Atmos Energy Corporation

ATO

UtilitiesLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Atmos Energy Corporation, together with its subsidiaries, engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States. It operates through two segments, Distribution, and Pipeline and Storage. The Distribution segment is involved in the regulated natural gas distribution and related sales operations in eight states. This segment distributes natural gas to approximately 3.4 million residential, commercial, public authority, and industrial customers; and owned 76,000 miles of underground distribution and transmission mains. The Pipeline and Storage segment engages in the pipeline and storage operations. This segment transports natural gas for third parties and manages five underground storage facilities in Texas; provides ancillary services customary to the pipeline industry, including parking arrangements, lending, and inventory sales; and owned 5,700 miles of gas transmission lines. Atmos Energy Corporation was founded in 1906 and is based in Dallas, Texas.

Valuation

Market Cap$28.0B

Current Price$172.06as of Jun 23, 2026

P/E Ratio23.40

P/B Ratio2.07

EV / EBITDA15.57

EV / Sales7.90

Profitability

Operating Margin33.2%

Net Profit Margin25.5%

EBITDA Margin50.7%

Returns

ROE8.8%

ROCE7.3%

ROIC %-

ROA4.2%

Solvency

Current Ratio0.77

Debt / Equity0.69

Debt / Assets0.33

CFO / Net Profit1.71

Price History▲ 10.03% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$4.7B▲ 12.9%

EBITDA$2.4B▲ 13.7%

Net Profit$1.2B▲ 14.9%

Cash from Ops (CFO)$2.0B▲ 18.2%

Free Cash Flow (FCF)$-1.5B▲ 25.6%

Revenue CAGR 3Y3.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y15.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$4.7B	$2.4B	$1.2B	$-1.5B	8.8%	12.9%	14.9%
2024	$4.2B	$2.1B	$1.0B	$-1.2B	8.6%	-2.6%	17.7%
2023	$4.3B	$1.7B	$886M	$654M	8.1%	1.8%	14.4%
2022	$4.2B	$1.5B	$774M	$-1.5B	8.2%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	4,201.66	4,275.36	4,165.19	4,702.76
Operating Revenue	-	4,201.66	4,275.36	4,165.19	4,702.76
Cost Of Revenue	-	2,392.82	2,217.08	1,752.83	1,969
Gross Profit	-	1,808.84	2,058.28	2,412.36	2,733.76
Operating Expense	-	887.86	991.13	1,056.99	1,173.79
Total Expenses	-	3,280.68	3,208.21	2,809.82	3,142.78
Operating Income	-	920.98	1,067.15	1,355.36	1,559.97
Total Operating Income As Reported	-	920.98	1,067.15	1,355.36	1,559.97
EBITDA	-	1,490.37	1,741.25	2,096.38	2,384.46
Normalized EBITDA	-	1,452.61	1,675.82	2,034.58	2,308.86
EBIT	-	954.72	1,136.92	1,426.41	1,649.71
Interest Income	-	2.78	7.21	22.89	29.94
Interest Expense	-	102.81	137.28	190.63	171.68
Net Interest Income	-	-100.03	-130.07	-167.74	-141.73
Other Non Operating Income Expenses	-	-6.81	-2.86	-13.64	-15.80
Other Income Expense	-	30.96	62.57	48.16	59.80
Interest Income Non Operating	-	2.78	7.21	22.89	29.94
Interest Expense Non Operating	-	102.81	137.28	190.63	171.68
Net Non Operating Interest Income Expense	-	-100.03	-130.07	-167.74	-141.73
Pretax Income	-	851.91	999.64	1,235.78	1,478.03
Tax Provision	-	77.51	113.78	192.88	279.28
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	3.44	7.46	9.64	14.29
Net Income Continuous Operations	-	774.40	885.86	1,042.90	1,198.75
Net Income From Continuing And Discontinued Operation	-	774.40	885.86	1,042.90	1,198.75
Net Income From Continuing Operation Net Minority Interest	-	774.40	885.86	1,042.90	1,198.75
Net Income	-	774.40	885.86	1,042.90	1,198.75
Net Income Common Stockholders	-	773.89	885.32	1,042.34	1,198.27
Net Income Including Noncontrolling Interests	-	774.40	885.86	1,042.90	1,198.75
Normalized Income	-	740.07	827.90	990.74	1,137.44
Diluted NI Availto Com Stockholders	-	773.89	885.32	1,042.34	1,198.27
Basic Average Shares	-	137.83	145.12	152.51	158.94
Diluted Average Shares	-	138.10	145.17	152.67	160.57
Reconciled Depreciation	-	535.66	604.33	669.97	734.74
Reconciled Cost Of Revenue	-	2,392.82	2,217.08	1,752.83	1,969
Total Unusual Items	-	37.77	65.42	61.80	75.60
Total Unusual Items Excluding Goodwill	-	37.77	65.42	61.80	75.60
Special Income Charges	-	45.50	64.02	58.23	75.42
Other Special Charges	-	-45.50	-64.02	-58.23	-75.42
Gain On Sale Of Security	-	-7.74	1.41	3.56	0.17
Depreciation Amortization Depletion Income Statement	-	535.66	604.33	669.97	734.74
Depreciation And Amortization In Income Statement	-	535.66	604.33	669.97	734.74
Otherunder Preferred Stock Dividend	-	0.51	0.54	0.55	0.49
Average Dilution Earnings	-	0	0	0	0
Other Taxes	-	352.21	386.80	387.02	439.04

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Atmos Energy Corporationthis co.	ATO	$28.0B	23.40	2.07	8.8%	15.57
DTE Energy Company	DTE	$29.7B	20.31	2.41	11.9%	12.54
Ameren Corporation	AEE	$29.6B	20.34	2.21	10.9%	-
NRG Energy, Inc.	NRG	$28.1B	32.57	27.30	83.8%	12.21
Edison International	EIX	$27.6B	5.88

Learn while you research

Hand-picked academy chapters to deepen your understanding of Atmos Energy Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$4.7B

$2.4B

$1.2B

$-1.5B

8.8%

12.9%

14.9%

2024

$4.2B

$2.1B

$1.0B

$-1.2B

8.6%

-2.6%

17.7%

2023

$4.3B

$1.7B

$886M

$654M

8.1%

1.8%

14.4%

2022

$4.2B

$1.5B

$774M

$-1.5B

8.2%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

4,201.66

4,275.36

4,165.19

4,702.76

Operating Revenue

4,201.66

4,275.36

4,165.19

4,702.76

Cost Of Revenue

2,392.82

2,217.08

1,752.83

1,969

Gross Profit

1,808.84

2,058.28

2,412.36

2,733.76

Operating Expense

887.86

991.13

1,056.99

1,173.79

Total Expenses

3,280.68

3,208.21

2,809.82

3,142.78

Operating Income

920.98

1,067.15

1,355.36

1,559.97

Total Operating Income As Reported

920.98

1,067.15

1,355.36

1,559.97

EBITDA

1,490.37

1,741.25

2,096.38

2,384.46

Normalized EBITDA

1,452.61

1,675.82

2,034.58

2,308.86

EBIT

954.72

1,136.92

1,426.41

1,649.71

Interest Income

2.78

7.21

22.89

29.94

Interest Expense

102.81

137.28

190.63

171.68

Net Interest Income

-100.03

-130.07

-167.74

-141.73

Other Non Operating Income Expenses

-6.81

-2.86

-13.64

-15.80

Other Income Expense

30.96

62.57

48.16

59.80

Interest Income Non Operating

2.78

7.21

22.89

29.94

Interest Expense Non Operating

102.81

137.28

190.63

171.68

Net Non Operating Interest Income Expense

-100.03

-130.07

-167.74

-141.73

Pretax Income

851.91

999.64

1,235.78

1,478.03

Tax Provision

77.51

113.78

192.88

279.28

Tax Rate For Calcs

Tax Effect Of Unusual Items

3.44

7.46

9.64

14.29

Net Income Continuous Operations

774.40

885.86

1,042.90

1,198.75

Net Income From Continuing And Discontinued Operation

774.40

885.86

1,042.90

1,198.75

Net Income From Continuing Operation Net Minority Interest

774.40

885.86

1,042.90

1,198.75

Net Income

774.40

885.86

1,042.90

1,198.75

Net Income Common Stockholders

773.89

885.32

1,042.34

1,198.27

Net Income Including Noncontrolling Interests

774.40

885.86

1,042.90

1,198.75

Normalized Income

740.07

827.90

990.74

1,137.44

Diluted NI Availto Com Stockholders

773.89

885.32

1,042.34

1,198.27

Basic Average Shares

137.83

145.12

152.51

158.94

Diluted Average Shares

138.10

145.17

152.67

160.57

Reconciled Depreciation

535.66

604.33

669.97

734.74

Reconciled Cost Of Revenue

2,392.82

2,217.08

1,752.83

1,969

Total Unusual Items

37.77

65.42

61.80

75.60

Total Unusual Items Excluding Goodwill

37.77

65.42

61.80

75.60

Special Income Charges

45.50

64.02

58.23

75.42

Other Special Charges

-45.50

-64.02

-58.23

-75.42

Gain On Sale Of Security

-7.74

1.41

3.56

0.17

Depreciation Amortization Depletion Income Statement

535.66

604.33

669.97

734.74

Depreciation And Amortization In Income Statement

535.66

604.33

669.97

734.74

Otherunder Preferred Stock Dividend

0.51

0.54

0.55

0.49

Average Dilution Earnings

Other Taxes

352.21

386.80

387.02

439.04

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Atmos Energy Corporationthis co.

ATO

$28.0B

23.40

2.07

8.8%

15.57

DTE Energy Company

DTE

$29.7B

20.31

2.41

11.9%

12.54

Ameren Corporation

AEE

$29.6B

20.34

2.21

10.9%

NRG Energy, Inc.

NRG

$28.1B

32.57

27.30

83.8%

12.21

Edison International

EIX

$27.6B

5.88

Atmos Energy Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Atmos Energy Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on