Atmos Energy Corp (ATO)
OvervaluedFundamental
64
Price
$155.59
Market Cap
$26.54B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
CenterPoint runs the gas distribution utility serving Houston and other Texas communities, competing for the same Texas residential and commercial gas customers and before the same Texas regulator as Atmos's Mid-Tex division.
Like Atmos, ONE Gas is a pure-play regulated gas distributor with no electric business, and its Texas Gas Service and Kansas Gas Service units serve households in the same two states where Atmos has its Mid-Tex and Colorado-Kansas divisions.
Spire is another gas-only regulated utility holding company whose Missouri, Alabama and Mississippi utilities sell residential and commercial gas service under the same rate-case model, overlapping Atmos in Mississippi.
Southwest Gas distributes regulated natural gas to roughly two million residential and commercial customers in Arizona, Nevada and California, the closest match to Atmos's gas-only distribution model outside its own service territory.
Atmos's own 10-K names electric utilities as its rival energy source, and Oncor delivers the electricity that competes with Atmos gas for space heating, water heating and cooking in the Dallas-Fort Worth homes that are Atmos's largest market.
Balance Sheet & Liquidity
Revenue
$4.92B
Trailing 12 months (through 6/30/2026)
Net Income
$1.40B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-1.51B
Total Equity
$13.56B
Total Liabilities
$14.69B
Current Ratio
0.81
Interest Coverage
12.77
Debt/EBITDA
4.47
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$124.68
Current Price
$155.59
Margin of Safety
-24.8%
Fair Value Range
$84.23 - $165.12
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
18.67
ROE
8.8%
P/B Ratio
1.73
P/FCF
-
Gross Margin
-
ROIC
4.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.8%
WACC
6.1%
ROIC − WACC
-1.3 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- EPS CAGR 8.34%
- Price CAGR 8.21%
- P/B Ratio 1.73
- Debt/Equity ratio
- Operating Margin 37.0%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 9.7%
- Revenue Growth 5Y 10.8%
- Earnings Surprise avg 2.8%
- Earnings Quality (OCF/NI) 1.44
- Net Margin Trend 28.5% vs 25.0%
- Piotroski F-Score 5/9
Failed (7)
- ROIC 4.8%
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 39% Buy
- PEG Ratio 2.14
- Share Dilution 5.2%
Unavailable (4)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. John Kevin Akers | CEO, President & Director | 62 |
| Mr. Christopher T. Forsythe | Senior VP & CFO | 53 |
| Ms. Jessica W. Bateman Pulliam | Senior VP, General Counsel & Corporate Secretary | 47 |
| Mr. John S. McDill | Senior Vice President of Utility Operations | 60 |
| Ms. Michelle H. Faulk | VP, Controller & Principal Accounting Officer | 47 |
| Mr. Richard A Mitschke | VP & Chief Information Officer | - |
| Mr. Daniel M. Meziere CPA | VP of Investor Relations & Treasurer | 64 |
| Ms. Liz C. Beauchamp | Vice President of Governmental & Public Affairs | - |
| Mr. John Matt Robbins | Senior Vice President of Human Resources | 55 |
| Mr. John A. Paris | President of Mid-Tex Division | 61 |
Audit Risk
9
Board Risk
8
Compensation Risk
6
Shareholder Rights Risk
7
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2025-11-14
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-05
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-08-10
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for ATO, sourced from Markets Gazette.