Valuation dashboard for Atmos Energy Corporation (ATO) with P/E 20.79, P/B 1.93, EV/EBITDA 14.7 and dividend yield 2.29%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Utilities companies.
Atmos Energy Corporation, alongside its subsidiaries, is a U.S.-based enterprise primarily involved in the regulated distribution of natural gas, as well as operating pipeline and storage facilities. The company functions through two core divisions: Distribution, and Pipeline and Storage. The Distribution division manages the regulated delivery and associated sales of natural gas across eight states.
What would it be worth at its usual multiples?
Versus its usual multiples: fairly priced · Current P/E 20.8× · Multiples range: $178.67 · $179.93.
At the decade median (21.4×) $180 (+3 %); at its sector median (21.3×) $179 (+2 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
Analysis Summary
Atmos Energy Corporation reported revenue of $4.70B in the most recent fiscal year, growing at a 5-year CAGR of 10.8%. Net income reached $1.20B, with a 14.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 61.0%, operating margin 37.0%, net margin 28.5%.
At $174.65 (closing price, November 2, 2026), ATO trades at a P/E of 20.79 and an ROE of 9.67%. Market capitalisation stands at $29.5B, placing it among large-cap names.
Balance sheet quality for ATO: debt-to-equity ratio of 0.67, current ratio of 0.81 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 20.79 |
| Price / Book | 1.93 |
| EV / EBITDA | 14.7 |
| Dividend Yield | 2.29% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| ATO | Atmos Energy Corporation | $29.5B | 20.79 | 1.93 | 9.7% |
| NI | NiSource Inc | $21.5B | 23.01 | 2.25 | 9.8% |
| UGI | UGI Corporation | $8.3B | 12.95 | 1.60 | 13.2% |
| SWX | Southwest Gas Holdings, Inc. | $6.8B | 13.07 | 1.65 | 12.9% |
| NJR | New Jersey Resources Corporation | $5.5B | 14.99 | 2.07 | 14.4% |
| OGS | ONE Gas, Inc. | $5.0B | 17.03 | 1.41 | 8.4% |
| SR | Spire Inc. | $5.3B | 9.91 | 1.46 | 15.9% |
| CPK | Chesapeake Utilities Corporation | $3.4B | 22.22 | 2.00 | 9.3% |
Price
| Price | $174.65 (closing price, November 2, 2026) |
| Market Cap | $29.5B |
| Exchange | NYSE |
| Country | US |
Profitability
| Return on Equity | 9.67% |
| Return on Invested Capital | 4.81% |
| Return on Assets | 4.44% |
| Gross Margin | 61.04% |
| Operating Margin | 36.97% |
| Net Margin | 28.50% |
Related companies: NI · UGI · SWX · NJR · OGS · SR · CPK · NWN
Explore sector: Utilities · Regulated Gas
More sections of ATO: Overview · Financials · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks