Atmos Energy (ATO) Financials

$168.03 +1.24 (+0.74%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$168.24 +0.21 (+0.12%)

As of 08/22/2025 07:44 PM Eastern

Annual Income Statements for Atmos Energy

This table shows Atmos Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	290	315	350	396	603	511	601	666	774	886	1,043
Consolidated Net Income / (Loss)	290	315	350	396	603	511	601	666	774	886	1,043
Net Income / (Loss) Continuing Operations	290	306	346	383	603	511	601	666	774	886	1,043
Total Pre-Tax Income	477	495	542	604	611	650	747	819	852	1,000	1,236
Total Operating Income	611	612	657	736	728	746	824	905	921	1,067	1,355
Total Gross Profit	1,582	1,631	1,708	1,834	1,948	2,043	2,162	2,375	2,519	2,823	3,231
Total Revenue	4,941	2,927	2,455	2,760	3,116	2,902	2,821	3,407	4,202	4,275	4,165
Operating Revenue	4,941	2,927	2,455	2,760	3,116	2,902	2,821	3,407	4,202	4,275	4,165
Total Cost of Revenue	3,358	1,296	746	926	1,168	859	659	1,033	1,683	1,452	934
Operating Cost of Revenue	3,358	1,296	746	926	1,168	859	659	1,033	1,683	1,452	934
Total Operating Expenses	971	1,019	1,051	1,099	1,220	1,297	1,338	1,470	1,598	1,756	1,876
Selling, General & Admin Expense	505	516	539	539	595	630	630	679	710	765	819
Depreciation Expense	254	272	291	319	361	391	430	478	536	604	670
Other Operating Expenses / (Income)	212	230	222	240	264	275	279	313	352	387	387
Total Other Income / (Expense), net	-135	-117	-115	-132	-117	-96	-77	-86	-69	-68	-120
Interest Expense	129	116	115	120	107	103	84	84	103	137	191
Other Income / (Expense), net	-5.24	-0.82	-0.23	-11	-10	7.40	7.17	-2.15	34	70	71
Income Tax Expense	187	190	197	221	8.08	139	145	154	78	114	193
Basic Earnings per Share	$2.96	$3.09	$3.38	$3.73	$5.43	$4.36	$4.89	$5.12	$5.61	$6.10	$6.83
Weighted Average Basic Shares Outstanding	97.61M	101.89M	103.52M	106.10M	111.01M	117.20M	122.79M	129.78M	137.83M	145.12M	152.51M
Diluted Earnings per Share	$2.96	$3.09	$3.38	$3.73	$5.43	$4.35	$4.89	$5.12	$5.60	$6.10	$6.83
Weighted Average Diluted Shares Outstanding	97.61M	101.89M	103.52M	106.10M	111.01M	117.46M	122.87M	129.83M	138.10M	145.17M	152.67M
Weighted Average Basic & Diluted Shares Outstanding	97.90M	101.89M	103.52M	106.10M	111.01M	119.34M	125.89M	132.43M	140.90M	148.50M	155.40M
Cash Dividends to Common per Share	$1.48	$1.56	$1.68	$1.80	$1.94	$2.10	$2.30	$2.50	$2.72	$2.96	$3.22

This table shows Atmos Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	272	358	138	119	311	432	166	134	352	486	186
Consolidated Net Income / (Loss)	272	358	138	119	311	432	166	134	352	486	186
Net Income / (Loss) Continuing Operations	272	358	138	119	311	432	166	134	352	486	186
Total Pre-Tax Income	306	403	154	137	365	512	199	159	431	603	231
Total Operating Income	321	423	169	154	399	551	220	185	459	629	252
Total Gross Profit	746	875	618	584	820	1,023	704	685	942	1,171	785
Total Revenue	1,484	1,541	663	588	1,158	1,647	702	658	1,176	1,951	839
Operating Revenue	1,484	1,541	663	588	1,158	1,647	702	658	1,176	1,951	839
Total Cost of Revenue	738	666	45	3.16	339	624	-2.59	-27	234	779	54
Operating Cost of Revenue	738	666	45	3.16	339	624	-2.59	-27	234	779	54
Total Operating Expenses	425	452	449	430	420	472	484	500	482	542	533
Selling, General & Admin Expense	185	195	195	190	166	200	211	242	207	233	222
Depreciation Expense	146	148	151	159	165	165	167	173	181	183	186
Other Operating Expenses / (Income)	94	109	103	81	90	107	106	85	95	126	125
Total Other Income / (Expense), net	-16	-20	-15	-17	-34	-39	-21	-26	-28	-26	-21
Interest Expense	37	37	31	32	52	55	41	42	53	50	42
Other Income / (Expense), net	21	17	16	15	18	17	20	17	25	24	20
Income Tax Expense	34	45	16	19	54	80	33	25	79	118	44
Basic Earnings per Share	$1.92	$2.48	$0.94	$0.76	$2.08	$2.85	$1.08	$0.82	$2.25	$3.05	$1.17
Weighted Average Basic Shares Outstanding	141.82M	143.94M	146.05M	145.12M	149.80M	151.27M	153.31M	152.51M	156.30M	159.18M	159.29M
Diluted Earnings per Share	$1.91	$2.48	$0.94	$0.77	$2.08	$2.85	$1.08	$0.82	$2.23	$3.03	$1.16
Weighted Average Diluted Shares Outstanding	141.94M	143.99M	146.07M	145.17M	149.80M	151.30M	153.40M	152.67M	157.82M	160.43M	161.17M
Weighted Average Basic & Diluted Shares Outstanding	143.16M	144.49M	148.46M	148.50M	150.84M	150.88M	155.23M	155.40M	158.73M	158.84M	160.52M
Cash Dividends to Common per Share	$0.74	$0.74	$0.74	-	$0.81	$0.81	$0.81	-	$0.87	$0.87	$0.87

This table details how cash moves in and out of Atmos Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	-24	-14	19	-21	-13	11	-3.74	96	-65	-32	290
Net Cash From Operating Activities	733	812	795	867	1,125	969	1,038	-1,084	978	3,460	1,734
Net Cash From Continuing Operating Activities	733	812	795	867	1,125	969	1,038	-1,084	978	3,460	1,734
Net Income / (Loss) Continuing Operations	290	315	350	396	603	511	601	666	774	886	1,043
Consolidated Net Income / (Loss)	290	315	350	396	603	511	601	666	774	886	1,043
Depreciation Expense	254	275	293	320	361	391	430	478	536	604	670
Amortization Expense	9.41	5.92	5.67	6.47	7.87	9.46	12	14	9.14	3.64	-6.88
Non-Cash Adjustments To Reconcile Net Income	15	16	16	-9.35	-140	1.13	-26	-18	-31	-54	-46
Changes in Operating Assets and Liabilities, net	164	200	130	154	293	55	22	-2,224	-310	2,020	74
Net Cash From Investing Activities	-825	-957	-1,080	-1,056	-1,464	-1,684	-1,926	-1,964	-2,430	-2,795	-2,923
Net Cash From Continuing Investing Activities	-825	-957	-1,080	-1,197	-1,467	-1,688	-1,926	-1,964	-2,430	-2,795	-2,923
Purchase of Property, Plant & Equipment	-824	-964	-1,087	-1,223	-1,468	-1,693	-1,936	-1,970	-2,444	-2,806	-2,937
Purchase of Investments	-33	-30	-33	-54	-46	-29	-51	-50	-28	-47	-20
Sale and/or Maturity of Investments	30	31	33	41	38	26	51	44	32	38	18
Other Investing Activities, net	2.11	5.42	6.46	39	9.35	8.60	9.67	12	10	19	16
Net Cash From Financing Activities	68	131	304	168	326	726	884	3,144	1,387	-697	1,479
Net Cash From Continuing Financing Activities	68	131	304	168	326	726	884	3,144	1,387	-697	1,479
Repayment of Debt	-171	-244	372	-639	-1.52	-697	-473	-14	-210	-4,172	-265
Payment of Dividends	-146	-160	-175	-192	-215	-246	-282	-324	-376	-430	-493
Issuance of Debt	0.00	499	0.00	885	128	1,045	999	2,797	984	2,912	1,240
Issuance of Common Equity	394	0.00	99	125	415	713	644	623	792	822	765
Other Financing Activities, net	0.00	13	-26	-11	0.00	-90	-4.43	62	197	171	231

This table details how cash moves in and out of Atmos Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	120	-76	-37	-39	266	-22	415	-370	281	-44	168
Net Cash From Operating Activities	189	2,704	329	238	245	747	411	331	282	923	496
Net Cash From Continuing Operating Activities	189	2,704	329	238	245	747	411	331	282	923	496
Net Income / (Loss) Continuing Operations	272	358	138	119	311	432	166	134	352	486	186
Consolidated Net Income / (Loss)	272	358	138	119	311	432	166	134	352	486	186
Depreciation Expense	146	148	151	159	165	165	167	173	181	183	186
Non-Cash Adjustments To Reconcile Net Income	-18	2,012	-11	-2,038	-17	-11	-11	-6.56	-19	-13	-17
Changes in Operating Assets and Liabilities, net	-211	186	51	1,995	-214	161	90	37	-231	268	141
Net Cash From Investing Activities	-793	-618	-667	-718	-764	-645	-710	-804	-889	-829	-876
Net Cash From Continuing Investing Activities	-793	-618	-667	-718	-764	-645	-710	-804	-889	-829	-876
Purchase of Property, Plant & Equipment	-796	-620	-668	-722	-770	-646	-714	-808	-891	-840	-867
Purchase of Investments	-2.47	-2.09	-2.74	-39	-0.08	-0.93	-0.69	-18	-0.49	1.20	-3.06
Other Investing Activities, net	5.62	3.90	3.95	5.54	5.35	1.92	4.47	4.32	2.74	9.87	-6.14
Net Cash From Financing Activities	724	-2,162	301	441	785	-123	714	103	887	-139	548
Net Cash From Continuing Financing Activities	724	-2,162	301	441	785	-123	714	103	887	-139	548
Repayment of Debt	-193	-4,220	-1.27	242	-251	-5.74	-2.23	-6.01	-5.99	-4.05	-4.15
Payment of Dividends	-105	-106	-108	-111	-120	-122	-125	-126	-135	-138	-138
Issuance of Debt	797	2,020	95	-	898	-	342	-	645	-	498
Issuance of Common Equity	224	144	316	139	258	4.03	500	3.69	384	3.84	193

This table presents Atmos Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	8,595	9,075	10,011	10,750	11,874	13,368	15,359	19,609	22,193	22,517	25,194
Total Current Assets	776	626	682	540	479	458	471	2,839	3,048	886	1,132
Cash & Equivalents	42	29	48	26	14	25	21	117	52	15	307
Restricted Cash	-	-	-	-	-	-	-	-	0.00	3.84	1.52
Accounts Receivable	343	295	216	222	253	231	231	343	364	329	366
Inventories, net	279	237	179	185	166	130	112	178	358	246	170
Other Current Assets	111	66	88	106	46	73	108	2,201	2,274	292	288
Plant, Property, & Equipment, net	6,726	7,431	8,269	9,259	10,371	11,788	13,355	15,064	17,240	19,607	22,204
Plant, Property & Equipment, gross	8,448	9,240	10,143	11,301	12,567	14,181	15,957	17,885	20,238	22,898	25,848
Accumulated Depreciation	1,722	1,810	1,874	2,042	2,196	2,393	2,602	2,821	2,998	3,292	3,644
Total Noncurrent Assets	1,093	1,018	1,061	951	1,024	1,122	1,532	1,706	1,905	2,025	1,858
Goodwill	742	743	727	730	730	731	731	731	731	731	731
Intangible Assets	-	-	-	-	-	-	-	-	0.00	92	83
Other Noncurrent Operating Assets	351	275	305	221	294	391	801	975	1,174	1,201	1,044
Total Liabilities & Shareholders' Equity	8,595	9,075	10,011	10,750	11,874	13,368	15,359	19,609	22,193	22,517	25,194
Total Liabilities	5,508	5,880	6,548	6,851	7,104	7,617	8,568	11,702	12,774	11,647	13,037
Total Current Liabilities	911	1,155	1,788	1,013	1,915	1,209	782	3,510	3,603	1,353	1,206
Short-Term Debt	197	458	1,080	448	1,151	465	0.17	2,400	2,386	253	9.86
Accounts Payable	308	239	196	233	217	265	236	423	496	336	445
Other Current Liabilities	406	458	439	333	547	480	546	687	720	763	751
Total Noncurrent Liabilities	4,598	4,725	4,760	5,837	5,189	6,408	7,785	8,191	9,171	10,294	11,831
Long-Term Debt	2,456	2,438	2,189	3,067	2,494	3,529	4,532	4,930	5,761	6,639	7,861
Asset Retirement Reserve & Litigation Obligation	445	428	424	485	466	473	457	469	488	497	508
Noncurrent Deferred & Payable Income Tax Liabilities	1,287	1,411	1,603	1,879	1,894	2,005	2,154	2,255	2,385	2,558	2,593
Other Noncurrent Operating Liabilities	69	162	245	176	158	400	642	537	538	600	869
Total Equity & Noncontrolling Interests	3,086	3,195	3,463	3,899	4,770	5,750	6,791	7,907	9,419	10,870	12,158
Total Preferred & Common Equity	3,086	3,195	3,463	3,899	4,770	5,750	6,791	7,907	9,419	10,870	12,158
Total Common Equity	3,086	3,195	3,463	3,899	4,770	5,750	6,791	7,907	9,419	10,870	12,158
Common Stock	2,181	2,231	2,389	2,537	2,975	3,713	4,378	5,024	5,839	6,685	7,475
Retained Earnings	918	1,073	1,263	1,467	1,878	2,152	2,471	2,813	3,211	3,667	4,217
Accumulated Other Comprehensive Income / (Loss)	-12	-109	-188	-105	-84	-115	-58	70	369	519	466

This table presents Atmos Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	23,366	21,312	21,772	22,517	23,684	24,005	24,891	25,194	26,497	26,980	27,713
Total Current Assets	3,628	1,073	889	886	1,680	1,432	1,709	1,132	1,828	1,591	1,552
Cash & Equivalents	172	95	56	15	278	262	675	307	585	544	709
Restricted Cash	-	-	1.88	3.84	7.13	1.27	4.64	1.52	4.87	1.62	4.22
Accounts Receivable	826	524	331	329	646	596	392	366	629	661	400
Inventories, net	324	183	211	246	221	144	158	170	153	97	139
Other Current Assets	2,306	271	289	292	527	428	480	288	457	288	300
Plant, Property, & Equipment, net	17,972	18,446	19,018	19,607	20,319	20,815	21,422	22,204	22,962	23,632	24,378
Plant, Property & Equipment, gross	20,987	21,582	22,224	22,898	23,684	24,284	24,980	25,848	26,676	27,451	28,288
Accumulated Depreciation	3,016	3,136	3,206	3,292	3,364	3,469	3,558	3,644	3,714	3,819	3,910
Total Noncurrent Assets	1,767	1,793	1,864	2,025	1,685	1,758	1,761	1,858	1,707	1,757	1,782
Goodwill	731	731	731	731	731	731	731	731	731	731	731
Intangible Assets	-	-	94	92	90	87	85	83	81	79	77
Other Noncurrent Operating Assets	1,035	1,062	1,039	1,201	864	939	944	1,044	895	947	974
Total Liabilities & Shareholders' Equity	23,366	21,312	21,772	22,517	23,684	24,005	24,891	25,194	26,497	26,980	27,713
Total Liabilities	13,530	11,107	11,169	11,647	12,411	12,386	12,708	13,037	13,717	13,842	14,327
Total Current Liabilities	3,532	1,113	1,034	1,353	1,170	1,055	985	1,206	1,175	1,199	1,130
Short-Term Debt	2,201	1.51	7.51	253	11	9.59	9.62	9.86	20	20	20
Accounts Payable	575	365	328	336	417	368	319	445	453	445	398
Other Current Liabilities	756	747	699	763	742	678	656	751	702	733	713
Total Noncurrent Liabilities	9,998	9,994	10,135	10,294	11,241	11,331	11,723	11,831	12,542	12,644	13,196
Long-Term Debt	6,552	6,553	6,643	6,639	7,529	7,526	7,866	7,861	8,490	8,486	8,981
Asset Retirement Reserve & Litigation Obligation	495	482	488	497	498	507	516	508	520	527	530
Noncurrent Deferred & Payable Income Tax Liabilities	2,421	2,451	2,205	2,558	2,611	2,702	2,550	2,771	2,848	2,948	2,857
Other Noncurrent Operating Liabilities	530	508	799	600	602	596	791	692	684	682	829
Total Equity & Noncontrolling Interests	9,836	10,205	10,602	10,870	11,273	11,619	12,183	12,158	12,780	13,138	13,386
Total Preferred & Common Equity	9,836	10,205	10,602	10,870	11,273	11,619	12,183	12,158	12,780	13,138	13,386
Total Common Equity	9,836	10,205	10,602	10,870	11,273	11,619	12,183	12,158	12,780	13,138	13,386
Common Stock	6,066	6,214	6,539	6,685	6,947	6,955	7,464	7,475	7,865	7,881	8,080
Retained Earnings	3,378	3,630	3,659	3,667	3,858	4,168	4,209	4,217	4,433	4,780	4,828
Accumulated Other Comprehensive Income / (Loss)	391	361	404	519	469	496	510	466	482	477	478

This table displays calculated financial ratios and metrics derived from Atmos Energy's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.49%	-40.76%	-16.14%	12.43%	12.89%	-6.86%	-2.78%	20.78%	23.31%	1.75%	-2.58%
EBITDA Growth	16.28%	2.60%	7.13%	9.90%	3.46%	6.22%	10.24%	9.60%	7.50%	16.36%	19.75%
EBIT Growth	20.82%	0.87%	7.46%	10.24%	-0.90%	4.97%	10.33%	8.61%	5.74%	19.08%	25.46%
NOPAT Growth	19.80%	1.69%	10.85%	11.26%	54.13%	-18.32%	13.12%	10.77%	13.88%	12.96%	20.95%
Net Income Growth	19.17%	8.72%	11.12%	13.23%	52.13%	-15.20%	17.61%	10.66%	16.35%	14.39%	17.73%
EPS Growth	12.12%	4.39%	9.39%	10.36%	45.58%	-19.89%	12.41%	4.70%	9.38%	8.93%	11.97%
Operating Cash Flow Growth	19.52%	10.79%	-2.08%	9.07%	29.71%	-13.86%	7.15%	-204.46%	190.16%	253.91%	-49.89%
Free Cash Flow Firm Growth	106.23%	1.14%	-850.65%	-253.48%	14.02%	-148.15%	-25.37%	-235.65%	49.52%	146.05%	-216.05%
Invested Capital Growth	6.72%	6.41%	8.51%	12.31%	13.72%	15.71%	16.28%	33.78%	15.83%	1.31%	11.14%
Revenue Q/Q Growth	2.38%	-31.52%	67.81%	1.14%	-0.64%	-0.04%	1.12%	2.82%	3.81%	-3.06%	1.72%
EBITDA Q/Q Growth	6.24%	-1.76%	4.14%	1.89%	1.43%	2.50%	1.78%	0.15%	4.35%	4.79%	1.94%
EBIT Q/Q Growth	6.03%	-3.81%	4.09%	0.65%	-0.06%	1.40%	-0.01%	-2.68%	4.14%	5.29%	2.33%
NOPAT Q/Q Growth	4.42%	-3.15%	5.59%	2.24%	-2.21%	2.89%	0.74%	-0.68%	1.67%	4.75%	2.02%
Net Income Q/Q Growth	5.91%	-0.06%	3.16%	0.41%	0.48%	4.00%	1.17%	-2.44%	3.05%	5.59%	1.51%
EPS Q/Q Growth	3.86%	1.64%	2.42%	0.27%	-0.37%	4.07%	0.82%	-3.40%	2.19%	5.54%	0.74%
Operating Cash Flow Q/Q Growth	-0.13%	-1.01%	9.76%	-4.78%	-2.78%	7.85%	-1.64%	-6.72%	-2.59%	5.81%	5.63%
Free Cash Flow Firm Q/Q Growth	170.14%	44.50%	57.31%	-96.47%	-84.58%	-4.23%	-14.66%	-0.99%	-3.83%	17.70%	21.83%
Invested Capital Q/Q Growth	3.18%	2.70%	0.78%	3.21%	4.33%	4.24%	4.80%	3.72%	3.63%	3.19%	1.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.03%	55.73%	69.60%	66.46%	62.52%	70.40%	76.65%	69.69%	59.95%	66.03%	77.58%
EBITDA Margin	17.60%	30.48%	38.94%	38.06%	34.88%	39.78%	45.11%	40.94%	35.69%	40.81%	50.17%
Operating Margin	12.37%	20.92%	26.77%	26.66%	23.36%	25.71%	29.21%	26.56%	21.92%	24.96%	32.54%
EBIT Margin	12.27%	20.89%	26.77%	26.24%	23.04%	25.96%	29.47%	26.50%	22.72%	26.59%	34.25%
Profit (Net Income) Margin	5.87%	10.76%	14.26%	14.36%	19.36%	17.62%	21.32%	19.53%	18.43%	20.72%	25.04%
Tax Burden Percent	60.78%	63.63%	64.57%	65.62%	98.68%	78.64%	80.54%	81.24%	90.90%	88.62%	84.39%
Interest Burden Percent	78.67%	80.99%	82.52%	83.41%	85.14%	86.31%	89.84%	90.75%	89.23%	87.93%	86.64%
Effective Tax Rate	39.22%	38.28%	36.27%	36.65%	1.32%	21.36%	19.46%	18.76%	9.10%	11.38%	15.61%
Return on Invested Capital (ROIC)	6.74%	6.43%	6.63%	6.67%	9.10%	6.48%	6.31%	5.56%	5.13%	5.36%	6.11%
ROIC Less NNEP Spread (ROIC-NNEP)	3.69%	4.13%	4.33%	4.57%	5.86%	4.49%	4.85%	4.38%	4.31%	4.57%	4.71%
Return on Net Nonoperating Assets (RNNOA)	3.49%	3.61%	3.89%	4.10%	4.81%	3.25%	3.28%	3.49%	3.81%	3.37%	2.95%
Return on Equity (ROE)	10.23%	10.03%	10.52%	10.77%	13.91%	9.72%	9.59%	9.06%	8.94%	8.73%	9.06%
Cash Return on Invested Capital (CROIC)	0.23%	0.22%	-1.54%	-4.92%	-3.74%	-8.09%	-8.74%	-23.34%	-9.54%	4.07%	-4.44%
Operating Return on Assets (OROA)	7.33%	6.92%	6.88%	6.98%	6.35%	5.97%	5.79%	5.16%	4.57%	5.09%	5.98%
Return on Assets (ROA)	3.51%	3.57%	3.67%	3.82%	5.33%	4.05%	4.19%	3.81%	3.71%	3.96%	4.37%
Return on Common Equity (ROCE)	10.23%	10.03%	10.52%	10.77%	13.91%	9.72%	9.59%	9.06%	8.94%	8.73%	9.06%
Return on Equity Simple (ROE_SIMPLE)	9.39%	9.86%	10.11%	10.17%	12.64%	8.89%	8.86%	8.42%	8.22%	8.15%	8.58%
Net Operating Profit after Tax (NOPAT)	372	378	419	466	718	587	664	735	837	946	1,144
NOPAT Margin	7.52%	12.91%	17.06%	16.89%	23.06%	20.22%	23.53%	21.58%	19.93%	22.12%	27.46%
Net Nonoperating Expense Percent (NNEP)	3.05%	2.29%	2.30%	2.11%	3.24%	1.98%	1.47%	1.19%	0.82%	0.80%	1.40%
Cost of Revenue to Revenue	67.97%	44.27%	30.40%	33.54%	37.48%	29.60%	23.35%	30.31%	40.05%	33.97%	22.42%
SG&A Expenses to Revenue	10.22%	17.64%	21.94%	19.52%	19.09%	21.72%	22.32%	19.93%	16.90%	17.89%	19.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.65%	34.82%	42.83%	39.81%	39.15%	44.69%	47.43%	43.13%	38.03%	41.07%	45.04%
Earnings before Interest and Taxes (EBIT)	606	611	657	724	718	753	831	903	955	1,137	1,426
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	870	892	956	1,050	1,087	1,154	1,273	1,395	1,500	1,745	2,089
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.22	1.50	1.86	1.94	1.90	2.08	1.57	1.36	1.43	1.41	1.77
Price to Tangible Book Value (P/TBV)	1.61	1.95	2.35	2.39	2.25	2.38	1.76	1.50	1.56	1.52	1.90
Price to Revenue (P/Rev)	0.76	1.63	2.62	2.74	2.91	4.12	3.79	3.15	3.22	3.58	5.17
Price to Earnings (P/E)	13.01	15.18	18.35	19.07	15.05	23.35	17.78	16.13	17.45	17.27	20.65
Dividend Yield	3.94%	3.31%	2.72%	2.53%	2.38%	2.08%	2.65%	3.05%	2.82%	2.87%	2.32%
Earnings Yield	7.68%	6.59%	5.45%	5.25%	6.64%	4.28%	5.63%	6.20%	5.73%	5.79%	4.84%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.26	1.47	1.50	1.51	1.64	1.35	1.19	1.23	1.25	1.48
Enterprise Value to Revenue (EV/Rev)	1.29	2.61	3.93	4.00	4.08	5.48	5.39	5.27	5.14	5.19	6.99
Enterprise Value to EBITDA (EV/EBITDA)	7.34	8.57	10.09	10.52	11.69	13.79	11.95	12.87	14.41	12.71	13.92
Enterprise Value to EBIT (EV/EBIT)	10.53	12.51	14.68	15.25	17.70	21.12	18.29	19.88	22.63	19.50	20.40
Enterprise Value to NOPAT (EV/NOPAT)	17.17	20.24	23.03	23.70	17.69	27.12	22.91	24.41	25.81	23.45	25.44
Enterprise Value to Operating Cash Flow (EV/OCF)	8.71	9.42	12.13	12.74	11.30	16.43	14.65	0.00	22.11	6.41	16.78
Enterprise Value to Free Cash Flow (EV/FCFF)	498.72	590.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.93	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.86	0.91	0.94	0.90	0.76	0.69	0.67	0.93	0.87	0.63	0.65
Long-Term Debt to Equity	0.80	0.76	0.63	0.79	0.52	0.61	0.67	0.62	0.61	0.61	0.65
Financial Leverage	0.95	0.87	0.90	0.90	0.82	0.72	0.68	0.80	0.88	0.74	0.63
Leverage Ratio	2.92	2.81	2.87	2.82	2.61	2.40	2.29	2.38	2.41	2.20	2.07
Compound Leverage Factor	2.29	2.28	2.37	2.35	2.22	2.07	2.06	2.16	2.15	1.94	1.80
Debt to Total Capital	46.22%	47.54%	48.56%	47.41%	43.31%	40.99%	40.02%	48.11%	46.38%	38.80%	39.30%
Short-Term Debt to Total Capital	3.43%	7.52%	16.04%	6.04%	13.68%	4.77%	0.00%	15.75%	13.59%	1.43%	0.05%
Long-Term Debt to Total Capital	42.80%	40.02%	32.51%	41.37%	29.64%	36.22%	40.02%	32.36%	32.79%	37.38%	39.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.78%	52.46%	51.44%	52.59%	56.69%	59.01%	59.98%	51.89%	53.62%	61.20%	60.70%
Debt to EBITDA	3.05	3.25	3.42	3.35	3.35	3.46	3.56	5.26	5.43	3.95	3.77
Net Debt to EBITDA	3.00	3.21	3.37	3.32	3.34	3.44	3.54	5.17	5.40	3.94	3.62
Long-Term Debt to EBITDA	2.82	2.73	2.29	2.92	2.29	3.06	3.56	3.53	3.84	3.80	3.76
Debt to NOPAT	7.14	7.66	7.80	7.54	5.07	6.81	6.83	9.97	9.73	7.29	6.88
Net Debt to NOPAT	7.03	7.59	7.69	7.49	5.05	6.77	6.80	9.81	9.67	7.27	6.61
Long-Term Debt to NOPAT	6.61	6.45	5.23	6.58	3.47	6.02	6.83	6.71	6.88	7.02	6.87
Altman Z-Score	1.35	1.13	1.09	1.28	1.30	1.50	1.31	1.04	1.14	1.35	1.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	0.54	0.38	0.53	0.25	0.38	0.60	0.81	0.85	0.65	0.94
Quick Ratio	0.42	0.28	0.15	0.25	0.14	0.21	0.32	0.13	0.12	0.25	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	13	-97	-343	-295	-733	-919	-3,083	-1,557	717	-832
Operating Cash Flow to CapEx	88.89%	84.26%	73.14%	70.89%	76.63%	57.21%	53.62%	-55.05%	39.99%	123.30%	59.03%
Free Cash Flow to Firm to Interest Expense	0.10	0.11	-0.85	-2.86	-2.77	-7.10	-10.87	-36.90	-15.14	5.22	-4.36
Operating Cash Flow to Interest Expense	5.67	6.98	6.92	7.21	10.55	9.39	12.29	-12.98	9.51	25.20	9.09
Operating Cash Flow Less CapEx to Interest Expense	-0.71	-1.31	-2.54	-2.96	-3.22	-7.03	-10.63	-36.55	-14.27	4.76	-6.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.33	0.26	0.27	0.28	0.23	0.20	0.19	0.20	0.19	0.17
Accounts Receivable Turnover	15.31	9.17	9.61	12.60	13.10	11.99	12.23	11.88	11.89	12.35	11.99
Inventory Turnover	12.83	5.03	3.59	5.09	6.67	5.81	5.44	7.12	6.28	4.81	4.50
Fixed Asset Turnover	0.77	0.41	0.31	0.31	0.32	0.26	0.22	0.24	0.26	0.23	0.20
Accounts Payable Turnover	12.22	4.74	3.43	4.31	5.19	3.56	2.63	3.13	3.66	3.49	2.39
Days Sales Outstanding (DSO)	23.84	39.81	38.00	28.97	27.86	30.43	29.83	30.72	30.69	29.55	30.43
Days Inventory Outstanding (DIO)	28.46	72.61	101.66	71.72	54.75	62.87	67.06	51.26	58.14	75.88	81.18
Days Payable Outstanding (DPO)	29.87	77.05	106.49	84.70	70.37	102.49	138.72	116.46	99.70	104.57	152.75
Cash Conversion Cycle (CCC)	22.42	35.38	33.16	16.00	12.24	-9.19	-41.83	-34.48	-10.87	0.86	-41.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,697	6,062	6,578	7,387	8,401	9,720	11,302	15,121	17,515	17,743	19,719
Invested Capital Turnover	0.90	0.50	0.39	0.40	0.39	0.32	0.27	0.26	0.26	0.24	0.22
Increase / (Decrease) in Invested Capital	359	365	516	809	1,014	1,319	1,582	3,818	2,394	229	1,976
Enterprise Value (EV)	6,382	7,649	9,646	11,046	12,708	15,913	15,203	17,946	21,610	22,173	29,094
Market Capitalization	3,771	4,782	6,425	7,558	9,077	11,944	10,692	10,732	13,514	15,300	21,532
Book Value per Share	$30.75	$31.52	$33.35	$36.76	$42.90	$48.65	$55.05	$60.45	$67.33	$73.22	$78.32
Tangible Book Value per Share	$23.36	$24.19	$26.35	$29.87	$36.33	$42.47	$49.13	$54.86	$62.10	$67.67	$73.07
Total Capital	5,739	6,090	6,732	7,413	8,414	9,745	11,323	15,238	17,566	17,763	20,028
Total Debt	2,653	2,895	3,269	3,515	3,644	3,994	4,532	7,331	8,147	6,893	7,870
Total Long-Term Debt	2,456	2,438	2,189	3,067	2,494	3,529	4,532	4,930	5,761	6,639	7,861
Net Debt	2,610	2,867	3,221	3,488	3,631	3,970	4,511	7,214	8,096	6,873	7,562
Capital Expenditures (CapEx)	824	964	1,087	1,223	1,468	1,693	1,936	1,970	2,444	2,806	2,937
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20	-99	-74	-52	-299	-311	-332	1,612	1,780	-233	-373
Debt-free Net Working Capital (DFNWC)	62	-71	-27	-26	-285	-286	-311	1,729	1,832	-213	-64
Net Working Capital (NWC)	-135	-529	-1,107	-474	-1,436	-751	-311	-672	-555	-467	-74
Net Nonoperating Expense (NNE)	82	63	69	70	115	75	62	70	63	60	101
Net Nonoperating Obligations (NNO)	2,610	2,867	3,115	3,488	3,631	3,970	4,511	7,214	8,096	6,873	7,562
Total Depreciation and Amortization (D&A)	263	281	299	326	369	401	441	492	545	608	663
Debt-free, Cash-free Net Working Capital to Revenue	0.40%	-3.39%	-3.03%	-1.90%	-9.61%	-10.72%	-11.76%	47.31%	42.36%	-5.44%	-8.94%
Debt-free Net Working Capital to Revenue	1.25%	-2.41%	-1.09%	-0.94%	-9.16%	-9.87%	-11.02%	50.74%	43.59%	-4.99%	-1.53%
Net Working Capital to Revenue	-2.73%	-18.06%	-45.08%	-17.17%	-46.10%	-25.89%	-11.03%	-19.71%	-13.21%	-10.92%	-1.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.96	$3.09	$3.38	$3.73	$5.43	$4.36	$4.89	$5.12	$5.61	$6.10	$6.83
Adjusted Weighted Average Basic Shares Outstanding	97.61M	101.89M	103.52M	106.11M	111.35M	117.20M	122.79M	129.78M	137.83M	145.12M	152.51M
Adjusted Diluted Earnings per Share	$2.96	$3.09	$3.38	$3.73	$5.43	$4.35	$4.89	$5.12	$5.60	$6.10	$6.83
Adjusted Weighted Average Diluted Shares Outstanding	97.61M	101.89M	103.52M	106.11M	111.35M	117.46M	122.87M	129.83M	138.10M	145.17M	152.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$3.73	$5.43	$4.36	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	100.39M	101.51M	103.96M	106.10M	111.01M	119.34M	125.89M	132.43M	140.90M	148.50M	155.40M
Normalized Net Operating Profit after Tax (NOPAT)	372	378	419	466	718	587	664	735	837	946	1,144
Normalized NOPAT Margin	7.52%	12.91%	17.06%	16.89%	23.06%	20.22%	23.53%	21.58%	19.93%	22.12%	27.46%
Pre Tax Income Margin	9.65%	16.92%	22.09%	21.89%	19.62%	22.41%	26.47%	24.04%	20.28%	23.38%	29.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.69	5.26	5.72	6.03	6.73	7.30	9.84	10.81	9.29	8.28	7.48
NOPAT to Interest Expense	2.87	3.25	3.65	3.88	6.74	5.69	7.86	8.80	8.14	6.89	6.00
EBIT Less CapEx to Interest Expense	-1.69	-3.03	-3.74	-4.15	-7.03	-9.11	-13.07	-12.77	-14.49	-12.16	-7.92
NOPAT Less CapEx to Interest Expense	-3.50	-5.04	-5.82	-6.30	-7.03	-10.73	-15.06	-14.77	-15.63	-13.55	-9.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.46%	50.79%	50.02%	48.42%	35.64%	48.05%	46.96%	48.67%	48.54%	48.58%	47.27%
Augmented Payout Ratio	53.47%	43.50%	40.23%	48.42%	35.64%	48.05%	46.96%	48.67%	48.54%	48.58%	47.27%

This table displays calculated financial ratios and metrics derived from Atmos Energy's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	46.53%	-6.60%	-18.83%	-18.68%	-21.94%	6.90%	5.86%	11.96%	1.51%	18.41%	19.56%
EBITDA Growth	18.42%	12.34%	11.28%	30.21%	19.08%	24.54%	21.07%	14.22%	14.28%	14.07%	12.52%
EBIT Growth	20.32%	12.73%	10.47%	51.02%	21.79%	29.00%	29.52%	19.22%	16.10%	15.05%	13.33%
NOPAT Growth	10.01%	8.40%	7.91%	48.20%	19.10%	23.79%	21.06%	16.90%	10.19%	8.97%	11.19%
Net Income Growth	9.09%	10.05%	7.20%	65.44%	14.50%	20.79%	20.14%	13.07%	13.03%	12.40%	12.60%
EPS Growth	2.69%	4.64%	2.17%	71.11%	8.90%	14.92%	14.89%	6.49%	7.21%	6.32%	7.41%
Operating Cash Flow Growth	205.54%	367.25%	13.84%	393.57%	29.85%	-72.39%	25.06%	38.81%	14.98%	23.62%	20.72%
Free Cash Flow Firm Growth	44.03%	104.05%	93.48%	95.84%	110.68%	-2,598.20%	-1,306.37%	-1,799.95%	-882.63%	3.34%	-4.35%
Invested Capital Growth	15.24%	1.86%	1.74%	1.31%	0.60%	13.36%	12.71%	11.14%	11.73%	11.69%	11.83%
Revenue Q/Q Growth	105.36%	3.84%	-56.99%	-11.33%	97.14%	42.19%	-57.41%	-6.22%	78.74%	65.86%	-57.00%
EBITDA Q/Q Growth	93.69%	20.47%	-42.87%	-2.32%	77.13%	25.99%	-44.46%	-7.85%	77.23%	25.76%	-45.21%
EBIT Q/Q Growth	205.80%	28.53%	-57.86%	-8.82%	146.63%	36.14%	-57.69%	-16.07%	140.17%	34.91%	-58.33%
NOPAT Q/Q Growth	218.27%	31.39%	-59.68%	-12.11%	155.77%	36.57%	-60.57%	-15.13%	141.09%	35.06%	-59.76%
Net Income Q/Q Growth	279.46%	31.56%	-61.47%	-13.99%	162.64%	38.78%	-61.68%	-19.05%	162.55%	38.00%	-61.61%
EPS Q/Q Growth	324.44%	29.84%	-62.10%	-18.09%	170.13%	37.02%	-62.11%	-24.07%	171.95%	35.87%	-61.72%
Operating Cash Flow Q/Q Growth	291.36%	1,331.35%	-87.84%	-27.54%	2.96%	204.38%	-44.92%	-19.58%	-14.72%	227.26%	-46.22%
Free Cash Flow Firm Q/Q Growth	6.68%	103.28%	-301.94%	32.71%	339.77%	-866.73%	-13.68%	9.09%	1.23%	5.31%	-22.73%
Invested Capital Q/Q Growth	5.16%	-9.52%	3.18%	3.19%	4.42%	1.95%	2.59%	1.75%	4.98%	1.92%	2.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.25%	56.77%	93.28%	99.46%	70.75%	62.10%	100.37%	104.09%	80.10%	60.05%	93.58%
EBITDA Margin	32.91%	38.18%	50.72%	55.87%	50.20%	44.48%	58.01%	57.00%	56.52%	42.85%	54.60%
Operating Margin	21.64%	27.43%	25.54%	26.22%	34.45%	33.45%	31.40%	28.12%	39.07%	32.25%	30.05%
EBIT Margin	23.07%	28.56%	27.98%	28.77%	36.00%	34.46%	34.23%	30.64%	41.17%	33.48%	32.45%
Profit (Net Income) Margin	18.32%	23.21%	20.79%	20.17%	26.87%	26.23%	23.60%	20.37%	29.92%	24.89%	22.23%
Tax Burden Percent	88.95%	88.82%	89.43%	86.35%	85.26%	84.34%	83.20%	84.06%	81.60%	80.51%	80.83%
Interest Burden Percent	89.26%	91.51%	83.10%	81.18%	87.56%	90.23%	82.86%	79.09%	89.07%	92.34%	84.74%
Effective Tax Rate	11.05%	11.18%	10.57%	13.65%	14.74%	15.66%	16.80%	15.94%	18.40%	19.49%	19.17%
Return on Invested Capital (ROIC)	5.23%	6.73%	5.91%	5.49%	6.28%	6.44%	5.85%	5.26%	6.80%	5.82%	5.47%
ROIC Less NNEP Spread (ROIC-NNEP)	5.06%	6.48%	5.72%	5.30%	5.91%	5.96%	5.59%	4.96%	6.49%	5.55%	5.25%
Return on Net Nonoperating Assets (RNNOA)	4.54%	4.67%	4.09%	3.91%	4.44%	3.75%	3.38%	3.11%	4.10%	3.42%	3.18%
Return on Equity (ROE)	9.77%	11.40%	10.00%	9.40%	10.72%	10.19%	9.23%	8.36%	10.90%	9.24%	8.65%
Cash Return on Invested Capital (CROIC)	-9.15%	3.55%	3.57%	4.07%	4.82%	-6.39%	-5.82%	-4.44%	-5.07%	-4.95%	-5.13%
Operating Return on Assets (OROA)	4.91%	6.12%	5.68%	5.50%	6.04%	6.17%	6.01%	5.35%	6.86%	5.89%	5.70%
Return on Assets (ROA)	3.90%	4.98%	4.22%	3.86%	4.51%	4.70%	4.14%	3.56%	4.99%	4.38%	3.91%
Return on Common Equity (ROCE)	9.77%	11.40%	10.00%	9.40%	10.72%	10.19%	9.23%	8.36%	10.90%	9.24%	8.65%
Return on Equity Simple (ROE_SIMPLE)	8.10%	8.13%	7.91%	0.00%	8.21%	8.60%	8.43%	0.00%	8.48%	8.65%	0.00%
Net Operating Profit after Tax (NOPAT)	286	375	151	133	340	465	183	156	375	506	204
NOPAT Margin	19.25%	24.36%	22.84%	22.64%	29.37%	28.21%	26.12%	23.64%	31.88%	25.96%	24.29%
Net Nonoperating Expense Percent (NNEP)	0.17%	0.26%	0.19%	0.19%	0.37%	0.48%	0.26%	0.30%	0.30%	0.27%	0.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	1.81%	-	-	-	1.76%	2.34%	0.91%
Cost of Revenue to Revenue	49.75%	43.23%	6.72%	0.54%	29.25%	37.90%	-0.37%	-4.09%	19.90%	39.95%	6.42%
SG&A Expenses to Revenue	12.47%	12.64%	29.43%	32.35%	14.36%	12.14%	30.12%	36.72%	17.61%	11.96%	26.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.61%	29.34%	67.74%	73.24%	36.30%	28.65%	68.97%	75.97%	41.03%	27.80%	63.53%
Earnings before Interest and Taxes (EBIT)	342	440	185	169	417	568	240	202	484	653	272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	488	588	336	328	582	733	407	375	665	836	458
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.54	1.52	1.54	1.41	1.49	1.53	1.44	1.77	1.69	1.87	1.83
Price to Tangible Book Value (P/TBV)	1.67	1.64	1.67	1.52	1.60	1.65	1.55	1.90	1.81	1.99	1.95
Price to Revenue (P/Rev)	3.25	3.41	3.71	3.58	4.24	4.39	4.30	5.17	5.17	5.47	5.29
Price to Earnings (P/E)	19.03	18.74	19.49	17.27	18.12	17.81	17.13	20.65	19.98	21.58	21.14
Dividend Yield	2.58%	2.62%	2.56%	2.87%	2.68%	2.62%	2.70%	2.32%	2.36%	2.17%	2.22%
Earnings Yield	5.26%	5.34%	5.13%	5.79%	5.52%	5.61%	5.84%	4.84%	5.01%	4.63%	4.73%
Enterprise Value to Invested Capital (EV/IC)	1.29	1.32	1.33	1.25	1.30	1.33	1.28	1.48	1.43	1.54	1.51
Enterprise Value to Revenue (EV/Rev)	5.08	4.82	5.20	5.19	6.08	6.18	6.06	6.99	7.07	7.24	7.09
Enterprise Value to EBITDA (EV/EBITDA)	15.16	13.49	13.78	12.71	13.09	12.67	12.10	13.92	13.56	14.24	14.04
Enterprise Value to EBIT (EV/EBIT)	23.45	20.72	21.25	19.50	19.82	18.72	17.79	20.40	19.79	20.58	20.34
Enterprise Value to NOPAT (EV/NOPAT)	27.53	24.68	25.41	23.45	24.01	23.02	22.12	25.44	25.09	26.65	26.42
Enterprise Value to Operating Cash Flow (EV/OCF)	21.50	6.81	7.02	6.41	6.83	16.09	15.11	16.78	16.70	16.69	16.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	37.50	37.67	30.93	26.99	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	0.64	0.63	0.63	0.67	0.65	0.65	0.65	0.67	0.65	0.67
Long-Term Debt to Equity	0.67	0.64	0.63	0.61	0.67	0.65	0.65	0.65	0.66	0.65	0.67
Financial Leverage	0.90	0.72	0.72	0.74	0.75	0.63	0.61	0.63	0.63	0.62	0.61
Leverage Ratio	2.42	2.22	2.19	2.20	2.23	2.08	2.05	2.07	2.09	2.06	2.06
Compound Leverage Factor	2.16	2.03	1.82	1.79	1.95	1.87	1.70	1.64	1.86	1.90	1.74
Debt to Total Capital	47.09%	39.11%	38.55%	38.80%	40.08%	39.34%	39.26%	39.30%	39.97%	39.30%	40.21%
Short-Term Debt to Total Capital	11.84%	0.01%	0.04%	1.43%	0.06%	0.05%	0.05%	0.05%	0.09%	0.09%	0.09%
Long-Term Debt to Total Capital	35.24%	39.10%	38.50%	37.38%	40.02%	39.29%	39.22%	39.25%	39.88%	39.21%	40.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.91%	60.89%	61.45%	61.20%	59.92%	60.66%	60.74%	60.70%	60.03%	60.70%	59.79%
Debt to EBITDA	5.59	4.02	3.99	3.95	4.11	3.81	3.84	3.77	3.90	3.73	3.86
Net Debt to EBITDA	5.48	3.96	3.96	3.94	3.96	3.67	3.51	3.62	3.63	3.49	3.55
Long-Term Debt to EBITDA	4.18	4.02	3.99	3.80	4.10	3.80	3.84	3.76	3.90	3.72	3.85
Debt to NOPAT	10.15	7.35	7.37	7.29	7.54	6.92	7.02	6.88	7.22	6.98	7.26
Net Debt to NOPAT	9.95	7.24	7.30	7.27	7.25	6.68	6.42	6.61	6.72	6.53	6.68
Long-Term Debt to NOPAT	7.59	7.35	7.36	7.02	7.53	6.91	7.02	6.87	7.21	6.96	7.24
Altman Z-Score	1.13	1.36	1.34	1.21	1.29	1.37	1.30	1.41	1.43	1.58	1.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.03	0.96	0.86	0.65	1.44	1.36	1.73	0.94	1.56	1.33	1.37
Quick Ratio	0.28	0.56	0.37	0.25	0.79	0.81	1.08	0.56	1.03	1.00	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,150	70	-142	-96	230	-1,761	-2,002	-1,820	-1,798	-1,702	-2,089
Operating Cash Flow to CapEx	23.74%	436.32%	49.21%	32.97%	31.87%	115.59%	57.62%	40.93%	31.65%	109.92%	57.26%
Free Cash Flow to Firm to Interest Expense	-58.49	1.89	-4.54	-3.01	4.43	-31.77	-48.64	-43.18	-33.97	-34.04	-50.30
Operating Cash Flow to Interest Expense	5.14	72.35	10.49	7.49	4.73	13.47	9.99	7.84	5.33	18.45	11.95
Operating Cash Flow Less CapEx to Interest Expense	-16.51	55.77	-10.83	-15.22	-10.11	1.82	-7.35	-11.32	-11.51	1.67	-8.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.21	0.20	0.19	0.17	0.18	0.18	0.17	0.17	0.18	0.18
Accounts Receivable Turnover	6.97	8.38	12.49	12.35	5.36	7.24	11.34	11.99	6.56	7.14	11.69
Inventory Turnover	7.54	13.19	7.54	4.81	3.87	6.17	5.22	4.50	4.43	8.15	7.01
Fixed Asset Turnover	0.28	0.26	0.25	0.23	0.21	0.21	0.20	0.20	0.19	0.20	0.20
Accounts Payable Turnover	4.21	5.13	4.52	3.49	2.12	2.76	2.98	2.39	1.91	2.42	2.90
Days Sales Outstanding (DSO)	52.36	43.54	29.22	29.55	68.05	50.40	32.19	30.43	55.64	51.14	31.23
Days Inventory Outstanding (DIO)	48.43	27.68	48.41	75.88	94.41	59.14	69.87	81.18	82.34	44.78	52.10
Days Payable Outstanding (DPO)	86.65	71.13	80.67	104.57	171.86	132.31	122.57	152.75	191.50	150.84	125.78
Cash Conversion Cycle (CCC)	14.15	0.09	-3.04	0.86	-9.40	-22.76	-20.51	-41.13	-53.51	-54.92	-42.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,418	16,665	17,194	17,743	18,529	18,891	19,380	19,719	20,701	21,099	21,673
Invested Capital Turnover	0.27	0.28	0.26	0.24	0.21	0.23	0.22	0.22	0.21	0.22	0.23
Increase / (Decrease) in Invested Capital	2,436	305	294	229	111	2,226	2,185	1,976	2,173	2,209	2,293
Enterprise Value (EV)	23,747	22,006	22,943	22,173	24,017	25,076	24,797	29,094	29,563	32,498	32,766
Market Capitalization	15,165	15,547	16,351	15,300	16,762	17,804	17,600	21,532	21,642	24,536	24,478
Book Value per Share	$69.81	$71.28	$73.38	$73.22	$75.26	$77.03	$80.75	$78.32	$82.24	$82.77	$84.27
Tangible Book Value per Share	$64.62	$66.18	$67.67	$67.67	$69.77	$71.60	$75.34	$73.07	$77.02	$77.67	$79.18
Total Capital	18,590	16,760	17,253	17,763	18,814	19,154	20,059	20,028	21,291	21,644	22,387
Total Debt	8,753	6,555	6,650	6,893	7,541	7,536	7,876	7,870	8,510	8,506	9,001
Total Long-Term Debt	6,552	6,553	6,643	6,639	7,529	7,526	7,866	7,861	8,490	8,486	8,981
Net Debt	8,582	6,459	6,592	6,873	7,255	7,272	7,197	7,562	7,921	7,961	8,287
Capital Expenditures (CapEx)	796	620	668	722	770	646	714	808	891	840	867
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,126	-134	-196	-233	235	123	54	-373	84	-132	-272
Debt-free Net Working Capital (DFNWC)	2,297	-38	-138	-213	521	387	733	-64	673	413	442
Net Working Capital (NWC)	96	-40	-145	-467	509	377	724	-74	653	393	422
Net Nonoperating Expense (NNE)	14	18	14	15	29	33	18	22	23	21	17
Net Nonoperating Obligations (NNO)	8,582	6,459	6,592	6,873	7,255	7,272	7,197	7,562	7,921	7,961	8,287
Total Depreciation and Amortization (D&A)	146	148	151	159	165	165	167	173	181	183	186
Debt-free, Cash-free Net Working Capital to Revenue	45.49%	-2.93%	-4.44%	-5.44%	5.96%	3.03%	1.32%	-8.94%	2.00%	-2.95%	-5.88%
Debt-free Net Working Capital to Revenue	49.16%	-0.84%	-3.13%	-4.99%	13.18%	9.54%	17.91%	-1.53%	16.09%	9.20%	9.55%
Net Working Capital to Revenue	2.05%	-0.87%	-3.30%	-10.92%	12.89%	9.30%	17.67%	-1.77%	15.62%	8.76%	9.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.92	$2.48	$0.94	$0.76	$2.08	$2.85	$1.08	$0.82	$2.25	$3.05	$1.17
Adjusted Weighted Average Basic Shares Outstanding	141.82M	143.94M	146.05M	145.12M	149.80M	151.27M	153.31M	152.51M	156.30M	159.18M	159.29M
Adjusted Diluted Earnings per Share	$1.91	$2.48	$0.94	$0.77	$2.08	$2.85	$1.08	$0.82	$2.23	$3.03	$1.16
Adjusted Weighted Average Diluted Shares Outstanding	141.94M	143.99M	146.07M	145.17M	149.80M	151.30M	153.40M	152.67M	157.82M	160.43M	161.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	143.16M	144.49M	148.46M	148.50M	150.84M	150.88M	155.23M	155.40M	158.73M	158.84M	160.52M
Normalized Net Operating Profit after Tax (NOPAT)	286	375	151	133	340	465	183	156	375	506	204
Normalized NOPAT Margin	19.25%	24.36%	22.84%	22.64%	29.37%	28.21%	26.12%	23.64%	31.88%	25.96%	24.29%
Pre Tax Income Margin	20.59%	26.13%	23.25%	23.36%	31.52%	31.10%	28.37%	24.23%	36.67%	30.92%	27.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.31	11.78	5.92	5.31	8.04	10.24	5.83	4.78	9.15	13.06	6.55
NOPAT to Interest Expense	7.77	10.05	4.83	4.18	6.56	8.38	4.45	3.69	7.08	10.12	4.91
EBIT Less CapEx to Interest Expense	-12.33	-4.81	-15.41	-17.39	-6.80	-1.41	-11.50	-14.39	-7.69	-3.73	-14.32
NOPAT Less CapEx to Interest Expense	-13.87	-6.54	-16.49	-18.53	-8.28	-3.27	-12.89	-15.48	-9.75	-6.66	-15.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.94%	48.53%	49.55%	48.58%	48.17%	46.13%	46.52%	47.27%	46.93%	46.20%	46.51%
Augmented Payout Ratio	48.94%	48.53%	49.55%	48.58%	48.17%	46.13%	46.52%	47.27%	46.93%	46.20%	46.51%

Key Financial Trends

The financial data for Atmos Energy (NYSE: ATO) over the last four years demonstrates steady growth in revenue and net income, along with ongoing investments in property, plant, and equipment, and a consistent dividend policy. Here is a summary of the key trends and insights:

Revenue growth: Operating revenue increased from $816 million in Q3 2022 to $839 million in Q3 2025, showing resilience through different market periods.
Net income improvement: Consolidated net income grew from $128.5 million in Q3 2022 to $186.4 million in Q3 2025, indicating improved profitability.
Increasing cash and equivalents: Cash and equivalents rose from about $328 million in Q3 2022 to $709 million in Q3 2025, enhancing liquidity.
Substantial investments in plant, property, and equipment: Net PPE increased from $16.6 billion in Q3 2022 to $24.4 billion in Q3 2025, reflecting commitment to infrastructure development.
Consistent dividend payments: Cash dividends per share rose from $0.68 in Q3 2022 to $0.87 in Q3 2025, rewarding shareholders steadily.
Stable share count: Weighted average diluted shares outstanding remained around 140-160 million shares, indicating no major dilution trends.
Manageable debt: Long-term debt increased modestly from about $5.8 billion in Q4 2022 to about $9.0 billion in Q3 2025, supporting growth but requiring monitoring.
Rising operating costs: Operating cost of revenue showed an increase, although contained relative to revenues, potential cost pressures exist.
Negative net cash from investing activities: Consistent high capital expenditure results in negative investing cash flows, implying heavy reinvestment needs.
Fluctuations in operating cash flow: Notable swings in net cash from operating activities observed quarter-to-quarter, requiring attention to working capital management.

Summary: Atmos Energy is exhibiting steady financial growth with improving profitability and increased cash reserves. The company is investing heavily into infrastructure, supporting future operations, while keeping dividends growing consistently. However, rising costs and large capital expenditures create cash flow pressures that investors should monitor. Overall, ATO appears financially stable and committed to rewarding shareholders while expanding its asset base.

08/24/25 01:05 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Atmos Energy's Financials

When does Atmos Energy's financial year end?

According to the most recent income statement we have on file, Atmos Energy's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Atmos Energy's net income changed over the last 10 years?

Atmos Energy's net income appears to be on an upward trend, with a most recent value of $1.04 billion in 2024, rising from $289.82 million in 2014. The previous period was $885.86 million in 2023. Find out what analysts predict for Atmos Energy in the coming months.

What is Atmos Energy's operating income?

Atmos Energy's total operating income in 2024 was $1.36 billion, based on the following breakdown:

Total Gross Profit: $3.23 billion
Total Operating Expenses: $1.88 billion

How has Atmos Energy's revenue changed over the last 10 years?

Over the last 10 years, Atmos Energy's total revenue changed from $4.94 billion in 2014 to $4.17 billion in 2024, a change of -15.7%.

How much debt does Atmos Energy have?

Atmos Energy's total liabilities were at $13.04 billion at the end of 2024, a 11.9% increase from 2023, and a 136.7% increase since 2014.

How much cash does Atmos Energy have?

In the past 10 years, Atmos Energy's cash and equivalents has ranged from $13.77 million in 2018 to $307.34 million in 2024, and is currently $307.34 million as of their latest financial filing in 2024.

How has Atmos Energy's book value per share changed over the last 10 years?

Over the last 10 years, Atmos Energy's book value per share changed from 30.75 in 2014 to 78.32 in 2024, a change of 154.7%.

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This page (NYSE:ATO) was last updated on 8/24/2025 by MarketBeat.com Staff

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Atmos Energy (ATO) Financials

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