Atmos Energy Corp (ATO)
Utilities · Gas Utilities · US stock · S&P 500 component
$167.34
▲ +3.39 (2.07%)
Fair valueFair
$200 +19.5% to fair value
$100fair band $140–$260$300
Day's range
$164.49 – $167.81
52-week range
$154.72 – $190.28
Red flags⚠ Heavy dilution
About Atmos Energy Corp
Atmos Energy is a regulated natural gas utility that delivers gas to homes, businesses and industrial users across several states, mostly in the southern and central United States. It also owns an extensive pipeline and storage system in Texas. Revenue comes from rates set with state regulators, which allow recovery of gas costs and a return on infrastructure investment, and the company spends heavily on pipeline replacement and system upgrades.
Revenue has grown 3.8% a year over three years, leaving the last twelve months at $4.9 billion. Operating margin is 37.0%. Return on invested capital comes to 6%. On leverage, net debt to EBITDA is 3.7 times. A dividend is paid, with a yield of 2.4%. This gives an X-Ray Score of 63 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $154.72 – $190.28Volume 955,900Daily, split-adjusted
Vitals
Market cap$28.3B
52-week range$154.72 – $190.28
Volume (last day)955,900
P/E (TTM)19.8
EBIT / EV yield4.8%
Free-cash-flow yield-7.1%
Dividend yield2.4%
Revenue (TTM)$4.9B
Net income (TTM)$1.4B
Operating margin37.0%
Return on capital5.8%
Debt incl. leases$10.3B
Cash & securities$521M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$200model spread $171 – $201
Fair
+19.5% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Terminal value >80% of DCF: lower confidence
Price $167
Undervalued < $140Fair $140 – $260Overvalued > $260
10-year DCF (market-scaled)
$252
Peer multiples
$181
Earnings power floor (not blended)
$59
Fundamentals-adjusted multiple
$167
Growth the price implies
9.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield-7.1%
Fair value vs price1.2×
Growth
Strong
73/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)3.8%
EPS growth (3y)10.0%
Growth consistency100%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital5.8%
Operating margin37.0%
Financial health
Strong
77/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA3.7×
Interest cover12.8×
Dividends
Fair
61/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.4%
Dividend growth13.8%
Quarterly results: last 6 quarters
+18.4%
Mar '25
+19.6%
Jun '25
+12.1%
Sep '25
+14.2%
Dec '25
+0.6%
Mar '26
+4.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $879M, diluted EPS $1.43.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 2 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 67/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.4B | $4.2B | $4.3B | $4.2B | $4.7B |
| Operating income | $905M | $921M | $1.1B | $1.4B | $1.6B |
| Net income | $666M | $774M | $886M | $1.0B | $1.2B |
| Operating cash flow | −$1.1B | $978M | $3.5B | $1.7B | $2.0B |
| Operating margin | 26.6% | 21.9% | 25.0% | 32.5% | 33.2% |
| Free cash flow | −$3.1B | −$1.5B | $654M | −$1.2B | −$1.5B |
| Diluted EPS | $5.12 | $5.60 | $6.10 | $6.83 | $7.46 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 1 neutral · 6 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Neutral
4 bullish · 1 neutral · 3 bearish
Moving averages (daily)
| SMA 10 | 162.0 | Bullish |
| EMA 10 | 162.7 | Bullish |
| SMA 20 | 159.5 | Bullish |
| EMA 20 | 161.8 | Bullish |
| SMA 50 | 163.9 | Bullish |
| EMA 50 | 164.0 | Bullish |
| SMA 100 | 168.1 | Bearish |
| EMA 100 | 167.3 | Bullish |
| SMA 200 | 172.7 | Bearish |
| EMA 200 | 168.5 | Bearish |
Oscillators (daily)
| RSI (14) | 69.50 | Neutral |
| MACD (12, 26) | 0.32 | Bullish |
| Momentum (12) | 6.97 | Bullish |
| Stochastic %K (14) | 96.41 | Bearish |
| Williams %R (14) | -3.59 | Bearish |
| CCI (20) | 189.4 | Bearish |
Pivot points (classic, last session)
S3 162.0 | S2 163.2 | S1 165.3 | Pivot 166.5 | R1 168.6 | R2 169.9 | R3 171.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.00 USD
Yield on today's price
2.39%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 24 Aug 2026 | 1.0000 |
| 26 May 2026 | 1.0000 |
| 23 Feb 2026 | 1.0000 |
| 24 Nov 2025 | 1.0000 |
| 25 Aug 2025 | 0.8700 |
| 27 May 2025 | 0.8700 |
| 25 Feb 2025 | 0.8700 |
| 25 Nov 2024 | 0.8700 |
| 26 Aug 2024 | 0.8050 |
| 24 May 2024 | 0.8050 |
| 23 Feb 2024 | 0.8050 |
| 24 Nov 2023 | 0.8050 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ATO SEC filings
9 Oct 2026
8-KSEC EDGAR
Entered a material agreement
9 Oct 2026
8-KSEC EDGAR
Other events
6 Oct 2026
424B5SEC EDGAR
424B5
10 Aug 2026
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
5 Aug 2026
10-QSEC EDGAR
Quarterly report
5 Aug 2026
8-KSEC EDGAR
Results of operations
18 Jun 2026
8-KSEC EDGAR
Entered a material agreement
18 Jun 2026
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.