Revenue and profitability snapshot (USD; quarter ended 2025-03-31)
- Revenue: 1,950,502,000; YoY +18.41%; QoQ +65.86%
- Gross Profit: 937,973,000; YoY +42.56%; QoQ +27.63%
- Operating Income: 628,939,000; YoY +14.15%; QoQ +36.88%
- Net Income: 485,576,000; YoY +12.40%; QoQ +38.00%
- EPS (basic): 3.05; EPS (diluted): 3.03; YoY EPS growth +7.02%; QoQ +35.56%
- EBITDA: 835,861,000; EBITDA Margin: 0.4285; Operating Margin: 0.3224; Pretax Margin: 0.3092; Net Margin: 0.2489
Margin and efficiency indicators
- Gross Profit Margin: 0.481; Operating Profit Margin: 0.322; Pretax Margin: 0.309; Net Margin: 0.249
- Return on Equity (ROE): 3.70%; Return on Assets (ROA): 1.80%; Asset Turnover: 0.0723; Receivables/Inventory turnover metrics show modest collection/efficiency levels during the period
Cash flow and capital allocation
- Net cash provided by operating activities: 922,937,000
- Capital expenditures: (839,666,000)
- Free cash flow: 83,271,000
- Net change in cash: (44,286,000); Cash at end of period: 545,120,000
- Net debt: 7,962,960,000; Total debt: 8,506,464,000; Total assets: 26,980,381,000; Total liabilities: 13,842,416,000; Total equity: 13,137,965,000
- Equity capitalization: 61%; Interest coverage: 12.58x; Debt to capitalization: 39.3%
Balance sheet and liquidity
- Cash and cash equivalents: 543,504,000; Total current assets: 1,591,283,000; Net PP&E: 23,632,223,000; Goodwill/Intangibles: 81,0149,000; Total assets: 26,980,381,000
- Long-term debt: 8,486,334,000; Deferred taxes: 2,948,332,000
- Liquidity: $5.3B available (credit facilities extended to $3.1B in Q2); ATM proceeds: $1.7B available for 2025 and 2026 equity needs
Valuation and efficiency multiples (versus sector)
- Price to Earnings (TTM): 12.7x; Price to Book: 1.87x; Price to Sales: 12.62x; EV/EBITDA: 38.96x; Dividend Yield: 0.56%
- Compared with peers (illustrative midpoints from peer ratios): LNT (P/E ~22x, P/B ~2.17x, yield ~0.84%), SR (P/E ~5.5x, yield ~1.08%), UGI (P/E ~3.7x, yield ~1.13%), NJR (P/E ~6.0x, yield ~0.92%). Atmos trades at a mid-to-below mid-cycle multiple relative to some diversified utilities but reflects a meaningful growth component from APT and Texas demand; visibility on regulated earnings appears solid given rate-case progress and capital plan.