ATO vs. CMS: Atmos Energy vs. CMS Energy Stock Comparison

November 11, 2026

How do Atmos Energy (ATO) and CMS Energy (CMS) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Atmos Energy (ATO) and CMS Energy (CMS) both fall under the Utilities industry group, but ATO is classified in Gas Utilities while CMS is classified in Multi-Utilities.

Company profile comparison for Atmos Energy (ATO) and CMS Energy (CMS)
Profile Item	ATO	CMS
Name	Atmos Energy Corporation	CMS Energy Corporation Common Stock
Country/Region	United States	United States
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Gas Utilities	Multi-Utilities
GICS Sub-Industry	Gas Utilities	Multi-Utilities
Market Capitalization	29.27 billion USD	21.70 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	December 28, 1983	February 21, 1973
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ATO

CMS

GSPC

Atmos Energy (ATO) vs. CMS Energy (CMS), with S&P 500 (GSPC) for reference: 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 CMS Energy (CMS). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Total Return (1Y)	0.43%	-1.93%
Total Return (3Y, Annualized)	18.83%	11.79%
Total Return (5Y, Annualized)	16.10%	6.25%

Risk Profile

Drawdown History

ATO

CMS

GSPC

Atmos Energy (ATO) vs. CMS Energy (CMS), with S&P 500 (GSPC) for reference: 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 CMS Energy (CMS). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Volatility (1Y, Annualized)	16.06%	17.58%
Beta (5Y)	0.55	0.31
Max Drawdown (5Y)	-19.08%	-28.04%
Avg. Volume (3M)	1.03M	3.84M

Risk-Adjusted Performance

Risk-Return Positioning

ATO and CMS are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Sharpe Ratio (1Y)	-0.24	-0.35
Sortino Ratio (1Y)	-0.34	-0.49

Profitability

ROE (TTM)

Atmos Energy (ATO) at 9.79% is around its peer norm for ROE, while CMS Energy (CMS) at 5.31% drops into the bottom quartile, signaling weaker returns on shareholders’ equity.

ATO

Utilities industry group

9.79%

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

CMS

Utilities industry group

5.31%

Max: 17.99%
Q3: 12.01%
Median: 9.44%
Q1: 7.56%
CMS: 5.31%
Min: 2.17%

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their ROE against the Utilities industry group benchmark.

Net Margin (TTM)

Atmos Energy (ATO) at 28.50% retains a top-quartile share of revenue as profit, ahead of CMS Energy (CMS) at 9.72%, which keeps about the industry-typical share.

ATO

Utilities industry group

28.50%

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

CMS

Utilities industry group

9.72%

Max: 28.78%
Q3: 17.30%
Median: 12.73%
CMS: 9.72%
Q1: 9.18%
Min: -0.20%

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

Atmos Energy (ATO) at 37.22% operates in the top operating margin quartile, ahead of CMS Energy (CMS) at 28.45%, which runs around its industry’s norm.

ATO

Utilities industry group

37.22%

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

CMS

Utilities industry group

28.45%

Max: 53.83%
Q3: 31.12%
CMS: 28.45%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
ROE (TTM)	9.79%	5.31%
ROA (TTM)	3.89%	3.07%
Net Margin (TTM)	28.50%	9.72%
Operating Margin (TTM)	37.22%	28.45%
Gross Margin (TTM)	62.21%	40.76%

Growth

Revenue Growth

CMS Energy (CMS) at 13.63% sits in the top revenue growth quartile, while Atmos Energy (ATO) at 12.91% is closer to the peer norm — faster top-line expansion for CMS.

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Atmos Energy (ATO) at 9.22% and CMS Energy (CMS) at 4.19% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Revenue Growth (YoY)	12.91%	13.63%
Revenue Growth (3Y CAGR)	3.83%	-0.22%
EPS Growth (YoY)	9.22%	4.19%
EPS Growth (3Y CAGR)	10.03%	6.84%

Financial Strength

Current Ratio (MRQ)

Both Atmos Energy (ATO) at 0.81 and CMS Energy (CMS) at 0.95 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

ATO

Utilities industry group

0.81

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

CMS

Utilities industry group

0.95

Max: 1.90
Q3: 1.17
CMS: 0.95
Median: 0.88
Q1: 0.66
Min: 0.29

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their current ratio against the Utilities industry group benchmark.

Debt / Equity (MRQ)

Atmos Energy (ATO) at 0.68 keeps leverage in the lower quartile, while CMS Energy (CMS) at 1.96 sits in the higher-leverage quartile.

ATO

Utilities industry group

0.68

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

CMS

Utilities industry group

1.96

Max: 2.63
CMS: 1.96
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Current Ratio (MRQ)	0.81	0.95
Debt / Equity (MRQ)	0.68	1.96
Net Debt / EBITDA	3.74	6.33

Dividends

Dividend Yield (TTM)

Both Atmos Energy (ATO) at 2.21% and CMS Energy (CMS) at 3.21% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

ATO

Utilities industry group

2.21%

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

CMS

Utilities industry group

3.21%

Max: 6.66%
Q3: 3.58%
CMS: 3.21%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

Atmos Energy (ATO) at 46.13% pays out a band-typical share of earnings, while CMS Energy (CMS) at 80.45% distributes more than its industry norm — less retained, thinner cover.

ATO

Utilities industry group

46.13%

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

CMS

Utilities industry group

80.45%

Max: 113.04%
CMS: 80.45%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
Dividend Yield (TTM)	2.21%	3.21%
Dividend Payout Ratio (TTM)	46.13%	80.45%

Valuation

P/E Ratio (TTM)

Atmos Energy (ATO) at 20.65 is near its industry’s usual P/E ratio, while CMS Energy (CMS) at 24.71 sits in the richer quartile — CMS needs stronger growth or earnings quality to justify the premium.

ATO

Utilities industry group

20.65

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

CMS

Utilities industry group

24.71

Max: 31.22
CMS: 24.71
Q3: 23.30
Median: 19.64
Q1: 15.17
Min: 3.34

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

CMS Energy (CMS) at 2.42 is priced about in line with its industry on P/S ratio, while Atmos Energy (ATO) at 5.95 sits in the pricier quartile — ATO costs more per dollar of sales.

ATO

Utilities industry group

5.95

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

CMS

Utilities industry group

2.42

Max: 6.35
Q3: 3.63
Median: 2.63
CMS: 2.42
Q1: 1.52
Min: 0.00

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

Atmos Energy (ATO) at 1.92 is valued about in line with its industry on P/B ratio, while CMS Energy (CMS) at 2.28 carries an above-peer premium to book — CMS is pricier on assets.

ATO

Utilities industry group

1.92

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

CMS

Utilities industry group

2.28

Max: 3.12
CMS: 2.28
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

Atmos Energy (ATO) vs. CMS Energy (CMS): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for Atmos Energy (ATO) and CMS Energy (CMS)
Metric	ATO	CMS
P/E Ratio (TTM)	20.65	24.71
P/S Ratio (TTM)	5.95	2.42
P/B Ratio (MRQ)	1.92	2.28
Free Cash Flow Yield (TTM)	-7.59%	-9.54%