Atmos Energy Corporation (ATO) 10-Year Financial Performance & Capital Metrics

ATO • • Utilities

UtilitiesGas UtilitiesNatural Gas Distribution UtilitiesMulti-State Gas Utilities

AboutAtmos Energy Corporation, together with its subsidiaries, engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States. It operates through two segments, Distribution, and Pipeline and Storage. The Distribution segment is involved in the regulated natural gas distribution and related sales operations in eight states. This segment distributes natural gas to approximately three million residential, commercial, public authority, and industrial customers. As of September 30, 2021, it owned 71,921 miles of underground distribution and transmission mains. The Pipeline and Storage segment engages in the pipeline and storage operations. This segment transports natural gas for third parties and manages five underground storage reservoirs in Texas; and provides ancillary services to the pipeline industry, including parking arrangements, lending, and inventory sales. As of September 30, 2021, it owned 5,699 miles of gas transmission lines. Atmos Energy Corporation was founded in 1906 and is headquartered in Dallas, Texas.Show more

Revenue $4.7B +12.9%
EBITDA $2.29B +13.3%
Net Income $1.2B +14.9%
Free Cash Flow -$1.51B -25.6%
EBITDA Margin 48.8% +0.3%
Net Margin 25.49% +1.8%
ROE 9.32% +2.9%
Interest Coverage 9.09 +27.8%
Debt/Equity 0.69 +2.6%
Net Debt/EBITDA 3.97 +2.7%
CapEx / Revenue 75.73% +7.4%
CapEx Coverage 0.58 -2.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 28 years of consecutive increases
✓28 years of consecutive dividend growth
✓Strong interest coverage of 9.1x
✓Healthy dividend yield of 2.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.86%

5Y10.76%

3Y3.83%

TTM12.9%

Profit (Net Income) CAGR

10Y14.3%

5Y14.79%

3Y15.68%

TTM12.69%

EPS CAGR

10Y9.21%

5Y8.81%

3Y9.97%

TTM7.2%

ROCE

10Y Avg6.53%

5Y Avg5.73%

3Y Avg5.81%

Latest6.05%

Peer Comparison

Multi-State Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SWXSouthwest Gas Holdings, Inc.	6.2B	85.90	31.12	-5.92%	11.59%	11.81%	6.61%	1.37
ATOAtmos Energy Corporation	27.54B	170.28	22.83	12.91%	25.04%	8.65%		0.69
OGSONE Gas, Inc.	4.68B	77.93	19.98	-12.16%	10.76%	8.01%		1.07
SRSpire Inc.	4.9B	82.96	18.98	-4.5%	10.97%	8%		1.54

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Revenue+	2.45B	2.76B	3.12B	2.9B	2.82B	3.41B	4.2B	4.28B	4.17B	4.7B
Revenue Growth %	-0.16%	0.12%	0.13%	-0.07%	-0.03%	0.21%	0.23%	0.02%	-0.03%	0.13%
Cost of Revenue	1.28B	1.46B	1.76B	1.49B	1.29B	1.71B	2.39B	2.22B	1.75B	2.24B
Gross Profit+	1.17B	1.3B	1.35B	1.41B	1.53B	1.7B	1.81B	2.06B	2.41B	2.46B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.11%	0.04%	0.04%	0.08%	0.11%	0.07%	0.14%	0.17%	0.02%
Operating Expenses+	512.63M	559.86M	624.97M	666.64M	708.58M	790.76M	887.86M	991.13M	1.06B	902.94M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	950.33M	1.06B	1.09B	1.14B	1.25B	1.38B	1.46B	1.67B	2.03B	2.29B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.07%	0.11%	0.03%	0.04%	0.1%	0.1%	0.05%	0.15%	0.21%	0.13%
Depreciation & Amortization+	293.1M	319.63M	361.08M	391.46M	429.83M	477.98M	535.65M	604.33M	669.97M	734.75M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	657.23M	735.63M	727.93M	746.06M	824.1M	905M	920.98M	1.07B	1.36B	1.56B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.07%	0.12%	-0.01%	0.02%	0.1%	0.1%	0.02%	0.16%	0.27%	0.15%
Interest Expense+	114.81M	120.18M	106.65M	103.15M	84.47M	83.55M	102.81M	137.28M	190.63M	171.68M
Interest Coverage	5.72x	6.12x	6.83x	7.23x	9.76x	10.83x	8.96x	7.77x	7.11x	9.09x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	542.18M	604.09M	611.14M	650.31M	746.8M	819.3M	851.91M	999.64M	1.24B	1.48B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	196.64M	221.38M	8.08M	138.9M	145.35M	153.74M	77.51M	113.78M	192.88M	279.28M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	350.1M	396.42M	603.06M	511.41M	601.44M	665.56M	774.4M	885.32M	1.04B	1.2B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.11%	0.13%	0.52%	-0.15%	0.18%	0.11%	0.16%	0.14%	0.18%	0.15%
EPS (Diluted)+	3.38	3.73	5.43	4.35	4.89	5.12	5.61	6.10	6.83	7.46
EPS Growth %	0.09%	0.1%	0.46%	-0.2%	0.12%	0.05%	0.1%	0.09%	0.12%	0.09%
EPS (Basic)	3.38	3.73	5.43	4.36	4.89	5.12	5.62	6.10	6.83	7.54
Diluted Shares Outstanding	103.52M	106.1M	111.01M	117.46M	122.87M	129.83M	138.1M	145.17M	152.67M	160.57M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Assets+	10.01B	10.75B	11.87B	13.37B	15.36B	19.61B	22.19B	22.52B	25.19B	28.91B
Asset Growth %	0.1%	0.07%	0.1%	0.13%	0.15%	0.28%	0.13%	0.01%	0.12%	0.15%
PP&E (Net)+	8.27B	9.26B	10.37B	11.79B	13.58B	15.29B	17.45B	19.83B	22.45B	25.59B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	681.69M	539.65M	478.85M	458.03M	471.26M	2.84B	3.05B	885.77M	1.13B	912.07M
Cash & Equivalents	47.53M	26.41M	13.77M	24.55M	20.81M	116.72M	51.55M	15.4M	307.34M	203.8M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	184.9M	189.13M	173.84M	136.05M	118.78M	193.7M	383.82M	280.13M	186.47M	191.83M
Other Current Assets	206.43M	69.69M	4.72M	27.96M	60.74M	2.14B	2.18B	189.64M	183.51M	51.48M
Long-Term Investments	72.7M	88.41M	99.39M	101.88M	103.95M	108.07M	96.01M	104.6M	110.59M	119.53M
Goodwill	726.96M	730.13M	730.42M	730.71M	731.26M	731.26M	731.26M	731.26M	731.26M	731.26M
Intangible Assets	0	0	0	0	0	0	0	92.2M	82.84M	75.13M
Other Assets	260.93M	132.23M	194.63M	289.33M	470.07M	644.2M	863.13M	873.19M	683.53M	824.61M
Total Liabilities	6.55B	6.85B	7.1B	7.62B	8.57B	11.7B	12.77B	11.65B	13.04B	15.35B
Total Debt+	3.27B	3.51B	3.64B	3.99B	4.77B	7.56B	8.37B	7.12B	8.13B	9.3B
Net Debt	3.22B	3.49B	3.63B	3.97B	4.75B	7.45B	8.32B	7.11B	7.82B	9.1B
Long-Term Debt	2.19B	3.07B	2.49B	3.53B	4.53B	4.93B	5.76B	6.64B	7.86B	8.93B
Short-Term Borrowings	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	245.42M	251.17M	274.8M	230.27M	258.84M	0
Total Current Liabilities+	1.79B	1.01B	1.92B	1.21B	782.4M	3.51B	3.6B	1.35B	1.21B	1.36B
Accounts Payable	114.36M	143.42M	135.16M	176.58M	141.07M	224.87M	258.51M	218.18M	341.95M	381M
Accrued Expenses	69.88M	79M	72.89M	103.01M	106.2M	152.81M	139.11M	153.15M	190.44M	75.18M
Deferred Revenue	81.22M	54.63M	52.65M	54.62M	56.48M	49.72M	56.02M	65.27M	62.09M	0
Other Current Liabilities	291.76M	122.11M	331.48M	237.91M	252.41M	383.12M	376.72M	387.59M	332.22M	602.91M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	957.86M	882.43M	790.94M	860.82M	888.18M	801.55M	833M	893.3M	967.28M	1.11B
Total Equity+	3.46B	3.9B	4.77B	5.75B	6.79B	7.91B	9.42B	10.87B	12.16B	13.56B
Equity Growth %	0.08%	0.13%	0.22%	0.21%	0.18%	0.16%	0.19%	0.15%	0.12%	0.12%
Shareholders Equity	3.46B	3.9B	4.77B	5.75B	6.79B	7.91B	9.42B	10.87B	12.16B	13.56B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	520K	531K	556K	597K	629K	662K	704K	742K	776K	808K
Additional Paid-in Capital	2.39B	2.54B	2.97B	3.71B	4.38B	5.02B	5.84B	6.68B	7.47B	8.22B
Retained Earnings	1.26B	1.47B	1.88B	2.15B	2.47B	2.81B	3.21B	3.67B	4.22B	4.86B
Accumulated OCI	-188.02M	-105.25M	-83.65M	-114.58M	-57.59M	69.8M	369.11M	518.53M	465.71M	475.01M
Return on Assets (ROA)	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Return on Equity (ROE)	0.11%	0.11%	0.14%	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.09%
Debt / Equity	0.94x	0.90x	0.76x	0.69x	0.70x	0.96x	0.89x	0.66x	0.67x	0.69x
Debt / Assets	0.33%	0.33%	0.31%	0.3%	0.31%	0.39%	0.38%	0.32%	0.32%	0.32%
Net Debt / EBITDA	3.39x	3.31x	3.33x	3.49x	3.79x	5.38x	5.71x	4.25x	3.86x	3.97x
Book Value per Share	33.45	36.75	42.97	48.95	55.27	60.9	68.21	74.88	79.64	84.44

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	794.99M	867.09M	1.12B	968.77M	1.04B	-1.08B	977.58M	3.46B	1.73B	2.05B
Operating CF Growth %	-0.05%	0.09%	0.3%	-0.14%	0.07%	-2.04%	1.9%	2.54%	-0.5%	0.18%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	350.1M	383.49M	603.06M	511.41M	601.44M	665.56M	774.4M	885.86M	1.04B	1.2B
Depreciation & Amortization	293.1M	319.63M	361.08M	391.46M	429.83M	477.98M	535.65M	604.33M	669.97M	734.75M
Deferred Taxes	193.56M	227.18M	-511K	132M	134.36M	155.35M	53.65M	108.22M	172.71M	268.61M
Other Non-Cash Items	6.69M	-4.01M	13.3M	-532K	-3.54M	-14.99M	-33.1M	-60.97M	-63.57M	-195.52M
Working Capital Changes	-63.21M	-73.27M	134.86M	-76.69M	-133.68M	-2.38B	-363.76M	1.91B	-98.97M	30.14M
Capital Expenditures+	-1.09B	-1.14B	-1.47B	-1.69B	-1.94B	-1.97B	-2.44B	-2.81B	-2.94B	-3.56B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.08B	-1.06B	-1.46B	-1.68B	-1.93B	-1.96B	-2.43B	-2.8B	-2.92B	-3.56B
Acquisitions	0	-86.13M	1.47B	1.69B	1.94B	1.97B	0	0	0	0
Purchase of Investments	-32.55M	-53.6M	-46.4M	-2.78M	-50.52M	-49.88M	-28.29M	-46.79M	-19.73M	-34.32M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	6.46M	179.38M	-1.46B	-1.71B	-1.93B	-1.96B	10.29M	19.01M	16.06M	27.17M
Cash from Financing+	303.62M	168.09M	326.27M	725.67M	883.78M	3.14B	1.39B	-696.77M	1.48B	1.41B
Dividends Paid	-175.13M	-191.93M	-214.91M	-245.72M	-282.44M	-323.9M	-375.91M	-430.35M	-492.95M	-553.76M
Dividend Payout Ratio %	0.5%	0.48%	0.36%	0.48%	0.47%	0.49%	0.49%	0.49%	0.47%	0.46%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Stock Issued	132.85M	125.28M	414.65M	713.43M	643.85M	606.67M	776.8M	806.95M	749.99M	15.28M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-25.99M	-18.1M	-1.52M	-101.39M	-12.16M	63.71M	202.54M	177.4M	233.25M	801.81M
Net Change in Cash+	18.88M	-21.13M	-12.64M	10.78M	-3.74M	95.92M	-65.17M	-32.31M	289.61M	-105.05M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	28.65M	47.53M	26.41M	13.77M	24.55M	20.81M	116.72M	51.55M	19.25M	308.86M
Cash at End	47.53M	26.41M	13.77M	24.55M	20.81M	116.72M	51.55M	19.25M	308.86M	203.8M
Free Cash Flow+	-291.96M	-270M	-342.93M	-724.71M	-897.68M	-3.05B	-1.47B	653.77M	-1.2B	-1.51B
FCF Growth %	-1.11%	0.08%	-0.27%	-1.11%	-0.24%	-2.4%	0.52%	1.45%	-2.84%	-0.26%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.52%	10.77%	13.91%	9.72%	9.59%	9.06%	8.94%	8.73%	9.06%	9.32%
EBITDA Margin	38.72%	38.24%	34.95%	39.2%	44.45%	40.59%	34.67%	39.1%	48.63%	48.8%
Net Debt / EBITDA	3.39x	3.31x	3.33x	3.49x	3.79x	5.38x	5.71x	4.25x	3.86x	3.97x
Interest Coverage	5.72x	6.12x	6.83x	7.23x	9.76x	10.83x	8.96x	7.77x	7.11x	9.09x
CapEx / Revenue	44.28%	41.2%	47.11%	58.36%	68.61%	57.8%	58.18%	65.63%	70.52%	75.73%
Dividend Payout Ratio	50.02%	48.42%	35.64%	48.05%	46.96%	48.67%	48.54%	48.61%	47.27%	46.19%
Debt / Equity	0.94x	0.90x	0.76x	0.69x	0.70x	0.96x	0.89x	0.66x	0.67x	0.69x
EPS Growth	9.39%	10.36%	45.58%	-19.89%	12.41%	4.7%	9.57%	8.73%	11.97%	9.22%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Distribution	2.29B	2.65B	3B	2.76B	2.63B	3.25B	4.04B	4.1B	3.92B	4.43B
Distribution Growth	-	15.59%	13.36%	-8.21%	-4.69%	23.84%	24.03%	1.60%	-4.50%	13.03%
Pipeline and Storage	408.83M	457.03M	507.71M	631.87M	646.57M	660.56M	720.88M	824.15M	998.69M	1.13B
Pipeline and Storage Growth	-	11.79%	11.09%	24.45%	2.33%	2.16%	9.13%	14.32%	21.18%	13.33%

Frequently Asked Questions

Valuation & Price

Atmos Energy Corporation (ATO) has a price-to-earnings (P/E) ratio of 22.8x. This is roughly in line with market averages.

Growth & Financials

Atmos Energy Corporation (ATO) reported $4.62B in revenue for fiscal year 2025. This represents a 35% increase from $3.44B in 2012.

Atmos Energy Corporation (ATO) grew revenue by 12.9% over the past year. This is steady growth.

Yes, Atmos Energy Corporation (ATO) is profitable, generating $1.16B in net income for fiscal year 2025 (25.5% net margin).

Dividend & Returns

Yes, Atmos Energy Corporation (ATO) pays a dividend with a yield of 2.03%. This makes it attractive for income-focused investors.

Atmos Energy Corporation (ATO) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Atmos Energy Corporation (ATO) had negative free cash flow of $1.37B in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

Atmos Energy Corporation (ATO) has a dividend payout ratio of 46%. This suggests the dividend is well-covered and sustainable.

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