Stifel's latest assessment highlights a contrast between AtkinsRealis and two of its larger consulting peers, noting both relative stock performance and valuation multiples.
Year-to-date performance shows AtkinsRealis modestly higher by 0.4%, while Stantec and WSP Global have fallen 12.9% and 17.6% respectively, according to Stifel's analysis. On a forward valuation basis, Stifel calculates that AtkinsRealis is trading at a 2027 price-to-earnings multiple of 18.5 times, versus 16.9 times for Stantec and 15.4 times for WSP Global.
On near-term earnings, Stifel's adjusted EBITDA estimate for AtkinsRealis in the first quarter of 2026 is $225 million. That figure sits about 6% below the consensus projection of $238 million. For the full year 2026, Stifel's adjusted EBITDA forecast is $1.184 billion, which the firm notes is in line with market expectations.
Stifel cautions that the company's Nuclear backlog may experience temporary softness until fresh contract awards emerge, a development the firm expects could occur in the second half of 2026. That potential timing suggests a period of uneven revenue recognition or business activity in that division before new awards materialize.
Despite the premium valuation and the possibility of short-term volatility tied to backlog timing and a softer quarterly read, Stifel says it would consider accumulating shares on weakness. The rationale cited centers on the company's favorable Nuclear business outlook and what the firm describes as an underleveraged balance sheet, factors Stifel views as supportive over a medium-term horizon.
Context and implications
The analysis frames AtkinsRealis as relatively better positioned among its peers based on recent price performance and a higher forward PE multiple. Stifel's willingness to buy into weakness indicates confidence in the firm's balance sheet and sector-specific prospects, while also acknowledging near-term operational and timing risks tied to Nuclear contract awards.