Atmos Energy (ATO)

Utilities · $26.8B market cap · SEC CIK 0000731802

Next reports on Nov 3, 2026, after the close, with analysts expecting $1.15 in earnings per share.

The case for ATO

• 29% of revenue drops through to net profit.
• Pays a 2.9% dividend while you wait.
• Has compounded revenue at 10.8% a year over five years.
• Moves less than the market (beta 0.57).

The case against

• Burned $1.5B of free cash in FY2025.
• Near the bottom of its 52-week range, 18% below the high. Falling prices usually have a reason; find it first.
• Current liabilities exceed current assets (ratio 0.81).
• Price/sales of 5.4× is higher than 90% of Utilities companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.

Key numbers

Five years of financials, as filed

Pulled from Atmos Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.

Share count is up 23.7% over 4 years. Your slice has been diluted.

What Atmos Energy says it does

Overview and Strategy Atmos Energy Corporation, a natural gas-only distributor, is an S&P 500 company headquartered in Dallas and incorporated in Texas and Virginia. We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South. We also operate one of the largest intrastate pipelines in Texas based on miles of pipe. Atmos Energy's vision is to be the safest provider of natural gas services. We will be recognized for exceptional customer service, for being a great employer, and for achieving superior financial results. Our operating strategy is focused on modernizing our business and infrastructure while reducing regulatory lag. This operating strategy supports continued investment in safety, innovation, environmental sustainability, and…

Risk factors ATO lists in its 10-K

• We are subject to federal, state, and local regulations that affect our operations and financial results
• Some of our operations are subject to increased federal regulatory oversight that could affect our operations and financial results
• We may experience increased federal, state, and local regulation of the safety of our operations
• We may incur significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs
• Distributing, transporting, and storing natural gas involve risks that may result in accidents and additional operating costs
• Our operations are subject to increased competition
• Failure to attract and retain a qualified workforce could adversely affect our results of operations
• Natural disasters, adverse weather, terrorist activities, or other significant events could adversely affect our operations or financial results
• The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations
• Cyber-attacks or acts of cyber-terrorism could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information
• Adverse weather conditions could affect our operations or financial results
• Legislation to reduce or eliminate greenhouse gas emissions or fossil fuels could increase our operating costs, adversely affecting our financial results, growth, cash flows, and results of operations
• The operations and financial results of the Company could be adversely impacted as a result of climate change
• Financial, Economic, and Market Risks

Filings

Other Utilities companies