Atmos Energy Corporation (ATO) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Regulated Gas
EV/EBITDA
↑
17.27
+19% vs avg
5yr avg: 14.54
30Y Low5.8·High15.9
P/FCF
N/A
—
5yr avg: 23.52
30Y Low5.5·High23.5
P/B Ratio
↑
2.19
↑+35% vs avg
5yr avg: 1.62
30Y Low1.1·High2.3
ROE
↑
9.3%
↓+3% vs avg
5yr avg: 9.0%
30Y Low5%·High17%
Debt/EBITDA
↓
4.05
↓-14% vs avg
5yr avg: 4.71
30Y Low3.0·High5.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ATO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Atmos Energy Corporation trades at 24.7x earnings, 29% above its 5-year average of 19.2x, sitting at the 90th percentile of its historical range. Compared to the Utilities sector median P/E of 19.7x, the stock trades at a premium of 25%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.5B | $27.4B | $21.2B | $15.4B | $14.1B | $11.5B | $11.7B | $13.4B | $10.4B | $8.9B | $7.7B |
| Enterprise Value | $39.6B | $36.5B | $29.0B | $22.5B | $22.4B | $18.9B | $16.5B | $17.3B | $14.1B | $12.4B | $10.9B |
| P/E Ratio → | 24.73 | 22.89 | 20.31 | 17.37 | 18.16 | 17.23 | 19.55 | 26.18 | 17.29 | 22.48 | 22.03 |
| P/S Ratio | 6.49 | 5.83 | 5.08 | 3.60 | 3.35 | 3.36 | 4.16 | 4.61 | 3.35 | 3.22 | 3.14 |
| P/B Ratio | 2.19 | 2.02 | 1.74 | 1.41 | 1.49 | 1.45 | 1.73 | 2.33 | 2.19 | 2.28 | 2.23 |
| P/FCF | — | — | — | 23.52 | — | — | — | — | — | — | — |
| P/OCF | 14.90 | 13.38 | 12.21 | 4.44 | 14.39 | — | 11.32 | 13.81 | 9.27 | 10.26 | 9.70 |
P/E links to full P/E history page with 30-year chart
ATO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Atmos Energy Corporation's enterprise value stands at 17.3x EBITDA, 19% above its 5-year average of 14.5x. The Utilities sector median is 11.5x, placing the stock at a 50% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.77 | 6.96 | 5.26 | 5.33 | 5.55 | 5.85 | 5.98 | 4.51 | 4.49 | 4.45 |
| EV / EBITDA | 17.27 | 15.91 | 14.32 | 13.45 | 15.37 | 13.66 | 13.15 | 15.25 | 12.91 | 11.74 | 11.50 |
| EV / EBIT | 25.40 | 22.14 | 20.33 | 19.78 | 23.45 | 20.93 | 19.84 | 23.02 | 19.58 | 17.10 | 16.64 |
| EV / FCF | — | — | — | 34.39 | — | — | — | — | — | — | — |
ATO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Atmos Energy Corporation earns an operating margin of 33.2%, above the Utilities sector average of 19.8%. Operating margins have expanded from 25.0% to 33.2% over the past 3 years, signaling improving operational efficiency. ROE of 9.3% is modest, trailing the sector median of 9.4%. ROIC of 5.5% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.4% | 52.4% | 57.9% | 48.1% | 43.1% | 49.8% | 54.3% | 48.7% | 43.4% | 46.9% | 47.7% |
| Operating Margin | 33.2% | 33.2% | 32.5% | 25.0% | 21.9% | 26.6% | 29.2% | 25.7% | 23.4% | 26.7% | 26.8% |
| Net Profit Margin | 25.5% | 25.5% | 25.0% | 20.7% | 18.4% | 19.5% | 21.3% | 17.6% | 19.4% | 14.4% | 14.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 9.1% | 8.7% | 8.9% | 9.1% | 9.6% | 9.7% | 13.9% | 10.8% | 10.5% |
| ROA | 4.4% | 4.4% | 4.4% | 4.0% | 3.7% | 3.8% | 4.2% | 4.1% | 5.3% | 3.8% | 3.7% |
| ROIC | 5.5% | 5.5% | 5.4% | 4.5% | 4.2% | 5.0% | 5.8% | 6.2% | 6.9% | 7.8% | 7.7% |
| ROCE | 6.1% | 6.1% | 6.0% | 5.4% | 5.3% | 5.9% | 6.2% | 6.7% | 7.4% | 8.2% | 8.1% |
ATO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Atmos Energy Corporation carries a Debt/EBITDA ratio of 4.1x, which is highly leveraged (18% below the sector average of 5.0x). Net debt stands at $9.1B ($9.3B total debt minus $204M cash). Interest coverage of 9.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.67 | 0.66 | 0.89 | 0.96 | 0.70 | 0.69 | 0.76 | 0.90 | 0.94 |
| Debt / EBITDA | 4.05 | 4.05 | 4.01 | 4.26 | 5.75 | 5.47 | 3.80 | 3.51 | 3.35 | 3.33 | 3.44 |
| Net Debt / Equity | — | 0.67 | 0.64 | 0.65 | 0.88 | 0.94 | 0.70 | 0.69 | 0.76 | 0.89 | 0.93 |
| Net Debt / EBITDA | 3.97 | 3.97 | 3.86 | 4.25 | 5.71 | 5.38 | 3.79 | 3.49 | 3.33 | 3.31 | 3.39 |
| Debt / FCF | — | — | — | 10.87 | — | — | — | — | — | — | — |
| Interest Coverage | 9.61 | 9.61 | 7.48 | 8.28 | 9.29 | 10.81 | 9.84 | 7.30 | 6.73 | 6.03 | 5.72 |
ATO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.67x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.67 | 0.67 | 0.94 | 0.65 | 0.85 | 0.81 | 0.60 | 0.38 | 0.25 | 0.53 | 0.38 |
| Quick Ratio | 0.53 | 0.53 | 0.78 | 0.45 | 0.74 | 0.75 | 0.45 | 0.27 | 0.16 | 0.35 | 0.28 |
| Cash Ratio | 0.15 | 0.15 | 0.25 | 0.01 | 0.01 | 0.03 | 0.03 | 0.02 | 0.01 | 0.03 | 0.03 |
| Asset Turnover | — | 0.16 | 0.17 | 0.19 | 0.19 | 0.17 | 0.18 | 0.22 | 0.26 | 0.26 | 0.25 |
| Inventory Turnover | 11.68 | 11.68 | 9.40 | 7.91 | 6.23 | 8.84 | 10.85 | 10.95 | 10.14 | 7.74 | 6.95 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ATO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Atmos Energy Corporation returns 1.9% to shareholders annually primarily through dividends. A payout ratio of 46.2% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.0% | 2.3% | 2.8% | 2.7% | 2.8% | 2.4% | 1.8% | 2.1% | 2.2% | 2.3% |
| Payout Ratio | 46.2% | 46.2% | 47.3% | 48.6% | 48.5% | 48.7% | 47.0% | 48.0% | 35.6% | 48.4% | 50.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.4% | 4.9% | 5.8% | 5.5% | 5.8% | 5.1% | 3.8% | 5.8% | 4.4% | 4.5% |
| FCF Yield | — | — | — | 4.3% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.9% | 2.0% | 2.3% | 2.8% | 2.7% | 2.8% | 2.4% | 1.8% | 2.1% | 2.2% | 2.3% |
| Shares Outstanding | — | $161M | $153M | $145M | $138M | $130M | $123M | $117M | $111M | $106M | $104M |
Peer Comparison
Compare ATO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ATOYou | $31B | 24.7 | 17.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 SR | $5B | 19.7 | 12.6 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NJR | $6B | 16.5 | 14.9 | — | 21.4% | 21.4% | 14.6% | 5.5% | 6.0 |
 SWX | $7B | 14.9 | 11.8 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 NWN | $2B | 17.6 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 CPK | $3B | 21.1 | 12.8 | — | 31.6% | 27.7% | 9.4% | 6.3% | 4.5 |
 SRE | $61B | 29.5 | — | 13.3 | 52.1% | — | 5.2% | — | — |
 NI | $23B | 24.3 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
 AGL | $464M | -1.1 | — | — | -3.2% | -7.1% | -135.6% | -203.2% | — |
 UGI | $8B | 11.3 | 8.8 | 19.3 | 49.9% | 15.2% | 14.8% | 7.1% | 4.5 |
 CMS | $23B | 21.0 | 14.3 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
| Utilities Median | — | 19.7 | 11.5 | 15.4 | 40.7% | 19.8% | 9.4% | 4.9% | 5.0 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonATO — Frequently Asked Questions
Quick answers to the most common questions about buying ATO stock.
What is Atmos Energy Corporation's P/E ratio?
Atmos Energy Corporation's current P/E ratio is 24.7x. The historical average is 18.6x. This places it at the 90th percentile of its historical range.
What is Atmos Energy Corporation's EV/EBITDA?
Atmos Energy Corporation's current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
What is Atmos Energy Corporation's ROE?
Atmos Energy Corporation's return on equity (ROE) is 9.3%. The historical average is 10.0%.
Is ATO stock overvalued?
Based on historical data, Atmos Energy Corporation is trading at a P/E of 24.7x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Atmos Energy Corporation's dividend yield?
Atmos Energy Corporation's current dividend yield is 1.87% with a payout ratio of 46.2%.
What are Atmos Energy Corporation's profit margins?
Atmos Energy Corporation has 52.4% gross margin and 33.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Atmos Energy Corporation have?
Atmos Energy Corporation's Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.