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Friday 6 November 2026
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Atmos Energy Corporation
ATO Utilities Utilities Regulated Gas
Atmos Energy Corporation’s revenue for fiscal 2025 (year ended September 2025) was $4.7 billion, up 12.9% from fiscal 2024.
- Revenue
- +4.80%
- EPS
- +23.1%
- Free cash flow
- −7.79%
- Total debt
- +14.7%
Quarter to June 2026, against a year earlier
175.23
1.22
−0.69%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,455 | 2,760 | 3,116 | 2,902 | 2,821 | 3,407 | 4,202 | 4,275 | 4,165 | 4,703 | 4,922 | +7.5% | 5,134 | 5,752 | 6,307 | +10.3% | |
| Gross margin, % | 69.60 | 66.46 | 62.52 | 70.40 | 76.65 | 69.69 | 59.95 | 66.03 | 77.58 | 77.33 | 80.28 | +7.7 pt | ||||||
| EBT | 542 | 604 | 611 | 650 | 747 | 819 | 852 | 1,000 | 1,236 | 1,478 | 1,754 | +11.8% | ||||||
| EBT margin, % | 22.09 | 21.89 | 19.62 | 22.41 | 26.47 | 24.04 | 20.28 | 23.38 | 29.67 | 31.43 | 35.63 | +9.3 pt | ||||||
| Net income | 350 | 396 | 603 | 511 | 601 | 666 | 774 | 886 | 1,043 | 1,199 | 1,402 | +14.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 23.71 | 26.01 | 28.06 | 24.76 | 22.98 | 26.26 | 30.48 | 29.46 | 27.31 | 29.59 | 29.23 | +2.5% | |||||
| Earnings | 3.38 | 3.73 | 5.43 | 4.36 | 4.89 | 5.12 | 5.61 | 6.10 | 6.83 | 7.54 | 8.48 | +9.3% | ||||||
| Cash flow | 7.68 | 8.17 | 10.13 | 8.27 | 8.45 | (8.35) | 7.09 | 23.84 | 11.37 | 12.89 | 12.00 | +5.9% | ||||||
| Capex | (10.50) | (10.72) | (13.22) | (14.45) | (15.76) | (15.18) | (17.73) | (19.34) | (19.26) | (22.41) | (24.00) | +8.8% | ||||||
| Free cash flow | (2.82) | (2.54) | (3.09) | (6.18) | (7.31) | (23.53) | (10.64) | 4.51 | (7.89) | (9.51) | (12.00) | +14.5% | ||||||
| Book value | 33.45 | 36.75 | 42.97 | 49.06 | 55.31 | 60.93 | 68.34 | 74.90 | 79.72 | 85.31 | 90.64 | +11.0% | ||||||
| Shares, m | 104 | 106 | 111 | 117 | 123 | 130 | 138 | 145 | 153 | 159 | 164 | +4.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 21.90 | 22.58 | 16.93 | 26.00 | 19.47 | 17.09 | 17.99 | 16.74 | 20.19 | 22.65 | 20.66 | 20.2 | |||||
| P/S | 3.14 | 3.26 | 3.30 | 4.60 | 4.16 | 3.36 | 3.34 | 3.49 | 5.08 | 5.77 | 5.99 | 3.9 | ||||||
| P/B | 2.23 | 2.30 | 2.16 | 2.32 | 1.73 | 1.45 | 1.49 | 1.37 | 1.74 | 2.00 | 1.93 | 1.9 | ||||||
| EV/Sales | 4.11 | 4.45 | 4.29 | 5.85 | 5.76 | 5.48 | 5.22 | 5.04 | 6.89 | 7.64 | 7.98 | 5.5 | ||||||
| EV/FCF | (34.60) | (45.46) | (38.93) | (23.43) | (18.10) | (6.11) | (14.96) | 32.95 | (23.86) | (23.77) | (19.45) | (19.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 795 | 867 | 1,125 | 969 | 1,038 | (1,084) | 978 | 3,460 | 1,734 | 2,049 | 2,020 | +11.1% | |||||
| Capex | (1,087) | (1,137) | (1,468) | (1,693) | (1,936) | (1,970) | (2,444) | (2,806) | (2,937) | (3,561) | (4,040) | +14.1% | ||||||
| Free cash flow | (292) | (270) | (343) | (725) | (898) | (3,054) | (1,467) | 654 | (1,203) | (1,512) | (2,020) | +20.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (1,107) | (474) | (1,436) | (751) | (311) | (672) | (555) | (467) | (74) | (310) | (344) | (13.2%) | |||||
| Net debt | 2,391 | 3,489 | 3,055 | 3,970 | 4,511 | 7,214 | 7,911 | 6,631 | 7,562 | 8,792 | 9,798 | +15.6% | ||||||
| Shareholders’ equity | 3,463 | 3,899 | 4,770 | 5,750 | 6,791 | 7,907 | 9,419 | 10,870 | 12,158 | 13,559 | 15,258 | +16.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.67 | 3.81 | 5.33 | 4.05 | 4.19 | 3.81 | 3.71 | 3.96 | 4.37 | 4.49 | 4.73 | +0.8 pt | |||||
| ROIC | 7.02 | 6.22 | 5.81 | 4.80 | 4.56 | 3.74 | 3.32 | 3.81 | 4.30 | 4.36 | 4.54 | (2.7) pt | ||||||
| ROE | 10.52 | 10.76 | 13.91 | 9.72 | 9.59 | 9.06 | 8.94 | 8.73 | 9.06 | 9.32 | 9.79 | (1.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 4,747 | 4,565 | 4,564 | 4,776 | 4,694 | 4,684 | 4,791 | 5,019 | 5,260 | 5,487 | — | +1.6% | |||||
| Revenue/emp, $m | 0.52 | 0.60 | 0.68 | 0.61 | 0.60 | 0.73 | 0.88 | 0.85 | 0.79 | 0.86 | — | +5.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Distribution segment | 4,362 | 92.75% |
|---|---|---|
| Pipeline and storage segment | 1,132 | 24.07% |
| Gross margin | 77.33% | |
| Operating margin | 33.17% | |
| Pre-tax margin | 31.43% |
Atmos Energy Corporation vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ATO Atmos Energy Corporation | $29.6B | 20.7× | 20.4× | +4.80% (above 0%: growing) | +23.08% (above 0%: growing) | −7.79% (below 0%: shrinking) | 99.07% | 36.45% | |
| NI NiSource, Inc | $21.3B | 22.8× | 21.9× | +5.99% (above 0%: growing) | +35.00% (above 0%: growing) | −278.39% (below 0%: shrinking) | 84.64% | 25.22% | Compare |
| UGI UGI Corporation | $8.0B | 11.9× | 13.7× | −4.52% (below 0%: shrinking) | n/m | −56.52% (below 0%: shrinking) | 43.05% | (3.31%) | Compare |
| SWX Southwest Gas Corporation | $6.6B | 22.1× | 21.4× | −5.91% (below 0%: shrinking) | −95.30% (below 0%: shrinking) | −30.09% (below 0%: shrinking) | 93.25% | 11.92% | Compare |
| BKH Bright Horizon Energy Corporation | $6.5B | 20.6× | 19.0× | +8.34% (above 0%: growing) | +33.81% (above 0%: growing) | −10.84% (below 0%: shrinking) | 0.00% | 21.05% | Compare |
| NJR NewJersey Resources Corporation | $5.6B | 15.0× | 15.0× | +16.80% (above 0%: growing) | n/m | −3.14% (below 0%: shrinking) | 57.69% | 9.13% | Compare |
| SR Spire Inc. | $5.3B | 9.9× | 21.9× | −0.40% (below 0%: shrinking) | +1,131.03% (above 0%: growing) | +0.22% (above 0%: growing) | 75.92% | 5.57% | Compare |
| OGS ONE Gas, Inc. | $5.1B | 17.3× | 16.2× | +3.21% (above 0%: growing) | +12.59% (above 0%: growing) | +12.70% (above 0%: growing) | 81.13% | 19.77% | Compare |
| MDU MDU Resources Group, Inc. | $3.9B | 19.5× | 20.1× | +6.87% (above 0%: growing) | +42.86% (above 0%: growing) | −58.85% (below 0%: shrinking) | 64.77% | 12.78% | Compare |
| Median of peers | $6.0B | 18.4× | 19.6× | +4.60% | +34.40% | −20.46% | 70.35% | 12.35% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
95.63%
Held by the ten largest
50.05%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 22.08m | 13.06% | +280.04k |
| BlackRock | 15.24m | 9.02% | −2.21m |
| State Street | 11.38m | 6.73% | +7.31k |
| Capital Group | 9.40m | 5.56% | −2.36m |
| Wellington Management | 9.19m | 5.44% | −465.68k |
| Geode Capital Management | 4.49m | 2.66% | +152.28k |
| Bank of America | 4.18m | 2.47% | −18.71k |
| Invesco | 3.17m | 1.88% | +166.47k |
| Morgan Stanley | 2.86m | 1.69% | −137.47k |
| T. Rowe Price | 2.60m | 1.54% | −477.32k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 19 December 2025
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.95m | 16.40m | 125.63 |
| 2024 | 13.74m | 11.03m | 134.60 |
| 2023 | 8.10m | 6.53m | 106.66 |
| 2022 | 4.84m | 6.61m | 118.45 |
| 2021 | 6.47m | 4.57m | 91.54 |
Ownership
Directors and executive officers, together
0.43%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Atmos Energy Corporation (ATO) Latest News
5 Nov
6 Oct
5 Aug
13 May
9 May
7 May
ATO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Atmos Energy is a natural gas utility headquartered in Dallas. Founded in 1983, it is led by President and Chief Executive Officer John K. Akers. It delivers gas to homes, businesses, public authorities and industrial customers through regulated sales and transportation arrangements.
The company has two operating segments. Its distribution business buys natural gas and delivers it through local networks in eight states. It also transports gas through those networks for others. Customers use gas for purposes including space heating, water heating and cooking; industrial customers also buy gas from the company.