At a glance
Atmos Energy Corporation is worth $29.51B, about 23 times its fiscal 2025 earnings. Revenue grew 12.9% to $4.70B in fiscal 2025, with 25.5% kept as profit; over 5 years it has grown 10.8% a year. It pays a 2.29% dividend yield, raised every year for at least 9 years, and returned $2.18B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.0% over the past year with dividends reinvested and +16.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.4% in the 2020 crash (S&P 500: 33.7%) and 18.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months and 9 months after the lows.
The business in plain English
Atmos Energy, based in Dallas, is a natural gas-only utility in the S&P 500. It delivers gas through regulated pipes to about 3.4 million homes, businesses, public authorities and industrial customers in eight states, mostly in the South: Texas, Louisiana, Mississippi, Kentucky, Tennessee, Virginia, Colorado and Kansas. Fiscal 2025 revenue, for the year ended September 30, 2025, was about $4.7 billion.
The company reports two segments. Distribution, the local gas utility, has six divisions. The largest, Mid-Tex, serves about 550 communities, including Dallas/Fort Worth, with roughly 1.8 million customer meters. The pipeline and storage segment is mainly Atmos Pipeline-Texas, one of the largest pipelines running entirely within Texas. It moves and stores gas for Atmos's Mid-Tex division, other utilities, power plants, industrial users, marketers and producers, and owns five underground storage sites.
State regulators set Atmos's rates to cover its costs plus a reasonable return on the money invested in its system. The gas itself is passed through to customers at cost, so gas price swings move revenue but generally not operating income. Weather adjustments, which soften the effect of mild or harsh winters, cover about 97% of residential and commercial distribution revenue. Annual infrastructure programs let Atmos start recovering about 95% of its capital spending within six months.
Price history
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ATO +4.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $879.1M, up 4.8% from a year earlier, and net income was $242.7M (+30.2%).
- For fiscal 2025, revenue was $4.70B (+12.9% year over year; +10.8% a year from FY2020 to FY2025) with a 25.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.8% good |
|---|---|
| Operating margin | 33.2% good |
| Free cash flow margin | -32.2% weak |
| Return on equity (FY2025) | 8.8% watch |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-9.81B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.82B | $601.4M | $-897.7M |
| FY2021 | $3.41B | $665.6M | $-3.05B |
| FY2022 | $4.20B | $774.4M | $-1.47B |
| FY2023 | $4.28B | $885.9M | $653.8M |
| FY2024 | $4.17B | $1.04B | $-1.20B |
| FY2025 | $4.70B | $1.20B | $-1.51B |
Valuation snapshot
| Market value | $29.51B |
|---|---|
| P/E ratio | 23.4 |
| Dividend yield | 2.29% |
Rank among 1514 US companies
Market value at each year end
Atmos Energy’s market value went from $7.71B at the end of 2016 to $29.51B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $29.51B | +8.9% |
| 2025 | $27.10B | +25.2% |
| 2024 | $21.64B | +25.8% |
| 2023 | $17.21B | +9.0% |
| 2022 | $15.79B | +13.8% |
| 2021 | $13.87B | +15.5% |
| 2020 | $12.01B | -10.0% |
| 2019 | $13.35B | +29.3% |
| 2018 | $10.32B | +13.3% |
| 2017 | $9.11B | +18.2% |
| 2016 | $7.71B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ATO price data to Nov 2, 2026 | +6.0% | +4.0% | +19.0% | +16.1% | +12.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.0% |
| 2025 | +23.1% |
| 2024 | +23.4% |
| 2023 | +6.2% |
| 2022 | +9.6% |
| 2021 | +12.8% |
| 2020 | -12.7% |
| 2019 | +23.2% |
| 2018 | +10.4% |
| 2017 | +18.4% |
| 2016 | +20.4% |
| 2015 | +16.3% |
| 2014 | +26.5% |
| 2013 | +33.8% |
| 2012 | +9.8% |
| 2011 | +11.4% |
| 2010 | +11.3% |
| 2009 | +30.6% |
| 2008 | -11.2% |
| 2007 | -8.2% |
| 2006 | +27.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 25.8% over that stretch · deepest drop along the way 26.5%, back to its old high 4.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.4% over that stretch · deepest drop along the way 32.4%, back to its old high 23.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.7% over that stretch · deepest drop along the way 18.1%, back to its old high 9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($50K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | William James Ware Director | buy | $50K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.7% | Jun 30, 2026 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.62% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.5% | Jun 30, 2026 |
| Aristotle Capital Management, LLC | 4.91% | Mar 31, 2025 |
| T. Rowe Price Associates, Inc. | 4.9% | Jun 30, 2025 |
| Capital International Investors | 4.7% | Mar 31, 2026 |
ETFs with the most weight in ATO
| UTES Virtus Reaves Utilities ETF | 5.57% |
| TPYP Tortoise North American Pipeline Fund | 4.29% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 4.18% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.35% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.53% |
| FXU First Trust Utilities AlphaDEX Fund | 2.51% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 2.37% |
| ACVU Hartford Alpha Capture Value ETF | 2.07% |
What could go wrong
- Heavy dependence on Texas. Its largest division, Mid-Tex, and its pipeline arm, Atmos Pipeline-Texas, both operate in Texas. A weaker Texas economy, severe Texas weather or unfavorable rulings by Texas regulators could weigh heavily on results.
- Regulators decide what it can earn. State regulators set its rates and can disallow costs. If they change or end the annual mechanisms that speed recovery, "regulatory lag" (the gap between spending money and charging customers for it) could grow.
- Pipeline accidents and tougher safety rules. Moving and storing gas through more than 81,000 miles of lines carries accident risk. Tougher federal and state safety rules and pipeline integrity programs add costs that may not be recovered right away.
- Constant need to borrow and raise capital. Growth requires heavy spending on pipes, funded partly by borrowing and issuing shares. Total debt was about $10.3 billion as of June 30, 2026, so tighter credit markets could raise costs.
- Policies aimed at reducing fossil fuel use. Laws to reduce greenhouse gas emissions or eliminate fossil fuels could raise costs and limit growth for a gas-only company. Climate change itself could also disrupt operations and hurt results.
- Gas price spikes strain customers and debt. Gas costs pass through to customers, but a price spike can make bills harder to pay, raise unpaid balances and force Atmos to borrow more while it waits to recover the costs.
Recent events
- Major agreement signed
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
For income and retirement investors
Atmos has raised its dividend at least nine straight years through fiscal 2025, and possibly longer. Dividends per share rose from $2.30 in fiscal 2020 to $3.48 in fiscal 2025, about 8.6% a year, using about 46% of earnings. The yield was 2.36% as of October 28, 2026. Free cash flow (operating cash minus capital spending) was a shortfall of about $1.5 billion in fiscal 2025, so spending and dividends rely partly on borrowing and new shares. There were no share repurchases in fiscal 2021–2025, and the share count rose about 28% from November 2021 to July 2026.
Its record in downturns is mixed. It fell about 32% in the 2020 COVID crash and took about 23 months to recover. It fell about 27% in the 2008 financial crisis but recovered in under five months, and dropped 18% in 2022 before recovering in nine months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Atmos Energy make money?
Atmos earns mostly regulated revenue from two businesses. Its distribution business delivers natural gas through pipes to about 3.4 million customers in eight states, mainly in the South. State regulators set rates to cover its costs plus a reasonable return on the money invested, and the gas itself is passed through to customers at cost. Its pipeline and storage business, mainly Atmos Pipeline-Texas, moves and stores gas for Atmos, other utilities, power plants, industrial users and producers.
Does Atmos Energy raise its dividend every year?
Yes, so far. Atmos has raised its dividend at least nine straight years through fiscal 2025, and the true streak may be longer. Dividends per share rose from $2.30 in fiscal 2020 to $3.48 in fiscal 2025, an average gain of about 8.6% a year, and fiscal 2025 dividends used about 46% of earnings. Past increases do not guarantee future ones, and free cash flow has usually been negative because of heavy capital spending.
What is Atmos Energy's dividend yield?
The dividend yield was 2.36% as of October 28, 2026. On that date the market value was about $28.6 billion, and the stock traded at about 22.7 times fiscal 2025 earnings of $7.46 per diluted share (its price-to-earnings ratio). From fiscal 2021 to 2025 it paid about $2.2 billion in dividends and made no share repurchases. Its share count rose about 28% between November 2021 and July 2026 as it issued new stock.
How much debt does Atmos Energy have?
Total debt was about $10.3 billion as of June 30, 2026, against about $521 million of cash and investments and shareholders' equity of about $15.3 billion. Heavy borrowing is common for utilities that keep replacing and expanding pipes, but it ties Atmos to the credit markets. Free cash flow (operating cash minus capital spending) was a shortfall of about $1.5 billion in fiscal 2025, so outside funding is part of how it pays for growth.
How did Atmos Energy stock hold up in past market crashes?
Its record is mixed. ATO fell about 32% in the 2020 COVID crash and took about 23 months to regain its peak. In the 2008 financial crisis it fell about 27% but recovered within about five months. In 2022 it dropped about 18% from April to October and recovered in nine months. Its one-year beta, a measure of how closely a stock follows the market, was -0.22 as of October 28, 2026, so its price had little link to the market over that year.