ATO
Atmos Energy Corporation
Is ATO Halal?
Largest US natural-gas-only distribution utility — the service is generally permissible and the latest asset-based ratios pass, but gross interest income and activity allocation are not disclosed.
What You Should Know
Atmos Energy Corporation is the largest fully regulated, natural-gas-only distribution utility in the United States, delivering natural gas to residential, commercial and industrial customers across eight states, with a smaller pipeline-and-storage segment in Texas. Distributing natural gas is generally permissible, while gas infrastructure, end use and environmental obligations remain qualitative questions. Atmos's March 31, 2026 Form 10-Q reports $30,380.096 million of assets, $9,626.802 million of debt, $125.694 million of cash, $48.4 million of available-for-sale debt securities, $644.63 million of accounts receivable and $1,962.402 million of quarterly revenue. Debt/assets is 31.69%, liquidity/assets is 0.57% and receivables-plus-cash/assets is 2.54%, below the examined asset limits; gross interest income is not separately disclosed, so the result remains methodology-dependent.
⚠️ Concerns
- •Debt/assets is 31.69% under the examined asset limits but can differ under market-cap methods
- •The regulated gas model is structurally capital-intensive and conventionally financed
- •Gross interest income is not separately disclosed, so no purification amount is inferred
- •Pipeline, storage, fuel mix and environmental exposures require qualitative review
- •Verdict is ratio-and-disclosure dependent — re-screen against the next filing
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
9,626.802 / 30,380.096
174.094 / 30,380.096
770.324 / 30,380.096
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 31.69%, liquidity/assets is 0.57% and receivables plus cash/assets is 2.54%; the debt and asset ratios pass the examined limits, but gross interest income is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 31.69%, liquidity/assets is 0.57% and receivables plus cash/assets is 2.54%, below the examined MSCI total-assets limits; activity and interest-income classification remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia SAC limits; activity and gross interest-income classification remain incomplete, and this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored, so market-cap denominator methods are not estimated from a current spot price.
Business-activity disclosure
Atmos Energy distributes natural gas through regulated utility operations and owns a smaller pipeline-and-storage business. Energy distribution is generally permissible at the activity level, while gas infrastructure, conventional financing, derivatives and environmental obligations require continuing review.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator or separately disclose gross interest income for the operating segments.
Purification
Gross interest income is unavailable in the extracted filing facts, so no purification amount or scholar-approved percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Atmos Energy's March 31, 2026 Form 10-Q.
- Debt uses $9,626.802 million of long-term debt and capital lease obligations including current maturities; operating leases are excluded.
- Cash and cash equivalents are $125.694 million. Available-for-sale debt securities at amortized cost of $48.4 million are included; equity and derivative assets are excluded.
- Accounts receivable, net is $644.63 million and the latest three-month revenue is $1,962.402 million; the filing also reports $3,304.987 million for the six-month period.
- Gross interest income is not separately disclosed in the extracted filing facts; interest expense and hedge results are not substituted as income.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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