Atmos Energy Corporation (ATO) Key Metrics
ATO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $28.28B
- Enterprise value
- $36.21B
- P/E (TTM)
- 19.9 10-yr median 19.9
- Forward P/E
- 17.6
- PEG ratio
- 1.90
- Price / sales
- 5.7 10-yr median 3.5
- Price / book
- 1.7 10-yr median 1.9
- EV / EBITDA
- 13.6 10-yr median 13.4
- Dividend yield
- 2.39% $4.00 a year
- Beta
- 0.57
ATO key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsATO valuation Price multiples at each fiscal year-end price.
ATO returns How much profit the business earns on the capital it uses.
ATO per-share figures Results divided by the shares outstanding at year-end.
ATO financial health Debt, liquidity and how easily interest is covered.
ATO efficiency & capital use Working capital cycle and where the cash goes.
ATO valuation history
ATO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ATO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ATO cash returned to shareholders
ATO price vs earnings per share
ATO key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $27.42B | $21.18B | $15.38B | $14.07B | $11.45B | $11.75B | $13.38B | $10.43B | $8.90B | $7.71B |
| Enterprise value | $36.52B | $29.00B | $22.48B | $22.38B | $18.90B | $16.49B | $17.35B | $14.06B | $12.38B | $10.93B |
| P/E ratio | 22.9 | 20.3 | 17.4 | 18.2 | 17.2 | 19.5 | 26.2 | 17.3 | 22.4 | 22.0 |
| Price / sales | 5.8 | 5.1 | 3.6 | 3.3 | 3.4 | 4.2 | 4.6 | 3.3 | 3.2 | 3.1 |
| Price / book | 2.0 | 1.7 | 1.4 | 1.5 | 1.4 | 1.7 | 2.3 | 2.2 | 2.3 | 2.2 |
| Price / free cash flow | — | — | 23.5 | — | — | — | — | — | — | — |
| Price / operating cash flow | 13.4 | 12.2 | 4.4 | 14.4 | — | 11.3 | 13.8 | 9.3 | 10.3 | 9.7 |
| EV / sales | 7.8 | 7.0 | 5.3 | 5.3 | 5.5 | 5.8 | 6.0 | 4.5 | 4.5 | 4.5 |
| EV / EBITDA | 15.3 | 13.8 | 12.9 | 15.0 | 13.7 | 13.1 | 15.2 | 13.0 | 11.9 | 11.5 |
| EV / free cash flow | — | — | 34.4 | — | — | — | — | — | — | — |
| Earnings yield | 4.4% | 4.9% | 5.8% | 5.5% | 5.8% | 5.1% | 3.8% | 5.8% | 4.5% | 4.5% |
| Free cash flow yield | −5.5% | −5.7% | 4.3% | −10.4% | −26.7% | −7.6% | −5.4% | −3.3% | −3.0% | −3.8% |
| Dividend yield | 2.0% | 2.3% | 2.8% | 2.7% | 2.8% | 2.4% | 1.8% | 2.1% | 2.2% | 2.3% |
| Shareholder yield (dividends + buybacks) | 2.0% | 2.3% | 2.8% | 2.7% | 2.8% | 2.4% | 1.8% | 2.1% | 2.2% | 2.3% |
| Share price at fiscal year-end | $170.75 | $138.71 | $105.93 | $101.85 | $88.20 | $95.59 | $113.89 | $93.91 | $83.84 | $74.47 |
| Per share | ||||||||||
| Revenue per share | $29.29 | $27.28 | $29.45 | $30.43 | $26.24 | $22.96 | $24.70 | $28.06 | $26.01 | $23.71 |
| Earnings per share | $7.47 | $6.83 | $6.10 | $5.61 | $5.13 | $4.89 | $4.35 | $5.43 | $3.74 | $3.38 |
| Operating cash flow per share | $12.76 | $11.36 | $23.83 | $7.08 | −$8.35 | $8.45 | $8.25 | $10.13 | $8.17 | $7.68 |
| Free cash flow per share | −$9.42 | −$7.88 | $4.50 | −$10.62 | −$23.52 | −$7.31 | −$6.17 | −$3.09 | −$2.54 | −$2.82 |
| Cash per share | $1.27 | $2.01 | $0.11 | $0.37 | $0.90 | $0.17 | $0.21 | $0.12 | $0.25 | $0.46 |
| Book value per share | $84.44 | $79.64 | $74.88 | $68.21 | $60.90 | $55.27 | $48.95 | $42.97 | $36.75 | $33.45 |
| Tangible book value per share | $79.42 | $74.30 | $69.21 | $62.91 | $55.27 | $49.32 | $42.73 | $29.81 | $22.98 | $19.25 |
| Dividends per share | $3.45 | $3.23 | $2.96 | $2.72 | $2.49 | $2.30 | $2.09 | $1.94 | $1.81 | $1.69 |
| Capex per share | $22.18 | $19.24 | $19.33 | $17.70 | $15.17 | $15.75 | $14.42 | $13.22 | $10.72 | $10.50 |
| Debt per share | $57.94 | $53.25 | $49.07 | $60.61 | $58.25 | $38.81 | $34.01 | $32.83 | $33.13 | $31.57 |
| Shares outstanding | 160.6M | 152.7M | 145.2M | 138.1M | 129.8M | 122.9M | 117.5M | 111.0M | 106.1M | 103.5M |
| Change in shares outstanding | +5.2% | +5.2% | +5.1% | +6.4% | +5.7% | +4.6% | +5.8% | +4.6% | +2.5% | +1.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.3% | 9.1% | 8.7% | 8.9% | 9.1% | 9.6% | 9.7% | 13.9% | 10.8% | 10.5% |
| Return on invested capital (ROIC) | 5.9% | 6.0% | 5.3% | 5.1% | 5.5% | 6.2% | 6.5% | 9.1% | 6.6% | 6.6% |
| Return on assets (ROA) | 4.4% | 4.4% | 4.0% | 3.7% | 3.8% | 4.2% | 4.1% | 5.3% | 3.8% | 3.7% |
| Return on tangible assets | 4.3% | 4.3% | 4.1% | 3.6% | 3.5% | 4.1% | 4.0% | 5.8% | 4.3% | 4.1% |
| Free cash flow margin | −32.2% | −28.9% | 15.3% | −34.9% | −89.6% | −31.8% | −25.0% | −11.0% | −9.8% | −11.9% |
| Income quality (OCF / net income) | 1.71 | 1.66 | 3.91 | 1.26 | −1.63 | 1.73 | 1.89 | 1.86 | 2.19 | 2.27 |
| Financial health | ||||||||||
| Total debt | $9.30B | $8.13B | $7.12B | $8.37B | $7.56B | $4.77B | $3.99B | $3.64B | $3.51B | $3.27B |
| Cash & short-term investments | $203.8M | $307.3M | $15.4M | $51.6M | $116.7M | $20.8M | $24.6M | $13.8M | $26.4M | $47.5M |
| Net debt | $9.10B | $7.82B | $7.11B | $8.32B | $7.45B | $4.75B | $3.97B | $3.63B | $3.49B | $3.22B |
| Debt / equity | 0.69 | 0.67 | 0.66 | 0.89 | 0.96 | 0.70 | 0.69 | 0.76 | 0.90 | 0.94 |
| Debt / assets | 0.32 | 0.32 | 0.32 | 0.38 | 0.39 | 0.31 | 0.30 | 0.31 | 0.33 | 0.33 |
| Net debt / EBITDA | 3.82 | 3.73 | 4.08 | 5.58 | 5.39 | 3.76 | 3.47 | 3.37 | 3.34 | 3.39 |
| Current ratio | 0.67 | 0.94 | 0.65 | 0.85 | 0.81 | 0.60 | 0.38 | 0.25 | 0.53 | 0.38 |
| Quick ratio | 0.53 | 0.78 | 0.45 | 0.74 | 0.75 | 0.45 | 0.27 | 0.16 | 0.35 | 0.28 |
| Interest coverage | 9.1 | 7.1 | 7.8 | 9.0 | 10.8 | 9.8 | 7.2 | 6.8 | 6.1 | 5.7 |
| Working capital | −$450.5M | −$73.6M | −$466.8M | −$554.9M | −$671.6M | −$311.1M | −$751.4M | −$1.44B | −$473.8M | −$1.11B |
| Invested capital | $22.66B | $19.98B | $17.98B | $17.74B | $15.35B | $11.54B | $9.72B | $8.40B | $7.39B | $6.68B |
| Tangible asset value | $12.75B | $11.34B | $10.05B | $8.69B | $7.18B | $6.06B | $5.02B | $3.31B | $2.44B | $1.99B |
| Net current asset value | −$14.43B | −$11.90B | −$10.76B | −$9.73B | −$8.86B | −$8.10B | −$7.16B | −$6.63B | −$6.31B | −$5.87B |
| Graham number | $119.10 | $110.64 | $101.37 | $92.77 | $83.81 | $78.02 | $69.25 | $72.47 | $55.58 | $50.45 |
| Graham net-net per share | −$91.91 | −$80.90 | −$77.39 | −$88.70 | −$86.50 | −$67.67 | −$62.59 | −$61.38 | −$61.86 | −$60.29 |
| Capital allocation | ||||||||||
| Dividends paid | $553.8M | $492.9M | $430.3M | $375.9M | $323.9M | $282.4M | $245.7M | $214.9M | $191.9M | $175.1M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 46.2% | 47.3% | 48.6% | 48.5% | 48.7% | 47.0% | 48.0% | 35.6% | 48.4% | 50.0% |
| Dividends + buybacks / free cash flow | — | — | 65.8% | — | — | — | — | — | — | — |
| Capex / revenue | 75.7% | 70.5% | 65.6% | 58.2% | 57.8% | 68.6% | 58.4% | 47.1% | 41.2% | 44.3% |
| Capex / operating cash flow | 173.8% | 169.4% | 81.1% | 250.0% | — | 186.5% | 174.8% | 130.5% | 131.1% | 136.7% |
| Capex / depreciation | 4.85 | 4.38 | 4.64 | 4.56 | 4.12 | 4.50 | 4.33 | 4.06 | 3.56 | 3.71 |
| Stock-based compensation / revenue | 0.3% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.5% | 0.6% |
| SG&A / revenue | — | — | — | 25.3% | 29.1% | 32.2% | 21.7% | 27.7% | 28.5% | 31.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.7 | 31.7 | 30.7 | 31.2 | 30.7 | 29.8 | 30.4 | 27.9 | 29.3 | 38.7 |
| Days of inventory on hand | 30.8 | 48.6 | 54.7 | 44.0 | 33.3 | 36.1 | 38.0 | 37.6 | 46.6 | 61.7 |
| Days payables outstanding | 58.9 | 58.3 | 39.2 | 36.9 | 39.0 | 45.0 | 38.2 | 28.8 | 32.1 | 27.4 |
| Cash conversion cycle (days) | 1.6 | 21.9 | 46.1 | 38.4 | 25.0 | 20.9 | 30.2 | 36.6 | 43.8 | 73.0 |
| Receivables turnover | 12.30 | 11.53 | 11.91 | 11.69 | 11.88 | 12.23 | 11.99 | 13.10 | 12.44 | 9.42 |
| Payables turnover | 6.20 | 6.26 | 9.30 | 9.90 | 9.36 | 8.11 | 9.55 | 12.65 | 11.36 | 13.32 |
| Inventory turnover | 11.84 | 7.51 | 6.68 | 8.29 | 10.96 | 10.11 | 9.61 | 9.71 | 7.83 | 5.92 |
| Asset turnover | 0.17 | 0.17 | 0.19 | 0.20 | 0.19 | 0.20 | 0.23 | 0.28 | 0.27 | 0.26 |
| Average receivables | $382.3M | $361.4M | $359.1M | $359.3M | $286.8M | $230.6M | $241.9M | $237.8M | $221.8M | $260.5M |
| Average payables | $361.5M | $280.1M | $238.3M | $241.7M | $183.0M | $158.8M | $155.9M | $139.3M | $128.9M | $96.4M |
| Average inventory | $189.2M | $233.3M | $332.0M | $288.8M | $156.2M | $127.4M | $154.9M | $181.5M | $187.0M | $217.0M |
| Intangibles / total assets | 2.8% | 3.2% | 3.7% | 3.3% | 3.7% | 4.8% | 5.5% | 12.3% | 13.6% | 14.7% |
Computed from ATO's annual financial statements (latest annual report filed November 14, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ATO valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Atmos Energy traded at 22.9 times earnings, against a 10-year median of 19.9. Based on the latest twelve months, the trailing P/E is 19.9 and the forward P/E is 17.6. Atmos Energy earned a return on equity of 9.3% and a return on invested capital of 5.9% in fiscal 2025. It ended the year with $9.3 billion of debt and $203.8 million in cash and short-term investments, net debt of $9.1 billion. It returned $553.8 million to shareholders: $553.8 million in dividends and $0 in share buybacks. The share count rose 55.1% from 103.5M to 160.6M over 9 years.
See the ATO income statement, the ATO chart for price history, or the ATO stock overview for the latest quote and news.
ATO key metrics FAQ
What is Atmos Energy's P/E ratio?
Atmos Energy's trailing P/E ratio is 19.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.6. At the end of fiscal 2025 it was 22.9, compared with a 10-year median of 19.9.
What is Atmos Energy's EV/EBITDA?
Atmos Energy's enterprise value was 15.3 times EBITDA at the end of fiscal 2025 (enterprise value $36.5 billion, EBITDA $2.4 billion); the current EV/EBITDA is 13.6.
What is Atmos Energy's return on equity?
Atmos Energy's return on equity (ROE) was 9.3% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $12.9 billion.
What is Atmos Energy's ROIC?
Atmos Energy's return on invested capital was 5.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Atmos Energy have?
Atmos Energy had total debt of $9.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.69 and $9.1 billion of net debt (3.82 times EBITDA).
What is Atmos Energy's dividend yield?
Atmos Energy's forward dividend yield is 2.39%. Atmos Energy paid $553.8 million in dividends in fiscal 2025 ($3.45 per share), a payout ratio of 46.2%.
What is Atmos Energy's free cash flow yield?
Atmos Energy generated -$1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of −5.5% on its market value at year-end ($27.4 billion).
What is Atmos Energy's current ratio?
Atmos Energy's current ratio was 0.67 at the end of fiscal 2025: current assets were 0.67 times current liabilities.