NYSE: ATO
Atmos Energy
Utilities · Natural Gas Distribution
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$29.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $7.74B |
| FY2017, ended Sep 30, 2017 | $8.90B |
| FY2018, ended Sep 30, 2018 | $10.5B |
| FY2019, ended Sep 30, 2019 | $13.6B |
| FY2020, ended Sep 30, 2020 | $12.0B |
| FY2021, ended Sep 30, 2021 | $11.7B |
| FY2022, ended Sep 30, 2022 | $14.4B |
| FY2023, ended Sep 30, 2023 | $15.7B |
| FY2024, ended Sep 30, 2024 | $21.6B |
| FY2025, ended Sep 30, 2025 | $27.6B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $29.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.92B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $2.45B |
| FY2017, ended Sep 30, 2017 | $2.76B |
| FY2018, ended Sep 30, 2018 | $3.12B |
| FY2019, ended Sep 30, 2019 | $2.90B |
| FY2020, ended Sep 30, 2020 | $2.82B |
| FY2021, ended Sep 30, 2021 | $3.41B |
| FY2022, ended Sep 30, 2022 | $4.20B |
| FY2023, ended Sep 30, 2023 | $4.28B |
| FY2024, ended Sep 30, 2024 | $4.17B |
| FY2025, ended Sep 30, 2025 | $4.70B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $4.92B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $350M | −$292M |
| FY2017, ended Sep 30, 2017 | $396M | −$270M |
| FY2018, ended Sep 30, 2018 | $603M | −$343M |
| FY2019, ended Sep 30, 2019 | $511M | −$725M |
| FY2020, ended Sep 30, 2020 | $601M | −$898M |
| FY2021, ended Sep 30, 2021 | $666M | −$3.05B |
| FY2022, ended Sep 30, 2022 | $774M | −$1.47B |
| FY2023, ended Sep 30, 2023 | $886M | $654M |
| FY2024, ended Sep 30, 2024 | $1.04B | −$1.20B |
| FY2025, ended Sep 30, 2025 | $1.20B | −$1.51B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $1.40B | −$2.02B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$521M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $47.5M |
| FY2017, ended Sep 30, 2017 | $26.4M |
| FY2018, ended Sep 30, 2018 | $13.8M |
| FY2019, ended Sep 30, 2019 | $24.6M |
| FY2020, ended Sep 30, 2020 | $20.8M |
| FY2021, ended Sep 30, 2021 | $117M |
| FY2022, ended Sep 30, 2022 | $51.6M |
| FY2023, ended Sep 30, 2023 | $15.4M |
| FY2024, ended Sep 30, 2024 | $307M |
| FY2025, ended Sep 30, 2025 | $203M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $521M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.3B
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | $3.27B |
| FY2017, ended Sep 30, 2017 | $3.51B |
| FY2018, ended Sep 30, 2018 | $3.64B |
| FY2019, ended Sep 30, 2019 | $4.02B |
| FY2020, ended Sep 30, 2020 | $4.57B |
| FY2021, ended Sep 30, 2021 | $7.38B |
| FY2022, ended Sep 30, 2022 | $8.20B |
| FY2023, ended Sep 30, 2023 | $6.85B |
| FY2024, ended Sep 30, 2024 | $7.83B |
| FY2025, ended Sep 30, 2025 | $8.98B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $10.3B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 62.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.169M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 104M |
| FY2017, ended Sep 30, 2017 | 106M |
| FY2018, ended Sep 30, 2018 | 111M |
| FY2019, ended Sep 30, 2019 | 119M |
| FY2020, ended Sep 30, 2020 | 126M |
| FY2021, ended Sep 30, 2021 | 132M |
| FY2022, ended Sep 30, 2022 | 141M |
| FY2023, ended Sep 30, 2023 | 148M |
| FY2024, ended Sep 30, 2024 | 155M |
| FY2025, ended Sep 30, 2025 | 162M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 169M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.07B more issued than bought back
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $14.8M | $98.6M |
| FY2017, ended Sep 30, 2017 | $14.1M | $98.8M |
| FY2018, ended Sep 30, 2018 | $12.9M | $395M |
| FY2019, ended Sep 30, 2019 | $11.1M | $694M |
| FY2020, ended Sep 30, 2020 | $9.58M | $624M |
| FY2021, ended Sep 30, 2021 | $11.3M | $607M |
| FY2022, ended Sep 30, 2022 | $10.7M | $777M |
| FY2023, ended Sep 30, 2023 | $10.2M | $807M |
| FY2024, ended Sep 30, 2024 | $10.7M | $750M |
| FY2025, ended Sep 30, 2025 | $12.7M | $698M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | — | $1.07B |
Revenue (TTM)
$4.92B
+6.5% YoY
Net income (TTM)
$1.40B
+21.1% YoY
Cash
$521M
−26.6% YoY
Total debt
$10.3B
+15.0% YoY
Valuation
At current price- Market Cap
- $29.1B
- P/E
- 20.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.9×
- Price / Book
- 1.9×
- EV / EBITDA
- 15.0×
Growth
Trailing 12 months- Revenue (TTM)
- $4.92B
- Revenue Growth YoY
- 6.5%
- Revenue CAGR 3Y
- 3.8%
- Revenue CAGR 5Y
- 10.8%
- EPS Growth YoY
- 16.0%
- Net Income Growth YoY
- 21.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 37.0%
- Net Margin
- 28.5%
- FCF Margin
- −41.1%
- Return on Equity
- 9.8%
Earnings
Trailing 12 months- Net Income
- $1.40B
- EPS (diluted)
- $8.39
- EBITDA
- $2.60B
- Operating Income
- $1.82B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $521M
- Total Debt
- $10.3B
- Net Debt
- $9.81B
- Total Assets
- $31.6B
- Total Liabilities
- $16.3B
- Shareholders' Equity
- $15.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.02B
- Capital Expenditure
- $4.04B
- Free Cash Flow
- −$2.02B
Dividends and risk
Last 12 months- Dividend Yield
- 2.3%
- Dividend / Share
- $4.00
- Beta (5Y)
- 0.57
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.5% year over year, at $4.92B.
Strength
Operating margin widened 4.0 pts in a year, to 37.0%.
Watch
Net debt is 3.8× EBITDA ($9.81B), a heavy load.
Watch
Free cash flow was negative (−$2.02B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 14, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K64Mildly positive
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 18, 2024 · Read the filing on EDGAR
- Net income rose 18% to $1.04 billion, or $6.83 per share, mainly from approved rate increases; segment revenues were little changed overall as gas costs fell.
- Moody's moved its credit outlook to negative in April 2024, although the ratings themselves were reaffirmed and remain investment grade.
- Capital spending reached $2.9 billion, well above $1.73 billion of operating cash flow, with about $2.0 billion of debt and equity raised.
- The company plans a new $8.0 billion shelf registration and a $1.7 billion at-the-market share sale program in early fiscal 2025.
Business momentum
Improving
“The year-over-year increase in net income of $157.0 million largely reflects positive rate outcomes driven by safety and reliability spending.”
Outlook
Neutral
“The liquidity provided by these sources is expected to be sufficient to fund the Company's working capital needs and capital expenditures program.”
Financial stress
Low
“As of September 30, 2024, we had approximately $4.8 billion in total liquidity, consisting of $307.3 million in cash and cash equivalents, $1,380.6 million in funds available through equity forward sales agreements, and $3,094.4 million in undrawn capacity under our credit facilities.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“On April 1, 2024, Moody's reaffirmed its long-term and short-term credit ratings and placed our ratings under negative outlook.”
Positives
Approved rate increases lifted annual operating income by $376.3 million
“During the year ended September 30, 2024, we implemented ratemaking regulatory actions which resulted in an increase in annual operating income of $376.3 million.”
Further rate requests worth $218.0 million are in progress
“we had ratemaking efforts in progress at September 30, 2024, seeking a total increase in annual operating income of $218.0 million.”
Pipeline and storage operating income grew strongly
“Operating income for our pipeline and storage segment increased 33.8 percent.”
Concerns
Credit outlook weakened at Moody's
“On April 1, 2024, Moody's reaffirmed its long-term and short-term credit ratings and placed our ratings under negative outlook.”
Spending far exceeds operating cash flow, so outside funding remains essential
“During the fiscal year ended September 30, 2024, we received approximately $2.0 billion in net proceeds from the issuance of long-term debt and equity.”
More debt is pushing interest costs higher
“Interest charges increased $39.9 million primarily due to the issuance of long-term debt during fiscal 2024.”
New risks since the previous report
Moody's negative outlook could lead to a downgrade and costlier borrowing
“On April 1, 2024, Moody's reaffirmed its long-term and short-term credit ratings and placed our ratings under negative outlook.”
Larger planned share sale program could dilute existing shareholders
“In the first half of fiscal 2025, we anticipate filing a new $8.0 billion shelf registration statement and a prospectus supplement under this new shelf registration statement for a new $1.7 billion ATM equity sales program”
Biggest risks named
- Adverse rate decisions and delays in recovering costs
- Dependence on credit and capital markets to fund heavy spending
- Pipeline accidents and tighter safety regulation
- Climate regulation and competition reducing natural gas demand
- Cyber-attacks and new cybersecurity requirements
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −1 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 14, 2025 | Pro | |||
| 10-K | Nov 18, 2024 | 64 | Improving | 1 minor | |
| 10-K | Nov 14, 2023 | 68 | Improving | None | |
| 10-K | Nov 14, 2022 | 60 | Improving | None | |
| 10-K | Nov 12, 2021 | 59 | Improving | 1 minor | |
| 10-K | Nov 13, 2020 | 68 | Improving | None | |
| 10-K | Nov 12, 2019 | 59 | Mixed | None | |
| 10-K | Nov 13, 2018 | 58 | Mixed | 1 minor | |
| 10-K | Nov 13, 2017 | 69 | Improving | None | |
| 10-K | Nov 14, 2016 | 60 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR