Atmos Energy
ATO · Gas Utilities
$172.21
1.0%One Gas
OGS · Gas Utilities
$77.93
0.4%The short version
- Atmos Energy is the larger business, with $4.7B of revenue in fiscal 2025 against $2.4B for One Gas, about 1.9 times as much.
- One Gas grew revenue faster (16.5%, against 12.9%).
- Atmos Energy kept more of each dollar of sales as operating profit (33.2% operating margin, against 18.9% operating margin).
- One Gas turned more of its sales into free cash flow (−5.3% FCF margin, against −32.2% FCF margin).
- Investors pay more for each dollar of Atmos Energy’s earnings: a P/E of 20.5x against 16.8x for One Gas.
| Latest fiscal year | ATO · FY25 | OGS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.2B | $4.9B |
| Revenue | $4.7B | $2.4B |
| Free cash flow | −$1.5B | −$128M |
| Net income | $1.2B | $264M |
| Growth | ||
| Revenue growth | 12.9% | 16.5% |
| 5-year growth | 10.8% | 9.7% |
| Share count change | 5.2% | 6.1% |
| Profitability | ||
| Gross margin | — | 58.9% |
| Operating margin | 33.2% | 18.9% |
| Net margin | 25.5% | 10.9% |
| FCF margin | −32.2% | −5.3% |
| Return on capital | 6.0% | 6.2% |
| Return on equity | 9.3% | 8.1% |
| Balance sheet | ||
| Net debt | $8.8B | $3.4B |
| Net debt / EBITDA | 3.8x | — |
| Dividends and buybacks | $554M | $161M |
| Valuation & quality | ||
| P/E | 20.5x | 16.8x |
| Piotroski F-score | 5 | 5 |
FY16
ATO $2.5B
OGS $1.4B
FY17
ATO $2.8B
OGS $1.5B
FY18
ATO $3.1B
OGS $1.6B
FY19
ATO $2.9B
OGS $1.7B
FY20
ATO $2.8B
OGS $1.5B
FY21
ATO $3.4B
OGS $1.8B
FY22
ATO $4.2B
OGS $2.6B
FY23
ATO $4.3B
OGS $2.4B
FY24
ATO $4.2B
OGS $2.1B
FY25
ATO $4.7B
OGS $2.4B
ATO
OGS
FY16
ATO 26.8%
OGS 20.3%
FY17
ATO 26.7%
OGS 20.6%
FY18
ATO 23.4%
OGS 17.7%
FY19
ATO 25.7%
OGS 17.9%
FY20
ATO 29.2%
OGS 19.8%
FY21
ATO 26.6%
OGS 17.2%
FY22
ATO 21.9%
OGS 13.6%
FY23
ATO 25.0%
OGS 15.9%
FY24
ATO 32.5%
OGS 19.2%
FY25
ATO 33.2%
OGS 18.9%
ATO
OGS
FY16
ATO −$292M
OGS −$18.5M
FY17
ATO −$270M
OGS −$103M
FY18
ATO −$343M
OGS $73.2M
FY19
ATO −$725M
OGS −$107M
FY20
ATO −$898M
OGS −$107M
FY21
ATO −$3.1B
OGS −$2.0B
FY22
ATO −$1.5B
OGS $961M
FY23
ATO $654M
OGS $273M
FY24
ATO −$1.2B
OGS −$335M
FY25
ATO −$1.5B
OGS −$128M
ATO
OGS
FY16
ATO 6.6%
OGS 5.9%
FY17
ATO 6.6%
OGS 6.5%
FY18
ATO 9.1%
OGS 6.8%
FY19
ATO 6.5%
OGS 7.1%
FY20
ATO 6.3%
OGS 6.9%
FY21
ATO 5.6%
OGS 5.3%
FY22
ATO 5.1%
OGS 5.1%
FY23
ATO 5.4%
OGS 5.9%
FY24
ATO 6.1%
OGS 6.2%
FY25
ATO 6.0%
OGS 6.2%
ATO
OGS
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