Atmos Energy vs National Fuel Gas
Atmos Energy reported revenue of $4.7 billion in fiscal 2025, 2.1 times National Fuel Gas' $2.3 billion in fiscal 2025. Atmos Energy's revenue grew 12.9% in its latest year, and National Fuel Gas' grew 17.1%. Atmos Energy had an operating margin of 33.2%, against 35.7% at National Fuel Gas. Free cash flow was −$1.5 billion at Atmos Energy and $187 million at National Fuel Gas.
Side by side
| Atmos Energy | National Fuel Gas | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Sep 30, 2025 |
| Revenue | $4.7B | $2.3B |
| Revenue growth | 12.9% | 17.1% |
| Revenue growth a year, last 5 years | 10.8% | 8.1% |
| Gross margin | — | — |
| Operating margin | 33.2% | 35.7% |
| Net margin | 25.5% | 22.8% |
| Free cash flow | −$1.5B | $187M |
| Free cash flow margin | −32.1% | 8.2% |
| Return on capital | 6.0% | 10.6% |
| Net debt to EBITDA | 3.8x | 2.2x |
| Dividends and buybacks | $554M | $243M |
| Change in diluted share count | 5.2% | −1.2% |
| Last close | $171.29 | $81.68 |
| P/E at the last close | 20.4× | 11.4× |
| Insider trades, last 12 months | bought $50,277, sold $77,018 | — |
| Piotroski F-score | 5 of 8 | 8 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Atmos EnergyNational Fuel Gas
Operating margin
Percent of revenue
Atmos EnergyNational Fuel Gas
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Atmos EnergyNational Fuel Gas
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Atmos Energy and National Fuel Gas pages.