AtkinsRealis Group Inc. (SNCAF) Stock Price & How to Invest
Last updated October 2026
Short answer
SNCAF is the US over-the-counter quote for AtkinsRéalis Group, the Montreal-based engineering and nuclear services company formerly known as SNC-Lavalin, whose primary listing is ATRL on the Toronto Stock Exchange. Owning it is a bet on an asset-light engineering consultancy paired with one of the few Western companies that owns a full reactor design (CANDU), priced at roughly 23x trailing adjusted earnings as of October 2026.
SNCAF stock price
As of 2026-10-16, AtkinsRealis Group Inc. (SNCAF) last closed at $60.68, down 12.7% over the past year. Over the past 52 weeks it has traded between $57.02 and $77.99.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or AtkinsRealis Group Inc.'s investor relations page. Walnut is informational, not investment advice.
What does AtkinsRealis Group Inc. (SNCAF) do?
AtkinsRéalis Group Inc. (renamed from SNC-Lavalin in 2023) designs, engineers and manages infrastructure projects worldwide. The largest part of the business is Engineering Services Regions, ~C$7.5 billion of 2025 revenue, which earns fees for transport, water, buildings, defence and energy consulting across Canada, the UK, the US, Australia, Ireland and the Middle East. The Nuclear segment (~C$2.3 billion in 2025) services the global fleet of CANDU reactors, a design the company owns, supports refurbishments such as Bruce Power and Darlington, and is working on new builds such as Cernavoda 3 and 4 in Romania. Linxon (power substations) and a small Capital segment make up the rest. The company has exited the lump-sum turnkey construction contracts that caused years of losses. SNCAF is the same ordinary share as ATRL, quoted in US dollars one for one, not an ADR, so it tracks the Toronto price converted at the CAD/USD rate, with thinner OTC volume.
The story has moved from turnaround to growth. Revenue reached ~C$11.0 billion in 2025, up 14%, adjusted EBITDA rose ~31% to ~C$979 million, and adjusted diluted EPS from the core services business jumped ~88% to ~C$3.36, led by a ~55% surge in nuclear revenue. In the second quarter of 2026 (reported August 6) revenue was ~C$3.0 billion, up 10% (8.3% organic), adjusted EBITDA hit a record ~C$293 million and adjusted diluted EPS was ~C$0.97 versus ~C$0.81. Management raised its 2026 nuclear revenue outlook to ~C$2.7 billion from ~C$2.5 billion. The 2025 sale of the last Highway 407 ETR stake produced an after-tax gain of ~C$2.2 billion and funded large buybacks.
The debate is about how much growth is already priced in. Bulls point to a record ~C$13.4 billion Engineering Services backlog, rising global interest in nuclear power and a possible US entry for CANDU. Bears note that total backlog slipped to ~C$20.2 billion from ~C$21.2 billion at year end, nuclear backlog fell to ~C$4.2 billion from ~C$5.6 billion a year earlier, and regional engineering organic growth was only ~2% in the quarter because of Middle East disruption. SNCAF closed at ~US$61 on October 16, 2026, near the bottom of its ~US$57 to ~US$79 52-week range. Third-quarter results are scheduled for November 5, 2026.
What's driving AtkinsRealis Group Inc. (SNCAF)?
1. Nuclear build-out and CANDU
Nuclear revenue rose ~55% in 2025 to ~C$2.3 billion and grew another ~18% in the second quarter of 2026 to ~C$671 million, with segment adjusted EBIT up ~21%. Management raised its 2026 nuclear revenue outlook to ~C$2.7 billion and lifted its 2027 target range to ~C$2.6 to C$3.0 billion. The work spans refurbishments and life extensions in Ontario, new-build engineering for Cernavoda 3 and 4 in Romania and development of the larger CANDU MONARK design. In June 2026 the company filed a Notice of Intent with the US Nuclear Regulatory Commission to start licensing CANDU in the United States, an early step that would open a much larger market if it advances.
2. Engineering Services backlog and margins
Engineering Services Regions backlog reached a record ~C$13.4 billion at June 30, 2026, which gives visibility into recurring, lower-risk consulting fees. The segment's adjusted EBITDA margin on net revenue was ~16.4% in the second quarter, up from the 16.3% full-year 2025 level, against a 2026 target of 16.5% to 17.5%. Organic growth is the weaker part: it was only ~0.9% in 2025 and ~2% in the second quarter of 2026, though about 5% excluding the Asia, Middle East and Australia region. Management guided 2026 organic growth toward the low end of its 5% to 7% range, so the pace of recovery in that region matters for earnings.
3. Capital returns from the 407 proceeds
The 2025 Highway 407 ETR sale turned a decade-long infrastructure holding into cash, and the company returned ~C$939 million to shareholders through buybacks and dividends in 2025, including a large block repurchased from CDPQ. Repurchases continued in 2026, with ~C$242 million bought back in the second quarter and ~C$332 million returned in the first half. The share count has fallen to roughly 160 million from about 175 million before the program. Because the dividend is a token C$0.02 a quarter, buybacks are the main channel for returning cash, and continued repurchases lift per-share earnings even when revenue growth is modest.
4. Bolt-on acquisitions
The company has been buying regional engineering firms to fill gaps in fragmented markets. In 2025 it added David Evans (70% of a US engineering firm, with an option on the rest), C2AE and ADG, which expanded its North American footprint. In 2026 it announced WGA, Coras Solutions and TOBIN, deepening its presence in Australia and Ireland. Tuck-ins like these add revenue and local relationships without the risk of large construction contracts, and they partly offset slow organic growth in the Middle East. The tradeoffs are integration work, valuation discipline and the possibility that acquired growth masks softer organic performance in the core business.
What are the risks to AtkinsRealis Group Inc. (SNCAF)?
Nuclear projects are long, politically dependent and exposed to delays, financing decisions and cost overruns. Nuclear backlog fell to ~C$4.2 billion at June 30, 2026 from ~C$5.6 billion a year earlier as refurbishment work was burned off, so the segment needs new awards such as Cernavoda contracts or further Ontario work to sustain its pace, and the US CANDU licensing effort is at a very early stage. The company's history includes large losses on fixed-price construction contracts and past corruption cases (a 2019 guilty plea tied to Libya and a 2022 remediation agreement), so governance and contract discipline remain under scrutiny. The Middle East conflict has already cut regional organic growth to ~2%, and government infrastructure budgets in Canada and the UK can shift with elections. A union representing engineers in Canada has publicly pressed for a new contract. Currency moves between the Canadian dollar, pound and US dollar affect reported results and the US-dollar SNCAF quote. At roughly 23x trailing adjusted earnings, the valuation leaves less room for disappointment than at a typical engineering consultancy.
Is SNCAF a buy or a sell?
We give no verdict on AtkinsRealis Group Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Nuclear build-out and CANDU. Nuclear revenue rose ~55% in 2025 to ~C$2.3 billion and grew another ~18% in the second quarter of 2026 to ~C$671 million, with segment adjusted EBIT up ~21%.
The case against. Nuclear projects are long, politically dependent and exposed to delays, financing decisions and cost overruns.
Read the full bull and bear case on SNCAF, including what would have to change to break either one. Walnut is not an investment adviser.
How is AtkinsRealis Group Inc. (SNCAF) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see AtkinsRealis Group Inc.'s investor relations page or your broker.
- Revenue (TTM): ~C$11.7 billion
- Revenue (FY2025): ~C$11.0 billion (+14%)
- Adjusted diluted EPS (TTM): ~C$3.7
- Market cap: ~US$9.8 billion
- Share price (SNCAF, Oct 16, 2026): ~US$61
- Total backlog (June 30, 2026): ~C$20.2 billion
At ~US$61 a share on the SNCAF line, the stock trades at roughly 23x trailing adjusted earnings of ~C$3.7 a share and about 22% below its ~US$79 52-week high. The trailing price-to-earnings ratio shown on quote screens is higher because it uses IFRS earnings, and reported net income comparisons are distorted by the ~C$2.2 billion Highway 407 gain in 2025, so adjusted figures from the core services business are the cleaner read. Company figures are in Canadian dollars; the SNCAF price and market cap are in US dollars.
Who competes with AtkinsRealis Group Inc. (SNCAF)?
Global engineering consultancies
WSP Global, Stantec, AECOM, Jacobs and Arcadis bid for the same transport, water, buildings and environmental design work across Canada, the UK, the US and Australia. WSP and Stantec are the closest TSX-listed comparisons, and both have historically traded at higher earnings multiples because their businesses carry no nuclear or legacy construction history.
Nuclear engineering and reactor vendors
Westinghouse, GE Vernova Hitachi, Framatome and BWX Technologies compete for reactor technology, fuel, components and services. Westinghouse's AP1000 and GE Vernova Hitachi's BWRX-300 small modular reactor compete directly with CANDU for new-build decisions, including in Ontario, where the BWRX-300 was chosen for Darlington, and in Eastern Europe.
Program managers and defence engineers
Mott MacDonald, Arup, KBR, Fluor and Jacobs compete for large program management and government contracts, especially UK rail and defence work and Middle East giga-projects. Many of these are privately held or partnership firms, which compete hard on price and talent, and the contest for experienced engineers affects utilization and wage costs across the sector.
What stocks are similar to AtkinsRealis Group Inc. (SNCAF)?
Other names that sit close to SNCAF: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in AtkinsRealis Group Inc. (SNCAF)
There are three common ways to get SNCAF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SNCAF sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where SNCAF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on AtkinsRealis Group Inc. (SNCAF)
AtkinsRéalis is an engineering services business with a nuclear growth engine attached. As of October 2026 the share price credits much of that nuclear story while leaving room for execution, contract and policy surprises.
More on AtkinsRealis Group Inc. (SNCAF)
Whether SNCAF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SNCAF a buy or a sell?, and where the stock could go from here in the SNCAF stock forecast.
For income investors, whether SNCAF pays a dividend and how the payout looks is covered in does SNCAF pay a dividend? And to weigh SNCAF against a peer, read the full side-by-side comparisons: SNCAF vs WSPOF and SNCAF vs STN.
Wondering how SNCAF fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in AtkinsRealis Group Inc. with AI
Connect the broker you already use and ask Walnut's AI how SNCAF fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is SNCAF?
+
SNCAF is the US over-the-counter ticker for AtkinsRéalis Group Inc., the Canadian engineering and nuclear services company formerly called SNC-Lavalin. Its primary listing is ATRL on the Toronto Stock Exchange, where most of its trading volume and analyst coverage sit. The company is headquartered in Montreal and employs engineers, designers and project managers across Canada, the UK, the US, Australia, Ireland and the Middle East. Its two main businesses are Engineering Services Regions, which earned ~C$7.5 billion of revenue in 2025 from consulting and design fees, and Nuclear, which earned ~C$2.3 billion from servicing, refurbishing and building CANDU reactors. Total 2025 revenue was ~C$11.0 billion. SNCAF closed at ~US$61 on October 16, 2026, for a market value of ~US$9.8 billion.
How does SNCAF relate to ATRL on the TSX?
+
SNCAF is the same ordinary common share as ATRL, quoted in US dollars on the OTC market, one share for one share. It is not an ADR, so there is no depositary bank, ratio or ADR fee. Its price follows the Toronto price converted at the CAD/USD exchange rate, which means a US holder's return combines the stock's move in Canadian dollars with the currency move. OTC volume is much lower than on the TSX, so bid-ask spreads can be wider, especially outside Toronto trading hours. Some US brokers route orders to the TSX line directly for investors who prefer the deeper market. Dividends on either line are declared in Canadian dollars and are subject to Canadian withholding tax for non-residents, typically 15% under the US-Canada tax treaty.
Why did SNC-Lavalin change its name to AtkinsRéalis?
+
The company rebranded in September 2023, combining the Atkins name from the UK engineering firm it bought in 2017 with "Réalis", a nod to realizing projects. The new name marked a strategic break: management had already stopped bidding on lump-sum turnkey construction contracts, which produced large losses for years, and wanted to reposition the business as an engineering, nuclear and project management firm. It also marked a reputational reset after earlier corruption cases, including a 2019 guilty plea tied to work in Libya and a 2022 remediation agreement in Quebec. The Toronto ticker moved from SNC to ATRL, while the US OTC symbol stayed SNCAF. The legal entity, shares and history carried over unchanged, so the rebrand did not affect shareholders' holdings.
How does AtkinsRéalis make money?
+
Mostly through fees. Engineering Services Regions bills clients, often governments and utilities, for design, engineering, advisory and program management on transport, water, buildings, defence and energy projects, on reimbursable or fixed-fee contracts that carry far less risk than construction. That segment earned a ~16.4% adjusted EBITDA margin on net revenue in the second quarter of 2026. The Nuclear segment earns revenue from servicing CANDU reactors, supplying engineering for refurbishments and life extensions, licensing its technology and working on new builds, and it earns higher margins, in the mid-20% range on net revenue. Linxon builds power substations and grid connections, and a small Capital segment holds infrastructure investments. The company no longer takes on large lump-sum construction contracts, which were the main source of its historical losses.
How big is the nuclear business?
+
Nuclear is the fastest-growing part of AtkinsRéalis. Segment revenue rose ~55% in 2025 to ~C$2.3 billion, about a fifth of the total, and grew another ~18% to ~C$671 million in the second quarter of 2026, with segment adjusted EBIT up ~21% to ~C$77 million. In August 2026 management raised its 2026 nuclear revenue outlook to ~C$2.7 billion and kept a 2027 target of ~C$2.6 to C$3.0 billion. The company owns the CANDU reactor design, which runs in Canada, Romania, South Korea, Argentina, India, Pakistan and China, so it earns recurring service and refurbishment work from that installed base. One point to watch is backlog: nuclear backlog was ~C$4.2 billion at June 30, 2026, down from ~C$5.6 billion a year earlier, so new awards matter for growth beyond 2027.
What were AtkinsRéalis's most recent earnings results?
+
The latest reported quarter is the second quarter of 2026, released August 6, 2026. Revenue was ~C$3.0 billion, up 10% (8.3% organic), adjusted EBITDA was a record ~C$293 million with a ~9.8% margin, and adjusted diluted EPS was ~C$0.97 versus ~C$0.81 a year earlier. IFRS diluted EPS was ~C$0.59, against ~C$13.32 in the year-ago quarter that included the Highway 407 ETR gain. Nuclear revenue rose ~18%, while Engineering Services Regions grew ~5% in total but only ~2% organically because of Middle East disruption. Total backlog was ~C$20.2 billion, with a record ~C$13.4 billion in Engineering Services. The company returned ~C$245 million in the quarter, mostly through buybacks. Third-quarter results are scheduled for November 5, 2026.
Does SNCAF pay a dividend?
+
Yes, but it is very small. AtkinsRéalis pays a quarterly dividend of C$0.02 per share, which works out to about US$0.014 per quarter on the SNCAF line, or roughly US$0.06 a year, for a yield of about 0.1% at ~US$61. The most recent payment had a record date of August 20, 2026 and was paid September 3, 2026. The payout has stayed at C$0.02 for years, so the small changes in the US-dollar amount reflect the exchange rate rather than any change in policy. The company returns most of its cash through share buybacks instead: it returned ~C$939 million in 2025 and ~C$332 million in the first half of 2026. Non-resident holders typically see Canadian withholding tax on dividends.
Is SNCAF a good investment?
+
It depends on how an investor weighs the bull and bear cases. The bull case: nuclear revenue is growing quickly with mid-20% margins, AtkinsRéalis owns a reactor design at a time when many countries want new nuclear capacity, the Engineering Services backlog is at a record ~C$13.4 billion, and buybacks funded by the 407 sale are shrinking the share count. The bear case: organic growth in regional engineering has been weak, nuclear backlog has fallen, the US CANDU effort is years from any revenue, and the company carries a history of construction losses and corruption cases. At roughly 23x trailing adjusted earnings, the stock is priced for continued growth. SNCAF also adds currency exposure and thinner OTC liquidity compared with the ATRL line in Toronto. This is descriptive information only, not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with AtkinsRealis Group Inc.'s investor relations page or your broker before making investment decisions.