Atmos Energy Corporation ATO

UtilitiesNatural Gas UtilitiesUnited States of America

Last close 172.41 USD on Nov 1, 2026, +4.6% year to date

Quant rating

Quant rating C Rank 40 of 90 in Utilities

Growth B 30 of 90
Valuation D 66 of 90
Quality A 12 of 90
Revisions C 53 of 90
Momentum C 39 of 90

Wall Street consensus Hold (2.71)Average target 182.63 USD +5.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.1B
Enterprise value: 38.9B
52-week range: 154.84 – 192.49
3-year range: 108.67 – 192.49
Dividend yield: 2.32%
Beta (5 years): 0.57
Shares outstanding: 169M
Next earnings: Nov 4, 2026

About the company

Atmos Energy Corporation is a natural gas-only distributor. The Company delivers natural gas to over 3.3 million distribution customers in over 1,400 communities across eight states located primarily in the South. It manages proprietary pipeline and storage assets, including intrastate natural gas pipeline systems in Texas. Its segments include distribution and pipeline and storage. The distribution segment comprises its regulated natural gas distribution and related sales operations in eight states. The pipeline and storage segment are consists of regulated pipeline and storage operations of its Atmos Pipeline-Texas (APT) division and its natural gas transmission operations in Louisiana. APT is an intrastate pipeline operation in Texas with a heavy concentration in the established natural gas-producing areas of central, northern, and eastern Texas, extending into or near the major producing areas of the Barnett Shale, the Texas Gulf Coast, and the Permian Basin of West Texas.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,703	4,165	4,275	4,202	3,407	–
Revenue growth	12.9%	−2.6%	1.8%	23.3%	20.8%	10.8%
EPS (basic, normalized)	7.46	6.83	6.10	5.60	5.12	–
EPS growth	9.2%	12.0%	8.9%	9.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	25.5%	25.0%	20.7%	18.4%	19.5%	21.8%
ROE	9.3%	9.1%	8.7%	8.9%	9.1%	9.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	521
Current ratio	0.81x
Long-term debt (mil)	9,812
Net debt (mil)	9,803
Total equity (mil)	15,258
Net debt / equity	0.64x
Net debt / EBITDA	4.27x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,703	+12.9%	8.3x	2,295	+11.3%	17.0x	7.46	+9.2%	23.1x
2026	5,129	+9.1%	7.6x	2,686	+17.0%	14.5x	8.46	+13.5%	20.4x
2027	5,708	+11.3%	6.8x	3,021	+12.5%	12.9x	9.04	+6.8%	19.1x
2028	6,249	+9.5%	6.2x	3,455	+14.4%	11.3x	9.78	+8.2%	17.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,129	+0.3%	−1.0%	−3.7%	8.46	0.0%	+0.1%	+2.6%
2027	5,708	−0.5%	−0.1%	−2.8%	9.04	−0.1%	+0.1%	+2.2%
2028	6,249	−0.5%	+0.2%	−2.1%	9.78	−0.1%	−0.2%	+2.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,647	702	658	1,176	1,951	839	737	1,343	1,962	879
Sales mean (mil)	1,773	874	919	1,350	1,820	823	721	1,383	2,101	929
Surprise	−7.1%	−19.7%	−28.4%	−12.9%	+7.2%	+1.9%	+2.2%	−2.9%	−6.6%	−5.4%
EPS reported	2.85	1.08	0.83	2.23	3.03	1.16	1.07	2.44	3.47	1.43
EPS mean	2.61	1.05	0.80	2.19	2.87	1.15	1.00	2.42	3.40	1.35
Surprise	+9.3%	+2.8%	+3.2%	+1.6%	+5.4%	+1.3%	+6.8%	+0.6%	+2.1%	+5.8%

Peer comparison Natural Gas Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATO Atmos Energy Corporation	29.1B	4.27x	25.5%	1.91x	20.4x	19.1x	14.5x	12.9x
UGI UGI Corporation	8.3B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
NFG National Fuel Gas Company	7.6B	1.65x	22.8%	1.93x	10.8x	10.7x	6.6x	5.8x
SWX Southwest Gas Holdings, Inc.	6.7B	5.02x	12.1%	1.63x	21.6x	18.5x	11.0x	10.0x
NJR New Jersey Resources Corp	5.4B	6.55x	16.5%	2.04x	15.0x	15.4x	12.0x	11.7x
SR Spire Inc	5.2B	–	10.4%	1.45x	21.9x	16.1x	14.3x	11.5x
Mean		4.26x	16.1%	1.76x	17.2x	15.3x	11.1x	10.0x
Median		4.27x	14.3%	1.77x	17.7x	15.8x	11.5x	10.7x

Technical analysis

1M+9.8%
3M−3.3%
1Y+1.1%
3Y+74.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Atmos Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,703	4,165	4,275	4,202	3,407	2,821
Cost of revenue	1,066	934	1,452	1,683	1,033	659
Gross profit	3,637	3,231	2,823	2,519	2,375	2,162
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	735	670	604	536	478	430
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	1,342	1,206	1,152	1,062	992	908
Operating income	1,560	1,355	1,067	921	905	824
Net interest income (expense)	−142	−164	−137	−103	−83.6	−84.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	59.6	44.6	69.8	33.7	−2.1	7.2
Net income before taxes	1,478	1,236	1,000	852	819	747
Provision for taxes	279	193	114	77.5	154	145
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,199	1,043	886	774	666	601
Extraordinary items	–	–	–	–	–	–
Net income	1,199	1,043	886	774	666	601
EBIT, normalized	1,560	1,355	1,067	921	905	812
EBITDA, normalized	2,295	2,025	1,671	1,457	1,383	1,242
Basic EPS, normalized	7.46	6.83	6.10	5.60	5.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Atmos Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	203	307	15.4	51.6	117	20.8
Receivables	384	380	343	376	343	231
Total inventory	192	186	280	384	194	119
Prepaid expenses	80.5	74.8	58.0	58.6	48.8	40.3
Other current assets	193	184	190	2,178	2,137	60.7
Total current assets	1,053	1,132	886	3,048	2,839	471
Property, plant & equipment	25,293	22,204	19,830	17,455	15,286	13,582
Goodwill	731	731	731	731	731	731
Intangibles	75.1	82.8	92.2	–	–	–
Long-term investments	–	–	105	96.0	108	104
Note receivable	–	–	–	–	–	0
Other long-term assets	1,097	1,044	873	863	644	470
Total assets	28,250	25,194	22,517	22,193	19,609	15,359
Liabilities
Accounts payable	381	342	218	259	225	141
Payable/accrued	–	–	–	–	–	–
Accrued expenses	362	308	283	383	342	241
Short-term debt	0	0	242	185	0	0
Current portion of long-term debt	20.5	9.9	11.5	2,201	2,400	0.2
Other current liabilities	599	546	598	574	543	400
Total current liabilities	1,363	1,206	1,353	3,603	3,510	782
Long-term debt	8,975	7,861	6,639	5,761	4,930	4,532
Minority interest	–	–	–	–	–	–
Other liabilities	4,353	3,970	3,655	3,411	3,261	3,254
Total liabilities	14,691	13,037	11,647	12,774	11,702	8,568
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.8	0.8	0.7	0.7	0.7	0.6
Additional paid-in capital	8,221	7,475	6,684	5,838	5,024	4,377
Retained earnings (accumulated deficit)	4,862	4,217	3,667	3,211	2,813	2,471
Treasury stock	–	–	–	–	–	–
Other equity	475	466	519	369	69.8	−57.6
Total equity	13,559	12,158	10,870	9,419	7,907	6,791
Total liabilities & shareholders' equity	28,250	25,194	22,517	22,193	19,609	15,359

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Atmos Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,199	1,043	886	774	666	601
Depreciation, depletion & amortization	735	670	604	536	478	430
Deferred taxes	269	173	108	53.7	155	155
Non-cash items	−66.7	−52.9	−50.8	−22.4	−3.7	−14.9
Changes in working capital	−86.0	−99.0	1,912	−364	−2,379	−134
Cash from operations	2,049	1,734	3,460	978	−1,084	1,038
Investing activities
Capital expenditures	−3,561	−2,937	−2,806	−2,444	−1,970	−1,936
Other investing cash flows	0.1	14.4	10.7	14.5	5.9	10.2
Cash from investing	−3,561	−2,923	−2,795	−2,430	−1,964	−1,926
Financing activities
Financing cash flow items	111	218	162	187	47.9	−12.2
Cash dividends paid	−554	−493	−430	−376	−324	−282
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,849	1,753	−428	1,576	3,420	1,178
Cash from financing	1,407	1,479	−697	1,387	3,144	884
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−105	290	−32.3	−65.2	95.9	−3.7
Free cash flow	−1,512	−1,203	654	−1,467	−3,054	−898

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.