Atmos Energy Corporation (ATO) Stock

Atmos Energy Corporation (ATO) is a Utilities stock trading at $166.95 (as of 2026-08-21), with a market capitalization of $28.21B and a trailing P/E of 15.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Atmos Energy Corporation and its subsidiaries operate regulated natural gas distribution and pipeline and storage businesses in the United States through two segments: Distribution and Pipeline and Storage. The Distribution segment serves customers in eight states, while the Pipeline and Storage segment transports natural gas for third parties, manages underground storage reservoirs in Texas, and provides related services.

Understand Atmos Energy Corporation: how it makes money

Atmos Energy distributes regulated natural gas to about three million customers across eight states, and also operates pipeline and storage services, earning money through regulated distribution and pipeline or storage operations that are influenced by regulatory outcomes and rate increases.

Atmos Energy’s profit engine is regulated, rate-based earnings tied to allowed outcomes from regulators, so performance is driven by implemented rate increases and regulatory outcomes across its Distribution and Pipeline and Storage assets.

Revenue by segment (latest quarter)
Distribution$1.4B
Pipeline & Storage$0.6B

Business quality (Strong): Clear two-segment model (Distribution, Pipeline and Storage), with operating performance explicitly linked to regulatory outcomes and rate increases.

Valuation: At 21× earnings, ATO trades in line with the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Regulated, recurring demand: Distribution delivers natural gas to approximately three million residential, commercial, public authority, and industrial customers in eight states.
  • Rates and regulatory outcomes are a direct driver: Provided facts highlight operating income increases tied to regulatory outcomes and rate increases for both operating segments.

Bear case

  • Earnings depend on regulators: Because both segments’ results are described as driven by regulatory outcomes and rate increases, unfavorable regulatory decisions can pressure operating performance.
  • Some distribution demand line items can weaken: A provided operational KPI indicates a service order revenues decline (distribution segment).
Valuation — source: SEC EDGAR (first-party)
Price$166.95
Market Cap$28.21B
P/E Ratio15.6
EV / EBITDA8.8
Price / Book1.85
Price / Sales4.59
FCF Yield-7.4%
DCF Value (model)$135.39
DCF Upside vs Price-18.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.70B
Net Margin25.5%
Revenue Growth (YoY)4.8%
EPS Growth (YoY)23.1%
FCF Growth (YoY)-268.4%
Financial Health — source: SEC EDGAR
Altman Z-Score1.68 (distress)
Valuation vs Sector & Industry
Stock P/E15.6
Sector P/E (Utilities)20.8
Industry P/E (Utilities)20.1
vs Sector-25.2%
vs Industry-22.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.53B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorUtilities
IndustryUtilities
CEOJohn Kevin Akers
Employees5,260
CountryUS
IPO Date1983-12-28

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ATO earnings history · ATO institutional & insider holders · ATO KPIs & operating metrics · ATO financials · ATO investor presentations & press releases · ATO SEC filings · ATO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.