# Atmos Energy Corporation (ATO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ATO/thesis · /stocks/ATO/memo

## Financial Snapshot

---
ticker: ATO
step: 04
generated: 2026-05-13
source: quick-research
---

### Atmos Energy Corporation (ATO) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $4.20B | $4.28B | $4.17B | -2.6% |
| Operating Margin | ~25% | ~27% | ~30% | +3pp |
| Net Income | $774M | $886M | $1.04B | +17.7% |
| EPS (diluted) | $5.60 | $6.10 | $6.83 | +11.9% |

*All fiscal years end September 30. FY2025: EPS $7.46 (+9.2% vs FY2024) — strong beat; dividend raised nearly 15% to $1.00/quarter.*

*Note: Revenue declined modestly in FY2024 due to lower natural gas commodity pass-through prices; underlying utility earnings grew strongly.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.4B |
| Free Cash Flow | Negative (heavy capex cycle) |
| Capital Expenditures | $2.9B |
| Cash & Equivalents | ~$300M |
| Total Debt | ~$9B |

*FY2025 planned CapEx: ~$3.7B — accelerating capital deployment to capture Texas regulatory tailwind.*

#### Key Ratios (approximate)
- P/E: ~23x (FY2025 adj.) | EV/EBITDA: ~16x | Dividend Yield: ~2.3%
- EPS CAGR (FY2022–FY2025): ~10% | Rate Base CAGR target: 13–15% through FY2030

#### Growth Profile
Atmos has delivered 23 consecutive years of EPS growth — one of the longest streaks in the utility sector. Growth is driven entirely by rate base expansion funded by infrastructure investment, not volume growth. The company has grown EPS at ~10% annually in recent years, well above utility peers, supported by Texas HB 4384 (passed 2025) enabling 95%+ capital recovery within 6 months. Rate base is targeted to reach ~$42B by FY2030 from accelerating capital deployment.

#### Forward Estimates
- FY2025 EPS: $7.46 (actual, +9.2% vs FY2024)
- FY2026 guidance: EPS growth continuation on $24B capital plan through 2029
- Capital plan: $24B through FY2029; $3.7B in FY2025 alone
- Rate base CAGR: 13–15% annually → ~$42B by FY2030
- Dividend: 40+ consecutive years of increases; $4.00/share annualized (as of FY2025 raise)
- Analyst avg. price target: ~$165–170 (slight discount to current ~$170; Hold/Neutral consensus)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ATO/fundamental

## Navigation

- Overview: /stocks/ATO
- Financials (this page): /stocks/ATO/financials
- Thesis: /stocks/ATO/thesis
- Investment Memo: /stocks/ATO/memo
- Coverage universe: /stocks