ABB vs ATS: How ABB Ltd and ATS Corporation Compare (2026)

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ABB and ATS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ABB and ATS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

ABB Ltd is a global technology company headquartered in Zurich, Switzerland, that builds the hardware and software behind electrification and automation. Its business spans low- and medium-voltage electrical products, switchgear and building systems (Electrification), electric motors, drives and traction (Motion), and control systems, measurement and industrial software (Process Automation). Historically it also ran a Robotics division, but in 2025 ABB agreed to divest that unit to SoftBank Group for an enterprise value of roughly $5.4 billion, moving the company to three reporting business areas. ABB reports in US dollars, sells into utilities, data centers, manufacturers, transport and infrastructure customers worldwide, and competes with the likes of Siemens, Schneider Electric and Rockwell Automation.

Full ABB guide

ATS Corporation, based in Cambridge, Ontario and founded in 1978, designs, builds, commissions and services automated manufacturing and assembly systems. The work is project-based: a pharmaceutical company that needs to fill and package a new auto-injector, or a utility running a nuclear refurbishment, hires ATS to engineer the line, integrate the robotics and vision systems, validate it against regulatory requirements, and then service it for years afterward. Fiscal 2026 (ended March 2026) revenue was about C$2.97 billion, up 17.4% reported and about 10.8% on an adjusted organic basis, with adjusted EBITDA of roughly C$413 million and free cash flow near C$372 million. Life sciences is the anchor market at roughly half of revenue, with energy (nuclear), food and beverage, and industrial and consumer making up the rest. The company listed on the NYSE in May 2023 and reports in Canadian dollars, so US investors carry a currency translation on top of the operating result.

Full ATS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ABB drivers: Electrification and grid demand; Automation and energy-efficient motion.
• ATS drivers: Life sciences as the durable franchise; Nuclear and energy as the fastest-growing line.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: ABB is a cyclical industrial whose orders and revenue track global capital spending, so a slowdown in manufacturing, construction or utility investment would pressure growth. For ATS, aTS revenue is recognized on long-duration projects, so a handful of delayed customer awards can swing a quarter, and the June 2026 quarter is the live example: bookings down 5.3%, backlog down 8.7%, and a swing from C$24.3 million of net income to a small loss.

Pick ABB if you believe its drivers more; ATS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ABB and ATS guides.

ABB. ABB posted a record 2025, with revenue up about 9% to roughly $33 billion, orders up about 17% near $37 billion, and net income up about 20% to around $4.7 billion. The stock trades at a premium, with a trailing P/E in the mid-30s and a forward multiple near 30, reflecting strong returns on capital (ROE near 29%) and secular demand. Figures are approximate and drawn from ABB's FY2025 disclosures and market data as of mid-2026.

ATS. The August 2026 selloff reset the multiple more than it reset the business. Trailing GAAP earnings are small relative to the market cap (net income was about C$72 million in fiscal 2026, so trailing P/E screens in the 40s or higher), which is why ATS is more commonly valued on EV/EBITDA or free cash flow, where it sits near 10x EBITDA and around 8x to 10x trailing free cash flow after the drop. The gap between the trailing and forward earnings multiple is entirely a bet on whether the cost program and the nuclear plus radiopharmaceutical pipeline restore margin before backlog erosion shows up in revenue.

Headline figures (approximate, JULY 2026): ABB shows revenue (fy2025) ~$33.2B, orders (fy2025) ~$36.8B, net income (fy2025) ~$4.7B, operational ebita margin ~19%; ATS shows revenue (fiscal 2026, ended march 2026) ~C$2.97 billion, up ~17.4% reported and ~10.8% adjusted, q1 fiscal 2027 revenue ~C$693.7 million, down ~5.8% year over year, order bookings / backlog ~C$656 million booked in Q1 (down ~5.3%); backlog ~C$1,889 million (down ~8.7%), adjusted ebitda ~C$413 million in fiscal 2026; ~C$92.9 million in Q1 fiscal 2027 at a ~13.3% margin.

ABB and ATS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ABB and ATS exposure against your real portfolio. It is not an investment adviser.