Atmos Energy Corporation (ATO)
Atmos Energy is one of the largest US natural-gas distributors, serving customers across several states.
ATO vs PEG: how the two businesses compare
- Bigger business: PEG, with $12.2B of yearly revenue, about 2.6× ATO's $4.7B.
- More profitable: ATO keeps 25 cents of each sales dollar as profit, against 17 cents at PEG.
- More cash from each sale: ATO turns 44 cents of each sales dollar into operating cash flow, against 27 cents at PEG.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Public Service Enterprise (PEG) is the larger business by reported revenue: $12.2B in its fiscal year ended Dec 2025, about 2.6× ATO's $4.7B (fiscal year ended Sep 2025). ATO's net margin was 25.5% and PEG's 17.3%. The SEC places them in related industries (Natural Gas Distribution; Electric & Other Services Combined), and both map to the Rates & central banks research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Utilities
- Different
- Separate classifications
- Different
- ATO September 30 · PEG December 31
- Feb 26, 2026
ATO vs PEG: quick comparison
| Company fact | ATO | PEG |
|---|---|---|
| Company | Atmos Energy Corporation | Public Service Enterprise Group Incorporated |
| Exchange | NYSE | NYSE |
| SEC industry | Natural Gas Distribution | Electric & Other Services Combined |
| Fiscal year-end | September 30 | December 31 |
| Latest annual filing | 10-K · 2025-11-14 | 10-K · 2026-02-26 |
ATO vs PEG: audited financials
- Scale: PEG's $12.2B of revenue is about 2.6× ATO's $4.7B.
- Net margin: ATO kept 25.5% of revenue as net income versus 17.3% at PEG.
- Cash conversion: operating cash flow equalled ATO 43.6% of revenue, or 1.71× net income; PEG 27.1% of revenue, or 1.56× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 3 months apart (2025-09-30 for ATO, 2025-12-31 for PEG), so each figure reflects somewhat different demand and cost conditions.
| Metric | ATO | PEG |
|---|---|---|
| Revenue | $4.7B2024-10-01 to 2025-09-30 · SEC filing | $12.2B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.2B2024-10-01 to 2025-09-30 · SEC filing | $2.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.0B2024-10-01 to 2025-09-30 · SEC filing | $3.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.462024-10-01 to 2025-09-30 · SEC filing | $4.222025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 25.5%2024-10-01 to 2025-09-30 · SEC filing | 17.3%2025-01-01 to 2025-12-31 · SEC filing |
ATO: FY ending 2025-09-30 · PEG: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ATO and PEG overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 49.
- Shared research theme: Rates & central banks.
Differences
- Different four-digit SIC codes: ATO is 4924 (Natural Gas Distribution); PEG is 4931 (Electric & Other Services Combined).
- Offset fiscal calendars: ATO's year ends September 30 and PEG's December 31, about 3 months apart.
- Scale: PEG reported about 2.6× the annual revenue of ATO.
- Profitability: net margin of 25.5% for ATO versus 17.3% for PEG.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Public Service Enterprise Group Incorporated (PEG)
Public Service Enterprise Group provides regulated electric and gas service in New Jersey and runs nuclear plants.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ATO
We have not yet published a company-specific driver list for ATO. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-14.
What moves PEG
We have not yet published a company-specific driver list for PEG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-26.
The investment question
You now know PEG reports about 2.6× ATO's revenue, and ATO keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ATO's fiscal year ends September 30, while PEG's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 5 matched transaction rows for ATO and 7 matched transaction rows for PEG. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ATO primary filings
PEG primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving ATO or PEG
ATO vs PEG FAQs
Are ATO and PEG direct competitors?
Not necessarily. Atmos Energy files as Natural Gas Distribution and Public Service Enterprise as Electric & Other Services Combined. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is ATO or PEG the bigger company by revenue?
Public Service Enterprise (PEG) is the larger business by reported revenue: $12.2B in its fiscal year ended Dec 2025, about 2.6× ATO's $4.7B (fiscal year ended Sep 2025). ATO's net margin was 25.5% and PEG's 17.3%. The SEC places them in related industries (Natural Gas Distribution; Electric & Other Services Combined), and both map to the Rates & central banks research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ATO or PEG?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ATO vs PEG comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Atmos Energy Corporation and Public Service Enterprise Group Incorporated tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ATO vs PEG compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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