Atmos Energy vs Spire
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The short version
- Atmos Energy is the larger business, with $4.7B of revenue in fiscal 2025 against $2.5B for Spire, about 1.9 times as much.
- Atmos Energy grew revenue faster (12.9%, against −4.5%).
- Atmos Energy kept more of each dollar of sales as operating profit (33.2% operating margin, against 21.2%).
- Spire turned more of its sales into free cash flow (−13.9% FCF margin, against −32.2%).
- Atmos Energy earned a higher return on the capital invested in it (6.0%, against 5.2%).
- Investors pay more for each dollar of Atmos Energy’s earnings: a P/E of 20.5x against 15.0x for Spire.
| Latest fiscal year | ATO · FY25 | SR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.2B | $5.0B |
| Revenue | $4.7B | $2.5B |
| Free cash flow | −$1.5B | −$344M |
| Net income | $1.2B | $272M |
| Growth | ||
| Revenue growth | 12.9% | −4.5% |
| 5-year growth | 10.8% | 5.9% |
| Share count change | 5.2% | 4.3% |
| Profitability | ||
| Gross margin | — | 58.8% |
| Operating margin | 33.2% | 21.2% |
| Net margin | 25.5% | 11.0% |
| FCF margin | −32.2% | −13.9% |
| Return on capital | 6.0% | 5.2% |
| Return on equity | 9.3% | 8.2% |
| Balance sheet | ||
| Net debt | $8.8B | $5.2B |
| Net debt / EBITDA | 3.8x | 6.3x |
| Dividends and buybacks | $554M | $182M |
| Valuation & quality | ||
| P/E | 20.5x | 15.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
ATO $2.5B
SR $1.5B
FY17
ATO $2.8B
SR $1.7B
FY18
ATO $3.1B
SR $2.0B
FY19
ATO $2.9B
SR $2.0B
FY20
ATO $2.8B
SR $1.9B
FY21
ATO $3.4B
SR $2.2B
FY22
ATO $4.2B
SR $2.2B
FY23
ATO $4.3B
SR $2.7B
FY24
ATO $4.2B
SR $2.6B
FY25
ATO $4.7B
SR $2.5B
ATO
SR
Operating margin
FY16
ATO 26.8%
SR 18.4%
FY17
ATO 26.7%
SR 19.6%
FY18
ATO 23.4%
SR 15.0%
FY19
ATO 25.7%
SR 15.5%
FY20
ATO 29.2%
SR 11.1%
FY21
ATO 26.6%
SR 20.1%
FY22
ATO 21.9%
SR 18.6%
FY23
ATO 25.0%
SR 15.7%
FY24
ATO 32.5%
SR 18.8%
FY25
ATO 33.2%
SR 21.2%
ATO
SR
Free cash flow
FY16
ATO −$292M
SR $35.0M
FY17
ATO −$270M
SR −$150M
FY18
ATO −$343M
SR −$42.8M
FY19
ATO −$725M
SR −$372M
FY20
ATO −$898M
SR −$169M
FY21
ATO −$3.1B
SR −$375M
FY22
ATO −$1.5B
SR −$497M
FY23
ATO $654M
SR −$222M
FY24
ATO −$1.2B
SR $51.1M
FY25
ATO −$1.5B
SR −$344M
ATO
SR
Return on capital
FY16
ATO 6.6%
SR 4.9%
FY17
ATO 6.6%
SR 5.0%
FY18
ATO 9.1%
SR 6.0%
FY19
ATO 6.5%
SR —
FY20
ATO 6.3%
SR —
FY21
ATO 5.6%
SR 10.1%
FY22
ATO 5.1%
SR 6.7%
FY23
ATO 5.4%
SR 5.2%
FY24
ATO 6.1%
SR 5.1%
FY25
ATO 6.0%
SR 5.2%
ATO
SR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.