ATO · Energy(natural gas distribution) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-09-30
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
Atmos Energy Corp reported revenue of $4.7 billion in fiscal 2025, after growing 7.5% a year over the previous 9 years. Its operating margin widened from 26.8% in 2016 to 33.2%. Of the $11.9 billion its operations generated over 10 years, 176.4% went back into the business and 27.6% to dividends; the share count rose 55.1%. On the accounting screens, it passes 5 of 7 Piotroski tests and its Altman Z'' of 1.83 is in the grey zone; none of the six cross-checks between its statements fires.
Revenue, fiscal 20254.7B+7.5% a year over 9 years
Operating margin33.2%gross margin —
Return on invested capital—9.0% on average over 4 years
Free cash flow after stock pay-1.5B-32.4% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score5/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
02B4B6B
2016Revenue 2.5BOperating income 657.2M
2017Revenue 2.8BOperating income 735.6M
2018Revenue 3.1BOperating income 727.9M
2019Revenue 2.9BOperating income 746.1M
2020Revenue 2.8BOperating income 824.1M
2021Revenue 3.4BOperating income 905.0M
2022Revenue 4.2BOperating income 921.0M
2023Revenue 4.3BOperating income 1.1B
2024Revenue 4.2BOperating income 1.4B
2025Revenue 4.7BOperating income 1.6B
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+3.8%
+10.8%
+7.5%
Operating income
+19.2%
+13.6%
+10.1%
Net income
+15.7%
+14.8%
+14.7%
Earnings per share
+10.0%
+8.8%
+9.2%
Dividend per share
+8.2%
+8.5%
+8.2%
Shares
+5.2%
+5.5%
+5.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
8.8%
Return on assets
4.2%
Asset turnover
0.17×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-4B-2B02B
2016Net income 350.1MFree cash flow -292.0MAfter stock-based pay -306.7M
2017Net income 396.4MFree cash flow -270.0MAfter stock-based pay -284.1M
2018Net income 603.1MFree cash flow -342.9MAfter stock-based pay -355.8M
2019Net income 511.4MFree cash flow -724.7MAfter stock-based pay -735.8M
2020Net income 601.4MFree cash flow -897.7MAfter stock-based pay -907.3M
2021Net income 665.6MFree cash flow -3.1BAfter stock-based pay -3.1B
2022Net income 774.4MFree cash flow -1.5BAfter stock-based pay -1.5B
2023Net income 885.9MFree cash flow 653.8MAfter stock-based pay 643.6M
2024Net income 1.0BFree cash flow -1.2BAfter stock-based pay -1.2B
2025Net income 1.2BFree cash flow -1.5BAfter stock-based pay -1.5B
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
11.9B generated by the business. Each band is its share of that total.
Reinvested in the business 176%21.0B
Acquisitions 0%0
Dividends 28%3.3B
Share buybacks 0%0
More than it generated: funded with cash or new debt -104%-12.4B
Over the same years it paid 118.0M in stock. The share count rose 55.1%.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$30-$20-$10$0$10
2016Earnings per share $3.38Free cash flow per share $-2.82Dividend per share $1.69
2017Earnings per share $3.74Free cash flow per share $-2.54Dividend per share $1.81
2018Earnings per share $5.43Free cash flow per share $-3.09Dividend per share $1.94
2019Earnings per share $4.35Free cash flow per share $-6.17Dividend per share $2.09
2020Earnings per share $4.89Free cash flow per share $-7.31Dividend per share $2.30
2021Earnings per share $5.13Free cash flow per share $-23.52Dividend per share $2.49
2022Earnings per share $5.61Free cash flow per share $-10.62Dividend per share $2.72
2023Earnings per share $6.10Free cash flow per share $4.50Dividend per share $2.96
2024Earnings per share $6.83Free cash flow per share $-7.88Dividend per share $3.23
2025Earnings per share $7.47Free cash flow per share $-9.42Dividend per share $3.45
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
100M120M140M160M180M
2016Diluted shares 103.5M
2017Diluted shares 106.1M
2018Diluted shares 111.0M
2019Diluted shares 117.5M
2020Diluted shares 122.9M
2021Diluted shares 129.8M
2022Diluted shares 138.1M
2023Diluted shares 145.2M
2024Diluted shares 152.7M
2025Diluted shares 160.6M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1B01B2B3B4B
2016Net debt 2.4B
2017Net debt 3.0B
2018Net debt 3.1B
2019Net debt 3.5B
2020Net debt -20.8M
2021Net debt -116.7M
2022Net debt 133.4M
2023Net debt 226.5M
2024Net debt -307.3M
2025
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
9× operating income ÷ interest
Current ratio
0.77 current assets ÷ current liabilities
Cash conversion cycle
— collects in 29d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.83grey zone
1.12.6
Working capital ÷ assets -0.01 × 6.56-0.07
Retained earnings ÷ assets 0.17 × 3.26+0.56
Operating income ÷ assets 0.06 × 6.72+0.37
Equity ÷ liabilities 0.92 × 1.05+0.97
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$50,2781 purchase(s) by 1 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
