Financials Atmos Energy Corporation

Equities

ATO

US0495601058

Natural Gas Utilities

Real-time Estimate Cboe BZX Other stock markets 02:48:09 2025-06-16 pm EDT			5-day change	1st Jan Change
152.22 ^USD	-0.50%		-0.07%	+9.05%

May. 28	Argus Adjusts Price Target on Atmos Energy to $165 From $155	MT
May. 22	Morgan Stanley Trims Price Target on Atmos Energy to $159 From $160, Maintains Overweight Rating	MT

Projected Income Statement: Atmos Energy Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,821	3,407	4,202	4,275	4,165	4,740	5,199	5,766
Change	-	20.78%	23.31%	1.75%	-2.58%	13.81%	9.68%	10.89%
EBITDA ¹	1,254	1,383	1,457	1,671	2,025	2,284	2,605	2,947
Change	-	10.29%	5.33%	14.75%	21.17%	12.78%	14.05%	13.13%
EBIT ¹	824.1	905	921	1,067	1,355	1,548	1,768	2,013
Change	-	9.82%	1.77%	15.87%	27.01%	14.19%	14.24%	13.86%
Interest Paid ¹	-84.47	-83.55	-102.8	-137.3	-190.6	-188.5	-235	-291.6
Earnings before Tax (EBT) ¹	746.8	819.3	851.9	999.6	1,236	1,432	1,594	1,781
Change	-	9.71%	3.98%	17.34%	23.62%	15.92%	11.25%	11.76%
Net income ¹	601.4	665.6	774.4	885.9	1,000	1,150	1,297	1,457
Change	-	10.66%	16.35%	14.39%	12.88%	15.01%	12.73%	12.34%
Announcement Date	11/11/20	11/10/21	11/9/22	11/8/23	11/6/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	493	474.9	914.5	1,319	605.6	568.4	1,013	1,650	816.4	722.6	1,484	1,541	662.7	587.6	1,158	1,647	701.5	657.9	1,176	1,951	849	837.9	1,016	1,180	-	-
Change	-	-3.67%	92.56%	44.24%	-54.09%	-6.14%	78.19%	62.9%	-50.51%	-11.49%	105.36%	3.84%	-56.99%	-11.33%	97.14%	42.19%	-57.41%	-6.22%	78.74%	65.86%	-56.47%	-1.3%	21.27%	16.12%	-	-
EBITDA ¹	246.1	212.6	414.1	500.4	252.7	215.7	403.7	518.5	288.8	245.6	467.2	571	-	-	-	716.1	387.1	358.4	640	811.7	445.3	380.6	670.5	780.5	-	-
Change	-	-13.63%	94.8%	20.84%	-49.5%	-14.67%	87.19%	28.43%	-44.3%	-14.97%	90.23%	22.21%	-	-	-	-	-45.94%	-7.4%	78.55%	26.82%	-45.14%	-14.53%	76.15%	16.41%	-	-
EBIT ¹	139	100.8	298.8	381.8	133.4	90.96	275.9	385.1	154.6	105.4	321.2	422.6	169.3	154.1	399.1	551	220.3	185	459.5	628.9	285.9	234.7	528.4	637.6	-	-
Change	-	-27.47%	196.34%	27.76%	-65.06%	-31.81%	203.26%	39.61%	-59.86%	-31.82%	204.72%	31.59%	-59.95%	-8.97%	159.04%	38.06%	-60.02%	-16.01%	148.37%	36.88%	-54.55%	-17.91%	125.18%	20.66%	-	-
Charge d'intérêts ¹	-19.58	-15.49	-22.01	-26.1	-20.96	-14.49	-19.85	-28.93	-26.19	-27.84	-36.76	-37.37	-31.33	-31.82	-34.58	-55.44	-41.16	-42.16	-52.92	-50.01	-52.5	-55.5	-	-	-	-
Earnings before Tax (EBT) ¹	126.7	83.39	282.9	358.5	118.3	59.54	264.7	361.4	141.7	84.12	305.6	402.7	154.1	137.3	365.1	512.2	199	159.4	431.2	603.1	235	169	-	-	-	-
Change	-	-34.18%	239.26%	26.74%	-67%	-49.68%	344.6%	36.53%	-60.8%	-40.62%	263.32%	31.76%	-61.73%	-10.92%	166%	40.29%	-61.15%	-19.89%	170.47%	39.87%	-61.03%	-28.09%	-	-	-	-
Net income ¹	117.8	65.33	217.7	296.8	102.4	48.72	249.2	325	128.5	71.64	271.9	357.7	137.8	118.5	311.3	432	165.6	134	351.9	485.6	187	150.9	351.7	473	73.13	388.9
Change	-	-44.53%	233.18%	36.33%	-65.49%	-52.43%	411.51%	30.41%	-60.45%	-44.27%	279.46%	31.56%	-61.47%	-13.99%	162.64%	38.78%	-61.68%	-19.05%	162.55%	38%	-61.48%	-19.3%	133.02%	34.49%	-84.54%	431.88%
Announcement Date	8/5/20	11/11/20	2/2/21	5/5/21	8/4/21	11/10/21	2/8/22	5/4/22	8/3/22	11/9/22	2/7/23	5/3/23	8/2/23	11/8/23	2/6/24	5/8/24	8/7/24	11/6/24	2/4/25	5/7/25	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Atmos Energy Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	4,511	7,214	8,096	6,867	7,555	9,172	10,573	12,302
Change	-	59.92%	12.23%	-15.18%	10.02%	21.41%	15.27%	16.35%
Announcement Date	11/11/20	11/10/21	11/9/22	11/8/23	11/6/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Atmos Energy Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,936	1,970	2,444	2,806	2,900	3,583	4,021	4,523
Change	-	1.75%	24.11%	14.79%	3.35%	23.54%	12.24%	12.48%
Free Cash Flow (FCF) ¹	-897.7	-3,054	-1,467	653.8	-1,203	-1,417	-1,677	-2,027
Change	-	-240.19%	51.97%	144.57%	-284.07%	-17.74%	-18.37%	-20.84%
Announcement Date	11/11/20	11/10/21	11/9/22	11/8/23	11/6/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Atmos Energy Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	44.45%	40.59%	34.67%	39.1%	48.63%	48.19%	50.11%	51.12%
EBIT Margin (%)	29.21%	26.56%	21.92%	24.96%	32.54%	32.65%	34.01%	34.92%
EBT Margin (%)	26.47%	24.04%	20.28%	23.38%	29.67%	30.22%	30.65%	30.89%
Net margin (%)	21.32%	19.53%	18.43%	20.72%	24.01%	24.26%	24.94%	25.26%
FCF margin (%)	-31.82%	-89.62%	-34.91%	15.29%	-28.89%	-29.89%	-32.26%	-35.15%
FCF / Net Income (%)	-149.25%	-458.83%	-189.42%	73.8%	-120.34%	-123.18%	-129.35%	-139.15%
Profitability
ROA	4.04%	3.81%	3.7%	3.96%	4.37%	4.18%	4.19%	4.25%
ROE	9.59%	9.06%	8.94%	8.73%	9.06%	8.87%	8.73%	8.66%
Financial Health
Leverage (Debt/EBITDA)	3.6x	5.22x	5.56x	4.11x	3.73x	4.02x	4.06x	4.17x
Debt / Free cash flow	-5.03x	-2.36x	-5.52x	10.5x	-6.28x	-6.47x	-6.3x	-6.07x
Capital Intensity
CAPEX / Current Assets (%)	68.61%	57.8%	58.18%	65.63%	69.62%	75.58%	77.34%	78.45%
CAPEX / EBITDA (%)	154.37%	142.41%	167.81%	167.87%	143.19%	156.84%	154.35%	153.46%
CAPEX / FCF (%)	-215.63%	-64.49%	-166.65%	429.2%	-240.99%	-252.87%	-239.77%	-223.18%
Items per share
Cash flow per share ¹	8.448	-8.351	7.079	23.83	-	11.82	12.95	-
Change	-	-198.86%	184.77%	236.67%	-	-	9.62%	-
Dividend per Share ¹	2.3	2.5	2.72	2.96	3.22	3.51	3.8	4.108
Change	-	8.7%	8.8%	8.82%	8.78%	9.02%	8.26%	8.09%
Book Value Per Share ¹	53.95	59.71	66.85	74.88	78.31	84.47	91.65	98.88
Change	-	10.68%	11.96%	12.01%	4.58%	7.88%	8.49%	7.89%
EPS ¹	4.89	5.12	5.6	6.1	6.83	7.224	7.793	8.366
Change	-	4.7%	9.37%	8.93%	11.97%	5.77%	7.88%	7.35%
Nbr of stocks (in thousands)	123,355	130,791	139,892	148,462	155,233	158,837	158,837	158,837
Announcement Date	11/11/20	11/10/21	11/9/22	11/8/23	11/6/24	-	-	-