Atmos Energy vs Spire
Atmos Energy is the larger business, with $4.70bn of revenue in fiscal 2025 against $2.48bn for Spire (1.9 times as much). Atmos Energy grew faster (12.9% against -4.5%). Atmos Energy kept more of each dollar of sales as profit: a net margin of 25.5% against 11.0%. Atmos Energy carries less debt relative to equity (66.2% against 152.6%).
| Latest fiscal year | Atmos EnergyATO, 2025 | SpireSR, 2025 |
|---|---|---|
| Revenue | $4.70bn | $2.48bn |
| Revenue growth | 12.9% | -4.5% |
| Net income | $1.20bn | $272m |
| Operating margin | 33.2% | 21.2% |
| Net margin | 25.5% | 11.0% |
| Return on equity | 9.3% | 8.2% |
| Free cash flow | −$1.51bn | −$344m |
| Cash | $203m | $5.7m |
| Total debt | $8.98bn | $5.17bn |
| Debt to equity | 66.2% | 152.6% |
| Dividend per share | $3.48 | $3.14 |
| Dividend yield | 2.1% | 3.6% |
| Share buybacks | — | — |
| Employees | 5,487 | 3,497 |
| Market value | $29.37bn | $5.22bn |
| Price vs our value range | — | — |
| Moat score | 41 (Weak) | 38 (Weak) |
| Insider trades, 12 months | 1 buys, 1 sales | 3 buys, 1 sales |