Atmos Energy (ATO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Atmos Energy

NYSE•Utilities•Utilities - Regulated Gas

$162.03+0.07(<0.01%)Pre-market

Market Cap

$27.28B

P/E

19.4x

P/S

5.5x

P/B

1.8x

Atmos 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 3.4 million residential, commercial, public authority, and industrial customers; and owned 76,000 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 facilities in Texas; provides ancillary services customary to the pipeline industry, including parking arrangements, lending, and inventory sales; and owned 5,700 miles of gas transmission lines. Atmos Energy Corporation was founded in 1906 and is based in Dallas, Texas.

How this company scores

AverageMetricSide Score: 51/100

Strongest: Profitability (18/25); weakest: Cash & Earnings Quality (1/25).

Profitability18/25

Growth18/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality1/25

Strengths

Strong marginsRising earningsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 19.4x5y range 17.4x – 22.9x

Currently near its 20-quarter median.

P/S · 5.5x5y range 3.4x – 6.3x

Currently above its 20-quarter median.

P/B · 1.8x5y range 1.4x – 2.1x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 8.2% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $27.28B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.92B
Q. Revenue: $879.06M
TTM EBITDA: $2.60B
TTM Op. Income: $1.82B
Q. Op. Income: $320.41M
TTM Net Income: $1.40B
Q. Net Income: $242.69M
EPS: $1.44
Shares Out.: $168.34M

$4.92B in TTM revenue grew 6.5% YoY, reaching $879.06M last quarter. TTM EBITDA of $2.60B and TTM operating income of $1.82B show growth is flowing through to the bottom line. TTM net income of $1.40B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 99.1%
EBITDA Margin: 59.4%
Op. Margin: 36.4%
Net Margin: 27.6%

Op. margin of 36.4% is up 6.4% YoY — cost efficiency is improving. Net margin at 27.6% and gross margin of 99.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 21% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 19.4x
P/S Ratio: 5.5x
P/B Ratio: 1.8x

At 19.4x P/E, the stock trades within typical market levels. P/S of 5.5x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 8% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $31.59B
Cash: $520.95M
Long-Term Debt: $9.75B
Book Value: $15.26B
D/E Ratio: 0.6
Debt/EBITDA: 18.7

With $31.59B in assets and $9.75B in long-term debt, D/E is 0.6and book value is $15.26B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $639.92M
TTM Free Cash Flow: $-2.02B
FCF Margin: -41.1%
FCF / Net Income: -1.4

TTM FCF of $-2.02B on $639.92M in operating cash flow. The FCF / Net Income ratio of -1.4x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.