| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 34 | 19.4x | 17.8x | Bottom tier | |
Growth | 60 | 6.5% | 7.1% | Around median | |
Quality | 45 | 6.1% | 4.5% | Around median | |
Safety | 40 | 3.9x | 2.6x | Around median | |
Capital Return | 51 | 2.32% | 2.12% | Around median | |
Momentum | 40 | 2.5% | 2.9% | Bottom tier | |
Sentiment | 92 | 9 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Atmos Energy operates in natural gas distribution, alongside APT operations related to gas transportation, storage, and service to local distribution companies. Income generation depends on regulated rates in the distribution and pipeline segments, growth in the customer base and loads, and gas transportation revenues through the APT system after accounting for the Rider REV mechanism. During the twelve months ended June 30, 2026, the company added approximately 51 thousand customers, including about 39 thousand in Texas, highlighting the importance of growth in regulated service areas to business expansion.
In Q3 fiscal 2026, revenue was $879.1 million, net income was $242.7 million, and earnings per share were $1.43; accordingly, the calculated net income margin was approximately 27.6%. During the first nine months of fiscal 2026, net income was $1.2 billion and diluted earnings per share were $7.33, up 14.5% from the comparable period, while the impact of Texas House Bill 4384 was approximately $132 million, split between $71 million in the distribution segment and $61 million in APT.
Revenue for the twelve months ended during fiscal 2026 was approximately $4.9 billion, compared with $4.7 billion in fiscal 2025, while net income increased from $1.2 billion in fiscal 2025 to $1.3 billion during the same period. Performance in the first nine months was supported by rate increases of $227 million, a $41 million increase in operating income from customer and load growth, and a $34 million increase in APT through-system revenues after Rider REV.
The analyst consensus on ATO is neutral, with an average price target of $187.83 and a target range of $179 to $200. The average is approximately 2.4% below the 52-week range high of $192.51, while the highest target exceeds that high by approximately 3.9%; the available data do not provide a valid price-to-earnings ratio for an additional comparison. This valuation reflects a balance between regulatory-supported earnings growth and strong liquidity on one hand, and narrowing APT spreads, higher operating and maintenance expenses, and moderating expected earnings per share growth on the other.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Atmos Energy recorded revenue of $879.1 million, net income of $242.7 million, and earnings per share of $1.43 in Q3 fiscal 2026. During the first nine months of fiscal 2026, diluted earnings per share were $7.33, up 14.5% from the comparable period. Drivers included $227 million in rate increases, a $132 million impact from Texas House Bill 4384, and a $41 million increase related to customer and load growth.
On August 6, 2026, management reaffirmed an earnings per share range of $8.40 to $8.50 for fiscal 2026. The company had earned $7.33 per share during the first nine months of the same fiscal year. Management explained that APT's performance in Q3 fiscal 2026 was in line with its expectations, but narrower spreads and slightly higher operating and maintenance expenses would affect Q4 fiscal 2026 results.
APT activity generated an increase of approximately $34 million, or $0.16 per share, in through-system revenues after Rider REV during the first nine months of fiscal 2026. Average realized spreads were $4.66, compared with $1.77 in the comparable period of fiscal 2025. However, additional transportation capacity entering service in late June and late July 2026 pressured spreads, so management favored the low end of the $0.08–$0.12 per share additional contribution range in the second half of fiscal 2026.
Automated analysis for informational purposes only — not investment advice.
Available liquidity was $4.6 billion as of June 30, 2026, and the company had no short-term debt at the end of Q3 fiscal 2026. Liquidity included approximately $937 million in net proceeds from outstanding forward sale agreements, which the company expects to cover the remainder of its fiscal 2026 equity needs and a significant portion of its fiscal 2027 needs. Equity capitalization was 60%, while the company targeted capital spending of approximately $4.2 billion in fiscal 2026.
Atmos Energy added approximately 51 thousand customers during the twelve months ended June 30, 2026, including about 39 thousand in Texas. In Q3 fiscal 2026, it added 600 commercial customers and five industrial customers, while the total since the beginning of the fiscal year reached more than 2,500 commercial customers and 12 industrial customers. The company expects the twelve industrial customers to consume approximately 950 thousand Mcf annually at full operation, equivalent to the consumption volume of 18 thousand residential customers.
Fiscal 2026 benefited from a transitional impact from the implementation of rule 7.7102, and management explained on August 6, 2026 that annual growth would become more moderate after the rule's full-year impact was reflected. The company projected earnings per share growth of 6% to 8% from the fiscal 2026 range of $8.40–$8.50. Additional pressures include narrowing APT spreads and expected operating and maintenance expenses of $875 to $885 million in fiscal 2026.
