Atmos Energy Corporation

ATO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$27,409	$21,532	$15,727	$14,248	$11,705	$12,685	$15,114	$12,462	$8,893	$7,734	$5,898	$4,656	$3,856	$3,183	$2,927	$2,687	$2,568	$2,379	$2,515	$2,305	$2,204	$1,305	$1,070	$883	$815	$647	$738	$852	$731	$371	$299	$270	$220	$154	$138	$104	$101	$75	$57	$62	$49
Enterprise value	$36,510	$29,354	$22,834	$22,566	$19,151	$17,433	$19,084	$16,093	$12,381	$10,955	$8,764	$7,266	$6,613	$5,646	$5,211	$4,851	$4,699	$4,804	$4,735	$4,759	$4,414	$1,970	$2,044	$1,674	$1,714	$1,270	$1,293	$1,370	$1,211	$781	$468	$427	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	22.87×	20.66×	17.76×	18.41×	17.60×	21.11×	29.58×	20.68×	23.27×	22.12×	18.76×	16.10×	16.77×	16.63×	15.60×	14.30×	14.14×	13.19×	14.93×	15.60×	16.23×	15.13×	14.92×	14.79×	14.53×	18.01×	41.67×	15.40×	30.72×	9.00×	10.37×	18.35×	14.02×	15.38×	17.50×	11.56×	12.45×	7.07×	10.51×	16.79×	7.00×
P/S (TTM) at period end	5.83×	5.17×	3.68×	3.39×	3.43×	4.50×	5.21×	4.00×	3.22×	3.15×	2.01×	0.94×	0.99×	0.93×	0.68×	0.58×	0.53×	0.33×	0.43×	0.37×	0.44×	0.45×	0.38×	0.53×	0.57×	0.76×	1.07×	1.00×	0.81×	0.42×	0.40×	0.54×	0.57×	0.45×	0.41×	0.30×	0.29×	0.23×	0.24×	0.26×	0.17×
P/B at period end	2.02×	1.77×	1.45×	1.51×	1.48×	1.87×	2.63×	2.61×	2.28×	2.23×	1.85×	1.51×	1.49×	1.35×	1.30×	1.23×	1.18×	1.16×	1.28×	1.40×	1.38×	1.15×	1.25×	1.54×	1.40×	1.65×	1.95×	2.29×	2.23×	1.12×	1.89×	1.80×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	15.91×	14.49×	13.66×	15.49×	13.85×	13.90×	16.78×	14.78×	11.73×	11.53×	9.88×	8.74×	8.97×	8.26×	8.02×	7.21×	7.25×	7.65×	7.92×	8.37×	8.38×	6.75×	7.38×	7.00×	8.54×	8.52×	11.65×	8.54×	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	7.76×	7.05×	5.34×	5.37×	5.62×	6.18×	6.58×	5.17×	4.49×	4.46×	2.99×	1.47×	1.71×	1.64×	1.22×	1.04×	0.96×	0.67×	0.80×	0.77×	0.89×	0.67×	0.73×	1.01×	1.19×	1.49×	1.87×	1.61×	1.33×	0.88×	0.62×	0.85×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.8%	8.6%	8.1%	8.2%	8.4%	8.8%	8.9%	12.6%	9.8%	10.1%	9.8%	9.4%	8.9%	8.1%	8.3%	8.6%	8.3%	8.8%	8.6%	9.0%	8.5%	7.6%	8.4%	10.4%	9.6%	9.2%	4.7%	14.9%	7.3%	12.5%	18.2%	9.8%	–	–	–	–	–	–	–	–	–
Return on invested capital	5.6%	5.7%	5.3%	4.7%	4.8%	5.8%	6.0%	8.6%	6.3%	6.3%	6.2%	6.2%	5.8%	6.1%	6.0%	6.6%	6.6%	5.9%	6.1%	5.8%	5.7%	6.7%	6.4%	7.2%	5.5%	5.4%	3.8%	8.1%	5.1%	8.0%	14.0%	7.3%	–	–	–	–	–	–	–	–	–
Dividend yield	2.0%	2.3%	2.7%	2.6%	2.8%	2.2%	1.6%	1.7%	2.2%	2.3%	2.7%	3.1%	3.3%	4.0%	4.2%	4.6%	4.7%	4.9%	4.4%	4.4%	4.5%	5.1%	5.2%	5.5%	5.4%	5.6%	4.6%	3.7%	3.6%	7.7%	4.8%	4.7%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.77×	0.94×	0.65×	0.85×	0.81×	0.60×	0.38×	0.25×	0.53×	0.38×	0.54×	0.85×	0.69×	0.65×	1.17×	0.75×	1.12×	1.06×	1.16×	1.00×	1.14×	1.66×	1.04×	0.71×	0.83×	0.52×	0.47×	0.48×	0.46×	0.63×	0.55×	0.83×	–	–	–	–	–	–	–	–	–
Debt / equity	0.66×	0.64×	0.63×	0.63×	0.93×	0.67×	0.61×	0.64×	0.79×	0.70×	0.91×	0.80×	0.95×	0.83×	0.98×	1.00×	1.00×	1.20×	1.16×	1.56×	1.45×	0.77×	1.16×	1.46×	1.57×	1.61×	1.49×	1.41×	1.48×	1.28×	1.09×	1.07×	–	–	–	–	–	–	–	–	–
Effective tax rate	18.9%	15.6%	11.4%	9.1%	18.8%	19.5%	21.4%	1.3%	36.6%	36.3%	38.3%	39.2%	38.2%	33.8%	36.0%	38.6%	34.7%	38.4%	35.8%	37.6%	37.7%	37.4%	37.1%	37.1%	37.3%	36.1%	35.2%	36.5%	37.5%	36.1%	36.4%	35.5%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	161	153	145	138	130	123	117	111	106	104	102	98	92	91	91	92	92	90	88	81	79	54	46	41	38	32	31	30	29	16	15	15	11	10	10	9	9	7	6	6	6

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$4,922	$4,703	$4,165	$4,275	$4,202	$3,407	$2,821	$2,902	$3,116	$2,760	$2,455	$2,927	$4,941	$3,875	$3,436	$4,286	$4,661	$4,869	$7,221	$5,898	$6,152	$4,962	$2,920	$2,800	$1,651	$1,442	$850	$690	$848	$907	$887	$750	$500	$388	$340	$336	$352	$342	$323	$233	$236	$287
Cost of revenue	–	($1,066)	($934)	($1,452)	($1,683)	($1,033)	($659)	($859)	($1,168)	($926)	($746)	($1,296)	($3,358)	($2,463)	($2,112)	($2,986)	($3,425)	($3,622)	($5,900)	($4,648)	($4,935)	($3,842)	($2,358)	($2,265)	($1,220)	($1,068)	($524)	($390)	($516)	($577)	($562)	($449)	($332)	–	–	–	–	–	–	–	–	–
Gross profit	–	$3,637	$3,231	$2,823	$2,519	$2,375	$2,162	$2,043	$1,948	$1,834	$1,708	$1,631	$1,582	$1,412	$1,324	$1,301	$1,314	$1,320	$1,321	$1,251	$1,218	$1,120	$562	$535	$431	$375	$326	$300	$332	$330	$324	$300	$168	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	($710)	($679)	($630)	($630)	($595)	($539)	($539)	($516)	($505)	($488)	($454)	($443)	($455)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($2,131)	($2,077)	($1,876)	($1,756)	($1,598)	($1,470)	($1,338)	($1,297)	($1,220)	($1,099)	($1,051)	($1,019)	($1,005)	($910)	($877)	($875)	($850)	($883)	($893)	($852)	($835)	($771)	($368)	($347)	($276)	($244)	($240)	($246)	($219)	($263)	($232)	($228)	($134)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($3,102)	($3,143)	($2,810)	($3,208)	($3,281)	($2,502)	($1,997)	($2,156)	($2,388)	($2,024)	($1,797)	($2,315)	($4,364)	($3,374)	($2,990)	($3,860)	($4,197)	($4,433)	($6,793)	($5,500)	($5,770)	($4,613)	($2,726)	($2,612)	($1,496)	($1,312)	($765)	($636)	($735)	($840)	($794)	($678)	($465)	–	–	–	–	–	–	–	–	–
Operating income	$1,819	$1,560	$1,355	$1,067	$921	$905	$824	$746	$728	$736	$657	$612	$577	$502	$446	$426	$464	$436	$428	$399	$383	$349	$194	$188	$155	$130	$85	$54	$113	$66	$92	$72	$35	$388	$340	$336	$352	$342	$323	$233	$236	$287
Earnings
EBITDA	$2,597	$2,295	$2,025	$1,671	$1,457	$1,383	$1,254	$1,138	$1,089	$1,055	$950	$887	$831	$737	$684	$650	$672	$648	$628	$598	$569	$527	$292	$277	$239	$201	$149	$111	$160	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	$30	$23	$7	$3	$2	$3	$4	$1	$1	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($142)	($172)	($191)	($137)	($103)	($84)	($84)	($103)	($107)	($120)	($115)	($116)	($129)	($128)	($141)	($151)	($154)	($153)	($138)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,754	$1,478	$1,236	$1,000	$852	$819	$747	$650	$611	$604	$542	$495	$445	$373	$290	$296	$309	$281	$293	$263	$237	$218	$138	$126	$95	$89	$56	$27	$87	$38	$64	$45	$23	–	–	–	–	–	–	–	–	–
Income tax expense	($351)	($279)	($193)	($114)	($78)	($154)	($145)	($139)	($8)	($221)	($197)	($190)	($175)	($143)	($98)	($107)	($119)	($97)	($112)	($94)	($89)	($82)	($52)	($47)	($35)	($33)	($20)	($10)	($32)	($14)	($23)	($16)	($8)	–	–	–	–	–	–	–	–	–
Net income	$1,402	$1,199	$1,043	$886	$774	$666	$601	$511	$603	$396	$350	$315	$290	$243	$217	$208	$206	$191	$180	$168	$148	$136	$86	$72	$60	$56	$36	$18	$55	$24	$41	$29	$15	$16	$10	$8	$9	$8	$11	$5	$4	$7
Per share
Diluted EPS (GAAP)	$8.40	$7.46	$6.83	$6.10	$5.60	$5.12	$4.89	$4.35	$5.43	$3.73	$3.38	$3.09	$2.96	$2.64	$2.37	$2.27	$2.20	$2.07	$2.00	$1.92	$1.82	$1.69	$1.37	$1.39	$1.43	$1.47	$1.12	$0.58	$1.84	$0.81	$1.42	$1.06	$0.97	$1.45	$0.97	$0.80	$0.98	$0.89	$1.52	$0.88	$0.63	$1.25
Basic EPS (GAAP)	$8.49	$7.54	$6.83	$6.10	$5.61	$5.12	$4.89	$4.36	$5.43	$3.73	$3.38	$3.09	$2.96	$2.68	$2.39	$2.28	$2.22	$2.08	$2.02	$1.94	$1.83	$1.69	$1.37	$1.39	$1.43	$1.47	$1.12	$0.58	$1.85	$0.81	$1.42	$1.06	$0.97	$1.45	$0.97	$0.80	$0.98	$0.89	$1.52	$0.88	$0.63	$1.25
Basic shares outstanding	164	159	153	145	138	130	123	117	111	106	104	102	98	91	90	90	92	91	89	87	81	78	52	45	41	38	31	31	30	29	16	15	15	11	10	10	9	9	7	6	6	6
Margins
Gross margin	–	77.3%	77.6%	66.0%	60.0%	69.7%	76.6%	70.4%	62.5%	66.5%	69.6%	55.7%	32.0%	36.4%	38.5%	30.3%	28.2%	27.1%	18.3%	21.2%	19.8%	22.6%	19.3%	19.1%	26.1%	26.0%	38.3%	43.4%	39.1%	36.3%	36.6%	40.0%	33.7%	–	–	–	–	–	–	–	–	–
Operating margin	37.0%	33.2%	32.5%	25.0%	21.9%	26.6%	29.2%	25.7%	23.4%	26.7%	26.8%	20.9%	11.7%	13.0%	13.0%	9.9%	10.0%	9.0%	5.9%	6.8%	6.2%	7.0%	6.6%	6.7%	9.4%	9.0%	10.0%	7.8%	13.3%	7.3%	10.4%	9.6%	6.9%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	28.5%	25.5%	25.0%	20.7%	18.4%	19.5%	21.3%	17.6%	19.4%	14.4%	14.3%	10.8%	5.9%	6.3%	6.3%	4.8%	4.4%	3.9%	2.5%	2.9%	2.4%	2.7%	3.0%	2.6%	3.6%	3.9%	4.2%	2.6%	6.5%	2.6%	4.6%	3.8%	2.9%	4.0%	2.9%	2.4%	2.6%	2.4%	3.3%	2.3%	1.6%	2.4%

Analyst consensus

Hold23 analysts

Bearish · 0 · Hold · 14 · Bullish · 9

Earnings history

	EPS	Estimate
Q4 2024	$0.86	$0.80	Beat
Q1 2025	$2.23	$2.20	Beat
Q2 2025	$3.03	$2.89	Beat
Q3 2025	$1.16	$1.14	Beat
Q4 2025	$1.07	$0.99	Beat
Q1 2026	$2.44	$2.44	Match
Q2 2026	$3.47	$3.41	Beat
Q3 2026	$1.43	$1.35	Beat

Peers

Company overview

IPO dateDec 28, 1983

CEOJohn Kevin Akers

Employees5,487

SectorUtilities

IndustryRegulated Gas

CountryUS

ExchangeNew York Stock Exchange

Websitewww.atmosenergy.com

Atmos Energy Corporation, alongside its subsidiaries, is a U.S.-based enterprise primarily involved in the regulated distribution of natural gas, as well as operating pipeline and storage facilities. The company functions through two core divisions: Distribution, and Pipeline and Storage. The Distribution division manages the regulated delivery and associated sales of natural gas across eight states. This division supplies natural gas to approximately three million customers, encompassing homeowners, businesses, public agencies, and industrial clients. By September 30, 2021, its extensive infrastructure comprised 71,921 miles of subterranean distribution and transmission lines. Conversely, the Pipeline and Storage division focuses on pipeline and storage activities. It is responsible for transporting natural gas on behalf of other entities and oversees five underground storage facilities located in Texas. Additionally, it offers various support services to the pipeline sector, such as gas parking, lending, and inventory transactions. As of September 30, 2021, this division maintained a network of 5,699 miles of gas transmission lines. Established in 1906, Atmos Energy Corporation maintains its principal office in Dallas, Texas.

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