Utilities · Gas Utilities · US stock · price as of 22 Oct 2026
Key indicators
Price
$173.91
52-week range
$154.72 – $192.51
Market cap
$29.5B
P/E (trailing)
20.5×
EV / EBITDA
15.1×
Free-cash-flow yield
−6.9%
Dividend yield
2.3%
Revenue (last 12 months)
$4.9B
Revenue growth (3y a year)
3.8%
Operating margin
37.0%
Return on invested capital
5.8%
Net debt / EBITDA
3.7×
Fair value
Fair value (average of valid models)$152.51 middle half of models $138 – $178
Versus priceFair−12% to fair value
P/E multiple
$173.00
P/B multiple
$163.04
P/S multiple
$137.03
EV/EBITDA multiple
$182.01
EV/EBIT multiple
$179.33
EV/revenue multiple
$145.05
5-year DCF, EBITDA exit
$104.89
5-year DCF, revenue exit
$96.77
Dividend discount, stable
$204.68
Earnings power value
$139.31
Model uncertainty
Medium
X-Ray Score
57/ 100 · Medium confidence · ahead of 74% of sector peers
Valuation28
Growth73
Profitability57
Financial health77
Dividends61
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Atmos Energy is a regulated natural gas utility that delivers gas to homes, businesses and industrial users across several states, mostly in the southern and central United States. It also owns an extensive pipeline and storage system in Texas. Revenue comes from rates set with state regulators, which allow recovery of gas costs and a return on infrastructure investment, and the company spends heavily on pipeline replacement and system upgrades.
Revenue has grown 3.8% a year over three years, leaving the last twelve months at $4.9 billion. Operating margin is 37.0%. Return on invested capital comes to 6%. On leverage, net debt to EBITDA is 3.7 times. A dividend is paid, with a yield of 2.3%.
StocksXray gives Atmos Energy Corp an X-Ray Score of 57 out of 100 (medium confidence), ahead of 74% of the S&P 500 stocks in its sector. Its strongest lens is financial health (77) and its weakest is valuation (28).
Our fair value (the average of the valid models) is $152.51 (range $137.60 to $177.75). At $173.91 the stock trades 14% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Atmos Energy Corp (ATO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$77.94
$92.33
$98.49
$132.57
$166.88
$173.91
Market cap
$10.1B
$12.8B
$14.3B
$20.2B
$26.8B
$29.5B
P/E
15.2×
16.5×
16.1×
19.4×
22.4×
20.5×
EV / revenue
5.1×
5.0×
4.9×
6.7×
7.6×
8.0×
EV / EBITDA
12.5×
14.3×
12.6×
13.7×
15.5×
15.1×
Price / free cash flow
–
–
21.9×
–
–
–
Free-cash-flow yield
−30.2%
−11.5%
4.6%
−5.9%
−5.6%
−6.9%
Price / book
1.3×
1.4×
1.3×
1.7×
2.0×
1.9×
Dividend yield
3.21%
2.95%
3.01%
2.43%
2.09%
2.30%
Fundamentals checklist ● 6 Good · ● 5 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.0%Bad
Free-cash-flow yield−6.9%Bad
Risk models
Altman Z score1.9×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)10.0%Average
Revenue growth (3y)3.8%Average
Growth consistency100%Good
Balance sheet
Current ratio0.8×Average
Net debt / EBITDA3.7×Good
Interest cover12.8×Good
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield4.6%Average
Profitability
Return on invested capital5.8%Good
Operating margin37.0%Good
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Atmos Energy Corp (ATO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,407
4,202
4,275
4,165
4,703
4,922
Gross profit
2,375
2,519
2,823
–
–
–
Operating income
905
921
1,067
1,355
1,560
1,819
Net income
666
774
886
1,043
1,199
1,402
Diluted EPS ($)
5.12
5.60
6.10
6.83
7.46
8.47
Free cash flow
-3,054
-1,467
654
-1,203
-1,512
-2,020
Gross margin
69.7%
60.0%
66.0%
–
–
–
Operating margin
26.6%
21.9%
25.0%
32.5%
33.2%
37.0%
Net margin
19.5%
18.4%
20.7%
25.0%
25.5%
28.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
19,609
22,193
22,517
25,194
28,250
31,586
Cash
117
52
15
307
203
521
Total debt
7,331
8,147
6,798
7,785
8,919
10,251
Equity
7,907
9,419
10,870
12,158
13,559
15,258
Dividend per share ($)
2.50
2.72
2.96
3.22
3.48
3.87
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
1,951
839
737
1,343
1,962
879
Growth vs a year earlier
+18.4%
+19.6%
+12.1%
+14.2%
+0.6%
+4.8%
Net income ($M)
486
186
175
403
582
243
Diluted EPS ($)
3.03
1.16
–
2.44
3.47
1.43
XStocksXray
Atmos Energy Corp (ATO)
Peers in Gas Utilities
Company
X-Ray
ATO · Atmos Energy Corp
57
Market Compass outlook for Utilities: Unfavourable (27/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
