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Atmos Energy

ATO NYSE Gas Utilities Financials FY2016–FY2025

Atmos Energy's revenue rose 12.9% to $4.7 billion in fiscal 2025. Its operating margin was 33.2%, up from 32.5% a year earlier. Free cash flow was −$1.5 billion. It paid out $554 million in dividends and buybacks. The diluted share count rose 5.2%.

Last close · Oct 23, 2026

$172.21

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
12.9% vs prior year
Operating margin Operating income as a share of revenue.
33.2%
0.6 pts
Net income Profit after all expenses, interest and tax.
$1.2B
14.9%
Free cash flow Cash from operations minus capital spending.
−$1.5B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.0%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$29.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.5x
On $8.40 EPS (TTM)

About these figures. Atmos Energy doesn't report a gross profit, and the cost figures its filings tag cover only part of its costs or only some years, so gross profit and gross margin are left blank.

What Atmos Energy does

No business description yet.

Legal name
ATMOS ENERGY CORP
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0000731802-25-000056
0000731802

Revenue and margins

Atmos Energy had $4.7B of revenue in fiscal 2025, up 12.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.5B in fiscal 2025, −32.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Atmos Energy returned $554M to shareholders in fiscal 2025. The diluted share count rose 5.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Atmos Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.8B and divides by 160.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.5x · peers 14.0x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably Atmos Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $117M$51.6M$15.4M$307M$203M
Debt incl. finance leases $7.4B$8.2B$6.9B$7.8B$9.0B
Net debt / EBITDA 5.3x5.6x4.1x3.7x3.8x
Debt / equity 0.9x0.9x0.6x0.6x0.7x
Interest coverage 10.8x9.0x7.8x7.1x9.1x
Current ratio 0.8x0.9x0.7x0.9x0.8x
Quick ratio 0.8x0.9x0.7x0.9x0.8x
Total assets $19.6B$22.2B$22.5B$25.2B$28.2B
Total liabilities $11.7B$12.8B$11.6B$13.0B$14.7B
Shareholders' equity $7.9B$9.4B$10.9B$12.2B$13.6B
Net debt (− = net cash) $7.3B$8.1B$6.8B$7.5B$8.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 William James WareDirector Bought 300 $167.59 $0.1M Form 4
Dec 3, 2025 Sean DonohueDirector Sold 450 $171.15 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 85 / 85 / 8
Accruals ratio −11.5%−2.9%−3.2%
Altman Z'' 1.691.871.83

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Atmos Energy ATO $29.2B 12.9% 33.2% −32.2% 6.0% 20.5x 5
UGI UGI $8.3B 1.1% 15.2% 5.4% 9.8% 12.9x 7 Compare →
Spire SR $5.0B −4.5% 21.2% −13.9% 5.2% 15.0x 5 Compare →
One Gas OGS $4.9B 16.5% 18.9% −5.3% 6.2% 16.8x 5 Compare →
National Fuel Gas NFG $7.7B 17.1% 35.7% 8.2% 10.6% 11.2x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.5B $2.8B $3.1B $2.9B $2.8B $3.4B $4.2B $4.3B $4.2B $4.7B
Operating income $657M $736M $728M $746M $824M $905M $921M $1.1B $1.4B $1.6B
Interest expense $115M $120M $107M $103M $84.5M $83.6M $103M $137M $191M $172M
Pretax income $542M $604M $611M $650M $747M $819M $852M $1,000M $1.2B $1.5B
Income tax $197M $221M $8.1M $139M $145M $154M $77.5M $114M $193M $279M
Net income $350M $396M $603M $511M $601M $666M $774M $886M $1.0B $1.2B
Diluted EPS $3.38 $3.73 $5.43 $4.35 $4.89 $5.12 $5.60 $6.10 $6.83 $7.46
Diluted shares 0.10B 0.11B 0.11B 0.12B 0.12B 0.13B 0.14B 0.15B 0.15B 0.16B
Cash flow
Cash from operations $795M $867M $1.1B $969M $1.0B −$1.1B $978M $3.5B $1.7B $2.0B
Capital expenditure $1.1B $1.1B $1.5B $1.7B $1.9B $2.0B $2.4B $2.8B $2.9B $3.6B
Free cash flow −$292M −$270M −$343M −$725M −$898M −$3.1B −$1.5B $654M −$1.2B −$1.5B
Depreciation and amortization $293M $320M $361M $392M $430M $478M $536M $604M $670M $735M
Stock-based compensation $14.8M $14.1M $12.9M $11.1M $9.6M $11.3M $10.7M $10.2M $10.7M $12.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $175M $192M $215M $246M $282M $324M $376M $430M $493M $554M
Dividends and buybacks $175M $192M $215M $246M $282M $324M $376M $430M $493M $554M
Balance sheet
Cash and short-term investments $47.5M $26.4M $13.8M $24.5M $20.8M $117M $51.6M $15.4M $307M $203M
Total debt $3.3B $3.5B $3.6B $4.0B $4.6B $7.4B $8.2B $6.9B $7.8B $9.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $8.6M $18.7M $51.8M $50.4M $48.9M $47.2M
Current assets $682M $540M $479M $458M $471M $2.8B $3.0B $886M $1.1B $1.1B
Current liabilities $1.8B $1.0B $1.9B $1.2B $782M $3.5B $3.6B $1.4B $1.2B $1.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $10.0B $10.7B $11.9B $13.4B $15.4B $19.6B $22.2B $22.5B $25.2B $28.2B
Total liabilities $6.5B $6.9B $7.1B $7.6B $8.6B $11.7B $12.8B $11.6B $13.0B $14.7B
Shareholders' equity $3.5B $3.9B $4.8B $5.8B $6.8B $7.9B $9.4B $10.9B $12.2B $13.6B
Margins
Operating margin 26.8% 26.7% 23.4% 25.7% 29.2% 26.6% 21.9% 25.0% 32.5% 33.2%
EBITDA margin 38.7% 38.2% 35.0% 39.2% 44.5% 40.6% 34.7% 39.1% 48.6% 48.8%
Net margin 14.3% 14.4% 19.4% 17.6% 21.3% 19.5% 18.4% 20.7% 25.0% 25.5%
FCF margin −11.9% −9.8% −11.0% −25.0% −31.8% −89.6% −34.9% 15.3% −28.9% −32.2%
Returns
Return on capital 6.6% 6.6% 9.1% 6.5% 6.3% 5.6% 5.1% 5.4% 6.1% 6.0%
Return on capital employed 8.1% 8.2% 7.4% 6.8% 6.2% 5.9% 5.3% 5.4% 6.0% 6.1%
Return on equity 10.5% 10.8% 13.9% 9.7% 9.6% 9.1% 8.9% 8.7% 9.1% 9.3%
Return on assets 3.7% 3.8% 5.3% 4.1% 4.2% 3.8% 3.7% 4.0% 4.4% 4.5%
Growth
Revenue growth −16.1% 12.4% 12.9% −6.9% −2.8% 20.8% 23.3% 1.8% −2.6% 12.9%
Net income growth 11.1% 13.2% 52.1% −15.2% 17.6% 10.7% 16.4% 14.4% 17.7% 14.9%
EPS growth 9.4% 10.4% 45.6% −19.9% 12.4% 4.7% 9.4% 8.9% 12.0% 9.2%
FCF growth — — — — — — — — −284.1% —
Share count change 1.6% 2.5% 4.6% 5.8% 4.6% 5.7% 6.4% 5.1% 5.2% 5.2%
Financial health
Net debt / EBITDA 3.4x 3.3x 3.3x 3.5x 3.6x 5.3x 5.6x 4.1x 3.7x 3.8x
Debt / equity 0.9x 0.9x 0.8x 0.7x 0.7x 0.9x 0.9x 0.6x 0.6x 0.7x
Interest coverage 5.7x 6.1x 6.8x 7.2x 9.8x 10.8x 9.0x 7.8x 7.1x 9.1x
Current ratio 0.4x 0.5x 0.3x 0.4x 0.6x 0.8x 0.9x 0.7x 0.9x 0.8x
Quick ratio 0.4x 0.5x 0.3x 0.4x 0.6x 0.8x 0.9x 0.7x 0.9x 0.8x
Capital allocation
Capex / revenue 44.3% 41.2% 47.1% 58.4% 68.6% 57.8% 58.2% 65.6% 70.5% 75.7%
Stock comp / revenue 0.6% 0.5% 0.4% 0.4% 0.3% 0.3% 0.3% 0.2% 0.3% 0.3%
Payouts / FCF — — — — — — — 65.8% — —
Quality scores
Piotroski F-score 4.0 7.0 6.0 5.0 6.0 3.0 5.0 5.0 5.0 5.0
Altman Z'' 0.7 1.2 0.8 1.3 1.6 1.3 1.4 1.7 1.9 1.8
Accruals ratio −4.7% −4.5% −4.6% −3.6% −3.0% 10.0% −1.0% −11.5% −2.9% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0000731802). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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