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ATOAtmos Energy Corporation
$173.22$28.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
ATO logo

Atmos Energy Corporation

ATO
NYSE · Gas Utilities
$173.22
At close - Nov 6, 4:00 PM EST - USD
Market Cap$28.91B
P/E20.9x
52W High$192.51
Volume1.01M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Rate Base Growth Drives Margin Expansion

Atmos Energy's investment thesis centers on its accelerating rate base expansion, with PPE net growing 31% from $21.4B in 2024Q2 to $28.0B in 2026Q3, driving revenue growth of 12.9% year-over-year and operating margin expansion to 36.4% in 2026Q3.

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

ATO price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+13% Peers

P/E is 13% above peer median

03

Market leadership

RS 59 · Avg

Average momentum (RS Rating: 59)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Feb 4
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue grew 12.9% year-over-year in 2026Q3, with operating margin expanding to 36.4% from 30.1% a year earlier, reflecting strong rate base growth and cost pass-through mechanisms.

Analyst Consensus+4.9% target
Hold(23 analysts)
9 Buy14 Hold0 Sell

The Bull Case

Upside Catalysts

Regulated Business Model

Atmos Energy operates as a fully regulated natural gas distributor, providing a predictable revenue stream that supports consistent growth. The regulated environment shields the company from market volatility, allowing it to maintain stable earnings year over year.

Texas Market Dominance

The company’s extensive pipeline network and large customer base in Texas give it a strong regional foothold. This geographic concentration drives reliability and growth potential in one of the country’s most economically healthy states.

Strong Balance Sheet & EPS Beat

Atmos Energy boasts a robust balance sheet and has consistently delivered earnings per share that exceed analyst expectations. This financial resilience underpins its ability to invest in infrastructure and return value to shareholders.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
ATO+4.05%
S&P 500 (^GSPC)+7.63%
1-Year Return
ATO+0.99%
S&P 500 (^GSPC)+9.69%
3-Year Return
ATO+66.14%
S&P 500 (^GSPC)+67.15%
5-Year Return
ATO+103.94%
S&P 500 (^GSPC)+55.26%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
20.9x
Forward P/EExpansion
20.5x
EV/EBITDA60th %ile
14.6x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.9x
18.2x
80th· High
EV/EBITDA
14.6x
14.3x
60th· Fair
Price/FCF
N/A
23.5x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$192.19+11.0%
Base (Fair)$197.85+14.2%
Bull$215.44+24.4%
$192.19 Bear$197.85 Base$215.44 Bull
Current Market Price: $173.22
Trades at a 12.4% discount to Base DCF ($197.85)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$4.7B+12.9% YoY
Net income FY25
$1.2B+14.9% YoY
Free cash flow FY25
-$1.51B-25.6% YoY
Operating margin FY25
33.2%+0.6 pts YoY
ROIC (FY25)5.5%
Avg ROIC 5Y4.9%
ROE (TTM)9.7%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 4, 2026
$1.17+2.6%
vs $1.14
$837M-4.2%
vs $874M
Q3 2026
Aug 5, 2026
$1.43+5.9%
vs $1.35
$879M-2.4%
vs $901M
Q2 2026
May 6, 2026
$3.47+1.8%
vs $3.41
$2.0B+1.1%
vs $1.9B
Q1 2026
Feb 4, 2026
$2.44+0.0%
vs $2.44
$1.3B+3.6%
vs $1.3B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·1d ago
5 Relatively Secure And Cheap Dividend Stocks, Yields Up To 8% (November 2026)

This article is part of our monthly series where we highlight five large-cap, relatively safe, dividend-paying companies offering significant discounts to their historical norms. We go over our filtering process to select just five conservative DGI stocks from more than 7,500 companies that are traded on U.S. exchanges, including OTC networks. In addition to the primary list that yields 3.7%, we present two other groups of five DGI stocks, each with moderate to high yields of up to 8%.

Seeking Alpha·1d ago
69 Dividend Champions Ranked By Quality Scores (November 2026)

I present 69 Dividend Champions with Dividend Safety scores of 8+ and rank them using my 9F Quality Scores system. Twenty-two featured Dividend Champions are undervalued, while 21 are overvalued. Forty-nine have quality scores ≥ 7.0, indicating high quality. Top candidates by style: BRO and BMI for growth; BRO, BMI, and RGLD (below $262) for total return; CTBI for income; CAT for past performance.

MarketBeat·1d ago
Atmos Energy Q4 Earnings Call Highlights

Atmos Energy NYSE: ATO reported fiscal 2026 diluted earnings of $8.49 per share and outlined a nearly $29 billion investment plan through fiscal 2031, as the natural gas utility prepares for customer growth and upgrades its distribution, transmission and storage systems.

Seeking Alpha·1d ago
Dividend Champion, Contender, And Challenger Highlights: Week of November 8

A weekly summary of dividend activity for Dividend Champions, Contenders, and Challengers. Companies which changed their dividends. Companies with upcoming ex-dividend dates.

Filtered for Atmos Energy CorporationMore Headlines
04

Compare before deciding

Benchmark ATO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Atmos Energy Corporation (ATO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ATO logoATOAtmos Energy CorporationCurrent
$173.22$28.91B20.9212.91%28.5%9.67%1.99%
SR logoSRSpire Inc.
$88.81$5.25B9.57-4.5%21.62%15.85%3.5%
NJR logoNJRNew Jersey Resources Corporation
$54.34$5.48B15.1013.94%16.38%14.42%3.29%
SWX logoSWXSouthwest Gas Holdings, Inc.
$91.33$6.61B25.42-62.05%15.19%6.42%2.7%
NWN logoNWNNorthwest Natural Holding Company
$51.75$2.18B17.2911.83%9.65%8.23%3.65%
CPK logoCPKChesapeake Utilities Corporation
$140.28$3.37B22.3718.14%15.09%9.2%1.84%

Compare ATO vs Peers

Atmos Energy Corporation (ATO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SR

Most directly comparable listed peer for ATO.

Scale Benchmark

vs NEE

Larger-name benchmark to compare ATO against a more recognizable public peer.

Peer Set

Compare Top 5

vs SR, NJR, SWX, NWN

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

ATO SEC Filings & Documents

Atmos Energy Corporation (ATO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 10, 2026·SEC

Material company update

Aug 5, 2026·SEC

Material company update

Jun 18, 2026·SEC

10-K Annual Reports

3
FY 2025

Nov 14, 2025·SEC

FY 2024

Nov 18, 2024·SEC

FY 2023

Nov 14, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2026

Feb 3, 2026·SEC

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ATO Frequently Asked Questions

Atmos Energy Corporation (ATO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Atmos Energy Corporation's revenue?

Atmos Energy Corporation (ATO) reported $4.92B in revenue over the trailing twelve months. Revenue was $4.70B in fiscal year 2025. That is 430% more than the $886.7M of fiscal year 1996.

How fast is Atmos Energy Corporation growing?

Atmos Energy Corporation (ATO) grew revenue by 6.5% over the trailing twelve months, compared with the twelve months before.

Is ATO profitable?

Yes. Atmos Energy Corporation (ATO) earned $1.40B in net income over the trailing twelve months (a 28.5% net margin).

Dividend & Returns
Does ATO pay dividends?

Yes. Atmos Energy Corporation (ATO) pays a dividend that yields 1.99% at the current price, a moderate yield.

What is ATO's return on equity?

Atmos Energy Corporation (ATO) had a return on equity (ROE) of 9.7% over the trailing twelve months. That is below the market's typical 10-15%.

What is Atmos Energy Corporation's free cash flow?

Atmos Energy Corporation (ATO) had negative free cash flow of $2.02B over the trailing twelve months.

Industry Metrics
Is ATO's dividend sustainable?

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

What if you invested $1,000 in ATO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →