Atmos Energy (ATO) Stock Analysis

November 11, 2026

This is a peer-relative look at Atmos Energy (ATO): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Utilities peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Atmos Energy (ATO)
Profile Item	ATO
Name	Atmos Energy Corporation
Country/Region	United States
GICS Sector	Utilities
GICS Industry Group	Utilities
GICS Industry	Gas Utilities
GICS Sub-Industry	Gas Utilities
Market Capitalization	29.27 billion USD
Currency	USD
Exchange	NYSE
Listing Date	December 28, 1983
Security Type	Common Stock

Price Performance

Cumulative Growth

ATO

GSPC

Atmos Energy (ATO) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Atmos Energy (ATO) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Atmos Energy (ATO) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Total Return (1Y)	0.43%	5.85%
Total Return (3Y, Annualized)	18.83%	15.48%
Total Return (5Y, Annualized)	16.10%	8.14%

Risk Profile

Drawdown History

ATO

GSPC

Atmos Energy (ATO) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Atmos Energy (ATO) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Volatility (1Y, Annualized)	16.06%	22.23%
Beta (5Y)	0.55	0.53
Max Drawdown (5Y)	-19.08%	-36.85%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ATO is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Sharpe Ratio (1Y)	-0.24	0.08
Sortino Ratio (1Y)	-0.34	0.12

Profitability

ROE (TTM)

Atmos Energy (ATO) posts ROE of 9.79%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

ATO

Utilities industry group

9.79%

Group distribution

Max: 17.99%
Q3: 12.01%
ATO: 9.79%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

Largest peers

CEG: 15.06%
NEE: 14.06%
SO: 11.90%
AEP: 10.60%
NGG: 10.31%
DUK: 10.10%
ATO: 9.79%

Where Atmos Energy (ATO) stands on ROE within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Atmos Energy (ATO) keeps 28.50% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

ATO

Utilities industry group

28.50%

Group distribution

Max: 28.78%
ATO: 28.50%
Q3: 17.30%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

Largest peers

NEE: 40.37%
ATO: 28.50%
NGG: 21.15%
DUK: 16.16%
SO: 16.00%
AEP: 14.21%
CEG: 11.08%

Where Atmos Energy (ATO) stands on net margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Atmos Energy (ATO) turns 37.22% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

ATO

Utilities industry group

37.22%

Group distribution

Max: 53.83%
ATO: 37.22%
Q3: 31.12%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

Largest peers

ATO: 37.22%
SO: 36.92%
NEE: 33.00%
DUK: 30.03%
NGG: 28.64%
AEP: 26.89%
CEG: 8.66%

Where Atmos Energy (ATO) stands on operating margin within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
ROE (TTM)	9.79%	9.44%
ROA (TTM)	3.89%	3.08%
Net Margin (TTM)	28.50%	12.73%
Operating Margin (TTM)	37.22%	23.62%
Gross Margin (TTM)	62.21%	44.03%

Growth

Revenue Growth

Atmos Energy (ATO) grew revenue 12.91%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Atmos Energy (ATO): Revenue Growth across different time periods, set against Utilities industry-group medians.

EPS Growth

Atmos Energy (ATO) grew earnings per share 9.22%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Atmos Energy (ATO): EPS Growth across different time periods, set against Utilities industry-group medians.

Growth Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Revenue Growth (YoY)	12.91%	8.45%
Revenue Growth (3Y CAGR)	3.83%	3.87%
EPS Growth (YoY)	9.22%	3.93%
EPS Growth (3Y CAGR)	10.03%	5.25%

Financial Strength

Current Ratio (MRQ)

Atmos Energy (ATO) has current ratio of 0.81, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ATO

Utilities industry group

0.81

Group distribution

Max: 1.90
Q3: 1.17
Median: 0.88
ATO: 0.81
Q1: 0.66
Min: 0.29

Largest peers

CEG: 1.46
SO: 0.84
ATO: 0.81
DUK: 0.68
NGG: 0.62
NEE: 0.53
AEP: 0.51

Where Atmos Energy (ATO) stands on current ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Atmos Energy (ATO) has debt-to-equity ratio of 0.68, in the lower-leverage quartile for its industry. Borrowing is modest relative to equity compared with most peers, which can leave more flexibility through a cycle.

ATO

Utilities industry group

0.68

Group distribution

Max: 2.63
Q3: 1.77
Median: 1.35
Q1: 0.84
ATO: 0.68
Min: 0.00

Largest peers

SO: 1.68
DUK: 1.63
AEP: 1.62
NEE: 1.53
NGG: 1.32
CEG: 0.76
ATO: 0.68

Where Atmos Energy (ATO) stands on debt-to-equity ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Current Ratio (MRQ)	0.81	0.88
Debt / Equity (MRQ)	0.68	1.35
Net Debt / EBITDA	3.74	5.31

Dividends

Dividend Yield (TTM)

Atmos Energy (ATO) has dividend yield of 2.21%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

ATO

Utilities industry group

2.21%

Group distribution

Max: 6.66%
Q3: 3.58%
Median: 2.85%
ATO: 2.21%
Q1: 0.66%
Min: 0.00%

Largest peers

DUK: 3.29%
SO: 3.21%
AEP: 3.00%
NEE: 2.76%
ATO: 2.21%
CEG: 0.68%
NGG: 0.57%

Where Atmos Energy (ATO) stands on dividend yield within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Atmos Energy (ATO) has payout ratio of 46.13%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

ATO

Utilities industry group

46.13%

Group distribution

Max: 113.04%
Q3: 68.72%
Median: 56.38%
ATO: 46.13%
Q1: 32.38%
Min: 0.00%

Largest peers

NGG: 71.97%
SO: 68.49%
DUK: 62.76%
AEP: 62.09%
ATO: 46.13%
NEE: 43.89%
CEG: 15.92%

Where Atmos Energy (ATO) stands on payout ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
Dividend Yield (TTM)	2.21%	2.85%
Dividend Payout Ratio (TTM)	46.13%	56.38%

Valuation

P/E Ratio (TTM)

Atmos Energy (ATO) trades at P/E ratio of 20.65, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

ATO

Utilities industry group

20.65

Group distribution

Max: 31.22
Q3: 23.30
ATO: 20.65
Median: 19.64
Q1: 15.17
Min: 3.34

Largest peers

CEG: 24.43
SO: 21.08
AEP: 20.67
ATO: 20.65
DUK: 18.74
NEE: 15.67
NGG: 15.54

Where Atmos Energy (ATO) stands on P/E ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Atmos Energy (ATO) trades at 5.95 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

ATO

Utilities industry group

5.95

Group distribution

Max: 6.35
ATO: 5.95
Q3: 3.63
Median: 2.63
Q1: 1.52
Min: 0.00

Largest peers

NEE: 6.33
ATO: 5.95
NGG: 4.46
SO: 3.45
DUK: 2.99
AEP: 2.92
CEG: 2.83

Where Atmos Energy (ATO) stands on P/S ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Atmos Energy (ATO) trades at 1.92 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

ATO

Utilities industry group

1.92

Group distribution

Max: 3.12
Q3: 2.21
ATO: 1.92
Median: 1.83
Q1: 1.46
Min: 0.34

Largest peers

NGG: 9.36
NEE: 2.97
CEG: 2.78
SO: 2.56
AEP: 2.10
ATO: 1.92
DUK: 1.83

Where Atmos Energy (ATO) stands on P/B ratio within its Utilities peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Atmos Energy (ATO) metric values compared with Utilities industry-group medians
Metric	Current stock: ATO	Industry group median
P/E Ratio (TTM)	20.65	19.64
P/S Ratio (TTM)	5.95	2.63
P/B Ratio (MRQ)	1.92	1.83
Free Cash Flow Yield (TTM)	-7.59%	-7.11%