— Know what they know.
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Not Investment Advice

ATO

NYSE · USD
Atmos Energy Corporation
Utilities · Regulated Gas
CEO John Kevin Akers Employees 5,487 R&D / revenue 0.0%
Last price
$167.34+2.07%last session
Market cap
$28.3B
P/E (TTM)
19.7x
From 52w high
−13.1%
From 52w low
+8.2%
1-year return
−4.6%
RSI 14 · vs SMA200
69.3 · −3.8%
IS score
46.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ATO   SPY   XLU (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116ATO 95XLU 92

Score DNA

Each bar is a 0-100 score within the scored universe
73
Profitability
59
Growth
56
Value
87
Momentum
30
Risk (safety)
78
Quality
57
Balance sheet
86
Earnings quality

Flags

Strengths
✓ Insider buying
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Narrow, Intangible AssetsPiotroski 5 / 9Altman Z 1.7Beta 0.593 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.05M bought
Form 144 notices (12m): 1, $77,360 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+26
134 new holders, 98 closed
1,047 filers hold 97.3% · 416 added, 345 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+324
988 funds adding shares
664 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
51.4%
20-day avg 44.9%, 50-day avg 44.3%
Latest 6.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.7B
Revenue growth YoY+12.9%
Gross margin52.4%
Operating income$1.6B
Operating margin33.2%
Net income$1.2B
Net margin25.5%
EPS (diluted)$7.46
Cash flow
Operating cash flow$2.0B
Capital expenditure$3.6B
Free cash flow−$1.5B
FCF conversion (FCF / OCF)-73.8%
Stock-based compensation$12.7M
FCF less SBC−$1.5B
Buybacks$0
Dividends$553.8M
Balance sheet & returns
Cash & short-term investments$203.8M
Total debt$9.0B
Net debt$8.8B
Shareholders' equity$13.6B
Goodwill & intangibles$806.4M
Debt / equity0.67
ROE (TTM)9.7%
ROIC (TTM)4.8%
Operating margin by fiscal year
26.6%FY202121.9%FY202225.0%FY202332.5%FY202433.2%FY2025
Revenue $3.4B (FY2021) to $4.7B (FY2025), a 8.4% CAGR.

Valuation

P/E (TTM)19.7x
EV / EBITDA14.3x
Price / sales5.75x
Price / FCFn/m
FCF yield-7.14%
Buyback yield0.00%
SBC / revenue0.0%
Price / book1.85x
Forward P/E FY202718.5x
Forward P/E FY202817.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $179.00 across 5 analysts last quarter is theirs, not ours.

ATO vs industry median

50 companies in Regulated Gas
Gross margin 61.0% 37.0% Operating margin 37.0% 13.6% Net margin 28.5% 7.9% ROIC 4.8% 6.1%
ATO (TTM)Industry median Asset turnover 0.16 vs industry 0.32 · financial leverage 2.07

Earnings delivery

Next report 2026-11-04 · consensus EPS $1.14
92%
beat rate, 11 of 12 quarters
+3.9%
median EPS surprise
9
longest beat streak
+11+1+9+3+7+1+5+2+8+0+2+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ATO Atmos Energy Corporation $28.3B19.7x9.7%28.5%+12.9% −4.6%
NI NiSource Inc $20.5B22.5x9.8%3.4%+12.3% −0.6%
UGI UGI Corporation $8.2B12.3x13.3%-10.0%−0.5% +20.7%
SWX Southwest Gas Holdings, Inc. $6.3B12.2x13.3%11.8%−57.0% +13.7%
BKH Black Hills Corporation $5.8B19.3x7.9%8.4%+2.5% +27.6%
NJR New Jersey Resources Corpora $5.3B14.4x14.5%2.8%+7.0% —
SR Spire Inc. $4.8B9.1x15.5%50.2%+4.1% —
OGS ONE Gas, Inc. $4.8B16.2x8.6%11.4%−0.8% —
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.

Recent 8-K filings

2026-10-09Other Events; Exhibits
2026-10-09Material Agreement; Exhibits
2026-08-10Officer/Director Change; Regulation FD; Exhibits
2026-08-05Earnings Release; Exhibits
2026-06-18Other Events; Exhibits
2026-06-18Material Agreement; Exhibits

Context

Shares outstanding168,988,543
Free float99.5%
Institutional ownership97.3%
Beta0.59
Dividend yield2.39%
Last dividend$1.00 on 2026-08-24
50 / 200-day average$164.22 / $174.18
Large-cap Utilities median P/E20.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ATO sits among 13 scored companies in Regulated Gas (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureATOIndustry medianIndustry percentileSector median
P/E (TTM) 20.2x 18.0x
64th		 20.7x
PEG (P/E ÷ 3-yr EPS CAGR) 1.55 3.17
14th		 2.20
Price / sales 5.7x 2.2x
100th		 2.4x
Price / book 1.9x 1.6x
64th		 1.9x
Price / tangible book 2.0x 2.2x
36th		 2.1x
Price / free cash flow —
Price / operating cash flow 14.0x 9.2x
92nd		 9.2x
Enterprise value $38.0B $9.6B
100th		 $25.7B
EV / sales 7.7x 4.5x
100th		 4.5x
EV / EBITDA 14.3x 11.9x
100th		 11.9x
EV / EBIT 20.1x 18.0x
83rd		 19.6x
EV / free cash flow —
Earnings yield 5.0% 5.1%
42nd		 4.8%
FCF yield -7.1% -5.2%
33rd		 -4.2%
Operating cash flow yield 7.1% 10.9%
8th		 10.3%
Graham number (per share) $129.55 $58.76
100th		 $48.77

Profitability (TTM)

MeasureATOIndustry medianIndustry percentileSector median
Gross margin 61.0% 45.2%
83rd		 43.4%
EBITDA margin 54.2% 36.2%
100th		 38.7%
Operating margin 37.0% 24.6%
92nd		 20.9%
EBIT margin 38.4% 24.2%
92nd		 23.2%
Net margin 28.5% 13.0%
92nd		 12.4%
NOPAT margin 29.6% 19.8%
100th		 18.1%
FCF margin -41.1% -13.3%
8th		 -7.6%
Operating cash flow margin 41.0% 27.3%
83rd		 28.3%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.5% 0.0%
75th		 4.2%
Stock comp / revenue 0.0% 0.1%
0th		 0.0%
Effective tax rate 20.0% 17.4%
58th		 18.4%

Returns on capital

MeasureATOIndustry medianIndustry percentileSector median
ROE (on average equity) 9.8% 9.6%
55th		 9.5%
ROA 4.7% 3.4%
92nd		 2.6%
ROIC 5.8% 5.9%
42nd		 5.5%
ROCE 6.4% 5.8%
58th		 5.1%
Return on tangible assets 6.4% 5.3%
75th		 4.7%
Cash ROIC (OCF / invested capital) 8.1% 8.1%
50th		 8.0%
Gross profitability (GP / assets) 9.5% 9.4%
58th		 8.6%
ROIC, 3-yr average 4.8% 4.2%
67th		 4.2%
ROIC, 5-yr average 5.2% 4.1%
70th		 4.2%
ROE, 5-yr average 8.5% 8.5%
50th		 9.1%
Incremental ROIC 16.9% 30.4%
33rd		 20.6%

Growth

MeasureATOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.5% 4.1%
67th		 7.2%
Revenue growth (QoQ) -55.2% -43.2%
17th		 -16.9%
Revenue CAGR, 3 yr 3.7% -1.8%
73rd		 3.0%
Revenue CAGR, 5 yr 8.2% 5.6%
73rd		 6.3%
Gross profit CAGR, 3 yr 14.7% 15.1%
45th		 7.9%
Operating income CAGR, 3 yr 21.3% 14.9%
80th		 9.4%
Net income growth (TTM YoY) 21.1% 16.5%
60th		 8.6%
Net income CAGR, 3 yr 18.7% 8.8%
75th		 8.8%
EPS growth (TTM YoY) 15.3% 12.7%
60th		 4.2%
EPS CAGR, 3 yr 13.0% 6.2%
88th		 6.6%
EPS CAGR, 5 yr 9.8% 6.5%
70th		 4.0%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr -14.8% 12.2%
9th		 12.7%
Book value CAGR, 3 yr 7.5% 5.7%
70th		 4.7%
Dividend CAGR, 3 yr 0.4% -0.3%
64th		 0.3%
Sustainable growth rate 5.4% 3.9%
64th		 3.7%

Margin history & stability

MeasureATOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 57.6% 40.2%
92nd		 42.6%
Operating margin, 3-yr average 34.1% 22.5%
92nd		 20.0%
Net margin, 3-yr average 26.2% 12.7%
100th		 12.5%
FCF margin, 3-yr average -33.4% -5.6%
0th		 -7.9%
Revenue stability (0-1) 0.86 0.80
75th		 0.75
Earnings stability (0-1) 0.96 0.56
100th		 0.51
Margin stability (0-1) 0.89 0.87
75th		 0.84

Liquidity (latest quarter)

MeasureATOIndustry medianIndustry percentileSector median
Cash & short-term investments $525.8M $46.3M
92nd		 $215.5M
Net cash (− = net debt) −$9.7B −$3.8B
17th		 −$12.1B
Working capital −$343.5M −$343.5M
50th		 −$284.5M
Current ratio 0.81 0.66
67th		 0.82
Quick ratio 0.73 0.53
67th		 0.69
Cash ratio (cash + ST investments / current liabilities) 0.29 0.05
83rd		 0.08
Defensive interval (days) 307 days 302 days
58th		 314 days

Leverage & solvency (latest quarter)

MeasureATOIndustry medianIndustry percentileSector median
Total debt $10.3B $3.9B
83rd		 $12.5B
Debt / equity 0.67 1.10
0th		 1.61
Net debt / equity 0.64 1.07
0th		 1.60
Debt / assets 32.5% 40.7%
0th		 43.4%
Debt / capital 40.2% 52.5%
0th		 61.8%
Debt / EBITDA 3.85 4.36
8th		 5.59
Net debt / EBITDA 3.65 4.36
8th		 5.53
Interest coverage (EBIT / interest) 14.0x 2.8x
100th		 2.4x
Cash interest coverage 14.9x 3.0x
100th		 3.0x
Debt payback (years of OCF) 5.1 yrs 7.2 yrs
17th		 7.5 yrs
Liabilities / assets 51.7% 63.6%
0th		 70.8%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 650
0th		 750

Efficiency

MeasureATOIndustry medianIndustry percentileSector median
Asset turnover 0.17 0.22
17th		 0.20
Fixed asset turnover 0.18 0.27
0th		 0.27
Inventory turnover 13.1 8.3
80th		 8.7
Receivables turnover 11.3 10.0
67th		 8.4
Days sales outstanding 32 days 36 days
33rd		 43 days
Days inventory outstanding 28 days 44 days
20th		 42 days
Days payables outstanding 79 days 63 days
75th		 75 days
Cash conversion cycle (days) −19 days 19 days
8th		 14 days
Capex / revenue 82.1% 42.1%
100th		 35.1%
Capex / depreciation 5.20 2.66
83rd		 2.40
Operating expense ratio 62.6% 46.4%
92nd		 30.7%

Cash flow & earnings quality

MeasureATOIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.44 1.92
18th		 2.20
FCF / net income −1.44 −1.11
36th		 −0.74
FCF / operating cash flow -100.0% -47.2%
17th		 -33.3%
Capex / operating cash flow 200.0% 147.2%
83rd		 133.3%
Accruals ratio -2.1% -2.7%
67th		 -3.2%
Sloan accruals ratio -5.2% -4.5%
33rd		 -3.7%
Earnings quality score (0-1) 1.00 1.00
18th		 1.00

Dividends & buybacks

MeasureATOIndustry medianIndustry percentileSector median
Dividend yield 2.4% 3.6%
17th		 3.3%
Dividend per share (TTM) $4.00 $1.97
100th		 $1.87
Payout ratio (dividends / net income) 45.1% 52.7%
36th		 63.9%
Dividends / FCF —
Dividend growth (YoY) 11.7% 6.4%
73rd		 3.9%
Buyback yield 0.0% 0.0%
0th		 0.0%
Shareholder yield (dividends + buybacks) 2.2% 3.5%
17th		 3.3%
Share count change (YoY) 5.1% 3.3%
83rd		 2.5%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasureATOIndustry medianIndustry percentileSector median
IS score 47 40
100th		 40
IS profitability 73 40
100th		 44
IS growth 59 56
67th		 50
IS value 56 60
33rd		 56
IS momentum 87 79
83rd		 78
IS risk (safety) 30 15
67th		 15
IS quality 78 63
100th		 64
IS balance sheet 57 36
100th		 28
IS earnings quality 86 82
92nd		 79
IS cash flow 35 29
67th		 35
Piotroski F-score (0-9) 5 6
0th		 6
Altman Z-score 1.7 1.1
92nd		 0.9
Beneish M-score −2.66 −2.76
64th		 −2.64
Ohlson O-score −8.32 −7.02
0th		 −7.04
IS credit score 53 31
100th		 29

Per share

MeasureATOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $8.28 $3.60
92nd		 $3.13
Book value per share $90.09 $36.97
100th		 $32.52
Tangible book per share $85.89 $28.16
100th		 $32.45
Revenue per share $29.06 $30.21
33rd		 $24.86
FCF per share −$11.93 −$2.74
0th		 −$1.64
Operating cash flow per share $11.92 $8.19
75th		 $7.00
Cash per share $3.10 $0.40
83rd		 $0.83

Size (TTM)

MeasureATOIndustry medianIndustry percentileSector median
Market cap $28.3B $4.8B
100th		 $8.5B
Revenue $4.9B $2.3B
83rd		 $5.4B
EBITDA $2.7B $849.1M
83rd		 $2.7B
Net income $1.4B $299.0M
100th		 $559.7M
Free cash flow −$2.0B −$266.0M
0th		 −$190.6M
Total assets $31.6B $10.5B
92nd		 $34.0B
Shareholders' equity $15.3B $3.5B
100th		 $5.1B
Employees 5,487 2,795
75th		 5,870

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Martinez Jeffery D
SR VP, UTILITY OPERATIONS
 — 1,715——0
2026-10-01Geiser Edward
Director
 Award / grant 225——1,923
2026-10-01Garza Rafael G
Director
 Award / grant 77$155.79$11,996334
2026-09-15Robbins J Matt
SR VP, HUMAN RESOURCES
 Gift 1,500——25,866
2026-09-01Jeffries James Henry Iv
Director
 Award / grant 1,000——1,000
2026-08-11Ware William James
Director
 Open-market buy 300$167.59$50,278488
2026-07-01Geiser Edward
Director
 Award / grant 188——1,689
2026-07-01Garza Rafael G
Director
 Award / grant 65$172.92$11,240257
2026-05-02Robbins J Matt
SR VP, HUMAN RESOURCES
 Option exercise 2,815$189.74$534,11828,408
2026-05-02Robbins J Matt
SR VP, HUMAN RESOURCES
 Tax withholding 1,042$189.74$197,70927,366
2026-05-02Robbins J Matt
SR VP, HUMAN RESOURCES
 Option exercise 2,815——4,195
2026-05-02Mcdill John S
SR VP, UTILITY OPERATIONS
 Option exercise 2,815$189.74$534,11837,414

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired51,555$23,236
GiftDisposed11,500—
Open-market buyAcquired1300$50,278
Option exerciseAcquired629,440$5.6M
Option exerciseDisposed629,440—
Tax withholdingDisposed610,994$2.1M
—Disposed41,715—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 452 shares · $77,360
FiledFilerShares proposedEst. proceeds
2025-12-03Sean Donohue452$77,360
2025-05-14Cocklin Kim R15,000$2.3M
2024-12-10Atmos Energy Corporation Master Retirement Trust210,000$30.9M
2024-03-27Cocklin Kim R15,000$1.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (3 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-12John BoozmanSenateSale$1,001 - $15,0002026-07-13
2026-06-12John BoozmanSenateSale (Full)$1,001 - $15,0002026-07-12
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-12-02Jared MoskowitzHousePurchase$1,001 - $15,0002026-01-19
2025-12-02Jared MoskowitzHousePurchase$1,001 - $15,0002026-01-19
2025-12-01Jared MoskowitzHousePurchase$1,001 - $15,0002026-01-19
2025-05-20John BoozmanSenatePurchase$1,001 - $15,0002025-07-09
2025-05-20John BoozmanSenatePurchase$1,001 - $15,0002025-07-09
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.15,237,564$2.6B9.02%
STATE STREET CORP11,380,060$2.0B6.73%
VANGUARD CAPITAL MANAGEMENT LLC10,885,153$1.9B6.44%
VANGUARD PORTFOLIO MANAGEMENT LLC9,360,135$1.6B5.54%
WELLINGTON MANAGEMENT GROUP LLP9,185,788$1.6B5.44%
Capital International Investors7,483,012$1.3B4.43%
GEODE CAPITAL MANAGEMENT, LLC4,489,277$770.3M2.66%
BANK OF AMERICA CORP /DE/4,180,718$720.2M2.47%
Invesco Ltd.3,173,775$546.7M1.88%
MORGAN STANLEY2,742,998$472.5M1.62%
DEUTSCHE BANK AG\2,505,816$431.7M1.48%
PRICE T ROWE ASSOCIATES INC /MD/2,481,649$427.5M1.47%
GOLDMAN SACHS GROUP INC2,165,784$373.1M1.28%
Qube Research & Technologies Ltd2,136,532$368.1M1.26%
NORGES BANK2,079,227$358.2M1.23%

Institutional ownership by quarter

2023-092026-0697.3%
% of shares held by 13F filers
2023-092026-061,047
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,04797.3%13441634598
2026-03-311,02195.1%14440930688
2025-12-3198396.3%14336430861
2025-09-3091594.8%12435926172
2025-06-3087595.4%9637427273
2025-03-3186493.9%11734926058
2024-12-3181993.0%12031025345
2024-09-3075788.9%8827126656
2024-06-3073685.1%6727826154
2024-03-3173582.5%8430122662
2023-12-3172380.8%11825125154
2023-09-3066980.6%7126221966

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-27SCHEDULE 13G/ABlackRock, Inc.8.7%14,538,261
2026-05-14SCHEDULE 13G/ACapital International Investors4.7%7,740,023
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%12,468,210
2026-04-28SCHEDULE 13GVanguard Portfolio Management5.6%9,305,025
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$838.1M
VTSAX0.04%$838.1M
VTI0.04%$838.1M
VSMPX0.04%$838.1M
VFFSX0.04%$694.3M
VFIAX0.04%$694.3M

Share structure

Shares outstanding168,988,543
Float168,192,617
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.4B$4.2B$4.3B$4.2B$4.7B
Cost of revenue$1.7B$2.4B$2.2B$1.8B$2.2B
Gross profit$1.7B$1.8B$2.1B$2.4B$2.5B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$905.0M$921.0M$1.1B$1.4B$1.6B
EBITDA$1.4B$1.5B$1.7B$2.1B$2.4B
Pretax income$819.3M$851.9M$999.6M$1.2B$1.5B
Income tax$153.7M$77.5M$113.8M$192.9M$279.3M
Net income$665.6M$774.4M$885.3M$1.0B$1.2B
EPS, diluted$5.12$5.61$6.10$6.83$7.46
Diluted shares129.8M138.1M145.2M152.7M160.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$116.7M$51.6M$15.4M$307.3M$203.8M
Receivables$343.0M$375.6M$342.6M$380.2M$384.5M
Inventory$193.7M$383.8M$280.1M$186.5M$191.8M
Total current assets$2.8B$3.0B$885.8M$1.1B$912.1M
PP&E, net$15.3B$17.5B$19.8B$22.5B$25.6B
Goodwill & intangibles$731.3M$731.3M$823.5M$814.1M$806.4M
Total assets$19.6B$22.2B$22.5B$25.2B$28.9B
Accounts payable$224.9M$258.5M$218.2M$341.9M$381.0M
Total current liabilities$3.5B$3.6B$1.4B$1.2B$1.4B
Long-term debt$4.9B$5.8B$6.6B$7.9B$8.9B
Total liabilities$11.7B$12.8B$11.6B$13.0B$15.3B
Shareholders' equity$7.9B$9.4B$10.9B$12.2B$13.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$665.6M$774.4M$885.9M$1.0B$1.2B
Depreciation & amortization$478.0M$535.7M$604.3M$670.0M$734.7M
Stock-based compensation$11.3M$10.7M$10.2M$10.7M$12.7M
Change in working capital−$2.4B−$363.8M$1.9B−$99.0M−$86.0M
Operating cash flow−$1.1B$977.6M$3.5B$1.7B$2.0B
Capital expenditure−$2.0B−$2.4B−$2.8B−$2.9B−$3.6B
Free cash flow−$3.1B−$1.5B$653.8M−$1.2B−$1.5B
Investing cash flow−$2.0B−$2.4B−$2.8B−$2.9B−$3.6B
Net debt issued / repaid$2.8B$783.8M−$1.3B$988.3M$1.1B
Buybacks$0$0$0$0$0
Dividends paid−$323.9M−$375.9M−$430.3M−$492.9M−$553.8M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin49.8%43.1%48.1%57.9%52.4%
Operating margin26.6%21.9%25.0%32.5%33.2%
Net margin19.5%18.4%20.7%25.0%25.5%
FCF margin-89.6%-34.9%15.3%-28.9%-32.2%
ROE9.1%8.9%8.7%9.1%9.3%
ROIC4.8%4.7%5.3%5.7%5.6%
ROA3.8%3.7%4.0%4.4%4.4%
Debt / equity0.960.890.660.670.69
Interest coverage11.1x9.5x8.7x8.5x9.6x
Current ratio0.810.850.650.940.67
Revenue growth+20.8%+23.3%+1.8%−2.6%+12.9%
EPS growth+2.7%+10.1%+8.7%+14.4%+9.5%
P/E at year end15.9x17.1x16.8x19.8x22.7x
EV / EBITDA at year end13.1x14.5x12.6x13.6x15.2x
FCF yield at year end-28.81%-11.06%4.39%-5.83%-5.55%
Dividend payout48.7%48.5%48.6%47.3%46.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Distribution Segment$3.3B$4.0B$4.1B$3.9B$4.4B
Pipeline and Storage Segment$660.6M$720.9M$824.1M$998.7M$1.1B

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $1.14 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.1B$5.0B – $5.2B$8.45$8.43 – $8.48819.8x
2027$5.6B$5.3B – $5.9B$9.04$8.99 – $9.12918.5x
2028$6.1B$5.6B – $6.5B$9.77$9.57 – $9.99717.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$1.35$1.43+5.9%$900.8M$879.1M−2.4%
2026-05-06$3.41$3.47+1.8%$1.9B$2.0B+1.1%
2026-02-04$2.44$2.440.0%$1.3B$1.3B+3.6%
2025-11-05$0.99$1.07+8.1%$721.3M$737.5M+2.2%
2025-08-06$1.14$1.16+1.8%$822.1M$838.8M+2.0%
2025-05-07$2.89$3.03+4.8%$1.7B$2.0B+16.6%
2025-02-04$2.20$2.23+1.4%$1.3B$1.2B−12.9%
2024-11-06$0.80$0.86+7.5%$919.1M$701.5M−23.7%
2024-08-07$1.05$1.08+2.9%$816.9M$701.5M−14.1%
2024-05-08$2.61$2.85+9.2%$1.5B$1.6B+7.1%
2024-02-06$2.05$2.08+1.5%$1.8B$1.2B−33.9%
2023-11-08$0.72$0.80+11.1%$959.0M$587.6M−38.7%
2023-08-02$0.99$0.94−5.1%$881.3M$662.7M−24.8%
2023-05-03$2.46$2.48+0.8%$1.8B$1.5B−15.2%
2023-02-07$1.93$1.91−1.0%$1.1B$1.5B+30.3%
2022-11-09$0.43$0.51+18.6%$559.5M$722.6M+29.1%
2022-08-03$0.85$0.92+8.2%$682.1M$816.4M+19.7%
2022-05-04$2.35$2.37+0.9%$1.4B$1.6B+18.4%
2022-02-08$1.85$1.86+0.5%$1.0B$1.0B−0.8%
2021-11-10$0.34$0.37+8.8%$568.4M$568.4M0.0%
2021-08-04$0.72$0.78+8.3%$582.7M$605.6M+3.9%
2021-05-05$2.05$2.30+12.2%$1.1B$1.3B+21.8%
2021-02-02$1.58$1.71+8.2%$839.2M$914.5M+9.0%
2020-11-11$0.51$0.53+3.9%$456.3M$474.9M+4.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.206-290.307-060.307-130.207-200.207-270.208-030.208-100.208-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$145.7M869,43433,946
2026-08-24$138.1M824,06834,382
2026-08-17$224.0M1,315,25840,209
2026-08-10$233.0M1,376,42038,913
2026-08-03$223.9M1,301,95740,868
2026-07-27$235.2M1,325,04143,174

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1551.4%
DateShort shareShort volumeTotal volume
2026-10-1551.4%169,849330,631
2026-10-1448.1%142,120295,632
2026-10-1348.7%132,354271,576
2026-10-1239.7%102,468258,415
2026-10-0937.9%87,428230,635
2026-10-0851.3%198,474387,164
2026-10-0761.5%220,615358,814
2026-10-0643.9%168,091382,944
2026-10-0543.7%137,383314,699
2026-10-0247.0%115,363245,408
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.8Jan-0.9Feb+3.3Mar+2.5Apr-0.3May+0.8Jun+2.3Jul-0.7Aug-0.7Sep+2.1Oct+2.6Nov+1.2Dec
MonthAvg returnUp yearsYears
Jan+1.8%65%20
Feb−0.9%50%20
Mar+3.3%81%21
Apr+2.5%85%20
May−0.3%55%20
Jun+0.8%60%20
Jul+2.3%70%20
Aug−0.7%40%20
Sep−0.7%55%20
Oct+2.1%75%20
Nov+2.6%70%20
Dec+1.2%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1469.3
MFI86.5
ADX26.9
Stochastic %K / %D89.2 / 89.1
Williams %R-3.5
CCI188
TSI / signal3.5 / -18.7
Chaikin money flow0.12
ATR$2.45
Bollinger width7.9%
Volume vs 20-day avg0.56x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$159.53 (+4.9%)
SMA 50$163.92 (+2.1%)
SMA 200$173.93 (−3.8%)
EMA 21$161.79 (+3.4%)
EMA 50$164.12 (+2.0%)
EMA 200$169.59 (−1.3%)
Bollinger upper$165.83 (+0.9%)
Bollinger lower$153.22 (+9.2%)
Parabolic SAR$160.53 (+4.2%)
Open the live chart, 110+ indicators

About Atmos Energy Corporation

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.

https://www.atmosenergy.com

Key executives

NameTitlePayBorn
John Kevin AkersChief Executive Officer, President & Director$3.3M1963
Christopher T. ForsytheSenior Vice President & Chief Financial Officer$1.7M1972
Jeff D. MartinezSenior Vice President of Utility Operations$1.4M1969
John S. McDillExecutive Officer$1.4M1965
Jessica Bateman PulliamSenior Vice President, General Counsel & Corporate Secretary$1.0M1978
John Matt RobbinsSenior Vice President of Human Resources$942,4331970
Jeffrey S. KnightsSenior Vice President of Technical & Operating Services——
John A. ParisPresident of Mid-Tex Division—1964

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. Kevin Akers President and Chief Executive Officer2025$1.1M$5.2M$2.1M$10.0M
Christopher T. Forsythe Senior Vice President and Chief Financial Officer2025$599,635$1.3M$732,897$3.1M
Jessica W. Bateman Senior Vice President, General Counsel, and Corporate Secretary2025$387,189$1.9M$414,004$2.8M
John S. McDill Senior Vice President, Utility Operations2025$535,193$828,535$572,367$2.3M
Karen E. Hartsfield Senior Advisor2025$538,154$828,535$575,534$2.3M

Employees

5k20185k20195k20205k20215k20225k20235k20245k2025

Dividends

Ex-dateAmountPaid
2026-08-24$12026-09-08
2026-05-26$12026-06-08
2026-02-23$12026-03-09
2025-11-24$12025-12-08
2025-08-25$0.872025-09-08
2025-05-27$0.872025-06-09
2025-02-25$0.872025-03-10
2024-11-25$0.872024-12-09

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage60
Intangibles80
Switching costs69
Network effect45
Efficient scale75
Our component scores (0-100) and overall 67.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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