A Business at a Glance
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ATMOS ENERGY CORP
ATO
$28.8B
Mkt Cap
$179.22
+0.66%
ATMOS ENERGY CORP (ATO) has a current P/E ratio of 27.3, compared to its historical median P/E of 17.9. The stock is currently considered Expensive based on its historical valuation range.
ATMOS ENERGY CORP (ATO) has a 5-year average return on invested capital (ROIC) of 5.7%. This is below average and may indicate limited pricing power.
ATMOS ENERGY CORP (ATO) has a market capitalization of $29.9B. It is classified as a large-cap stock.
Yes, ATMOS ENERGY CORP (ATO) pays a dividend with a trailing twelve-month yield of 2.02%.
Based on historical P/E analysis, ATMOS ENERGY CORP (ATO) appears expensive. The current P/E of 27.3 is 53% above its historical median of 17.9. The estimated fair value CAGR (P/E method) is 6.3%.
ATMOS ENERGY CORP (ATO) operates in the Natural Gas Distribution industry, within the Utilities sector.
ATMOS ENERGY CORP (ATO) reported annual revenue of $4.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Atmos Energy Corporation is a natural gas-only distributor and one of the largest intrastate pipeline operators in Texas, serving approximately 3.4 million residential, commercial, public authority, and industrial customers across eight states primarily in the South through two reportable segments: distribution and pipeline and storage. The distribution segment operates regulated natural gas distribution and sales in eight states through six divisions (Mid-Tex, Kentucky/Mid-States, Louisiana, West Texas, Mississippi, and Colorado-Kansas), generating revenues through regulated rates established by state authorities that are designed to cover operating costs and provide a reasonable return on invested capital; purchased gas cost adjustment mechanisms allow the company to recover gas costs on a dollar-for-dollar basis without filing rate cases, insulating distribution operating income from gas price fluctuations. The pipeline and storage segment comprises Atmos Pipeline-Texas (APT), one of the largest intrastate pipelines in Texas with five underground storage facilities, and natural gas transmission operations in Louisiana; APT provides transportation and storage services to the Mid-Tex distribution division, third-party local distribution companies, industrial and electric generation customers, marketers, and producers under traditional ratemaking and market-based rates. The company's operating strategy focuses on modernizing infrastructure while reducing regulatory lag through formula rate mechanisms in four states, infrastructure programs in all states enabling recovery of approximately 95 percent of capital expenditures within six months, weather normalization adjustments in seven states covering approximately 97 percent of distribution residential and commercial revenues, and cost deferral mechanisms; the company supplies natural gas through competitive bidding from multiple suppliers including independent producers and marketers, with base load and peaking arrangements providing flexibility to adjust to weather-driven demand changes. Atmos Energy operates under 1,010 franchises with terms generally ranging from five to 35 years and maintains a strong balance sheet to support its capital-intensive modernization program and withstand unexpected events.
【Infrastructure modernization accelerating】 Management expects continued strong execution of its five-year capital plan totaling $26 billion through fiscal 2030, with approximately 85 percent allocated to safety and reliability improvements across distribution, transmission, and underground storage systems. The company anticipates earnings per share growth of 6–8 percent annually from the midpoint of rebased fiscal 2026 guidance, supported by timely recovery of capital investments through regulatory mechanisms and modest customer growth across its service territories. Natural gas pricing dynamics at APT's through-system business are expected to favorably impact financial results for the remainder of fiscal 2026, though management anticipates a more normalized operating environment in fiscal 2027 and beyond as takeaway capacity constraints ease. The company plans to grow its dividend in line with earnings per share growth and maintain a strong balance sheet through a combination of long-term debt and equity financing to support operations, customer affordability, and resilience against unexpected events.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.9B | 4.7B | 4.2B | 4.3B | 4.2B | 3.4B |
| Net Income | 1.3B | 1.2B | 1.0B | 885M | 774M | 665M |
| EPS | $8.16 | $7.46 | $6.83 | $6.10 | $5.60 | $5.12 |
| Free Cash Flow | -2.0B | -1.5B | -1.2B | 654M | -1.5B | -3.1B |
| ROIC | 5.8% | 6.0% | 6.1% | 5.4% | 5.1% | 5.6% |
| Gross Margin | - | - | - | 66.0% | 60.0% | 69.7% |
| Debt/Equity | 0.64 | 0.66 | 0.64 | 0.63 | 0.87 | 0.93 |
| Dividends/Share | $3.62 | $3.48 | $3.22 | $2.96 | $2.72 | $2.50 |
| Operating Income | 1.8B | 1.6B | 1.4B | 1.1B | 921M | 905M |
| Operating Margin | 35.9% | 33.2% | 32.5% | 25.0% | 21.9% | 26.6% |
| ROE | 9.0% | 9.3% | 9.1% | 8.7% | 8.9% | 9.1% |
| Shares Outstanding | 167M | 161M | 153M | 145M | 138M | 130M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.9B | 4.1B | 2.5B | 2.8B | 3.1B | 2.9B | 2.8B | 3.4B | 4.2B | 4.3B | 4.2B | 4.7B | 4.9B |
| Gross Margin | 32.0% | 40.6% | 71.1% | N/A | 62.5% | 70.4% | 76.6% | 69.7% | 60.0% | 66.0% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 505M | 542M | 539M | 539M | 595M | 630M | 630M | 679M | 710M | 765M | 819M | 903M | 888M |
| EBIT | 611M | 631M | 657M | 736M | 728M | 746M | 824M | 905M | 921M | 1.1B | 1.4B | 1.6B | 1.8B |
| Op. Margin | 12.4% | 15.2% | 26.8% | 26.7% | 23.4% | 25.7% | 29.2% | 26.6% | 21.9% | 25.0% | 32.5% | 33.2% | 35.9% |
| Net Income | 290M | 315M | 350M | 396M | 602M | 511M | 601M | 665M | 774M | 885M | 1.0B | 1.2B | 1.3B |
| Net Margin | 5.9% | 7.6% | 14.2% | 14.4% | 19.3% | 17.6% | 21.3% | 19.5% | 18.4% | 20.7% | 25.0% | 25.5% | 27.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 6.5% | 6.6% | 6.8% | 9.1% | 6.7% | 6.3% | 5.6% | 5.1% | 5.4% | 6.1% | 6.0% | 5.8% |
| ROE | 9.4% | 9.9% | 10.5% | 10.8% | 13.9% | 9.7% | 9.6% | 9.1% | 8.9% | 8.7% | 9.1% | 9.3% | 9.0% |
| ROA | 3.4% | 3.5% | 3.7% | 3.8% | 5.3% | 4.0% | 4.2% | 3.8% | 3.7% | 4.0% | 4.4% | 4.5% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 740M | 812M | 795M | 867M | 1.1B | 969M | 1.0B | -1.1B | 978M | 3.5B | 1.7B | 2.0B | 1.9B |
| Free Cash Flow | -95M | -152M | -292M | -270M | -343M | -725M | -898M | -3.1B | -1.5B | 654M | -1.2B | -1.5B | -2.0B |
| Owner Earnings | 460M | 521M | 487M | 533M | 751M | 566M | 599M | -1.6B | 431M | 2.8B | 1.1B | 1.3B | 1.1B |
| CapEx | 835M | 964M | 1.1B | 1.1B | 1.5B | 1.7B | 1.9B | 2.0B | 2.4B | 2.8B | 2.9B | 3.6B | 3.9B |
| Maint. CapEx | 254M | 275M | 293M | 320M | 361M | 391M | 430M | 478M | 536M | 604M | 670M | 735M | 762M |
| Growth CapEx | 581M | 689M | 794M | 817M | 1.1B | 1.3B | 1.5B | 1.5B | 1.9B | 2.2B | 2.3B | 2.8B | 3.1B |
| D&A | 254M | 275M | 293M | 320M | 361M | 391M | 430M | 478M | 536M | 604M | 670M | 735M | 762M |
| CapEx/OCF | 112.5% | 118.7% | 136.7% | 131.1% | 130.5% | 174.8% | 186.5% | N/A | 250.0% | 81.1% | 169.4% | 173.8% | 206.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 146M | 160M | 175M | 192M | 215M | 246M | 282M | 324M | 376M | 430M | 493M | 554M | 604M |
| Dividend Yield | 4.2% | 3.8% | 3.1% | 2.8% | 2.7% | 2.4% | 2.5% | 2.9% | 2.8% | 2.8% | 2.9% | 2.3% | 2.0% |
| Share Buybacks | 8.7M | 8.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.4% | 0.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 26M | 16M | 15M | 14M | 13M | 11M | 9.6M | 11M | 11M | 10M | 11M | 13M | 13M |
| Debt Repayment | 0 | 500M | 0 | 250M | 0 | 575M | 0 | 0 | 200M | 2.2B | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.6B | 2.8B | 3.1B | 3.4B | 3.6B | 4.0B | 4.4B | 7.2B | 8.0B | 6.7B | 7.4B | 8.7B | 9.4B |
| Cash & Equiv. | 42M | 29M | 48M | 26M | 14M | 25M | 21M | 117M | 52M | 15M | 307M | 203M | 126M |
| Long-Term Debt | 2.5B | 2.4B | 2.2B | 3.1B | 2.5B | 3.5B | 4.6B | 7.4B | 8.0B | 6.6B | 7.8B | 9.0B | 9.6B |
| Debt/Equity | 0.86 | 0.91 | 0.94 | 0.90 | 0.76 | 0.69 | 0.67 | 0.93 | 0.87 | 0.63 | 0.64 | 0.66 | 0.64 |
| Interest Coverage | 4.7 | 5.4 | 5.7 | 6.1 | 6.8 | 7.2 | 9.8 | 10.8 | 9.0 | 7.8 | 7.1 | 9.1 | 9.1 |
| Equity | 3.1B | 3.2B | 3.5B | 3.9B | 4.8B | 5.8B | 6.8B | 7.9B | 9.4B | 10.9B | 12.2B | 13.6B | 14.9B |
| Total Assets | 8.6B | 9.1B | 10.0B | 10.7B | 11.9B | 13.4B | 15.4B | 19.6B | 22.2B | 22.5B | 25.2B | 28.2B | 30.4B |
| Total Liabilities | 5.5B | 5.9B | 6.5B | 6.9B | 7.1B | 7.6B | 8.6B | 11.7B | 12.8B | 11.6B | 13.0B | 14.7B | 103M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 92M | 83M | 75M | 70M |
| Retained Earnings | 918M | 1.1B | 1.3B | 1.5B | 1.9B | 2.2B | 2.5B | 2.8B | 3.2B | 3.7B | 4.2B | 4.9B | 5.5B |
| Working Capital | -135M | -529M | -1.1B | -474M | -1.4B | -751M | -311M | -672M | -555M | -467M | -74M | -310M | 3.5M |
| Current Assets | 776M | 626M | 682M | 540M | 479M | 458M | 471M | 2.8B | 3.0B | 886M | 1.1B | 1.1B | 1.3B |
| Current Liabilities | 911M | 1.2B | 1.8B | 1.0B | 1.9B | 1.2B | 782M | 3.5B | 3.6B | 1.4B | 1.2B | 1.4B | 1.3B |
| Per Share Data | |||||||||||||
| EPS | 2.96 | 3.09 | 3.38 | 3.73 | 5.43 | 4.35 | 4.89 | 5.12 | 5.60 | 6.10 | 6.83 | 7.46 | 8.16 |
| Owner EPS | 4.70 | 5.11 | 4.71 | 5.02 | 6.77 | 4.82 | 4.87 | -12.11 | 3.12 | 19.60 | 6.90 | 8.11 | 6.60 |
| Book Value | 31.52 | 31.33 | 33.49 | 36.68 | 42.99 | 48.95 | 55.26 | 60.87 | 68.16 | 74.90 | 79.66 | 84.41 | 89.32 |
| Cash Flow/Share | 7.56 | 7.96 | 7.69 | 8.16 | 10.14 | 8.25 | 8.45 | -8.35 | 7.07 | 23.84 | 11.36 | 12.76 | 12.63 |
| Dividends/Share | 1.48 | 1.56 | 1.68 | 1.80 | 1.94 | 2.10 | 2.30 | 2.50 | 2.72 | 2.96 | 3.22 | 3.48 | 3.62 |
| Shares Out. | 97.9M | 102.0M | 103.4M | 106.3M | 111.0M | 117.5M | 122.9M | 129.9M | 138.2M | 145.1M | 152.6M | 160.6M | 166.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.0 | 14.5 | 17.9 | 18.5 | 14.4 | 22.4 | 16.9 | 15.1 | 17.9 | 16.3 | 19.5 | 22.3 | 22.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 22.1 | N/A | N/A | N/A |
| EV/EBIT | 10.0 | 12.2 | 14.4 | 14.7 | 16.9 | 20.6 | 12.3 | N/A | 15.2 | 13.8 | 20.3 | 22.6 | 22.5 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.7 | 2.0 | 2.0 |
| Price/Sales | 0.7 | 1.4 | 2.3 | 2.5 | 2.6 | 3.5 | 3.9 | 3.2 | 3.2 | 3.6 | 4.1 | 5.1 | 6.1 |
| FCF Yield | -2.7% | -3.3% | -4.7% | -3.7% | -3.9% | -6.3% | -8.8% | -30.3% | -10.6% | 4.5% | -5.9% | -5.6% | -6.7% |
| Market Cap | 3.5B | 4.6B | 6.3B | 7.3B | 8.7B | 11.4B | 10.2B | 10.1B | 13.8B | 14.5B | 20.3B | 26.8B | 29.9B |
| Avg. Price | 35.54 | 41.51 | 55.51 | 64.10 | 71.93 | 85.46 | 90.47 | 84.84 | 98.08 | 105.90 | 112.49 | 147.94 | 179.22 |
| Year-End Price | 35.59 | 44.88 | 60.54 | 68.85 | 78.44 | 97.24 | 82.81 | 77.50 | 100.02 | 99.63 | 133.22 | 166.56 | 179.22 |
ATMOS ENERGY CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
ATMOS ENERGY CORP trades at 27.3x trailing earnings, compared to its 15-year median P/E of 17.9x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 5.7% with a gross margin of 65.2%. Total shareholder yield (dividends) is 2.0%. At current prices, the estimated annualized return to fair value is -2.6%.
ATMOS ENERGY CORP (ATO) has a net profit margin of 25.5%. This is a strong margin indicating high profitability.
ATMOS ENERGY CORP (ATO) generated $-1.5 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ATMOS ENERGY CORP (ATO) has a debt-to-equity ratio of 0.66. This indicates moderate leverage.
ATMOS ENERGY CORP (ATO) reported earnings per share (EPS) of $7.46 in its most recent fiscal year.
ATMOS ENERGY CORP (ATO) has a return on equity (ROE) of 9.3%. This indicates moderate shareholder returns.
ATMOS ENERGY CORP (ATO) has a 5-year average gross margin of 65.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for ATMOS ENERGY CORP (ATO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ATMOS ENERGY CORP (ATO) has a book value per share of $84.41, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong execution of its five-year capital plan totaling $26 billion through fiscal 2030, with approximately 85 percent allocated to safety and reliability improvements across distribution, transmission, and underground storage systems. The company anticipates earnings per share growth of 6–8 percent annually from the midpoint of rebased fiscal 2026 guidance, supported by timely recovery of capital investments through regulatory mechanisms and modest customer growth across its service territories. Natural gas pricing dynamics at APT's through-system business are expected to favorably impact financial results for the remainder of fiscal 2026, though management anticipates a more normalized operating environment in fiscal 2027 and beyond as takeaway capacity constraints ease. The company plans to grow its dividend in line with earnings per share growth and maintain a strong balance sheet through a combination of long-term debt and equity financing to support operations, customer affordability, and resilience against unexpected events.
No recent press releases.