Atmos Energy vs UGI
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The short version
- UGI is the larger business, with $7.3B of revenue in fiscal 2025 against $4.7B for Atmos Energy, about 1.5 times as much.
- Atmos Energy grew revenue faster (12.9%, against 1.1%).
- Atmos Energy kept more of each dollar of sales as operating profit (33.2% operating margin, against 15.2%).
- UGI turned more of its sales into free cash flow (5.4% FCF margin, against −32.2%).
- UGI earned a higher return on the capital invested in it (9.8%, against 6.0%).
- Investors pay more for each dollar of Atmos Energy’s earnings: a P/E of 20.5x against 12.9x for UGI.
| Latest fiscal year | ATO · FY25 | UGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.2B | $8.3B |
| Revenue | $4.7B | $7.3B |
| Free cash flow | −$1.5B | $390M |
| Net income | $1.2B | $678M |
| Growth | ||
| Revenue growth | 12.9% | 1.1% |
| 5-year growth | 10.8% | 2.1% |
| Share count change | 5.2% | 1.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 33.2% | 15.2% |
| Net margin | 25.5% | 9.3% |
| FCF margin | −32.2% | 5.4% |
| Return on capital | 6.0% | 9.8% |
| Return on equity | 9.3% | 14.9% |
| Balance sheet | ||
| Net debt | $8.8B | $6.4B |
| Net debt / EBITDA | 3.8x | 3.8x |
| Dividends and buybacks | $554M | $355M |
| Valuation & quality | ||
| P/E | 20.5x | 12.9x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
ATO $2.5B
UGI $5.7B
FY17
ATO $2.8B
UGI $6.1B
FY18
ATO $3.1B
UGI $7.7B
FY19
ATO $2.9B
UGI $7.3B
FY20
ATO $2.8B
UGI $6.6B
FY21
ATO $3.4B
UGI $7.4B
FY22
ATO $4.2B
UGI $10.1B
FY23
ATO $4.3B
UGI $8.9B
FY24
ATO $4.2B
UGI $7.2B
FY25
ATO $4.7B
UGI $7.3B
ATO
UGI
Operating margin
FY16
ATO 26.8%
UGI 17.4%
FY17
ATO 26.7%
UGI 16.5%
FY18
ATO 23.4%
UGI 13.9%
FY19
ATO 25.7%
UGI 8.4%
FY20
ATO 29.2%
UGI 15.0%
FY21
ATO 26.6%
UGI 31.6%
FY22
ATO 21.9%
UGI 16.5%
FY23
ATO 25.0%
UGI −16.2%
FY24
ATO 32.5%
UGI 10.7%
FY25
ATO 33.2%
UGI 15.2%
ATO
UGI
Free cash flow
FY16
ATO −$292M
UGI $406M
FY17
ATO −$270M
UGI $326M
FY18
ATO −$343M
UGI $511M
FY19
ATO −$725M
UGI $373M
FY20
ATO −$898M
UGI $447M
FY21
ATO −$3.1B
UGI $791M
FY22
ATO −$1.5B
UGI −$88.0M
FY23
ATO $654M
UGI $133M
FY24
ATO −$1.2B
UGI $386M
FY25
ATO −$1.5B
UGI $390M
ATO
UGI
Return on capital
FY16
ATO 6.6%
UGI 9.6%
FY17
ATO 6.6%
UGI —
FY18
ATO 9.1%
UGI —
FY19
ATO 6.5%
UGI 5.6%
FY20
ATO 6.3%
UGI 8.2%
FY21
ATO 5.6%
UGI 16.5%
FY22
ATO 5.1%
UGI 11.0%
FY23
ATO 5.4%
UGI −9.9%
FY24
ATO 6.1%
UGI 5.6%
FY25
ATO 6.0%
UGI 9.8%
ATO
UGI
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.