Atmos Energy: Balancing Strong Performance with Premium Valuation and Operational ChallengesWe maintain our Neutral rating on Atmos Energy (ATO) given its substantial premium to peers. ATO reported 4Q25 adjusted EPS of $1.07, ahead of $0.86 in the prior year and above $1.01 BofA / $1.00 Street estimates. The beat was driven by rate relief, customer growth, and higher contracted capacity in the Pipeline & Storage segment, partially offset by higher D&A, property taxes, and compliance-related O&M. Segment operating income rose +19% Pipeline & Storage up +26%. FY26 guide initiated implying 10% growth YoY ATO achieved $7.46 $7.35–$7.45 guidance range and $7.40 BofA estimates. FY25 capex totaled $3.6bn, with 87% allocated to safety and reliability. The balance sheet remains strong with 60.3% equity cap and $4.9bn in available liquidity.