Atmos Energy Corporation (ATO)

Operating return on assets (Operating ROA)

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Operating income	US$ in thousands	1,067,150	920,982	904,998	824,099	746,058
Total assets	US$ in thousands	22,517,000	22,193,000	19,608,700	15,359,000	13,367,600
Operating ROA		4.74%	4.15%	4.62%	5.37%	5.58%

September 30, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $1,067,150K ÷ $22,517,000K
= 4.74%

Operating return on assets (operating ROA) is a key financial metric that measures a company's operational efficiency in generating profits from its assets. Analyzing Atmos Energy Corp.'s operating ROA over the past five years reveals fluctuations in the company's ability to generate operating income relative to its total assets.

Atmos Energy Corp.'s operating ROA has shown a decreasing trend from 5.58% in 2019 to 4.74% in 2023. This suggests that the company's ability to generate operating income from its assets has declined over the years. The decreasing trend in operating ROA may indicate challenges in effectively utilizing its assets to generate operational profits. This could be attributed to factors such as increased operating expenses, lower operating income, or a rise in the total asset base without a proportional increase in operating income.

The downward trend in operating ROA warrants further investigation into the company's operational efficiency and asset management. It is important for investors and stakeholders to closely monitor these trends and assess the company's strategies for improving operational performance and optimizing asset utilization.