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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. In the quarter to June 2026, revenue grew 4.80%, EPS grew 23.1%, free cash flow fell 7.79% and total debt rose 14.7%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

167.56 3.61 +2.20%
Market cap
$27.7B
P/E
19.8×
Fwd P/E
20.2×
Dividend yield
2.39%
F-score
5/9
Altman Z
1.68
Beneish M
−2.62
Dividend safety
48/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Share dilution
All filings →

Insider Decisions trades per month

Total buys 0.05
Total sells 0.08
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — 1 — —
Sell — 1 — — — — — — — — — —
Insider Ownership 0.03%

Capital & Financial Ratios $m

Market Cap 27,710.00
Revenue 4,921.53
Net Income 1,402.44
Free Cash Flow (2,020.30)
Net Debt 9,798.06
Current Ratio 0.81 (below 1: weak)
Debt/Equity 0.68
P/E ratio 19.76
Fwd P/E 20.20
P/S ratio 5.73
P/B ratio 1.85
Past 5Y EPS Growth 8.81%
This Y EPS Growth 13.33%
Next Y EPS Growth 6.98%
Next Y revenue growth 8.91%
Next 5Y EPS Growth 9.42%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.7×, against a ten-year median of 5.7×; over the ten years it ranged from 2.8× in 2016 to 8.4× in 2026.
P/E against its own 10 years 35.05%
10-year low 10-year high
P/S against its own 10 years 92.78%
10-year low 10-year high
P/B against its own 10 years 43.86%
10-year low 10-year high
EV/Sales against its own 10 years 93.92%
10-year low 10-year high

Dividends

Payout Ratio 0.48
Annual Dividend Rate 4.00
Annual Dividend Yield 2.39%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 4.03
1.00
1.00
1.00
2025 3.61
0.87
0.87
0.87
1.00
2024 3.29
0.81
0.81
0.81
0.87
2023 3.77
0.74
0.74
0.74
0.74
0.81
2022 2.78
0.68
0.68
0.68
0.74
2021 2.56
0.63
0.63
0.63
0.68
2020 2.35
0.58
0.58
0.58
0.63
2019 2.15
0.53
0.53
0.53
0.58
2018 1.98
0.49
0.49
0.49
0.53
2017 1.84
0.45
0.45
0.45
0.49
2016 1.71
0.42
0.42
0.42
0.45
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 19 309 204 526
Receivables 329 366 376 469
Inventory 246 170 172 154
Other 292 288 302 351
886 1,132 1,053 1,501
2023 2024 2025 Q'26
Payables 336 445 507 437
ST’ Debt 11 10 21 511
Other 763 751 836 896
1,353 1,206 1,363 1,844

Compound Annual Growth %

10y 5y 3y
Sales 4.86% 10.76% 3.83%
Cash Flow 9.70% 14.57% 27.99%
Earnings 14.30% 14.79% 15.68%
Book Value 15.55% 14.83% 12.91%

Revenue $m

Dec Mar Jun Sep Year
’26 1,343 1,962 879 — —
’25 1,176 1,951 839 737 4,703
’24 1,158 1,647 702 658 4,165
’23 1,484 1,541 663 588 4,275
’22 1,013 1,650 816 723 4,202
’21 914 1,319 606 568 3,407
’20 876 978 493 475 2,821
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 308 723 640 — —
’25 282 923 496 348 2,049
’24 245 747 411 331 1,734
’23 189 2,704 329 238 3,460
’22 62 579 289 48 978
’21 157 (1,559) 244 74 (1,084)
’20 172 461 262 143 1,038
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (725) (280) (399) — —
’25 (609) 83 (371) (615) (1,512)
’24 (524) 101 (302) (477) (1,203)
’23 (607) 2,084 (339) (484) 654
’22 (622) 73 (247) (670) (1,467)
’21 (300) (1,948) (268) (537) (3,054)
’20 (357) (4) (149) (387) (898)
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 2.44 3.47 1.43 — —
’25 2.23 3.03 1.16 1.07 7.46
’24 2.08 2.85 1.08 0.86 6.83
’23 1.91 2.48 0.94 0.80 6.10
’22 1.86 2.37 0.92 0.51 5.60
’21 1.71 2.30 0.78 0.37 5.12
’20 1.47 1.95 0.96 0.53 4.89
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 60.00 72.54 76.46 89.19 77.92 84.59 97.71 101.00 110.46 136.16

Analyst estimates 2026–2028

Powerpack
High 81.97 93.56 100.76 115.19 121.08 105.30 122.96 125.28 152.65 180.65
People
People Employees 4,747 4,565 4,564 4,776 4,694 4,684 4,791 5,019 5,260 5,487
Revenue/emp, $m 0.52 0.60 0.68 0.61 0.60 0.73 0.88 0.85 0.79 0.86
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
Gross margin, % 69.60 66.46 62.52 70.40 76.65 69.69 59.95 66.03 77.58 77.33
EBT 542 604 611 650 747 819 852 1,000 1,236 1,478
EBT margin, % 22.09 21.89 19.62 22.41 26.47 24.04 20.28 23.38 29.67 31.43
Net income 350 396 603 511 601 666 774 886 1,043 1,199
Depreciation 293 326 369 401 441 492 545 608 663 720
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
Earnings 3.38 3.73 5.43 4.36 4.89 5.12 5.61 6.10 6.83 7.46
Cash flow 7.68 8.17 10.13 8.27 8.45 (8.35) 7.09 23.84 11.37 12.89
Capex (10.50) (10.72) (13.22) (14.45) (15.76) (15.18) (17.73) (19.34) (19.26) (22.41)
Free cash flow (2.82) (2.54) (3.09) (6.18) (7.31) (23.53) (10.64) 4.51 (7.89) (9.51)
Book value 33.45 36.75 42.97 49.06 55.31 60.93 68.34 74.90 79.72 85.31
Shares, m 104 106 111 117 123 130 138 145 153 159
Valuation, ×
Valuation, × P/E 21.90 22.58 16.93 26.00 19.47 17.09 17.99 16.74 20.19 22.65
P/S 3.14 3.26 3.30 4.60 4.16 3.36 3.34 3.49 5.08 5.77
P/B 2.23 2.30 2.16 2.32 1.73 1.45 1.49 1.37 1.74 2.00
EV/Sales 4.11 4.45 4.29 5.85 5.76 5.48 5.22 5.04 6.89 7.64
EV/FCF (34.60) (45.46) (38.93) (23.43) (18.10) (6.11) (14.96) 32.95 (23.86) (23.77)
Cash, $m
Cash, $m Operating cash flow 795 867 1,125 969 1,038 (1,084) 978 3,460 1,734 2,049
Capex (1,087) (1,137) (1,468) (1,693) (1,936) (1,970) (2,444) (2,806) (2,937) (3,561)
Free cash flow (292) (270) (343) (725) (898) (3,054) (1,467) 654 (1,203) (1,512)
Balance, $m
Balance, $m Working capital (1,107) (474) (1,436) (751) (311) (672) (555) (467) (74) (310)
Total debt 2,439 3,515 3,069 3,994 4,532 7,331 7,962 6,651 7,870 8,996
Net debt 2,391 3,489 3,055 3,970 4,511 7,214 7,911 6,631 7,562 8,792
Shareholders’ equity 3,463 3,899 4,770 5,750 6,791 7,907 9,419 10,870 12,158 13,559
Returns, %
Returns, % ROA 3.67 3.81 5.33 4.05 4.19 3.81 3.71 3.96 4.37 4.49
ROIC 7.02 6.22 5.81 4.80 4.56 3.74 3.32 3.81 4.30 4.36
ROE 10.52 10.76 13.91 9.72 9.59 9.06 8.94 8.73 9.06 9.32
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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 $27.7B 19.8× 20.2× +4.80% (above 0%: growing) +23.08% (above 0%: growing) −7.79% (below 0%: shrinking) 99.07% 36.45%
NI NiSource, Inc $19.8B 22.7× 22.7× +4.63% (above 0%: growing) −59.09% (below 0%: shrinking) −156.14% (below 0%: shrinking) 85.58% 16.99% Compare
UGI UGI Corporation $8.1B 12.3× 11.5× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.2B 11.4× 20.8× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54% Compare
BKH Black Hills Corporation $5.8B 19.3× 16.7× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.2B 14.3× 15.9× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $4.8B 9.1× 20.4× +19.21% (above 0%: growing) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.7B 16.2× 16.5× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $3.9B 20.0× 21.8× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
Median of peers $5.5B 15.3× 18.5× +3.88% +39.62% −29.83% 75.43% 14.88%

All 15 Utilities Regulated Gas stocks →

ATO metrics, ten years each

Atmos Energy Corporation (ATO) key facts

  • Strength: Atmos Energy Corporation’s revenue for fiscal 2025 (year ended September 2025) was $4.7 billion, up 12.9% from fiscal 2024.
  • Strength: Net income was $1.2 billion, or $7.46 per share (basic), a net margin of 25.5%.
  • Atmos Energy Corporation (ATO) is an Utilities Regulated Gas company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ATO traded at $167.56, a market capitalization of $27.7 billion.
  • At that price the stock trades at 19.8× trailing-twelve-month earnings and 5.7× sales; its P/E is higher than 35% of its own readings over the past ten years.
  • Atmos Energy Corporation pays an annual dividend of $4.00 per share, a yield of 2.39%, with a payout ratio of 47.6%.
  • Return on equity was 9.32% and debt-to-equity 0.68.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.68 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/ATO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com