where our products are installed as replacement or repair parts, leading to a strong recurring revenue base. Building on our 65-year history, we continue to grow and differentiate ourselves through our global footprint, comprehensive offering of premium products, technology leadership and multi-channel path to market. --- Our Global Footprint Our global footprint serves end-users in approximately 150 countries, with approximately 49% of our net sales in 2022 from outside of the United States and Canada. We believe that we, together with our joint ventures in China and India, have a leading position in our on-highway and off-highway markets (our “core markets”) based on net sales in 2022. We maintain strong global customer relationships, supported by an established salesforce with work locations in 25 countries as of December 31, 2022. Also, as of December 31, 2022, we operate through 12 distribution centers, nine manufacturing facilities and five technical facilities plus 10 manufacturing facilities and two technical facilities operated by our joint ventures, giving us presence on six continents. Our Premium Products We offer a full spectrum of filtration solutions that enable lower emissions and provide superior asset protection. Our filtration products provide comprehensive and differentiated solutions, which allow our end-users to extend service intervals, reduce maintenance costs and increase uptime. Our products include fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters and coolants and other chemicals. Our broad range of products in each of our core markets enables one-stop shopping, which we believe is a key competitive advantage. Atmus was incorporated in Delaware as FILT Red, Inc. on April 1, 2022, for the purpose of holding Cummins’ filtration business in connection with the separation and this offering. On December 5, 2022, we filed a Certificate of Amendment with the Delaware Secretary of State to change our name from “FILT Red, Inc.” to “Atmus Filtration Technologies Inc.” Prior to the separation, we have had no operations. Our principal executive offices are located at 26 Century Boulevard, Nashville, Tennessee. Atmus Filtration Technologies Inc. (ATMU) is classified as a mid-cap stock in the Consumer Discretionary sector, specifically within the Automobiles And Trucks industry. The company is led by CEO Steph Disher. With a market capitalization of $4.7B, ATMU is one of the notable companies in the Consumer Discretionary sector.
Atmus Filtration Technologies Inc. (ATMU) Stock Rating — Hold (April 2026)
As of April 2026, Atmus Filtration Technologies Inc. receives a Hold rating with a composite score of 52.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.ATMU ranks #1,141 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, Atmus Filtration Technologies Inc. ranks #87 of 442 stocks, placing it in the top quartile of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
ATMU Stock Price and 52-Week Range
Atmus Filtration Technologies Inc. (ATMU) currently trades at $63.20. The stock lost $0.31 (0.5%) in the most recent trading session. The 52-week high for ATMU is $66.50, which means the stock is currently trading -5.0% from its annual peak. The 52-week low is $30.94, putting the stock 104.3% above its annual trough. Recent trading volume was 861K shares, suggesting relatively thin trading activity.
Is ATMU Overvalued or Undervalued? — Valuation Analysis
Atmus Filtration Technologies Inc. (ATMU) carries a value factor score of 62/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 25.37x, compared to the Consumer Discretionary sector average of 24.47x — a premium of 4%. The price-to-book ratio stands at 13.62x, versus the sector average of 1.99x. The price-to-sales ratio is 3.00x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, ATMU trades at 19.63x EV/EBITDA, versus 4.91x for the sector. The EV/EBIT multiple is 18.27x.
Overall, ATMU's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Atmus Filtration Technologies Inc. Profitability — ROE, Margins, and Quality Score
Atmus Filtration Technologies Inc. (ATMU) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 53.7%, compared to the Consumer Discretionary sector average of 6.2%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 15.0% versus the sector average of 2.5%.
On a margin basis, Atmus Filtration Technologies Inc. reports gross margins of 28.0%, compared to 36.9% for the sector. The operating margin is 16.9% (sector: 3.8%). Net profit margin stands at 11.8%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at 3.5% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
ATMU Debt, Balance Sheet, and Financial Health
Atmus Filtration Technologies Inc. has a debt-to-equity ratio of 151.0%, compared to the Consumer Discretionary sector average of 89.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 2.42x, indicating strong short-term liquidity. Total debt on the balance sheet is $570M. Cash and equivalents stand at $218M.
ATMU has a beta of 1.07, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Atmus Filtration Technologies Inc. is 67/100, reflecting average volatility within the normal range for its sector.
Atmus Filtration Technologies Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Atmus Filtration Technologies Inc. reported revenue of $1.72B and earnings per share (EPS) of $2.52. Net income for the quarter was $203M. Gross margin was 28.0%. Operating income came in at $292M.
In FY 2025, Atmus Filtration Technologies Inc. reported revenue of $1.76B and earnings per share (EPS) of $2.52. Net income for the quarter was $207M. Gross margin was 28.2%. Revenue grew 5.7% year-over-year compared to FY 2024. Operating income came in at $299M.
In Q3 2025, Atmus Filtration Technologies Inc. reported revenue of $448M and earnings per share (EPS) of $0.67. Net income for the quarter was $55M. Gross margin was 28.9%. Revenue grew 10.9% year-over-year compared to Q3 2024. Operating income came in at $82M.
In Q2 2025, Atmus Filtration Technologies Inc. reported revenue of $454M and earnings per share (EPS) of $0.73. Net income for the quarter was $60M. Gross margin was 28.9%. Revenue grew 4.8% year-over-year compared to Q2 2024. Operating income came in at $82M.
Over the past 8 quarters, Atmus Filtration Technologies Inc. has demonstrated a growth trajectory, with revenue expanding from $433M to $1.72B. Investors analyzing ATMU stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ATMU Dividend Yield and Income Analysis
Atmus Filtration Technologies Inc. (ATMU) does not currently pay a dividend. This is common among smaller companies in the Automobiles And Trucks industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Consumer Discretionary dividend stocks may want to explore other Consumer Discretionary stocks or use the stock screener to filter by dividend yield.
ATMU Momentum and Technical Analysis Profile
Atmus Filtration Technologies Inc. (ATMU) has a momentum factor score of 65/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
ATMU vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing ATMU against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ATMU vs S&P 500 (SPY) comparison to assess how Atmus Filtration Technologies Inc. stacks up against the broader market across all factor dimensions.
ATMU Next Earnings Date
No upcoming earnings date has been announced for Atmus Filtration Technologies Inc. (ATMU) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ATMU? — Investment Thesis Summary
Atmus Filtration Technologies Inc. presents a balanced picture with arguments on both sides. The value score of 62/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 65/100, suggesting the trend favors buyers. Low volatility (stability score 67/100) reduces downside risk.
In summary, Atmus Filtration Technologies Inc. (ATMU) earns a Hold rating with a composite score of 52.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ATMU stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
3.5%
Sector: 3.3%
IN LINE
Gross Margin
Core pricing power
28.0%
Governance Analysis
BCR Integrity Index50/100 — WEAK
WeakModerateStrong
Executive Leadership
Steph Disher
Chief Executive Officer
Audit Benchmarks
Debt/Equity
151%/ 89
Price / Sales
3.0x
+1011%
Atmus Filtration Technologies Inc. exhibits a 475% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
15.0%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
28.0%
Sector: 36.9%
Operating Margin
Core business profitability
16.9%
Sector: 3.8%
Net Margin
Bottom-line profitability
11.8%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector: 36.9%
-24% VS SCTR
Operating Margin
Operating efficiency
16.9%
Sector: 3.8%
+349% VS SCTR
Net Margin
Bottom-line conversion
11.8%
Sector: 2.1%
+455% VS SCTR
Return on Equity
Equity capital efficiency
53.7%
Sector: 6.2%
+764% VS SCTR
Return on Assets
Asset base utilization
15.0%
Sector: 2.5%
+506% VS SCTR
Debt/Equity
Financial leverage load
151.0%
Sector: 89.0%
-70% VS SCTR
Quality
50
Average
Alloc.
32
CAPEX DISCIPLINE
Risk
67
Average
Audit Verdict: Lower quality and stability scores may indicate governance concerns.