ATOATMOS ENERGY CORP

Natural Gas Distribution

Revenue: $4.7B; 13% YoY
Operating margin: 33.2%; 1.9% YoY
EBITDA: $2.3B; 13% YoY
Market cap: $29.1B
Employees: 5,487; $857K revenue each
Net debt / EBITDA: 4.0×; $9.2B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
171% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$857K · 25th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$29.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$27K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.4B	$4.2B	$4.3B	$4.2B	$4.7B	13%
Operating income	$905M	$921M	$1.1B	$1.4B	$1.6B	15%
Net income	$666M	$774M	$886M	$1.0B	$1.2B	15%
Operating cash flow	−$1.1B	$978M	$3.5B	$1.7B	$2.0B	18%
Capex	$2.0B	$2.4B	$2.8B	$2.9B	$3.6B	21%
Stock-based comp	$11M	$11M	$10M	$11M	$13M	19%
Dividends	$324M	$376M	$430M	$493M	$554M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $50K · 1
Open-market sells, 12 mo: $77K · 1
Net: −$27K

Pay vs performance

No pay-versus-performance disclosure yet.