FirmAtlas
Company handbook · ATO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
ATO · CIK 731802 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
Atmos Energy Corp
$167.34
+3.39 (+2.07%)
Close, Oct 16, 2026 · 52-week $155–193
Last fiscal year
Atmos Energy Corp reported revenue of $4.7B for the year ended Sep 30, 2025 (FY25), up 12.9% from FY24. Net income was $1.2B, operating cash flow $2.0B and free cash flow −$1.5B. Source: 10-K filed Nov 14, 2025.
Market cap
$27.0B
P/E
19.3
EV/EBITDA
15.6x
Dist. yield
2.39%
ROIC
6.0%
Coverage
3.70x
Revenue 1Y
12.9%/yr
EPS 1Y
9.2%/yr
Units 1Y
+4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJ. Kevin Akers
HQDallas, TX
AuditorErnst & Young LLP
Year endsSeptember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.9%
12.5%
14.2%
−5.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$7.5B deployed
Capex
$6.5B
86.1%
Distributions
$1.0B
13.9%
Operating cash flow over the period: $3.8B. Total debt changed by +$1.1B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,165
4,703+12.9%
4,922
YoY
+12.9%
Operating income
1,355
1,560+15.1%
1,819
Operating margin
32.5%
33.2%+0.6 pp
—
D&A
670
735+9.7%
—
EBITDA
2,025
2,295+13.3%
—
EBITDA margin
48.6%
48.8%+0.2 pp
—
Interest expense
191
172−9.9%
—
Interest coverage
10.62x
13.37x+2.74x
—
Net income
1,043
1,199+14.9%
1,402
YoY
+14.9%
Net margin
25.0%
25.5%+0.5 pp
—
Earnings per unit (diluted, $)
6.83
7.46+9.2%
8.42
YoY
+9.2%
Balance sheet
Total assets
25,194
28,250+12.1%
31,586
Cash & short-term investments
309
204−34.0%
—
Other assets
24,886
28,046+12.7%
—
Total liabilities
13,037
14,691+12.7%
16,327
Total debt
7,784
8,907+14.4%
9,749
Other liabilities
5,253
5,783+10.1%
—
Partners’ capital
12,158
13,559+11.5%
15,258
Units outstanding (M)
155
162+4.1%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,734
2,049+18.2%
2,020
Net income
1,043
1,199+14.9%
—
Depreciation & amortization
670
735+9.7%
—
Stock-based compensation
11
13+18.9%
—
Working capital & other
10
103+915.0%
—
Cash from investing
(2,923)
(3,561)n/m
—
Capex
(2,937)
(3,561)n/m
—
Investments bought
(20)
(34)n/m
—
Investments sold / matured
12
23+89.2%
—
Other investing
22
12−47.2%
—
Cash from financing
1,479
1,407−4.9%
—
Debt raised
1,240
1,143−7.8%
—
Debt repaid
0
0n/m
—
Distributions
(493)
(554)n/m
—
Units issued
750
698−6.9%
—
Other financing
(19)
119n/m
—
Net change in cash
290
(105)−136.3%
—
Free cash flow (OCF − capex)
(1,203)
(1,512)n/m
(2,020)
Where the cash went
Operating cash flow
1,734
2,049+18.2%
2,020
Reinvested in the business
2,937
3,561+21.3%
—
% of operating cash flow
169.4%
173.8%
Capex
2,937
3,561+21.3%
4,040
Free cash flow
(1,203)
(1,512)n/m
(2,020)
YoY
n/m
Returned to unitholders
493
554+12.3%
—
% of free cash flow
—
—
Distributions
493
554+12.3%
—
Change in total debt
—
1,124
—
Cash left over
—
(942)
—
FCF conversion (FCF ÷ net income)
−115.4%
−126.1%−10.7 pp
—
Owner earnings
—
(1,576)
—
Owner earnings margin
—
−33.5%
—
Returns & ratios
Distribution coverage
3.52x
3.70x+0.18x
—
Distribution / unit ($)
3.18
3.43+7.9%
—
Net debt / EBITDA
3.69x
3.79x+0.10x
—
Interest coverage
10.62x
13.37x+2.74x
—
ROIC (all capital)
5.8%
6.0%+0.2 pp
—
Debt / EBITDA
3.84x
3.88x+0.04x
—
Debt / equity
0.64x
0.66x+0.02x
—
ROE
8.6%
8.8%+0.3 pp
—
ROCE
5.7%
5.8%+0.2 pp
—
FCF / unit ($)
−7.75
−9.36n/m
—
EV / EBITDA (year end)
14.32x
15.82x+1.49x
—
Distribution yield (year end)
2.3%
2.0%−0.3 pp
—
Price / DCF proxy
13.12x
14.96x+1.85x
—
Net debt is 3.8x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
737
1,343
1,962
879
vs year-ago quarter
Operating income
219
515
765
320
Net income
175
403
582
243
vs year-ago quarter
Net margin
23.7%
30.0%
29.7%
27.6%
Earnings per unit (diluted, $)
1.08
2.44
3.47
1.43
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
28,250
29,798
30,380
31,586
Cash & equivalents
204
372
127
526
Total debt
8,907
9,554
9,554
9,749
Partners’ capital
13,559
14,283
14,909
15,258
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
348
308
723
640
Capex
964
1,033
1,004
1,039
Free cash flow
(615)
(725)
(280)
(399)
vs year-ago quarter