--- title: Atmos Energy (ATO) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ato ticker: ATO as_of: 2026-10-17 sector: Utilities industry: Regulated Gas --- # Atmos Energy (ATO) Atmos Energy (ATO) closed at $167.34 on Oct 16, 2026, undervalued by 1% vs its model value of $168.58 (from its own five-year median P/E applied to its earnings). ## Key figures | Figure | Value | | --- | ---: | | Last close | $167.34 (Oct 16, 2026) | | Model value (from its own five-year median P/E applied to its earnings) | $168.58 | | Price vs model | undervalued by 1% vs model | | Range of that model | $159.46 – $180.67 | | Market value | $28.3B | | P/E (fiscal 2025) | 22.4 | | Net margin (fiscal 2025) | 25.5% | | Free cash flow (fiscal 2025) | -$1.5B | | Dividend yield (trailing twelve months) | 2.39% | | Beta | 0.57 | | Cost of capital (WACC) | 7.09% | | Business classification | Mature & Stable (Low/slowing growth (~5% recent), High profitability (25% net margin), Pays dividends, Moderately volatile earnings, Negative free cash flow) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Insider buying | #47 | $50,278 | https://sweetvaluelab.com/lists/insider-buying | | Dividend growth streaks | #30 | 38 years | https://sweetvaluelab.com/lists/dividend-growth-streaks | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 2.39% | | Dividends per share, last 12 months | $4.00 | | Coverage | — | | Raised | 38 years in a row | | Growth over 5 years | 9.9% a year | | Latest payment | $1.00, ex-date Aug 24, 2026, paid Sep 8, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Aug 20, 2021 | $2.50 | | To Aug 19, 2022 | $2.72 | | To Aug 18, 2023 | $2.96 | | To Aug 26, 2024 | $3.22 | | To Aug 25, 2025 | $3.48 | | Trailing twelve months (to Aug 24, 2026) | $4.00 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | cross check | $103.51 | $39.67 | $345.82 | | DCF · Perpetuity growth · 10y | cross check | $138.98 | $60.82 | $441.25 | | DCF · EBITDA exit · 5y | cross check | $292.20 | $162.74 | $445.66 | | DCF · EBITDA exit · 10y | cross check | $309.93 | $163.91 | $508.85 | | P/E · peers | cross check | $156.62 | $147.95 | $163.57 | | P/E · own history | primary | $168.58 | $159.46 | $180.67 | | PEG | sanity check | $88.30 | $88.30 | $88.30 | | EV/EBITDA · peers | cross check | $114.11 | $103.64 | $117.58 | | EV/Revenue · peers | cross check | $61.38 | $53.68 | $71.59 | | Earnings power value | cross check | $0.00 | $0.00 | $0.00 | | Dividend discount | cross check | $88.46 | $57.83 | $161.47 | ## Insider activity (SEC Form 4) Past 90 days: 1 open-market buy ($50,278.4) and 0 open-market sales ($0); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 1, 2026 | Geiser Edward | Director | Grant / award | 224.661 | $35,000 | | Oct 1, 2026 | GARZA RAFAEL G | Director | Grant / award | 77 | $11,995.8 | | Sep 15, 2026 | ROBBINS J MATT | SR VP, HUMAN RESOURCES | Bona fide gift | 1,500 | $0 | | Sep 1, 2026 | Jeffries James Henry IV | Director | Grant / award | 1,000 | $166,957.5 | | Aug 11, 2026 | WARE WILLIAM JAMES | Director | Open-market buy | 300 | $50,278.4 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Oct 9, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/731802/000119312526419084/d174816d8k.htm | | Oct 9, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/731802/000119312526418579/d174432d8k.htm | | Oct 6, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/731802/000119312526414999/d123769d424b5.htm | | Aug 10, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/731802/000119312526341096/d138079d8k.htm | | Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/731802/000073180226000102/ato-20260630.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bridgewater | 2026-06-30 | 3,587 | $617,932 | 1 tracked managers in all. ## About 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… --- Source: https://sweetvaluelab.com/stocks/ato (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.