Utilities · Regulated Gas
Price
$173.67
Market Cap
$29.0B
Employees
5,260
Beta
0.60
Avg Volume
1,341,231
CEO
John Kevin Akers
Business Description
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.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
23.03
Stock Price: $173.67
EPS (Diluted): 7.54
EPS (Diluted): 7.54
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.00
Stock Price: $173.67
Total Equity: $13.56B
Shares: 160,573,000
Total Equity: $13.56B
Shares: 160,573,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
15.20
Market Cap: $28.99B
Total Debt: $8.99B
Cash: $203.80M
EBITDA: $2.38B
Total Debt: $8.99B
Cash: $203.80M
EBITDA: $2.38B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$36.2B
Market Cap: $28.99B
Total Debt: $8.99B
Cash: $203.80M
Total Debt: $8.99B
Cash: $203.80M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
52.4%
Gross Profit: $2.46B
Revenue: $4.70B
Revenue: $4.70B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
33.2%
Operating Income: $1.56B
Revenue: $4.70B
Revenue: $4.70B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
25.5%
Net Income: $1.20B
Revenue: $4.70B
Revenue: $4.70B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
8.8%
Net Income: $1.20B
Total Equity: $13.56B
Total Equity: $13.56B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
5.7%
Operating Income: $1.56B
Tax Rate: 18.9%
Equity: $13.56B
Total Debt: $8.99B
Cash: $203.80M
Tax Rate: 18.9%
Equity: $13.56B
Total Debt: $8.99B
Cash: $203.80M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.67
Current Assets: $912.07M
Current Liabilities: $1.36B
Current Liabilities: $1.36B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.66
Short-Term Debt: $65.55M
Long-Term Debt: $8.93B
Total Debt: $8.99B
Total Equity: $13.56B
Long-Term Debt: $8.93B
Total Debt: $8.99B
Total Equity: $13.56B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$29.29
Revenue: $4.70B
Shares: 160,573,000
Shares: 160,573,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$84.44
Total Equity: $13.56B
Shares: 160,573,000
Shares: 160,573,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-9.42
Operating CF: $2.05B
CapEx: -$3.56B
Shares: 160,573,000
CapEx: -$3.56B
Shares: 160,573,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
2.0%
Last Dividend: N/A
Stock Price: $173.67
Stock Price: $173.67
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.20B
Net Income: $1.20B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ATO against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:58pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Operating Expenses | $790.8M | $887.9M | $991.1M | $1.1B | $902.9M |
| Operating Income | $905.0M | $921.0M | $1.1B | $1.4B | $1.6B |
| Net Income | $665.6M | $774.4M | $885.3M | $1.0B | $1.2B |
| EBITDA | $1.4B | $1.5B | $1.7B | $2.1B | $2.4B |
| EPS | $5.12 | $5.62 | $6.10 | $6.83 | $7.54 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:58pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $116.7M | $51.6M | $15.4M | $307.3M | $203.8M |
| Total Current Assets | $2.8B | $3.0B | $885.8M | $1.1B | $912.1M |
| Total Assets | $19.6B | $22.2B | $22.5B | $25.2B | $28.9B |
| 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 |
| Total Equity | $7.9B | $9.4B | $10.9B | $12.2B | $13.6B |
| Retained Earnings | $2.8B | $3.2B | $3.7B | $4.2B | $4.9B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:58pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Acquisitions (net) | $2.0B | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $95.9M | -$65.2M | -$32.3M | $289.6M | -$105.1M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:09am (23h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$5.6B $5.3B – $6.0B
|
$6.1B $6.0B – $6.2B
|
$6.9B $6.5B – $7.5B
|
$7.4B $7.0B – $8.0B
|
| EBITDA |
$3.6B $3.4B – $3.8B
|
$3.9B $3.8B – $4.0B
|
$4.5B $4.2B – $4.8B
|
$4.8B $4.5B – $5.2B
|
| Net Income |
$1.4B $1.4B – $1.5B
|
$1.6B $1.5B – $1.6B
|
$1.7B $1.6B – $1.9B
|
$1.8B $1.7B – $2.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:58pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +23.3% | +1.8% | -2.6% | +12.9% |
| Gross Profit Growth | +6.7% | +13.8% | +17.2% | +2.1% |
| Operating Income Growth | +1.8% | +15.9% | +27.0% | +15.1% |
| Net Income Growth | +16.4% | +14.3% | +17.8% | +14.9% |
| EBITDA Growth | +7.9% | +16.8% | +20.4% | +13.7% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:58pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-26 | $1.00 | 2026-05-06 | 2026-05-26 | 2026-06-08 |
| 2026-02-23 | $1.00 | 2026-02-03 | 2026-02-23 | 2026-03-09 |
| 2025-11-24 | $1.00 | 2025-11-05 | 2025-11-24 | 2025-12-08 |
| 2025-08-25 | $0.87 | 2025-08-06 | 2025-08-25 | 2025-09-08 |
| 2025-05-27 | $0.87 | 2025-05-07 | 2025-05-27 | 2025-06-09 |
| 2025-02-25 | $0.87 | 2025-02-04 | 2025-02-25 | 2025-03-10 |
| 2024-11-25 | $0.87 | 2024-11-06 | 2024-11-25 | 2024-12-09 |
| 2024-08-26 | $0.81 | 2024-08-07 | 2024-08-26 | 2024-09-09 |
| 2024-05-24 | $0.81 | 2024-05-08 | 2024-05-28 | 2024-06-10 |
| 2024-02-23 | $0.81 | 2024-02-06 | 2024-02-26 | 2024-03-11 |
| 2023-11-24 | $0.81 | 2023-11-08 | 2023-11-27 | 2023-12-11 |
| 2023-08-18 | $0.74 | 2023-08-02 | 2023-08-21 | 2023-09-05 |
| 2023-05-19 | $0.74 | 2023-05-03 | 2023-05-22 | 2023-06-05 |
| 2023-02-16 | $0.74 | 2023-02-07 | 2023-02-20 | 2023-03-06 |
| 2022-11-25 | $0.74 | 2022-11-09 | 2022-11-28 | 2022-12-12 |
| 2022-08-19 | $0.68 | 2022-08-03 | 2022-08-22 | 2022-09-06 |
| 2022-05-20 | $0.68 | 2022-05-04 | 2022-05-23 | 2022-06-06 |
| 2022-02-17 | $0.68 | 2022-02-08 | 2022-02-21 | 2022-03-07 |
| 2021-11-26 | $0.68 | 2021-11-10 | 2021-11-29 | 2021-12-13 |
| 2021-08-20 | $0.63 | 2021-08-04 | 2021-08-23 | 2021-09-07 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ATO — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30