Atmos EnergyATO +2.22%84 PB Ratio is 1.98 as of Jul. 03, 2026, which is 4% above its 10-year median of 1.91. GuruFocus rates ATO with a GF Score™ of 84/100 and a GF Value™ of $155.53 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 501 Utilities - Regulated companies, Atmos Energy ranks worse than 68.26% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-03), Atmos Energy's share price is $176.87. Atmos Energy's Book Value per Share for the quarter that ended in Mar. 2026 was $89.32. Hence, Atmos Energy's PB Ratio of today is 1.98.
Warning Sign:
Atmos Energy Corp stock PB Ratio (=1.98) is close to 5-year high of 2.18.
The historical rank and industry rank for Atmos Energy's PB Ratio or its related term are showing as below:
ATO'
s PB Ratio Range Over the Past 10 Years
Min: 1.45 Med: 1.91 Max: 2.51
Current: 1.98
During the past 13 years, Atmos Energy's highest PB Ratio was 2.51. The lowest was 1.45. And the median was 1.91.
ATO's PB Ratio is ranked worse than 68.26% of 501
companies
in the Utilities - Regulated industry
Industry Median: 1.43
vs ATO: 1.98
During the past 12 months, Atmos Energy's average Book Value Per Share Growth Rate was 8.00% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 7.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 9.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 11.00% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Atmos Energy was 13.70% per year. The lowest was -16.20% per year. And the median was 6.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Atmos Energy PB Ratio Related Terms
Atmos Energy PB Ratio Historical Data
* Premium members only.
The historical data trend for Atmos Energy's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Utilities - Regulated Gas subindustry, Atmos Energy's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Atmos Energy PB Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Atmos Energy's PB Ratio distribution charts can be found below:
* The bar in red indicates where Atmos Energy's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Atmos Energy's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Atmos Energy (ATO) has a PB Ratio of 1.98 as of Jul. 03, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Atmos Energy and its competitors. This is near median its historical median of 1.91. Over the past decade, Atmos Energy's PB Ratio has ranged from 1.45 to 2.51. According to the industry distribution chart, Atmos Energy ranks #342 out of 501 companies in the Utilities - Regulated industry, placing it in the top 68.3%.
Is Atmos Energy's PB Ratio too high?
Atmos Energy's current PB Ratio of 1.98 is near median its 10-year median of 1.91. Over the past 10 years, this metric has ranged from a low of 1.45 to a high of 2.51. The Utilities - Regulated industry median PB Ratio is 1.43. Atmos Energy's value of 1.98 is 38.5% above this industry median. Based on the distribution chart, Atmos Energy ranks #342 out of 501 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Atmos Energy has a GF Score™ of 84/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Atmos Energy's PB Ratio compare to NI and UGI?
According to the Utilities - Regulated industry distribution chart, Atmos Energy ranks #342 out of 501 companies for PB Ratio. This places Atmos Energy in the lower half of its industry. The industry median PB Ratio is 1.43. Atmos Energy's value of 1.98 is 38.5% above this benchmark. Historically, Atmos Energy's own PB Ratio has ranged from 1.45 to 2.51 over the past decade. While the company's 10-year median is 1.91 vs. the industry median of 1.43, Atmos Energy has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for an Utilities - Regulated company?
The median PB Ratio among Utilities - Regulated companies is 1.43, based on 501 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Atmos Energy's current PB Ratio of 1.98 is 38.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Atmos Energy and its competitors. For the Utilities - Regulated industry, the median PB Ratio is 1.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Atmos Energy's current PB Ratio is 1.98, which is near median its own 10-year median of 1.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Atmos Energy stock overvalued right now?
Based on GuruFocus' analysis, Atmos Energy (ATO) is currently considered Modestly Overvalued. The stock's GF Value™ is $155.53, compared to a current price of $176.87 — trading 13.7% above its estimated fair value. The current PB Ratio is 1.98, which is near median its 10-year median of 1.91 and 38.5% above the Utilities - Regulated industry median of 1.43. Atmos Energy's overall GF Score™ is 84/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Atmos Energy (ATO), the current PB Ratio is 1.98 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Atmos Energy (ATO) Overvalued in 2026?
Based on GuruFocus' analysis, Atmos Energy stock appears to be overvalued.
The current stock price of $176.87 is trading 13.7% above its estimated GF Value™ of $155.53.
GuruFocus considers Atmos Energy to be Modestly Overvalued.
Key valuation signals for ATO:
PB Ratio: 1.98 (near median its 10-year median of 1.91)
GF Value™: $155.53 vs. price of $176.87 (13.7% above fair value)
Industry Position: 38.5% above the Utilities - Regulated median (#342 of 501)
No single metric tells the full story. See the ATO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Atmos Energy is the largest publicly traded, fully regulated, pure-play natural gas utility in the United States, serving more than 3.3 million customers in Texas, Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, and Virginia. About two thirds of its earnings come from Texas, where it distributes natural gas in northern Texas and owns an intrastate gas pipeline spanning several key shale gas formations and interconnected with five storage facilities.
84GF Score
Get the complete analysis for ATO
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ATO has been successfully added to your 
