Atmos Energy vs National Fuel GAS
Atmos Energy is the larger business, with $4.70bn of revenue in fiscal 2025 against $2.28bn for National Fuel GAS (2.1 times as much). National Fuel GAS grew faster (17.1% against 12.9%). Atmos Energy kept more of each dollar of sales as profit: a net margin of 25.5% against 22.8%. Atmos Energy carries less debt relative to equity (66.2% against 92.1%).
| Latest fiscal year | Atmos EnergyATO, 2025 | National Fuel GASNFG, 2025 |
|---|---|---|
| Revenue | $4.70bn | $2.28bn |
| Revenue growth | 12.9% | 17.1% |
| Net income | $1.20bn | $519m |
| Operating margin | 33.2% | 35.7% |
| Net margin | 25.5% | 22.8% |
| Return on equity | 9.3% | 33.7% |
| Free cash flow | −$1.51bn | $187m |
| Cash | $203m | $43.2m |
| Total debt | $8.98bn | $2.85bn |
| Debt to equity | 66.2% | 92.1% |
| Dividend per share | $3.48 | $2.10 |
| Dividend yield | 2.1% | 2.6% |
| Share buybacks | — | $54.4m |
| Employees | 5,487 | 2,322 |
| Market value | $29.37bn | $7.49bn |
| Price vs our value range | — | Within our value range |
| Moat score | 41 (Weak) | 66 (Moderate) |
| Insider trades, 12 months | 1 buys, 1 sales | 0 buys, 0 sales |