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Atmos Energy Corporation
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NYSE: ATO Utilities Energy 🔎 Screen
S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$26.5B
Market Cap
22.9
P/E
3.03
PEG
6.0%
ROCE
9.3%
ROE
0.66
D/E
33.2%
OPM
-12.2%
% from 52W High
33
α RS
🔍 ATO is showing a high-conviction setup because it matches 4 of 37 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still rolling over, and an ECS of 67.9 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 4/37 · Energy in Leading quadrant · ECS 67.9
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🌏 Global Investor Returns
Currency-adjusted total returns for ATO including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Sector Averages
About

Atmos Energy Corporation, together with its subsidiaries, engages in the regulated natural gas distribution, and pipeline and storage businesses in the United States.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding ATO
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 166.8K $30.8M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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In-line quarter Investor Presentation One-Pager? Q3 2026
Net Income (YTD)
$1.2B
+14.5% YoY (EPS basis)
Earnings Per Share (YTD)
$7.33
+14.5% YoY
Capital Expenditures (YTD)
$3.1B
Not disclosed
Available Liquidity
$4.6B
Not disclosed
What Went Right
  • YTD EPS grew 14.5% to $7.33, supported by $227 million in rate increases and $34 million higher APT throughput revenue net of Rider REV.
  • Customer growth remained strong with ~51,000 net new customers over 12 months, including ~39,000 in Texas, plus 12 new industrial customers expected to add ~950,000 Mcf per year.
  • Consolidated O&M decreased $14 million year-to-date and liquidity stands at $4.6 billion with 60% equity capitalization and no short-term debt.
What to Watch
  • APT spreads narrowed significantly as new takeaway capacity came online sooner than expected; the fiscal 2026 APT 2H earnings benefit is now likely to be at the low end of the $0.08-$0.12 per share range.
  • O&M is trending slightly higher, with fiscal 2026 O&M guidance excluding bad debt raised to $875-$885 million.
  • House Bill 4384 was a one-time step-year benefit of $0.63 per share YTD and is expected to moderate going forward, with APT benchmark set at roughly $107 million.
Management Guidance
  • FY26 EPS guidance reaffirmed at $8.40-$8.50 per diluted share.
  • FY26 O&M excluding bad debt expected at $875-$885 million.
  • FY26 capex expected to be approximately $4.2 billion; seven rate filings seeking nearly $334 million in annualized operating income increases, with most expected to be implemented in Q1 FY27.
Investor Lens
The core thesis remains intact: strong Texas customer growth, safety-focused capex, and a healthy balance sheet. However, APT throughput spreads have compressed quickly as new pipeline takeaway capacity came online, limiting the remaining tailwind for FY26 and likely FY27. With HB 4384's one-time step benefit fading, future EPS growth will need to come from rate outcomes, customer additions, and continued regulatory execution.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED YTD EPS up 14.5% to $7.33; FY26 guidance held as APT spreads fade
Revenue
Total revenue was not disclosed on the call. Rate increases across segments contributed $227 million, while APT throughput revenue net of Rider REV increased about $34 million ($0.16 per share).
Profitability
Net income for the first nine months was $1.2 billion, or $7.33 per diluted share, up 14.5% year over year. The year-to-date results include a $0.63 per share impact from House Bill 4384.
Margins
Operating margin was not explicitly disclosed. Consolidated O&M decreased $14 million year-to-date, helped by HB 4384 deferrals and offset by higher compliance/safety spending in distribution and higher maintenance spending at APT.
Balance Sheet
Equity capitalization was 60% with no short-term debt outstanding at June 30, 2026. Available liquidity was $4.6 billion, including $937 million of forward sale proceeds; YTD capex was $3.1 billion, with FY26 capex planned at approximately $4.2 billion.
Key Risks
Management flagged rapid compression in Waha spreads as new takeaway capacity came online sooner than expected, likely pushing APT's 2H benefit to the low end of guidance. O&M is trending slightly higher, and the one-time benefit from HB 4384 will moderate in future years.
Outlook
FY26 EPS guidance was reaffirmed at $8.40-$8.50. The company expects capex of ~$4.2 billion and O&M of $875-$885 million, with most of the pending ~$334 million in rate increases expected to be implemented in Q1 FY27.
Generated by AI · Q3 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-08-06
Net income for fiscal 2026 YTD reached $1.2B, with EPS up 14.5% year-over-year and guidance reaffirmed at $8.40-$8.50. Strong customer growth, major capital projects, and narrowing spreads in APT were highlighted, with $4.6B in liquidity and no short-term debt.
Q2 2026 Q2 2026 2026-05-07
Net income and EPS rose sharply year-over-year, prompting an EPS guidance increase to $8.40-$8.50. Customer growth, regulatory wins, and capital investments drove results, while new Texas legislation and strong liquidity position support future growth.
Q1 2026 Q1 2026 2026-02-04
First quarter net income rose 9.4% year-over-year to $403 million, with strong customer growth and high satisfaction. Capital spending exceeded $1 billion, and fiscal 2026 EPS guidance remains $8.15-$8.35 per share. Liquidity and equity capitalization remain robust.
Q4 2025 Q4 2025 2025-11-06
Fiscal 2025 saw EPS of $7.46 and strong customer growth, with a five-year $26B capital plan focused on safety, reliability, and Texas expansion. EPS guidance for 2026 is $8.15–$8.35, with 6%-8% annual growth targeted and a 15% dividend increase, supported by accelerated capital recovery from Texas legislation.
Q3 2025 Q3 2025 2025-08-07
Year-to-date net income reached $1 billion with EPS up to $6.40, and FY25 guidance raised to $7.35-$7.45. Strong customer and industrial growth, new Texas legislation, and robust capital spending drive results, with a 6%-8% annual EPS growth outlook.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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