# Atmos Energy Corporation (ATO)

> Source: Nexqual · https://nexqual.com/ATO · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, Atmos Energy Corporation (ATO), nexqual.com/ATO" · informational, not investment advice.

**Price:** USD 172.52 (-0.80% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 173.91 · day 172.09–174.41 · 52w 154.72–192.51 · market cap $29.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.92B, net income $1.40B (28.5% margin), free cash flow -$2.02B (SEC filings).
- Valuation: P/E 20.8x (avg 20.2x at the last 3 fiscal year-ends), EV/EBITDA 15.0x, net debt $9.81B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.86 on a 1–5 scale) (14 analysts), mean target USD 182.45 (range 167–200).
- Total return with dividends: 1Y +0.4% vs S&P 500 +14.4%; 5Y +111.9% vs S&P 500 +77.0%.
- Next earnings: 2026-11-04, EPS estimate USD 1.14, revenue estimate $874M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.41B | $4.20B | $4.28B | $4.17B | $4.70B | $4.92B |
| Gross profit | $2.37B | $2.52B | $2.82B | — | — | — |
| Operating income | $905M | $921M | $1.07B | $1.36B | $1.56B | $1.82B |
| Net income | $666M | $774M | $886M | $1.04B | $1.20B | $1.40B |
| EPS (diluted) | $5.12 | $5.60 | $6.10 | $6.83 | $7.46 | — |
| Free cash flow | -$3.05B | -$1.47B | $654M | -$1.20B | -$1.51B | -$2.02B |
| 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% |
| Revenue growth | +20.8% | +23.3% | +1.8% | -2.6% | +12.9% | — |
| Cash + short-term investments | $117M | $51.6M | $15.4M | $307M | $203M | — |
| Total debt | $7.38B | $8.01B | $6.80B | $7.83B | $8.98B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.8x · P/S 5.9x · EV/EBITDA 15.0x · EV/Sales 7.9x · P/B 1.9x · FCF yield -6.93% · Earnings yield 4.81% · Dividend yield (paid, TTM) 2.17% · Net debt $9.81B · EV $39.0B
P/E at fiscal year-ends: Sep 2025 22.9x, Sep 2024 20.3x, Sep 2023 17.4x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-11 | Ware William James | Director | 300 | $50K | 167.59 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 14 analysts; mean target USD 182.45 (low 167, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $179 → $182 |
| 2026-10-15 | Truist Securities | Target lowered | Hold | $179 → $174 |
| 2026-10-06 | Argus Research | Reiterated | Buy | $185 |
| 2026-10-01 | Jefferies | Target lowered | Hold | $173 → $167 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $190 → $179 |
| 2026-09-11 | JP Morgan | Downgrade | Overweight → Neutral | $198 → $180 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $196 → $190 |
| 2026-08-13 | Truist Securities | Target lowered | Hold | $188 → $179 |
| 2026-07-17 | Truist Securities | Target raised | Hold | $187 → $188 |
| 2026-07-14 | JP Morgan | Target raised | Overweight | $196 → $198 |
| 2026-07-14 | Barclays | Target lowered | Equal-Weight | $184 → $183 |
| 2026-07-13 | Wells Fargo | Initiated | Overweight | $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +0.4% | +111.9% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +0.4% | +16.2% |
| Volatility (annualized) | 16.1% | 18.0% |
| Max drawdown | -17.8% (Apr 2026→Sep 2026) | -18.7% (Jul 2022→Oct 2022) |

## Peers (Utilities - Regulated Gas)
NI (NiSource Inc) USD 43.15 -1.24% · UGI (UGI Corporation) USD 38.63 +0.05% · SWX (Southwest Gas Holdings, Inc.) USD 91.24 +0.18% · BKH (Black Hills Corporation) USD 79.32 +0.01% · NJR (NewJersey Resources Corporation) USD 53 -1.17% · SR (Spire Inc.) USD 84.63 -1.09%

## More
Full page: https://nexqual.com/ATO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ATO's own 10-K filed 2025-11-14 (https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Finance | "We began collecting the customer rate relief charges on October 1, 2023, and any such property collected is solely owned by the Finance Corporation and not available to pay creditors of Atmos Energy." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution | $752.2M | 85.6% | -1.3% |
| Pipeline and storage | $406.3M | 46.2% | +40.7% |
| Total revenue | $879.1M | 100% | — |
The lines above cover 131.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gas sales revenues | $709.7M | 80.7% | -1.9% |
| Transportation revenues | $39.5M | 4.5% | +10.0% |
| Miscellaneous revenues | $3.0M | 0.3% | -9.5% |
| Total revenue | $879.1M | 100% | — |
The lines above cover 85.6% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "Outlook • Fiscal 2026 earnings per diluted share guidance reaffirmed in the range of $8.40 - $8.50 per diluted share. • Fiscal 2026 capital expenditure guidance expe cted to be approximately $4.2 billion. • The company's Board of Directors has declared a quarterly dividend of $1.00 per common share."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.14 | $1.21 | -5.6% | $873.8M | 9 |
| Next quarter (ends 2026-12-31) | $2.62 | $2.63 | -0.3% | $1.27B | 6 |
| Current fiscal year (ends 2026-09-30) | $8.46 | $8.44 | +0.2% | $5.13B | 13 |
| Next fiscal year (ends 2027-09-30) | $9.04 | $9.02 | +0.2% | $5.75B | 13 |