Question 1

What is Atmos Energy's P/FCF ratio?

Accepted Answer

Atmos Energy (ATO) P/FCF ratio is 24.5× as of May 7, 2024. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Atmos Energy?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Atmos Energy specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

Is Atmos Energy's P/FCF ratio high or low?

Accepted Answer

Atmos Energy's P/FCF ratio of 24.5× is below its own 5-year average of 28.2× and below the sector median of 45.4×. That places the current reading at the 25th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Atmos Energy's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Atmos Energy (ATO) P/FCF ratio has ranged from a low of 5.7× in 2002 to a high of 205.1× in 2005. The 5-year average is 28.2× and the 5-year median is 26.5×.

Question 7

What was Atmos Energy's P/FCF ratio in 2023?

Accepted Answer

Atmos Energy (ATO) P/FCF ratio at the end of 2023 was 24.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Atmos Energy's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$27.1B	-$1.51B	—	—	Sep 30, 2025
2024	$21.2B	-$1.2B	—	—	Sep 30, 2024
2023	$15.7B	$654M	24.1×	—	Sep 30, 2023
2022	$14.4B	-$1.47B	—	—	Sep 30, 2022
2021	$11.8B	-$3.05B	—	—	Sep 30, 2021
2020	$11.9B	-$898M	—	—	Sep 30, 2020
2019	$13.6B	-$725M	—	—	Sep 30, 2019
2018	$10.4B	-$343M	—	—	Sep 30, 2018
2017	$8.96B	-$270M	—	—	Sep 30, 2017
2016	$7.8B	-$292M	—	—	Sep 30, 2016
2015	$5.95B	-$139M	—	—	Sep 30, 2015
2014	$4.83B	-$95.3M	—	—	Sep 30, 2014
2013	$3.86B	-$232M	—	—	Sep 30, 2013
2012	$3.19B	-$146M	—	—	Sep 30, 2012
2011	$2.93B	-$40.1M	—	—	Sep 30, 2011
2010	$2.63B	$184M	14.3×	+8.0×	Sep 30, 2010
2009	$2.6B	$410M	6.3×	—	Sep 30, 2009
2008	$2.41B	-$101M	—	—	Sep 30, 2008
2007	$2.57B	$155M	16.6×	—	Sep 30, 2007
2006	$2.36B	-$114M	—	—	Sep 30, 2006
2005	$2.27B	$53.8M	42.2×	+18.4×	Sep 30, 2005
2004	$1.9B	$79.9M	23.7×	—	Sep 30, 2004
2003	$1.23B	-$110M	—	—	Sep 30, 2003
2002	$920M	$162M	5.7×	—	Sep 30, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for Atmos Energy (ATO) 2002-2026

P/FCF Ratio daily chart for Atmos Energy (ATO)

Historical P/FCF Ratio for Atmos Energy (ATO) from 2002 to 2025

About P/FCF Ratio at Atmos Energy (ATO)

Atmos Energy P/FCF Ratio by Year

Atmos Energy P/FCF Ratio 2023: 24.1×

Atmos Energy P/FCF Ratio 2010: 14.3×

Atmos Energy P/FCF Ratio 2009: 6.3×

Atmos Energy P/FCF Ratio 2007: 16.6×

Atmos Energy P/FCF Ratio 2005: 42.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Atmos Energy (ATO) Key Financials