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Atmos Energy ATO Allowance for equity funds used during construction

Other financials

Income statement

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Revenue$2.0B+0.6%
Gross profit$1.2B+14.5%
Operating income$764.8M+21.6%
Net income$581.9M+19.8%
EPS (diluted)$3.47+14.5%

Balance sheet

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Cash & equivalents$127.1M-76.7%
Total debt$9.7B+13.9%
Total equity$14.9B+13.5%
Total assets$30.4B+12.6%

Cash flow

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Operating cash flow$723.5M-21.6%
CapEx$1.0B+19.5%
Free cash flow-$280.1M—

Valuation

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Market cap$29.79B+22.5%
Enterprise value$39.39B+20.7%
P/E22.1×+1.1×
P/S6.1×+0.8×

Profitability

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Gross margin75.1%+15.5pp
Operating margin35.9%+2.6pp
Net margin27.6%+2.2pp
FCF margin-40.8%+19.0pp

Returns & leverage

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Return on equity9.6%+0.4pp
Debt / equity0.7×0.0×
Current ratio1×-0.3×

Questions, answered.

What does allowance for equity funds used during construction mean?
This represents the non-cash equity component of the Allowance for Funds Used During Construction (AFUDC). It reflects the cost of equity capital used to finance utility plant construction projects before they are placed into service and included in the rate base. This accounting mechanism allows utilities to capitalize financing costs, which are later recovered through depreciation and rate adjustments.