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Atmos Energy (ATO) stock

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NYSE: ATO NYSE Gas Utilities Next results ~November 4, 2026

C Fundamentals grade

Atmos Energy Corporation is a natural gas-only distributor, headquartered in Dallas and incorporated in Texas and Virginia. It delivers natural gas through regulated sales and transportation arrangements to roughly 3.4 million residential, commercial, public authority and industrial customers across eight states, located mainly in the southern United States. It also runs one of the largest intrastate pipelines in Texas, measured by miles of pipe.

The company earns revenue under rates set by state and local regulatory authorities, intended to recover its costs and a return on invested capital. Purchased gas cost adjustment mechanisms pass fuel costs through to customers, while formula rate and infrastructure mechanisms adjust rates for qualifying capital spending. It serves its areas under non-exclusive franchise agreements, holding 1,010 franchises at September 2025.

Atmos manages two reportable segments: distribution, comprising regulated gas distribution and sales across six divisions including Mid-Tex, Louisiana and West Texas; and pipeline and storage, chiefly the Atmos Pipeline-Texas operations, which include five underground storage facilities, plus Louisiana transmission. At 30 September 2025 it employed 5,487 people, none under collective bargaining.

Based on Atmos Energy's 10-K filed November 14, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$150

Valuation models combined (5)

Base case. Range ~$120–$170. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 17% below it.

Price used: $174.65, November 2, 2026

Atmos Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Atmos Energy files

Where Atmos Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.92bn, up 6.5% on a year earlier, slower than 8.8% a quarter earlier. Free-cash-flow margin fell to -41.1% from -29.7% a year earlier. Operating margin widened to 37.0% from 33.0%. The diluted share count is up 4.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 2 financial-health checks. Our valuation models combined value is $143 a share, against a share price of $167.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Atmos Energy's trailing-twelve-month revenue grew 6.5% year on year, with a free-cash-flow margin of -41.1%. Where it stands out: net margin of 28.5% ranks 1 of 12 gas utilities companies we cover. Where it lags: free-cash-flow margin of -41.1% ranks 12 of 12 gas utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 47.1% while net income grew 21.1%: a 68pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 37.0% of revenue is left as operating profit, against a median of 21.6% for gas utilities companies we cover.
  • Margins widening. Operating margin is up 4.0 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -41.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.6% in a year.
  • High debt. Long-term debt exceeds cash by $9.2bn, more than 1.5 times annual revenue.
  • Growth easing. The growth rate is 2.4 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was -144% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed August 5, 2026
Earnings per share
$1.43 against an average estimate of $1.35: beat by 5.6%
Revenue
$879m, up 4.8% on a year earlier
Share reaction
-0.4% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
earnings per diluted share $8.4 to $8.5 (Fiscal 2026); capital expenditure $4.2bn (Fiscal 2026)
Next report
November 4, 2026; average EPS estimate $1.14

Atmos Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week+2.0%
  • 1 month+11.1%
  • This year+6.0%
  • 1 year+4.1%
  • 5 years+111.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.9B
Operating margin
37.0%
Net margin
28.5%
EPS (TTM, diluted)
$8.44

Growth

Revenue growth
+6.5%
Change in growth rate
−2.4 pts
Share count change
+4.6%

Cash

Free cash flow (TTM)
-$2B
FCF margin
-41.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Announcement
  4. Leadership
  5. Results
  6. Dividend
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Atmos Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$140
Price used
$172.57close November 3, 2026
Implied change
▼ 16%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Atmos Energy (see the models table below and how they are combined) , with a 7.02% cost of equity. The models span ~$120–~$170; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Atmos Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.46 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$170 ~$140–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$140–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$140 ~$110–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$80–$180 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$140 ~$110–$180 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$150 ~$120–$170 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Atmos Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$58.76$67.68$77.53$95.98$82.32$77.94$92.33$98.49$132.57$166.88$174.65
Market value$6.1bn$7.2bn$8.6bn$11.3bn$10.1bn$10.1bn$12.8bn$14.3bn$20.2bn$26.8bn$29.0bn
+ Net debt (− = net cash)$3.2bn$3.5bn$3.6bn$4.0bn$4.5bn$7.3bn$8.1bn$6.8bn$7.5bn$8.8bn$9.8bn
Enterprise value$9.3bn$10.7bn$12.2bn$15.3bn$14.7bn$17.4bn$20.9bn$21.1bn$27.8bn$35.6bn$38.8bn
Multiples
Price / sales 2.5x2.6x2.8x3.9x3.6x3.0x3.0x3.3x4.9x5.7x5.9x
Price / earnings 17.4x18.1x14.3x22.0x16.8x15.2x16.5x16.1x19.4x22.4x20.7x
Price / free cash flow ———————21.9x———
EV / EBITDA 9.8x10.1x11.2x13.4x11.7x12.6x14.3x12.6x13.7x15.5x15.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Atmos Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 3.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 61.4%, moving by 15.7 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.0%; its worst year was 22.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -29.6% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 29.9% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $874m and EPS of $1.14 (range $1.10 to $1.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.46 +13% $5.1bn +9%
Next $9.04 +7% $5.8bn +12%

Next year's EPS estimate has moved +0.2% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 0 analysts raised Atmos Energy's forecast and 2 cut it.

Consensus EPS forecast Atmos Energy, last 90 days
$8.40 $8.60 $8.80 $9.00 $9.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.44 Current fiscal year, 60 days ago: $8.46 Current fiscal year, 30 days ago: $8.46 Current fiscal year, 7 days ago: $8.46 Current fiscal year, Now: $8.46 $8.46 Next fiscal year, 90 days ago: $9.02 Next fiscal year, 60 days ago: $9.02 Next fiscal year, 30 days ago: $9.02 Next fiscal year, 7 days ago: $9.03 Next fiscal year, Now: $9.04 $9.04

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.44$9.02
60 days ago $8.46$9.02
30 days ago $8.46$9.02
7 days ago $8.46$9.03
Now $8.46$9.04

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.35 $1.43 +5.6%
Mar 2026 $3.41 $3.47 +1.8%
Dec 2025 $2.44 $2.44 +0.1%
Sept 2025 $1.00 $1.07 +6.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • earnings per diluted share Fiscal 2026 $8.40 to $8.50 Maintained
    “Fiscal 2026 earnings per diluted share guidance reaffirmed in the range of $8.40 - $8.50 per diluted share.” source
  • capital expenditure Fiscal 2026 about $4.2bn
    “Fiscal 2026 capital expenditure guidance expe cted to be approximately $4.2 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

14 analysts, Oct 2026
Buy214%
Hold1286%
Sell00%

Monthly trend

  1. Oct 202621214
  2. Sep 202621214
  3. Aug 2026121114
  4. Jul 202621115

Counts of recommendations published by analysts covering Atmos Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
3.95
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
98%
of shares
Held by insiders
0.4%
of shares
Employees
5,487
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +4.1%

$167.83 on October 31, 2025 to $174.65

ThenNowEffect
Revenue (last 12 months) $4.6bn $4.9bn +6.5%
Net margin 25.0% 28.5% +13.8%
P/E multiple 23.0x 20.7x −10.1%
Share count 159m 166m −4.4%

Biggest factor: net margin.

Last 3 years +68.5%

$103.66 on November 3, 2023 to $174.65

ThenNowEffect
Revenue (last 12 months) $4.4bn $4.9bn +11.6%
Net margin 19.0% 28.5% +49.8%
P/E multiple 17.7x 20.7x +16.9%
Share count 143m 166m −13.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ATO+13%+10%+6%+23%+23%+6%
Industry peers (median)+15%+1%−9%+9%+15%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ATO42%58%67%58%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ATO−16%−19%−17%−10%−7%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from February 18, 2020 to March 23, 2020. Getting back needed a 49% gain, reached on March 4, 2022, 711 days after the low.

Price behaviour

52-week range
$156.24 – $190.06
From 52-week high
−8.1%
vs 50-day average
+6.3%
vs 200-day average
+1.0%
Volatility (1 year)
16%
Beta vs S&P 500
-0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±1.4%
After a week
6 up, 6 down
typical move ±3.1%
After a month
6 up, 6 down
typical move ±4.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −0.4% −0.4% −1.8% −1.5%
May 6, 2026 −2.9% +1.1% −3.9% −8.6%
February 3, 2026 +3.2% −1.3% +4.6% +11.9%
November 5, 2025 +0.9% −0.7% +2.2% −1.0%
August 6, 2025 +3.9% +0.7% +6.6% +6.8%
May 7, 2025 −0.4% +1.1% −6.0% −5.5%
February 4, 2025 +1.2% +1.1% +1.2% +2.7%
November 6, 2024 +2.5% +3.3% +6.2% +3.5%
August 7, 2024 −0.4% +1.6% +0.9% +3.2%
May 8, 2024 −0.5% +0.6% −2.1% −3.9%
March 29, 2024 −0.9% −0.2% −2.2% −0.2%
February 6, 2024 +0.1% +1.1% 0.0% +4.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Atmos Energy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Atmos Energy in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Atmos Energy
$3.5B $4B $4.5B $5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.3B Revenue (TTM), FY24 Q1: $3.9B Revenue (TTM), FY24 Q2: $4.1B Revenue (TTM), FY24 Q3: $4.1B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $4.2B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.6B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.9B Revenue (TTM), FY26 Q2: $4.9B Revenue (TTM), FY26 Q3: $4.9B $4.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.3B
FY24 Q1 $3.9B
FY24 Q2 $4.1B
FY24 Q3 $4.1B
FY24 Q4 $4.2B
FY25 Q1 $4.2B
FY25 Q2 $4.5B
FY25 Q3 $4.6B
FY25 Q4 $4.7B
FY26 Q1 $4.9B
FY26 Q2 $4.9B
FY26 Q3 $4.9B
Revenue growth, TTM YoY Atmos Energy
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.8% Revenue growth, TTM YoY, FY24 Q1: -15.5% Revenue growth, TTM YoY, FY24 Q2: -11.1% Revenue growth, TTM YoY, FY24 Q3: -7.2% Revenue growth, TTM YoY, FY24 Q4: -2.6% Revenue growth, TTM YoY, FY25 Q1: 5.9% Revenue growth, TTM YoY, FY25 Q2: 10.6% Revenue growth, TTM YoY, FY25 Q3: 12.9% Revenue growth, TTM YoY, FY25 Q4: 12.9% Revenue growth, TTM YoY, FY26 Q1: 16.4% Revenue growth, TTM YoY, FY26 Q2: 8.8% Revenue growth, TTM YoY, FY26 Q3: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.8%
FY24 Q1 -15.5%
FY24 Q2 -11.1%
FY24 Q3 -7.2%
FY24 Q4 -2.6%
FY25 Q1 5.9%
FY25 Q2 10.6%
FY25 Q3 12.9%
FY25 Q4 12.9%
FY26 Q1 16.4%
FY26 Q2 8.8%
FY26 Q3 6.5%
Operating margin (TTM) Atmos Energy
20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 25.0% Operating margin (TTM), FY24 Q1: 29.0% Operating margin (TTM), FY24 Q2: 31.4% Operating margin (TTM), FY24 Q3: 32.3% Operating margin (TTM), FY24 Q4: 32.5% Operating margin (TTM), FY25 Q1: 33.8% Operating margin (TTM), FY25 Q2: 33.3% Operating margin (TTM), FY25 Q3: 33.0% Operating margin (TTM), FY25 Q4: 33.2% Operating margin (TTM), FY26 Q1: 33.2% Operating margin (TTM), FY26 Q2: 35.9% Operating margin (TTM), FY26 Q3: 37.0% 37.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 25.0%
FY24 Q1 29.0%
FY24 Q2 31.4%
FY24 Q3 32.3%
FY24 Q4 32.5%
FY25 Q1 33.8%
FY25 Q2 33.3%
FY25 Q3 33.0%
FY25 Q4 33.2%
FY26 Q1 33.2%
FY26 Q2 35.9%
FY26 Q3 37.0%
FCF margin (TTM) Atmos Energy
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 15.3% FCF margin (TTM), FY24 Q1: 18.6% FCF margin (TTM), FY24 Q2: -30.8% FCF margin (TTM), FY24 Q3: -29.6% FCF margin (TTM), FY24 Q4: -28.9% FCF margin (TTM), FY25 Q1: -30.8% FCF margin (TTM), FY25 Q2: -29.1% FCF margin (TTM), FY25 Q3: -29.7% FCF margin (TTM), FY25 Q4: -32.2% FCF margin (TTM), FY26 Q1: -33.4% FCF margin (TTM), FY26 Q2: -40.8% FCF margin (TTM), FY26 Q3: -41.1% -41.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 15.3%
FY24 Q1 18.6%
FY24 Q2 -30.8%
FY24 Q3 -29.6%
FY24 Q4 -28.9%
FY25 Q1 -30.8%
FY25 Q2 -29.1%
FY25 Q3 -29.7%
FY25 Q4 -32.2%
FY26 Q1 -33.4%
FY26 Q2 -40.8%
FY26 Q3 -41.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Atmos Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.7B
  2. Other operating costs $3.1B · 66.8%
  3. Operating income $1.6B · 33.2%
  4. Income tax $279M · 5.9%
  5. Interest and other $81.9M · 1.7%
  6. Net income $1.2B · 25.5%

Shares of revenue. Source: Atmos Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 4.9 4.7 4.3 3.4 3.9 4.9 2.9 2.5 2.8 3.1 2.9 2.8 3.4 4.2 4.3 4.2 4.7 4.9
Gross profit 1.3 1.3 1.3 1.3 1.4 1.6 1.7 1.7 — 1.9 2.0 2.2 2.4 2.5 2.8 — — —
EBITDA 0.6 0.7 0.6 0.7 0.7 0.9 0.9 1.0 1.1 1.1 1.1 1.3 1.4 1.5 1.7 2.0 2.3 2.6
Operating income 0.4 0.5 0.4 0.4 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.9 0.9 1.1 1.4 1.6 1.8
Net income 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.6 0.5 0.6 0.7 0.8 0.9 1.0 1.2 1.4
Diluted EPS $2.07 $2.20 $2.27 $2.37 $2.64 $2.96 $3.09 $3.38 $3.73 $5.43 $4.35 $4.89 $5.12 $5.60 $6.10 $6.83 $7.46 $8.44
Growth (year on year)
Revenue — −4.3% −8.0% −19.8% +12.8% +27.5% −40.8% −16.1% +12.4% +12.9% −6.9% −2.8% +20.8% +23.3% +1.8% −2.6% +12.9% +6.5%
EBITDA — +3.7% −3.4% +5.2% +7.8% +17.4% +2.5% +7.1% +11.0% +3.2% +4.5% +10.2% +10.3% +5.3% +14.7% +21.2% +13.3% +15.5%
Operating income — +6.3% −8.2% +4.8% +12.5% +21.8% +0.1% +7.3% +11.9% −1.0% +2.5% +10.5% +9.8% +1.8% +15.9% +27.0% +15.1% +19.3%
Net income — +7.8% +0.9% +4.4% +12.2% +19.2% +8.7% +11.1% +13.2% +52.1% −15.2% +17.6% +10.7% +16.4% +14.4% +17.7% +14.9% +21.1%
Diluted EPS — +6.3% +3.2% +4.4% +11.4% +12.1% +4.4% +9.4% +10.4% +45.6% −19.9% +12.4% +4.7% +9.4% +8.9% +12.0% +9.2% +15.8%
Margins
Gross margin 27.1% 28.2% 30.3% 38.5% 36.4% 32.0% 57.4% 71.1% — 62.5% 70.4% 76.6% 69.7% 60.0% 66.0% — — —
EBITDA margin 13.3% 14.4% 15.2% 19.9% 19.0% 17.5% 30.3% 38.7% 38.2% 35.0% 39.2% 44.4% 40.6% 34.7% 39.1% 48.6% 48.8% 52.8%
Operating margin 9.0% 10.0% 9.9% 13.0% 13.0% 12.4% 20.9% 26.8% 26.7% 23.4% 25.7% 29.2% 26.6% 21.9% 25.0% 32.5% 33.2% 37.0%
Net margin 3.9% 4.4% 4.8% 6.3% 6.3% 5.9% 10.8% 14.3% 14.4% 19.4% 17.6% 21.3% 19.5% 18.4% 20.7% 25.0% 25.5% 28.5%
Free-cash-flow margin 8.4% 3.9% −0.9% −4.2% −6.0% −1.9% −5.2% −11.9% −9.8% −11.0% −25.0% −31.8% −89.6% −34.9% 15.3% −28.9% −32.2% −41.1%
Cash flow
Cash from operations 0.9 0.7 0.6 0.6 0.6 0.7 0.8 0.8 0.9 1.1 1.0 1.0 −1.1 1.0 3.5 1.7 2.0 2.0
Capital spending 0.5 0.5 0.6 0.7 0.8 0.8 1.0 1.1 1.1 1.5 1.7 1.9 2.0 2.4 2.8 2.9 3.6 4.0
Free cash flow 0.4 0.2 −0.0 −0.1 −0.2 −0.1 −0.2 −0.3 −0.3 −0.3 −0.7 −0.9 −3.1 −1.5 0.7 −1.2 −1.5 −2.0
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
Free cash flow after stock pay 0.4 0.2 −0.1 −0.2 −0.2 −0.1 −0.2 −0.3 −0.3 −0.4 −0.7 −0.9 −3.1 −1.5 0.6 −1.2 −1.5 —
Balance sheet
Cash 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.3 0.2 0.5
Total debt 2.2 2.3 2.4 2.5 2.8 2.7 2.9 3.3 3.5 3.6 4.0 4.6 7.4 8.2 6.9 7.8 9.0 10.3
Net debt (negative = net cash) 2.1 2.2 2.3 2.5 2.8 2.6 2.9 3.2 3.5 3.6 4.0 4.5 7.3 8.1 6.8 7.5 8.8 9.8
Diluted shares 92m 92m 91m 91m 92m 98m 102m 104m 106m 111m 117m 123m 130m 138m 145m 153m 161m 166m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.6
Total returned 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $31.6bn
Short-term assets $1.5bnLonger-term assets $30.1bn
What it owes, and who funded it · $17.1bn
Short-term liabilities $1.8bnShareholders' equity $15.3bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $521m of cash against $9.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 67% to 64% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.0bn of operating cash flow against $9.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.8bn against $142m of interest.

From Atmos Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$632M
Returned to shareholders
-31%
of free cash flow
Diluted share count
+4.6%
year over year
Total shareholder yield
2.1%
dividends 2.1% + buybacks 0.0% of market value
Dividend payout ratio
45%
of net income paid out
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated ATO UGI SR NFG NJR SGU Median
Revenue, last 12 months $4.9bn $7.3bn $2.7bn $2.5bn $2.2bn $1.9bn $1.7bn
Revenue growth, last 12 months 6.5% −0.5% 19.2% 15.1% 6.4% 7.6% 6.4%
Revenue growth, 3-year average 3.7% −8.3% −4.8% 3.9% −2.4% −1.2% 0.8%
Revenue growth, latest quarter 4.8% −4.5% 19.2% 1.1% 16.8% 17.2% 3.7%
Gross margin 75.1% — — 87.7% 32.2% 22.7% 56.6%
Operating margin 37.0% 16.2% 21.6% 40.3% 24.8% 7.1% 19.4%
Operating margin, 3-year average 34.1% 14.9% 19.9% 29.2% 25.3% 5.6% 19.6%
Net margin 28.5% 9.2% 20.1% 26.9% 16.4% 4.6% 11.4%
Cash from operations / revenue 41.0% 14.6% 22.3% 50.6% 29.6% 3.7% 19.0%
Free-cash-flow margin −41.1% 2.6% −8.1% 8.8% 20.5% 3.0% 2.2%
Free-cash-flow margin, 3-year average −33.4% 4.9% −5.8% 7.2% 16.7% 4.1% 2.6%
Stock pay / revenue — — 0.3% 0.7% — — 0.8%
Change in share count 4.6% 2.0% 1.3% 2.3% 0.9% −4.2% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 6.5% 6.5% 6 of 12
Change in growth rate Growth -2.4pp -1.1pp 9 of 12
Operating margin Profitability 37.0% 21.6% 2 of 12
Net margin Profitability 28.5% 13.1% 1 of 12
Free-cash-flow margin Cash generation -41.1% 2.6% 12 of 12
Long-term debt as % of assets Balance sheet 30.9% 39.9% 3 of 12
Change in share count Balance sheet 4.6% 2.0% 9 of 10
Days sales outstanding Balance sheet 35 days 35 days 5 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Distribution $4.4B 94.0% ▲ 13.0%
Pipeline and Storage $280M 6.0% ▲ 10.8%

From Atmos Energy's 10-K filed November 14, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$28.1B
Institutions reporting
1,039
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
118 / 96

Top buyers and sellers, Q2 2026: 532 institutions bought and 437 sold ; the biggest buyer was Qube Research & Technologies Ltd (+2.1M shares) and the biggest seller Aristotle Capital Management, LLC (−4.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 15.2M 9.3% ▼ 12.7%
State Street Corp $2B 11.4M 7.0% ▲ 0.1%
Vanguard Capital Management LLC $1.9B 10.9M 6.7% ▲ 1.4%
Vanguard Portfolio Management LLC $1.6B 9.4M 5.7% ▲ 0.8%
Wellington Management Group LLP $1.6B 9.2M 5.6% ▼ 4.8%
Capital International Investors $1.3B 7.5M 4.6% ▲ 2.1%
Geode Capital Management, LLC $770M 4.5M 2.7% ▲ 3.5%
Bank Of America Corp $720M 4.2M 2.6% ▼ 0.4%
Invesco Ltd. $547M 3.2M 1.9% ▲ 5.5%
Morgan Stanley $493M 2.9M 1.8% ▼ 4.6%
Deutsche Bank Ag\ $432M 2.5M 1.5% ▼ 1.6%
Price T Rowe Associates Inc $428M 2.5M 1.5% ▼ 8.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Atmos Energy's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $50,278 1 trade by 1 insider, last 12 months Insider sales History → $77,018 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $26,740 net selling
Insider Date Trade Shares Price Value
Ware William James Director August 11, 2026 Buy 300 $167.59 $50,278
Donohue Sean Director December 3, 2025 Sell 450 $171.15 $77,018

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Atmos Energy shares.

  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded December 2, 2025, filed January 16, 2026
  • Rick W. Allen(R-GA 12):Purchase, $15,001 - $50,000, traded August 19, 2025, filed September 12, 2025
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded November 8, 2024, filed December 9, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 3, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Atmos Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Atmos Energy in brief

What does Atmos Energy do?
Atmos Energy is a US-listed company in the gas utilities industry. Its financial year ends in September.
What is Atmos Energy's stock ticker?
Atmos Energy trades under the ticker ATO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Atmos Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Atmos Energy reported revenue of $4.9B, 6.5% higher than a year earlier, according to its SEC filings.
What is Atmos Energy's free cash flow?
Atmos Energy's free-cash-flow margin is -41.1% of revenue over the trailing twelve months, ranking 12 of the 12 gas utilities companies we cover.
Who are Atmos Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Atmos Energy's market cap?
On November 2, 2026, Atmos Energy's market capitalisation was about $29B, with a price-to-earnings ratio of 20.7 and net debt of $9.8B. Market figures come from third-party market data and may be delayed.
Does Atmos Energy pay a dividend?
Yes: Atmos Energy paid $632M in dividends over the trailing twelve months, a dividend yield of 2.14% and a payout ratio of 45.1%.
How much debt does Atmos Energy have?
Atmos Energy's debt-to-equity ratio is 63.9%, from its latest balance sheet (67.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Atmos Energy's competitors?
In our Gas Utilities peer group, the companies closest to Atmos Energy are UGI Corp, Spire Inc, National Fuel GAS Co, NEW Jersey Resources Corp and Star Group, L.p. The side-by-side comparison below sets their revenue, margins and growth against Atmos Energy's.
Are insiders buying or selling Atmos Energy stock?
Over the last 12 months, Atmos Energy's directors and officers reported 1 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Atmos Energy's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Atmos Energy announces its own schedule.