Atmos Energy (ATO)
Forward P/E is 19.15x against a peer median of 19.70x, a ratio of 0.97x — inside the 0.90–1.15 fairly priced band, just above its cheap edge — with trailing P/E 20.33x and PEG 2.42. The ratio is not at or below 0.95 and the PEG is well above 1.2, so the undervalued test is not met. Latest-quarter revenue grew 4.8% year over year (PRIMARY, EDGAR), above the group pace. Delivered demand check: the Multi-utilities, gas & water group's median growth was 3.2% — demand steady, and this company grew a little faster than that pace.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 17.7x or below (0.90x the peer median) at unchanged estimates and the PEG falls toward 1.2 or below. Move to OVERVALUED if the forward P/E rises above about 22.7x (1.15x the peer median) without a matching rise in growth, or if revenue growth falls to 0% or below while the multiple stays above 19x.
Atmos Energy delivers natural gas to homes and businesses. Its shares cost about the same as similar utilities, and its sales grew a bit faster than the group. The price looks fair — a small discount to peers, but not cheap enough to call a bargain.
Both lines start at 100 on 2020-09-01. Over the full window Atmos Energy returned +75.89% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Atmos Energy: -20.0% (2022-04-20 to 2022-10-14). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 19.15x against a peer median of 19.70x, a ratio of 0.97x — inside the 0.90–1.15 fairly priced band, just above its cheap edge — with trailing P/E 20.33x and PEG 2.42. The ratio is not at or below 0.95 and the PEG is well above 1.2, so the undervalued test is not met. Latest-quarter revenue grew 4.8% year over year (PRIMARY, EDGAR), above the group pace. Delivered demand check: the Multi-utilities, gas & water group's median growth was 3.2% — demand steady, and this company grew a little faster than that pace. The company’s forward P/E is 19.1× against a peer median of 19.7×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Multi-utilities, gas & water group's median latest-quarter revenue growth was 3.2% year over year (SEC filings) — demand steady. This company grew 4.8%, a little above the group median. Latest-quarter sales growth was +4.8% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Atmos Energy (ATO) | $171.41 | 19.1× | 20.3× |
| AWK | $141.00 | 24.2× | 24.4× |
| AEE | $108.99 | 19.7× | 19.2× |
| DTE | $132.65 | 16.4× | 21.0× |
| CNP | $42.15 | 20.6× | 24.2× |
| PCG | $13.15 | 7.5× | 9.8× |
| Peer median | 19.7× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $879M | — | $243M | 1.43 | $-399M |
| Q/E Mar 2026 2026-03-31 | $2.0B | — | $582M | 3.47 | $-280M |
| Q/E Dec 2025 2025-12-31 | $1.3B | — | $403M | 2.44 | $-725M |
| Q/E Sep 2025 2025-09-30 | $737M | — | $175M | — | $-615M |
| Q/E Jun 2025 2025-06-30 | $839M | — | $186M | 1.16 | $-371M |
| Q/E Mar 2025 2025-03-31 | $2.0B | — | $486M | 3.03 | $83M |
| Q/E Dec 2024 2024-12-31 | $1.2B | — | $352M | 2.23 | $-609M |
| Q/E Sep 2024 2024-09-30 | $658M | — | $134M | — | $-477M |
| Q/E Jun 2024 2024-06-30 | $702M | — | $166M | 1.08 | $-302M |
| Q/E Mar 2024 2024-03-31 | $1.6B | — | $432M | 2.85 | $101M |
| Q/E Dec 2023 2023-12-31 | $1.2B | — | $311M | 2.08 | $-524M |
| Q/E Sep 2023 2023-09-30 | $588M | — | $119M | — | $-484M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | ATMOS ENERGY CORP |
| Chief executive | John Akers (source: https://stockanalysis.com/stocks/ato/company/) |
| Sector | Utilities — Gas Utilities — distributes natural gas to homes and businesses |
| Share price (Oct 28, 2026) | $171.41 |
| Market value (market cap) | $29.0B — share price times shares outstanding of 168,988,553 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $4.9B |
| Net income, last twelve months | $1.4B |
| Free cash flow, last twelve months | $-2.0B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +75.89% vs +118.28% |
| Worst peak-to-trough fall | -20.0% (2022-04-20 to 2022-10-14) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000731802.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000731802.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/ATO/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.