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STOCK COMPARISON

Atmos Energy vs Naturgy Energy Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Atmos Energy (ATO) and Naturgy Energy Group (NTGY) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Atmos Energy trades at $169 versus a fair value of $85.67 (-49%), while Naturgy Energy Group trades at €29.74 versus €31.58 (+6%).
Atmos Energy
ATO · USD · Utilities
-49%
upside to fair value
overvalued
Price$169
Fair Value$85.67
Quality40/100
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+6%
upside to fair value
fairly valued
Price€29.74
Fair Value€31.58
Quality55/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Atmos EnergyNaturgy Energy Group
Valuation
21.9×P/E (TTM)13.5×
6.08×P/S (TTM)1.63×
2.19×P/B3.32×
15.1×EV/EBITDA7.9×
2.15×PEG6.40×
−49.3%Fair value upside+6.2%
2.2%Dividend yield6.3%
$3.74Dividend per share—
Profitability
39%Operating margin18%
1.14×EBIT margin trend (5Y)1.42×
10%Return on equity22%
4%Return on assets6%
Growth
1%Revenue growth (YoY)-7%
3.8%Avg. growth/yr (3Y)-17.0%
10.8%Avg. growth/yr (5Y)4.9%
+11.0%Value creation/yr+15.4%
Balance & size
9.1×Interest coverage (EBIT/interest)7.1×
0.66×Debt / equity1.38×
$30BMarket cap$31B
expensiveGrowth qualitymixed

Naturgy Energy Group leads: 7 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Atmos Energyof which business quality 40 · market factors 57 Naturgy Energy Groupof which business quality 52 · market factors 72
ProfitabilityMargins and returns on capital today
39
45
Quality GrowthAre margins and returns improving?
42
37
CashflowEarnings quality: real cash, not paper profit
45
67
Fin. StrengthBalance sheet, leverage, solvency risk
46
30
InvestmentDisciplined investing over empire-building
30
71
Low VolatilityCalm price path (market factor)
96
94
MomentumPrice trend over the last 3–12 months (market factor)
39
55
52W MomentumDistance to the 52-week high (market factor)
42
75
Net IssuanceBuybacks instead of dilution
29
76

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAtmos EnergyPrice $169Naturgy Energy GroupPrice €29.74
DCF Modelsn/a+3%close to the price€30.77
Earnings-Based-74%below the price$43.23-11%close to the price€26.55
Dividend Discount-67%below the price$56.29-21%below the price€23.41
Multiples-49%below the price$86.28+35%above the price€40.20
Asset-Based-68%below the price$54.42-77%below the price€6.76
Growth DCFn/a+10%close to the price€32.80
Economic Profit-68%below the price$54.17-30%below the price€20.95
Growth Earnings-32%below the price$114+3%close to the price€30.66
Minimum-74%below the price$43.23-77%below the price€6.76
Maximum-32%below the price$114+35%above the price€40.20
Median-67%below the price$55.35-4%close to the price€28.60
Geometric mean-62%below the price$64.31-19%below the price€23.98

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Atmos Energy: 16 of 16 models see the stock below the current price.

Naturgy Energy Group: 13 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Atmos Energy
Bear $52.83Fair Value $85.67Bull $121
$169 = current price (white tick)
Naturgy Energy Group
Bear €18.13Fair Value €31.58Bull €47.64
€29.74 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Atmos Energy · Utilities

Quality score40 · below median
Fair value upside-49% · bottom 25%

Naturgy Energy Group · Utilities

Quality score55 · Top 25%
Fair value upside+6% · above median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Atmos Energy trades at $169 versus a fair value of $85.67 (-49%), while Naturgy Energy Group trades at €29.74 versus €31.58 (+6%).

Naturgy Energy Group has the higher quality score (55/100).

See the full analysis →
Atmos Energy · Naturgy Energy Group

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.