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Regulated natural gas distribution utility serving residential and commercial customers across several US states.
Regulated natural gas distribution utility serving residential and commercial customers across several US states.
Earns an allowed return on the pipes it installs, and gas bought for customers is passed through at cost, so it makes money on investment rather than on selling gas. Texas supplies the largest part, and its Atmos Pipeline-Texas system, which also carries gas for other users, supplements the distribution business.
Moat: wide (regulatory licence, installed base). Regulated monopoly gas-distribution franchise territories with guaranteed rate-of-return infrastructure investment.
Headquarters: Dallas, Texas, US · Founded: 1906 · Employees: 5,487
Size Atmos Energy (ATO) is a United States Utilities company (Gas Distributors) with a market value of $29.3B, the 374th largest of 3,117 United States companies the cockpit tracks. Shares closed at $173.22 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against -0.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 17 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +2.6%); the operating margin is 37.0% (peer median 18.2%).
Valuation It trades at 19.3× forward earnings against a peer median of 14.5× (5th most expensive of 17).
Capital Return on invested capital runs 1.3 points below its cost of capital (7.0% WACC).
Credit Atmos Energy has 21 bonds outstanding ($10.9B), rated A- by the agencies and trading like A+ at a weighted spread of 74 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.92B | $4.70B | $4.17B | $4.28B | $4.20B |
| Revenue growth | — | +13% | -3% | +2% | — |
| Gross profit | $2.28B | $2.00B | $1.74B | $1.45B | $1.27B |
| EBITDA | $2.60B | $2.29B | $2.03B | $1.67B | $1.46B |
| Net income | $1.40B | $1.20B | $1.04B | $885M | $774M |
| Free cash flow | -$2.02B | -$1.51B | -$1.20B | $654M | -$1.47B |
| Capital expenditure | $4.04B | $3.56B | $2.94B | $2.81B | $2.44B |
| Total debt | $10.3B | $9.30B | $8.13B | $7.12B | $8.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Atmos Energy ATO | $29.3B | -4% | +6% | 37% | 19.3× | n/a |
| NiSource NI | $21.2B | -6% | +10% | 27% | 20.3× | n/a |
| Southwest Gas SWX | $6.62B | +2% | -57% | 29% | 18.9× | n/a |
| New Jersey Resources NJR | $5.51B | -2% | +7% | 24% | 16.6× | n/a |
| Spire SR | $5.25B | +4% | +4% | 20% | 17.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +3.0% | 5th highest of 17 |
| 6-month return | -3.7% | -0.3% | 7th lowest of 17 |
| Distance from 52-week high | -9.5% | -11.7% | 7th highest of 17 |
| Revenue growth (TTM) | +6.5% | +2.6% | 6th highest of 17 |
| Operating margin | 37.0% | 18.2% | 4th highest of 16 |
| Forward P/E | 19.3× | 14.5× | 5th most expensive of 17 |
| ROIC minus cost of capital | -1.3 pp | -0.6 pp | 4th lowest of 16 |
| EV / EBITDA | 15.0× | 12.7× | 3rd most expensive of 14 |
| Net debt / EBITDA | 3.8× | 5.3× | 6th least indebted of 14 |
| Bond spread | 74 bp | 87 bp | 2nd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Atmos Energy ATO | United States | $29.3B | -4% | +6% | 37% | 19.3× | n/a | n/a |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| Sempra SRE | United States | $51.1B | -14% | +1% | 25% | 15.2× | n/a | n/a |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
Atmos Energy has 21 bonds outstanding with $10.9B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.76%, a spread of 74 bp over government bonds.