NI vs OGS vs ATO vs SR

For growth investors, NiSource Inc.

(NI) is the stronger pick with 21. 8% revenue growth year-over-year, versus -4. 5% for Spire Inc. (SR). ONE Gas, Inc. (OGS) offers the better valuation at 19. 5x trailing P/E (17. 7x forward), making it the more compelling value choice. Analysts rate NiSource Inc. (NI) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, ONE Gas, Inc.

(OGS) is the cheapest at 19. 5x versus Atmos Energy Corporation at 24. 4x. On forward P/E, Spire Inc. is actually cheaper at 16. 5x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Spire Inc. wins at 0. 66x versus ONE Gas, Inc. 's 5. 07x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, NiSource Inc.

(NI) delivered a total return of +100. 8%, compared to +25. 2% for ONE Gas, Inc. (OGS). Over 10 years, the gap is even starker: ATO returned +179. 6% versus SR's +71. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Atmos Energy Corporation (ATO) is the lower-risk stock at -0.

00β versus NiSource Inc. 's 0. 22β — meaning NI is approximately -6488% more volatile than ATO relative to the S&P 500. On balance sheet safety, Atmos Energy Corporation (ATO) carries a lower debt/equity ratio of 69% versus 154% for Spire Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), NiSource Inc.

(NI) is pulling ahead at 21. 8% versus -4. 5% for Spire Inc. (SR). On earnings-per-share growth, the picture is similar: NiSource Inc. grew EPS 20. 4% year-over-year, compared to 4. 3% for Spire Inc.. Over a 3-year CAGR, NI leads at 4. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Atmos Energy Corporation (ATO) is the more profitable company, earning 25.

5% net margin versus 10. 9% for ONE Gas, Inc. — meaning it keeps 25. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ATO leads at 33. 2% versus 18. 8% for OGS. At the gross margin level — before operating expenses — SR leads at 78. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Spire Inc. (SR) is the more undervalued stock at a PEG of 0. 66x versus ONE Gas, Inc. 's 5. 07x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Spire Inc. (SR) trades at 16. 5x forward P/E versus 22. 9x for NiSource Inc. — 6. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SR: 13. 4% to $97. 00.

All stocks in this comparison pay dividends.

Spire Inc. (SR) offers the highest yield at 3. 6%, versus 1. 9% for Atmos Energy Corporation (ATO).

For long-horizon retirement investors, Atmos Energy Corporation (ATO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.

00), 1. 9% yield, +179. 6% 10Y return). Both have compounded well over 10 years (ATO: +179. 6%, NI: +137. 6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: NI is a mid-cap high-growth stock; OGS is a small-cap high-growth stock; ATO is a mid-cap quality compounder stock; SR is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.