Atmos Energy Corp (ATO) is slightly overvalued and NiSource Inc (NI) is slightly overvalued.
Both trade above our estimate of their intrinsic value. NI is the closer of the two: -6%, against -9% for ATO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 2 methods) values the shares at $143.75; the price of $157.34 is 9% above that value.
Leak Score 37/100 on 10 of 12 signals
Discounting its cash flows at 7.0% (average of 2 methods) values the shares at $37.59; the price of $39.88 is 6% above that value.
Leak Score 31/100 on 10 of 12 signals
| Metric | ATO | NI |
|---|---|---|
| Verdict | Slightly overvalued | Slightly overvalued |
| Price | $157.34 | $39.88 |
| Intrinsic value | $143.75 | $37.59 |
| Margin of safety | -9% | -6% |
| Leak Score | 37/100 (10/12) | 31/100 (10/12) |
| Market cap | $26.6B | $19.1B |
| Revenue growth, 5 years | 10.8% | 7.2% |
| Operating margin | 37.0% | 27.0% |
| Net margin | 28.5% | 13.2% |
| Return on equity | 9.8% | 9.8% |
| Debt to equity | 0.68 | 1.82 |
| P/E | 18.7x | 21.1x |
| Forward P/E | 17.4x | 17.7x |
| P/B | 1.7x | 2.0x |
| Dividend yield | 2.5% | 3.0% |