Atmos Energy management check
ATO · Utilities · Gas Utilities · CEO J. Kevin Akers
Filings as of
5 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $126, against $121 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.74 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.8% of net income$10.0m of reported pay in fiscal 2025, against $1.2bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.7 years of payThe CEO holds 142,214.199 shares, directly or through trusts (unvested awards not counted): about 2.7 years of pay. Light activity: $50k bought, no sales in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +5.2% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: J. Kevin Akers. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 54 | 53 | |
| Pay for performance | 87 | 81 | |
| CEO cost | 57 | 50 | |
| Skin in the game | 56 | 45 | |
| Dilution | 0 | 37 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Nearest in rank in Utilities, by management score. Atmos Energy is 10th of 30 in its sector.
- 227SRESempra66
- 240ATOAtmos Energy65
- 242NINiSource65
- 244CNPCenterPoint Energy65
- 245XELXcel Energy64
- 252EVRGEvergy64
Pay versus performance
From the proxy statement filed December 19, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | J. Kevin Akers | $10.0m | $16.4m | $2.6m | $126 | $121 | $1.2bn |
| 2024 | — | $13.7m | $11.0m | $2.1m | $135 | $128 | $1.0bn |
| 2023 | — | $8.1m | $6.5m | $1.8m | $107 | $93 | $885.9m |
| 2022 | — | $4.8m | $6.6m | $1.6m | $118 | $106 | $774.4m |
| 2021 | — | $6.5m | $4.6m | $1.7m | $92 | $112 | $665.6m |
The board says pay is tied most to EPS. Its other key measures: Diluted Earnings Per Share, Total Shareholder Return, Relative Total Shareholder Return.
Insiders and the CEO's stake
John K Akers (PRESIDENT & CEO) held 142,214.199 shares directly after their latest Form 4 on May 2, 2026, roughly $26.7m at that filing's price.
Light activity: $50k bought, no sales in six months.
- BoughtWilliam James WareDirector$50kAug 11, 2026
Leadership and governance on file
- Aug 10, 2026Leadership change8-K 5.02
- Dec 5, 2024Leadership change8-K 5.02
- Sep 24, 2024Leadership change8-K 5.02
- Sep 16, 2024Leadership change8-K 5.02
- Jun 1, 2022Leadership change8-K 5.02
- Dec 3, 2021Leadership change8-K 5.02
Latest shareholder vote results: Feb 10, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.2bn returned to owners in buybacks and dividends, 48% of net income, and $55.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4bn | $4.2bn | $4.3bn | $4.2bn | $4.7bn |
| Net income | $665.6m | $774.4m | $885.9m | $1.0bn | $1.2bn |
| Stock-based pay | $11.3m | $10.7m | $10.2m | $10.7m | $12.7m |
| Buybacks | — | — | — | — | — |
| Dividends | $323.9m | $375.9m | $430.3m | $492.9m | $553.8m |
| Diluted shares | 130m | 138m | 145m | 153m | 161m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.