Atmos Energy key statistics and ratios

In fiscal 2025, Atmos Energy had return on equity of 9.3%, an operating margin of 33.2%, debt equal to 66.2% of equity and a current ratio of 0.77. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Atmos Energy: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
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%	—	—	—
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%
Return on equity	8.8%	9.5%	9.4%	9.4%	9.8%	10.2%	10.0%	10.5%	10.8%	13.9%	9.7%	9.6%	9.1%	8.9%	8.7%	9.1%	9.3%	9.7%
Return on assets	3.0%	3.1%	3.0%	2.9%	3.2%	3.5%	3.6%	3.7%	3.8%	5.3%	4.1%	4.2%	3.8%	3.7%	4.0%	4.4%	4.5%	4.7%
Asset turnover	0.76	0.71	0.61	0.47	0.50	0.60	0.33	0.26	0.27	0.28	0.23	0.20	0.19	0.20	0.19	0.17	0.18	0.16
Current ratio	1.12	0.75	1.17	0.65	0.69	0.85	0.54	0.38	0.53	0.25	0.38	0.60	0.81	0.85	0.65	0.94	0.77	0.81
Debt to equity	103.0%	105.4%	107.1%	107.1%	109.4%	86.0%	90.6%	94.4%	90.2%	76.4%	70.0%	67.3%	93.3%	87.0%	63.0%	64.4%	66.2%	67.7%
Interest cover (operating income ÷ interest)	2.9x	3.0x	2.8x	3.2x	3.9x	4.7x	5.3x	5.7x	6.1x	6.8x	7.2x	9.8x	10.8x	9.0x	7.8x	7.1x	9.1x	12.8x
Effective tax rate	34.7%	38.6%	36.0%	33.8%	38.2%	39.2%	38.3%	36.3%	36.6%	1.3%	21.4%	19.5%	18.8%	9.1%	11.4%	15.6%	18.9%	20.0%
Capital spending as % of revenue	10.5%	11.6%	14.5%	21.3%	21.8%	16.7%	32.9%	44.3%	41.2%	47.1%	58.4%	68.6%	57.8%	58.2%	65.6%	70.5%	75.7%	82.1%
Free cash flow ÷ net income	214.5%	89.3%	−19.3%	−67.3%	−95.4%	−31.6%	−48.1%	−83.4%	−68.1%	−56.9%	−141.7%	−149.3%	−458.8%	−189.4%	73.8%	−115.4%	−126.1%	−144.1%
Dividends ÷ net income	63.6%	60.4%	59.7%	58.0%	52.7%	50.5%	50.8%	50.0%	48.4%	35.6%	48.0%	47.0%	48.7%	48.5%	48.6%	47.3%	46.2%	45.1%
Dividends and buybacks ÷ free cash flow	29.6%	67.6%	—	—	—	—	—	—	—	—	—	—	—	—	65.8%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Atmos Energy: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	—	80.1%	60.0%	—	—	—	—	—
Operating margin	28.1%	39.1%	32.2%	30.1%	29.8%	38.3%	39.0%	36.4%
Net margin	20.4%	29.9%	24.9%	22.2%	23.7%	30.0%	29.7%	27.6%
Free-cash-flow margin	−72.5%	−51.8%	4.3%	−44.2%	−83.5%	−54.0%	−14.3%	−45.4%
Current ratio	0.94	1.56	1.33	1.37	0.77	1.13	1.00	0.81
Debt to equity	64.0%	65.8%	64.0%	66.5%	65.7%	66.9%	64.1%	63.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Atmos Energy's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Atmos Energy.