ATO vs. NI: Atmos Energy vs. NiSource Stock Comparison

November 11, 2026

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

Company profile comparison for Atmos Energy (ATO) and NiSource (NI)
Profile Item	ATO	NI
Name	Atmos Energy Corporation	NiSource Inc.
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	21.18 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

GSPC

Atmos Energy (ATO) vs. NiSource (NI), 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

Loading price history…

Trailing total returns for Atmos Energy (ATO) and NiSource (NI). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

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

Performance Metrics

Price performance metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
Total Return (1Y)	0.43%	6.11%
Total Return (3Y, Annualized)	18.83%	25.66%
Total Return (5Y, Annualized)	16.10%	16.11%

Risk Profile

Drawdown History

ATO

GSPC

Atmos Energy (ATO) vs. NiSource (NI), 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

Loading price history…

Distribution of monthly total returns for Atmos Energy (ATO) and NiSource (NI). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
Volatility (1Y, Annualized)	16.06%	18.23%
Beta (5Y)	0.55	0.53
Max Drawdown (5Y)	-19.08%	-24.76%
Avg. Volume (3M)	1.03M	5.64M

Risk-Adjusted Performance

Risk-Return Positioning

ATO and NI 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 NiSource (NI)
Metric	ATO	NI
Sharpe Ratio (1Y)	-0.24	0.10
Sortino Ratio (1Y)	-0.34	0.14

Profitability

ROE (TTM)

Both Atmos Energy (ATO) at 9.79% and NiSource (NI) at 8.71% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

ATO

Utilities industry group

9.79%

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

NI

Utilities industry group

8.71%

Max: 17.99%
Q3: 12.01%
Median: 9.44%
NI: 8.71%
Q1: 7.56%
Min: 2.17%

Atmos Energy (ATO) vs. NiSource (NI): 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 NiSource (NI) at 13.51%, 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%

NI

Utilities industry group

13.51%

Max: 28.78%
Q3: 17.30%
NI: 13.51%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

Atmos Energy (ATO) vs. NiSource (NI): 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 NiSource (NI) at 25.20%, 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%

NI

Utilities industry group

25.20%

Max: 53.83%
Q3: 31.12%
NI: 25.20%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

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

Profitability Metrics

Profitability metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
ROE (TTM)	9.79%	8.71%
ROA (TTM)	3.89%	3.25%
Net Margin (TTM)	28.50%	13.51%
Operating Margin (TTM)	37.22%	25.20%
Gross Margin (TTM)	62.21%	50.92%

Growth

Revenue Growth

NiSource (NI) at 21.76% 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 NI.

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

EPS Growth

NiSource (NI) at 20.37% sits in the top EPS growth quartile, while Atmos Energy (ATO) at 9.22% is closer to the peer norm — faster per-share earnings growth for NI.

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

Growth Metrics

Growth metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
Revenue Growth (YoY)	12.91%	21.76%
Revenue Growth (3Y CAGR)	3.83%	4.32%
EPS Growth (YoY)	9.22%	20.37%
EPS Growth (3Y CAGR)	10.03%	4.68%

Financial Strength

Current Ratio (MRQ)

Atmos Energy (ATO) at 0.81 keeps current ratio within its industry’s typical mid-range, while NiSource (NI) at 0.50 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for NI.

ATO

Utilities industry group

0.81

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

NI

Utilities industry group

0.50

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
NI: 0.50
Min: 0.29

Atmos Energy (ATO) vs. NiSource (NI): 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 industry quartile, while NiSource (NI) at 1.53 runs a more typical debt-to-equity mix.

ATO

Utilities industry group

0.68

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

NI

Utilities industry group

1.53

Max: 2.63
Q3: 1.77
NI: 1.53
Median: 1.35
Q1: 0.84
Min: 0.00

Atmos Energy (ATO) vs. NiSource (NI): 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 NiSource (NI)
Metric	ATO	NI
Current Ratio (MRQ)	0.81	0.50
Debt / Equity (MRQ)	0.68	1.53
Net Debt / EBITDA	3.74	5.87

Dividends

Dividend Yield (TTM)

Both Atmos Energy (ATO) at 2.21% and NiSource (NI) at 0.68% 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%

NI

Utilities industry group

0.68%

Max: 6.66%
Q3: 3.58%
Median: 2.85%
NI: 0.68%
Q1: 0.66%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Atmos Energy (ATO) at 46.13% and NiSource (NI) at 60.51% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

ATO

Utilities industry group

46.13%

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

NI

Utilities industry group

60.51%

Max: 113.04%
Q3: 68.72%
NI: 60.51%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
Dividend Yield (TTM)	2.21%	0.68%
Dividend Payout Ratio (TTM)	46.13%	60.51%

Valuation

P/E Ratio (TTM)

Both Atmos Energy (ATO) at 20.65 and NiSource (NI) at 22.64 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

ATO

Utilities industry group

20.65

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

NI

Utilities industry group

22.64

Max: 31.22
Q3: 23.30
NI: 22.64
Median: 19.64
Q1: 15.17
Min: 3.34

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

P/S Ratio (TTM)

NiSource (NI) at 3.04 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

NI

Utilities industry group

3.04

Max: 6.35
Q3: 3.63
NI: 3.04
Median: 2.63
Q1: 1.52
Min: 0.00

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

P/B Ratio (MRQ)

On P/B ratio, both Atmos Energy (ATO) at 1.92 and NiSource (NI) at 2.21 are valued close to their industries’ norm against book — neither stands out from peers.

ATO

Utilities industry group

1.92

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

NI

Utilities industry group

2.21

Max: 3.12
Q3: 2.21
NI: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

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

Valuation Metrics

Valuation metrics for Atmos Energy (ATO) and NiSource (NI)
Metric	ATO	NI
P/E Ratio (TTM)	20.65	22.64
P/S Ratio (TTM)	5.95	3.04
P/B Ratio (MRQ)	1.92	2.21
Free Cash Flow Yield (TTM)	-7.59%	-10.51%