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Atmos Energy Corporation — Intrinsic Value & Fair Price

ATO
NYSEUtilitiesRegulated GasCIK 0000731802atmosenergy.comAbout ATO
Last close · Oct 16, 2026167.34+3.39 (+2.07%)
Market cap$28.3B
Model value · P/E · own history
168.58
Atmos Energy closed at $167.34 — undervalued by 1% vs model.
159.46the model's range180.67

P/E · own history leads for a regulated utility. From its own five-year median P/E applied to its earnings.

Other models
61.38 – 309.93
Wall St. target
174.00 4% below
Below model, 1y
7 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.39%
Past 2 years
low 1.94%high 2.56%
Dividends per share, a year at a time
$2.50Aug ’21$2.72Aug ’22$2.96Aug ’23$3.22Aug ’24$3.48Aug ’25$4.00TTM
Coverage
—
Raised
38 years in a row
Growth, 5 yrs
9.9% a year
Last change
+14.9% · Nov 2025
Every payment, with ex-dates · latest $1.00, paid Sep 8, 2026

Research on ATO

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How it is valued

Valued asRegulated utility
Low/slowing growth (~5% recent)High profitability (25% net margin)Pays dividendsModerately volatile earningsNegative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for utilities
P/E
22.4×
EV / EBITDA
15.5×
FCF yield
-5.7%
Dividend yield, TTM
2.39%
Beta
0.57
Cost of capital (WACC)
7.09%
Full financials

Analyst actions

third-party, quoted
10-15Truist Financial · target174.00
10-01Jefferies · target167.00
09-18Morgan Stanley · target179.00
09-11JP Morgan · “Neutral” from “Overweight”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists ATO as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just ATO. No account.

About Atmos Energy

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. This division supplies natural gas to approximately three million customers, encompassing homeowners, businesses, public agencies, and industrial clients. By September 30, 2021, its extensive infrastructure comprised 71,921 miles of subterranean distribution and transmission lines. Conversely, the Pipeline and Storage division focuses on pipeline and storage activities. It is responsible for transporting natural gas on behalf of other entities and oversees five underground storage facilities located in Texas. Additionally, it offers various support services to the pipeline sector, such as gas parking, lending, and inventory transactions. As of September 30, 2021, this division maintained a network of 5,699 miles of gas transmission lines. Established in 1906, Atmos Energy Corporation maintains its principal office in Dallas, Texas.

CEO
John Kevin Akers
Headquarters
Dallas, TX
Employees
5,487
IPO
1983-12-28
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.